For roughly 77 hours, between noon ET on Friday and 6pm on Sunday, a chorus of Silicon Valley bigwigs and elected leaders called vocally for uninsured depositors of Silicon Valley Bank to be made whole — to be bailed out by the federal government. In the end, they got what they wanted.
Why it matters: The Biden administration is pushing back hard on the idea that this was a bailout. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," says the official statement from Treasury, the Fed, and the Federal Deposit Insurance Corporation. Many won't be convinced.
