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The Guardian - US
The Guardian - US
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Robert Reich

There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it?

Silicon Valley Bank Barack Obama Greg Becker US Federal Reserve Bill Clinton Donald Trump Timothy Geithner Alan Greenspan Hank Paulson Robert Rubin
people outside Silicon Valley bank
‘Will the failure of Silicon Valley Bank be as contagious as the failures of 2008, leading to other bank failures as depositors grow nervous about their safety?’ Photograph: Cj Gunther/EPA

On Friday, bank regulators closed Silicon Valley Bank, based in Santa Clara, California. Its failure was the second largest in US history and the largest since the financial crisis of 2008.

Will other banks fail? On Sunday, regulators closed New York-based Signature Bank.

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