The open question on Wall Street, official Washington and plenty of households is whether the U.S. banking system has stabilized…or if more bad news is yet to come.
The broad answer: no one knows for sure (and those who say they know for sure are talking their book). As Barry Ritholtz writes, there's still a lot we don't know about the institution that started all this, Silicon Valley Bank. And that means we know even less about the bigger financial sector picture:
Over my three decades of surfing crises on Wall Street. The one unifying thread that connects all of the major events is just how little we know as they unfold, and how much we learn in the ensuing months and years. The first draft of history is typically emotional, rarely accurate and often conflicted.
Which applies to a host of other fast-moving, wide-ranging news stories. Snap decisions and molten hot takes usually end up being, if not outright wrong, more reflective of individual bias and interest than anything else.
That includes not only those on the right who are quick to pin the blame on wokeness – which says more about the right's increasing inability to see anything outside a culture war lens – and those on the left who put the problem down to a lack of regulation or “it's all Trump's fault.” (RELATED: Co-Author Of Dodd-Frank Inextricably Linked To Failed Bank)
It's a sad commentary on our civic discourse that so many rush to Team Red or Team Blue talking points when a shock occurs rather than trying to discover exactly what happened and why. That takes time – which runs counter to the 24-hour news cycle. It also takes effort – which has never been a strong suit of the political class.
This story is still developing. Much more, possibly including items that don't fit either team's preferred hot takes, is yet to come.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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Well, that was helpful. So red and blue experts disagree?
Not much of a story. The only known fact is that the woke behaviors of the top wayward group of managers led to the failure of the bank.
Global Depression 2
Well, I liked what I read somewhere as written by a pundit, to the effect that some investors demonstrating hubris and over-confidence, made some foolish investment decisions (such as non-transparent crypto?) which ultimately backfired. That sounded to neither left nor right, but the usual snafu.