It’s been two weeks since Silicon Valley Bank went down. The question now is where are we. And more important, where are we going to. When Lehman Brothers went down on 15 September 2008 we were already at a deep stage of the subprime crisis. The troubled Bear Stearns had been taken out by JP Morgan six months prior to that, and the Federal Reserve was already in rate-cutting mode. Here, we are at the early stage of some banking sector naval gazing at a minimum, and facing worries on the stickiness of deposits in the smaller banks. If we add all those small banks up they quickly become systemic, which is why they have ... (full story)