From the Editorial Board: George Bailey knew how to fend off a bank run. Contrast that with what happened at the Silicon Valley Bank in California late last week.
People line up outside a Silicon Valley Bank office on March 13, 2023, in Santa Clara, California. Days after Silicon Valley Bank collapsed, customers lined up to try to retrieve their funds.
By various accounts this past weekend, a lot of naturally jumpy venture capitalists with large deposits at the bank, which specialized in that aggressive and competitive sector, were, in essence, in a group chat together. Within seconds, panic set in as the word flew around the tech world that the bank, which had seemed fundamentally sound, was in danger of collapse.
So much for moral hazard on both sides. And anyone who carefully has kept single accounts within that $250,000 limit, or who forgo better returns for FDIC insurance, would appear to have been wasting their time. And SVB hardly was alone. For example, lots of smaller banks in Chicago and elsewhere are holding 30-year mortgages on homes that pay them around 3% in interest. Good for the long-term mortgagees but not for the banks’ bottom lines.
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