Financial crises are nothing new to this country, with the Great Depression of the ’30s, and the 2008 financial crisis. But now there is a third. On Friday, March 10, 2023, the Silicon Valley Bank became the largest bank to fail since the 2008 financial crisis; with this bank being home to virtually half the country’s tech and science companies, news of the bank collapsing spread through companies very quickly. After companies tried taking their money from the SVB, information about them not being able to spread even more, caused the California regulators to shut the bank down completely. Luckily, they are scheduled to reopen today (Monday, March 13, 2023), hopefully, all companies and people will have access to their funds, and something like this will not happen again.
