The New York Times seems to think it is a newspaper’s job to promote bank panics wherever possible. It would be difficult to explain its reporting on the Silicon Valley Bank’s (SVB) collapse any other way. Last week it ran a piece implying that Silicon Valley’s tech sector was going to be seriously crippled by the collapse of the bank. The crippling would occur both, because they would lose a large chunk of their assets, which were in uninsured accounts at SVB, and also because they would lose access to a bank which was a major source of credit. More

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