It appears that 2023 could be remembered as the year that marked the beginning of a new financial crisis. When Silicon Valley Bank and Signature collapsed in March, optimists argued that this was an idiosyncrasy driven by the banks' large holdings of startup deposits. Shortly afterwards, when Credit Suisse fell, Americans shrugged it off as a foreign bank. With the bailout-buyout of First Republic by JP Morgan over the weekend, the prospect of a general banking crisis is being taken more seriously by the markets.
