The United States recently suffered the second largest bank failure in the country’s history. The consensus view is that Silicon Valley Bank made a huge mistake by borrowing short term and then parking money in long-term bonds. When interest rates rose, assets lost value, and SVB was put in a perilous position.
President Joe Biden promises there will be a “full accounting” of the situation and that everyone will be held “accountable.” But that would mean the president taking res …