We’re not exactly in a 2008-like financial crisis, but it’s close. What started as a run on Silicon Valley Bank has expanded to Europe where the giant Credit Suisse is being backstopped by Switzerland’s central bank. Steps were taken after the 2008 meltdown to make banks more responsible, and they’ve largely been effective so far, but the evidence suggests we did not go far enough. Considering how hard the banking industry fought the new safeguards (including executives at SVB), we’re lucky the damage is thus far limited. Here’s a short essay on the subject. I hope you’ll listen.