The story of the SVB and Signature Bank failures is a tale, in large part, about modern media’s ability to magnify and transmit sensational information to the marketplace instantaneously and elicit a near-immediate marketplace response. 1/7 Both regulators and bankers should have built, and certainly now should be building, defenses against this reality and the volatility it creates. President Biden’s statement Monday morning was both simple and profound and provides one of those bulwarks. 2/7