Remember when the government unintentionally, incompetently or deliberately destroyed hundreds or thousands of small businesses and drove sales at big box retailers like Target and Walmart to all time highs with their Covid response? We could be seeing a similar, selective ‘mistake’ here with small banks and the ‘Too Big to Fail’ banks.

Depending on whether uninsured depositors of #SVB are offered some relief, we could see a widespread systemic bank run in nearly all non-systematically important banks.