Let First Republic and Credit Suisse burn

Let First Republic and Credit Suisse burn

Silicon Valley Bank and Signature Bank set off a cascade among banks that haven’t been handling their finances responsibly. Let them face the consequences.

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When crypto markets took a hit after the collapse of FTX and other crypto lenders last year, some crypto critics repeated the mantra, “Let crypto burn.” Now, it’s big banks that are faltering — including Credit Suisse and First Republic — after regional banks, including Signature Bank and Silicon Valley Bank, sparked a cascade. As a result, Moody’s has downgraded the entire banking sector.

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If “Let crypto burn” was a snappy way of saying that operating outside the financial system means more personal responsibility and heightened risk,

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