Are banks going bad again? Markets are scrambling to contain the shockwaves from the collapse of Silicon Valley Bank, a California lending institution favoured by tech startups. Its seemingly safe bet on government bonds proved a bust, triggering an old-fashioned run on the bank. Is it contagious? The bank's failure marks the first major default since rising interest rates signalled the end of decades of cheap money. The 2008 financial crisis triggered a return of regulation, forcing big banks to keep more reserves in the vault. But was it enough?
