THE REAL BANK CRISIS

The collapse of Silicon Valley Bank and the Biden Administration's unprecedented response, guaranteeing deposits and backstopping regional banks, has catalyzed an important and necessary national conversation over what went wrong, and what can be done to prevent future crises. But SVB's fall has also set off a frenzy of mythmaking, ranging from ideological clichés to hyperbole.

- JEFFREY SONNENFELD AND STEVEN TIAN

These fact-free myths dangerously confuse the general public. Even more important, they obfuscate some of the genuine underlying drivers of SVB's collapse.

False narrative No. 1: Ideological opportunism: The fallout from SVB's collapse is much more of a political problem than it is an economic problem and it is being driven by the politics of the left and the right.