Oops. Second Largest Bank Failure In US History: SVB -- Echo Of 2008... And, 1929.

To be clear, in under 24 hours, it has been shuttered. Closed. But not by FDIC -- by California state authorities.

And yes, this is contagion -- but in broader tech capital markets. But it is/was also a crypto- friendly banker. [As Billy showed us -- this is a(nother) huge trainwreck. . . .]

It seems that few want to plunk new capital into Silicon Valley Bank, which lends into start up tech sectors, more widely. [I followed all the money it lost, lending to a public company called Mattersight (that ran software for call centers -- like 8X8) about a decade ago. That company was bought, at near liquidation prices, by NICE, Inc.]

So -- now we wait, as Billy points out. . . to see whether anyone will put new money in. Updated. Nope.

Or whether FDIC will have to cover it, with a bailout -- as Ackman wants. Nope; state closed it around noon today, Eastern.

The rest will wait until after the snows. . . stop.

नमस्ते