You can take that to the bank. After the last week, that idiom has taken on new meaning. The latest concern hitting the global banking industry is the plummeting of shares in the globally connected Swiss bank Credit Suisse. The trouble “dragged down other major European lenders as fears about deeper problems in the world banking system spread in the wake of bank failures in the United States.” Meanwhile, regional US banks continue to feel the pressure related to the Silicon Valley Bank run. “First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention.” In retrospect, I should have invested all my money into Xanax futures.

+ You can always count on the financial press to warn you about impending problems right after they happen. Luckily, some reporters are a lot better at piecing together what happened in the recent past. Here’s a good blow-by-blow of how things went down (all the way down) at SVB. NYT (Gift Article): Inside the Collapse of Silicon Valley Bank. “In the confident, almost bombastic, style that was his signature, Mr. Becker told the audience of investors, Wall Street analysts and technology executives that Tuesday afternoon that the future of the tech industry was sparkling — and so was Silicon Valley Bank’s place within it. What he didn’t say was that, roughly a week earlier, the rating agency Moody’s had called to tell Mr. Becker that his bank’s financial health was in jeopardy, and its bonds were in danger of being downgraded to junk.”

+ “The bank’s demise had come as just as much of a surprise to the White House as it did to the public, triggering a weekend sprint to contain the fallout that spanned several agencies and all hours of the day and night.” Politico: How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. banking.