By Greg IpThe turmoil touched off by the collapse of Silicon Valley Bank has demolished much of what the Federal Reserve, political leaders and investors thought they had learned from the global financial crisis of 2007-09.
They assumed complex securities, too-big-to-fail banks and shadowy, lightly regulated lenders were the weak links in the system. Instead, the weak links were its mundane, ostensibly safe parts—government bonds, smaller banks and deposits.
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