Silicon Valley Bank: Crash in California – Economy

It’s a bit like it was 15 years ago. Back then, in the banking crisis of 2008, the culprits were quickly found: it was the investment bankers on the East Coast, in New York, on Wall Street. They had sold windy real estate loans as a premium investment all over the world – almost leading the global financial system to collapse. Today the crisis is coming from the other side, from the west coast of the USA. From the garages and lofts of start-ups and tech companies. But above all from their banks, more precisely: the Silicon Valley Bank (SVB) in California, which had to be closed on Friday.