Commentary
Friday, March 10, brought a couple of bits of important news from the world of finance.
The jobs report was strong, with some 311,000 jobs added in February.
Hurrah! Break out the champagne, right?
Not so fast.
That same day we got the news that the Silicon Valley Bank (SVB), which I’d wager most of my readership had never heard of before Friday, had been put into receivership by the feds.
Like certain animals that can sense an impending earthquake before it actually starts, the market had discerned a disturbance in the financial empyrean earlier in the week.
Certain large clients, sensing the tremors, had taken their money out of the bank….