The Latest Breaking News from Silicon Valley

It was a scene straight out of the Great Depression: a major California bank locking its doors and pulling down the shades as a horde of panicky depositors demanded their money.

The collapse of Silicon Valley Bank has stripped the Bay Area’s startup industry — a key driver of the region’s economy — of a crucial source of funding that for decades has fueled innovation and growth.

Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

For decades, the dominant mantra of Silicon Valley's powerful has been that government is just a drag on their innovative spirit. Get regulators off our backs, they've argued, and we'll improve people's lives to an indescribable degree.

The Biden administration has taken pains to avoid the word "bailout" in describing the effort to rescue Silicon Valley Bank depositors. Yet banking experts say it sure does look like a bailout.

The tech world typically resists government regulation, but Silicon Valley Bank's collapse led some to push for government intervention.

SVB’s failure was the biggest bank collapse since Washington Mutual Bank in 2008.