There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it? | Robert Reich | The Guardian

Once banking was deregulated, such a crash was inevitable. In the 1950s and 60s, when banking was boring, the financial sector accounted for just 10 to 15% of US corporate profits. But deregulation made finance exciting and exceedingly profitable. By the mid-1980s, the financial sector claimed 30% of corporate profits, and by 2001 – by which time Wall Street had become a gigantic betting parlor in which the house took a big share of the bets – it claimed a whopping 40%. That was more than four times the profits made in all US manufacturing.

https://www.theguardian.com/commentisfree/2023/mar/13/svb-collapse-2008-financial-crisis