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As the world watches the collapse of Silicon Valley Bank, there has never been a better time for government officials to stay calm and stick to the rule of law. Unfortunately, just as during the 2008 banking crisis, many of them seem incapable of doing either.
As back then, government bureaucrats justify their ad hoc actions by appealing to a higher purpose. They’re not bailing out investors, they’re protecting depositors. They’re not saving rich investors, they’re preventing a domino effect from hurting small business owners.
Americans didn’t fall for this nonsense in 2008, and they shouldn’t now.