Let the bailout debate begin

For roughly 77 hours, between noon ET on Friday and 6pm on Sunday, a chorus of Silicon Valley bigwigs and elected leaders called vocally for uninsured depositors of Silicon Valley Bank to be made whole — to be bailed out by the federal government. In the end, they got what they wanted.

Why it matters: The Biden administration is pushing back hard on the idea that this was a bailout. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," says the official statement from Treasury, the Fed, and the Federal Deposit...