The only real sauce I found was NYT, I know I know, but they give a less "hair on fire" assessment of what's happening. My thought is that perhaps it is a precursor to a revealing of our financial system actually being in a much more dire state than we have been led to believe. More banks to fail because nothing has changed since the meltdown of 2008/9 and now they want it.

Today: "Markets close sharply lower as bank stocks take a beating" https://www.cnn.com/2023/03/09/investing/stocks-daily-update/index.html

The gist:

Panic swept through the start-up industry on Thursday as investors at some venture capital firms urged portfolio companies to move their money from Silicon Valley Bank over concerns about the tech industry stalwart’s financial stability.

Silicon Valley Bank’s spiral was set off by its surprise announcement Wednesday that it would take extraordinary and immediate steps to shore up its finances amid a dimming economic environment for the start-ups and other technology companies that dominate its client base. The bank disclosed that it had sold off $21 billion of its most liquid, or easily tradable, investments; borrowed $15 billion; and organized an emergency sale of its stock to raise cash.

Banks are loath to take any of those steps — let alone all three at once — and when they do, the moves are typically carefully choreographed. Silicon Valley Bank’s stock price plummeted 60 percent on Thursday as investors rushed to sell shares after the announcement.

But a number of investors, including Arjun Sethi, an investor at Tribe Capital, advised companies to move some or all of their money from the bank. “Almost by definition, any bank with a business model is dead if everyone moves,” Mr. Sethi wrote to Tribe Capital founders in a memo. Other firms made similar moves, according to four memos viewed by The New York Times.

https://www.nytimes.com/2023/03/09/business/silicon-valley-bank-investors-worry.html