Another financial crisis hiding in plain sight

The Federal Reserve Bank of San Francisco
The San Francisco Fed raised concerns about SVB in 2021, but supervisors still did not act forcefully
Photo: Shell Jiang

In a picture puzzle, the object is to find an object hidden among many similar objects – such as a leaf-patterned toad among fallen leaves. Depending on your visual acuity and a little luck, it may take you a few seconds to find it. But once you do, it’s impossible to unfind it.

Financial crises are much like that. In the lead-up to these crises, they are rarely anticipated – if they were, of course, they’d happen a lot sooner, or not at all. But once these crises erupt, they highlight

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