[refulgentis]

Oddly, that's whats happening on Twitter too: the haute couture space ppl ran to start a space and frame it as "the contagion beginning"

I find this to be an odd moment in internet history, a lot of its senior elders seem to have forgotten the odd effects it has on discourse and are unintentionally leaning into it

[ummonk]

Signature Bank going under is proof that contagion was indeed happening, contra what some people (e.g. Paul Krugman) were saying.

This decisive action by the government (both ensuring depositors will be made whole immediately, and the Federal Reserve giving out extra liquidity) should ensure that the contagion doesn't spread any further though, an banks like First Republic will avoid going under as well.