The collapse of Silicon Valley Bank has rattled the markets across the world, raising the most uncomfortable questions: Will the 2008 financial crisis repeat? Joe Biden administration has also argued that safeguards enacted after the 2008 financial crisis would protect the country's economy amid the shuttering of Silicon Valley Bank. A key cause of the 2008 financial crisis was the use of social factors to make loans (back then, fostering home ownership). “This is night and day versus the global financial crisis from 15 years ago," he told CNN’s Julia Chatterly on Friday. The decline of Silicon Valley Bank partly stems from the Federal Reserve’s aggressive interest rate hikes over the past year.

Source: CNN March 11, 2023 03:01 UTC