from Patrick McKenzie | by Patrick McKenzie

Today's Bits about Money is about the banking situation. You can find analysis about the three institutions that failed elsewhere; this is about what causes, institutional response, facts about the world currently underappreciated, and recommendations. t.co/qS8Y5zWXdR

I try to be nuanced and measured, as always, but I'm also trying to convey an appropriate level of concern. The last few days have been a bad update, and not in the usual "every time a business dies unexpectedly a bit of light goes out of the world" way.