Notes today:

Lawrence H. Summers on CNN: SVB committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term. When interest rates went up, the assets lost their value and put the institution in a problematic situation. 

Quite true Larry, however borrowing short and lending long is what banks always do and have always done - it’s the only thing banks seem to know how to do. (see banking and commercial real estate)

Perhaps the Fed (and the regulation opposing dudes) could make sure that all banks have a risk manager in "place" (and not  across the country away from the rest of SVB’s top fools) that understands duration and conceivably even understands how to hedge a bond portfolio. Perhaps someone could point these risk managers to the futures exchanges.

This stuff is learnable. 

• In a case that starkly illustrates the deadly consequences that the US’s permissive gun culture has on the country’s youth, a three-year-old girl accidentally shot her four-year-old sister to death in their Texas home late on Sunday, according to authorities.

• Biden approves controversial Willow oil drilling project in Alaska.👎