From the perspective of the US stock market, 2022 was a miserable year (with the S&P 500 declining 19.4%), but until recently, 2023 was shaping up to be a stronger year. January's performance was particularly impressive, with the S&P 500 advancing more than 6%. In response, market participants cautiously began holding out hope for a soft landing. But then, seemingly out of nowhere (the way most crises seem to start), a cryptocurrency lender named Silvergate Capital Corp failed, followed by Silicon Value Bank---the largest banking collapse in the US since Washington Mutual in 2008 and the...
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