The pace of policy response is certainly faster. Selling begets fear which begets selling, which can also make it harder for poorly capitalized banks to raise

The pace of policy response is certainly faster. Selling begets fear which begets selling, which can also make it harder for poorly capitalized banks to raise money via equity/bonds. Self fulfilling in a way. Moving quickly can short-circuit this cycle. Unfortunately the ability to predict this situation was lacking. Apparently the Fed was monitoring SIVB for a year before this happened, but why they didn't force asset sales or equity issuance is beyond me. The fact that the bank stress test only looked at credit quality issues and not duration risk was surprising to me. These issues would have been quite obvious months ago if the HTM system that allowed pegging asset values at par instead of market values didn't exist. I think it's conceivable that things stabilize beyond this week. Lots of scary headlines, but the fundamentals of the economy are still strong... for now.