Part of me wanted to believe that SVB's failure wouldn't lead to real financial losses for the FDIC. That there was a weird panic bank run, and then the steady hand of a regulator was needed, but there really were enough assets.

Not saying I studied the data and concluded that; it's just what I wanted to believe.

$20b loss to FDIC insurance fund feels high. It still meets the technical definition of "no losses borne by taxpayers" but it's a lot of money. I've gotta believe it's among the largest ever if not the largest ever losses borne by the FDIC for a single bank failure.

Distressing – some combination of having been in denial about just how screwed up SVB was financially, paired with concern for what this will mean if the dominos keep falling.