Fifteen years after the great financial crisis of 2008, which threatened the American economy with collapse, the banking system is experiencing a new crisis of yet unforeseen proportions.

The mere fact that the President was forced to make reassuring statements first thing Monday morning – to get ahead of the markets – is proof of the seriousness of the crisis.

By that time, two banks had failed – one in California and one in New York – forcing the federal authorities to intervene to protect depositors’ money and the banking system.

While bank deposits are protected up to $250,000 by the state, Biden guaranteed protection for all deposits, regardless of amount.

If you are concerned about the U.S. banking system and the monetary authorities after this, you are not alone.

In an editorial, the Wall Street Journal writes:

“This is a de facto bailout of the banking system, even as regulators and Biden officials have been telling us that the economy is great and there was nothing to worry about. The unpleasant truth – which Washington will never admit – is that SVB’s failure is the bill coming due for years of monetary and regulatory mistakes.”

Who can deny that there is logic in this? Since the crisis has reached this point, can the government risk a much worse crisis?

However, this seems to us like giving the bankers permission to make as many mistakes as they want, to make as many risky decisions as they want, to be paid millions of dollars a year, and in the end, to drive the banks over the cliff and have the people pay the cost.

How fair is that?

And, furthermore, what is the role of the authorities? What checks do they make? How come they get caught napping every now and then?

So the problem here is twofold: First, that they have allowed the banks to become gigantic, so that if they are allowed to fail they risk dragging the whole economy down with them.

And, secondly, that bank managers, who are often paid millions in salaries and stock, face no personal costs if their businesses go bust.

The profits are theirs and the losses are ours.

As I said, there is something wrong with the banking system.

So, will the government address it or kick the can down the road until the next one?