Save the internet millionaires!

Federalist: "The Silicon Valley Bank Bailout Sends Exactly The Wrong Message And Endangers The Economy." - "Normal people should be furious. Once again, the government changed the rules everyone lives by for a small, extremely wealthy, and politically connected group of people."

The most relevant commentary I've heard about protecting 100% of SVB's deposits is that it essentially sends the message that the Fed will protect 100% of all bank deposits everywhere.  After all, why should SVB get special protection above the standard FDIC limits?

Normally there's a process where a bank winds down assets and pays so many cents on a dollar to all creditors.  The Fed decided to just fire up the money printers - again.