In the last two days, we’ve seen two large banks go under in lightning quick fashion. The shuttering of Santa Clara, CA based Silicon Valley Bank (SVB), and New York based Signature Bank are the second and third largest bank failures in U.S. history, respectively, topped only but the 2008 crash of Washington Mutual.

But, unlike 2008, these failures weren’t due to sub-prime loans, lax lending standards, or over-inflated home values. In the case of SVB, they catered to the tech industry. More specifically, their clientele consisted of a large number of start-up tech companies that needed more cash than expected over the last year. In addition, SVB held billions of dollars in Treasuries and other bonds. Though not uncommon for banks, the bonds had to be sold to cover the rush of withdrawals, and thanks to the Feds aggressive interest rate hikes over the last year or so, those bonds were sold at a huge loss.

In the case of Signature Bank, they lent to commercial real estate companies, which have obviously taken a hard hit due to the pandemic and a shift to work at home models. In addition, they were a digital assets bank, with a quarter of their business related to crypto currency. Not a great combo.

There’s no bailout coming, but the Federal government has announced that all funds have been guaranteed. Bank stocks took a sizeable hit in trading this morning but are rebounding as the day goes on. And the Feds have once again hinted that they might slow or pause their aggressive interest rate hikes (that have accomplished basically nothing good). So, breath. It’ll be okay. This is not 2008.