I strongly disagree with your statement “did they set it up on purpose? i doubt it.” The FED’s and USG’s policies of massive monetary expansion during relatively low interest rates and then historically rapid interest increases could only end in bank failures. The flood of government cash created the demand for a lot of relatively low interest rate debt instruments that got crushed in our current high(er) rate environment. And that’s what happened. To paraphrase Rahn “Don’t let a crisis go to waste and if you don’t have a crisis, get one.”