March 16—On Wednesday night, emergency international action was taken to save Switzerland’s Credit Suisse—to the tune of $54 billion. Less than one day later, it appears that California’s First Republic bank, larger than the recently bailed-out Silicon Valley Bank, has received the same treatment, getting an emergency bailout of $30 billion Thursday, this time from leading U.S. banks. Will these actions be successful in stemming the tide of contagion? How deep, how entrenched does it go? This is the proverbial $64 trillion question—the everything bubble.