If I'm reading it right, the failure of the 16th largest bank in the US was ultimately caused by rising interest rates (both because they hurt the tech startups they lend to and because they reduce the value of the treasury bonds they hold).
I understand the goal of raising interest rates is to rein in inflation by reducing salaries (which we know aren't the main drivers of inflation, but let's pretend like they do). But aren't bank failures worse than increased bargaining power for workers, even from the perspective of the ruling class?