Is This a Bank Failure?

The three banks that went under first are all related to tech. Tech has been on a tear for the last several years and not just because capital has been cheap, but because of COVID. So we were always going to have a little bit of a tech bust independent of what was happening with the overall economy. This is a little atypical for a bank run or a bank crash because normally the problem is on the loan side. It really isn't this time. And I think what the stock markets have done in discounting all things financial is a gross overreaction.