The Contagion Effect: A California Regional Thing

I don't think it's going to be like, 2007 where it's like a systemic credit crisis that the very impacts the very biggest banks. But I do think it's more like a valuation type story where it doesn't surprise like the Silicon Valley part of Silicon Valley Bank might be the bit that is more important to the story than the fact that it's a bank. And if you go back and look at any of those kind of classic collapses of the stock market, they all sort of seem to follow the valuation type collapses rather than the credit type collapse. So I think we're coming into now that and combining with other things like the 10th re-inversion and just general weakness