The Paradoxical Environment of Unintended Consequences

After the global financial crisis, I would argue, one of them was trying to avoid too big to fail. In many ways, right, that's gotten worse. And then you wind up in this sort of paradoxical situation where you get a failure like Silicon Valley bank and you get a joint statement from the Fed FDIC and Treasury essentially backstopping them because what happens if you don't? It means everyone who has a banking relationship with one of the G-SIBs,. the global systemically important banks, picks up the phone on Monday morning and moves all of their assets there. That is this weird sort of Paradoxical environment of unintended consequences that we seem to have created.