Is There a Contagion That's Already a Foot?

The only way to stop it is a bear hug, which may not cost the taxpayer anything if the Fed or some federal agency stepped in and said, we are going to backstop. The equity tier of these banks are now increasingly worried that their equity will get wiped out. That's why they're selling. And so the, unfortunately, it starts at SVB, but forget the name for a second and take Silicon Valley out of it. This is a top 20 bank that now is in the receivership of the authorities. So there does need to be something that needs to happen in really short order.