The Uninsured Deposits Contagion: A Moral Hazard

First Republic is about to join the collapse contagion and why Treasury is planning a full deposit backstop. Such a program will likely have to also be the result of an executive order since it has little hope of passing in Congress where members of both the left and the right will vehemently be vehemently against it. If they can just get through March into April, I think that this really goes under the rug and we won't have to worry about it until end of Q3. In the meantime, we're going to see stocks and Bitcoin rally pretty hardcore into the middle of the year.