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3min chapter
The Panic of 2023 (EP.299)
Animal Spirits Podcast
What's the Short of It?
On Friday, 42 billion dollars came out of the bank. They were just insolvent. If everybody takes the money out of JP Morgan, guess what? Bank isn't solvent. It was a straight up run on the bank. The speed of it is just that's the most mind blowing thing to me. And you're right. I do wonder what the reverberations are going to be of the tech people that kind of abandoned their own partner here. But in the same breath, that whole ecosystem is built a lot on trust too. And I think they shot themselves in the foot here.
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