The Banking Industry Is a Simple Business

The banking industry is very simple. There's an old adage in the banking business and I've used it. You borrow at 3%, you lend at 6% and you get out on the golf course by 3 PM. The home equity rate has gone up substantially. What's going on? It's not a bank run in the classical, you know, it's a wonderful life sense. It's something very, very different.