The Importance of Low Cost Deposits

I think it's in everyone's interest to have the lowest possible costs associated with providing the service. The best thing would be that a bank has the option to go out and buy a two-year treasury. And they can still pay a dividend and they don't go broke. Once you get away from that, you have problems. Progressive is a great example. They've, for a very long time, have not done anything to get really good returns in their investment results. If it wasn't a very successful underwriting business, I'm sure they would take risks on the investment side.