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E120: Banking crisis and the great VC reset
All-In with Chamath, Jason, Sacks & Friedberg
The Discipline of Depositors
The idea that when you go open a checking account at a bank that you are making an unsecured loan to that bank is not something any consumer or small business understands. The depositors are not in a position to evaluate the balance sheet of these banks, Chamath says. "That whole model, I think, is completely obsolete and outdated," he adds.
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