The Second and Third Order Ripple Effects

Silicon Valley Bank is a perfect example of the second and third order ripple effects that probably aren't going to be fall through for a little while at the federal regulatory agencies. We are decades behind in terms of using automated technologies to analyze these kinds of issues whether it's a liquidity crisis, depository crisis or just even watching the flow of funds you know we've seen issues where some of the FHLBs have actually run out of money to ship. The entire regulatory infrastructure really needs to be upgraded to the 21st century according to Sultan.