The Importance of Price in Banking

PGA: Most people can see banks as taking in some sort of raw material deposits that they've been, you know, manufactured loans with. That misconception continues to be propagated and I would make the argument that every bank is vulnerable to a SVB-style collapse if the Fed doesn't backstop it. PGA: When you understand how banking works, it's easier for you to look at what drives an actual banking collapse like SVB.

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