The Future of Banking in the United States

The Silicon Valley Bank went under in mid March, we had first Republic. There's a handful of other banks that seem to be sort of teetering here. And so I kind of feel like we're in the second or third inning of this. These regional banks are not regulated in the same way that the larger banks are. So they've had loopholes and they've been able to invest their balance sheet in more risky stuff,. The best thing for them to actually have a recession now and come out of it with strength heading into 2024 is if Biden can get some concessions on spending.