The Difference Between SVB and the GFC

SVB wasn't included in the U.S. banking stress tests last year, and SVB isn't involved in these stress tests now. And there was really nothing said on interest rate risk in those tests. So basically, we're now looking at the stress test and saying, wow, they really don't actually, there's something wrong there because it should have picked up SVB's issue. But yeah, this interest rate risk is very distinctly different from the GFC. This is a completely different issue. It really is just born out of poor management in a rising interest rate environment. They didn't figure out what they should have been buying during a rising interest rates period. Yep