The Second Wave of Panic at Credit Suisse

At Credit Suisse, they have an enormous amount of liquidity. I think what's happening at First Republic is really just about making sure that that loan book and the depositors can get parked into a combination set of banks so that there are no more liquidity issues. If you let capitalism go totally unchecked, shareholders will demand immediate profits today. It happens in every industry, except in ones where you can basically gamble on future profits.