This. I'm afraid that Garry and others are exaggerating the situation to make a case for their bailout. They're freaking people out rather than helping them work the problem.

This has real consequences. The FT reported this morning that companies are selling SVB deposits for 50%-65% on the dollar to make payroll. That is a HUGE mistake, but understandable for some 25 year old naif who's been told the sky is falling.

https://www.ft.com/content/3c6551ff-9778-4713-afc5-f87ba0bb8...