And yet he is wrong! They were stuck with assets earning <2% for 10+ years, meanwhile depositors were demanding higher returns (else they would put their money

And yet he is wrong! They were stuck with assets earning <2% for 10+ years, meanwhile depositors were demanding higher returns (else they would put their money in other banks, in 6m tbills, 10yr treasuries, etc.. all of which paid a lot more). And thus, "it's not a solvency issue as long as depositors are stupid and don't realize they can get more $$$ from other banks" ends up being quite misleading