I get what you're saying, but also I'm going to call BS on whatever liquidity testing banks need to do currently to satisfy the Fed. They're obviously not requi

I get what you're saying, but also I'm going to call BS on whatever liquidity testing banks need to do currently to satisfy the Fed. They're obviously not required to cover changing risks. I think what's happening now is equivalent to 2008, it's just the underlying security was bonds and, in SVB's case, emerging equity. There were risks on all sides of the equation.