I think you’re right from a rational, look-at-the-balance-sheet point of view, but I think that’s less important than it might seem. If people see other people

I think you’re right from a rational, look-at-the-balance-sheet point of view, but I think that’s less important than it might seem. If people see other people heading to the exit, they don’t have time to look at the balance sheet, they join the stampede. There’s already rumors going around about other banks, and even though I think SVB is a structural outlier, I would be moving money around if I were with them above the FDIC limit, even if I knew for a fact they were solvent.