People who invest in banks don't think the $600 bill of losses is sensationalized or exaggerated. Economically, it's a loss. They had a net worth around $2.1 t

People who invest in banks don't think the $600 bill of losses is sensationalized or exaggerated. Economically, it's a loss. They had a net worth around $2.1 trill and now they are at $1.5 trill. Practically, it's problematic. They have locked in low returns in a world were depositors expect higher returns. Their business customers will pay attention. They'll report lower net interest margins, which means lower earnings. They have also opened themselves up to a run. Their business customers will pay attention to that too, making it more likely to happen. The only world in which it's not a loss is under certain accounting standards. Those standards can and do change.