Remember that we know a lot more about what was happening now than they did at the time. At the time they knew that 1. SVB had liquidity issues and were forced

Remember that we know a lot more about what was happening now than they did at the time. At the time they knew that 1. SVB had liquidity issues and were forced to sell underwater bonds. 2. Needed to raise more capital. 3. Transactions were starting to have issues going through. So it’s like your modified prisoners dilemma, but also, the prisoners don’t know if there is enough for 1 person or 100 people. That changes the calculation.