Time matters It looks like at the end of the day, the total shortfall was something like 2-3 billion dollars, and that is at literal fire sale prices. In a fe

Time matters It looks like at the end of the day, the total shortfall was something like 2-3 billion dollars, and that is at literal fire sale prices. In a few hours on Thursday, over $42 billion was pulled. The loan facilities simply could not react that fast, and if there was full knowledge instead of "the fog of war", they certainly would have been able to cover the full amount and make a bridge loan to keep SVB solvent. But it all collapsed too fast. I'd be astonished if this wasn't the fastest bank run of such a scale in history (2nd largest bank to fail). Having effectively ALL of your customers concentrated in the same industry, and all connected by the fastest comms network on the planet, and electronic transfers, just made for a run of unprecedented speed. All of Theil's companies were surely transferring funds within seconds of his text msgs to them. Everyone else is only 1-3 hops away by text message, and then the public tweet t pull funds - it's over... Time matters.