No, I don't think it's the start, and no, it doesn't feel very similar. There's just no obvious asset bubble or other obvious overhang of risk. Credit Suisse an

No, I don't think it's the start, and no, it doesn't feel very similar. There's just no obvious asset bubble or other obvious overhang of risk. Credit Suisse and SVB feel like idiosyncratic outliers, not like the first pebbles of an avalanche.