Yeah fair. I think MTM helps here because it forces the regulators hands a bit. If all these banks had to go out and raise capital in the summer and fall of 2

Yeah fair. I think MTM helps here because it forces the regulators hands a bit. If all these banks had to go out and raise capital in the summer and fall of 2022, because their regulator comes in and say "Hey, your undercapitalized, fix that.", then they probably don't go under 6 months later. Where I think we need to agree to disagree is you seem to think the run it's self is the problem, whereas I believe the insolvency which spooked the herd is the issue.