This is by institutional change, not fundamental balance sheet change. In 2023, if Bank A comes to the Fed/FDIC/SEC/Treasury/Congress in the middle of night af

This is by institutional change, not fundamental balance sheet change. In 2023, if Bank A comes to the Fed/FDIC/SEC/Treasury/Congress in the middle of night after a huge margin call, our institutions now have the processes in place to declare different accounting or collateral rules for that specific bank at the stroke of a pen. "Ok Mr. Dimon, as of midnight tonight, you no longer have to mark all of your shit paper to market. Carry it at the valuation you think is cool, bro" That's a different definition of "stable" than we had prior to the GFC.