This is a very bold prediction. Given how aggressively we expanded the money supply just a few years ago, mass bank failures seem quite unlikely as asset price

This is a very bold prediction. Given how aggressively we expanded the money supply just a few years ago, mass bank failures seem quite unlikely as asset price increases generated quite a bit of equity leaving plenty of buffer room for loan defaults. Still plenty of liquidity out there. Commercial real estate is not a systemic threat.