primary examples of the downside case here, and think about this in terms of individual firms, not in some systemic perspective, but as an individual firm, you run a bank. You run a bank that has a lot of portfolio, your portfolio has a lot of assets and a lot of liabilities that look a lot like what everyone else does, including SVB, including Bear Stearns back in the day. And what you see is that Bear Stearns back in March of 2008, and that's another factor we need to talk about Dmitry, the March bottlenecks, we can come back to that, but March of 2008, Bear Stearns was in the words of Bill Dudley, and this is in the FOMC transcripts, Bear Stearns was a troubled but viable firm one day, and three days later, it was no longer viable. So what that meant is in a very short period of time, you were wiped out. And the Federal Reserve says, we rescued Bear Stearns, we shepherded it into JPMorgan's reluctant arms, we made it all happen, this was a success. When Wall Street looked at, and (23/57)
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