• This is big. We had a failure out here on the High Desert a couple of weeks ago that didn’t get a lot of attention outside the region. Few, even amongst bank customers, even noticed. So too with the WaMu failure. Which is of course the whole point.

    A thought on Moral Hazard: at this point some-entity could easily cause the very thing FDIC was established to insure against – a run on the bank[s]. This is not only big, its scary.

    And should be filed under things that should not have caught me by surprise.

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