Example User
@exampleuserannotated ·
Banking in very uncertain times
Patrick McKenzie (patio11)
“The seeds of their destruction are sown and watered for years, and then they are reaped quickly.”
Frames 2023's bank failures as interest-rate risk, not credit risk: long-duration assets from the low-rate years lost value as rates rose. Runs feel sudden, but the balance-sheet choices behind them were visible for years.
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