We spent quite a bit of time speaking about inflation, rising interest rates, the impact of low-rate, long-term loans on banks' balance sheets, pressure on bank depositors to seek higher rates/safer alternatives, if they have deposits in excess of the insured limits. Please describe some of the errors made by SVB, Signature and First Republic that led to their failures. Was there failure by the banking regulators as well? Are there policy ideas that could prevent these failures going forward.