“This isn’t individual banks runs, it’s a run on the business model.

Essentially every bank in America used that business model: loading up on expensive bonds to park the influx of pandemic-era deposits, then losing hundreds of billions as rates went up.“

https://open.substack.com/pub/stonge/p/last-days-of-first-republic-bank?utm_source=direct&utm_campaign=post&utm_medium=web