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Best exposition I have seen. Look forward to an exploration of the investment outcomes.

Is the share price price of banks now being manipulated?

Is part of the answer to this liquidity problem to issue bonds and bills that have interest rates variable rather than fixed, as is the case with many home loans. In other words, the borrower accepts some of the risk attached to change in economic circumstances?

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Hi Professor, could we say instead that this was an accounting issue (portfolio being marked HTM). I think we can say the bank was forced to liquidate assets as deposits drained (no money raised in 2022) which caused the capital drop instead of them having the ability to move those portfolio assets to HTM bucket?

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