start-up just because it s cool and it in california does not mea that that business should be getting some sweet loan terms. maybe there s a reason no othe bank wanted to loan to them. i think it s fair to sa that any regional bank shoul have deposits guaranteed right now, if they were going under. and the problem that i was concerned about is that yo would then have all th deposits moved to the four top banks. this was not - this, for me, with about actua businesses that employed rea people that we re trying t make payroll and the potential that people were going to pull out deposits from a regional bank and give them to new york but, in fact, i think the president would have been more likely to act faster if this was a regional bank in ohio. part of the problem was that i was in silicon valley an people don t want to support tech folks because they thin they have done really well already. okay, but hold on a second. i get that companies need to make payroll how many small com
20 big banks of the world would have have lost $40 to 50 billion. those who bought that had balance sheets of 20 trillion so you re talking about a 1% hip. could have happened. barclays and jpmorgan and bank of america the rest of them. the first point. aig was not a contagion. goldman and jp, repo and commercial paper, they could have gone down and reorganized the pieces and parts and talent at came out of there would have lived for another day to put out a shingle. let the market do what the market has done for 200 years. the third thing i think is important no payroll would have been met because the main street banks didn t own this these toxic securities. the cds and cdo s. they were in the balance sheets