U.S. banking system

“Part of the problem, like at least in the US, there's been one new bank charter granted in the last five and a half years, and it was an Amish bank.”

“The specific danger is that a broad-based wipeout in commercial real estate, catalyzed by all the other things that we've been talking about, Would take down the regional banks and if that happens, then basically, to Ben's point, the only banks that are left u…”