Who knows if our banking system is out of the woods, but I wouldn’t count on it. Even though we how have the successor to the famous “Greenspan Put” of the 1990s and ‘aughts, and it is called the Yellen-Powell Put—at least for bank depositors. But if there is a downturn in commercial real estate many mid- and smaller-sized banks could be exposed, and the deposit insurance system (F-DICK, as the great J.P. Sears calls it) could come under a lot of pressure.

Chaser—The uncertainty about banking is having a predictable effect: deposits are fleeing small banks for big banks. Does this decrease or increase systemic risk?

And if you think some American banks are “too big to fail,” have a look overseas for a moment: