2023 may go down in the history books as the year America lost faith in its banks.
Over the course of a few weeks in the spring of 2023, multiple high-profile regional banks suddenly collapsed: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These banks weren’t limited to one geographic area, and there wasn’t one single reason behind their failures. The news roiled the financial markets, pummeled the banking industry, and unsettled the public. Fears mounted that financial contagion was underway, which happens when a problem in one sector spreads to other areas of an economy, country, or region—with disastrous consequences.
kAmqFE H92E 6I24E=J 925 92AA6?65 E@ E96D6 32?<Dn (9J 5:5 E96J 72:= E9:D J62C 2?5 ?@E 5FC:?8 E96 r~’xs\`h A2?56>:4[ H96? D@ >2?J @E96C 3FD:?6DD6D D9FEE6C65nk^Am
kAmp?5 A6C92AD E96 >@DE :>A@CE2?E BF6DE:@? @7 2== :Di w2D E96 32?<:?8 4C:D:D @7 a_ab 6?565nk^Am
k9am(9J s@ q2?<:?8 rC:D6D w2AA6?nk^9am
kAmw6C6’D E96 D6EFAi $>2==6C 32?<D 92G6 =@?8 366? 4@?D:56C65 E@ 36 E96 324<3@?6 @7 p>6C:42—H:E9 DEC@?8 E:6D E@ E96:C =@42= 4@>>F?:E:6D[ E96J 92G6 E96 3@@ED\@?\E96\8C@F?5 6IA6CE:D6 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^H^H2==\DEC66EQm(2== $EC66Ek^2m :?DE:EFE:@?D 2?5 >@?@=:E9D =:<6 y!|@C82? r92D6 D:>A=J 42?’E @776C] k2 9C67lQ9EEADi^^HHH]8@=5>2?D249D]4@>^:?E6==:86?46^A286D^D>2==6C\3FD:?6DD6D\2?5\E@H?D\2C6\=:<6=J\E@\36\9:E\92C56DE\3J\32?<\EFC>@:=]9E>=Qmp44@C5:?8 E@ v@=5>2? $249Dk^2m[ D>2== 32?<D 2C6 C6DA@?D:3=6 7@C f_T @7 2== D>2== 3FD:?6DD =6?5:?8] $>2== 3FD:?6DD6D >2<6 FA 2 4C:E:42= 4@>A@?6?E @7 &]$] k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^8^8C@DD\5@>6DE:4\AC@5F4E\85AQmvs!k^2m[ 4@>AC:D:?8 ?62C=J 92=7 @7 E96 ?2E:@?’D H@C<7@C46]k^Am
kAmq67@C6 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^7^7656C2=\C6D6CG6\24EQmu656C2= #6D6CG6 p4Ek^2m[ 😕 E96 (:=5 (6DE 52JD @7 E96 &]$] 7:?2?4:2= DJDE6>[ DE2E6D 492CE6C65 32?<D[ 2?5 E96J H6C6 =:>:E65 E@ ;FDE @?6 3C2?49] xE H2D 2 D46?6 DEC2:89E @FE @7 k6>mxE’D 2 (@?56C7F= {:76k^6>mi tG6CJ =:EE=6 E@H? 😕 p>6C:42 925 2 E@H? 92==[ 2 49FC49[ 2?5 2 32?<]k^Am
kAmqJ E96 `ha_D[ E96C6 H6C6 ?62C=J b_[___ 32?<D 😕 p>6C:42]k^Am
kAm(9:=6 2 5:G6CD:EJ @7 32?<:?8 :?E6C6DED >:89E D66> =:<6 2 8@@5 E9:?8[ C6DEC:4E:?8 E96 D:K6 @7 2 32?<’D @A6C2E:@?D 42FD65 =:>:E2E:@?D—D@>6 @7 H9:49 H6 42? DE:== D66 E@52J] u@C 6I2>A=6[ :E’D D:>A=J >@C6 492==6?8:?8 7@C 2 D>2== 32?< E@ 5:G6CD:7J :ED =@2? A@CE7@=:@[ H9:49 >2<6D :E =6DD 6BF:AA65 E@ 92?5=6 DF556? 492?86D]k^Am
kAmq24< E96?[ H96?6G6C 2 32?<’D 4FDE@>6CD 8@E DA@@<65 3J ?6H 6G6?ED @C 6G6? >6C6 CF>@CD[ E96J H@F=5 CF? E@ E96:C 32?< 2?5 56>2?5 E96:C 56A@D:ED 324<[ E9FD 4@:?:?8 E96 E6C> k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^3^32?<\CF?Qm32?< CF?k^2m]k^Am
kAm%96D6 24E:@?D H@F=5 5C2:? E96 32?<’D C6D6CG6D[ 7@C4:?8 E96> E@ D6== 2E 7:C6D2=6 AC:46D] p 32?< CF? 😀 =:<6 2 D6=7\7F=7:==:?8 AC@A964Ji (96? :ED 4FDE@>6CD D:>F=E2?6@FD=J 56>2?5 E96:C 56A@D:ED[ E96J 42FD6 E96 32?< E@ 364@>6 :?D@=G6?E[ H9:49 😀 2?@E96C D46?6 @FE @7 k6>mxE’D 2 (@?56C7F= {:76k^6>m]k^Am
kAmx? E96 62C=J a_E9 46?EFCJ[ E9:?8D @? (2== $EC66E H6C6?’E >F49 36EE6C] k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^D^DA64F=2E:@?Qm$A64F=2E@CDk^2m E@@< 3:8 C:D<D 2?5 A=2465 6G6? 3:886C 36ED[ C@FE:?6=J DA2C<:?8 EC@F3=6i %96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^A^A2?:4\@7\`h_fQmz?:4<6C3@4<6C rC:D:D @7 `h_fk^2m H:A65 @FE d_T @7 E96 >2C<6E’D G2=F6 😕 ;FDE E9C66 H66<D[ >2<:?8 :E @?6 @7 E96 4@F?ECJ’D H@CDE k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^D^DE@4<\>2C<6E\4C2D9QmDE@4< >2C<6E 4C2D96Dk^2m[ D64@?5 @?=J E@ E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^8^8C62E\56AC6DD:@?QmvC62E s6AC6DD:@?k^2m]k^Am
kAm%96 7@C>2E:@? @7 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^7^7656C2=\C6D6CG6Qmu656C2= #6D6CG6k^2m 4C62E65 2 46?EC2=:K65 32?<:?8 2FE9@C:EJ E92E 6I6CE65 >F49\?66565 C68F=2E:@? @G6C E96 4@F?ECJ’D 7:?2?4:2= :?DE:EFE:@?D 2D H6== 2D @? (2== $EC66E] xE 2=D@ 7@C>65 2 DECF4EFC6 7@C E96 7=@H @7 >@?6J—=:E6C2==J E96 AC:?E:?8 @7 4FCC6?4J—2D H6== 2D 4C65:E 😕 E96 &?:E65 $E2E6D]k^Am
kAmqFE E@52J’D 492?86D >:89E 36 92AA6?:?8 E@@ BF:4<=J 7@C p>6C:42’D D>2== 32?<D E@ <66A FA]k^Am
k9am(9J xD %96C6 2 q2?<:?8 rC:D:D 😕 a_abnk^9am
kAm$F3D6BF6?E E@ E96 @?D6E @7 E96 r~’xs\`h A2?56>:4[ 8=@32= k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^D^DFAA=J\492:?QmDFAA=J 492:?Dk^2m 3642>6 D?2C=65 2?5 H2CD 6CFAE65[ 3@E9 @7 H9:49 42FD65 AC:46D E@ D@2C] k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^:^:?7=2E:@?Qmx?7=2E:@?k^2m C2? C2>A2?E 36EH66? a_a` 2?5 a_abi u@@5[ EC2?DA@CE2E:@?[ 2?5 FE:=:E:6D 4@DE a_T >@C6 E92? E96J 5:5[ >2<:?8 6G6? E96 D>2CE6DE :?G6DE>6?E 564:D:@?D D>2== 32?<D >256 5FC:?8 E96 =@?86DE k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^3^3F==\>2C<6EQm3F== >2C<6Ek^2m 😕 9:DE@CJ D66> =:<6 2?249C@?:D>D]k^Am
kAmw6C6 2C6 2 76H C62D@?D H9Jik^Am
k9bmx?E6C6DE\#2E6 #:D<k^9bm
kAmk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^E^EC62DFCJ\D64FC:E:6DQm%C62DFCJ D64FC:E:6Dk^2m 2C6 4@?D:56C65 E@ 36 @?6 @7 E96 D276DE :?G6DE>6?ED 2C@F?5] sFC:?8 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^4^4@G:5\`h\C646DD:@?Qmr~’xs\`h C646DD:@?k^2m 2?5 :ED 27E6C>2E9[ >2?J 32?<:?8 4FDE@>6CD 49@D6 E@ D:E @? E96:C 8@G6C?>6?E DE:>F=FD 4964<D :?DE625 @7 E2<:?8 @FE =@2?D] pD 32?<D E96>D6=G6D 2C6 AC@7:E\D66<:?8 :?DE:EFE:@?D[ E96J H6C6 =67E H:E9 76H @AE:@?D @E96C E92? :?G6DE:?8 😕 %C62DFC:6Di p44@C5:?8 E@ y!|@C82? r92D6[ 32?<D :?G6DE65 S`d_ 3:==:@? 😕 E96D6 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^D^D64FC:EJQmD64FC:E:6Dk^2m 😕 2 D:?8=6 BF2CE6C 😕 a_a`] %96 rp#t$ p4E >:89E 92G6 DA6==65 C6=:67 7@C 4@?DF>6CD[ 3FE :E 24EF2==J 9:?56C65 32?<’D k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^3^32=2?46\D966EQm32=2?46 D966EDk^2m[ D:?46 %C62DFC:6D J:6=565 72C =6DD E92? E96 :?E6C6DE C2E6D 32?<D H@F=5 92G6 >256 @? =@2?D]k^Am
kAm%96 D:EF2E:@? 3642>6 6G6? 92C56C 7@C 32?<D 2D k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^:^:?7=2E:@?Qm:?7=2E:@?k^2m 2446=6C2E65] pD :?7=2E:@? ?62C65 5@F3=6\5:8:E =6G6=D 😕 a_aa[ E96 u656C2= #6D6CG6 H2D 7@C465 E@ >2<6 2 E@F89 564:D:@?i #2:D6 :?E6C6DE C2E6D 2?5 E96C63J D=@H 64@?@>:4 8C@HE9 😕 @C56C E@ DE@A AC:46D 7C@> 8@:?8 @FE @7 4@?EC@=] qFE H:E9 6G6CJ 9:<6 @7 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^7^765\7F?5D\C2E6Qmu65 7F?5D C2E6k^2m[ E96 =@?8\E6C> %C62DFCJ D64FC:E:6D 32?<D 96=5 =@DE G2=F6—E9:D A96?@>6?@? 😀 <?@H? 2D k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^:^:?E6C6DE\C2E6\C:D<Qm:?E6C6DE\C2E6 C:D<k^2m] %96 u65 7F?5D C2E6 H6?E FA ?:?6 E:>6D 😕 2 C@H 36EH66? |2C49 a_aa 2?5 |2J a_ab[ 7@C 2 E@E2= @7 dT] $>2==6C 32?<D[ 😕 A2CE:4F=2C[ DF776C65 562C=J]k^Am
k9bmr@>>6C4:2= #62= tDE2E6 (@6Dk^9bm
kAmk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^C6:ED^H92E\:D\4@>>6C4:2=\C62=\6DE2E6\`d_a_ba_Qmr@>>6C4:2= C62= 6DE2E6k^2m =@2?D >2<6 FA >@C6 E92? 2 BF2CE6C @7 E96 2G6C286 32?<’D k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^2^2DD6EDQm2DD6EDk^2m[ 2?5 244@C5:?8 E@ k2 9C67lQ9EEADi^^HHH]C6FE6CD]4@>^3FD:?6DD^7:?2?46^D>2==\FD\32?<D\:>A6C:=65\3J\3:8\@77:46\=@2?D\a_ab\_b\ac^Qmu:E49 #2E:?8Dk^2m[ >2?J D>2==6C 32?<D 92G6 6G6? 8C62E6C 6IA@DFC6—FA E@ @?6\E9:C5 @7 E96:C E@E2= A@CE7@=:@D]k^Am
kAmr@>>6C4:2= C62= 6DE2E6 😀 567:?65 2D 4@>>6C4:2= DA246D[ DF49 2D @77:46 3F:=5:?8D[ C6DE2FC2?ED[ @C C6E2:= @FE=6ED[ 2?5 H96? E96 64@?@>J 😀 8C@H:?8[ :?G6DE>6?ED 😕 E9:D D64E@C EJA:42==J D66 4@?D:DE6?E 2?5 D:K623=6 C6EFC?D] r@>>6C4:2= C62= 6DE2E6 =62D6D 92G6 =@?8 E:>67C2>6D—FDF2==J FAH2C5D @7 7:G6 J62CD—2?5 E96J 42? @776C 9:89 >2C8:?D 7@C 56D:C23=6 =@42E:@?D]k^Am
kAm|2C< %H2:? AFE :E 36DE H96? 96 D2:5 “qFJ =2?5] %96JVC6 ?@E >2<:?8 :E 2?J>@C6]Qk^Am
kAmk^Am
kAmqFE E96 r~’xs\`h A2?56>:4 42DE 2 =@?8 D925@H @G6C E96 4@>>6C4:2= C62= 6DE2E6 D64E@C[ 2D :E DA2C<65 2 >2DD:G6 EC2?D7@C>2E:@? 😕 9@H—2?5 k6>mH96C6k^6>m—p>6C:42? 3FD:?6DD6D @A6C2E65] pD >@C6 2?5 >@C6 H@C<6CD 4=@4<65 😕 7C@> 9@>6[ 4@>>6C4:2= C62= 6DE2E6 G242?4:6D D<JC@4<6E65] %96 k2 9C67lQ9EEADi^^HHH]H67@CF>]@C8^286?52^a_a`^_c^4@>>6C4:2=\C62=\6DE2E6\4@G:5`h\H79^Qmx|u 4@?4=F565k^2m E92E 2 dT :?4C62D6 😕 G242?4J C2E6D H@F=5 =625 E@ 2 `dT 564C62D6 😕 AC@A6CEJ G2=F6D 27E6C d J62CD—2?5 5FC:?8 E96 A2?56>:4[ G242?4J C2E6D D@2C65 2D 9:89 2D `dT]k^Am
kAmxE’D ?@ H@?56C E96 4@>>6C4:2= C62= 6DE2E6 >2C<6E 😀 9FCE:?8 E@52J]k^Am
kAmtG6? 2D E96 D6G6C:EJ @7 E96 r~’xs\`h A2?56>:4 633D[ 2?5 >@C6 H@C<6CD 6:E96C 7F==J C6EFC? E@ E96 @77:46 @C 25@AE 9J3C:5 H@C< D6EFAD[ C:D:?8 :?E6C6DE C2E6D @?=J :?4C62D6 E96 =:<6=:9@@5 @7 5672F=E 7@C 4@>>6C4:2= C62= 6DE2E6 =@2?D[ 4@>AC6DD:?8 3F:=5:?8 G2=F2E:@?D 2?5 =6DD6?:?8 56>2?5 7@C ?6H 56G6=@A>6?E]k^Am
kAm!6C92AD |2C< %H2:? D9@F=5 92G6 25565i “#:D:?8 :?E6C6DE C2E6D] %96J’C6 325 7@C 6G6CJ@?6]”k^Am
k9bm#646DD:@?2CJ !C6DDFC6Dk^9bm
kAmk2 9C67lQ9EEADi^^HHH]7656C2=C6D6CG6]8@G^>65:246?E6C^7:=6D^u~|rAC6D4@?7a_ab_baa]A57Qm%96 u65 AC@>:D65k^2m E@ DE66C E96 64@?@>J E@H2C5D 2 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^D^D@7E\=2?5:?8QmD@7E =2?5:?8k^2m[ H9:49 >62?E :E H@F=5 C2:D6 :?E6C6DE C2E6D E@ E96 A@:?E H96C6 :E 4@F=5 4@?E2:? :?7=2E:@?[ 2== H9:=6 2G@:5:?8 2 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^C^C646DD:@?QmC646DD:@?k^2m]k^Am
kAmp?5 6G6CJ 52J[ 2 9@DE @7 52E2 😀 C6=62D65[ 56E2:=:?8 4@?DF>6C AC:46 =6G6=D[ ;@3 8C@HE9[ 2?5 vs! ?F>36CD[ H9:49 96=AD 2?2=JDED 82F86 H96C6 E96 64@?@>J DE2?5D 😕 :ED k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^6^64@?@>:4\4J4=6Qm3FD:?6DD 4J4=6k^2m]k^Am
kAm%96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^J^J:6=5\4FCG6Qm492CE @7 J:6=5Dk^2m @? &]$] %C62DFC:6D 😀 @7E6? C625 =:<6 E62 =62G6D E92E 42? AC65:4E E96 7FEFC6] }@C>2==J[ =@?86C\E6C> %C62DFC:6D @776C 9:896C J:6=5D E92? D9@CE6C\E6C> %C62DFC:6D 2D 2 >2EE6C @7 C:D< 2?5 C6H2C5i %96 =@?86C E96 =@2? 2? :?G6DE@C >2<6D E@ E96 7656C2= 8@G6C?>6?E[ E96 8C62E6C E96:C C6H2C5 D9@F=5 36]k^Am
kAmqFE D@>6E:>6D E96 J:6=5D @? =@?86C\E6C> %C62DFC:6D—DA64:7:42==J[ E96 `_\J62C %C62DFCJ—7=:A[ @C :?G6CE 282:?DE D9@CE6C\E6C> %C62DFC:6D[ =:<6 E96 a\J62C %C62DFCJ] (96? E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^:^:?G6CE65\J:6=5\4FCG6QmJ:6=5 4FCG6 :?G6CEDk^2m[ E92E >62?D E92E :?G6DE@CD 2C6 A=24:?8 9:896C G2=F6 @? D9@CE6C\E6C> 8@G6C?>6?E 3@?5D[ H9:49 DA6==D H2?:?8 4@?7:56?46 😕 E96 &]$] 64@?@>J]k^Am
kAmp44@C5:?8 E@ k2 9C67lQ9EEADi^^7C65]DE=@F:D765]@C8^D6C:6D^%`_*a*Qm52E2 7C@> E96 $E] {@F:D u656C2= #6D6CG6k^2m[ 27E6C E96 J:6=5 4FCG6 :?G6CED[ 2 C646DD:@? =@@>D 2?JE:>6 36EH66? e >@?E9D 2?5 b J62CD]*:6=5D @? E96 `_\*62C ?@E6 2?5 a\*:6=5 ?@E6 DH2AA65 5:C64E:@?D @? pAC:= `[ a_aa]k^Am
kAm~E96C k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^64@?@>J^2C6\H6\:?\2\C646DD:@?\d\H2JD\E@\E6==Qm:?5:42E@CD @7 C646DD:@?k^2m :?4=F56 DA:<6D 😕 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^G^G:IQm’@=2E:=:EJ x?56Ik^2m[ @C ‘x)—FDF2==J 2 =6G6= 23@G6 a_—DE@4< >2C<6E k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^G^G@=2E:=:EJQmG@=2E:=:EJk^2m[ 2?5 C:D:?8 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^6^6>A=@J>6?E\D:EF2E:@?\C6A@CEQmk^2mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^F^F?6>A=@J>6?E\C2E6QmF?6>A=@J>6?Ek^2m ?F>36CD]k^Am
k9am(92E r2FD65 E96 q2?<:?8 rC:D:D @7 a_abnk^9am
kAm(9:=6 C:D:?8 :?E6C6DE C2E6D[ 564=:?:?8 4@>>6C4:2= AC@A6CEJ G2=F6D[ 2?5 2 =@@>:?8 C646DD:@? DA6== EC@F3=6 7@C E96 6?E:C6 32?<:?8 D64E@C[ E9C66 32?<D H6?E 4@>A=6E6=J 36==J FA 😕 a_ab—2?5 E96J @H65 E96:C AC@3=6>D E@ 255:E:@?2= 9625H:?5Dik^Am
k9bm$:=:4@? ‘2==6J q2?< W$’qXk^9bm
kAm$’q 564=2C65 :?D@=G6?4J @? |2C49 `_[ a_ab] p r2=:7@C?:2 C68:@?2= 32?< E92E 562=E =2C86=J H:E9 E649 DE2CEFAD 2?5 4@F?E65 p:C3?3[ r:D4@[ 2?5 #@<F 2>@?8 :ED 4FDE@>6CD[ :ED 72:=FC6 56A6?565 =2C86=J @? 2 32?< CF?]k^Am
kAmp7E6C E96 32?< 2??@F?465 2 S`]g 3:==:@? =@DD 2?5 4C65:E 5@H?8C256 😕 |2C49 a_ab[ :ED 9:89\?6E\H@CE9 4FDE@>6CD[ >2?J @7 H9@> 925 DE2D965 >:==:@?D @7 5@==2CD 😕 E96:C 4964<:?8 244@F?ED[ H:E95C6H Sca 3:==:@? 😕 2 D:?8=6 52J] x?E6C6DE\C2E6 C:D< @? :ED =@?8\E6C> C6D6CG6D 925 >256 :E 5:77:4F=E 7@C E96 32?< E@ AC@G:56 6?@F89 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^=^=:BF:5:EJ\>2C<6E\=:BF:5:EJQm=:BF:5:EJk^2m E@ D2E:D7J E96D6 56>2?5D]k^Am
kAmu:CDE r:E:K6?D q2?< 24BF:C65 E96 EC@F3=65 32?< @? |2C49 ae[ a_ab[ 2?5 2== `f @7 $’q’D 32?<:?8 3C2?496D 92G6 D:?46 C6@A6?65 F?56C E92E ?2>6]k^Am
k9bm$:8?2EFC6 q2?<k^9bm
kAm{6DD E92? cg 9@FCD 27E6C $’q 4@==2AD65[ 7656C2= C68F=2E@CD A=2465 $:8?2EFC6 q2?< F?56C E96 C646:G6CD9:A @7 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^7^7656C2=\56A@D:E\:?DFC2?46\4@CA@C2E:@?\75:4Qmu656C2= s6A@D:E x?DFC2?46 r@CA@C2E:@? WusxrXk^2m] %9:D 32?<[ H9:49 H2D 9625BF2CE6C65 😕 }6H *@C< r:EJ[ 925 2 DA64:2=:K65 3FD:?6DD E92E 7@4FD65 >2:?=J @? AC:G2E6 C62= 6DE2E6[ AC:G2E6 6BF:EJ[ 2?5 4CJAE@4FCC6?4J]k^Am
kAmxE 925 366? F?56C :?G6DE:82E:@? 3J E96 &]$] yFDE:46 s6A2CE>6?E @G6C :ED 72:=FC6 E@ C64@8?:K6 F?=2H7F= 24E:G:E:6D DFCC@F?5:?8 $2> q2?<>2?\uC:65’D 4CJAE@4FCC6?4J 6I492?86[ u%)[ H9:49 4@>3FDE65 😕 }@G6>36C a_aa] }6H *@C< r@>>F?:EJ q2?4@CA 24BF:C65 $:8?2EFC6 q2?< @? |2C49 a_[ a_ab[ 2?5 2== @7 $:8?2EFC6 q2?<’D 3C2?496D ?@H @A6C2E6 F?56C :ED DF3D:5:2CJ[ u=28DE2C q2?<]k^Am
k9bmu:CDE #6AF3=:4 q2?<k^9bm
kAm}@E 6G6? 2 4@?D@CE:F> @7 E96 4@F?ECJ’D 3:886DE 32?<D 4@F=5 D2G6 u:CDE #6AF3=:4 q2?<] %96 $2?\uC2?4:D4@ 32D65 32?<[ H9:49 42E6C65 E@ E649 DE2CEFAD 2?5 2=D@ AC@G:565 H62=E9 >2?286>6?E D6CG:46D[ 925 2 “`T =@2?\E@\56A@D:E C2E:@[ H9:49 >62?E :E D:>A=J 82G6 @FE >@C6 >@?6J E92? :E 925]k^Am
kAmu:CDE #6AF3=:4 2=D@ DF776C65 7C@> :?E6C6DE\C2E6 C:D< 2?5 4FDE@>6C H:E95C2H2=D] $66:?8 E96 D>@<6 D:8?2=D[ y!|@C82? r92D6 2?5 “ @E96C 3:8 32?<D @776C65 2 Sb_ 3:==:@? =:BF:5:EJ :?7FD:@? 2D 2 H2J E@ D9@C6 FA E96 7C28:=6 32?<:?8 DJDE6>[ 3FE u:CDE #6AF3=:4 5:5?’E =2DE] xE H2D F=E:>2E6=J D6:K65 3J E96 usxr @? pAC:= ag[ a_ab[ 2?5 H@F=5 6G6?EF2==J 36 D@=5 E@ y!|@C82? r92D6—2== 3C2?496D ?@H @A6C2E6 F?56C E92E 3C2?5]k^Am
k9amw@H s:5 E96 v@G6C?>6?E #6DA@?5 E@ E96 q2?<:?8 rC:D:D @7 a_abnk^9am
kAm%96 u65’D C6DA@?D6 H2D >F=E:\AC@?865i xE AC@G:565 6>6C86?4J =@2?D E@ 32?<D 4FCC6?E=J 😕 5:DEC6DD 3FE :E 2=D@ D@F89E E@ 96=A 2==6G:2E6 D@>6 @7 E96 D64E@C\H:56 EFC>@:= :E 925 42FD65[ ?2>6=J 3J 9:?E:?8 E92E E96 C2E6 9:<6D >:89E D@@? 36 @G6C]k^Am
k9bm!C@G:5:?8 t>6C86?4J p:5 %9C@F89 E96 q2?< %6C> uF?5:?8 !C@8C2>k^9bm
kAmp7E6C E96 72:=FC6D @7 $’q 2?5 $:8?2EFC6 q2?<[ u65 r92:C y6C@>6 !@H6== =2F?4965 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^3^32?<\E6C>\7F?5:?8\AC@8C2>\3E7AQmq2?< %6C> uF?5:?8 !C@8C2>k^2m[ H9:49 H2D 2 ?6H 7@C> @7 6>6C86?4J 4C65:E 2G2:=23=6 E@ 6=:8:3=6 7:?2?4:2= :?DE:EFE:@?D] %@ 36 2446AE65 :?E@ E96 AC@8C2>[ 2 32?< >FDE A=6586 4@==2E6C2= E92E E96 u65 4@F=5 AFC492D6 E9C@F89 :ED k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^@^@A6?\>2C<6E\@A6C2E:@?DQm@A6? >2C<6E @A6C2E:@?Dk^2m]k^Am
kAm(92E’D ?@G6= 23@FE E9:D AC@8C2> 😀 ;FDE 9@H 86?6C@FD :ED E6C>D 2C6] %96 D64FC:E:6D @776C65 2D 4@==2E6C2= 2C6 AC:465 2E k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^A^A2C\G2=F6QmA2C G2=F6k^2m[ H9:49 😀 ?@E E96:C 4FCC6?E[ 56AC6DD65 >2C<6E G2=F6 3FE C2E96C E96:C @C:8:?2= G2=F6]k^Am
kAm%96 :?E6C6DE C2E6 7@C E96 q2?< %6C> uF?5:?8 !C@8C2>[ H9:49 😀 k2 9C67lQ9EEADi^^HHH]7C35:D4@F?EH:?5@H]@C8^QmAF3=:D965 52:=Jk^2m[ 😀 E96 @?6\J62C @G6C?:89E :?56I DH2A C2E6 W~x$X A=FD `_ 32D:D A@:?ED] pD @7 |2J ac[ a_ab[ E92E C2E6 H2D d]_dT]k^Am
k9bm#6DE@C:?8 r@?7:56?46 😕 E96 }2E:@?’D q2?<:?8 $JDE6>k^9bm
kAmtG6? E9@F89 E96 usxr :?DFC6D 56A@D:ED FA E@ 2 >2I:>F> @7 Sad_[___[ 😕 E96 27E6C>2E9 @7 E96 :>A=@D:@?D 2E $’q 2?5 $:8?2EFC6 q2?<[ u65 r92:C y6C@>6 !@H6== 2?5 &]$] %C62DFCJ $64C6E2CJ y2?6E *6==6? AC@>:D65 2== 4FDE@>6CD @7 E96 72:=65 32?< H@F=5 36 “>256 H9@=6[” H9:49 >62?E E96J H@F=5 86E 2== @7 E96:C >@?6J 324<—6G6? 23@G6 E96 Sad_[___ :?DFC2?46 =:>:E]k^Am
kAm%9:D 24E:@? D@F89E E@ C62DDFC6 p>6C:42?D E92E 6G6CJ@?6’D >@?6J H2D D276 2E E96:C =@42= 32?< 2?5 2=H2JD H@F=5 36] !C6D:56?E q:56? D2:5[ “q642FD6 @7 E96 24E:@?D E92E @FC C68F=2E@CD 92G6 2=C625J E2<6?[ 6G6CJ p>6C:42? D9@F=5 766= 4@?7:56?E E92E E96:C 56A@D:ED H:== 36 E96C6 :7 2?5 H96? E96J ?665 E96>]”k^Am
k9bm%2<:?8 $@>6 q=2>6 7@C E96 u2==@FEk^9bm
kAm#6>2C<23=J[ H96? u65 ‘:46 r92:C 7@C $FA6CG:D:@? |:4926= q2CC C6=62D65 E96 286?4J’D :?G6DE:82E:@? :?E@ E96 72:=FC6 2E $:=:4@? ‘2==6J q2?<[ 96 D2:5 E92E E96 u65 :ED6=7 5:5 ?@E “E2<6 7@C467F= 6?@F89 24E:@?” E@ AC6G6?E E96 42E2DEC@A96] w6 2=D@ 4:E65 2 =24< @7 DFA6CG:D:@? @7 E96 5:DEC6DD65 32?< 5FC:?8 E96 %CF>A p5>:?:DEC2E:@? F?56C 7@C>6C u65 ‘:46 r92:C 7@C $FA6CG:D:@?[ #2?52= “F2C=6D]k^Am
kAmp55:E:@?2==J[ E96 %CF>A\6C2 C@==324<D @7 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^5^5@55\7C2?<\24ERiOiE6IEl&?56CTa_s@55TasuC2?<TarTa_2Ta_?6H[x?G6DE@CTa_AC@E64E:@?DTa_H6C6Ta_2=D@Ta_DEC6?8E96?65]Qms@55\uC2?< p4Ek^2m[ H9:49 925 :>A=6>6?E65 “DEC6DD E6DE:?8” @7 D>2== 2?5 >:5\D:K65 32?<D E@ :56?E:7J DJDE6>:4 E9C62ED[ 925 67764E:G6=J D6CG65 2D D>@<6D4C66?D[ @3D4FC:?8 E96 4C:D6D 367@C6 E96J H6C6 E@@ =2E6 E@ 7:I]k^Am
kAmu:?2==J[ 5FC:?8 E96 k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^5:4E:@?2CJ^7^7656C2=\@A6?\>2C<6E\4@>>:EE66Qmu656C2= ~A6? |2C<6E r@>>:EE66k^2m AC6DD 4@?76C6?46 @? |2J b[ a_ab[ 27E6C E96 u65 C2:D65 E96 u65 7F?5D C2E6 3J 2?@E96C ad 32D:D A@:?ED E@ 2 C2?86 @7 d]__ E@ d]adT[ u65 r92:C y6C@>6 !@H6== 9:?E65 E92E E96J >:89E 36 7:?:D965 H:E9 C2E6 9:<6D] w6 A@:?E65 @FE 9@H 9:D AC6DD C6=62D6 ?@ =@?86C 4@?E2:?65 =2?8F286 23@FE “2?E:4:A2E:?8 7FCE96C :?4C62D6D]” w6 E96? 25565 E92E 7FEFC6 A@=:4J 564:D:@?D H@F=5 36 >256 @? 2 “>66E:?8\3J\>66E:?8 32D:D]”k^Am
k9amxD E96 q2?<:?8 rC:D:D @7 a_ab ~G6Cnk^9am
kAmtG6? :7 E96 u65 >2:?E2:?D E96 u65 7F?5D C2E6 2E :ED 4FCC6?E =6G6=D[ E96 32?<:?8 D64E@C >2J ?@E 36 @FE @7 E96 H@@5D J6E] k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^32?<:?8^492C=:6\>F?86C\H2C?D\@7\325\4@>>6C4:2=\C62=\6DE2E6\=@2?D\2E\32?<DQmtG6? 2 =@?8E:>6 #tx% :?G6DE@C =:<6 r92C=:6 |F?86Ck^2m[ ‘:46 r92:C>2? @7 q6C<D9:C6 w2E92H2J[ 25>:ED E92E “p =@E @7 C62= 6DE2E6 :D?’E D@ 8@@5 2?J >@C6] (6 92G6 2 =@E @7 EC@F3=65 @77:46 3F:=5:?8D[ 2 =@E @7 EC@F3=65 D9@AA:?8 46?E6CD[ 2 =@E @7 EC@F3=65 @E96C AC@A6CE:6D] %96C6’D 2 =@E @7 28@?J @FE E96C6]”k^Am
kAmp?5 E96C6 2C6 CF>3=:?8D E92E EH@ >@C6 C68:@?2= 32?<D[ k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^DE@4<D^A24H6DE\A=F?86D\C68:@?2=\32?<D\D=F>A\2D\=6?56C\H6:89D\@AE:@?DQm!24(6DE 2?5 (6DE6C? p==:2?46k^2m[ >2J 36 E96 ?6IE E@ 72==] ~?=J E:>6 H:== E6== H92E 92AA6?D ?6IE]k^Am