@MadMadMadMadRN @ddayen i can’t tell you that it’s *wrong* there’s some financial stability upside in having firms split thr deposit base across lots of banks (directly or via products like CDARS). but i’ve never seen a strong case for such an upside, and there are clear downsides in terms of complexity, opacity, and fees. i think absent a strong case to the contrary, we shld want to reduce rather than increase the financial complexity required to run actually productive nonfinancial firms. /fin