He believes the current banking crisis was caused by banks having enormous unrealized losses on their balance sheets due to the Federal Reserve's rapid interest rate hikes.

“what's going on is that these banks have huge unrealized losses on their balance sheet and the losses have come from the sun's spike in interest rates that's what's going on the sun spike in interest rates is because we've had the most rapid fed tightening cycle in our lifetimes”

He argues that regional banks are being unfairly scapegoated and that the banking crisis is primarily driven by poor risk management combined with rapid interest rate hikes.

“clearly I think that the the combination of poor risk management with the spike in interest rates that basically has precipitated this larger problem”

He advocates for the creation of banking services that function strictly as secure vaults, preventing banks from using customer deposits for other financial activities.

“we should bifurcate Banks into bank vaults and Banks Banks can do what they want with your deposits you get free checking but what I wanted a bank what I want my startups to use what I want my Venture firm to use is I want to pay the bank for services”

The financial issues involving First Brands and auditing failures are part of a broader, deeper systemic problem rather than an isolated incident.

“when you hear somebody say a problem is idiosyncratic, immediately say idiot. They're idiots. Because when you have smoke in one place, there's fire everywhere. This is the same kind of fraud that was rampant in 2007. And it's not isolated. It never is.”

The commercial real estate market is facing a severe vacancy crisis that will lead to widespread bank defaults.

“There's going to be defaults on these buildings that the banks are not going to have the money to pay it.”