Hello! Welcome to Slate Money, your guide to the business and finance news of the week.

I'm Felix Salmon of Axios. I'm here with Elizabeth Spires of New York Times,

Nilsworth. Hello. Hello. I'm here with Emily Peck of Axios. Hi. Hi. Hi. And we are going to talk about

Javier Millet, the Argentine chaos agent and our co-capitalist presidential candidate economist

Guy and his hair. We are going to talk about Martin Groenberg, who's the chair of the FDIC,

and how he wants to make the banks safer. We are going to talk about Reo's pastisos and how

valuable it is and how that all happened over the course of the pandemic. And we have a

sleep plus segment on holiday months at the supermarket. Why are we buying Halloween candies in July?

What's happening? We will answer all of your questions. It's a fun one this week. You should

listen. It's all coming up on Slate Money. Okay, so let's start with the large but not

enormous banks, which it turns out we all learned in much of this year are systemically

important. There are these big things called global systemically important banks or G-sips,

and they're like five of them in America and you know who they are. They're Wells Fargo and

City Group and Goldman Sachs and Bank of America and JP Morgan and State Street and you know,

those guys, the giants, trillion dollar balance sheets. And everyone knows they're too big to fail.

And as Emily has said many times, too big to fail is good now because if you're too big to fail,

that means you can't fail and you can't cause a banking crisis. Then one layer below them is

the regional banks, which definitely included SVB and includes people like Truist and PNC and

banks like that, which still have hundreds of billions of dollars in assets and could cause real chaos

if they failed uncontrollably. And when SVB failed and a couple of others, the Federal Reserve was

forced to step in and declare something called a systemic risk exception, basically meaning that

all of the uninsured depositors would get all of their money back because they were really worried

...