In stark contrast to the financial crisis of 2007-2009, the banking sector has shown solid strength through the Covid driven market crisis. During the financial crisis most of the U.S. banking sector was saddled with bad loans, low liquidity and a paucity of equity. Today’s banking sector has excess capital, strong credit results and a massive excess of liquidity. We attribute today’s strength to the success of the regulatory measures placed on the banks post the financial cr