COMMENT: Summary sentence: "Here's a question: During a bank run when billions of deposits are getting yanked each day, do you seasonally adjust the bank run? Because that's what the Fed did and here is the deposit data: Seasonally adjusted: $12.5BN outflow Actual: -$120BN, or 10x greater, outflow"
Seasonally adjusting data is a scam. To get an accurate feel for things, you compare to the same period last year.