This is a disaster. They are running scared right now and they should be because stuff is about to hit the fan. I don't know if you've been enjoying your weekend,

you had a great weekend, you weren't really paying attention

to what's going on in the economy right now,

it is bad.

So this morning, we had Janet Yellen, the Treasury Secretary,

come out and say one thing, and then a few hours later

sources saying now that the Treasury is going back on that and going to say something completely

opposite. You know that's bad news. Within the same few hours, there's a major pivot on monetary policy. So what in the world is going on?

Well, you haven't been paying attention. Late Friday, of course, we saw the collapse of Silicon

Valley Bank.

Basically, all of these investments in treasuries

and other things had dried up and bank collapsed

and all of these Silicon Valley startups

and venture capital companies had a lot of money in Silicon Valley Bank and they lost it all and the FDIC and the Treasury stepped in and said no

those people with deposits are safe up to $250,000 but beyond that sorry all you're screwed and the average deposit was 2.2 million in these accounts

now the big concern of course is the contagion factor because

as we've been warning here on this show for months there could be runs on the

bank like we're already seeing in Africa,

we're already seeing in some European countries,

and now starting to see concern about runs on the bank

inside the United States,

specifically Wells Fargo, a lot of the big banks.

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