Thank you, Scott. The worst week for stocks of 2023. This is the scorecard on Wall Street,

but the action is just getting started. Welcome to Closing Bell overtime. I'm Morgan Brennan with John Fort.

Coming up on today's show, we'll be all over the failure of Silicon Valley Bank

and what it means for your money, with a range of voices including Y-Conbinator

President Gary Tan,

who says this could be an extinction level event

for startups.

Plus, we are looking ahead to next week's

key inflation numbers with a strategist who

has a bold prediction on the Fed's next move.

But let's get straight into the fallout from Silicon Valley Bank with our first guest.

Joining us now is Bob Elliot from Unlimited Funds.

He is also a former member of Bridgewater's Investment committee joins us here on set.

Bob, it's good to have you.

I'm sitting at the airport last night reading your tweet thread about this very topic,

about S. V.

Break it down for me. How surprised are you to see what we saw today with the

FDIC swooping in? Well we saw a very classic run on the bank.

S. V. B. had had a few problems. It wasn't It wasn't a great bank going into the circumstance.

But what we saw was after the announcement a couple of days ago,

basically the venture capital community creating a run on the bank by announcing that everyone

should be pulling their money out and those who could did and almost immediately the FDIC

...