Welcome to the Charles C.W. Cook podcast, the Why Isn't This Atm. Working Edition?

This week's show is brought to you by Daylight Savings Time, which made my children even more enthusiastic to wake up at an ungodly hour than they were before.

Somehow, somewhere along the line, they mangled the memo.

The instruction was don't wake mummy and daddy up before 6.30 a.m.

But in their adult little minds, this has been transmuted into when it's 6.30 a.m.,

come into our room and wake us up and bring a home alarm system and a marching band if you find one available.

You know that feeling you get when you've been given an anesthetic but it hasn't quite kicked in yet?

That was my day today. Anyhow, to work. On Thursday, a rumor started that Silicon Valley Bank, the 16th largest bank in the

country, was in trouble. On Friday, there was a panic. And by Saturday, Silicon Valley Bank

did not exist anymore, at least not in its previous form.

It was shut down by regulators in California, and then it was taken over by the Federal Deposit Insurance Company or FDIC.

Today, Monday, Silicon Valley reopened, but as a, quote, newly created full service,

FDI operated bridge bank that was designed to protect all depositors of Silicon Valley Bank.

This was the second largest bank failure in U.S. history.

And it obviously brought back memories of the crisis of 2008.

So I thought that today I would skip my monologue and instead talk to someone who knows all about this area.

And that someone is John H. Cochran, who is an economist, the Rosemary and Jack Anderson

senior fellow at the Hoover Institution, a co-host of the show Goodfellows, on which he appears

with Neil Ferguson and H.R. McMaster,

the author of the Grumpy Economist blog, and most recently of the book,

The Fiscal Theory of the Price Level.

John, welcome to the Charles C.W. Cook podcast.

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