Hello fellow rebel capitalists hope you're well so I'm here with my good buddy Joseph

Wang and we are going to go into a deep dive with these bailouts for heaven's

sakes with the banksters and the depossters and the depositors and find out if you, the taxpayer,

are going to be on the hook, first and foremost, and then second, what type of moral hazard does this put into the system that could

make it even more fragile moving forward and could incentivize the banksters to take even more risk than Silicon Valley Bank was taking,

but not just the asset, the liability side of their balance sheet.

So Joseph, welcome to the show and I heard you on forward guidance.

Yes. And I think the gentleman's name is Stephen and he worked at the Treasury?

Yeah, yeah, Steve is a really sharp guy. He worked at the Treasury. Yeah, Steve is a really sharp guy.

He worked on the Treasury and now he managed the macro fund.

Absolutely, and I was actually listening to that in the gym this morning.

It was fantastic.

But can you kind of go over what you guys were discussing because I think

Jack's first question which I think was totally appropriate is Janet Yellen is

coming out and saying well these bailouts are going to have absolutely nothing to do with

the taxpayer and by the way don't even call them a bailout and I think that both you and Steve

were on the same page saying no this is a bailout.

No it's absolutely a bailout.

So yeah can you describe them in a little bit more detail?

Yeah, so two bailouts happened actually.

So I'll describe the one so the first

bailout was the depositors in Silicon Valley Bank and the second bailout was the

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