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This is CBS, I am the world, I'm John Bachelor

First Republic, sold to JP Morgan, the biggest bank in the universe

Is this a clue to the future? There is a banking crisis, some say

Wall Street is reflecting anxiety about the banks and about the Federal Reserve meeting underway

I come to a Wall Street Journal article about the first republic sale that contains some of the anxiety

It reads, some politicians and regulators have become concerned that growth and consolidation of created banks that present risks to financial stability

Officials have sought to put new limits on bank managers to prevent large banks from getting even bigger

But, with the first republic sale, they set those concerns aside

A recognition that the largest lenders possess unmatched firepower

In other words, too big to fail

Joe, a very good evening too, is it a good thing that we had rules but we threw them away when we got in trouble

First Silicon Valley Bank, then signature bank in New York, now first republic

I believe these are like the second, third, and fourth largest bank failures from in-dollar figures ever

And the first republic is being rescued by the biggest bank in the solar system, is that a good thing? Good evening to you, Joe

Hey, John, before I answer your question, don't forget this is also becoming a global phenomenon because over here in Europe, back in March, Swiss regulators throughout their rulebook for a failed bank

When they orchestrated the hasty, arranged marriage between UBS and Credit Suisse and Credit Suisse had run into trouble

So this is not just an American problem that we spent more than 10 years developing these very complicated costly rulebooks

The banks were supposed to follow, so first off, you were going to try to prevent the banks from failing at all

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