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This is CBS Eye on the World. Here's John Bacheler.

The Silicon Valley Bank triggering an anxiety around the world, including London.

And I welcome Joseph Sternberg, a member of the editorial board of the Wall Street Journal.

He writes political economics based in London, observing what started in California

and didn't stay in California. Joe, a very good even to you.

The President of the United States, making announcements in these last hours

to the American people about the Silicon Valley Bank failure was taken over by

federal regulators and California regulators as of during business hours on Friday just past.

The President assured us the banking system is safe and there will be no bailout

as happened in 2008 to the disdain of many political voices ever since.

Your measure, the President, when he said there would be no bailout and that banking was safe,

did he have all the information they needed to be certain about that or was that aspirational?

Good evening to you, Joe.

Hi, John. Well, I mean, we will see over time how safe the banking system is.

I actually do think that there's very good reason to believe that the banks are significantly safer than they were in 2008.

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