This is CBS I In The World. I'm John Bachelors, Silicon Valley Bank. No longer accepting deposits,

waiting for the Federal Reserve regulators and everyone else watching to return the money

of the people who keep their money in the Silicon Valley Bank. Investors not so lucky.

I welcome break the glass bread errands because not quite a market crash, but certainly a major event has happened

around the world to banking shares and to doubts about the US banking system. Systemic risk is again

in the conversation. Brett, a very good even to you. I only call upon you when the market crashes.

This is a boutique crash having to do with banks, but it is nonetheless a reminiscent of what we

lived through in 2008. The Federal Government is keen to say there is no bailout. However, at the same

time, setting that moment aside at the same time, the question is, is there contagion? The word contagion

is the great risk factor here. After a day's trading, do you see evidence that this is spreading?

Good evening to you. Good evening. Good evening. Yes, you know, as your listeners will remember when we

talked about this on Friday, also to people who are going around saying, oh, this is a one bank issue.

It's a very specific issue to SPP. There's no systemic risk. It won't spread. And as I said on Friday,

you know, they said that in 2007, 2008. They might be right, but they have no way of doing so you

should just ignore those comments. But people who say, oh, everything's fine, just ignore them because

they said exactly the same thing in 2008. Well, what we've seen today has been absolute chaos,

really, in banking stocks. We've got banking stocks down, I mean, Schwab was down about 25% at one

point. First for public stowns, about 60%. We have an absolute, we have absolute chaos in the banking

sector, at least as regarded, regardless of the stocks. So clearly, the market fears that there

is contagion. And everyone I talk to thinks that other banks are going to be shutted or would be

very surprised if other banks aren't shutted before this is over. So yes, I mean, the problem with,

you know, Warren Buffett famously said, you know, there's never one cockroach. You know, when you

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