Welcome to the Eric Erickson Show podcast, Our One.

Hello, America. Welcome. It is Eric Erickson here across the nation. The phone number,

well, look, okay, phone lines are open.

877973-745, but you may want to wait a little bit to call it.

At the bottom of the sour, I got a buddy of mine, David Nicholas, who is an expert when it comes to bonds and financial markets.

He's going to be joining me to talk about this Silicon Valley Bank stuff.

But I want to begin with it, and I got a lot to say on it, and I want to explain it all

to you, and in so doing, just probably hold your phone calls first. I don't think we should

be bailing out the depositors of Silicon Valley Bank. And I don't think we should be bailing out the depositors of Silicon Valley Bank.

And I want to explain that to you, but let me, before I do that, give you the turmoil and the review of what happened.

There are a lot of people rushing to say this is about wokes and ESG. Not really.

Vivek Ramashwamy, who is running for president,

confirmed today he'll be at the conference, The Gathering, in August. We'll have him on stage

with me. He's got a piece in the Wall Street Journal. And, you know, he's a big ESG guy

against ESG, and he points out of ESG, but he notes, and I think everyone should, that it's larger than that issue.

So here was the problem with Silicon Valley Bank and signature bank, which has now been shut down as well.

There's a run-on banks today across the nation.

The Dow is actually up right now almost 300 points, NASDAQ up almost 200 points.

The reason being is because they do think this is contained, this isn't a overall collapse of banks.

So here's what happened.

And let me, we've been in abnormal times. Let me start there. For the last 15 years, we have been in abnormal times with very low interest rates, historic anomaly from where interest rates normally are. Normally interest rates are where they are now. And we moved into abnormal times. And when we moved into

abnormal times, it became very hard for banks to make money drawing interest. It became very hard

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