This is the Ramsey Call of the day, part of the Ramsey Network.

And George, I was not going to talk about this news story, but apparently people are doing

stupid but things because of this news story, so now we have to talk about it.

Yes, so we're not a news network, but we wanted to maybe quench some of the fears that are out there that have been sparked due to the SBB fallout.

So for those that don't know, Dave, can you do like an explain like I'm five as to what happened with the Silicon Valley Bank collapse?

Yes.

Okay. The Silicon Valley Bank was collapsed on last week, last Thursday, I guess it was.

And the reason was pretty simple.

Number one, you need to understand this about their bank.

The vast majority of the customers in that bank were hedge funds, venture capitalists, and tech

startups. They were not mom and pop. Granny's CD was not over at this bank. That's not who they

catered to. Okay. So to put that in perspective, FDIC insurance of 250,000 covers your, covers your to two hundred fifty thousand government covers your deposits in the

event of a bank failure

the typical bank

it covers seventy five

to eighty percent of the deposits

in other words somebody some people have rich people have five hundred thousand

dollars or eight hundred thousand dollars or million000 or something in your local bank,

but most people are $250,000 and under.

This bank was the inverse of that.

North of 90% of the deposits are not covered.

That means these were all multimillion dollar customers sitting in that bank. So these

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