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Now let's jump into the first story.

This morning it was reported that first Republic Bank has been seized by the US government

and sold to JP Morgan.

Holy crap, the news broke at like 4am, I wake up.

I'm scrolling through Twitter and it's just like, oh hey, you know that bank that was in turmoil that we said was going to be fine because we dumped $30 billion into it?

We've seized it and sold it to JP Morgan in the wee hours of the morning, which means this plan was being put together over the weekend.

And then they pulled the trigger first thing they wanted to get it done before the markets opened.

Ladies and gentlemen, welcome to the new banking crisis.

Of course, all of our good friends and media will tell us everything's fine and you are happy.

But just like in 2008, when they come out and they say you got nothing to worry about, everything's going to be fine, and it turns out they're probably not telling you the truth.

And to be fair, I don't entirely blame them.

You can't go out on a show and be like, the world's ending.

The problem is people were pulling their deposits out of first Republic Bank.

Now JP Morgan is absorbing this bank and I honestly don't know how that's not going to create a cascade effect.

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