Hello everybody and thank you for tuning in to the weekly report.

Our bank failure is a sign of more trouble ahead.

The failure of Silicon Valley Bank on March 10 was the second largest bank failure in

US history.

Just two days following SVB's collapse signature bank joined the record books as the third

largest bank failure in US history.

Its Republic Bank also seemed on the edge of collapse until Bank of America, City Group

and other big banks agreed to jointly fund a bailout for it.

Major Swiss Bank Credit Swiss was also teetering on the brink when it received a $54 billion

line of credit from the Swiss UBS Group last week.

Politicians, regulators and financial experts all rushed to assure us these problems were

all caused by factors unique to the individual banks and were not a sign of a systemic weakness

in the banking system.

The bank failures and near failures caused nervous banks to borrow a combined $164 billion

in one week from the Federal Reserve's discount window and the bank term funding program.

A new program created by the Fed to make loans to troubled banks.

The Fed created this program even though supposedly there is no systemic problem in the banking

industry.

While SVB didn't receive a bailout, the Federal Deposit Insurance Corporation guaranteed

the full amount of all deposits even though Congress set a standard FDIC guarantee on deposits

of up to $250,000.

By covering all SVB deposits, the FDIC has created an expectation among depositors at major

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