From New York Times, I'm Michael Borrow. This is a daily.

There's growing concern that the bank crisis could spread. Today shares of San Francisco

based first Republic Bank lost more than half their value on Wall Street.

Today, as the banking crisis enters its second week.

Yeah, worst weeks since 2020 last week, John and this week is not starting out on a better

note.

We look at the spreading fallout.

It's elsewhere in the regional banks as well.

Pack West, Western Alliance, Zion's. They're all down substantially in the first few minutes

of training here.

And why the government's attempt to contain it is meeting so much resistance from bank

investors and customers.

We turn once again to my colleague, Emily Flitter.

It's Friday, March 17th.

Emily it has now been nearly a week since this banking crisis began.

And if we roll back the clock to more or less this very moment a week ago, last Thursday,

customers of Silicon Valley Bank were frantically withdrawing $42 billion from that bank.

It was becoming a huge crisis, which is why the US government stepped in and took over

that bank and began crafting a rescue operation that involved taking over yet another bank,

signature bank.

And that's where things were when we talked to you earlier this week.

And where that episode left off was with President Biden telling Americans, your money is safe.

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