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breathe easy as well. there were huge falls in the value of some us banking stocks, as markets began to assess president biden s response. the value of shares in one bank, western alliance, tumbled by 80%. another, first republic, was down 75%. markets across europe also saw sharp falls triggered by the turmoil. our north america business correspondent, michelle fleury, has the latest on the market fallout. i was just looking at the markets and it s astonishing to see the three major indexes pretty much flat. it s been a choppy day as you mentioned, first republic amongst the regional banks that are getting hammered despite the fact that the us government moved in to try and shore up and restore confidence to the market. i think there are a couple of things going on. you have to remember, this is not a bailout of the banks but of a bailouts of banking customers. when we talk about the stock market,
moved in to try and shore up and restore confidence to the market. i think there are a couple of things going on. you have to remember, this is not a bailout of the banks but of a bailouts of banking customers. when we talk about the stock market, it is investors in some of these banks who were looking and going, well, how many of these banks are out there that we invest in that we could potentially lose money on even if the government steps into guarantee customer accounts it won t guarantee customer accounts it won t guarantee we won t lose money. that s why you see this continue to run on banking stocks. in terms of customers, they can take heart even the actions of the government over the actions of the government over the weekend that there deposits will be safe, although you are still seeing long lines outside some banks because that nervousness that has rippled through takes a bit of time to die down. that s what s happening right now. to die down. that s what s happening riaht