fargo, bank of america, jm morgan, morgan stanley lost $50 billion in market value in one day. that s a hit. on the other hand, those banks still exist. you can t say that for silicon valley bank. svb has gone under completely. that makes the second biggest bank failure in the history of this country. and the significant svb financed nearly half of all venture-backed healthcare companies in the united states. it held significant cash reserves for some of the biggest crip toe currencies. it s gone. federal regulators have rename it and taken it over. that means a lot of people lost a lotf of money. most of that money was not insured, no matter what they tell you. the fdic only guarantees bank deposits up to $250,000. nearly 90% of all deposits at svb exceeded that. and it s unclear if those people see their money again. in fact, when customers show up in svb s branch in manhattan to get the deposits back, managers called the police. so, what we have there is the 1929-style b
sean: welcome to hannity. buckle up. desantis will square off against governor gavin newsom for what we re calling a red state-blue state debate moderated by yours truly. whatever you think about newsom, you will hear a far more coherent individual than let s say the guy that s living at 1600 pennsylvania avenue, but it will be a fun debate. hope you will join us thursday night from georgia. today a very confused, con founded joe biden, telling voters that the economy is doing great despite how all of us feel and see every single day. telling us prices are down. americans have more money in their pockets, none of which is true. coming up, we ll break down the latest dismal economic numbers and we ll give you the truth including what s sharp spike in the cost of food. plus more bad polls for joe biden and more panic among democrats and media mob. breaking the cease-fire in gaza has been extended for two more days after 11 more hostages were freed. the fourth hostage release.
thank you. pleasure to be on your show. it s great to have you here. as we look around the world, we see heightened global tension, uncertainty, conflict in so many different arenas. does that mean that for you, there are many reasons to be fearful about the impacts of geopolitics on the global economy? yes is the simple answer. i think we thought about the russian invasion of ukraine, we thought that was a contained conflict. now we see in the middle east. the more you fight, if this extends beyond gaza two major areas of conflict makes it much more likely that a third will occur. who knows? the chinese blockade of taiwan, perhaps. all of this is going to put enormous strain on the ability of the united states in particular, but also of europe, to provide the financial support, or support in terms of military equipment, to enable ukraine to resist russia, to bring about some kind of end to hostilities in the middle east, and to prevent any blockade of china becoming much m