ahead this st. patrick s day friday starting with desperate measures on wall street. nearly a dozen banks teaming up to prevent this week s financial turmoil from spreading their $30 billion life line to save another major bank from potential ruin as janet yellen works to sooth the markets and reassure americans that their money is safe. i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. plus major move in china s partnership with russia, announcing this morning that xi jinping will visit russia next week at the invitation of vladimir putin that comes as russia continues to search for the downed u.s. drone intercepted by a russian fire jets. why the pentagon says russia won t find anything useful even if they do track it down and rage on the streets of paris, thousands of protestors rise up over an unpopular move by macron raising the age of retirement
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year and a half, labor fees have gone up. we have to pay our employees a little bit more. costs are more expensive eggs, oil is more expensive, transportation is more expensive. so the deposits in silicon valley bank from those startups started diminish and they diminished dramatically which is why silicon valley bank gotcha worried, they decided that we ll start to sell some of our treasury debt which is considered safe, we ll sell it in the market. but the problem is interest rates made that debt a little bit less valuable. so it was hit from two sides and the reason why silicon valley bank was a target, that they were under the radar, they were number 16 in terms of the largest bank in the united states we focus so much on these mega big banks just since the financial crisis that maybe we overlooked what was going on the smaller players even though silicon valley bank has been around 40 years and still a huge player, but not as big as