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banking collapse since the 2008 financial disaster. the trouble for silicone valley bank began last wednesday when it sold securities at a major loss. that created panic and the stock stumbled. on friday federal regulators shut down the bank and they closed a second lender new york s signature bank. both failures the last of largest since the great recession. they could have a huge ripple effect on the economy. that s what the president is try to guard again. president biden speaking minutes before the stock market opened defending the stability of our banking system trying to reassure americans our money is safe. thanks to the quick action from my administration america can have confidence that the banking system is safe. all customers will have access to their money. this is an important point. no losses bourne by the taxpayers. let s start there. [laughing]. david, how will they pay for this? this is the fdic. up to 250. yes, a little bit of money that banks

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