i mean, we are on the brink of a 2008 style financial crisis. and i m not trying to be hyperbolic. in fact, you and i discussed i this at length in our long form interview, severalr months agoe and at the time, the fed hadn t even raised rates nearly as high as they have today.s sai and i was saying, look, yout don t raise rates in record fashion on an economy toning record leverage atcord maximum speculation and expect th no consequence. i mean, goingthis t was clearlg to happen. and now we re seeing the weak links in the chain breake spec the areas where speculation wass most rampant and most egregiousu are clearls y coming down. i and they re doing so as they seem to do in all the three letter acronyms, just like they did in 2008. you know, we re back to the three letter acronyms and they ll be a lot more ofu those. and frankly, i thinkknow this is the unintended consequence of the fed suence of the monetay
ba banks in this country, wellsnkco fargo, bank of americauntry,, jp morgan, morgan stanley, collectively lost more tha nne fifty billion in market value in one day. that s quite a hiat s a ht. on the other hand , those bankss still exist. and you can t see that for bank.n valley as of this morning, silicon valley bank or svp, has gone under completely.es the that makes the second biggest bank failure in the history ofef this country and the significant sub finance, nearly half of all venture backed health care and technology companies in the unite healthcai states .ant cash it also apparently held significant cash reserves, just one of the biggestrves for cryptocurrencies, and it s now gone. federal regulators have renamed it and taken it over.ov and that means an awfu l lotf m more people lost an awful lot of money and most of that money was not insured. nhat theyno matter what they t, the fdic only guarantees bank fdicdeposits up to two hundred and fifty thousand. an