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hello, i m christian fraser. you re watching the context on bbc news. a 200 billion dollar project to build the next generation of nuclear submarines. on the pacific coast, the leaders of the uk the us and australia sign the aukus defence pact, to build new submaries in britain and australia. a tense day on financial markets as bank stocks continue the slide. president biden reassures americans their money is safe despite the collapse of the silicon valley bank. and another walk out. tens of thousands ofjunior doctors on strike in england for three days, leading to some of the most serious disruption in nhs history. tonight with the context, lord kim darroch a former british ambassador to the united states and uk national security adviser, and also ian bremmer
valley bank was an institution in the tech world. it was the go-to leader fo start-ups, and one of th country s top 20 banks wit more than 200 billion dollar and assets but after a panicked 48 hour it was shot down, and th biggest banking failure sinc the 2008 financial crisis, and the second largest in u.s. history. joining me now, to explain all of this has been ben white chief economic correspondent for politico, and the cnbc contributor. thank you for joining us this was a rapid downwar spiral that certainly has a lo of people thinking back on 2008, tell us what happened in those 48 hours yeah, it is so good to be with you, thank you for having me it was an old-fashioned bank run in which wealthy depositor here, this is as we mentioned,
start-ups and one of the country s top 20 banks, with more than 200 billion dollar and assets after a panic 40 hours, it was shut down and the bigges banking failure since the 2008 financial crisis, and th second largest in u.s. history joining me now to explain al of this is ben white, chie economic correspondent for politico, and to see nbc contributor. thank you for joining us so, this was a rapid downwar spiral that certainly has a lo of people thinking back on 2008 tell us what happened in those 48 hours yeah, so good to be with you, thank you for having me. it was a banker, a old-fashioned bank run and which wealthy depositors are as we mentioned, both valley start up executives or - executives, folks have a lot o assets in the bank, over 250 000, the limit on fdic
bring it on, all alone issue later who refused to quit when her teammates did taking on th state championships by herself i will talk to kristen coe hil coming up as well. we begin this hour though with the biggest bank collapsed and secret russian in 2008 silicon valley bank whic posted over 200 billion dollar in assets was taken over by th fdic yesterday federal regulators now tryin to contain the largest ban failure since the 2008 crisi as the tech start-ups wh relied on as vp wonder if they will get their money back. kara then dick - is a tech reporter for the washington post and is joining us now garrett, thank you for joining us on. this we appreciate it. let s talk about payroll right i think one of the questions a lot of folks were asking whe this all happened yesterday wa okay, what are the real worl consequences of this how will this affect me at home? and effects a lot of folks in