silicon valley bank collapsed on friday, and the government of the state of new york shut down signature bank last night, claiming signature was on the verge of collapse. the federal government has since taken over that bank. president biden rushed out to the cameras this morning before the markets could open to try to calm the american people. he insisted there s no need for the public to worry, that their money is safe and the economy will not suffer. america can have confidence that the banking system is safe. your deposits will be there when you need them. every american should feel confident their deposits will be there if and when they need them. let me also assure you we will not stop at this. we ll do whatever is needed. the concern now is whether this was just the first part of a larger financial crisis and whether other banks or the markets will take a major hit in the coming days and the move by the biden administration to guarantee that the funds in those fail
jake. it is unfounded. for several reasons. firstly, the banking sector overall is much better capitalized than it was in 2008. there have been huge changes. a full-scale banking meltdown crisis, is it possible? maybe. is it likely? absolutely not, so the experts say. i was talking to one such expert here in israel where i am. the tech sector which has been so badly hit by all of this. i spoke to the venture capitalist of the viola group. he said it s not a system at risk, but when it comes to runs on banks, today they can be much faster than you think. run on the bank of the world of internet is very quick. but i do believe it s an isolated, specific event. i don t think it will have huge impact. this is not 2008. reporter: putting that into wider view, it s certainly going to hit the technology sector because tech borrowed from these institutions, but the speed at which the regulators moved shoring up the depositor savings making it clear investors won t be bailed out.
controversial aspects of an already very controversial texas abortion ban. three women are currently being sued for wrongful death by a texas man because they allegedly helped his ex-wife obtain abortion pills. leading this hour, concerns over the stability of the u.s. banking system even after the fire de federal government intervened. president biden trying to calm the markets by insisting taxpayer money will not be used to bail out investors in the silicon valley bank. several regional banking stocks taking hift today. we ll start with richard quest. the biden administration is scrambling to try to store confidence in the u.s. banking system. regional bank stocks tumbled to all-time lows. are you worried this could spark a banking meltdown? that is the fundamental fear,