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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 reassu...

race for the white house coming in. >> bottom line. >> business as usual. >> all transactions are fully functional. thank you all. >> sandra: we begin with president biden today scrambling to restore confidence in america's banking system after the swift and sudden collapse of two banks that pumped in fears of a wider economic crisis, and a lot is unfolding at this hour. hello and welcome, everyone. i am sandra smith. grateful to start another week with you. john. >> john: it seems like every week there is something new. i'm john roberts in washington. this is "america reports." the ...

---what happened friday when silicon valley bank fell. svb, a top choice for tech start-ups, with more than $2 hundred billion in assets at the time. that makes it the second largest bank failure in american history behind the washington mutual meltdown in 2008. we had a great recession then. the president now keeps saying we're not headed for a recession. a host of companies affected include household names like etsy and fit bit. all deposits at the failed bank will be available today. investors knew the risk and should not be protected. yes, the fdic is up to $250,000. if you inves...

next question at white house correspondent peter doocy is traveling with the president. good evening, peter. >> good evening, president biden helping to prevent a run on the banks by signaling to consumers that wealthy banking negatives are out of luck but every day folks with money in bank accounts can be guaranteed their money is safe. they are very careful to avoid using the b-word, bailout. >> see you in california. >> the plan to talk about training sailors to work out of a new joint nuclear sub base in australia to counter threats in the indo-pacific. >> these subs indo-pacific...

it's heading. mike tobin at o'hare airport in chicago with nightmare people trying to get on the plane. we begin with fox weather correspondent max gorden in new york just south of buffalo tonight. good evening, max. >> good evening, mike. along the shores of a very angry lake erie. all day today, waives have been crashing over the railing behind me as 14 to 18-foot as well as have come ashore. part of the parking lot that we are standing next to right here has been coming apart actually and neighborhoods near us have had to be evacuated because of a storm surge that has pushed throu...