that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs and funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right now we
you are live in the cnn newsroom. i m jim acosta in new york. it s here 6:00 here in the big apple, 3:00 p.m. in california. what s likely to be a long, sleepless night and soggy weekend lying ahead for much of monterey county. the county is the epicenter of catastrophic flooding in that state. these are new images of the levee that failed around midnight local time. mandatory evacuations are now under way in parts of the that county. a string of deadly storms has unleashed massive flooding across the central and northern portions of the state. at least two people have died in this most recent storm. this week s atmospheric river is the tenth to hit the state this winter. it s dropped more than a foot of rain in some areas and several feet of snow in others. let s begin in monterey county, the site of that levee breach. cnn s mike valerio is there. mike, the state of that breach, could this continue to dump more flooding into that area? what can you tell us? reporter: tha
this is cnn newsroom. 50 million are under flood alerts in california. hundreds of thousands take to the streets in israel. a move many see as stepping away from democracy. a protester joins me later this hour. history could be made at the oscars, we take a closer look at who is likely to go home with a golden statue. live from cnn center, this is cnn newsroom. california is getting a brief respite from recent storms and flooding but not for long. more rain is expected later today and the next big storm system is expected to arrive monday and last through wednesday. officials say the flooding will have a devastating impact on the community. today is a worst-case scenario for this community, a heavily latino community. we work hard to prioritize this community and avoid flooding. we know that these are the folks that can least afford this type of hardship. we note the river levy was breached, and more than 90 people were rescued by emergency crews. 50 million are u
translator: it s fear of where do we go with the kids, because we don t have anywhere to go. we came to check our home but they won t let us in. millions in california, more rain expected throughout the weekend, and as more details come to life from that deadly kidnapping in mexico, we ll look at the growing business of medical tourism in the country. plus the bbc s soccer coverage plunged into chaos from the gary lineker partiality in the uk. this is cnn newsroom with kim brunhuber. we begin this hour in california where a series of deadly storms unleashed historic snow falls and massive flooding across much of the state. the white house telling us the president spoke with california s govern gary newsome again on saturday telling the governor that california has full support of the federal government. it is likely to be a long, sleepless night and soggy weekend for many across the state especially in monterey county. the latest epicenter of extreme weather. a
administration s immigration policy looks like the one under donald trump. a closer look how this is playing out at one small school. reporter: in a deep canyon in tijuana, mexico, just south of san diego the dreams are children like this 9-year-old from guatemala. what s your biggest, biggest dream? to arrive in the u.s.? reporter: the flaws in the u.s. imflation system come into focus. little and bigger hands. yeah, yes. so we serve preschool age and elementary age children. reporter: lindsay opened this school for migrant children three yearation and say the border policies have migrants waiting in mexico to seek asylum in the u.s. my biggest concern is the toll these policies are going to take on children. do you like science? yes. reporter: arthur arrived in december saying the wait is depressing and sad. why is it sad?