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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....

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...

plus, russia's military falling apart. soldiers revolting against commanders calling themselves sacrificial lambs as the battle between russia's army and the private military wagner group spills out into the open. and hundreds of migrants trying to storm the u.s. southern border. frustration with biden's policies boiling over. this is the u.s. boarder you're looking at and we'll tell you what's happening there. let's go "outfront." and good evening. i'm erin burnett. "outfront" tonight, bank crash. stocks of dozens of regional banks across the united states plunging to record low...

>> 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 ...

the game and his collapse. we'll look at all the tributes. >> more than half a million people across california are without power as high winds and rain hammered california. we'll look at the forecast and how emergency officials rew preparing. plus, are you taking part in dry january? why you could be doing more good than you think. that's all ahead on "cnn this morning." ♪ hi, everyone, it's sunday, january 8th, a new week. thanks so much for waking up with us. alex, so good to be working with you. dry january, do you subscribe to that? >> i do half dry january. >> not all in....