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the goal overall will be to instill confidence in the american banking system. federal regulator said depositors will have access to their money today. the measures have effectively waived $250,000 insurance and of $220 billion in assets uninsured. at least 29 companies were impacted by svp collapse like pinterest, fitbit, ziprecruiter to name a few. the same has been done for new york signature bank, which was shut down over the weekend pure treasure secretary janet yellen said the action does not equal bailing out the banks. >> we are in the middle of a financial crisis. if you wer...

expected to defend the banking system after his government scrambled to prepare emergency measures to bail out silicon valley bank customers. here comes the president coming up to the podium. >> president biden: before i leave for california, i want to briefly speak about what is happening in silicon valley bank and signature bank. today thanks fought quick action of my administration america will have confidence that the banking system is safe. your deposits will be there when you need them. small businesses across the country that deposit accounts at these banks can breathe easier ...

---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...

world. the president trying to reassure americans that their deposits are safe while making sure to blame republicans. >> thanks for the quick action of my administration over the past few days americans can have confidence the banking system is safe. when no losses will be borne by the taxpayers. during the obama-biden administration we put in place top requirements on banks. unfortunately the last administration rolled back these requirements. >> what do you know about why this happened and can you assure americans there won't be a ripple effect? >> should all depositors be product...

>> this is a southern version of a mafia story. >> enough evil had been done by the family. it's gone too far this time. >> i have an alex murdaugh on the line. hampton is a small raul community, very few stop lights, country folk. >> generations and generations of families, the same families. >> not a whole lot going on, you know. not a whole lot of jobs. a lot of poverty. >> people like me, we work for our money. we wasn't born with a silver spoon in our mouth. >> nobody ever had any reason to leave that part of south carolina, and nobody had any reason to come to that part of sou...