This is planet money from NPR.
It has been a week for the banking sector, for all of us, really.
The core of the action happened last week out in California.
Midweek, the tight knit startup scene in Silicon Valley got wind that their preferred bank, appropriately named Silicon Valley bank, might be in trouble.
It was unclear if it was really in trouble, but it didn't matter.
As soon as some prominent startup folks told other prominent startup folks they were pulling their money out of the bank quickly became a bank run, $42 billion withdrawn in a single day.
By Friday, regulators were like, this bank has failed.
The government seized the bank and said, we'll take it from here.
And over the weekend, there was a lot of hand wringing about this.
What was going to happen to all the people who hadn't managed to get their money out in time?
Should the government bail out the bank?
Was this going to be like the beginning of a brand new 2008 style financial crisis?
Sunday night, the government made it clear they did not want this to spread.
They seized a second bank, signature bank of New York.
They also guaranteed that everyone who had their money in Silicon Valley bank or signature was going to be paid in full.
And they set up generous credit lines to every other bank in the country to strengthen them and help prevent more bank runs.
To sum up, in the last week, we have seen the biggest bank failure and the most aggressive bank rescue since the global financial crisis.
Hello, and welcome to Planet Money.
I'm Jeff Guo.
And I'm Nick Fountain.