regional banks

Look at the above graphic.

If you had your money there or in another of the dozens of regional banks that are under fire, what would you do right now? If it's less than $250K, you have nothing to worry about. The FDIC said deposits in Silicon Valley Bank below that level will be available on Monday in what's a remarkably efficient outcome for regular people.

Bit Silicon Valley Bank said it has $151.5 billion above the FDIC insured limits. That money -- or at least of good portion of it -- will be locked up now as the FDIC attempts to sell Silicon Valley Bank assets. If you have to make payroll on Monday, good luck.

Now the above list of banks and many others may be fine but if you're a business owner with more than $250K parked there, what do you do?

There's a reason that shares of JPMorgan are up 1.3% today while regional banks crumble.

JPM too big

I suspect it's a very busy day in JPMorgan's incoming wire transfers department, along with other too-big-to-fail banks.

What do you do if you're one of those smaller banks? Even if you're completely fine you aren't about to increase lending.

What's the effect on the real economy? It's tough to say but it's not nil. On the margins it will make financial conditions tighter and diminishes the Fed's need to tighten credit via higher rates itself.

It won't be a clear coast for risk assets until the Fed, the Treasury or some other branch of the US government puts a line under this.