Why do we need this many banks?

Chuck Zodda and Mike Armstrong discuss Jay Powell's comments about the labor market being strong enough to keep us out of a recession. Investors are flocking to safety plays, but stock FOMO continues. Shares of PacWest jumped 82% on Friday and rose another 20% on Monday. Are there too many banks in this country? Berkshire Hathaway held their annual shareholders meeting this weekend. Buffett and Munger had some interesting comments about the banking crisis and Elon Musk. Big Oil has $150B in cash and investors want a slice.