Per CNBC

The former President of the Dallas Federal Reserve, Richard Fisher, has shared his thoughts on the recent crisis that started with the collapse of Silicon Valley Bank. He said that the Feds shouldn't raise rates and that the banks failed when it came to managing risk.

Fisher made a strong distinction between the roles of the Feds and banks, saying Feds were responsible for raising rates and the banks were responsible for managing risks. He said that the banks failed to do their job.

When asked by CNBC if it was a Bear Stearns weekend and if it was a precursor to something bigger, Fisher said that it was different and that Bear Stearns didn't have deposits. He said it differed from 2008 and 2009 when he was on the Open Market Committee.

Fisher: "I don't think the Fed should pause the 25 basis point hike... Banks are responsible for managing risks as [the Fed] raises rates... they failed."

Fisher also noted that it was appropriate that the equity owners and bond owners would be wiped out. He also said that there would be a lot of criminal allegations against the executives of the banks and that there would be a lot of acquisitions and failures.

The former Dalles Fed President said that the situation was a "black swan" and that it was being contained.

Fisher: "There's always going to be doubt... I think we're going to see more movement in the money market fund, particularly Treasury driven..."

JPMorgan has recently said that the Feds are past the point of no return and that a soft landing would be unlikely. This comes as the bank joins others in adjusting their analysis regarding a recession.

Treasury Secretary Janet Yellen has been trying to assure the public that everything is fine. One of her statements was that the "US financial system is safest and most liquid in the world."

See flow at unusualwhales.com/flow.

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