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what janet yellen is saying about that and the continued fears over u.s. banks. >>> and a player on the cuban national baseball team reportedly defects during the world baseball classic in miami. stay with us. if your business kept on employees through the pandemic, getrefunds.comom can see if it may qualify for a payrololl tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionalsts with its forms and submit the alication. thengo to getrefunds.comnalsts to learn more. sometimes you're so busy taking care of everyone else you don't do enough for yourself, or your mouth. but eventually, it will remind you. when it does, aspen dental is here for you. we offer the custom dental treatments you need, all under one roof, right nearby. so we can bring more life to your smile... and more smile to your life... affordably. new patients without insurance can get a free complete exam and x-rays, and 20 percent off treatment plans. schedule your appointment today. >>> we're following some major developments from
what janet yellen is saying about that and the continued fears over u.s. banks. >>> and a player on the cuban national baseball team reportedly defects during the world baseball classic in miami. stay with us. if your business kept on employees through the pandemic, getrefunds.comom can see if it may qualify for a payrololl tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionalsts with its forms and submit the alication....
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janet yellen is going to be on the hill where she is going to be talking about the budget, and there is going to be plenty of questions about the budget and she is going to need a calm tone where she tells americans that their deposits are safe. we will bring that to you live. >>> and the moment when a russian jet collided with a american drone causing it to crash into the ocean. we will show you how. >>> we rebbring you to the statf the u.s. economy now. >> matt egan is joining us, and everybody is paying attention to the secretary this morning and the words, and she is getting out ahead of this a little bit with the words telling americans to be calm and their money is safe. >> yes, this is a big moment for the treasury secretary and she knows that confidence is a fragile thing, and she knows that it has been shaken by the failures, and she wants the americans to know that the money in the bank is safe, and in the prepared remarks, and americans can feel confident that their deposits will be there when they need them, and she points to what she describes as, quote, decisive and for
janet yellen is going to be on the hill where she is going to be talking about the budget, and there is going to be plenty of questions about the budget and she is going to need a calm tone where she tells americans that their deposits are safe. we will bring that to you live. >>> and the moment when a russian jet collided with a american drone causing it to crash into the ocean. we will show you how. >>> we rebbring you to the statf the u.s. economy now. >> matt egan is...
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this comes after treasury secretary janet yellen tried to reassure congress and the nation that america's banking system is sound. >>> welcome to our viewers here in the united states and around the world. i'm wolf blitzer. you're in "the situation room." >>> this hour, pieces of a downed u.s. drone may now be in the hands of russia. two days after aggressive moves by kremlin warplanes over the black sea, critical moments of that encounter captured on video newly released by the u.s. military. cnn pentagon correspondent oren liebermann is following all this for us. first, what are you learning? >> reporter: russia got to the scene of the crash site hours after the u.s. operators took the drone down. they believe russia collected some of the debris, some of the wreckage from the drone as senior russian officials said they would do to learn more about it. officials downplayed the significance of what was left from the drone, first because it's small pieces of wreckage, and second, because sensitive information was wiped from the drone before it crashed. >>> what might be the first fiscal co
this comes after treasury secretary janet yellen tried to reassure congress and the nation that america's banking system is sound. >>> welcome to our viewers here in the united states and around the world. i'm wolf blitzer. you're in "the situation room." >>> this hour, pieces of a downed u.s. drone may now be in the hands of russia. two days after aggressive moves by kremlin warplanes over the black sea, critical moments of that encounter captured on video newly...
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janet yellen will be on hill in an hour testifying. it's supposed to be the budget but you know there's going to be questions about the banking system. >> we'll see you tomorrow? >> yes. >> see you tomorrow. >>> cnbc "newsn "newsroom" star after this. it's not too late for another treatment option. to learn more visit treatted.com. that's treatt-e-d.com. only at vangua, you're more than just an invesr—you're an owner. weot this, babe. that means that your dreams . d our financial planning tools can help you reach them. that's the value of ownership. every day, millions of things need to get to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing renewable diesel that can be used in existing diesel tanks. and we're committed to increasing our renewable fuels production. because as we work toward a lower carbon future, it's only human to keep moving forward. introducing the new sleep number climate360 smart bed. the only smart bed in the worl
janet yellen will be on hill in an hour testifying. it's supposed to be the budget but you know there's going to be questions about the banking system. >> we'll see you tomorrow? >> yes. >> see you tomorrow. >>> cnbc "newsn "newsroom" star after this. it's not too late for another treatment option. to learn more visit treatted.com. that's treatt-e-d.com. only at vangua, you're more than just an invesr—you're an owner. weot this, babe. that means that...
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Mar 12, 2023
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what's your reaction to janet yellen saying no government bailouts for the silicon valley bank? >> this is how it was supposed to work. coming out of the last financial crisis, the idea was that no bank should ever be able to fail, but it should be able to fail without the taxpayers losing money, without financial stability. i think her reaction is a good sign. >> the fdic ensures up to $250,000 per depositor. a lot especially with payroll account have a lot more money in that bank than that 250,000. will they be able to recover some of their fill eun, or is that when the government will potentially step in to assist? >> the fdic's job, first of all, is to ensure that depositers get paid off. in this case there weren't that many insured deposters. it was primarily uninsured depo depositors, tech firms. they're looking for a buyer, whether that's for the whole organization or parts of it, and to the extent they get those recoveries, those monies belong to the depositors. >> what do you think really caused the collapse of this bank, and why was it that some of the depositors kind
what's your reaction to janet yellen saying no government bailouts for the silicon valley bank? >> this is how it was supposed to work. coming out of the last financial crisis, the idea was that no bank should ever be able to fail, but it should be able to fail without the taxpayers losing money, without financial stability. i think her reaction is a good sign. >> the fdic ensures up to $250,000 per depositor. a lot especially with payroll account have a lot more money in that bank...
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Mar 16, 2023
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i'm kate bolduan, and first to capitol hill where secretary treasury janet yellen is trying to assure the american people and the senate that the monetary system is sound. and they may get to the president's budget, but in light of that, her appearance there is taking on new appearance, because she is the first biden administration official to appear before the senate, and this is after the global financial markets have been rattled by another problem. credit suisse has been propped up by over $54 million from the swiss bank. this a look at where it is standing right now as christine romans is watching all of this for us. first, christine, start with janet yellen who is testifying now. >> she is speaking to congress, but speaking directly to the american people telling them that your money is safe here, and we have taken steps to make sure that if you are a deposit ordepositor in a u.s. bank, you can get it out. >> i can assure the members of the american banking system that it is sound, and that americans can be confident that their deposits are there when they need them, and this we
i'm kate bolduan, and first to capitol hill where secretary treasury janet yellen is trying to assure the american people and the senate that the monetary system is sound. and they may get to the president's budget, but in light of that, her appearance there is taking on new appearance, because she is the first biden administration official to appear before the senate, and this is after the global financial markets have been rattled by another problem. credit suisse has been propped up by over...
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Mar 8, 2023
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you have her, janet yellen and others. it haeptsn't been that way. >> we have details about the deaths of two americans in mexico. we're going to go live to the texas border town where the survivors are recovering. plus the data on medical tourism next. there's s a different way to treat hiv. it's e every-other-month, injectable cabenuva. for adults who are undetectable, cabenuva is the only complete, long-acting hiv treatment yocan get every other month. cabenuva helps keep me undetectab. it's two injections, given by my healthcare provider every othemonth. it's one less thing to think abouwhile traveling. hipills aren't on my mind. a quick change in my plans is no big deal. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems, and depression. if you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. tell your doctor if
you have her, janet yellen and others. it haeptsn't been that way. >> we have details about the deaths of two americans in mexico. we're going to go live to the texas border town where the survivors are recovering. plus the data on medical tourism next. there's s a different way to treat hiv. it's e every-other-month, injectable cabenuva. for adults who are undetectable, cabenuva is the only complete, long-acting hiv treatment yocan get every other month. cabenuva helps keep me...
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Mar 16, 2023
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all eyes going to be on treasury secretary janet yellen. she is going to be testifying before the senate finance committee in the wake of the sudden collapse of two u.s. banks. supposed to be a hearing focused on the budget. of course, this is going to be a major topic. moments ago, cnn got an early preview of the prepared remarks. we're told that secretary yellen is expected to tell the senate committee that, quote, our banking system remains sound. americans can feel confident that their deposits will be there when they need them. so joining us now for perspective is republican congressman from north carolina, patrick mchenry. the main question is are there going to be congressional hearings on this? >> sure. there will be. the fact that they're in consistent communication with the regulators and administration for the last week, you know, i think pretty good understanding of how they responded. i think they responded well. we have to get to the bottom of why this happened. we'll develop a plan for hearings and witnesses and things of tha
all eyes going to be on treasury secretary janet yellen. she is going to be testifying before the senate finance committee in the wake of the sudden collapse of two u.s. banks. supposed to be a hearing focused on the budget. of course, this is going to be a major topic. moments ago, cnn got an early preview of the prepared remarks. we're told that secretary yellen is expected to tell the senate committee that, quote, our banking system remains sound. americans can feel confident that their...
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Mar 12, 2023
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i know you saw this earlier today, catherine, chuck treasury secretary janet yellen set a ballot of the bank is not under consideration at this point. could you have something short of a bailout summit rescue package that no one was to call a bailout but is essential when going in there and assisting the investors, the consumers at that bank? >> so, everybody knows the word bailout is a toxic term. nobody wants to be accused of bailing out anyone let alone a bank, let alone a bank that serves the tech industry, which is a very polarizing industry. it does not really have a specific term. i think what they mean when they say were not going to have a bailout is we are not going to do something that necessarily makes the stockholders or the hole. but, they are interested in making sure the depositors are okay the customers of the bank are okay. those are customers that are often small businesses. they might be payroll companies that service small businesses who did not even know the service they were using was funneled through this now troubled bank. so i think what they are trying to set
i know you saw this earlier today, catherine, chuck treasury secretary janet yellen set a ballot of the bank is not under consideration at this point. could you have something short of a bailout summit rescue package that no one was to call a bailout but is essential when going in there and assisting the investors, the consumers at that bank? >> so, everybody knows the word bailout is a toxic term. nobody wants to be accused of bailing out anyone let alone a bank, let alone a bank that...
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Mar 11, 2023
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this sounds like a clear-cut warning from janet yellen. >> reporter: it was. janet yellen went to the hill and said there would be catastrophic consequences if they didn't reach a deal on time. they said come to a deal sooner rather than later and don't wait until they exhaust all of their options. current estimates put that deadline as early as this summer. i'll just add, jim, no one i've spoken to wants a repeat of what happened in 2011. republicans and democrats alike are saying they're eager to avoid the nightmare scenario where markets are rattled and united states credit rating is on the line. >> the prospects for the biden budget in the republican controlled house, i would assume the words dead on arrival are coming up in those conversations. >> you're exactly right, jim. it is dead on arrival. the brill as is will not pass currently in congress. republicans have been keen to point that out. the house members said this bill is dead on arrival and these are the demands that we need in order to secure support for voting for that bill. the demands include
this sounds like a clear-cut warning from janet yellen. >> reporter: it was. janet yellen went to the hill and said there would be catastrophic consequences if they didn't reach a deal on time. they said come to a deal sooner rather than later and don't wait until they exhaust all of their options. current estimates put that deadline as early as this summer. i'll just add, jim, no one i've spoken to wants a repeat of what happened in 2011. republicans and democrats alike are saying...
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Mar 17, 2023
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. >> janet yellen will be back on capitol hill today hoping to ensure lawmakers that there is no crisis with american banks. >> our banking system is sound and americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong. >> and yellen also said no taxpayer money is being used to reimburse the depositors. >> the group coming to the rescue of first republic includes wells fargo, citigroup, bank of america and morgan stanley. first republic is the third regional bank to flirt with failure in recent weeks. >> and shares of first republic closed up 34more than 10% on thursday. the dow gained more than 1%, nasdaq was up 2.5%. more now from rahel solomon. >> reporter: two major developments thursday. on the banking front helping calm the nerves of investors. 11 banks now stepping up to provide a financial life line to first republic bank. the regional u.s. bank facing significant challenges over the last week similar to those that led to the demise of silicon valle
. >> janet yellen will be back on capitol hill today hoping to ensure lawmakers that there is no crisis with american banks. >> our banking system is sound and americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong. >> and yellen also said no taxpayer money is being used to reimburse the depositors. >> the group coming to the rescue of...
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Mar 21, 2023
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janet yellen today tried to again reassure everyone that everything's fine with the banking system. >> yellen is trying her best to kind of talk the banking industry out of this crisis. really emphasizing this is more of a confidence problem than a solvency one, and she said that, listen, you know, officials in washington, they're willing to rescue uninsured depositors if that's what it takes. listen to what she said. >> by saying that our banking system is sound, even as it's come under some pressure, as i indicated, this is different than 2008. 2008 was a solvency crisis, rather what we're seeing are contagious bank runs. the situation is stabilizing, and the u.s. banking system remains sound. >> so regional bank stocks, they did race back to life today. more importantly in the share prices, u.s. officials are watching deposit flows and they are encouraged that the outflow from the small and mid--sized banks, that has stabilized and if that continues that will lower the risk of other banks collapsing. >> what does all of this mean for regular normal americans out there, people with
janet yellen today tried to again reassure everyone that everything's fine with the banking system. >> yellen is trying her best to kind of talk the banking industry out of this crisis. really emphasizing this is more of a confidence problem than a solvency one, and she said that, listen, you know, officials in washington, they're willing to rescue uninsured depositors if that's what it takes. listen to what she said. >> by saying that our banking system is sound, even as it's come...
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but treasury secretary janet yellen is about to wrap up her senate testimony and she argued the fallout has been contained. >> i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. >> now, the market seemed skeptical until they got word that chase and morgan stanley are considering rescuing the struggling first republic bank. regional bank stocks are mixed, which is actually a major improvement from earlier today. elsewhere in the economy some promising new data on jobs and mortgage rates. we have cnn's matt egan, who's here once again to help make heads or tails of all of this for us. okay, matt, let's start here with the banks. you have secretary yellen saying everything is sound. is that what the markets are saying? >> well, brianna, in a word no. markets remain very much on edge with a lot of of attention right now on what
but treasury secretary janet yellen is about to wrap up her senate testimony and she argued the fallout has been contained. >> i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. >> now, the market seemed skeptical until...
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treasury secretary janet yellen testified before i don't think today, trying to assure lawmakers and the public that the economy is safe. >> reporter: members are still uncertain whether or not the emergency actions taken by the biden administration will be enough to stave off a wider spread meltdown of the u.s. financial system. even as janet yellen defended the administration's actions so far and said taxpayer money would not be used for a bailout and that the banking system in her words were "sound." she said americans can be assured that deposits are safe. there was also ample discussion about other issues, namely the issue looming over congress about raising the national debt limit. yellen once again made her call for the debt limit to be increased without conditions. house republicans want spending cuts. she wants to keep those two issues separate. she also criticized house republican plans in case of a debt default to prioritize payments the federal government would make. she called those dangerous and risky. senator bill cassidy of louisiana, who has been pushing for some cha
treasury secretary janet yellen testified before i don't think today, trying to assure lawmakers and the public that the economy is safe. >> reporter: members are still uncertain whether or not the emergency actions taken by the biden administration will be enough to stave off a wider spread meltdown of the u.s. financial system. even as janet yellen defended the administration's actions so far and said taxpayer money would not be used for a bailout and that the banking system in her...
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Mar 21, 2023
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today treasury secretary janet yellen spoke out trying to shore up confidence in the banking system. >> our banking system is sound. even as it's come under some pressure. as i indicated, this is different than 2008. 2008 was a solventy crisis. we're seeing contagious bank runs. >> let's bring in matt egan. what else should we expect from this meeting? >> this is shaping up to really be one of the most important fed decisions of the jay powell era. just under 24 hours, the fed is going to announce its decision here. and over the past year or so, they've been waging this really aggressive war on inflation. we always knew there was a risk that that could backfire because history shows that the faster they raise interest rates and the higher they go, the more likely that they break something. and so now we learn that something has broken, specifically the banking market with these bank failures. and so now there's a question, what is the fed going to do? a former fdic chair sheila bear, she wants the fed to pause and survey the damage. and goldman sachs has predicted they will pause, no
today treasury secretary janet yellen spoke out trying to shore up confidence in the banking system. >> our banking system is sound. even as it's come under some pressure. as i indicated, this is different than 2008. 2008 was a solventy crisis. we're seeing contagious bank runs. >> let's bring in matt egan. what else should we expect from this meeting? >> this is shaping up to really be one of the most important fed decisions of the jay powell era. just under 24 hours, the fed...
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Mar 26, 2023
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i think this is not just a job for jay powell is also a job for janet yellen. and last week janet yellen really alarmed investors by seeming to suggest the decisions about uninsured deposits would be made on an ad hoc basis, so we'll kind of decide if your bank is going to be systemically important when there is a run on its deposits. that's just not consistent. incredible position. so i think it's as much the treasury as the fed that really needs to get its act together here, communicating clearly what it's going to do to avoid banking crisis and to avoid of course, a much more severe recession than most people were expecting. just a few weeks ago when the talk was all of non landings or soft landings, these sorts of goldilocks scenarios look less and less plausible because of mistakes that have been made made by both the financial school and the monetary authorities. neil ferguson. good to have you on thanks for reading. next on gps. the international criminal court issued a warrant for vladimir putin's arrest last week. the alleged crime bore resemblance to
i think this is not just a job for jay powell is also a job for janet yellen. and last week janet yellen really alarmed investors by seeming to suggest the decisions about uninsured deposits would be made on an ad hoc basis, so we'll kind of decide if your bank is going to be systemically important when there is a run on its deposits. that's just not consistent. incredible position. so i think it's as much the treasury as the fed that really needs to get its act together here, communicating...
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it really caught out a lot of the smaller banks. >> janet yellen getting questions about that yesterday. >> yes. >> the interest rate hikes. >> and we'll be watching the regional banks this morning. they're a little weak this morning. i think, look, i think regulators have drawn a line under the crisis for now. it will be bumpy in the weeks and months ahead. >> they're down. >> yeah, they're down. >> so we'll watch and see. volatile. >> thanks for that. >> good to see you. >> the biden administration telling tiktok's parent company sell the app or face a possible ban in the united states. now the ceo of tiktok is pushing back. his message to washington and the options on the table. we'll discuss. (vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprisise intelligence. engagement rings now up to 40% off. ( ♪ ) ( ♪ ) you found e one. now find the rg at zales, the dia
it really caught out a lot of the smaller banks. >> janet yellen getting questions about that yesterday. >> yes. >> the interest rate hikes. >> and we'll be watching the regional banks this morning. they're a little weak this morning. i think, look, i think regulators have drawn a line under the crisis for now. it will be bumpy in the weeks and months ahead. >> they're down. >> yeah, they're down. >> so we'll watch and see. volatile. >> thanks for...
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Mar 22, 2023
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yesterday you had treasury secretary janet yellen. saying that the banking system is sound. the economy is doing well. and that all comes at a time when the white house is very aware that the state of the economy is at the heart of many americans concerns, especially as they're gearing up for a potential reelection bid in the coming months, and they've said inflation is their number one problem. we'll see what they say about what the fed does thank you so much. alright this morning, a man is accusing actress gwyneth paltrow of crashing into him on the ski slopes and then skiing away why gwyneth paltrow is seeking just $1 in damages, she says. it's the other way around and breaking just moments ago a in ukraine residential block in eurasia, apparently struck by a missile, the moment of impact caught on camera. we're going to show it to you. introducing thee new sleep number climate 3 60 smart bet only smart bed in thee world that activelyly cools. was and effortlessly respoponds to both of you are smart sleepers get 28 minutes more restful sleep per night. proven quality slp
yesterday you had treasury secretary janet yellen. saying that the banking system is sound. the economy is doing well. and that all comes at a time when the white house is very aware that the state of the economy is at the heart of many americans concerns, especially as they're gearing up for a potential reelection bid in the coming months, and they've said inflation is their number one problem. we'll see what they say about what the fed does thank you so much. alright this morning, a man is...
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Mar 22, 2023
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it comes as treasury secretary janet yellen is telling the american bankers association, the government is ready to step up support. yellen says the government will will guarantee more deposits if the banking meltdown continues on wall street, all three major u. s indices closed higher on tuesday . the nasdaq fared best gaining more than 1.5. and cnn's anna stewart is following developments for us. she joins us live from london. good morning to you, ana. so the big question, of course, what the federal reserve plans to do with interest rates to bring down inflation without spooking the markets. a tough call. of course. what can we expect a balancing act morning, rosemary . on the one hand, the central bank has to consider inflation on the other also has to consider financial stability and as we've seen in the last couple of weeks. frankly confidence is in short supply. inflation is something the federal reserve absolutely has to tackle, but interest rates are affected, but a pretty blunt tool. there's always some collateral damage. one of the biggest risks, of course with raising rates
it comes as treasury secretary janet yellen is telling the american bankers association, the government is ready to step up support. yellen says the government will will guarantee more deposits if the banking meltdown continues on wall street, all three major u. s indices closed higher on tuesday . the nasdaq fared best gaining more than 1.5. and cnn's anna stewart is following developments for us. she joins us live from london. good morning to you, ana. so the big question, of course, what the...
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treasury secretary janet yellen will be back on capitol hill hoping to assure lawmakers there's no crisis for u.s. banks. she pulled together a deal to give an infusion of first republic, the major bank on the verge of failing. >> i can reassure the members of our committee that the banking system is sound. and americans can feel confident their deposits will be there when they need them. this week's actions demonstrate our commitment to ensure our financial system remains strong and the savings remain safe. >> the turmoil has sent stock prices on a wild ride for the last week. and the need for a $53 billion loan for credit suisse has rattled international markets. you can see, they're up right now. michael is a business columneis from los angeles. how worries should bebe about a systemic meltdown here? >> i think the chance of a systemic meltdown has passed. the fact that the banks have stepped up to rescue first republic. banks realize this has come from oh banks. they need help to get through this moment of chaos. >> i've boneen following your columns. you write about what brought us h
treasury secretary janet yellen will be back on capitol hill hoping to assure lawmakers there's no crisis for u.s. banks. she pulled together a deal to give an infusion of first republic, the major bank on the verge of failing. >> i can reassure the members of our committee that the banking system is sound. and americans can feel confident their deposits will be there when they need them. this week's actions demonstrate our commitment to ensure our financial system remains strong and the...
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Mar 3, 2023
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that was followed by the treasury secretary janet yellen and garland today showing support for ukraine. >> alex marquardt, thank you. here in the u.s. president biden says he and the german chancellor are working in lock step holding talks at the white house today as the u.s. announced an aid package for ukraine. let's bring in phil mattingly on this. phil, take us inside the president's meeting with the german leader. >> when foreign leaders visit the white house, there is pomp and circumstance whether an arrive or state dinner. this was a meeting with none of that precisely because senior officials made clear this was a working relationship -- or working meeting, a very substantive meeting and one in which both leaders not only on the staff side but one on one conversations between the two really want to focus to continue and maintain what has been pretty much rock solid coordination over the course of the last year but also, the critical nature of the coordination continuing in the months ahead. as alex was reporting, this is a war that continues to grind on with no end in sight. th
that was followed by the treasury secretary janet yellen and garland today showing support for ukraine. >> alex marquardt, thank you. here in the u.s. president biden says he and the german chancellor are working in lock step holding talks at the white house today as the u.s. announced an aid package for ukraine. let's bring in phil mattingly on this. phil, take us inside the president's meeting with the german leader. >> when foreign leaders visit the white house, there is pomp and...
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tr treasury secretary janet yellen. this is what her response was. >> you mentioned silicon valley bank. there are recent developments that concern a few banks that i'm monitoring very carefully. and when banks experience financial losses, it is and should be a matter of concern. >> so this is not the only bank she thinks. i mean in terms of contagion, could this spread? >> it's not something that's going to look like a lehman brothers moment i don't think and i also don't think that it's going to affect the largest institutions. the j.p. morgans and citibanks, they have come under higher capital standards since 2008. i will say that banks of all sizes have been pushing back against the idea of holding more capital. i think those arguments will be hard to sustain when you see an incident like this. it kind of reminds everybody, we need to know the regulatory is safe, smaller institutions, have a ripple in effect and private equity, shadow banks are going to be under more scrutiny because of this. >> what i wonder those
tr treasury secretary janet yellen. this is what her response was. >> you mentioned silicon valley bank. there are recent developments that concern a few banks that i'm monitoring very carefully. and when banks experience financial losses, it is and should be a matter of concern. >> so this is not the only bank she thinks. i mean in terms of contagion, could this spread? >> it's not something that's going to look like a lehman brothers moment i don't think and i also don't...
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treasury secretary, janet yellen, will return to capitol hill in the day ahead of trying to reassure lawmakers of the banking situation is under control. here she is. >> i can reassure the members of the committee that our banking system is sound, and that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate are resolute commitment to ensure that our financial system remains strong and that the deposits remain safe. >> shares of first republic surged after news of the 30 billion dollar lifeline for big banks. cnn's royal solomon has more. >> two major developments thursday on the breaking front, helping calm the nerves of investors. 11 banks, now, stepping up to provide a financial lifeline to -- the regional u.s. bank is facing significant challenges over the last week, similar to those that led to the demise of silicon valley bank, including customers rushing to withdraw their money. the bank is not stepping up include, jimmy morgan chase, bank of america city group, and -- , one on thursday, there each making a five bi
treasury secretary, janet yellen, will return to capitol hill in the day ahead of trying to reassure lawmakers of the banking situation is under control. here she is. >> i can reassure the members of the committee that our banking system is sound, and that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate are resolute commitment to ensure that our financial system remains strong and that the deposits remain safe. >>...
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now treasury secretary janet yellen said sunday there would not be a large-scale bailout of the bank similar to to what was seen during the 2008 treasury crisis. and treasury officials saying the burden would not be borne by the taxpayers. and also noting that shareholders and senior management would not be protected by these new rules. now, ultimately, the white house and the biden administration is trying to stress that they believe the banking system in this country is resilient in part due to the reforms put in place after the crisis. president biden told reporters as he was traveling back from delaware on sunday that he would talk about this issue monday morning. that the white house is trying to ensure that there are no more stresses but on the u.s. economy writ large. arlette saenz, cnn, the white house. >>> a small business who used the bank to run her company, she was tweeting about the impact on with 50 employees and talked about the worst fears when washington announced that depositors would not lose any of their money. >> so, fortunately, for us, i do have one account for
now treasury secretary janet yellen said sunday there would not be a large-scale bailout of the bank similar to to what was seen during the 2008 treasury crisis. and treasury officials saying the burden would not be borne by the taxpayers. and also noting that shareholders and senior management would not be protected by these new rules. now, ultimately, the white house and the biden administration is trying to stress that they believe the banking system in this country is resilient in part due...
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yellen is running point today and that meeting between secretary yellen and the top regulatory officials at the fdic, the office of the comptroller, currency and federal reserve component of the response to this point. one point white house officials make in the point of regulators, the banking system at large is in a very different place than it was in 2008 and that is because of significant changes in the wake of the 2008 financial crisis related to capital controls, capital levels, how banks are essentially kind of having buffers to moments like this to address when certain risks and crisis come to pass. it's interesting to note, wolf, it's been several years since the fdic took a bank into a recei receivership. that's strange when you think back to the 2008 financial crisis when hundreds of banks were going down. to the reality of this moment. this is a different type of scenario than this white house had to face at any point however, they make very clear the industry they believe is in a fundamentally different place and the regulators have tools they need to address this specific i
yellen is running point today and that meeting between secretary yellen and the top regulatory officials at the fdic, the office of the comptroller, currency and federal reserve component of the response to this point. one point white house officials make in the point of regulators, the banking system at large is in a very different place than it was in 2008 and that is because of significant changes in the wake of the 2008 financial crisis related to capital controls, capital levels, how banks...
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shuttered banks and rescue plans and the rescue globally, and janet yellen said to the government that they are going to intervene again if banks experience depositor runs like happened with silicon valley bank. today, the market is up about a percent or less right now after the markets opened. >> we will take it. >> yes, we will take some red. >> and now, our analyst is joining us now. and now, jerome powell has a number of decisions to make especially with raising interest rate. it seems there is no right answer? >> it seems only meh! answers here. gosh, we have had a mini banking crisis and pull back on the rates, then they are seen as not tough on inflation, and not in touch with the real economy, and kowtowing to wall street, and that is the last thing that the biden administration wants to be seen as doing. but on the other hand, if they do a hike, and a strong hike, then we may start to see more dominos fall, and that is where we are. we are at a pendulum shift. i have been doing this for 30 years, and this is the biggest pendulum shift that i have seen with the higher rate hike
shuttered banks and rescue plans and the rescue globally, and janet yellen said to the government that they are going to intervene again if banks experience depositor runs like happened with silicon valley bank. today, the market is up about a percent or less right now after the markets opened. >> we will take it. >> yes, we will take some red. >> and now, our analyst is joining us now. and now, jerome powell has a number of decisions to make especially with raising interest...
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yellen to backstop them at no cost to the taxpayers. then we saw the $30 billion infusion on thursday by 11 banks, a deal really blessed by the u.s. government. but, of course, concerns still remain not only on the practical fallout, whether or not more banks will continue to fall as that recession potentially looms but also on the political factor for president biden. what he would do in response if more banks fail. we know banks have become a political liability since 2008. so president biden right now is really on a tightrope as his administration tries to continue to convince americans really that the u.s. banking system is safe. boris, amara? >> and as he is potentially weeks from the announcement of a re-election campaign as well. jasmine wright reporting live. thanks so much. >>> others argue that trying to save the banks was not the best approach including our next gechlt he's a senior fellow at the policy research organization and also at the peterson institute for international economics. we should point out he has investments
yellen to backstop them at no cost to the taxpayers. then we saw the $30 billion infusion on thursday by 11 banks, a deal really blessed by the u.s. government. but, of course, concerns still remain not only on the practical fallout, whether or not more banks will continue to fall as that recession potentially looms but also on the political factor for president biden. what he would do in response if more banks fail. we know banks have become a political liability since 2008. so president biden...
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history now and treasury secretary janet yellen just weighed in on the aftermath of this bank collapse. take a listen. >> let me be clear that during the financial crisis there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and the reforms that have been put in place means that we're not going to do that again. >> your oversight committee republican colleague nancy mace agreeing on that saying, on cnn today that she does not support a bailout at this time. so what do you think the government should or should not do in response to the bank collapse? >> well i don't disagree with secretary yellen with regard to a bailout of investors but the question is the depositors. they are small businesses trying to make payroll next week and their deposits are locked up right now. so if you think about, you know, those people who benefit from payroll, they are not necessarily tech billionaires. they are just ordinary folks who are relying on a paycheck from those companies and they can't get paid if those deposits are at risk right now. so tha
history now and treasury secretary janet yellen just weighed in on the aftermath of this bank collapse. take a listen. >> let me be clear that during the financial crisis there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and the reforms that have been put in place means that we're not going to do that again. >> your oversight committee republican colleague nancy mace agreeing on that saying, on cnn today that she does not...
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this comes after we saw the treasury secretary, janet yellen, make an unannounced trip there as well. we saw and learned during her trip that there were $10 billion of aid through september that has been pledged to ukraine, humanitarian aid. we'll see what comes out of the trip from attorney general merrick garland. just getting that in. general, on china and their value, just the inverse of the question i asked about what the ukrainians would need, how would what the russians want and what the chinese are potentially, if they are, able to or willing to offer lethal aid, how would those reconcile? what do you think china is willing to give if they are? >> i think china, xi jinping, they're at an inflection point. they've been called out in many ways as we called out the russians before last year's invasion. the world is watching. i don't know if the chinese, as interwoven as kim talked about with germany, the eu and the rest of the world. if it's worth, now for the world watching, for them to go and join iran as pariah nations, a pariah nation that is an ongoing vicious invasion. i th
this comes after we saw the treasury secretary, janet yellen, make an unannounced trip there as well. we saw and learned during her trip that there were $10 billion of aid through september that has been pledged to ukraine, humanitarian aid. we'll see what comes out of the trip from attorney general merrick garland. just getting that in. general, on china and their value, just the inverse of the question i asked about what the ukrainians would need, how would what the russians want and what the...
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>> reporter: treasury secretary janet yellen is leading this effort. yesterday she convened a meeting with federal regulators from the fdic, federal reserve and office of comptroller to address this issue. in a statement she issued, she said she was confident in the federal regulators' ability to respond to this issue and they have the tools that they need to do so. when you talk to white house officials, they are clear this is not 2008. and since 2008, the guardrails and provisions have been put in place to respond to issues like this. so the white house is really projecting optimism about this really while they are monitoring this very closely. >> $209 billion in total assets just kind of poof. jasmine wright from delaware, thank you so much. >>> a race for 2024, iowa is ground zero right now for republicans. both declared and potential candidates flocking to the hawkeye state. >> former governor nikki haley, ron desantis and former president trump all make ing sts in iowa. cnn reporter steve capurno has details on ron desantis' first visit to the st
>> reporter: treasury secretary janet yellen is leading this effort. yesterday she convened a meeting with federal regulators from the fdic, federal reserve and office of comptroller to address this issue. in a statement she issued, she said she was confident in the federal regulators' ability to respond to this issue and they have the tools that they need to do so. when you talk to white house officials, they are clear this is not 2008. and since 2008, the guardrails and provisions have...
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janet yellen and jerome powell both applauding that move. let's check in with matt egan. matt, if you will, this takeover, if you will, designed to calm things down, how is that going? >> john, so far so good. wall street is breathing a sigh of relief after a tense week in washington and in europe. and coming to credit suisse, you know, this bank, credit suisse, it's been a problem for years, long before the collapse of silicon valley bank. and really, it was basing a crisis of confidence. share price was imploding. billions of dollars were coming out of credit suisse. it was unsustainable. that's why regulators pushed ubs to come to the rescue and bail this bank out. now, the hope is that this will restore some confidence in the banking system. and shore up one of the weakest links. now, we also have to take a look at what's going on in the u.s. regional bank sector, because that is really the moving -- the wider market. and regional banks are moving mostly higher -- well, they were moving mostly higher. we see some of the banks have turned negative. first republic has b
janet yellen and jerome powell both applauding that move. let's check in with matt egan. matt, if you will, this takeover, if you will, designed to calm things down, how is that going? >> john, so far so good. wall street is breathing a sigh of relief after a tense week in washington and in europe. and coming to credit suisse, you know, this bank, credit suisse, it's been a problem for years, long before the collapse of silicon valley bank. and really, it was basing a crisis of...
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we did hear from janet yellen last week that these worried banks are already tightening lending, something they want to avoid. >> a delicate operation. clare sebastian joining us live from london, many thanks. >>> eric auris is chief investment officer with gideon strategic partners. he joins me from baltimore in maryland. good to have you with us. >> thanks, great to be here. >> how likely is it that this emergency rescue bid by usb to buy its rival, credit suisse, will achieve the goal of avoiding a global banking crisis by halting investor panic after the collapse of two u.s. banks? >> i think it remains highly unclear. even the terms, while we've seen a few headline figures, and there's been multiple today, even the terms have yet to be fully worked out. in fact, ubs executives telling employees to continue to treat credit suisse as competition. that being said, the package itself, $100 billion, full state support -- i think it will do a lot to inject confidence into the system. but hardly out of the woods yet, that's for sure. >> and of course, the big question everyone in the united
we did hear from janet yellen last week that these worried banks are already tightening lending, something they want to avoid. >> a delicate operation. clare sebastian joining us live from london, many thanks. >>> eric auris is chief investment officer with gideon strategic partners. he joins me from baltimore in maryland. good to have you with us. >> thanks, great to be here. >> how likely is it that this emergency rescue bid by usb to buy its rival, credit suisse,...
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. >>> also today, janet yellen with a direct message to americans, your money, your bank deposits are safe. she is set to testify on the hill next hour. this, of course, as bank failures here in the u.s. in an unrelated and ill timed bank issue in europe is spooking so many. so this morning what you need to know. if the banking news feels like a lot, how about a little distraction? how about a little march madness. if your bracket isn't locked in, you are running out of time. but we have the guy to help you make the final decisions later this hour. >>> we begin this hour with the incredibly newly declassified video showing the moments a pair of russian su-27 fighter jets forced down that u.s. mq9 reaper drone. i'm told the u.s. military was able to extract the video in the last 24 hours after the first video they were able to get was less conclusive. this video you're seeing from the camera of the drone, pointed backwards from the tail. we want to break it down for you frame by frame. this still image points to the tips of propel lar of the u.s. drone. you can see at this moment they
. >>> also today, janet yellen with a direct message to americans, your money, your bank deposits are safe. she is set to testify on the hill next hour. this, of course, as bank failures here in the u.s. in an unrelated and ill timed bank issue in europe is spooking so many. so this morning what you need to know. if the banking news feels like a lot, how about a little distraction? how about a little march madness. if your bracket isn't locked in, you are running out of time. but we...
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if that happens we're in trouble, but the president and janet yellen reacted very quickly, and thank they addressed that problem. >> doug, as you know there's already a debate going as to who was responsible for this. is it the investors and bad management decisions as seth just laid out, or is there something more deeper here in terms what some lawmakers are suggesting and that is regulation had been rolled back in 2018 in particular the dodd/frank act and the regulations that specifically followed what these small regional banks should be doing and that perhaps led to where we are right now. i know you are skeptical about that argument. why? >> i think if you look in particular in silicon valley bank what you see is a business model that was questionable to begin with. their customer base of depositors were narrow, all venture capitalists when one gets in trouble they all get in trouble and when one wants their money back. at the other end they had this heavy concentration of long-term treasury as their capital, and they didn't manage a knowable interest rate risk. there was no sur
if that happens we're in trouble, but the president and janet yellen reacted very quickly, and thank they addressed that problem. >> doug, as you know there's already a debate going as to who was responsible for this. is it the investors and bad management decisions as seth just laid out, or is there something more deeper here in terms what some lawmakers are suggesting and that is regulation had been rolled back in 2018 in particular the dodd/frank act and the regulations that...
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yellen putting together this package to show support for first republic and try to draw a line under what has been a tumultuous seven or eight days. the regional bank stocks, we will watch them closely today, they're leaning lower in the premarket. it's not existential, it's not worries about these going out of business, now it's worries about their earnings. they will have to cut dividends, they will probably have to raise the interest rates they pay you, the saver, as they're trying to attract -- you know, attract deposits. so that's going to hurt their profits and their earnings. so this appears to be profit driven, not sort of like, you know, staying in business driven. the weakness you're seeing on wall street. so in a way that's a sign we're moving forward in what has been a really remarkable six or seven days here. >> what's notable, this is a private bailout of a private bank. >> yeah. >> it's private banks that are putting up the money. that's different, right, to some degree than what we saw in 2008. >> it is. this is not the taxpayer at all here, this is the industry in co
yellen putting together this package to show support for first republic and try to draw a line under what has been a tumultuous seven or eight days. the regional bank stocks, we will watch them closely today, they're leaning lower in the premarket. it's not existential, it's not worries about these going out of business, now it's worries about their earnings. they will have to cut dividends, they will probably have to raise the interest rates they pay you, the saver, as they're trying to...
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treasury secretary janet yellen said earlier on sunday that there would not be a wide-scale, large bailout of the bank similar to what was seen during the 2008 financial crisis. treasury officials pushed back on the idea that this was a bailout, saying that the burden will not be borne by the taxpayers, and also noting that shareholders and senior management would not be protected by these new rules. ultimately, the white house and the biden administration has tried to stress that they believe that the banking system in this country is resilient in part due to those reforms put in place after the 2008 financial crisis. president biden told reporters as he was traveling back from delaware on sunday that he would talk about this issue on monday morning as his white house is trying to ensure that there are not more stresses put on the u.s. banking system and the u.s. economy writ large. arlette saenz, cnn, the white house. >> cnn economics and political commentator catherine rampell spoke to us earlier about why the administration's scramble over the weekend to contain the fallout from the ba
treasury secretary janet yellen said earlier on sunday that there would not be a wide-scale, large bailout of the bank similar to what was seen during the 2008 financial crisis. treasury officials pushed back on the idea that this was a bailout, saying that the burden will not be borne by the taxpayers, and also noting that shareholders and senior management would not be protected by these new rules. ultimately, the white house and the biden administration has tried to stress that they believe...
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when you're the treasury secretary janet yellen ruling out a bailout at this point, i know people are sorted by load attachment bailout. but at the end of the day it means helping people out so they do not get taken to the cleaners, so they do not lose everything. i guess, what do you say in response to the treasury secretary sink no bailouts? what are you hoping they do here in washington? >> absolutely. i think you understand what is a bailout. but personally for me what i'm hoping is the government will work swiftly with potential buyers at work to a resolution where depositors can be made whole for the cash deposits they put into the bank. i am not talking about shareholders the bank of executives in the bank or anything like that but struck with the depositors who entrusted the bank to hold his funds for them to keep them safe. >> all right, lindsey michaelides thank you so much for joining us. very far away from silicon valley, california and columbus, ohio. thanks for your timely appreciated. >> thank you so much for having me. >> you bet. turning back to breaking news is up an
when you're the treasury secretary janet yellen ruling out a bailout at this point, i know people are sorted by load attachment bailout. but at the end of the day it means helping people out so they do not get taken to the cleaners, so they do not lose everything. i guess, what do you say in response to the treasury secretary sink no bailouts? what are you hoping they do here in washington? >> absolutely. i think you understand what is a bailout. but personally for me what i'm hoping is...
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. >> reporter: this is being led by janet yellen, having a previously unscheduled convening the regulators. fdic and the prafederal reservee watching closely. they believe closing it and putting it into receivership is right. they have the tools to deal with whatever coming from this. when you talk to officials and regulators, they make clear, this is a different moment on several levels from what we saw in the wake of the 2008 financial crisis because of the laws that were put in place to deal with that goes forward. they believe they have the tools at this moment. watching very closely for a busy weekend ahead. >> let's hope the tools are available. thank you very much. >>> let's discussion what's going on right now with the white house press secretary. thank you so much for joining us. i want to begin with the collapse of this silicon valley bank in california. how concerned is the administration that more banks, god forbid, could fail in the coming weeks and months? >> thank you so much for having me. i just want to be mindful. i heard phil give a good laydown of what's going on. we he
. >> reporter: this is being led by janet yellen, having a previously unscheduled convening the regulators. fdic and the prafederal reservee watching closely. they believe closing it and putting it into receivership is right. they have the tools to deal with whatever coming from this. when you talk to officials and regulators, they make clear, this is a different moment on several levels from what we saw in the wake of the 2008 financial crisis because of the laws that were put in place...
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us treasury secretary janet yellen says the government is tracking a growing number of foreign linked business transactions that could pose a threat to national security now, yellen told house member regulators house members that regulate regulators charged with screening foreign investment deals for national security with risks have witnessed a rise in such cases now, those remarks coincided with tiktok ceo show choose testimony before the house energy and commerce committee. to struggle to convince hostile democrats and republicans that tiktok user data will be secure from chinese government spying. joining me now is i'm at your end, the chairman and ceo of cybersecurity company tenable. he was also the former director of the cybersecurity division at the department of homeland security. really appreciate you joining us this morning. look i'm sure you watch some of that that five hour hearing it was quite combative and you know, we heard over and over the tiktok sea. neosho chew, making these repeated denials that the chinese government is using the app to spy on american users. but
us treasury secretary janet yellen says the government is tracking a growing number of foreign linked business transactions that could pose a threat to national security now, yellen told house member regulators house members that regulate regulators charged with screening foreign investment deals for national security with risks have witnessed a rise in such cases now, those remarks coincided with tiktok ceo show choose testimony before the house energy and commerce committee. to struggle to...
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janet yellen, the treasury secretary, spoke to cbs on sunday. listen. >> let me be clear, that during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and to reforms that have been put in place, means that we're not going to do that again. but we are kerneled about the depositors, and we're focused on trying to meet their needs. >> so they're going to make depositors whole, right, so somebody who has more than $250,000 in the bank will be able to withdraw men to pay payrolls or startup economies but the treasury company is saying this is a back-step, but not a bailout, is she right? >> there's some semantics going on here. i mean, obviously, the government and ergo, the taxpayers just blanketing banks. they're basically saying these treasury bills we just talked about which if you bought them a while ago have gone down in value. >> right. >> not face value, but the interest rate. they're just going to buy them as if they were new. and they'll give you a year to thi
janet yellen, the treasury secretary, spoke to cbs on sunday. listen. >> let me be clear, that during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and to reforms that have been put in place, means that we're not going to do that again. but we are kerneled about the depositors, and we're focused on trying to meet their needs. >> so they're going to make depositors whole, right, so somebody who has...
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yellen is suggesting the government won't bail that bank out. joining me now is the former top economic adviser to then president trump and the vice chairman of ibm gary cohn. good morning, gary, and thank for being here. i just want to start where things went wrong here for svb. >> good morning and thank you for having me. in many respects what we are living through today is a very traditional bank run, and by that i mean we're going through a situation. where depositors are trying to withdraw their savings from their bank's account at svb and the bank does not have the adequate -- adequate liquidity to allow bank -- to allow customers to take their money out of the bank all at once. this is the way banks are designed. you know, banks take in a lot of deposits and they invest them and they re-invest them in the economy which we understand is very important as banks take in deposits they re-invest them into people's mortgages and credit cards and automobile loans. so this is the traditional way that banks work. they hold some money aside for dai
yellen is suggesting the government won't bail that bank out. joining me now is the former top economic adviser to then president trump and the vice chairman of ibm gary cohn. good morning, gary, and thank for being here. i just want to start where things went wrong here for svb. >> good morning and thank you for having me. in many respects what we are living through today is a very traditional bank run, and by that i mean we're going through a situation. where depositors are trying to...
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. >>> after weeks of concerning economic headlines, treasury secretary janet yellen testified in front of the senate today. she said high inflation was the number one problem facing the country right now. and remains the president's top priority. while yellen was originally scheduled to discuss the president's 2024 budget, senators also grilled her about the controversial action she and the federal government took to rescue silicon valley bank. >> there was a run on the bank. it had high reliance on uninsured deposits. and there was a massive withdrawal of deposits that led to liquidity problems. the bank had to be closed for that reason. >> so do you agree then that it is a liquidity risk that we're dealing with in this issue? >> there was a liquidity risk in this situation. >> yellen also said no taxpayer money is being used to reimburse those depositors. meantime, stocks are surging on word that major banks are in talks to rescue another ailing financial institution, first republic bank. cnn's matt egan is with us now. tell us more about this bank that maybe most americans may not h
. >>> after weeks of concerning economic headlines, treasury secretary janet yellen testified in front of the senate today. she said high inflation was the number one problem facing the country right now. and remains the president's top priority. while yellen was originally scheduled to discuss the president's 2024 budget, senators also grilled her about the controversial action she and the federal government took to rescue silicon valley bank. >> there was a run on the bank. it...
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Mar 13, 2023
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that is part of why treasury secretary janet yellen said that the bank is not going to be -- is going to get a bailout. and also this commitment that they're going to try to protect small businesses. small businesses made up a large portion of the depositors at silicon valley bank. the president, you know, last night said in a statement he will hold those responsible for this mess fully accountable. we're about to see who he believes are responsible for what happened. and also accountability is going to look like, don. >> all right. >> m.j. lee joining us from the white house. thank you. zb >> let's talk about. this two banks abruptly closed their doors. the u.s. government is backing deposits for silicon valley bank and signature bank. christine romans is here along with a senior editor and reporter. i want to get to you on what the federal government is doing in a moment. can you explain this? it is not just the bank that happened on friday, svb this is also this bank from yesterday that collapsed after the warning they got. >> this is a run on the bank. classic run on the bank. the
that is part of why treasury secretary janet yellen said that the bank is not going to be -- is going to get a bailout. and also this commitment that they're going to try to protect small businesses. small businesses made up a large portion of the depositors at silicon valley bank. the president, you know, last night said in a statement he will hold those responsible for this mess fully accountable. we're about to see who he believes are responsible for what happened. and also accountability is...
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Mar 18, 2023
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yellen, fed chair jerome powell, jpmorgan chase chief jamie dimon and the chairman of the fdic. the goal, that the rescue return the markets to normal and convinces you at home your money is in safe hands. it capped a fast-moving week of efforts by the federal reserve, the treasury department and bank executives trying to inject confidence and capital back into the financial system. amara, boris. >> caller: christine, thank you. so president biden says while his administration took measures to stabilize the banking system congress needs to step in and strengthen laws before another financial crisis. >> now, the president is calling on lawmakers to expand the fdic's authority to impose tougher penalties on those banking executives who mismanage funds and ultimately cause their banks to fail. let's dig deeper now with cnn economics and political commentator catherine rampell. always appreciate you coming on with us. tougher fines for executives, do you think that kind of legislation goes far enough? >> i don't know that it will hurt. certainly some greater penalties here might on
yellen, fed chair jerome powell, jpmorgan chase chief jamie dimon and the chairman of the fdic. the goal, that the rescue return the markets to normal and convinces you at home your money is in safe hands. it capped a fast-moving week of efforts by the federal reserve, the treasury department and bank executives trying to inject confidence and capital back into the financial system. amara, boris. >> caller: christine, thank you. so president biden says while his administration took...
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today treasury secretary janet yellen called on congress to raise the debt ceiling without conditions, warning that a default would cause an economic and financial catastrophe. how concerned are you that congress is going to sometimes do what congress does and mess this up? >> it is really concerning. i think the issue of the debt ceiling should not be a political pinata. i'm very concerned about what is going on. i am a deficit hawk by nature. i've been worried about the deficit for a long time, especially in a world with rising interest rates. that said, you don't use the debt ceiling, which is obligations we've already spent and just owe people. the debt that the debt ceiling would affect, we've already made that spending. that doesn't change the spending trajectory going forward. i think it's very important for us to think at this stage of the game the bond market has gotten jittery already. we don't want to have some kind of additional shock to the bond market that affects it in a very different way in an inflationary environment that we're in that could cause the fed to stop and
today treasury secretary janet yellen called on congress to raise the debt ceiling without conditions, warning that a default would cause an economic and financial catastrophe. how concerned are you that congress is going to sometimes do what congress does and mess this up? >> it is really concerning. i think the issue of the debt ceiling should not be a political pinata. i'm very concerned about what is going on. i am a deficit hawk by nature. i've been worried about the deficit for a...
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Mar 25, 2023
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the also been keeping very close tabs o all of this banking turmoil, treasury secretary janet yellen held a closed door meeting with america's top financial regulators on friday, and you've got to believe that deutsche bank came up. all of this comes after the fed pushed ahead with his warrant inflation despite calls from some experts to pause and avoid adding to the stress in the banking system. on friday . i asked richmond fed president tom barking about why the fed raised rates in the face of all this turmoil. and he basically ow is squarely on fighting inflation. listen,nflation is high demand hadn't seemed to come down. and so the case for raising was pretty clear and the one thing that i hear loud and clear from everybody is that they hate inflation. they find inflation to be unfair. you get a raise, and then you have to go spend that raise at the gas station. they creates uncertainty. it's frankly exhausting. course, there are costs to getting inflation under control. potentially job loss. also turmoil in the banki system like we're seeing now. and barking. he conceded that th
the also been keeping very close tabs o all of this banking turmoil, treasury secretary janet yellen held a closed door meeting with america's top financial regulators on friday, and you've got to believe that deutsche bank came up. all of this comes after the fed pushed ahead with his warrant inflation despite calls from some experts to pause and avoid adding to the stress in the banking system. on friday . i asked richmond fed president tom barking about why the fed raised rates in the face...
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Mar 24, 2023
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treasury secretary janet yellen, she is scheduled to convene a closed door meeting of america's top financial regulators today, and that meeting includes the head of the fbi. see the sec and the chairman of the federal reserve, and you've got to believe that this is going to be one of the things they talk about. yeah and of course, then you begin to wonder like will they need to do more than just offer reassuring words to try to instill continued confidence in the banking system. we shall see on that. but also on the other news that we must and always continue to follow here, which is stubborn inflation. you had a chance to recently speak to a fed official top fed official about the latest interest rate hike. what'd you hear? you know this was pretty tough decision whether or not to raise interest rates. a lot of experts wanted the fed to pause because of this banking crisis after the fed unanimously decided to raise interest rates, moody's chief economist mark zandi, he said he's quote disappointed in the fed and kind of warned that it could backfire so i asked the richmond fed president tom
treasury secretary janet yellen, she is scheduled to convene a closed door meeting of america's top financial regulators today, and that meeting includes the head of the fbi. see the sec and the chairman of the federal reserve, and you've got to believe that this is going to be one of the things they talk about. yeah and of course, then you begin to wonder like will they need to do more than just offer reassuring words to try to instill continued confidence in the banking system. we shall see...
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janet yellen says the government is willing to guarantee more deposits if the meltdown continue. news. the steps we took were not focused on eating specific banks or classes of banks. our intervention was necessary to protect the broader u. s banking system. and similar actions could be warranted if smaller institutions suffered deposit runs that posed the risk of contagion. the dow gained more than 300 points on tuesday . the s and p finished up one and a third percent and the nest ac added more than 1.5% let's take a look at the futures market ahead of two of wednesday's opening bell. i should say and all looking pretty flat there. joining me now from ann arbor, michigan is justin wolfers, a professor of economics and public policy at the university of michigan. good to have you with us. your pleasure. so even with us markets ending in positive territory tuesday, does it make economic sense for the federal reserve to raise interest rates in the coming hours? given the u. s banking system is still a little shaky and looking for additional support for small banks. look i think th
janet yellen says the government is willing to guarantee more deposits if the meltdown continue. news. the steps we took were not focused on eating specific banks or classes of banks. our intervention was necessary to protect the broader u. s banking system. and similar actions could be warranted if smaller institutions suffered deposit runs that posed the risk of contagion. the dow gained more than 300 points on tuesday . the s and p finished up one and a third percent and the nest ac added...