be protected. they knowingly took a risk, and when the risk didn t pay off, investors lose their money. that s how capitalism works. svb s small businesses are thankthal for president biden s decision. i am quite relieved from what i heard from president biden. i think the administration has taken on exactly the way i think it should be, which is the depositors of the bank need to be made whole. this is a cornerstone of the u.s. economy. the bank system is setup such that we expect it to be safe. it s odd to think about it now but just even a week ago silicon valley bank was the gold standard. cnn s chief correspondent phil mattingly is with us. wow, what a difference can make as we heard from that executive. all the president s moves has been kept to keep confidence in
president biden seems to agree. the management of these banks will be fired. if the bank has taken over by fdic, the people running the bank should not work there anymore. third, investors in the banks will not be protected. they knowingly took a risk, and when the risk did not pay it off, investors lose their money. that s how capitalism works. bo president biden is catching major flack for approving parts of the conocophillips willow project. a huge drilling operation in alaska. 180,000 barrels a day on the way, the sierra club is saying in part about the president they say his administration i m going to read it right now. he and his administration have made it almost impossible to achieve the climate goals they set for public lands, and they continue to say will i will be one of the largest oil and gas operations on federal public
they knowingly took a risk, and when the risk didn t pay off, investors lose their money. that s how capitalism works. there are still risks here, and officials are watching this in the hours and days to come. president biden taking the opportunity in his remarks today to assure americans that the banking system is safe. all right, priscilla alvarez, thank you. the president also urged lawmakers to strengthen the rules for banks to prevent this from happening again. one california democrat has already called for an investigation into what happened to svb. cnn s jessica is on capitol hill. reporter: there s plenty of blame to go around here, but depending on which side of the aisle you re talking to is what answer you re getting and what they should be doing. what we do know is democrats and republican leadership both
employees run by lindsey michaelides. we are getting access to that capital that we have in svb today and taking action to move those dollars. and we are being very thoughtful about the types of partners we want to work with moving for forward. one group that won t be getting any relief, executives of the failed banks and their investors. they knowingly took a risk, and when the risk did not pay off, investors lose their money. that s how capitalism works. reporter: but some lawmakers like progressive bernie sanders and elizabeth warren are criticizing the federal bank relief saying it s a direct result to the changes made during the trump administration to loosen regulations on a small regional banks. members of both parties say they are monitoring the situation closely and will be proposing changes or something like this does not happen again. norah: ed o keefe, thank you so much. let s turn to the dangerous lightweight inter nor easter, new york s governor a state of emerg
and able tone rich themself by the journey of home depot. that s the success. that s why capitalism works. nobody works, he complains, nobody gives a damn. just give it to me. send me money. i don t want to work. i m too lazy. i m too fat. i m too stupid. strong words. joey: is he 90 but very spry. i met with bernie marcus down in georgia and he was very intimidating in his office and not in a way way but man, this guy has been there and done that kind of way. but i don t necessarily agree with him completely on this because it s not really the gen xers or gen zer s. almost not their fault at this point. what our society has done through academia told these kids for two generations now post millennial that you can t do it. you can t make it usual not going to will nightmare and child care.