Box for its road its initiative its under pressure on transparency from western capitals they say struggling economies are being sucked into the project and saddled with debt china says it understands the concerns and is calling for suggestions prior to an international congress. With a week to go until thousands of delegates gather in beijing for a summit to celebrate developed and Road Initiative chinas singing songs of praise for the vast infrastructure project. The message on Chinese State t. V. Is the new silk road is a Glorious Endeavor Connecting China With Asia Europe and beyond state lenders say the new silk road includes Eight Hundred projects with loans of over a trillion dollars critics say the belgian road is the way to expand chinese influence they say countries could be taking on massive debts. Chinas leaders including president xi insists the project has brought real benefits for participating countries. I would like to stress
that this Partner Relationship is not a geo
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 been in the red most of the day, but actually at near session lows, down 41%. now, this comes after first
from the president remember, 2008, barack obama and joe biden running for the presidency. the obama administration inherits the fallout. when the president says taxpayers will not pay for this and the people at these banks will be fired. the people out on main street, if you think back to 2008, if you ask 20 americans on the street, say the bankers played with monopoly money and i got the bill. i think the president is trying to say we re not bailing this bank out, but if your deposits are there, you re safe. as gina was saying, there s certainly a reisk that people ae identifying it could have grown faster if they hadn t gone in last night. to your point about fdic insurance, i think that will come up on capitol hill, whether $250,000 is too low. even though the fed is saying
government s next step. frantic silicon valley bank clients lining up, desperate to get back their money as the startup focused lender is the largest the bank fail since the great recession. our next guest followed the 2008 financial collapse firsthand. sunday morning futures host maria bartiromo joins us now. so great to have you on such an important event that just happened. how much will this affect us. maria: good morning, rachel. thanks very much. this is going to play out tomorrow morning with a stock market selloff likely. the fact that the treasury secretary, janet yellen, said this will not be a bailout shows you right there the pressure on regulators to bail this bank out. i ve got a very good update from td cowen and company this morning from an analyst that is always spot on and he says it s going to be framed as a bank bailout and will boost pressure on regulators to increase capital and liquidity requirements in ways that will be costly for the banking
of the second largest bank collapse in u.s. history. silicon valley bank is now under the control of the fdic after customers set off a bank run and janet 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.