Democracy. [background noises] [background noises] [background noises] [background noises] [background noises] [background noises] [background noises] good morning. Good morning. If we can get everybodys attention. Thank you. Good morning. This here it is that Senate Appropriations would please come to order we are here for a very important reason and the first is to thank all the young people who are here today for your commitment to coming in fighting for yourself and for many others. To talk about the special Diabetes Program and its critical work that supports Life Saving Research for millions of kids and people across our country and the world who are living with type one diabetes. And in particular we are here today to hear from kids living with type one diabetes about why this program matters. Ill before i started i want to welcome all of you to washington d. C. And to congress but i know many of you have traveled from all over the country to be here today. I want you to know th
world. i m laila harrak. thousands of people ordered to evacuate their homes in california as the storm-battered state endures another round of heavy rain and flooding. donald trump facing new legal woes. the former u.s. president now weighing whether to testify before a grand jury about his alleged role in a hush money scheme. plus, a major step for the middle east as iran and saudi arabia strike a deal to restore diplomatic ties. the surprise agreement helped along by beijing. we ll break down what it all means. announcer: from cnn center, this is cnn newsroom with laila harrak. we start this hour in california, where residents are getting battered by more storms, the result of yet another atmospheric river. at least two people are dead and nearly 10,000 people are under evacuation orders. more than 40,000 homes and businesses currently without power according to poweroutage.us. the central coast has been the hardest hit with creeks being turned into raging rivers
evacuation orders in california as excessive rainfall leads to raging flood waters. the fresno county sheriff joins me in a few minutes. new legal woes for donald trump, the former u.s. president is considering whether to testify before a grand jury about his alleged role in a hush money scheme. a look at what s behind the second largest bank collapse in u.s. history, and how it happened in just 48 hours. announcer: live from cnn center, this is cnn newsroom with kim brunhuber. another atmospheric river has been pouring massive amounts of rain and snow on california, at least two people have died in powerful storms battering the state. and the weather prediction center put parts of california in the highest warning level possible for excessive rainfall with the worst of it out along the california central coast. officials issued warnings for 10,000 residents, including these folks, who say the rain is unprecedented. go up there check on the scene in case they need
what happened? erica, this happened so fast. it s stunning. silicon valley bank shut down by california regulators after the stock crashed by 60% yesterday after the bank said it needed to rapidly raise cash. this is easily the biggest bank failure since washington mutual fell apart in 2008 during the financial crisis. silicon valley bank, if you haven t heard of it, it is a major lender to tech start-ups. the fdic says that depositors that have $250,000 or less, they are insured here. they will get their money. they will get access to their money as soon as monday morning. but we know that some people, some entities, some start-ups, they have more than $250,000, and it s less clear what s going to happen to them. how did this happen? well, when the fed spikes interest rates, things tend to break. we know that the fed rate hikes have hurt the valuation of the tech companies that this bank catered to, also has hurt the value of the bonds that banks rely on to get cash. erica
this week s actions demonstrate our resolute commitment to insure that our financial system remains strong and that depositors savings remain safe. paul: let s bring in jason trender, chairman and ceo of an investment strategy firm. jason, quite a week in financial markets. you know, the treasury secretary says all is well, safe and sound, but the markets aren t acting like it. just how big a question a problem is this in the banking system? well, paul, we don t know yet, but i think that, you know, history has taught us that, generally speaking, when there are problems like this in the banking system, they re not they generally don t tend to be isolated. i feel very strongly that in many ways the precursor for this has been 12 the years of i would say borderline irresponsible monoair the policy and fiscal policy paul: right. and so in some ways, it s not surprising that when inflation moves higher as a result of those policies, that people get caught offsides when