structurally or just in terms of and there s obvious answers that the house has identified. covid funds, unused covid funds, things that could be done rather easily, which are poll very well. they re not unreasonable requests. what is unreasonable is the president s refusal to do his job and to negotiate with speaker mccarthy. so i believe that will happen. but it needs to happen sooner rather than later. neil: you should hear what he s saying about you guys. hopefully cooler, calmer and more constructive heads prevail in all of this. meantime, i want to draw your attention to the corner of wall and broad. we have been down a lot more. a lot of this built on banks in d disaway again. pac west fell more than 40%
quickly the government mobilized when a bunch of elites in california were demanding it. people are have a pretty good sense ofs who problems get taken more seriously than others in this town. the fed should focus on mission and not the climate arena. this is a waste of time and manpower. all things that could have gone into bank supervision. bret: senate banking hearing today, concerns about banks and what is happening there. this article from axios, the regional banking crisis is expanding. pac west reportedly exploring strategic options including a possible sale acknowledging discussions are ongoing and with several potential partners and investors. several other regional banks are also under stock price pressure including co-america, zion bank corps. the bottom line it is still not over. where are we with all of this and what does it mean for you? let s bring in a real all-star panel dana perino and the five
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welcome back to cnn this morning. it s a big day for the u.s. economy. the federal reserve is expected to raise interest rates by a quarter of a percentage point. this afternoon, trying to continue this flight on inflation. it comes days after the collapse of first republic bank rattled the market. take a look at the hit to regional bank stocks. shares of pac west fell 28% almost yesterday. all of this as the u.s. government stares down a fiscal cliff, with negotiations over raising the debt ceiling set for next week. time is running out. treasury secretary janet yellen said this week governmsaid gove coffers could run dry as early as june 1st. sheila bayer was the share of the fdic before and after the great recession. she knows a thing or two about it. glad to be here. you spoke with my colleague matt egan yesterday and did a really interesting interview.
banks. after first republic we re dealing with pac west and some other regionals. part of the reason for that is they hold an enormous amount of government debt and mortgage debt that they acquired at lower rates, now that rates are much, much higher very quickly, those holdings are worth much less, and they re under water, and that s why they re under pressure. one would think this would have been over after the government guaranteed deposits from svp and signature. there are lingering and legitimate concerns about these holdings, particularly commercial real estate. something like a trillion dollars or more held by some of these regional banks that s going to come due in the next couple of years, the way the fed s hiked rates so fast, those are in trouble, and that s an argument for possibly pausing today. i don t think they will. so brian, try to connect the dots even more for us. how much of the action that feds are taking on interest rates is connected to the bank failures? ye