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deeper trouble, and two credit firms downgraded first republic bank to jump status. though they gave back some ground by the close the dow industrials and s&p 500 still ended the day down significantly. shares of regional banks including first republic were down sharply, in first republic s case by more than 21%. big banks which are more tightly regulated also took a hit with citi group shares down 5%. we ll have more in a moment on what this means to markets and the economy. chris tone romans and phil mattingly with me for that. first we re joined by senator bernie sanders. senator sanders, how much confidence do you have in the banking system right now? and should people watching be worried about their bank and their savings? well, i think we re all concerned about what happened at silicon valley and we re looking at other banks around the country. and i think our hope and our prayer is that there s not going to be contagion. and i think it s imperative that the con ....
good evening. tonight, the latest on banking system troubles that appeared to be easing yesterday but came rumbling back this morning. deeper trouble than previously thought. then, kim news that two tragic credit rating firms had downgraded. markets plunging this morning, and that they gained back some ground by the close, the still ended the day down significantly. shares of regional banks, including first republic, were down sharply, and first republics case by more than 21%. big banks that are tightly regulated also took a hit, with citigroup shares more than 5%. good morning the moment on what this means to market economy, your money christine romans will be with me for that. first, we re joined by vermont senator bernie sanders, who chairs the senate labor and pension committee. so sanders, how much confidence you have in the banking system right now? should people what should be worried about their bank in their savings? i think we re all concerned a ....
To be contagion. and i think it s imperative that the congress act and act soon in a number of areas. and i think the first point that has to be made, you know, anderson, i went through the 2009 financial crisis. and i would say that i have not experienced in my political life a moment in which the american people were more outraged at what was happening in the country than at that time. what they saw was huge financial institutions run by the nasta s of the university, these billionaire type guys engaging in fraud, destroying the banking system, getting bailed out, creating an economic situation where millions of people lost their homes, their life savings, their jobs, and nothing happened to these crooks. and the american people looked at washington and they said, you know, this is wrong, we can t have two systems of justice for ....
In the country than at that time. what they saw is huge financial institutions run by the masters of the universe, these billionaire type guys, engaging in fraud, destroying the banking system, getting bailed out, creating an economic situation with millions of people losing their homes, their life, savings their jobs. and nothing happened to these crooks. and the american people looked at washington abd they said, this is wrong. we can t have two systems of justice for everybody except for the people on top. so bottom line here is, i agree with president biden, whatever happens in the future, to the degree that there are any bailouts, it must not be, it cannot be, that working families in the middle classes bail out the masters of the universe. they have to figure out a way on wall street or in the financial system that they pay ....