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and titans many charged with being woke, but the fact of the matter was, it was a bank that made the wrong bet on treasuries at the wrong time and bought tens of billions of those, the price of treasuries went down and flat-footed while people wanted their money. now it s in receivership and run by the federal deposit insurance corporation. it s a dramatic played out amidst talk there could be other problems out there. kelly o grady has more from los angeles. kelly. good morning to you, neil. yes, it s the second biggest banking collapse in u.s. history. the first major one since 2008 and it all happened in the span of 48 hours, what started this is svb found its self short on cash. the stock was plummeting. invests warned they might not be able to raise money and a bank run and loss of clients and simultaneously tried to withdraw fund. and the regulators have taken over it and insured depositors will gain access by monday. fallout could be dire. roughly 50% of ventur ....
Some are hoping that a white knight might swoop in. and elon musk said could look into a digital bank. and most banks have been under tighter safeguards since 2008 and svb was making that on bonds. i used to work on the that side and we were wondering when the bubble would burst. neil: thank you. kelly on that. shark thing was telling me that he thinks that this is not a fed problem that this was unique to this bank, so it s silicon valley bank problem. take a look. the reason this bank went to zero is very old-fashioned reason, poor management. ....
In places like iowa where farmers are being hit really hard by the tariffs and where republicarepublican joanie ernsp for re-election. laura: there s reports that some of his policies are having a negative impact on the economy. mr. trump says the u.s. doesn t have a tariff problem, we have a fed problem, he says, pointing to the federal reserve to cut interest rates. that s where he is trying to point the ship. what do you think about that. i think there s a couple things at play here. he is sensitive to the criticism of the trade policies and with the tariffs around the corner, i think he s trying to send a message to the american public, look, don t panic. don t worry. these companies could be feeling the heat from other places, it s not just his policies that are causing some of these problems. the white house knows that public perception and consumer confidence is a key pillar of the economy. they seem to be down-playing some of the concerns. and number two, the other thing that ....
Powell for raising interest rates. the fed is out of control. not happy when hot what he s doing. we have much more of a fed problem. historically, presidents always avoid confronting the central bank. it s supposed to operate independently from political influence. so president trump s attacks may have unintended kw eed conseque. if the fed suddenly slows the pace of rate hikes, that could raise concern it s bowing to political pressure, or the president could do exactly the opposite of what he intended. the fed may feel it has to raise rates to show it s not surrendered. number five, elon musk s erratic behavior cost tesla and himself. many credit tesla s incredible market value to belief in musk as an innovator, but this year, his actions caused many to question his leadership, line slamming analysts on an investor call. smoking marijuana during a ....
Lower interest rate, i think the rate is too high. i think we have more fed problem than anyone else. doing well with china, china wants to make a deal badly. they may not say that to you. i have another 250 billion worth of tariffs to put on if we don t make a deal and believe me, i will put them on. china has been ripping off our country for many, many years and they don t rip us off with me. we made a great deal with canada and mexico. i appreciate the help that mexico is giving us at the border, you see people are not coming through. all of the fist fights and fighting that you see are done on the mexico side. they are not coming in here. i appreciate what mexico is doing. can do more, but i appreciate what they are doing. president trump: they were preserved, the lawyer told me they are historically preserved. ....