navigate challenges in the coming years. over the past three years, as chief of staff of the air force, general brown has become known for his signature approach, accelerate, change, or lose. accelerate, change or lose. general, you re right on. as i ve often said, our world is at an inflection point, where the decisions we make today are going to determine the course of our world for decades to come, and to keep america and people safe, prosperous and secure, we have to move fast and adapt quickly, we have to maintain a combat ready force capable of defeating any potential threat, and we have to manage our competition with china and meet the reality of renewed aggression in europe. we need to make sure we retain our competitive edge in an age where emerging technologies like ai to 3d printing could change the character of conflict. with general brown as chairman, i know i ll be able to rely on his advice as a military strategist and as a leader of military innovation, dedica
plus this. and the oscar goes to navowni. that is well deserved as it gets. cnn s documentary on alexei navalny who is in prison in russia took home an oscar last night. the director will join us live to talk about this moment. what it means for alexei navalny, putin s jailed critic. we do begin, though, with the biden administration trying to prevent financial contagion after two banks failed back to back in the last three days. a live look now at the white house, where the president will speak this morning as the federal government takes emergency action. silicon valley bank collapsed on friday, it became the largest u.s. bank failure since the 2008 financial crisis. regulators also shut down signature bank based here in new york. we learned about that late last night. they said signature bank was on the brink of collapse and threatened the broader banking system. so at the direction of the president and the treasury secretary, the fdic is now stepping in. they ar
And good evening from the Reagan Library in simi valley, just outside los angeles. This as the name suggests, dedicated to preserving the history of the 40th president s term in office. But it was the 45th president and current republican front runner who took center stage by his absence. The former president was in michigan tonight, Florida Governor ron desantis pointed that out. He also tried to do what he and the other six government grappling with without much success so far. Namely, how to set themselves apart from the former president without also ilion eighting his supporters. We will take that up in our coverage tonight and speak with some of the candidates as well as iowa voters that watch the debate tonight. We will also watch the first, one i want to start with one of the key moments on, tonight candidate Vivek Ramaswamy who was a vocal in the first debate including in this clash with former South Carolina governor nikki haley who is reacting to the answer he gave one asked
which would be defaulting on our debt. and what are the cascading effects of not just defaulting on the debt, but if you do not have social security payments going out, if you do not have the government making payroll for members of the armed services and contractors, civilian contractors, what are the cascading effects of that? well, first of all, if the government can prioritize its debt payments, and that s a big if back in 2011 there was a plan to do it in place, there are some machinations behind the scenes to try to do it now, let s make sure the bond holders get paid first, let s make sure social security recipients, military personnel, et cetera, get paid first. first of all, i don t know that they have the technical capacity to do it based on my own conversations with treasury personnel, that they would like
it s no longer a risk, it s no longer private in any sense. it is now backstopped by the government, ultimately, the taxpayer. so it doesn t matter how bad you are, as a bank manager. a good example is what happened to the silicon valley bank. that was the combination of a negligent board of directors and idiot management. that s a very powerful cocktail when put together. and it completely wiped out that bank. that s what should have happened. we knew before the weekend started, with every account, with $250,000 or less was insured, and anything beyond it was not, but that s all changed. now you have no risk in any bank, any time, and you as the taxpayer bear that going forward. when we spoke on friday, you said, how big a deal is this, kevin? you said, next week the real trouble starts when they can t make payroll. now it looks like they will be making payroll, i would imagine. what do you think?