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it s a wholly intolerable situation. making big moves fallout after silicon valley bank. u.b.s. buy out credit suisse for more than $3 million. new york community bank expected to buy out signature bank 2.7 billion. walker comes in, and he scores! [cheers] steve: time now for a fox news alert. russian president vladimir putin now speaking in moscow where it is 2:00 in the afternoon, just after the arrival of china s president committee jinping. brian: this is the conspiracy theorist xi visit since russia s invasion of ukraine and the media expected to focus on countering the u.s. and establishing a new world order. mark meredith joins us live from the white house. mark, good morning made a visit to russia. he touched down in moscow about 40 minutes ago. be in russia for at least two days. later today in the next few minutes it looks like he will be meeting one on one with russian president vladimir putin. ahead of the visit russian calling strategic part n ....
off lies he s told if convicted. testing the waters, florida governor ron desantis trying out new lines in iowa for a very unofficial kickoff to his widely expected presidential run. the latest legal developments for his potential rival donald trump. what he s saying about the manhattan d.a. investigating hush money payments to stormy daniels. we re also watching now a stock selloff which has been accelerating in the past hour. investigators are spooked by the second biggest bank collapse in u.s. history. our nbc news reporters are covering all of the latest developments and we begin with the selloff on wall street this hour. nbc s seema mody is with us. what has investors so concerned about the collapse of the silicon valley bank? well, chris, svp is certainly the story of the hour on wall street as the bank has been shut down for the day by california regulators, this as the large institution in silicon valley with really broad reach across the technology industry ....
Bailout even if taxpayer bailout prepare for it. and state very clearly. state very, very clearly they are not going to go under. not going to do it i know it s not popular. steve: about a local business we know in new jersey who has his big account at a regional bank. regional bank called him and said, listen, i know there is a lot of stuff in the news, i just want you to know that we can protect your assets up to $150 million that s not the fdic that s just what the bank has, the problem for a lot of americans right now with the svb and signature they changed the rules because they guaranteed any account in those banks now people at a regular bank are going are mine protected through the roof? and the answer is no. there is a coalition of banks, mid size banks that say please extent fdic protection to all deposits above $250,000. the bank that you are talking ....
About, $150 million worth of assets, okay. other banks are in the same situation. they have got a ton of money in assets. the trouble is those assets are worth less. because they invested in whatever and the value of those investments have come down. depositors get the impression that money is not safe. they take the money out there. is a run on bank, deposits come down and you are forced to come in. rachel: stop all this spending and get inflation down. stop all the government spending that would stop a lot of it. stuart: that s what we should have done a year ago. brian: talk about what is happening in france real quick. protests after protests nonstop because emmanuel macron on his own raised the retirement age by two years. stuart: whoopi do. brian: no confidence vote. he did the responsible thing here. we have to raise the retirement age here but no one has the guts to do it. stuart: social security is running out of money. it needs to be saved. how are you going to do ....
Day in those conditions. yes. rachel: thank you for joining us. indeed, god bless you. rachel: absolutely. we love a good miracle in the morning. thank you for that coming up, our friend and fox news colleague benjamin hall, another miracle, opens up about his road to recovery. he will share his story of sacrifice and survival. but, first, shares of credit suisse down more than 60% on the stock exchange as u.b.s. plans to buy the troubled bank. stuart varney on how this impacts your money here next. i just want to bang on the drum all day ....