>> from the world of politics to the world of business. this is "balance of power."

>> live from washington dc. >> from bloomberg's washington dc studios to the tv audience worldwide, welcome to balance of power. >> a new breaker on this friday, first republic bank joining us now with details from new york is bloomberg's sonali basak. what do we have in store? >> we do not have an announcement from the fcic but we have news reports showing there could be an announcement eminent about ftse receivership of first republic -- fdic receivership of first republic. a bank -- options have run out and dwindled for a rescue of first republic. there is been very little inclination to step in again, a deal would be hard to do given

the big hole that exists in their balance sheet. if the were to fall under receivership would be easy to figure out what to do from there , potentially a sale, asset sales, what have you. the reason we are at this point, i think it's worth noting that because the financial situation of first republic, from earnings on monday where there is very little information to the point we are today has been very very scant information. a deteriorating condition when you look at the look for the bank. >> you can see next to you shinola, the shares are down 45% in post-market trading. weapon from last month where jamie dimon was in washington dc and sat down with treasury secretary janet yellen and decided the biggest banks would inject $30 billion into this bank? >> a great question there is a lot of questions of why the banks went so silent after that. that $30 billion deposit flight from the large banks and some midsized banks, and investment

banks really the question after that. even though the existing deposit base, what happens after 120 days? it essentially came with an expiration date. do they take the money out? what happens from there? when the options long discusses gain this consortium of banks-- here is a reality from the sources across the street at the end of the day how do they make it financially viable for shareholders? for themselves at the end of the day? if the government had not stepped in, the government plays such a crucial role here, the banking system save your would not be possible. the political will to get a deal done for first republic, remember the client base leans towards wealthier individuals. very low interest loans where printable payments are delayed. there is such little political will for the government to cater to a deal for many banks to be

in row than one to be in. it would still require government intervention and the plug will as you have seen in -- political will as you can see to this point has been very very little. >> thank you dish -- two bloomberg's shelley bassett. u.s. federal deposit insurance corporation, the fdic is taking the bank into receivership. it is kind of embarrassing for big tanks for the government to step -- banks for the government to step in. >> this was a 147 dollar stock in february, now it is less than two dollars as we watch a real-time crumble before our eyes. >> around the table to discuss this the political impacts bloomberg emily wilkins and dan, at this moment what is the treasury department doing? >> the many good point that is

the political will to get involved in not. >> my mind immediately goes to the politics of this and the story by our colleague a couple days ago about joe biden running potentially into a recession. this is not an indication of a recession on the rising -- on the horizon. this is an indication of tremors in the market and things need to be handled in d.c. before we get to the presidential election next year. the president and his team will have a challenge here and terms of navigating the clientele of this bank being wealthier individuals. trying to stabilize the markets and send a signal to the american people that the economy is fine. everything is in good hands. let's continue with current leadership and had -- in place. >> behind closed doors, the white house or the treasury, it is, do not say bailout. >> absolute as the term they want to avoid they wanted to avoid that all along. there are technical reasons why

that term may not be the appropriate time here, but certainly the republicans may be looking to talk a little bit more about the prospects for a bailout. or the need for the administration to engage in that -- engage in that kind of rhetoric. we will have to see how that plays out. >> is there any indication that you think today meetings are happening behind closed doors would they want to keep as silent as possible? >> i am sure meetings are happening, phone calls all day long, they want to keep this as quiet as possible in the sense that everything is under control. we are not heading into a recession. there will be a soft landing. all these things you heard from the ministrations the last several months -- administration the last several months. what we learned with this news with first republic is the banking crisis is not over and will continue to play out. >> emily wilkins, bring us to capitol hill. we witnessed a couple of hearings, democrats and

republicans did not agree on handheld -- how to handle all this. the same day they come out with their view on the collapse of svb. there is already another cry for increased regulations by democrats and -- >> we have not had any republicans get on board of regulations after the reports came out today. house financial chairman said the report, he criticized it, saying it went a little bit too far. even though there were parts of it he did overall agree with. the one area we could see congress take on is clawing back some of those funding from bank executives. bills in the house and the senate, always a good sign, both of them are bipartisan. elizabeth warren in the mix, josh hawley, these are folks that are not always on the same page. to see them on the same page like this really gives it some momentum. particularly now with every happening with first republic. it will be back in the news. it will be back as a talking

point to capitol hill. it kind of got lost for a while with the debt limit. when there is a big crisis like this you usually seek congress switches focus and focus on what is going on the banks. what, if any role, do they need to play? >> they are going on recess. >> yes, as we see a lot of the action for warning to call these people in different hearings -- warren to call these people and for hearings? >> the senate will hold hearings as well, you have the government, the first thing they say is that they can walk and chew gum at the same time. he is involved with the devil meant but is not the main player. you will be focused on the banking moving forward, congress does not move very quickly. at the same point it does seem to be an interest in moving forward on particular legislation that deals with financial executive salaries and clawing some of that funding back. now they have the two bills out here, now gives us the momentum for committees to pick them up and move of them.

certainly first republic gives that much more momentum. >> there is a big question we've been asking for weeks. if changes made to dodd-frank in between 19 led to the collapse of --2019 led to the collapse of svb. leading to more what spread concern -- more widespread concern. >> the banking committee will have an opportunity once we look at this review to decide if there are changes we need to make to the regulatory regime we have for banks of this size. the question is, in a committee that is bullet -- is split and nearly 5050 and what we have in the u.s. house is there a possibility to top and regulations -- tough and regulations. >> i do not know what the white house wants to see, but there is an idea if no further banks failed, nothing would happen. does first republic relight the fire? >> too soon to tell, to some extent we have see what happens

over the weekend. assuming the reports of the fdic stepping in are correct. there are no reason to assume that they are not. it depends on how much legs or have any legs this crisis has. whether it leads to legislation. part of what sandra smith was pointing to is the divided government -- senator smith was pointing to is the divided government. you have the senate in democratic control very narrowly. to craft new legislation or regulation you would have to probably tailor it. like patrick mchenry was talking about. to focus on key areas. can they find -- can to get something done in a fraught political environment? in an environment where we going to an election-year? i tend to think no, nothing is getting done in d.c. these days, but a continuing crisis could change that calculation. >> the banks are failing quickly but the actual action in

congress is incredibly slowly, we have seen none. the fdic did not announce yet that the bank is in receivership. at some point does this help what biden has been saying, that republicans, it was bipartisan and 2018, that there should be stricter regulation? will this be his big message for 2024? that republicans are at fault here? >> if this plays out in that direction i think that could give him some the talk about, something the point to and it will give democrats in congress something to point to. again it will depend on where the economy ends up towards the end of the year as we head into 2024. if this is an indication of a problem of the regulations coming need tighter regulations around these regional banks or if there is an indication that the fed has broken something of

something happening with economy that will play against biden's advantage as the incumbent. we will see how it goes as time goes by. joe: as we consider the process of recession the back of the are we wait for an x date. i know this consumed a lot of your time. a lot of banking concerns on the back burner. when that data rides -- arrives, does that change the conversation? does that light another fire under politicians? >> especially as we hear from other reports that the x date is expected in june. not at a lot of runway for congress to get things done. to be frank if the x date is coming up in june, i could see this entire debate about banking completely put on the back burner. everything is be focused on the debt limit and it being done. let's see real come you talk to publicans, that bill passed of

this week is not going anywhere is just to get biden to the negotiating table. at this point biden shows no signs you will be doing that. we have not seen anything from the senate. it does not seem like were anywhere close actually getting an agreement on lifting the government. -- lifting the debt limit. joe: they are waiting. great conversation, emily wilkins and dan, covering all ends of the story. coming up ron desantis, kevin mccarthy, other politicians traveling to israel the past few days. the newest swing state? we talk about the jewish estate on the 75th anniversary, with aaron miller, next on "balance of power," on bloomberg. ♪ you can't buy possibilities, and you can't buy moments that matter. but you can invest in them. at t. rowe price

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joe: this is "balance of power," on bloomberg tv. welcome. democrats and republicans of staking a claim on israel as a jewish state celebrates its 75th anniversary. ron desantis and hakeem jeffries among the names speaking -- visiting less of a days with kevin mccarthy visiting next week. prime minister benjamin netanyahu proposed changes to the country's judiciary may spark new rounds of protests. we spoke with kevin mccarthy about the changes to the supreme court right here on "balance of power." >> he needs judicial reform coming need checks and balances coming need need rule of law to be successful in any country. going forward what he found was he needs to find some common ground. joe: joining us now airing david

miller, senior fellow at the carnegie endowment for international peace. thank you for joining us, great to see you, welcome back to bloomberg. as the parliament reconvenes to these proposal see a new light of day? >> i think we have reached a sort of hiatus. the reality is, you're seeing 15 weeks of row the most unprecedented protests in the history of the state of israel. across sector, crossgenerational, israelis protesting what they believe is not judicial reform. they would call it a judicial coup. a transformation effort to rearrange the clinical system in israel to get the government -- to give the government a major boat and voice. to events or rate the idea and reality of an independent judiciary. the stakes are high, the prime minister has many reasons for wanting this. he is on trial, as you know from

fraud, bribery, breach of trust in a jerusalem district court. the trial has been on for three years there is no doubt that the judicial system needs reform. the problem is it is really very hard to see where the prime minister's personal and political interests and the well-being of the nation begin and end. i think that is part of the reason you see these extraordinary protests. they will continue. >> as the protest continued there is a great deal banks in israel. we know benjamin netanyahu the prime minister wants to take this back up again. he wants to see judicial overhaul. if he was to try to get this through, does this basically mean, an end to this government? clearly this is not what the people want. >> israel does not have a constitution, but it is the closest thing to a

constitutional crisis. if any of these select pieces of legislation are 160 as part of this judicial juggernaut. if some of the key pieces are passed when it resumes, this could happen in an afternoon. some of the bills have passed the first reading, it could happen in a matter of hours. then the supreme court will rule against them. you will have a crisis in which the chief of staff of the israeli military, the head of -- other security services will have to make a decision. are they going to follow government directives or will they follow what the courts leave -- believe is a judicious coup and undermining the rule of law? i do not think that crisis is coming now. benjamin netanyahu is pretty risk-averse right now. i think he realizes there is

serious constraints. he has delayed this clearly, they have to pass the budget made into law orosi government calls. that will be the -- or else the government falls, that will be the goal. joe: the proposals have gotten huge coverage from the national strike have gotten proposals for their effectiveness, tens of thousands has staged a demonstration in jerusalem in support of the proposals. who organize that? >> clearly right wing political parties, i suspect the prime minister's party had a hand in that as well. the right does not seem to be well organized or responsive. when you look at the bounds of the protests in the street is quite clear those against judicial reform have carried it. remember benjamin and you --

angela netanyahu fired his defense minister after four months and has rehired him. the bounds of force is right on the street. remaining incredibly peaceful given the numbers and. . how high emotions are the balance of forces are, still remain, i suspect with those that oppose this judicial, let's call it a judicial revolution. i think that is essentially what it is. >> we just had ron desantis in a reseal -- israel. the governor of florida, we have kevin mccarthy giving a speech at the knesset. this is a second time speaker of the house will be giving an address. what do you make of it? >> israel, once he barked -- a bipartisan issue has emerged as a third rail in american politics. what you have now, is a

republican party that is emerged more or less, i am not exaggerating as the israel right or wrong party. what you have democrats are divisions, traditional supporters of israel, that are critical of the policies towards the palestinians that the government has adopted. a smaller wing of the democratic party, progressives, that want to impose accountability and costs for these policies. is nola really solid bipartisan -- this is no lower solid bipartisan approach that democrats and republicans could agree across the board. mr. netanyahu, wrinkly if you asked me he would much perform -- frankly, if you ask me he would much prefer reelection of donald trump or republican avatar in 2024. he is much more comfortable with republican presidents than democrats. >> aaron david miller, there,

thank you for your time. fdic looks to be putting first republic under receivership. this is according to reports. they have not done so yet officially. reports are they are taking first republic into receivership. this is balance of power. ♪ your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

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>> a comeback let's get to the breaking news the banking sector. first republic plunging in post-market trading in reports that the fdic will put into receivership immediately. katie right now it is just reports we got no sure -- for sure from the fdic. what is the latest?

>> that it is happening eminently, up to your interpretation of what is eminently. it happened in a mill the day on a friday for silicon valley bank, we are in after to -- after hours trade for first republic down 42% after losing most of his value in a regular session. a two dollar stock, brutal for the stain we have been waiting for some time to see what kind of resolution would come for this bank. the government has been holding out hoping for a private sector solution. none of the other private sector banks have stepped up. we may be seeing now that this is the last resort and receivership becomes the only real option. joe: you brought us back for a second to svb. when it came clear that the fdic was on site was a matter of time before. . receivership was made official that could be the case today, we are on a friday with little time left in the day. this could be a mentor -- a

matter of hours. >> you check something to be announced at the end of the week before futures open at 6 p.m., it is a busy day and banking as it comes right after fed vice chair michael bar released his report on the failure of svb. perhaps they will have to add another failure. >> what happened with first republic? >> they said when the report lands it may already be dated. joe: bloomberg's kailey leinz of the breaking news today we will discuss the two oversight reports on svb, signature bank and now this with former fbi see -- fdic. that is coming up next. on "balance of power." this is bloomberg. ♪ emerson software helps clean energy become reliable electricity. go “good night." go boldly. emerson.

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joe: this is "balance of power,"

on bloomberg tv. thank you for joining us, first republic shares slumping aftermarket after a reuters report says the fdic is ready to place into receivership eminently. returned to bill isaac former chair of the fdic for insights on this. thank you for joining us on an important day what do you think is about to happen? >> i do not know. clearly they have two choices. maybe more than two. two primary choices. one is a sell the bank to somebody, there are a number of banks that put money into it at the request of the fdic. i am sure they are having conversations with them on if any of them or some conversation -- combination of them would like to acquire the other. the other is the fdic to take over and turn it into an fdic run bank for a while. then figure out after that were to go. abigail: what happens with the

government? today say it is a systemically important bank and they can go win and potentially make the depositors holding a politically might be difficult. >> they could do that a genetic is necessary. -- think it is necessary. this is a bank the fdic could be able to take over well. there are ways to do with the depositors. we did some of those things with the 1980's. for example it is possible take care of the large depositors in a way that we did in the 80's. to do a partial payoff of those depositors up front and more later. i think they have a lot of tools they can use. i think what you want to do in a bank failure is not have the two disruptive. they. have to be mindful of that. taking care of the uninsured depositors for sure.

taking care of of the insured depositors for sure and the uninsured taking care of them as best as you can about causing a lot of disruption. taking care of his is not losing the business accounts, there are things. i have been writing about some things we need to do to improve the deposit insurance system of can do without new legislation. joe: we are in a bit of a collision of headlines today. this news hits the same day the fed is up with this report on the collapse of svb. there are a lot of questions about what the response should include more broadly from washington. can you speak to our viewers about the differences in these cases? it is pretty tough to connect the dots between svb and first republic. is this some that calls for a broader approach -- approach or a precise one? >> each bank is different.

you have different issues if the deal with depending on what is in the bank, what the depositors are in, how many uninsured there are, how many businesses. -- business accounts are are. a lot of things to consider. you do not want failure disrupting local communities. i do not think there is one-size-fits-all. i think the ftse has a lot of -- fdic has a lot of discretion to shape different transactions into for ways. who would like to buy this back if anyone? it is hard to say there is a standard way to handle a bank failure. when i was at the fdic we handled thousands of banks and snls that failed. a lot of them all of the same format and a lot of them had to be specially tailored for the things that were important in that transaction to the public. >> given you were in this

position before can you give us an insight and walk us through what is happening right now? given the fact that we know we are waiting for this major announcement from the fdic? >> i do not know what is happening right now. i know there has been a lot of negotiation going on among the banks that are considering how they might be helpful and the fdic. i am sure that it involves people from the bank itself. if they are not doing takeover deals, the fdic instead taking over a bank and put into a -- temporarily. the fdic is very busy trying to figure how to get it all done. they do not have a lot of time. they need to get it done over weekend. the fdic probably has a lot of people in there right now. i would guess. joe: you mentioned deposit

insurance, can we put a finer point on that? that was a big debate a couple weeks ago following the collapse of svb. lawmakers that out to $50,000 -- that thought the 202,000 dollar threshold should be increased -- $250,000 threshold should be increased. >> i do not believe it should be increased. the purpose of the deposit insurance is a take care of smaller depositors. we did not have the sophistication, time, knowledge to protect himself. i think we can expect larger depositors do not need to be protected and that extent. they ought to be at risk to some degree, so we have some marketplace discipline in these banks when they taken these big investors. i believe the deposit insurance

system needs to be reformed. it has been a longtime since it has had a significant reform. i do believe checking account they do not pay interest need to pay -- be protected. i would protect them all the way. they are not chasing rates they are not causing trouble. they are business accounts, meeting payroll, all sorts of things important to the local economy. i would protect those fully. i believe the $250,000 limit is fine for smaller depositors. larger depositors we need a plan where they get most of their money right away, and the fdic, it will be given to them by the fed the fdic repay the fed. the fdic will -- the assets of the failed bank and repay them of that money. any excess money over that will be given to the larger depositors that took a slight

haircut. things like that are what need to be done. the fdic need to be a more independent agency than it is now. when i was chairman it was very independent. the fed was very independent. we have gone away from that. we are way too involved in bank failures and need to have more independence in these agencies so they can do we need to be done without regard to concerns about a from a clinical standpoint. >> you so much for your time, bill isaac, former chair of the fdic. what a great evening, joe, to have him on as we are waiting for the fdic to actually say there bring this bank into the receivership. joe: a peek behind the curtain and if a throated endorsement for business deposits and checking cows that do not -- accounts that do not have interest.

>> coming up the poetical panel, from washington this is "balance of power." ♪ >> there is the first word. ukraine finalizing his plans for a counteroffensive the nation's defense chief says arnold preparations are underway for plan -- are under -- says final preparation's are underway for a plan to dislodge russian forces. the biggest penalty for the cftc . a south african executor to pay 3.4 billion dollars in fines and restitution for a fraud scheme involving bitcoin. they have been arrested and being held in result. alabama quarterback bryce young is the first pick of the fl draft. round two of the draft is

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>> still following breaking here

on "balance of power," on bloomberg tv. first republic we are waiting potentially for that bank to go into receivership according to reports from reuters. our closers this evening, rick davis joins us in studio and genie, political science professor. and start with you, jeannie, we have another bank failing on the horizon how bad is this for the biden administration? >> this was an enormous concern, but there were hoping to stave off when they brought together secretary elamin jamie dimon to put this off and see -- yellen, and jamie dimon to put this off. and looks like they are trying -- they're going to receivership, they are trying to avoid the word since svb, bailout, it is much difficult for them if it goes into receivership. joe biden is raising a lot of trouble on the economic front.

we did not hear a lot about it in his announcement last tuesday because his poll numbers are not as strong as administration would like to be. this is an area where people did not feel covered about joe biden's presidency and leadership. a huge challenge for them, very much in mind with what they are facing last year it was inflation in a couple that with this going into an election season, a tough battle for them when the economy is a number one issue for voters. >> not a good headline if you are the president watching this obviously the white house did not want to see another bank bail. reluctant to use the word bailout. are they praying for a successful bid on first republic? >> that is probably the top priority but the damage is already done. today's nude has been dominated by bad banking news. the fed -- news has been dominate by bad banking news. the fed put out its report how they allowed svb to fail.

the news this afternoon as we have a problem with first republic. every effort to keep it alive it looks like has not been successful. on a week i think biden would have liked to have gone into the weekend with the glow of being a new candidate for president and positive economic news he got earlier in the week he is going to get slammed. this is not how the white house is looking to go into the weekend. >> how do they play this? put secretary yellen on a sunday show, does biden come out before markets opening give a speech? >> my sense is they want to downplay it. there is not a a lot of reporting that this is a contagion issue. if first republic and goes down then that would ignite a bunch of other state banks are smaller banks to go under. or have capital flight. that does not seem to be the issue this time around. they have tightened up the screws and lobbies banks and --

sent -- a lot of these banks sense svb. they will try to brush five, walk yellenut during the week when hey know exactly what the disposition of first public be. joe: for jeannie, the jp morgan's and others that put billions of dollars in the first republic as part of a deal to wreps -- to rescue the bank. is that the cost of doing business? >> they will have to chalk it up to that. we saw more and more reluctance to get involved. they were looking for the federal government to act at this point. two rick's point this is a heckuva week for it to happen with abides demonstration. his and -- with the biden administration. his announcement that he is going to run. next week we look at potentially another hike of interest rates on the heels of this. this kind of insecurity and uncertainty is what makes people nervous and makes it harder for the president to say, given me another four years.

there is a long way to go before the election. this is not the way he wanted to spend the first few hours after his rollout. he has big donors committed easy's weekend to talk about investing billions in his reelection bid. >> kind of an awkward moment for this bank to be failing. joe talks about the fact that they don't want to use the word bailout. carter hated the word recession, they say sir we are in a banana, we are having a banana. that is a keyword. if they are silent on it, doesn't that also not help them in the sense that biden wants to come out and make regulation an issue for 2024? he says the banks should be regular more top and siding with the likes of senator liz worn. he is annoyed -- warren, he is annoyed about the rollbacks. he has to touch on this. >> the reality is no initiative

from this administration is going to get equal hearing in the house are absent of. -- of representatives. they will not take up bills like this for regulation. he has to rely on the fed to tighten it down. they indicated in the report released today that they would. he may take some credit for that. his biggest concern, and jeannie mentioned this earlier. he literally said nothing about the economy in his announcement video. the talk about going into a recession. >> a banana. >> a banana, he is so old he doesn't like green bananas. that is the only banana i know. he needs to addresses, voters this is the number one issue, if you want to have a dialogue with voters he has to talk about the economy. joe: coming up antiabortion bills failing in south carolina and nebraska.

coming up will talk about this on "balance of power," on bloomberg tv. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

>> to me this issue has taken up or time than anything else in the senate. where have worked that's where i have worked the past seven years. and i know some women agree with me, certainly in my area this needs to -- >> the total ban debated here today clearly places the rights of ap tests -- a fetus over the rights of women and girls forced by the male-dominated legislator to carry it to term. >> by a vote of 23-20 the senate stands adjourned to meet at noon on tuesday. >> that was earlier this week on

the south carolina senate floor as republican dissenters hold upb ans in republican-controlled south carolina. we welcome back our guests. jeannie, what was striking to me and both of these states, there are republican women are telling the men, one of the quotes, men stop bringing this up and slapping it in our faces. if you see this and state legislators it does not bode well for republicans going into 2024. >> it does not, some people have described it as the dog catching the car. they got what they wished for with a being overturned the promise with that is they would take it to the states and they would abate -- ban abortion. we know it is not good politics. you see women sell -- senators into key states stand up.

in south carolina the third time they try to push through abortion, conservative pro-life women standing up and saying enough is enough to the gentleman in the senate. one of the quotes say, we can control ourselves, we are fine, stop. this is where republicans are at this point. it is going to follow them right into the 2024 contest as they try to figure out how to message on this. i think nancy, at the federal level has set a great example for them but they do not seem to follow her down the path. joe: we are not talking about two blue states. obviously far from. following what was on was can -- in kansas, wisconsin, and in the midterms. if you are advising a candidate running for office, where is the message we put these signs together? >> a message for any national candidate will have to derive from where they are coming from. governor desantis has an

initiative for a six week abortion ban in florida. it would be very hard for him to walk away from that. even though that is a little bit outside the mainstream of republican primary voters. what we see with example of south carolina and north carolina. that abortion terms are not monolithic within the gop. a lot of the gop have different views on what the terms of an appropriate abortion at the state level should be. we see debate in the night state senate on whether you have a national law -- united states senate on whether you have a national law that overrides all those laws. lindsey graham has a view that you have a national law that evens out the views state by state a lot of republicans believe it is a disaster politically. would just assume to allow states to do their own thing and just decide. it will be very difficult. you will have a debate with half

a dozen republican primary candidates where everyone of them has a different take on abortion. voters will have a very difficult time discerning where you fit in the construct on this? >> the general election they will have to move more to the center of they want to pick up votes from suburban women and independence. a huge issue into 2024. it was just this week we know who the democratic nominee is likely to be. that is joe biden. this weekend you will be speaking of correspondence dinner. potentially a bank will be in receivership and also he has an american journalist abroad, and his family's parents will be there. >> a real test of this event were you have two tell jokes and you have the real world spinning around you. >> with biden this we can speak into a room full of journalists and others it will be a different lens placed on him. he is a candidate. >> we hear of some of what he may be roasted about.

with all of the events swirling around, it is going to be a bit more somber, perhaps than in other years. particularly given the wall street journal reporter. of course as you mention that joe biden has announced his intention to seek another term. it will be a great event. i think you and joe will have a great time. i cannot wait to hear how it is. >> thank you so much, rick, david, jeannie, joining us as our closers this friday as we still await what happens with fdic this friday evening. joe: could be a newsy weekend, say high to us at the dinner, check out the washington addition newsletter on the terminal and online. ♪

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david: mixed signals from the economy and earnings, but not president bynum. this does president biden. this week special contributor larry summers on whether