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debate and what tilman fertitta is seeing in the economy. pac west down more than 20% after reporting that drop in deposits last week, and it's weighing on the overall markets. off the worst levels of the day. nasdaq hanging on to a four-point gain. >> let's bring in our panel. david is a bank analyst, how worried should we be about pacwest? >> yeah, pacwest, they've been kind of on the ropes a little while now, ever since silicon valley bank went down, they've been in that grouping of higher risk, on the bubble banks. seeing they lost 10% of their deposits it's cleared that some of their uninsured deposits are being spooked.

after being rumored of looking for potential strategic alternative the stock declined significantly, they really saw about 40% of their uninsured leaks. their deposits are insured it goes to show that some of these deposits that don't have the insurance are getting spooked. it's a matter of liquidity >> do they have the liquidity to cover those kinds of withdrawals? >> yes, that's a good question, they do. they got $15 billion of liquidity versus $5 billion of uninsured deposits if the insured deposits start to leave, that's when it can become a real issue. >> it's market cap down quite substantially. two news worthy develops, this morning, jamie dimon said maybe

we should ban the shortselling of banks the fdic worki ing to announce plan to cover those deposit and the incremental news flow is causing just about every bank, small, big, medium-size bank ceo to have respond to every single development. the jamie dimon comments, western alliance came out, maybe in response what they saw happening with the freefall. if you take a look at what the construct is shaping up for the banking industry, though, no doubt it's going structurally change, even at consolidation or the bigger banks getting everyone bigger. by the way, even if that does happen what it does do it just gives more influence to the big banks in america they'll

ultimately be the ones as the one o ones backing everyone. >> if deposits are leaving banks like pacwest, they're going somewhere, where is the money go going? >> they're going to bigger banks, clearly the top four beneficiaries. they're going to money market funds with the higher yield. one thing we should dwell on for a second here the sequence of events, we have on may 2nd after first republic happens you have pacwest and others drop like stones then the deposit of about 10% really came in on may 4th and may 5th. it's the self-fulfilling prophecy they pointed to that's the cycle that we're dealing with today.

>> maybe, david, part of the response was the fact that first republic came out with those disaster earnings and then the story played out like it did, should there be more proactive m&a happening now, cause this problem to fester? >> yeah, open bank deals are difficult to do in the type of an environment because banks realize, if the healthy banks realize if they hold out a little bit longer they'll get a better deal. i'm not expecti ing consolidati here and now i expect it to increase significantly. >> one of the things that talked to a number of investors out there over the the course of the last several weeks, one reason they talk -- the ripple effect, not just western alliance, not

just pacwest, you're seeing it play out in other regional banks as well, there's a fundamental reason some investors are looking at these guys and that's the net income and margins, you mentioned the deposit flight for some of these small and medium-size banks they'll have to compete aggressively which is to pay more in terms of cd rates and savings rates. so these guys have to go out there and what is that going to do it's going to squeeze the profit margins they make on some of these lending agreements >> nobody wants to catch a falling knife. warren buffett talked about himself, institutional investors don't want to do it. the owners of these banks don't want to catch that falling knife. >> david, does shortselling stop

this what stops this? >> i think all of the above would stop it, would it actually happen is another issue. banning shortselling i would be surprise to see that go through, maybe we see a temporary ban given what we've seen over the past couple months but i don't expect a long-term ban to occur and when we look at the banks that have been targeted here, some people are saying that it's kind of random that they've been targeted our view is, they're the ones that have been the most vulnerable i'm not expecting a ban on shortselling on the blanket insurance that would have to go to congress and i'm not expecting that to go through. >> david, chiaverini, thank you for your time. rick, the lingering impact of the bank crisis across the

currency markets, bond markets you cover, what are you seeing >> there's just a general move towards safety we see safe haven assets are finding love, whether it was today's 30-year bond option which was definitely the best of breed out of the three auctions we had this week the dollar index the fed's basically -- we can always debate whether they're going to come back after a pause or how long they're going to keep rates up, higher for longer, foreign exchange think the dollar index should be softening up all things being equaled and it's doing better so i think that dynamic is going to continue because i always thought, thinking there's a recession down the road, you know, you get jeered a little bit, to me that's the reason it's so difficult because we

have a very fast-paced tightening cycle and much of the information and changes within the financial culture has been much slower to demonstrate how the fed tightening cycle has impacted various businesses. so whether it's small or medium-size banks, or initial jobless claims starting to tick up, whether it's layoffs in the tech sector where one person making $100,000 is now being replaced with three lesser jobs at $33,000, all of these slow moving issues are starting to paint a different picture and i think that picture is going to continue to be for the most part a half-empty picture especially with regard to the banks i don't see what makes this go away. >> would it be if the fed pauses here >> the pause would help. >> rick and i have had a

conversation about this before if you start to see yields drop, for longer maturity debts, if yields drop and prices rise, that helps to solve some of the maturity issues at these regional banks they have a problem of market value. so if the prices for these assets on the balance sheet go higher you have less of a problem to deal with so, it sounds so preverse, if started to see economic weakness, flight to safety the banks, the small to medium size would benefit a little bit because their balance sheets would look healthier. >> what is it about the deposit basis that have seen flights >> uninsured deposits a larger portion, some of these cases, first republic, svb, in the case

of pacwest the high degree of startup and venture capital funds, so these are flighty deposits this is the very definition of flighty deposits they respond to -- >> big accounts as well. couple of successful years. >> no stranger to moving money fast >> we have seen with svb, the thing that taught us a bank can lose a majority of their deposits in less than 36 hours that's a new risk. >> thank you. all right, coming up, every one of disney businesses is facing a dilemma whether it's streaming and subscribers slowdown, the writers strike, the ongoing fight with governor desantis power check on disney, the biggest laggard.

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welcome back to "power lunch. with the dow down more than 300 points and disney off more than 8% following its big results biggest drag on the dow by the way. beyond those broad results, some pieces highlight ed parts of disney's business. 4 million subscribers were shed from disney plus a bright spot for disney came from its parks, 17% increase in revenue. but the company faces headwinds in each of these areas individually overall the streaming wars are over ripple effects from the writers strike including production shutdowns and the company's lawsuit against florida governor desantis here to discuss more on disney's earnings is janice min

let's zero in on the streaming business, losses of approximately $700 million, how do you lose that much money in streaming? >> well, that's the good number, believe it or not, remember this number has come way down from the previous quarter's number. you said it, tyler, the streaming wars are over. it's ending not on a bang but a whimper. yesterday's call, it was just a refer e referendum that hollywood has made this chase for numbers, chase for sub skrukers it's all sort of you know blown up not only disney but other studio that's chased this dream. it's all blown up in their faces and you're seeing the consequence. now. >> let me interrupt and ask you why the numbers have blown up or not come through not only for

disney but other streamers as well in way it was inexpected the number of subscribers times subscription price some ad revenue. it's not the same level of ad revenue that you might get in other areas. then you got costs where are the costs and why are the costs so high? a mismatch of income and outgo >> well, to fight a war you have to spend a lot of money. this is the fundamental problem with the streaming wars, by analysts, the ceiling was very, very high of what the market was, and if you recall netflix, analysts said netflix would be able to achieve 10 million

we saw that plateaued at 60 million. for anyone here who subscribes to multiple streaming services, you know what you do you love a show, you watch it, you cancel, you might resubscribe again and it turns out that turn and david has identified this as the number one problem, so the cost of creating content where you need to just constantly feeling like you're attracting people is just skyrocketed. we've all heard this term peak television, the cost of creating peak television is incredibly high you can't make money on it. >> how about regular old linear tv like the abc network. >> well, you know, well everyone was pivoting to streaming and let's not forget bob iger in his first reign at disney he had

reoriented the company to a streaming-first mentality, initiative, along the way linear tv was accelerating its decline and one of the really, really bad signs in "the call" yesterday was that disney linear revenue was -- profits was off $1 billion from this time last year and yet revenue from linear television still makes up 30% of disney revenue and this is -- this is not good. i mean, there's no cushion and so if you are really pessimistic you can see the floor starting to fall out of our legacy studio and when we talk about linear television, definitionally, you're talking about the abc broadcast network, are you also talking about cable networks that disney owns -- cable networks like disney, what do

they own -- i can't remember >> natgeo. >> and a couple of others. oh, that's linear television supplied by the cable or over the air that's linear. >> yes, and the affiliate fees at the same time, that's also slipping reported it was down 2%. >> all right >> problems on every horizon >> we didn't even get to the theme parks and desantis. >> the parks one analyst said they're already priced for recession. >> thanks so much. always good to see you >> thanks for having me. after the break, energy executives are calling for reforms. to america's complicated permit ocs.pres now the white house is getting involved urging lawmakers to pass legislation to streamline thi thi things from wherever we go.

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what gives what gives is the usual crop of big cap tech stocks are holding up the market. making it look better than it really is. apple, alphabet, meta, tesla coke and pepsi, et cetera, beyond that it's just a lousy market overall, beside the banks, scyclicals, the big names freeport mcmoran the steel names, and you go on and on big global industrial names have generally be on the weak side. then you have of course hydro jr. carbons. energy stocks have been weak on top of that. $32 is closest to the lowest level we've seen from where the

march lows were. so this is a real -- call it a pocket picker market, tyler the bottom line here is what's going on, you got the debt ceiling problems, the rolling issues with the banks, and they're just weighing on the market maybe the president will have some word on the debt negotiations tomorrow, because he's having meetings you're depending on a rally on poll situations at this point. yes, if we raise the debt ceiling and yes, if we raise the deposit insurance limits for the banks, yes, that would move things but right now, they look far off. >> thank you, bob. the white house and big energy companies finding common ground on a key issue, both pushing congress to pass reforms that would speed up the permitting process for energy infrastructure from pipelines. >> permitting reform is once again front and center in

congress the white house is throwing its support behind these efforts ahead of a hearing today on senator manchin's bill looking to speed the process the administration is urging bipartisan support ex exped itting process it's enough power 26 million homes annually the proposal affects companies across the entire energy ecosystem. lithium mining just began its construction companies involved in transmission lines fossil fuel companies are also possible winners eqt ceo said permit reform is inevitable because our ecosystem

is maxed out also pushing for reforms everyone wants it. it's no guarantee. because similar legislation failed last fall so we're not quite there yet. >> if anyone who wants it, who doesn't? >> tell them -- >> i feel like everyone wants permitting reform in theory when it impacts them directly they go well. >> they want it for themselves but they don't want it for the other ecosystems the cnbc news update here's your cnbc news update our borders are not open that's the message coming from homeland security secretary mayorkas during the white house press briefing today he's laying out a plan for handling the expected influx of

migrants once the pandemic-era restriction ends tonight he said the level of border encounter is already increasing and blames congress for not taking action sooner ukraine is driving back russian forces near bakhmut that according to president sczelensy zelensky said that operation hasn't officially began. senator dianne feinstein is back to work on capitol hill and is helping to advance three nominees through the judiciary committee today. the california democrat returned to washington yesterday following an extended absence she was diagnosed with shingles in february.

tyler, i hope you've gotten your shingles vaccine >> you know, i did because i had chickenpox as a young boy and a bad case of it, bertha, thank you very much. all right, still to come, we'll speak with tilman fertitta he'll weigh in on the state of the economy and consumers alike. we'll be right back. ♪ at morgan stanley, we see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪

welcome back, everybody. inflation showing some signs of easing but overall the damage to the consumer might already be done as we discussed yesterday higher income consumers seem to be pulling back on spending and the same can be said across the board. here to discuss the state of the consumer and more our friend tilman fertitta. tilman, welcome. there's been lots of talk including on our network of a

slowdown, but if you look back at first-quarter earnings you really don't see that, we had a company tapestry, consumer-facing company today had a very good first quarter, why don't those first-quarter numbers jive with what we seem to be hearing? >> everybody's releasing numbers don't want to remind everybody the first 45 days of '22 we were still having a huge covid scare and that's why everybody's reporting great first-quarter numbers. but, the second half of this year is going to be much slower and even starting in march, everybody started to see a slowdown and when i say everybody, i'm just talking generally the consumer businesses, now what's interesting about it is, like our restaurant business, the group business -- the private dining is way up over last year. but what we've lost is that

consumer that had all that ppp money and all of the other government money is not out there shopping the high end anymore. >> so, you're seeing this across the spectrum of your restaurants, i think i'm hearing you say because you really have the waterfront covered from family-style restaurants all the way up to high-end like maestros >> yeah, definitely, tyler, you're seeing it but you're seeing it more so in the higher end and we own maestros, del frisco's, martin's, the palm you know you got a problem in the higher end right now because of the fact that the individual consumer is not out there spending money like they did a year ago and two years ago >> tilman, i'm curious, darden making this play for ruth chris.

ever thought of ruth chris becoming a part of your empire in. >> we had a great relationship with ruth chris for years and i love the restaurant business but i like those bigger boxes of casinos where you can have one box doing 50 to 10 on million. one general manager instead of 50 general managers or 100 managers when you're in a tough, tough labor situation, even in the upper management where you're looking for those type of people it's always easier for the bigger box theory. which i believe in today i don't see my restaurant acquisitions doing what it used to do. >> i'm curious, you mentioned some of the higher end and you're seeing some of the higher-end customers pulling back a little bit, what are you seeing on the cost side, food

costs, a high-end restaurant now i'm looking at $7580 steaks i can only do that, that's a rare treat, are you seeing any easing in food cost >> tyler that's not a rare treat for you. >> come on, man. i live in new jersey the taxes aren't quite as low as they are in texas >> so, what's so interesting, tyler, is exactly what you've said i've been this business since the '80s and i'm seeing a phenomenon that i haven't seen before now the consumer's slowing down, your same-store sales are below what they were a year ago yet prices aren't coming back with it. you got to remember there's -- your beef prices are so much higher than they were a year ago and that never happens when the

consumer stops spending but there's 12% less prime beef is up 30 cents a pound. the labor inflation is still there. at a tremendous level. i lost employees in my corporate offices this week due to high raises at other companies. we still have this cost problem. you sit there and you get on the fed for continuing to raise rates and it affects me as much as anybody because i have a lot of floeating debt i also feel like there's a lag and maybe they just paused and give us a couple months, maybe it and hopefully it will catch up revenue is coming down. >> let's talk about the casino business, if consumer spending slows down and if there's a retrenchment or a mild

recession, will casinos because so much of gambling is done from the home, will casino hold up better than in prior recessions? >> well, let's go back to prior recessions okay, the only, only recession that vegas ever really, really felt was the 2008 recession. i've been familiar with vegas and have been going there since i was a kid and had family members and business there for so many years so i really know the history of vegas and even before i owned casinos in the early 2000s and vegas usually is really strong, even in a recession, there's one thing maybe they don't do other vacations that year but they don't want to give up their trip to vegas that's their biggest entertainment that most people enjoy. regional casinos will hurt --

>> there are a lot of casinos that aren't in vegas including a lot of yours >> right for sure, tyler. i think regional casinos will be hurt more than vegas will be, but that's the way it is and that's what history tells us >> we have a couple to squeeze in real quickly, the only one tilman that i'm going to throw out, whether sports will be recession-proof, valuation paid for these teams is higher than ever can they weather this? amazon has its own black friday game 6 billion there are for phoenix. i think each kind of drew the line in the sand for the commanders >> well, phoenix sold for 4 billion at a $4 billion valuation, but somebody didn't have to pay for 100% of the team and the commanders was a $6

billion price, dan held out, dan got it, josh harris chased it and got it but, i can tell you this from being involved in the denver process and in the washington process, there's -- there's not a lot of buyers out there. when you start talking about these numbers, and you know, you look at all of these people and it's the same people that are looking at all these teams and you just eliminated one in denver and you eliminated one in phoenix and one in the nfl it will be interesting to see if these prices stay up. >> if there's a dirth of buyers, there are exceptions, prime property like the cowboys, maybe the patriots, maybe the 49ers, if there's a -- of buyers maybe we have hit peak franchise value for a lot of these teams

>> you know, when i paid $2.2 billion for the rockets six years ago, that was the most anyone ever paid for a team. the one statistic i looked at one team has ever sold for less. i doubled my money owning 100% t team at the same time, you know we're in numbers now that were mid middle class billionaires like myself you know, by themselves -- so remember a lot of these people in front of me in that forbes 100 don't have any desire to own a team they're out saving the world this is really going to be interesting to follow what happens with these sports teams in the next few years. >> tilman the middle class billionaire, i love it thank you, man always good to see you always good to see you have a good summer. fascinating comments there about high-end spending.

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welcome back, everybody. quick look at your markets dow is off the lowest, down 236. down more than 400 earlier lot of that disney is as well. the s&p is down about a tenth of a percent. the nasdaq is up a third of a

percent. i mentioned disney's costing the dow about 50 points after reporting results at big losses with both money and sub skrieshers in disney plus. pacwest also down big after reporting a nearly 10% drop in deposits in the latest week. alphabet, higher after its big event rolling out a lot of those a.i.-focused changes analysts very positive about it. big two-day move it's up to 117. goodyear tires soaring, recommending five candidates to the board, gt up 20% all right the stalemate over the debt ceiling continues in washington with the deadline for a potential default just a couple of weeks away we'll speak with a policy expert who says we'd better off with any debt ceiling at all. "power lunch" will be right back

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according to some polls to be the gop nominee in 2024 says should happen with the debt ceiling. >> i say to the republicans out there, congressmen, senators, if they don't give you massive cuts you'll have to do a default and i don't believ democrats will absolutely cave you don't want to have that happen, but it's better than what we're doing right now we're spending money like drunken sailors. >> other leaders warn about the potential fallout. treasury secretary yellen calling it a catastrophe jamie dimon saying you'll have a panic. even kevin mccarthy saying we can't hold the country hostage for more, let's bring in the dean of the harvard kennedy school is it sound policy to say, if the gop doesn't get the budget

concessions, they should force the country into default is that responsible? >> no. defaulting on the government's debt is not a responsible policy, now or ever. our leadership needs to work out some agreement about future spending and tax revenue that enables us to raise the debt ceiling and keep going. >> why is it that regular appropriation bills are not written in such a way that they allow for the required borrowing, if borrowing is required, to be able to spend the money? why is there a debt ceiling at all if the presumption is when you appropriate the money and you have to borrow you're going to borrow enough to pay for what you spend? >> you pose the question very well the debt ceiling is an anachronism. it grew out of a time 100 years

ago when congress approved every separate borrowing by the government that was changed to an overall debt ceiling once the congress and president have passed laws to set spending and the tax code, then certain bills come due and those bills have to be paid. the debt ceiling ideally would be eliminated. at second best we should keep raising it out of the way. what we should focus on is what we want our government to do for us that will then tell us what sorts of tax revenues we need to raise. >> do you think that dan clifton is right who says we're entering this age regardless because debt is about to hit 14% of gdp and that triggers spending elsewhere to make sure we can pay the bills? >> people are right to be concerned about the federal government's trajectory of the

debt it's already at an historically high level it's appropriate, if going forward, we're cautious about increases in spending or reduction in taxes that aren't offset by some other change. beyond that, we should look for ways to raise taxes and reduce spending to put the debt trajectory on a more level and sustainable track rather than the upward track it's on. >> we've never gone into default. we don't know what would happen if we did. what would happen? what would the effects be? everybody says, it seems, it would be a deep, deep economic peril. >> yes we don't know for sure because we've never had the bad judgment to try the u.s. financial system and the role of u.s. government securities at the heart of that

system, is fundamental to the way the financial system works across this country and around the world. taking chances with that would be terrible decision making by our leaders. >> thank you for being with us today. >> happy to be here. still to come, robin hood wants to be the trading platform that never sleeps. why american workers are -- at least until recently -- happier osan they've been in decades the stories and more when "power lunch" returns. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting

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welcome back three minutes left in the show so much more news you need to know cnbc reporting that bowlero is a subject into a federal investigation into age discrimination claims from more than 70 employees allege a pattern of mistreatment attorneys for bowlero call the claims meritless. >> stock was a good perform, but down 4%. robin hood announcing plans to let traders trade 24 hours a

day. they'll feature 40 different assets including names like apple and tesla. you wake up in the middle of the night and can't sleep, go buy a few shares the stock up 15% for the year. >> unclear how this works. imagine if this came out 18 months ago there would have been a frenzy >> yeah. big tech cost cutting continues. microsoft is skipping salary increases for full time employees this year. the ceo citing economic conditions he said performance bonuses for top executives will be down considerably >> they're going to continue the practice for those who receive stocks and bonuses that will continue just not the -- >> they're one of the only companies in the country doing

well this year >> tell tale there workers are happier than they've been in a long time. job satisfaction hitting a 30-year high 62% of workers were satisfied with their jobs. among the happy workers, those who have a hybrid work schedule. >> also happy were job switchers. this was the era of employees having massive power and leverage we'll watch how those numbers say. >> people are losing top employees to big raises at other companies. happy mother's day, mom. i love you help is on the way 1-800 flowers is launching a chatbot for mother's day it can wrong personalized songs and poems. >> it will never write poems as well as my mother-in-law she does birthday poems like

nobody else. >> they should hire her. >> i'll be off tomorrow. i wish you a happy mother's day. >> thank you would you ever do this for jill? >> a chatbot, hell yes i would never tell "closing bell" starts right now. >> welcome to "closing bell. i'm scott wapner live at the new york stock exchange. we begin with the ai arms race alphabet higher on the back of the developer conference in california with the ceo saying not so fast microsoft. here's your score card with 60 minutes to go in regulation. that pop in google shares helping tech lead. nasdaq the only of the major averages in the green today. rough going elsewhere. the spike in jobless claim