tv CNN This Morning CNN March 13, 2023 3:00am-4:00am PDT
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government is stepping in to calm the failure two of u.s. banks. everyone that had money in sign silicon valley bank and signature bank will have money. the president is going to address the public about it. >> oscars, stealing the show, best picturor, best actress, best supporting actor and best supporting actress. also overnight, saber-rattling once against from north korea with a missile test launched from a submarine. the u.s. and south korea begin joint military exercises. >> you know this name. michael cohen. set to testify in a case that could lead to criminal charges against donald trump. cohen expected to appear before a mat nhattan grand jury. he's been making hush payments to stormy daniels. and get this march madness -- your march madness bracket is set for the ncaa tournament. the one seeded, kansas, purdue,
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alabama, something like that -- >> never heard of them. >> "cnn this morning" starts right now. >> i can tell you, i was in washington this weekend. the collapse of svb is all that anyone could talk about. lawmakers very worried about what is going to happen. the white house is working to figure out what they were going to do to stem the panic. >> four decades to build this bank. 48 hours for it to collapse. now followed by signature bank which is not just a bank to silicon valley. i think the question this morning is what can be done to make sure this doesn't happen again? but it's not the same as 2008. >> i just want to start with -- deep breath. seriously. they have some assurance from the government that everything would be -- that people get their money out of it. still, there is so much that we don't know.
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most people want to know is my money safe? am i involved in this even though i may not directly have, you know, some involvement with this bank? and also, there is still trying to figure out if they're going to be taken over by someone else to avoid a domino infect. >> yeah. >> depositors will be okay. >> so far no one acquired them yet. this morning president biden is going to be addressing the nation for the first time publicly since this happened. that comes after administration officials worked out the weekend and scrambling to stem what they feared was going to be contagion from the silicon valley bank collapse. on the lines of the president this morning, potential economic and political fallout. a second bank also closed its doors abruptly. that came after regulators warned keeping it open could threaten the entire financial system's stability. signature bank becoming a part of the victim of the fallout that ensued after friday. that led to an extraordinary move by the federal government yesterday to step in and
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guarantee that this morning customers of both silicon valley bank and sikt bagnature bank wi will have access to all their money today. they are continuing to help companies make payroll and stay afloat. we have this covered from all angles. let's start with how we got here and what to expect as the markets are opening shortly. our chief business correspondent is here with us. christine, okay, if you weren't paying attention on friday afternoon, you were off work or on a trip, break down exactly what happened here with svb? >> anatomy of a collapse of a big bank. at nat my of a rescue from the federal government. what is svb? it is the epicenter of tech startups, silicon valley bank. the 16th largest bank in the united states. and this is really the oxygen for technology, the technology sector. really goes through svb. a very important bank here by
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the end. here is the anatomy of the bank run. just on thursday, there were $42 billion in withdrawals from depositors. something happened here where people wanted to take their money out and this bank unraveled here. so what happened? why did they get there? >> this is a company that for years took deposits into good times. they put them in treasuries, super safe treasuries. at the end of 2022, $128 billion worth of treasury. that is amazing how much it gained. but then as things started to go south and interest rates were rising, those less valuable and the company actually was selling those treasuries. when that word got out, people got nervous.
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they were withdrawing their money because technology that, sector was in a down turn, right? instead of putting money into the bank, they were taking it out of the bank. the bank could not sustain it. come to the rescue, the united states government. fdic is going to ensure $250,000 in normal times and now so above that level everyone will be made whole. not stockholders of the bank, we should point out. but the people who have their deposits in that bank. also signature bank. this is the other -- the other shoe to drop this weekend. this is a bank that specializes in services for law firms. it also got into big trouble. the government will also back the depositors there. a really important weekend of developments. this could have been a very different morning. a very different morning if we didn't have the treasury and the fed working all weekend to try to make sure that folks were made whole. i'll say, this is because interest rates rose so dramatically, something was going to break in the economy. right? and this is what broke.
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guys? >> and that comes as the fed chair is only warning that federal -- the interest rates are going to continue to rise. we'll wait to see what the markets say when they open. thank you. >> let's talk about what washington is going to do, what the president is expected to say when he speaks this morning. mj lee is at the white house. m.j., you know, it is interesting the point that was just made about something was going to break. but this is not what people were talking about. people were not talking about the rapid interest rate increases resulting in part in bank collapses. so what will the president say? do we know? >> poppy, you know, we have seen over the weekend a fury of scramble within the administration to try to contain the fallout and that is what culminated in the announcement last night that all depositors will have access to their funds starting to day. and that none of the bill would be footed by taxpayers. we saw the president saying in a statement last night, i am firmly committed to holding those responsible for this mess
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fully accountable. and to continuing our efforts to strengthen oversight and regulation of larger banks so that we're not in this position again. poppy, when he speaks a little later this morning, we certainly expect the president to echo some of the messages we heard from other top u.s. officials over the weekend really trying to offer a tone of reassurance. namely, one, that the u.s. economy is not in the same place that it was back around the 2008 financial crisis. that it is far more resilient. and that some of the reforms that were put in it place around that crisis will work. that is part of the reason why the federal government is not going to bail out silicon valley bank and obviously, the big message here from the president is going to be to try to contain any wider panic within the u.s. economy and the banking sector. >> how did they answer the real issue here for at least for the smaller banks which is part of dodd frank, the reform passed after the 2008 crisis got rolled
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back in 2008, including with some support from democrats and largely meant that banks about the size of silicon valley bank didn't have to go through stress tests, for example. didn't have the same liquidity requirements. >> look, there is going to be a lot of soul searching and a hot -- lot of answer that's federal regulators will try to answer. i think it is worth stressing for the time being, really the tact at hand, you can tell by the federal government is to try to contain the fallout in addition to announcing that all deposits and funds will be guaranteed by the federal government, we also saw the announcement that the federal reserve is creating this emergency lending program so that other banks who are eligible could have access to these extra funds if they need it. but i think christine made a really important point at the end of her live shot. there is a real question about whether the federal reserve can continue its aggressive rate hikes.
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nobody is disputing that silicon valley bank's collapse was very much in part due to those aggressive rate hikes. you know that jerome powell as recently as last week suggested that more aggressive rate hikes could be coming. there is going to be a lot of scrutiny on whether the central bank should and will continue doing that. given that we're seeing such a vivid example of the risks and costs associateded with sthose actions from the central bank. >> they said over weekend that they should pause on rate hikes given all. this ms.j. lee, thank you very much. >> democrats did support that 2008 rolling back. she didn't. but some of them did. we'll ask her about it in a little bit. with us now, cnn business correspondent raquel solomon and senior special writer justin bear.
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"how silicon valley surturned o silicon valley bank" is his latest article. you've been very strong about this and tough on what you call -- you were calling this a bailout. you said there is no other way to put it. why are you saying that? >> clearly, there are some getting bailed out. the depositors of these particular banks are, many of which are companies, right, they need to make payroll. the money is trapped in these institutions. and so the government took extraordinary actions to allow them to access that money. even as those banks were going through receivership and had failed. so whether taxpayer money was used to implement those plans, the government said, no. but, clearly, there was a rescue of a particular group of people and businesses. >> so one of the things that m.j. noted that is really
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important is what the government is doing now and they're setting up this emergency lending facility. so part of the reason that svb got into a lot of trouble is that they had to sell the long term treasuries at a loss. then they went to try to capital raise last wednesday. >> spooked. >> they tried to get $2 billion. and they -- and depositors, look, and investors saw the loss and they pulled out money and saw you're selling these at a loss. interest rates have gone up. securities are not as as attractive anymore. this would prevent someone else having to do a capital raise like that, right? >> that's exactly it. banking is about confidence. confidence in the system. confidence that if you or i or anyone here at this table puts their money into a bank, if we need it tomorrow, that money will be there. but what happened here with svb was a lack of confidence. so you started to see all of these depositors rush to get all of their money out and that's what led to this panic. so what the fed is trying to do and regulators trying to do here is to prevent that from happening again. sort of insulate the risk here.
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insulate the contagion so this doesn't spread ybeyond an svb story. >> is this an old fashioned run on the bank as well. >> 100%. i spoke to a founder who had a hot of her money in this bank last night. she said that, you know, the tech community is very small. the vc founder community is very small. early last week, text messages were starting to go around. it became chatter. screen shots were going around in terms of, hey, my investors said hoard your money. it led to a high-tech problem in terms of tech but leading to an old fashioned bank run. >> i think patrick mchenry said it was a twitter fueled bank run. online people talking about the messages. this 250 cap, they're waving it with the steps that we're seeing yesterday. i think over 90% of svbs funds were uninsured. are they going to permanently raise it now? what is the point of the
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$250,000 cap? >> that is the open question. i think some of the added steps including the fund that was established is there to support other banks if they find themselves in a similar situation. they can borrow from the government. they can post collateral at par, essentially making it a lot less expensive in order to borrow. they decided to wave, blow right through the insurance cap in allowing what are essentially in most cases companies. they have allowed money at these institutions. >> you are surprised they didn't get acquired over the weekend? >> i think that was certainly part of the process. so the fdic had initiated an auction for svb. it didn't obviously there was no winning bid for that auction. i think it's possible that we could see other assets that get sold in the coming days.
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we saw overnight rather this morning hsbc step in and buy the uk arm of silicon valley bank. there are interesting businesses in both of these banks that could warrant interest. >> they said that j.p. morgan is among the holding arm. i think you raise a good question about what you said about the feds. whether the feds will listen to what has been said to stop raising rates because this contributed to it. every day folks are concerned about this. this is not just tech people. this is not just tech people with private equity this affectaffects all aspects of the people. people wondering am i affected, what do you say to them? >> it's a great question. we're all so connected in terms of banking. the big difference here is that this was largely a very sort of
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insulated bank. a big bank, nonetheless. sort of focusing on a specific sector of the economy. very important part of the economy. but a secular insulated part of the economy. i think the reason why the fed stepped up as quickly as they did is to prevent the risk to people like everyone watching at home. right? to protect other regional banks. so that we have confidence in the banking system and that's why we saw the type of response we did. >> i don't know, justin. i mean, you point first they were down 30%. we have images of the long lines of people going to first republic over the weekend trying to take money out. they're standing. signature is not. these are not just banks that cater to silicon valley. you wrote in your piece about how this exposes some of the vulnerabilities that we still have. >> sure. this is all based on confidence, right? and the whole financial system.
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any financial institution is dependent on that confidence. so once that is lost or once it becomes lost, it can lead to what we saw this past week. right? and that can flair up. again, that's why you saw the government go beyond looking at these two institutions over the weekend and saying how do we avoid seeing other lenders, particularly those that, again, the regulations have changed over the past decade with respect to smaller and medium size banks. how can we protect and insulate the banks and customers. >> is it because they're small and medium size banks or holders of a lot of mortgages, for example? >> all of the above. so every bank's balance sheet is going to look different. everyone has had to deal with the impact of rising interest rates. some did so obviously a lot more prudently than others. and so there are others that will resemble in some ways the
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way silicon valley bank looked. you see the names that got attached to them last week. it is all based on confidence. >> it will be interesting as we get closer to the market and date. the banks start opening up. >> some opened higher on this event. >> there is a lot to deal with with this. thank you both. we appreciate. that we'll be covering this throughout the show as we wait for president biden to speak in the coming hours. also over the weekend, history was made last night at the academy awards. we'll break down the big winners, moments , performances.
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♪ wha . what a night. the academy awards filled with emotion and excitement even without all the slap drama. everything all everything all at once sweeping awards with a history making win with michelle yo. cnn clifnching our first golden statue last night. what a great night. "everything everywhere all at once." >> the best picture, living up to its name. "everything was everywhere at the oscars." >> never give up.
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>> michelle yo winning best actress, making history as the first woman of asian dissent to win. >> for all the little boys and girls who look like me watching tonight, this is the beacon of hope. >> her co-star won best supporting actor. >> mom, i just won an oscar! >> nearly four decades after becoming a child star in indiana jones, played by harrison ford. the two with an emotional embrace on the oscar stage. >> my journey started on a boat. i spent a year in a refugee camp. and somehow i ended up here on hollywood's biggest stage. >> races that were too close to call before the show included best actor. >> brendon frasier. >> winning best actor for "the whale" after trading wins all
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awards season with elvis' austin butler. for frasier, it's a return to hollywood's a list. >> there was a facility that i didn't appreciate at the time until it stopped. and i just want to say thank you for this acknowledgement. >> jamie lee curtis! >> jamie lee curtis edge you had out angela basket for best actress. the screen queen that got a start in "halloween" thanked the fans for decades of support. >> the thousands and hundreds of thousands of people we just won and oscar together! >> cnn films won best documentary feature. >> i would like to dedicate this award to navalni, all political prisoners around the world. >> the wife of russian oppositionist speaking directly
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to her imprisoned husband. >> i'm dreaming the day when you will be free and our country will be free. stay strong, my love. >> last year's will smith slap was not ignored by host jimmy kimmel. >> if anyone in this theater commits an act of violence at any point during the show, you will be awarded the oscar for best actor. >> kim wmel joked but they did have a crisis team in response to the slap last year. >> if anything violent happens during the ceremony. just do what you did last year, nothing. >> and another big question we have was who is going to present the best actress award since that should have been will smith since he won the best actor last year? well, jessica chastain did win
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best actress. until last night she was the only woman of color to ever win best actress. obviously, very meaningful to have her up there to present atward tthe award to michelle yo. >> i know so many moments. you haven't slept, so we'll let you. and a little bit -- >> not yet. >> you were great on the red carpet. later on the program, we're going to have the director of "navalni" join us. a huge win for so many reasons. all right. so let's move on. let's talk more about what happened last night. michelle turner is here, a cnn contributor and host of "entertainment tonight." it was such an amazing moment. the biggest parts of the oscars. but for "everything, where, all at once," incredible evening for them. >> yes, it was. they were up for 11 awards last night. they took home seven of the oscars. "everything, everywhere, all at once" for the most part went to
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them. it was interesting that stephanie is talking about the halle berry replacement for will smith. she told me, halle berry did on the red carpet she was going to be a mess fit was michelle yo's name called last night. she understood the significance of that moment. she understood how special it was because she lived it. you saw her, she was in tears as well. you know, it speaks to what some people call progress. >> sndisn't that amazing? we've been covering michelle. this is a huge night for asian and asian americans. eastern especially the moment that i related to the most, that moved me the most is when i say kwan, when he said my 80-year-old mother is at home
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watching. look, mom, i won an oscar. you can't help but tear up at that moment and relate to it. >> i don't think there was a dry eye anywhere watching him. and we've been on this ride with him through award season and just seeing how emotional and grateful and honored he's been to be at the table finally. i mean, it was, you know, it's been 30 something years. he said he's been fighting, you know, to exist and to be an actor in hollywood and to be seen and now to finally have this moment means everything to him. but so many of the actors and especially actors of color that i spoke with last night on the carpet were saying, listen, we need this to be sustained. we don't want this moment and then to go back to what, you know, we've had in existence here. we need this commitment to diversity and inclusion and fairness to be sustained all year through and to make sure that projects that are diverse and, you know, are wide reaching are green lit.
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that that's what everything is thinking about. i know some people said they shout it was a little boring. i thought jimmy kimmel was a standout. i thought he was a fantastic host. he kept it moving. he had the right jokes at the right time. did he few digs that, you know, had everyone laughing. i thought overall it was a good show. >> i thought it was particularly reaffirming, especially for asian american actors or just asian americans in the country considering i was in california covering the shootings there and the killings there. every -- all of the anti-asian hate that has been going on in the country especially since covid, i thought it was a really important and reaffirming moment for asian americans. i hope that, you know, they feel it in this country and that everyone does. >> yes. absolutely. i hope it's not a moment. >> yeah. >> right on. >> all right. thank you so much. >> looks like you got some sleep. >> i just -- >> she always glows. >> spackle. >> we know that trick very well.
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thank you. >> thank you guys. have a good one. >> also over the weekend, mike pence delivered his most blistering remarks yet about his former boss and the roll he played in january 6th. and new reporting. house republicans making a big move as they ramp up their investigation hunter biden. democrats say they were kept in the dark. that one-in-a-million. someone who thinks with their hands. who can shape raw materials into somomething meaningful. and who wantnts to serve in their own way. if you're out there. if you're looking for more. we're looking too. we're calling on a new generation of builders for navy's next-gen submarines. next on behind the series... let me tell you about the greatest roster ever assembled. the monster, the outlaw... and u can't forget about the boss. sometimes- you just wt to eat your heroes.
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mike pence delivered his strongest rebuke yet of the former boss, donald trump and his role on january 6 and at tac -- the attack on the capitol. this is typically where political figures make fun of each other, both sides of the political aisle and pence grew serious. he said, quote, president trump was wrong. i had no right to overturn the election. in his reckless words endangered my family and everyone at the capitol that day. this is the line that stood out to everyone in the room, i know that history will hold donald trump accountable. pence was also sharply critical of republicans and the conservative media who tried to
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minimize what happened on that day in recent weeks. he said tourists don't injure 140 police officers by sight seeing. tourists don't break down doors to get to the speaker of the house or voice threats against public officials. make no mistake about it, what happened that days with a disgrace and it mocks decency to portray it in any other way. i asked mike pence's former colleague gary cohn if he agreed with the former vice president. trump should be held accountable for that day. this is what he said. >> look, that was a shocking day in the history of the country to continue to be reminded about january 6th. and i think we will live with it and live with the memories of what happened on january 6th. i agree with him. >> what was it like being at the dinner to hear that in real time? >> it's interesting. typically, its jokes. it's, you know, new jersey governor phil murphy spoke.
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but pence went first. you're normally laughing the whole time. george santos, what not. pence got very serious at the end. the other thing that stood out is he was -- he praised the press a lot for coverage of january 6th and how it kept people at the capitol that day and kept the focus on there. obviously, to hear that coming from someone that worked for donald trump is notable. it was a moment write was, like -- >> people started paying attention. wait a minute, this isn't funny. as it went on longer, i'm told, you were there, people started really to pay attention and he is like, wait a minute this is not the usual thing. i think it's important to point out, he's saying all these things. then, as you said, praising the media which is shocking, right? he won't testify. he really blocked everything to do with january 6th, at least his involvement in testifying. >> he wrote about it in his book. that is part of this.
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they are fighting it. they're saying he shouldn't have to testify about certain conversations because he was acting as president of the senate that day. they're protected. but also he didn't go testify to january 6 committee. it is some of the criticism he faced over the comments. >> also, new cnn reporting to tell you about. the oversight committee chairman is ramping up a probe on hunter biden by issuing a sweeping subpoena for bank records spanning 14 years for three of his business associates. cnn's sarah murray joins us live from washington with more. good morning to you, sarah murray. so what do we know about the subpoena? >> james comber is loud about this investigation. he is quiet about the subpoena. we learned about it from a letter that democrats in the oversight committee released last night sending it to james comer. >> it covers 14 years as he said and three of hunter biden's
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former business associates. democrats have slammed this subpoena as overly broad, saying it doesn't just cover, you know, payments related to this potential business deal they were involved in with hunter biden. but everything from the americans payments he was paying to for parking tickets to what he was paying for his kids' dance lessons. they're taking aim at comer saying we normally get a courtesy 48 hours heads up. we just got the subpoena dropped on us, don. >> this stems from a letter sent by jamie raskin who says he is a hypocrite. what are democrats taking an issue with here? >> when democrats controlled the house, they were investigating donald trump for payments foreign governments were making to his hotels to curry influence with the trump administration. as part of this, the house oversight committee reached a deal with trump's team for trump's accounting firm to hand over documents relateded to th
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last year. an attorney reached out to the accounting firm and said the house of representatives run by republicans is no longer interested in receiving the documents. essentially, you can stop turning them over. democrats are saying you are hypocrite. you only want to investigate joe biden and his family and not donald trump. comer is saying i didn't meddle in this issue. this is just about democrats wanting to get in front of my investigation. >> sarah murray, early for us in washington this morning. thank you, sarah. more than 40 million people across the south are under freeze alerts. a powerful winter storm barrels towards the northeast. we'll have latest forecast for you live. northern california bracing for another round of heavy rain and flooding after a levee break forced evacuations and hundreds of water rescues. we'll take you live on the ground there.
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midwest and great lakes regions today. more than 40 million people across the south under freeze alerts this morning. new england also bracing for a nor'easter expected tonight. let's get to chad meyers. chad, you're kind of busy. >> a lot going on. and california too. talk about that here at the end. temperatures are going to go down. people that did plant their tomatoes here across the south, you either have to try to cover them up or do something. it is going to get well below freezing in many spots, freeze warnings in effect all across from nashville to birmingham and to atlanta. it's part of the cold air that is going to eventually wraparound this low right here. just off the east coast and make that nor'easter. could be two to three feet of snow into interior new england, parts of upstate new york as well. along i-95 and especially i had east, new york, boston, you'll be rain-snow mix. new york, even if it's snowing it will be 35 degrees. but not in the interior. that is where the snow will be. a couple of feet of snow likely. that is why there are winter
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storm warnings in effect. i know it doesn't feel like winter now that we changed our clock. don, the clock in my car is now accurate for the first time in six months. wind across parts of the east. winds 40 to 60 miles per hour. and there is the new storm for california. >> there is a little nervous this morning. on the coffee maker at home, it still said 4:00. i was like wait a minute, i'm really early this morning. actually, i was kind of late. there you go. >> have a good dasy. >> kaitlan is talking to me. >> a broken clock is broke twice a year. >> that is me. >> i don't know how to change the timer on my clock either. i'll figure it out. >> thank goodness for cell phones. we have other stuff to get to. >> you heard it from chad. california bracing for yet another round of storms. 17 million people under flood watches this morning there and in nevada. officials warning that monterey peninsula and the rest of the county may be entirely cut off.
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let's go to our colleague live in california for us. seems never ending. how are people coping? is. >> well, they're trying to do the best they can, poppy. good morning to you. we have good news to report at this hour. all weekend, poppy, we had our waders on and walking up and down the street. the water here in this central neighborhood was coming up above our knees. now you're able to drive to the end of the street safely. poppy, more rain is on the way. >> warnings of intense flooding in the days ahead after california's latest atmospheric river compromised part of the critical levee sending this river into homes, farms, and trapping families in a small community. >> we really didn't expect it to happen. >> they started evacuating at 12:00 in the morning or 1:00 in the morning.
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>> officials say in 11 atmospheric river system, forecast from monday, they could send more water rushing through the still breeched levy. >> there could be more water. there is also more water throughout the counsty. >> keep this line. >> the raging floodwaters leading to a dramatic aerial rescue captured babove the rive. rescuing a man off an island. the man brought to dry land unharmed. >> folks, we are not done yet. we're dealing with rain and wind events that can only describe as super soaker saturation event. >> but in undeniable sense of flood fatigue creeping in, even as officials issued new evacuation orders for more communities near the river. back in hard hit communities, the supervisor told us there is a sense of vulnerability.
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>> this community is resilient. it is strong. when the waters recede, the river is going to rise. this is such a great hardship on this community. we know we'll get through this. >> so the energy today is crews from california, contractors trying to but as many boulders into that levee brief to shore it up before the river system of this season in this area of california. when you were asking a couple seconds ago how people are coping, this community is filled with migrants here. living their american dream. so they are depending on the speed of the contractors to try to fix this levee as much as possible. they have everything here to lose, poppy. >> so glad you pointed that out, mike. thank you for the reporting there. all right. i cannot believe i'm saying. this alabama is a number one
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seed in the tournament! get your brackets ready. march mad sns aness is about to under way. we're going to come up with the strategy to make your picks. some people need help with that. we got this, babe. thatat means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership. (vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect yr business. (dock worker) right time. (vo) make it even smarter. we call is enterprise intelligence. my moderate to severe plaque psoriasis... the tightness, stinging... the pain. emerge tremfyant®. with tremfya®, most people saw 90% clearer skin at 16 weeks. the majority of people saw 90% clearer skin even at 5 years. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them. tell your doctor if you have an infection or symptoms
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two pills relieve allergy headache pain? and the congestion that causes it! flonase headache and allergy relief. psst! psst! all good! number one. >> i think a lot of people would differ with you on that one. i went to the university of houston, by the way. there is lot of different strategies. it's always a great time competing with friends and co-workers and bracket pool or competitions. it's a lot of fun picking the
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first or second round and then finding the cinderella and bragging you got a couple wins. if you want to win, it's all about the final game right here. and it's about picking a champion? right? often than not, they pick the champion. there is a stat that can help you win. it is kenpalm. they measure a team's offensive and defensive efficiency. since 2002, every single ncaa champion is the top 40 in offense and top 22 in defense. these seven teams are already there. these are seven solid picks to win your bracket. they could get there. by the end of the tournament, they could win the tournament according to kinpalm. two teams you didn't see on there were gonzaga and arizona. they are not going to meet the tlesh thresholds. look at this map, since 1997, every ncaa has come from east of
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this side of this line right here through the middle. gonzaga, ucla, i don't know, they're over there. texas is also on the wrong side of that map. so who should you pick if you want to win your bracket? look at. that the one seed has won 26 times. so if you want the highest probability of oning your bra -- winning your bracket, you should go with the one seed. you have alabama, kansas, houston and purdue. since 1974, these are the only two teams that repeated champions, kansas jayhawks won last year. very hard to repeat. so keep that in mind. i'm sure, kaitlan, you're like i like where you're going with this. maybe i should pick alabama. where is the final four this year? it's in houston. houston are also the favorites. since 1988 that, is the last time we saw a champion win the title close to home. is it going to happen for houston this year? i like to think so. i think it will be a fairytale ending. that's who i'm going with. >> all right. >> i'm not going to differ from that. >> i have not seen andy had this
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excited this early in the morning in a long time. >> we're pumped right now. >> got until thursday to fill out the brackets. you have time to do research as well. >> love it. thank you, andy. >> will you fill out my brackets. i said i usually get help. >> i would call the fcc on don. he said he wanted help with his bracket. i said, no, you have to do it yourself. speaking of regulators, we're continuing to follow the fallout of two u.s. bank this is morning scrambling to get cash to pay their employees. that's next. >> poppy is going to head to a local toy store that was asking for public help to stay afloat. you want to see that. she'll be live at a toy store. that actively cools, warms ed and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. next on behind the series... let me tell you about the greatest roster ever assembled.
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