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tv   CNN Newsroom  CNN  March 13, 2023 7:00am-8:00am PDT

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top of the hour this monday, big day for banks. >> i'm erica hill, and the president is speaking to americans with a calm an reassuring tone on the heels of two failing banks over the weekend, and sparking concerns about whether it could lead to more. his message with the american banking system is safe. >> all customers who had deposits in these bans ks can rt assured they will be protected and access to their money today. that means that those who bank there and need to make payroll and pay bills and stay open for business, and this is an important point, no losses will be borne by the taxpayers. >> and the president is vowing major changes by the white house, and forced to take emergency action with more than
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$200 billion worth of deposits into the line to keep other banks from failing. matt egan and m.j. lee come in to join us, and with the action of the u.s. treasury and others to make sure that they ensure beyond the threshold and the president getting out there to say we will do whatever is necessary. what is the intention here? >> yes, the white house felt it was important for the president to advise the nation, and get ahead of the panic, and assure the nation that the banking system is safe, and the deposits will be there when you need them, and also a speech that the president took the opportunity to take credit for what he said is quick and immediate actions taken by his administration, and to explain in plain action what those actions were, and those actions included the federal
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funds to be creating a backstop, and emergency lending service for those banks on a liquidity squeeze and none of that footed by the taxpayers and also the investors the at silicon valley will not be squeezed. and so he also said to hold those accountable for what happened. listen. >> second, those will be fired if the bank is taken over by fdic, the people who ran the bank should not be working there anymore. third, the investors of the bank will not be protected, because they knowingly took a risk, and they lose their money, and this is how capitalism works. and also, the circumstances is
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of how these banks worked in the first place, and we need a full accounting of how these banks worked and we want a full accounting. >> and he called on the members of congress to strengthen and bring back the restrictions that have been relaxed over the last few years which is a huge conversation in the coming weeks here in washington, but we are about to learn in the coming days and weeks of the actions that the president touted to be enough to contain the banks that failed and if that is enough or if there are going to be more to come. >> and there are many people, and myself included who have not heard of silicon valley bank, and this bank has been around for four decades and long history here, and the president said that we need a full accounting of what happened here, and do we understand this morning how this seemed to go south so quickly? >> yeah, there is a lot of
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moving pieces here, and you to remember that a big factor here is the fact that the fed has a war on inflation, and when it has this many things going on, that tech companies who have this value plunging, something breaks, and the value of the bonds that this bank is sitting on, it plunges, and that created a mismatch of the money they actually have and what they valued, and this is the shock and awe and reassuring the public that the money is safe, but we have to see how many of the other banks respond in what the banks are saying about these ba banks, and including the regional including first republic, pac-west and others are down significantly down this
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morning, and that means there is continued nervousness. and first republic is down even though they lined up new funding from jpmorgan and the stock market has been all over the place moving higher and that is a good sign, but i don't know if we can say that this immediate crisis is over just yet. >> yes, notable, it is down a couple hundred points, and we will watch it closely, and m.j., the biden administration wanted to have something before the markets opened monday morning, and crucially before the deposits went to the bank monday morning and not just individual depositors, but the individual customers who went to the bank to have a worse monday morning. >> yes, and that is how
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furiously they were working to contain the fallout, and to make sure it is not a mistake or coincidence that the emergency actions that were announced, they were announced last night, and they very much anticipated and wanted to prevent a situation where the marks would open in a total state of panic. it was also not a mistake, that it was the president, himself, addressing the situation this morning before he left for a three-day west coast swing. all of this has been really a coordinated effort to make sure to take actions as quickly as possible. obviously not an easy thing to do when you are thinking of the various agencies involved and how complicated the situation is, but at least in the short term, the immediate sort of task at hand for this administration was to contain the panic from spreading to the broader u.s. economy and the banking sector. >> m.j. lee and matt egan, thank
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you. and to dig deeper is bert who is covering the startups and this is really your area of the startups for many of the firms here. and first based on what you are seeing here, watching the markets closely as you do, but also speaking to the folks in the sector here, and does it look like the steps taken so far by the administration, and the fed and the treasury department will keep this from going more broadly. >> yes. there was a collective sigh of relief of the investors and the startup founder who were concerned to make a payroll or whether they would be able to at least be able to say that. >> ben, you have an important piece of how important this bank is over the next 40 years, but the concerns bubbling at the end
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of last year, and if that points to the signs that have been there, could this have been avoided? >> it sure seems like it, and seems easy to say now in retrospect, that it would be a bad idea for bank to put tens of billions of dollars in 10-year treasuries that they would not be able to access for 10 years and see that is a bad idea if the interest rates rose. nobody expected the interest rates to rise this quickly, but still in retrospect, it seems ill-advised and still the ceo in silicon bank said that we don't need more regulation, but less, and then yesterday, this is posing a systemic risk, and we have to essentially bail you out. >> and interest rates go up, the price goes down, and so all of the assets that the silicon
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valley was relying on are not as valuable. and dodd frank passed to increase the reserves that the bank had to have, and the trump administration rolled them back specifically for the regional banks. did that have an effect here, and help lay the ground work for this? well, i think it did, because it seemed that the 10-year treasuries were not market-to-market and it was not on the books. so this is all spurned by a lot of the capitalism investors on thursday saying that they did not want to have their money the bank, and causing a modern-day twitter bank run, that twitter should not be allowed to bring down a bank in less than 24
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hours. >> and yet, here we are. ben bergman, thank you for being with us this morning. thank you. >> happy to do it. >> right now, people in california are bracing for another round of severe weather, and more than 18 million people are under flood alerts, and excessive rainfall expected to come through the already rain-soaked state. >> cnn meteorologist chad myers is tracking the storm as he does, and if it is not raining, it is snowing, and if it is not snowing, it is raining. tell us about the west coast right now. >> and rain on snow, and that means that the rain is melting the snow and causing more runoff and here we go again. another big sigh, and look at the mass of coverage that is about to come on shore. yes, there are showers, but this is not what we are talking about. we are talk about the rain coming in over the weekend, and it is over a foot. this is liquid, and rain that came down, and now more rain is
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coming down, and the reservoirs are filling up, and this is the good news. groundwater is going to take a long time. and that is lake oroville. and we have not done that for many, many years, and here comes the atmospheric advice. it is coming through tomorrow afternoon, and significant rain, and more rain in california today, and it is the southern coast that we are worried about and even down to l.a., and there could be with this now that the ground and the mountains and the hills are saturated, and there could be many more mudslides with this, and here is 8:00 tomorrow eastern time, and all of the sudden, the rain is heavy, a all of the way down to southern california, and hours and hours and 1 to 2 inches of rain in spots, and nowhere can handle that now, and too much rainfall for too long. it is just, and i know that we
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have not said it that for four year and now all of the sudden, we are in the situation where the ground can't handle anymore without more flooding. >> california cannot catch a break, and it is feast or famine, and so tough for folks there. thank you, chad. >> still to come, former vice president mike pence offered the strongest rebuke yet of the former boss' role yet. quite the comments. and former criminal charges loom, and president trump will be speaking there. and we are going to be on the ground. and now a person saying that
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former vice president mike pence delivered harsh words about former president donald trump saying that history is going to hold him accountable for the attack on capitol hill. >> those words are coming as he is deciding whether or not to throw his hat into the ring for president. chief correspondent jeff zeleny is joining us. now, he has talked around the insurrection, and why are these comments getting attention this morning, jeff? >> well, the former vice president has talked about this and in fact, he has written about it in the book as well, but it is different given the timing and in particular of the whitewashing that we have seen
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of the january 6th attack on fox news and tucker carlson program specifically showing that nothing was going on in the capitol which of course everyone knows is not true. and at the annual gridiron dinner of news executives and others, and the former vice president was speaking, and it was riddled with comedic humor, and then serious comment, and he said, i know that history is going to call donald trump accountable, and tourists don't break down doors to get to the speaker of the house or voice threats against a public official. and make no mistake about it, what happened was a disgrace and to portray it in any other way is a disgrace speaking about fox news to speak about it in a different way.
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this is coming within exploring and likely to jump into the presidential bid of his own. he is going to new hampshire on wednesday and iowa thursday and so is there room in the republican party for this rhetoric. and his advisers say that he is going to be the adult in the room, and speak truth to power and speak against the former president, and one thing that we should point out is that he has declined to testify or talk on capitol hill. i am not sure that he wants to have it both ways, but he is going to every extent that he can at least in the narrative of the legal setting, but significant nonetheless. >> and not trying to have it both ways, but straddling some line there. thank you, jeff. >> yes. and tonight, former president trump returns to iowa and the first time there since launching the bid. he won the state in 2016 and
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2020 and it is critical to get the support in iowa, because a win or loss in the caucuses could set the tone for the rest of the campaign. and so, brianna, there is interesting polling, as we are looking at what is to come from donald trump, i wanted to get your take from mike pence, picking up where jeff left off, and looking at the latest poll, mike pence has the highest unfavorables, and is there an opportunity for him to turn it around if he decides to jump into the race? >> well, he has the most unfavorables as donald trump has made attacks against the former vice president, but iowa republicans are open to hearing from everyone. this a long process, and we have a year to go before the iowans will caucus and make that first
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vote. we have seen pence arrive for several events, and he received a warm reception, so there are people who want to hear from him, and hear what he has to say. we are hearing an openness of iowa voters who want to hear from candidates other than donald trump. >> they will have their work ahead of them for iowans, and they do their homework. how solid is donald trump's home base at the moment? >> we did some polling at the des moines register that looked at how early the field is thought about, and what we are seeing is an erosion of support for donald trump. we asked people how likely they would be to vote for him if the general election were today and he were the nominee, and we saw
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that 69% of the iowans would vote for him. that is down 22%, and the favorability ratings from fallen from 88% to 69%, and so there are still a chunk of iowans who think highly for him, and they would caucus for him, and vote for him, but we are seeing it fall away, and i can tell you that anecdotally, they want to hear from other folk. they want to hear from mike pence. they want to hear from nikki haley. they want to hear from mike pence. he visited this past weekend, and he had large crowds. he has a lot of the same policies with donald trump, but less baggage. >> we are hearing that a lot. in this country, a lot of politics, and the politicking
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that happens, a lot can move forward and tied to money, because they need the donor support. what are you hearing from the folks that you are talking to on the ground in terms of where the support is spreading out or solidifying, if it is? >> nationally, we are seeing a lot of the republican donors look to whether they can coalesce behind a donald trump candidate or get it together and move on. iowa is going to have a year of campaigning, and try to get their support, and if you are not one of the top two or three in iowa, maybe it is time to pack your bags, and let those folks who are gaining ground to get through. so it is going to be interesting to see if they can get the
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organizational support. it does matter here on the ground. >> briann pfannenstiel. and now a man is suing three women who he says helped his ex-wife illegally get an abortion. well done, ma'am.. what.....did i do exactly? with snapshot t from progressi, you get a personalized discount for doing exactly what you're a already doing -- being a safe driver. congratulations. this is a bowling trophy. yeah, it's the biggest one they had. okay, thanks. mm-hmm. oh. have a good one.
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pfanenstiel. in a major test of texas' highly restrictive abortion laws, a man is suing his ex-wife and her three friends for helping her to get an abortion. >> this is on the almost total ban on abortion. and whitney, walk us through the lawsuit and what he is alleging. >> reporter: so basically this man, marcus silva is alleging that three of his wife's friends helped her to procure abortion bills in 2022 which is after texas bill which is almost a total ban on abortion, and this is coming down as to who is civilly liable for abortion. it is set up if people perform or induce an abortion in violation of sb-8, and knowingly engage in aids or abets or
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induces abortion or engages in the conduct of sb-8, and interestingly the mother here is not named in the lawsuit, because she is excluded by the texas sb-8, but the penalty is significant, because it is damages not less than $10,000, and in this case, marcus silva is seeking $1 million in daniedaniel -- in damages, and very much a case to watch. >> thank you. and now, in a medication abortion case, and one that could have a major impact across the country, but highly unusual steps were taken to delay the information from going public. the presiding judge held a private call with the lawyers involved in the case, and here is the thing. the call was not pubkly noted on the docket and neither did the
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judge publicly note it on the docket, because the judge said that he wanted to limit protests, and he asked them not to publicize it. why? because it is the biggest legal battle over abortion since the supreme court overturned roe v. wade last june. >> so many repercussions. we are learning that former attorney to donald trump michael cohen will provide more information to the manhattan district attorney today as they are finalizing their investigation to hush money paid to stormy daniels in 2016. >> here to discuss is elliot williams, and the former deputy assistant general at the doj and that is where we are, with trump huddling with the attorneys over the weekend, and he is not going to testify, and will that have
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an impact moving forward today? >> i don't believe it is, and look, there may have been a reason for the defendant not to testify. look, the intent is everything, and you have to prove that the intent to prove the crime, and someone could go to the grand jury and say, i ak knowledge that i committed crimes, and this is my intent. now, going in there would have been fraught with peril for the former president of the united states, because he could have not stayed true to the question. and so possibly it is a better that he didn't. >> michael cohen said that
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individual one directed him to make such a plea. and so does that factor of being a factor contribute to shoring up the case? >> it is incredibly useful because he is saying that e was an accomplice to what he is going to be ultimately charged with. so it is on the record that he has a prior conviction for lying, and everything that the jurors see comes down to theps withes coming forward. look, anyone who has ever particularly tried a violent case, and stuff that people have been convicted on the bay sits
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of and it is what is worse for the jury, and what they find beliefable. >> full disclosure, we know what we are dealing with here. and when we were talking aboutt this case, it was important of the what we had about the discussions, and there were questions raised about the attorneys if they go forward on the charges, and based on what we know about the other charges coming from georgia with the special counsel, and these appear to be some of the weakest, and that could in turn harm those other cases, and would you agree with that assessment? >> well, it is interesting, because we have the 50 state systems, and a federal system and they are hard not to conflate them into one.
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at the end of the day, he is going to be either charged with a misdemeanor carrying less than a year in prison or a felony with four years in prison, and no one would ever get that in the grand scheme of what other people are convicted for, and it would be easier to convict on. >> the timing of the election as well. and new attorneys for families of an environmental activist shot and killed by an atlanta activist, and what they are saying they are learning from an independent autopsy. >> well, i asked and the family wants answers, and we are not getting any.
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go to getrefunds.com to learn more. happening now, new accusations by the family of a law enforcement officer killed. esteban perez killed ae site of a place dubbed cop city. >> the troop fired, and the officers fired back in self-esteem, but the autopsy
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clinches this autopsy is not confirming this. what are we learning here. >> they say he was seated and killed by a georgia state trooper. they are taking their time to underscore how frustrating it has been to try to get information from the city of atlanta, and the gbi. they are claiming that the gbi is releasing information that their son was firing on them, and they were acting in self-defense, but this is how frustrating it has been for the family to get information on the gbi for information. >> reporter: the gbi had no problem getting information to
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support their narrative. once you have the narrative, the official investigation is tainted already. now, they have had plenty of time, and we have nothing. >> reporter: the lawyers have fil filed and they claim they were firedb upon a contre ver shall training facility where the police say it is necessary for them to help the training here in the city of atlanta and beyond. this tension between the activists and law enforcement here in the city has grown beyond what is dubbed cop city, and a ground zero for the activists to confirmation with the police, but this family is
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very frustrated with the police as they are saying that they are being charged with homeland skirs, and the ther ther charges, and they say that these are trumped up charges, and those committed can violence against the police is clear, that sinz individual is holed up against this incident in an area known as cop city. >> was te iran armed in this altercation, and what is gbi saying about this? >> they did say that they did
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find a firearm next to him, and that he opened fire, but the family is disputing that, because the autopsy does not show my firepowder his body. >> thank you, nick. and now, the biden administration has approved drilling in alaska which has upset activists. the willow project is a decades' long drilling venture led by conoco phillips. it was originally approved by the trump administration and then later held up in the court. >> it is to alleviate the
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quick check of the markets right now as the biden administration is moving to calm fears of the sudden collapse of two banks tmt dow is flat, but it is off of the red territory that happened with the market open. perhaps reassured by the president's comments this morning that all of the depoz sits are going to get money, and
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offering support by potentially bank affected. >> that is the mid-banks down as much as 90 degreessh and we will watch the regional market es specifically the banks. >> yes, they have had an opportunity to turn some of the bond holdings into cash if need be. now we turn to something more fun. history made at the academy awards. the academy award goes to best lead actress to michelle yeoh to "everything everywhere all at once." >> she is the second woman of color to win in that category. >> i have to thank the academy
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for embracing diversity and true representation. this is something that we have been working so hard towards for a very long time, and tonight, we frigging broking that glass ceiling! >> for more on hollywood's biggest night, we have michael moore joining us. diversity, representation, overall, how did the oscars score this year when it comes to diversity, and comes to represe representation? >> they did pretty well even though there were some black actresses who were left out, but there were some irish actresses, and michelle yeoh was very good for me, and i had predicted cate blanchett, but this is a true
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american dream for no matter the identity or the obstacles against you, you can get to the podium. i can't, but they can. >> it was a lot of tears to the eyes, so certainly to listen to the story, and notably last year, we were talking about the slap and jimmy kimmel made several jokes tbt slap, and how he would be protected from my repeat of that, and he pointed out that andrew garfield who played spider-man, and how did he handle the elephant in the room? >> i loved it, because he held up the mirror in the room, because after the slap, nobody from the academy came out to say, we condemn violence, and
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they just left the three comedienne up there to flouder, so jimmy kimmel said, well, if violence break out, do what you did last year, nothing. >> so did anything surprise you last night? >> no, what surprised me is that we knew that "everything everywhere all at once" was a feel-good movie that was good for audiences and critics alike. but we didn't know that it would be a sweep. we haven't had that in a long time. and the best picture that won in 1930 was there, and "elvis" we
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thought would get one or two, and got nothing. and "fablemans" zilch. and because of the love for the two movies that i mentioned, some big films went home empty, but very good. >> and how about the love for jamie lee curtis for those who worked on the film, and saying that her oscar that was her first said that it was everyone's. >> and it is a laundry list of names, and i loved her exuberance and she has been the queen of comedy, too, and she was in "a fish called wanda." and another feel good. >> michael musto, thank you for joining us. and we want to say congrats to
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our colleagues for winning oscar for the documentary and this is for "navalny" and they won for this documentary. >> yes, alexei navalny who survived a poisoning by the kremlin, and it is an amazing story, and you have to see it. >> i'm erica hill. >> i'm jim sciutto. . kate bolduan is coming up next. cash brothers! ♪ i gotta good feeling about this, yeah ♪ ♪ i'm with it ♪ ♪ i gotta good feeling about this ♪ ♪ yeah, ♪ ♪ so let's get i♪ ♪ i'm feeling good vibes ♪
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everything's changing so quickly.
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before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future starts now.