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hello, everyone. welcome to "cnn newsroom." >> and i'm john berman. victor is off this froop. and we begin with president biden's dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. >> all customers who had deposits in these banks can rest assured that we protect it, and they'll have access to their money as of today. that includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. investors in the banks will not

be protected. they knowingly took a risk, and when the risk didn't pay off, investors lose their money. that's how capitalism works. >> svb's small businesses are thankthal for president biden's decision. >> i am quite relieved from what i heard from president biden. i think the administration has taken on exactly the way i think it should be, which is the depositors of the bank need to be made whole. this is a cornerstone of the u.s. economy. the bank system is setup such that we expect it to be safe. it's odd to think about it now but just even a week ago silicon valley bank was the gold standard. >> cnn's chief correspondent phil mattingly is with us. wow, what a difference can make as we heard from that executive. all the president's moves has been kept to keep confidence in

american banks. officials really scrambling over the weekend to get this plan together before markets open for trading today. >> yeah, that's exactly right. and you know this as well as anybody, confidence is critical. a week ago a bank considered the gold standard now no longer exists. that creates very real anxiety, very real concern. and i think the concern from administration officials there would be significant outflow of deposits from a number of institutions a lot of us which they'd been watching viewed at potentially at risk or on the verge of failure and they needed to step in. two different steps taken yesterday back stopping all despauzts for svb and signature bank in new york who failed on sunday and having the federal reserve establish its lending authority that would give mid-size banks, smaller banks access to a lending window to ensure they'd be able to maintain liquidity.

both are those are critical to ensuring depositorvise confidence deposits are safe and trying to calm things down. but also a very different set of circumstances than 2008. >> no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. >> implicit in what the president is trying to do there is a balancing act. and differentiating this moment from the moment we saw throughout the fall of 2008 is absolutely critical. what the president said is true. the fdic deposit assurance fund is funded through bank reserves.

they don't expect to have to utilize any taxpayer money. however, make no mistake about it the full faith and credit of the u.s. government is behind these moves. they don't expect to cost any taxpayer money at all throughout the process but that is a risk and something they're trying to make very clear is different in the bail outs of 2008 and 2009. >> they need it to be different both economically and politically. phil mattingly at the white house thank you so much for helping us understand these moves. cnn's matt eegen. you've talked to an insider at a silicon valley bank. how are they explaining what happened and what happened so fast? >> the management of this bank they are facing some real tough criticism about how they handled what was obviously a very sensitive situation. i talked to a current employee at silicon valley bank, and he was dumbfounded by how all this went out specifically the ceo greg becker went public with the extent of the bank's need for

cash before publicly lining up the financial support they needed to get through this storm. this employee said that was absolutely idiotic, they were being very transparent. it's the exact opposite of what you would normally see in a scandal. the argument is this set the stage where a us customers ended up pulling out $42 billion on thursday alone in a classic run on the bank. that is a huge amount of money almost a quarter of the bank's total deposits and by the end of that day, by the close of business the bank had a negative cash balance. they had run out of money. i talked to a yale professor who's an expert on management issues and he called this a tone-deaf botched execution by the bank. he summed it up thus way, someone lit the match and the bank yelled fire. i think the question now of course is whether or not this massive response from washington is going to be enough.

investors are on high alert whether or not there's other banks in a similar situation. regional banks they got clobbered late last week. i would i have thought we would have seen a bit of a rebound after what the government announced last night, but not so much. you see losses of 40%, 60% from some of these major banks, first republic bank, western alliance, taking significant losses. >> that's 60% down, we're not talking 60 points down. >> that's 60% down today. and i think the message from the market is the jury is still out on whether or not washington has done will be enough. >> these are investors who are concerned about what they saw happen at tvb now potentially happening to other banks. >> yeah, absolutely. and remember the investors at svb, they were wiped out, the bond holders are getting wiped out. the depositors are being made

whole. >> let's talk about some of those emergency measures the government took over the weekend. matt, stay with us. also joining the conversation is aaron klein. good to see you. thank you for joining us. in addition to the fdic ensuring all depositors including those who didn't have insurance and guaranteeing deposits they created an emergency lending facility really to act as a back stop, the treasury here putting some $25 billion on the line suggesting that the financial system is whole, is sound. and that, of course, is to prevent this continuing on, this contagion effect to impact other regional banks. do you think this will do the job? >> well, look, i think everybody's money is safe. the banking system broadly is safe. banking is a game of trust and confidence, and sometimes you

need to takeover whelming measures to restore that trust and confidence because at the end of the day almost every single american has less than $250,000 in their bank account. the bailout that happened for silicon valley and signature bank were really about bailing out large corporations that had built-up huge exposures. most banks of silicon valley's size for about 1,000 branches. silicon valley bank had 16 branches. this was a business bank, not a people bank. >> you keep using the phrase bailout, which is a loaded term here, right? because this is supporting the customers, people and companies who had money in the bank, deposits in the bank, but it's not bailing out the investors who, you know, invested in that bank. but you don't see it that way here. why do you keep calling it a bail out.

>> first there's taxpayer money here. the fdic fund the government uses it's on banks and this is on the government's balance sheet. this is government money. when the fdic loses money it hits the government's debt and the government's balance sheet. and so you have to be honest with the american people. it's not politically popular. nobody's in support of a bailout until they're on a boat that springs a leak. all these businesses who had uninsured deposits they're very thankful the government bailed them out for a bank that was really in a lot of trouble, and this is the same government that the federal reserve who regulates this bank was completely asleep at the switch in letting the bank fall and find itself in this position. but you have to be honest here, and these are taxpayer funds going to uninsured bank depositors, usually large businesses and companies that otherwise might have taken a

small loss because they were uninsured creditors and instead uncle sam is going to make them whole. >> clearly you could argue that management had made bad decision. that having been said you saw investments in deposits go up double in size in two years at this bank, almost all of it 98% or so uninsured. was this an area where reg regulators could have stepped in sooner and prevented what we're now seeing? >> it's a massive failure of bank supervision. so during the financial crisis we had so many different regulators in america and they all pointed fingers at each other saying it was in this part of company and that party of the company, et cetera. silicon valley bank was regulated head to toe. they had tons of authority, authority granted to them in the dodd/frank bill that we worked on in the obama administration, and they botched it. and there were clear red flags,

huge asset growth as you describe, hot money institutional uninsured depositors who are flight risks, massive exposure to unhedged interest rate risk in buying treasuries and cheap mortgages a couple years ago. and it remain tuesday be seen -- you know i really hope people are held accountable here particularly the regulators, the federal reserve who supervised this bank and it was hardly a gold standard bank. it flummoxes me how they did what they did and get approval every step of the way. >> this has some other ripple effects with the fed or it might in terms of a decision which could come soon, how much and whether to raise interest rates. >> it was just six days ago jerome powell came out and he basically indicated that the fed could step up the war on inflation. the markets began pricing in a growing chance, a significant

chance the fed is going to raise interest rates by 50 basis points next week. now the thinking has completely changed. goldman sachs say they don't think the fed is going to raise interest rates at all because of all this stress on the banking system, because what aaron was just talking about which is that the fed's rate hikes has created a situation some of these bonds the banks are sitting on have lost a lot of value and probably not a good time to raise interest rates in that environment. i talked to the former fdic chair who was overseeing that agency during the 2008 crisis, and she said to me, look, the fed needs to hit pause and assess the full impact of its actions so far before raising short-term rates further. a lot has changed here, and now we could be in a situation where the fed may just do nothing next week. >> they're in an unenviable position.

we've got a cpi report coming out tomorrow as well and there are people saying you should take a pause. you've got more chiming in. >> thank you both very much. well, another powerful storm is set to batter parts of california again including san francisco, oakland, and sacramento. we'll take you there where more dangerous flooding threats are threatening millions. >> and donald trump's lawyer says the former president will not testify in front of the grand jury investigating his allege role in a hush money scheme. but you know he is? his former fixer, , michael coh. the potential implications of f that ahead.

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- [announcer] do you have an invention idea but don't know what to do next? call invent help today. they can help you get started with your idea. call now 800-710-0020. this afternoon storm battered central california is bracing for a new atmospheric river event. that means even more rain and possibly more flooding. arelentess storms in monterey county collapsed the levee for the river over the weekend, gushing water. swallowed neighborhoods, and trapped scores of residents. >> emergency crews raced to rescue people surrounded by rising flood waters. at least two people have died and hundreds were forced to evacuate. cnn national correspondent mike vulairo is on the ground, and this state cannot catch a break.

we now understand flood waters drastically receded overnight. tell us what you're seeing right now behind you. >> right, i think that's the best news we can report from here in the heart. we've been walking all up and down community streets this weekend, and in this particular spot, on saturday we had water up to here. so if you look it's falling close to a foot all the way down here. of course we have the nearby salinas river, which is also raging, but this is the hardest hit community by far and all because of this breached levee. let's take you to the aerial drone video yesterday. and you can see where we're standing in the heart of the community and the video eventually will show you this 120-foot gap in the levee which was breached midnight friday and sent all this water all around us. why this matters, the stakes of

trying to fix it, putting as many boulders, ballasts, debris and riffraff between alate now and tonight you have this shimmering river that is a neighborhood street, tons of homes filled with migrant families. you know, we are in a part of california that's next to pebble beach, john stein beck country close to silicon valley. but there are fields over here where people work the land, unchanged social dynamics since 1989. if we come over here to my left you can see things still drawing out. this would have been knee-deep high-water yesterday, but again the stakes so high of trying to fix this levee before even more water is expected tonight. >> incredible images there. thank you so much for your reporting on this. the chair of the monterey county

board of supervisors who serves parts of the town. thank you so much for being with us. we're expecting this new atmospheric river event coming later today. this is on the heels of this last one, and you're not even recovered from that. so how worried are you? >> well, this is the worst-case scenario come true for the community, and it's going to get worse before it gets better with this next storm coming through. this community is mostly low income, latino farm workers, and this is the worst thing that could have happened to them right now. these are folks who had very little, now to be out of their homes and for who knows how long and the damage they're facing to their homes, businesses, and vehicles is severe. but even beyond that, the damage to all the agriculture fields that surrounds this community and throughout monterey county has created hundreds of millions of damage already, and it will mean many of these farm workers

will be out of work for many weeks if not months. we're needing all thuce assistae we can from our state and federal leaders and it'll only continue to grow in the coming days and weeks. >> what's going on with evacuations at this point this afternoon? i know there were people who couldn't get out before the last hit. will they be able to get out this time if they need to before this next event expected tonight? >> well, this community is one of about 1,700 residents. most of the residents have already evacuated. most are staying with family and friends. those who have nowhere else to go are ending up at our shelters. and since the first evacuation there's been additional residents who have been evacuated from the community. as time goes on more residents who have decided to stay are making the choice to leave especially in light of the next storm coming through. those efforts are ongoing, and we certainly encourage all

residents to evacuate that community for their own safety especially when we expect more storm water to come through that community in an area that's already heavily saturated with water. >> we've heard some sieve uddescriptions and we can see them with our own eyes here. how would you describe what you're seeing there? >> i was a resident of the city of watsonville during the last storm 28 years ago in 1995, and this appears to be even worse because we never had highway 1 shutdown outside the community of watsonville. that shutdown yesterday, and that water is backing up because of the highway itself and moving storm water into other areas we did not see create flooding and damage 28 years ago in the last flood. so this is worse and especially with the next storm coming through, we're seeing things we've never witnessed previously in flooding on this particular

floodplain. >> thank you so much. please, stay safe. wish you the best of luck tonight. >> thank you very much. we appreciate it. >> take a bigger picture view, more than 18 million people now across california are under flood watches. let's bring in cnn meteorologist derek van dam. and derek, california could see up to 8 inches of rain today alone? >> i would say that's on the high end of our scale, but certainly within the realm of possibilities. what year looking at behind me is glorious to the residents of california. this is the orville spill water dam and releasing water for the first time since 2019. every drop of water you're seeing here signifying relief for the long-standing drought that's plagued the state for years. in fact the latest dam levels there are 200 feet above the recorded record low setback in 20201. so we do have another atmospheric river coming. here's a look at the forecast totals and you can see we're

measuring the no fall in feet once again and rainfall along the coastline 1 to 2 inches. here's a look at the moderate risk which extends into southern oregon and california, but notice how it starts to move southward from the day on tuesday. this is an atmospheric river, classic. it ozilates from north to south. you'll see the precipitation get heaviest tonight across the valley, sacramento, san francisco, and then moving further south into l.a. for the day tomorrow. so very, very active paerttern across the west coast. >> tell us what's going to happen here in the northeast. do i have to fix my snowblower? >> you can unpack the winter coats because we've got a heavy wet snow event. this is nor'easter but looks like it'll be in the cat skills for new york, berkshires and boston and major impacts the further away from the coast you

travel. this will be a windy and moisture laden storm, so the potential for power outages exists with this latest nor'easter coming in later today. >> derek van dam, thank you. >> your personal eyes weather forecast. >> i'm not kidding, the snowblower is broken. i don't know how to fix it but luckily my wife -- well, former president trump returns to iowa tonight. it's his first time in the state since launching his third bid for the white house. ahead why his once staunchest allies are less optimistic this time around. ♪ get directv with a two year price guarantee. ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload pacity and dedicad trucks and drivers. (woman) what would the ideal weight loss program look like?

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the manhattan investigation into former president trump. his attorney says he'll not testify before that grand jury which is investigating the alleged hush money payments made to two women who alleged to have had affairs with the former president. but the man who made those payments on trump's behalf, his former lawyer and fixer, michael cohen, is testifying today. >> what this is about accountability. i don't want to see anyone including donald trump indicted, prosecuted, convicted, incarcerated, simply because i fundamentally disagree with them. this is all about accountability. he needs to be held accountable for his dirty deeds. >> joining me now is harry litman, a former u.s. attorney and legal columnist for los angeles times. always good to see you. so the former president said he'll not be testifying. i would imagine you're not surprised by that news. >> not at all. very few defendants will take

that final offer or punitive defendants. the die is cast, he knows it, and it will be a suicide mission for him to accept the offer. he won't do it. as we just noted michael cohen is testifying, though one could argue he's not the most credible of witnesses. he has lied before, but he's also pled guilty to making illegal payments to stormy daniels on the former president's behalf. here's what he said today in addition to what we told reporters. he said my goal was to tell the truth, allow alvin bragg and the d.a. and his team to do what they need to do. how significant do you think his testimony will be? >> if it goes to trial and it's important to keep in mind it'll be many months after the indictment until it finally does, his testimony is the center piece of the trial. he tells the story.

there's corroborating evidence they've now put together that looks as if it hope hicks, kelly anne conway and of course the paper record itself. but his will be the main story and the other center piece of the trial the cross-examination of him. as you say he lied before. that's one of the reasons he went to jail and the attorney for trump, another indication he knows he's going to trial will go after him savagely for other l lies ostensibly as well. >> this is a new attorney that the former president has hired and taken on, yes? >> yes, and it's a relative recent -- she apparently already has gone in with a couple of colleagues to try to talk bragg out of it, so that means after cohen's testimony, that's the kind of last step and the path is clear to ask the grand jury

for a indictment. but she is someone known as a very strong in court trial lawyer. in these kind of stages sometimes you want someone who negotiates a deal, sometimes you want someone who frightens the prosecutors or tries to as a formidable courtroom opponent. she is the latter. >> how would an indictment play out here? we're talking about misdemeanor, felony charges. what are you seeing take place? >> so it gets a little bit legal but not that complicated. the regular crime -- and it's not by the way paying hush money. nothing against the law there. it's the misidentification and characterization of it as legal payments to cohen, which it never was, that to have misidentified it, that's a misdemeanor. but it becomes a felony if you do it to further another crime. what would that other crime here

be? a campaign finance violation is what we're hearing, and the notion is that 130,000 was to help trump's campaign because had her secrets been revealed, it would have been potentially catastrophic near the end of the campaign. that's an untested theory right now, so that's why people are saying and lawyers are saying it might be a bit of a challenge for bragg. but that's the important point, sort of a double crime, the underlying misnotification of the payment, add d to that in furtherance of an illegal campaign contribution. >> and that's given the potential here for jail time for the former president very low. >> well, yes and no. you know, the felony makes it something that would have an eligibility of four years. when and if we ever arrive at that point where he's been

convicted there's going to be all these, you know, dueling notions. and someone who's convict of that would probably see jail time versus what does this do to the country, et cetera. so if he's able, bragg, to succeed in this felony theory i don't think jail time is off the table. >> we know michael cohen served a little over 13 months. hairy litman, thank you so much. ukrainian and russian officials say russia has sustained heavy losses over the last 24 hours in the city of bakhmut. the intense fighting there going yard by yard. we have new details ahead. you've worn many hats, from past jobs in fact. now, you can trade in those hats to help earn your grad cap. ur past experience can help you earn your degree faste

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election is still 20 months away, but already iowa seems to be the place to be. former president trump will be in the state tonight, a state he won by the way in 2016 and 2020. >> and two of his republican rivals nikki haley and ron desantis were just there last week, so we have a lot to talk about, not to mention iowa has a lot to talk about. with us now jeff zeleny, cnn's national affairs correspondent who just got back from iowa, and honestly one of the best reporters on iowa. >> for sure. >> and ron brownstein senior political analyst and senior editor for the atlantic, one of the best people on earth. good to have you both here. trump lost in 2016 in iowa in the caucuses. but if you're talking about a republican primary, jeff, where do you think and based on what you saw things stand for the former president in the hawkeye state? >> there's no question many

republicans are open to an alturn. . really every conversation begins with they like trump's policies but they don't like his personality or behavior. we've heard that for years and years. that doesn't mean they wouldn't vote for him in a general election, but the primary caucuses come first. there are also many waiting in line right now in davenport who are eager to support the former president once again. so the party is divide. there's no doubt about that. but there is a sense of fatigue that hangs over virtually every conversation with republicans both in iowa and new hampshire, early states, and acrass the country they are ready to turn the page because they're ready to win back the white house. however, someone has to defeat president trump. he's not going to be defeated by himself, and that of course brings the challenge. >> so, ron, who are the potential alternatives iowans

have their eyes on? nikki haley was there and we saw governor ron desantis who has not officially announce but speculation he will in the coming months. what does that signal to you? >> the question about the iowa caucus is whether it is still this local grass roots -- remember the old "saturday night live" skit teddy kennedy folding the laundry back in 1978. and if it's the latter as i think it increasingly seems to be then clearly ron desantis is far above any of the other poenls rivals to donald trump. but even he faces the kind of rubix cube. donald trump did not reach 50% of the vote in any republican

primary contest in 2016 until he'd clenched the nomination. because he dominated among the blue collar half of the party and the white collar half of the party never consaolidated on a single side. lots of college educated republicans very dubious of trump, but his hold on that non-college side is still very formidable, and so it's something of a rubix cube to figure out how to assemble a coalition to get past him. >> how are these candidates differentiating themselves from trump, and how will trump try to differentiate himself from them? >> well, that is exactly going to be an interesting thing to watch this evening, what the former president does. because he is the one of course in the seat here. he's been watching what the florida governor has been doing. and last week governor desantis and former governor nikki haley were not differentiating

themselves from donald trump at all. they simply are different in the sense they're a new generation of leaders and different in their biographies and experience but they're not talking about the former president. we'll see if the former president talks about them this evening. one thing i also heard again and again is that republicans are very -- sort of weary and warning donald trump against bringing down other candidates at this point particularly governor desantis. so i think the former president has to be careful here, sort of walking the fine line and not being too critical, but that's what these campaigns are all about. the trump campaign has put out some endorsements this afternoon from iowa supporters. he's made several phone calls to senators and both chuck grassly and jody ernts.

>> does a potentially indicted former president have any impact positive or negative for him whether it's in iowa or new hampshire? >> i think the calculation has changed among republicans. i think that a year ago i think there was a broad sense if he was indicted it might actually benefit him in the context of a republican primary and a kind of rally around the flag, he's being persecuted by the deep state and all of that. i think after the mid-term election, it's changed somewhat. the principle argument against trump as jeff has been explaining among republican voters is not they dislike his policies, but view him as unelectable in part because of the disappointing results from many candidates trump endorsed. an indictment now rather being evidence of persecution many republicans might view it as evidence of the difficulty of electing trump. you have to say the essence of desantis' campaign he's offering voters trumpism without trump. he's basically saying i will be

as fierce a cultural warrior as donald trump is and won't be under threat of indictment for paying hush money to a porn star. it might be too close to trump himself what he's saying to consolidate that white collar side of the party more dubious to trump and much less he wins back the white collar suburbs he needs in the key states. >> and desantis is very popular there but he's not nationally tested whereas trump as we know is. jeff zeleny and ron brownstein, thank you. so our banking system is safe, that is the message from president biden to all americans. the white house stepping in after two banks collapsed in the span of 48 hours. we'll tell you what comes next. helping them achieve financial freedom. we're proud to servee people everywhere,

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ukrainian president volo volo volodymyr zelenskyy claims his military is inflicting heavy lo losses on russian forces in bakhmut. >> ukraine wherein military spokesman says hundreds of russian soldiers and been killed and hundreds more wounded. the founder of the wagner mercenary group, which has been at the forefront of the fighting admitted the situation is very difficult. so let's talk about this with retired u.s. army colonel peter

moneur. we a difference in opinion. the pentagon is saying ukraine retaining bakhmut for now is not really a tactical win for them and necessity, president zelenskyy saying the opposite. at what point does the cost benefit analysis change here in terms of just the amount of man power and ammunition ukraine is losing in order to keep hold of bakhmut? >> ukraine cannot get into a war of attrition and win, and this is what the pentagon is calculating. bakhmut has become a symbol for crew rain, a symbol of resistance to russians and so the ukrainian president want to maintain his foothold there. but at some point the troops he's losing, the amount of ammunition he's expending is going to be counter productive and they're going to have to drawback to more defensible terrain. >> where do you think, colonel, that ukraine will take the fight to the russians next, and how do

you think what happens in bakhmut might impact that? >> it's going to take some time to integrate all the equipment that the west has given ukraine especially the main battle tanks, which are really essential to creating combined arms formations that can conduct mobile offensive armored warfare, and once they do that later this summer, perhaps, then they'll be used in an offensive to regain territory. my guess is they want to use it on more vulnerable parts of the russian alliance which would be in the south somewhere between kherson and the donbas region, the area the russians only recently acquired and isn't as well fortified. in terms of bakhmut, it doesn't really have a role to play necessarily in the how the war is going to play out going forward. this is really an infantry

artillery battle, and ukraine is going to conduct much more fast moving armored operations. >> you know, i was listening to one military expert who returned from the front lines in bakhmut and said it this way. he said this has turned into a war of the mobilized and reserved officer, meaning both sides at this point more than one year in have lost their best trained troops. given that and given the anticipated spring offensive we're expected to see in the next few months how does that impact what we can see on the battlefield? >> yeah, so the russian army, it's mobilization has been less than impressive. it's using a lot of the wagner group mercenaries in the battle for bakhmut. perhaps 80% of them are convicts that have been promised money and commutation of their sentences to fight and they're being killed in vast numbers

because they're not being really well trained or equipped. i think ukraine has the better of it in this regard. their population is much more motivated to fight and to keep their freedom, and they're getting a higher quality of officer to join. and i'm not sure that ukraine has lost all the best of its officer corp yet. they're still sending battalions to germany to get trained by u.s. army forces there. so i think we're going to see a very high quality force emerge once these armored elements are created and integrated into the ukrainian structure. >> you mentioned the wagner group there, you both did. what has been learned do you think about how the russians have been trying to fight this war? there's been some dissension really between the wagner group and a proper military in russia. >> you could view the wagner

group sort of as the ss of russia, as the ss was sort of a private militia beholden to hitler. the wagner is sort of the same thing to putin. maybe without all the ideological. it is not particularly all that effective when you integrate these convicts into it. it was a very small group that did operations in syria and elsewhere, and it brought some combat capability into the ukraine war, but it's taking large casualties, and it's really hard to replace those. so i'm not sure that wagner group is going to be all that useful once it's been killed off in the battles that are raging now around bakhmut. >> retired colonel peter mansoar, great to have you on this afternoon. thanks so much. house republicans make their biggest move yet as they ramp up their investigation into hunter

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