♪ stocks of dozens of regional banks across the united states plunging to record lows. >> americans can rest assured that our banking system is safe. >> this follows his administration's emergency response to the sudden failure of two banks. >> they gambled with the money and they lost. >> this was preventable. pulled through better regulation and frankly better decision making at the bank. we're tracking very severe weather on the east and west coasts. >> in the northeast, a significant nor'easter is taking shape. >> flooded communities in northern california are bracing for yet another wave of heavy rain fall. >> our worst nightmare came through. we have failure at the levy. former president is making his first trip to iowa of the 2024 campaign and perhaps just days before criminal indictment in the stormy daniel's hush money case. >> ron desanctus. divided party heading into

the race for a gop presidential nominee. for the first time since the invasion of ukraine began, russian officials could be facing war crimes charges. reuters and "new york times" reporting the international criminal court is planning to open two cases and issue arrest warrants for a number of people. >> something that ukraine has been asking for for some time. ♪ in just moments labor department will release a key inflation report revealing just how much consumer prices rose last month. >> biggest thing to watch for is what the federal reserve is going to do. are they worried about the fragility of the banking system and being able to handle more rate hikes. ♪ good morning, everyone. welcome in to "cnn this morning." banks across america struggling with the fallout from the largest bank failure since the 2008 financial crisis. stocks of more than two dozen regional banks plummeted yesterday, even after president biden took emergency action to ease panic. we're keeping a close eye on wall street this morning to see if they bounce back or keep

sliding. credit ratings from moody's has now put these six banks on watch for potential downgrades. we saw long lines at silicon valley bank location after president biden guaranteed customers could get their money back following the bank collapse. >> all customers who had deposits in these banks can rest assured, rest assured, they'll be protected 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. >> we have an obligation with payroll. we have electrical business. and we have to meet payroll this afternoon. so that's why i'm here. >> everything is ensured. we're not worried. >> walking out with what i wanted. i'm going to go collect my chair and go home. >> in about an hour, new inflation numbers set to be released. federal reserve now facing a delicate balancing act of hiking interest rates to fight inflation while preventing the collapse of more banks,

christine romans knows all about this. she's our anchor and chief business correspondent. hi, christine. >> hi, good morning. >> can we talk about these -- the regional banks. >> sure. >> they seem to have been especially hit hard. what's the problem? what's going on here? >> real bruising there yesterday. you look at first republic, for example, down some 66%. here is the issue. some of these banks like first republic have a lot of deposits that are so big they're uninsured. above that uninsured level and worry that depositors will get nervous and move their assets some place else. you also have this issue with some banks especially regional banks and smaller banks that have put a lot of money into treasuries and securities, higher interest rates made them less valuable. now they have this disconnect on their books. unrealized losses on their books essentially. >> we have all been report especially you the fed looked poised to raise interest rate. does this affect their calculation. >> what a balancing act. i mean, already it was really tricky here for the fed. now they've got to look at recession fears. they've got to look at these

bank failures and financial stability and make sure that anything they do doesn't cause more breakage in the financial system. you have an inflation number coming out. inflation is still too high. and you got a very strong jobs market that's been also spinning off inflation. look, after the collapse of these two -- three banks really in the last week, now you have a bigger chance of no rate hike at the next meeting. look at this, most people think it will be about a quarter -- this is the fed future's market. but maybe only 25 bases points. so, the fed probably -- going thought is now will not tighten as much as it would have a week ago. >> yeah. they did not foresee this. >> no. >> as i say, if it ain't one thing, it's another when it comes especially now to the markets. >> absolutely. gets more and more interesting by the day. >> thank you. appreciate it. poppy? >> let's bring in sheila bear also the author of a children's book "money tales." also really related to this is the fact that you were at the helm during the 2008 financial

crisis, washington mutual, et cetera. so you have great experience in this. thanks for your time this morning. >> sure. >> do you expect more bank failures in the coming days? >> well, it's not clear. i hope not. i think at this point you're managing more fear than bank insol vansy, but if, if you have a deposit run and the bank can't raise cash fast enough to meet those deposit withdrawals, then the bank has to be closed. so hopefully that doesn't happen. i do hope people keep their head. i think most of these regional banks are probably just fine. it concerns me everybody is kind of getting tagged with the same problems that silicon valley bank had. that was an unusual situation. very poor interest rate risk management and very heavy reliance on sticky -- non-sticky volatile uninsured deposits. >> wouldn't the new federal lending facility prevent against having a capital raise that was successful?

>> it should help certainly to the extent the problem is that they have these whole to maturity securities that have lost market value. if they can keep to maturity there's no loss. if they have to sell them for deposit run, they will have a l loss. so, yes, they're able to post these securities with the fed and get the full amount of their par value in advance for a year. that should help, yes. >> why wouldn't the regulators know or do the regulators know right now if all of these other banks that are under pressure, like first republic, manage their interest rate risk the same way or mismanaged that svb did? wouldn't regulators know that? >> well, i hope so, yes. banks, especially these larger banks, regional banks have fairly intensive -- continual examinations by bank supervisors. one would hope that. i'm sure they're doubling down now and very closely looking at all these banks.

any bank with the large percentage of whole to security maturitiies we're talking about. this is not a problem unique to regional banks. if they have sticky constitutional deposits, those loyal constitutional customers, they should be fine. i do think fear is the big problem now, not so much banks have sol vansy trouble. >> unfounded fear? >> well, you know, there's, there's a lot of data about banks. i don't see anything from a solvency standpoint. i don't see any pervasive problems in our banking system. i do think regulators need to be careful how they communicate this just by the fact that they made this very unusual and very extraordinary determination. it's desettling a little bit. what's going on? is it really that bad? but if they're worried, if they are worried about uninsured

deposit runs and do something that protects them all. >> you said this weekend to my colleague matt egan that the fed should pause raising interest rates, meaning they should not raise rates at all. >> right. >> next week. what happens if the fed does raise even 25 bases points next week? >> right. well, 25 bases points would probably be less bad. i do think they should hit pause. i said that last december. look, i'm an inflation hawk. i've been arguing for normalizing interest rates since 2010. i have not liked this extended period of loose money, of cheap money. but, you know, if you look at where they started, they've raised rates by 6,000 percent. they started at .08 and now 4.5. they need to hit pause and see what the impact of this will be on the financial system and the overall economy. so, yes, i do think that would be prudent. they can tighten later, but now they need to stop f they need to. now they need to stop and

assess. >> many fingers pointed many directions, many at the 2018 roll back of part of dodd-frank, basically raising the bar for when a bank is considered systemically important. a lot of these banks of concern fall below that $250 billion asset threshold. elizabeth warren said no question that roll back is to blame for these collapses. are you so sure about that? >> well, i don't agree with -- some of those reforms i supported. some i did not. i think the problem here is that the smaller banks for the securities they hold they say are available for sale. now, everybody whole to maturity meaning you don't want to sell them until they mature, you don't have to mark them, you don't have to realize the market losses against your capital. but if they're available for sail, a different designation, the smaller banks can opt out of marking them. the larger banks have to mark them, deduct from capital. the small banks don't have to. so, yes, that may have been a factor here, but again,

tremendously respect elizabeth warren and agree that needs to be fixed, but i don't think that implies there's some broad problem because of deregulation with regional banks. i just don't see that, no. >> final question. you're a republican and we're hearing from a number of republicans including ron desantis, josh hawley who are pointing to the diversity equity and inclusion initiatives that silicon valley bank or their esg, i see you roll your eyes there, and they're saying they were focussed on that and desantis says they were not focussed on the, quote, core mission of the bank. any credence? >> yeah. so, i guess you know both sides -- let's not politicize this and have agendas on regulation or esg or whatever. svb, silicon valley bank, did a really poor job of managing its interest rate risk. it was mismanaged. and it had an unusual deposit base. those are things that make it a bit idiosyncratic in terms of the larger system. not to say other banks may have

issues. fear and driving uninsured deposit withdrawals is the big problem we have now. let's not politicize this. that's really not helpful. let's focus on what the real problems are. >> sounds like you don't think that's it at all, right? >> no, i don't think -- no. that's the first time i've heard of that. >> they're talking a lot about it. sheila bair, thank you very much. >> sure. happy to be here. great perspective on such a key issue here. also this morning, we're tracking something else going on across the country, a huge nor'easter that is now packing heavy rain, snow, dangerously strong winds as it is ramping up across new england and new york. massachusetts winter storm watches are already in effect. snow totals might reach two feet with wind gusts already up to 45 miles per hour. more than 94,000 people are without power already throughout the northeast this morning. cnn's derek van dam is live in massachusetts, tracking all of this. derek, last time we checked in with looked a lot more like

rain. now clearly the snow is coming down there this morning. what are you seeing on the ground? >> reporter: yeah. this is what i signed up for, kaitlan. big, fat snow flakes. a true nor'easter starting to set in here in worchester, massachusetts. what you're looking at behind me is a salt barn. we have seen this dump truck filling literally trucks and trucks full of salt and brine, ready to treat the roads. my camera pan will pan around to our vehicle here. you can see how the snow is starting to accumulate. the reason i show that is because this is the hairline precision of forecasting these nor'easters. it is a matter of miles. you go further towards boston and to the east, it is raining heavily. we'll take you to laguardia where they currently have a ground stop at the moment because of the rain. now starting to transition to snow. but here in worchester, it is all snow. i don't see it changing back to rain any time soon because we are on the cold side of this storm. now elevation here 500 feet.

the real concerns that i've got, bring up the radar, you'll see that distinctive rain/snow line. snow in new bedford, no in hartford, but worchester north ward into the berkshires as well as the catskills, this is where we're anticipating the 1 to 2 feet. but this is a very heavy, wet snow. you can just see by the nature of the size of these snow flakes. so when this piles up on power lines and the various trees around the area, you combine that with 50 miles per hour wind gusts and that is going to start bringing down the electricity. we already have those numbers rapidly rising at 90,000 across new york state and other various states across new england. we expect that number to continue to grow as this nor'easter grips new england. we'll have reports from all over this area. >> derek van dam, stay warm. we'll see you soon. a notable shift from florida governor ron desantis on a key foreign policy issue. we're talking about ukraine here. why this puts him closer to former president trump. also, just releasing this

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♪ florida governor ron desantis is now providing the clearest indication yet of where he stands on a major foreign policy issue. desantis telling fox news's tucker carlson he disagrees where most in his party are in ukraine, putting it this way. saying, quote, while the u.s. has many vital national interests, skurg our borders, addressing the crisis of readiness with our military, achieving energy security and independence and checking the economic cultural military power of the chinese communist party, becoming involved in aat territorial dispute with russia and ukraine is not one of them. desantis has not announced he's running with. put that in context with what desantis said back in 2015. this was after russia illegally annexed crimea. he was then a congressman and this is what he said at the time. we in the congress have been urging the president, referring

to president obama, to provide arms to ukraine. they want to fight their good fight. they're not asking us to fight it for them. and the president has steadfastly refused. i think that's a mistake. >> and governor ron desantis, former president trump's most frequent target on the campaign trail in iowa. so cnn's kristen holmes live now in davenport with more on this. kristen, good morning to you. how did trump's first iowa stop go, full of jokes, i'm sure. >> reporter: good morning, don. well, this was really the first time we heard him go after desantis by name in a speech since he announced his candidacy for president. usually he saves that for his social media page or for these one on one interviews. and i will say that while it was a very enthusiastic night, the response to those criticisms of the florida governor was a little bit lukewarm. it was clear from people that we talked to that while they like trump and maybe they like trump better, they still like florida governor ron desantis. but one thing was very clear in

the last two days we spent here. we talked to people. we saw the crowd last night. it was a packed house for donald trump. and, of course, those cnn poll numbers, donald trump is still a huge force in the republican party. >> reporter: former president donald trump taking aim at florida governor ron desantis in iowa. >> ron desantus. >> reporter: during his first trip to the crucial early state since announcing his third white house bid. >> ron was a disciple of paul ryan. who is a rhino loser who currently is destroying fox and would constantly vote against entitlements. >> reporter: at this early stage, desantis is widely seen as the former president's chief rival for the gop nomination. >> ron desantis strongly opposed ethanal. do you know that? and we don't even know if he's running. but i might as well tell you, if he's not rung, i will say he was

fine on ethanal. >> reporter: the florida governor has yet to announce a presidential run. earlier in the evening, trump setting his sights on another potential 2024 hopeful. his former running mate, while seeking to deflect blame for the violent attack on the capitol on january 6th. telling "the washington post" that mike pence was at least in part to blame for the events that day. saying, quote, had he sent the votes back to the legislatures, they wouldn't have had a problem with january 6th. so in many ways, you can blame him for january 6th. trump's comments in response to the former vice president delivering his sharpest rebuke yet of his former boss in a private speech during an annual dinner in washington, pence telling attendees, quote, i know that history will hold donald trump accountable for january 6th. trump becoming the latest 2024 republican hopeful to visit iowa. >> the agricultural industry should be treated just like the manufacturing industry. >> we said we are going to go on offense. i'm going to find issues.

>> reporter: as the 2024 gop field begins to take shape. a new cnn poll showing that the former president still remains a leading figure in the party. 40% of republicans and republican-leaning independents said they would most likely back trump for the gop nomination when given a list of nine potential candidates. compared to the 36% who chose florida governor ron desantis. the only two to reach double digits. with former vice president pence and former u.n. ambassador nikki haley at 6% each. >> and don, of course it is important to note that this is still very early. obviously the former vice president as well as the florida governor have not even announced that they are going to be running for president. even though, of course, that is anticipated. but this is expected to be a very crowded gop field. and it's expected to be a very busy next year and a half. don? >> right on that, kristen. yet here we are covering them. thank you so much.

i wonder if we should make -- unless they declare, should we not talk about them as if they are running? you know what i'm saying? until you declare -- >> 36% of people in that poll want -- >> we could have done that last year or the year before. >> kind of reminds me of what trump said last night. he was saying that desantis is bad on ethanal. he said, but unless he doesn't run for president i'll say he's good on ethanal. >> we got a fourth guest to the table. >> hi. he is cnn political analyst and national politics reporter for "the new york times" as well. good morning to you. >> good morning. i also loved that trump line on desantis. just showing how transactional his politics really is. >> so i said what are you hot on? >> i think that this presidential race is really turning up to another level. over the weekend we had that back and forth between former president trump and mike pence, which is not new, those lines of attack. president trump has been blaming mike pence wrongly for the attacks on january 6th for

years. he was doing that on that day. publicly doing it privately. but we have now seen vice president pence ramp up his kind of positioning as he gets closer to the presidential race. he took out a kind of pro-ukraine position, which obviously cuts against some of the republican electorate. and now with that gridiron, replacing washington, d.c. where there was going to be a lot of media folks there, he ramped up those attacks donald trump and democracy. i think this is someone on vice president pence side who may have been trying to pick that fight with donald trump, draw him into the race growing his own lane, growing his own position as he heads into 2024. the race is definitely turning up. >> it certainly is. part of that with the pence calculus of why he did that is now other republicans are going to get asked about their view of january 6th and if trump will be held accountable that day. trump's response, i want to go back to that for a moment because i don't think we focussed on it enough here this morning which is he is blaming mike pence, saying that the actions he did not take that day is why they was january 6th.

that's what he told reporters on the plane to iowa. that's the same argument john eastman made to pence's counsel saying this is your boss's fault because he didn't do what we wanted him to do. that's why we're seeing this level of violence. >> exactly. from that day all until now, despite all of the evidence that's come out, despite the facts, donald trump and those around him, the hardened trump base, has not changed their position here. they still blame mike pence for those actions and not sending the certification back to the state legislatures, something pence did not have the authority to pull off on that day. and so, when i was just at cpac, again a representation of the hardened, collective trump base, this is still the line of attack on pence. they are defending the rioters january 6th. actually saw folks in shirts that were really supporting those people, making sure they went up to people who talked on the stage, making sure they pulled marjorie taylor greene

over to the side. making sure that that issue stayed in the consciousness of some of those people. and i think there was an interesting split screen at cpac actually which speaks to this point from the stage, you did not really hear election denial january 6th come up that much. but among the people there, it is still a driving topic. that's why you see donald trump still reflecting that language against mike pence. >> is it hypocritical of mike pence to now make these statements? >> absolutely. >> made at gridiron, refuse to testify, refuse to talk to the january 6th committee. everyone -- not everyone, they're saying, mike pence not so fast. they're also talking about what they call his homophobia, right? >> yeah. >> not so funny at the gridiron dinner. this is what he said about pete buttigieg, the infrastructure -- the secretary here, says, when pete's two children were born, he took two months maternity leave whereupon thousands of travelers were stranded in airports, the air traffic system

shut down, airplanes nearly collided in mid air. pete buttigieg is the only person in human history to have a child and all of the rest of us get post partum depression. he said that on saturday. of course the white house speaking out. you can put up the response. basically saying he should apologize and that he treated women suffering from post partum depression as a punch line, not the mention the homophobia of that joke. what do you make of that? >> yeah. this was something that also came out of that dinner. we know the gridiron is where politicians try to make some jokes, barb on the other side. this one didn't land. we saw the white house and specifically pbuttigieg say they're looking for an apology from mike pence. i think which speaks to overall tricky line that mike pence is walking. to your point, he is trying to speak more out against donald trump and his -- january 6th. but at the same time, there is the block of those subpoenas. there is the endless cycle of questions that are now going to come. if donald trump is responsible for january 6th that opens up a

whole set of questions now that mike pence should be open to answering. and so this is actually the difficulty i think in running in a republican primary and you kind of do this attacks against donald trump because mike pence does not want to turn himself into a liz cheney-like figure. he does not want to turn himself into someone who does not have credibility or standing among the republican primary. he wants to stake out a middle of the road lane. that's difficult to do because, to your point, the race -- the criticism of donald trump is often a race to the bottom because there are so many things you can ask them about. >> all right. thank you. >> thank you. >> thanks. this morning, china is responding to a new deal between the u.s. and the uk on australia. why they say it could cause an arm's race. ♪ and effortlessly responds to both of you.

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♪ in what is a clear challenge to china, president biden there you can see him yesterday announcing a major new plan to supply australia with

nuclear-powered submarines in what what is probably his administration's most aggressive move yet to counter china's growing influence in the region. there's president biden joining his british and australian counterparts at a naval base in california. announcing plans for australia to get its own nuclear-powered submarines early next decade. >> as we stand at the inflection point in history, where the hard work of promoting stability will affect the prospects of peace for decades to come, the united states can ask for no better partners in the indo-pacific where so much of our shared future will be written. >> this morning, china says the deal goes down what they call, quote, a dangerous road and will only stimulate an arms race, according to the chinese. cnn's natasha bertrand joins us now. obviously that's a very strong response from china. we're not surprised because this is such a big move from

president biden. >> reporter: that's right, kaitlan. look, china is not mincing words this morning. they're saying they believe this is going to stimulate an arms race and that this represents a new, quote, cold war mentality by the u.s., uk and australia. but look, u.s. officials did expect this because this is a deal between the u.s., uk and australia that is essentially aimed at countering chinese naval dominance in the indo-pacific and will see the u.s. provide australia with three nuclear-powered submarines by the year 2033 and also use british and american technology to create their own submarines by the 2040s. china clearly not happy about this because it is also aimed at deterring a potential chinese invasion of taiwan. u.s. officials, of course, expected this reaction from china. there have been a number of irritants in the u.s./china relationship recently from that spy balloon that was shot down over the united states. of course, to warnings by the united states that china is potentially thinking about arming russia for its war in ukraine.

also, the u.s. and china have not spoken in many months. lines of communication, particularly between the military leadership, between the two countries, has essentially been silent. so the u.s. has been trying to reopen those lines of communication, despite, of course, these efforts to counter that naval dominance of china in the indo-pacific. what we're hearing is that the white house remains pretty optimistic that that communication will be reopened now that china's national congress has essentially closed giving xi jinping the president of china more room to speak to the united states. and they're hoping that president biden and xi will have a conversation some time in the near future, kaitlan. >> yeah. we'll see what that looks like. coming as china brokered that deal between iran and saudi arabia. thank you. dozens of ukrainian troops are wrapping up their training in spain on the leopard 2 tanks. western allies agreed to send to help ukraine in its fight. this is part of the coordinated

effort with spain, norway, polandened portugal and the netherlands to supply kyiv with 80 leopard 2 vehicles. our next guest is a u.s. army veteran who has been fighting along ukrainians since the beginning and sharing his experience with us from the ground. we're happy to join popovich join us here. he is back in the u.s. for the first time since the start of the war. mira, thank you. we appreciate you joining us. good morning to you. >> thank you. >> you're heading back to ukraine tomorrow. your assessment of where you think this war is one year out. you've been fighting for a year. >> yeah. well, you know since day one, i think the whole war was giving us, two, three days. and here we are. one year later and we are fighting back. and our armed forces have liberated much of a tierritory. it's still a long way to go. we're on the right track. of course with the sport of

europe and thei united states wo cherishes the freedoms and the human rights with all that help, we are on the right track to end this war as soon as possible. >> you've said you're surprised that it's still going on, even this long. we hit the one-year mark and talked about what that meant. what is it like being on ground there? you're going back as don said. what is it like there? >> well, you know what, i can say it's horrible and it will be the right statement. but we as humans, we get used to anything. and probably one year later i get used to seeing horrible and tremendous things, being under fire. you get used to this. but it's not normal, obviously. but, it is -- i tell you this, i want to -- it is amazing to see how united ukrainians are and the whole world around us. to see from any -- i've been to

kharkiv, kherson, kyiv, all these cities. everywhere you see people united. it's amazing. yeah. >> why did you come back? >> to the united states? >> yeah. >> i have to file my taxes. i'm a united states citizen. i haven't filed my taxes in '21. i have to file for '22. and my driver's license was expiring. my u.s. passport was expire. this has been a long time. so i had to come here and, you know, do those things. and the other thing is andre, the pink floyd guy, the guy who sang with pink floyd, we're on the same team. so, he came here with a tour, with his band boom box to raise money for ukraine humanitarian and military aid. i'm here helping him out as well. >> one big thing we have been talking about here this morning is the politics at home and support for ukraine.

because we heard biden and the admin talk about supporting ukraine as long as it takes. but ron desantis is someone who is expected to enter the republican race. he is polling the closest to trump of anyone else. and he said last night he doesn't think that the u.s. should be involved in what he called a territorial dispute between ukraine and russia. are you worried about the future of politics here and how that affects support for ukraine? >> what's this guy's name? >> ron desantis. >> ron desantis. >> of florida. >> yeah, yeah, i heard his name, yes. well, i want to let him know that this is not the territorial dispute. russia is -- has invaded ukraine to destroy, demolish, rape, kill and it's not a territory dispute. so hopefully this guy doesn't win. but what was the question again? >> just the concern about what the support could look like and the u.s. commitment. >> oh, yeah. >> broader commitment to

ukraine. >> of course. you know, the united states supports ukraine very much. and i am concerned if the support will stop. it will be harder for us because we already paid the highest price, the ultimate price. tens of thousands of people died. i've seen cities demolished. for instance, city of kharkiv, 10,000 people live there, is demolished 100%. there's no more -- city doesn't exist anymore. so, this is not a territorial dispute. this is life or death. so, someone said, if russia stops shooting, there will be no war. if ukraine stops shooting, there will be no ukraine. so, that's exactly what's happening. >> before you go, can you tell us about your shirt? >> oh, this shirt. >> i asked you during the commercial break. >> this is st. javelin shirt. props to st. javelin.

i think it's st. mary holding a javelin. the protector of ukraine. >> which obviously has been critical for ukraine. >> yes. >> miro, be safe. okay. we thank you for joining us. >> thank you for coming before you go back. okay. also this morning, what we are tracking. poppy, go ahead. >> in 2018, bipartisan vote lawmakers eased regulations for some banks. now lawmakers are trying to make sense of silicon valley bank's collapse with stricter regulations have prevented that. we're going to be joined by alabama senator doug jones about his vote five years ago on that. what he thinks now. that's next on "cnn this morning." ♪

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♪ this is the second largest bank failure in u.s. history since the collapse of washington mutual in 2008.

it's 2008 all over again, baby. banks are collapsing. flip phones are back and hillary clinton has the nomination locked up. >> well, president biden is trying to reassure people that their money is safe following the failure of silicon valley bank. steps are being taken to help depositors, many are looking ahead, fearing other smaller banks could soon face the same fate. let's hope not. so joining us now, doug jones, former u.s. senator from alabama, the great state of alabama. and counsel which represents banks and saving and loan institutions among other types of clients. perfectly perched to answer questions regarding this and other issues. thank you. good morning to you. >> good morning, don. >> first up, i have to ask you, 2008, you were one of 17 -- 2018, excuse me. i have 2008 on my brain. 2018 you were one of 17 democrats to vote with republicans to ease regulations on smaller banks. should silicon valley banks have

been under the same rules as the big banks? if those rules were not rolled back, would that have protected svb or signature bank from bailing? >> you know, don, i think it remains to be seen right now. we're in this thing in the first three to four days here. and i think the president said it best yesterday in that we have got to do a full accounting. i think the administration, treasury, fdic, the fed the occ, and the banking committees in both the house and senate need to really figure out what's going on about this. i think the 2018 bill was a good bill. it eased some regulations, but most of dodd-frank is still there. but like everything else, nothing is sacred in that bill. they need to look and see exactly what happened and try to react accordingly. there needs to be changes, they need to make changes. >> you don't regret supporting the bill? you don't feel responsible for any of this? >> no, i don't feel responsible for this. you know, don, legislation is there for trying to deal with

circumstances that existed in the past and trying to do your best to look forward. there are thousands of banks in this country that i think are fine. i don't think our banking system, every economist that i've been seeing since our banking system is strong. there's liquidity in the market, in these banks. so i don't think that that is a systemic problem across the board here. but, again, that legislation, like so many other pieces of legislation that gets passed in the moment needs to be reviewed. circumstances have changed including how people can remove their money. >> okay. so then -- would you not support the bill now? >> again, don, i don't know what the call -- all the causes. we have seen this. i don't think you can simply throw the baby out with the bath water right now and look at one piece of legislation five years ago that caused this. regulators are still out there. the bank has certain responsibilities. let's get the cause of this and see. and then we'll try to adjust

accordingly. hopefully congress can get together. >> okay. i get what you're saying. i could pressure you more on this but u i want to move on. the former president mike pence had really harsh words for his former boss saying that history will hold donald trump accountable for his actions inciting the january 6th insurrection. why would he criticize trump like this now when he is fighting every investigation to talk about and try to figure out to get to the bottom of what happened on january 6th? >> you know, don, i think he's making a purely political calculation at this point. purely political. you've not seen that kind of language coming out of the former vice president since this time. his life, his family's lives were on the line on january 6th. you did not see him kind of denounce the former president in such a very difficult, harsh way. but i think it's a purely political calculation as people are gearing up toward the 2024

run and as people are seeing the vulnerabilities of donald trump as a candidate. they're just kind of jumping on this a little bit. and i think he is trying to define a lane for himself and quite frankly set a standard for other candidates. it's going to be interesting to see how ron desantis and nikki haley and chris christie and glenn youngkin or whoever else is going to run in that primary react. and if they're going to have the same kind of language because they're still fighting for that maga vote. >> some of whom have supported election deniers as well. i want to talk about now with the fbi -- >> absolutely. >> -- big issue. the fbi according to the latest data, hate crimes increased in 2021 to unprecedented levels. there were more than 9,000 reported incidents, which is 11.6% numbers? >> you know, don, i am going to be very candid about this. i am not surprise. i see the rhetoric of politicians, particularly on the

far right, the hateful rhetoric, the bullying rhetoric and it gives rise to that guy you up in an era of jim crow. so much violence in the south in the past because of the rhetoric of governors and politicians across the area. and there is a direct correlation. i have been saying that for many, many years. there is a direct correlation sometimes between the rhetoric of our public officials and the rise of hate crimes. they feel like they can get away with it and we are seeing that across the country and it's frightening. i think people need to dial this back and understand that their words have consequences and they can still make their political points without having to do -- so in a way that is going to ep gender violence. that happens. i think people out there see and hear things differently. sometimes they hear a politician give them a green light to do things that are absolutely violent and against the law and we have seen that rising over

the last four, five years, particularly with donald trump as president of the united states. that kind of rhetoric went to a crescendo level. >> the reason i ask is because you prosecuted a case more than 20 years ago which was for the bombing at a black church in birmingham, alabama, that killed four little girls in 1963. doug jones, appreciate your time. thank you. >> thank you. meanwhile, the northeast is bracing for heavy snow and dangerous winds. we will take you live to massachusetts as officials are responding to the first nor'easter of the season. and they graduated college, they make their own money but they are moving back in with their parents. we will talk about this growing trend ahead. >> have you seen the rent prices out there? >> something that used to be almost embarrassed or ashamed of but not anymore. >> living by yourself is almost impossible. with flonase, allergies don't have to be scary.

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they left for college. then they came back home. there is a growing number of young folks who have moved back in with their parents after graduation even though they started their careers, they are making their own money. gabe cohen reports. >> yeah, it feels like home. >> reporter: grace shows her massachusetts home. >> this is my childhood bedroom. >> reporter: her parents' home. >> this is my mom's office. >> reporter: the 24-year-old moved back after college and hasn't left even though she is now making close to six figures running her own contenting marketing business. >> it's been huge. i have been able to completely save an emergency fund. i have put a lot of money on my student loans. i have a bigger gown payment for a future home. those are important to me and make living at home make more sense for me. >> reporter: she posts about it on tiktok. >> have you seen the rent prices out there? >> reporter: she is not alone. >> living by yourself is almost

impossible. >> reporter: millions of young adults moved home during the pandemic and vngt left. >> i used to be ashamed of, but not me more. >> reporter: 50% of adults 18 to 29 years old were living with their parents according to pugh. down slightly from 52% at the peak of the pandemic. the most since the great depression. >> i would say most of my friends are actually living at home with their parents. >> reporter: housing costs are a key reason. the average rent nationwide $2,000 is 26% higher than at the start of covid and only rising amid this high inflation. >> i can't be financially stable if i want to go out and living on my own. >> reporter: 23-year-old christine has lived with her parents in a minnesota suburb since finishing college. renting her own place, she says, could cost half her marketing salary. >> i feel kind of like in a stagnant position.

>> reporter: what is your plan as of now? >> i am hoping to move out in august but that depends if i find roommates. >> reporter: then there is student loan debt. >> the goal is to just clear that out as quickly as i can. >> reporter: 26-year-old john, a pharmacist in michigan, moved into his parents' basement after finishing grad school with $180,000 of student debt. >> it has been a minimal list lifestyle. i saved 80% of my net income. >> reporter: when will you clear your debt? >> late fall. >> reporter: are you getting antsy? >> slightly antsy. i do feel like 2023 would be a good year fov out. >> reporter: many americans don't like this trend. 36% say say more young azimts living with parents is bad for society. 16% say it's goodrd coming to pew research. >> i have been called a fraud and a free loader. >> reporter: grace's mom had a different take. >> if she is in a better position, that gives us peace of

mind and when we get older if we need help she will be in a better position to help us, right? >> if you go on social media on tiktok you will find plenty of young people posting about how they can't or they won't live with their parents for any number of reasons. there is a new study that was published in england that found mental health actually improved for young adults when they moved home as they were escaping a poor living condition, which as we are seeing in many cases caused by inflation, housing costs, all of these really, really big costs right now. >> isolation, loneliness. what do you do when you are feeling down? you call mom or dad. >> yeah. >> that was great. thank you. "cnn this morning" continues right now. ♪ ♪ all customers who had to deposits i