remember, the fdic covers $5 the 0,000, so there's going to be -- $250,000. there's going to be some bombshells, but the real moral of the story is many of the depress to haves and silicon valley itself has a blinded side. especially over the last ten years, the riches that have been showered on silicon valley made them even cockier. there was no due diligence on sam bankman-fried. there was no need to take money out of this local bank, what could go wrong? silicon valley, famous for their lexicon, just learned a new word, two of them, comeuppance and humility. i hope they is stick with it. cheryl casone in for liz claman. cheryl: charles, thank you. that's right, we're going to continue to keep on this as we watch that bank and those bank shares. the markets really have -- the bears have taken over, they really have sunk their claws firmly into the final day of the trading week as financial sector

woes and a headline-grabbing jobs report leading to volatilitied today. right now, as you can see, the dow jones industrial is down by 222 points. now, we are off of session lows, pretty substantially. the dow was down 471 points at one point. so we shall see in the trades, if the these numbers actually hold for the rest of the hour. s&p is down 41 is, nasdaq down 159. now, the focus is on the banks today. the fdic taking control of silicon valley bank after shares tumbled thursday and this morning in the premarket when the bank announced plans to raise more than $2 billion in capital in a bid to rye to offset losses from bond sales. well, the shutdown marking the biggest bank failure since the global financial crisis. "wall street journal" reporting the bank is seeking a bayer after concern buyer after the ender canceled a plan to shore up its finances. the ceo making phone calls, those phone calls in vain at the

end of the day. regional banks, by the way, really getting hit as welch on the news. first republic in particular, as you can see, that is down more than 12%. and then taking a look at other regional names, it's kind of the whole group that's e getting hit right now. signature zion, huntington bank shares, truest financials. all across the board, you do have red for the banks. so the the big banks which winded out $55 billion in combined market cap yesterday -- 52 billion, but, you know, 55, 52 the, we'll go with 52, as you can see right now jpmorgan chase a little bit on the upside now, a little bit better, more than 2%. this is a different the story than what we had earlier. citigroup, bofa, morgan stanley and goldman still in the red, but the story is changing. and overall, as we just mentioned, the dow jones is only down 276, and at one point we were down 471.

so a little bit of a comeuppance. we'll see how we go as we move into the final 58 minutes of trading, see who's comfort bl in what positions. okay. the other big story, the economic story, the much-awaited february jobs report showing payrolls increased more than expected last month. while the unemployment rate unexpectedly rose. but investors focused on the smaller than expected gain in wages. it was that wage story that really got at lot of attention. that could cause the federal reserve to rethink more aggressive rate hikes, and in particular that that that is going to lead to a quarter-point hike, not a half a point hike at this month's meeting. okay. flight to safety leading to a drop in the treasury yields. with the 2-year yield setting a course for its biggest 2-day drop since september of 2008. okay, all of this volatility has wall street's fear inconnects on

steroids the week. -- index on steroids this week. the vix up 39% week to date, it hit a 2023 high today. so that's been another big story we're following. let's get right to our floor show. rbc's head of u.s. bank equities strategy gerard cassidy and trader keith fitzgerald. keith, i will start with you. your overall thoughts between the jobs report and, of course, silicon valley bank and the contagion a that has spread through the financial sector. >> well, what's a bank implosion and a few trillion dollars between friends, right, cheryl? everything is wrong with the financial system all rolled into one. you've got highly leveraged stuff, silicon valley's arrogance being ground to a halt, ricochets through the system. it's like throwing a stone in the water, only the time you got to watch the ripplings. charles: cheryl: all right. that's an interesting way to put it. gerard, your take? >> what we've seen here is obviously something that's quite dramatic. as of wednesday afternoon, there

was no signs of any problems with silicon valley bank, and here we are friday and the bank is insuggest -- insolvent. shocking how fast this happened. but it does show very clearly that the problem that they ran into the last time we saw it was back in the early 1980 when the fed moved as aggressive by are -- with rates when banks were caught on the wrong side of the trade like silicon valley. silicon valley was long duration on the asset side, and they funded it with hot money, variable rate money which as soon as the first cracks showed up, apparently it left the bank and that's what's caused this problem. very unique to this bank. most banks do not run their banks this this way, especially the big banks in this country. cheryl: well, again, that is the story for those that are just kind of catching up on the news today. again, as the fdic takes the them over, fact that they were, keith, they were too aggressive with their bond portfolio.

they were basically, and this is a classic run on the bank, but they were so focused on investing as a bank, profits for the bank that they weren't really focused on deposits, they weren't really focused on their customers, and that is where this all seems to kind of have unraveled. also their customers, to be clear to the audience at home here, technology start-ups, vc companies. already you've got an aggressive industry and a technology industry, keith, that's also been facing massive layoffs. >> welk exactly. and that's the point, you know? banking, when cone correctly, should be boring. it should be like watching grass grow and paint dry. [laughter] the fact that these guys went off and lost that compass is very significant. you know, the sec is busy regulating all kinds of things, but what it should have been doing is focusing on banks like this one because, again, this is going to -- there are going to be repercussions for a long time to come because of this. there's going to be a lot of questions asked, a lot of names are going to come out, and i think it's going to rewire

silicon valley which, if i'm to say anything about it, is appropriate. cheryl: yeah. and also ooh the, gerard, i was looking at your notes and your research from rbc, this is an opportunity, you say, to buy the big banks which i think is a very interesting comment. you say the sell off yesterday you had the four big banks lose $52 billion. you and your analysts, your colleagues say now is the time to buy, and you might maybe see some buying as we move into the end of trading today. >> actually, that's what we're seeing. it's interesting, and you pointed it out in the hope -- opening, that jpmorgan's up today. and i think what investors are finding, the dedicated bank stock the investors recognize that this problem is unique to silicon valley, and there may be one or two others, but this is not a systemic problem like '08 and '09 was. ful this bank with was very different than the average bank. and one of the key metrics, and

you touched on it, core consumer deposits are so critical in this kind of environment. and silicon valley had 2.5% of their deposit mix in core consumer goes sents. your typical big bank has anywhere from 30-50% of deposits in this core consumer deposit area which are very safe, very sticky and don't run out of a bank at the first sign of stress. very different than the silicon valley makeup, and that's why we think on these types of, the downdraft from this problem, this is the time to buy quality names like jpmorgan chase, bank of america mmt bank, many of these. cheryl: keith, last word to you with. i do want to switch gears over to the jobs report for the month of february. we didn't get that big january revision that a lot of us were expecting, myself included. but at the same time, we kid get an interesting headline, and the focus really became on the

wages. wages rose 4.6% annually below the forecast, a little bit higher from january. so it really is that story as we look at 504,000 jobs, you know, that -- well, that was for january. but for february, 311,000 jobs, and the unemployment rate ticking up to 3.6%. but back to that wage story, the wage story, to me, seems to be pushing the narrative now that we're going to get a quarter point hike, not a half a point hike, at the meeting in this month for the federal reserve. your thoughts? >> to call me skeptical would be an understatement. i think we're going to see a half because to me a point does not a trend make. i'm leery of that narrative surfacing like it is the again today. cheryl cheryl you know what, gerard? last word, for fun. [laughter] >> i would say the final word is that the, yes, this is tragic for silicon valley shareholders, tragic for many of their employees, but we're going to

get through it. this banking system is very resilient. we have made significant changes since the financial crisis, and you know that the federal reserve is standing on guard. if something was to break, they will simply step in and make sure they provide liquidity, but the system is well capitalized, plenty of liquidity. this is an outlier. the system can handle it, we certainly don't want to see this continue, of course, but i think we'll find out a month from now when we look back that the system handled this very effectively. cheryl: there we go, final thoughts from both of you. gentlemen, thank you very much. we appreciate your time on this friday afternoon as markets approach the final 50 minutes of trading on the friday. on this friday. well, president biden's budget proposal leaving wall street and main street reeling. will this tax proposal hit the bull's eye? hit's a good word for some of those proposals, right? and the deadline to file individual tax returns is just

over a month away. coming up, we're going to talk to a tax expert on the best filing practices, recent rule changes and how to make the most of your returns. "the claman countdown" is coming right back. ♪ ♪ with a majority of my patience with sensitivity, i see irritated gums and weak enamel. sensodyne sensitivity gum & enamel relieves sensitivity,

helps restore gum health, and rehardens enamel. i'm a big advocate of recommending things that i know work. steppe gold, mongolia's premier precious metals company, is an action-packed expansion story, expected to deliver superior returns to shareholders. steppe's low-cost production is steadily growing at their flagship site, projected to be more than 100,000 ounces of gold annually. the company's fast-tracked phase 2 expansions, and ongoing exploration work support growing the mine life past its current 12.5 years. steppe gold. say goodbye to multiple daily insulin injections with the new omnipod 5. the only tubeless automated insulin delivery system... that integrates with dexcom g6. automatically adjusting your insulin to help protect against highs and lows day or night. don't wait to simplify life with diabetes. get started today with no contract, and no commitment.

go to omnipod.com for risk information and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine.

these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today.

cheryl: president biden's 2024 budget proposal laying out trillions in tax hikers -- hikes. among those hikes, some of the biggest ever increases on investors including on unrealized gains. gerri willis joins us on what investors could expect if this budget were to be passed. >> reporter: hi there, cheryl, good afternoon to you. critics are saying president

biden's 2024 budget, which includes tax increases of $4.7 trillion, targets investors, and some say it would be disastrous for the economy. one economist telling us it's a fiscal atrocity. biden proposes raising the top personal income tax rate to 39.6% from 37%. this is for americans personnin0 or more, and that, of course, reversing the trump era tax cuts. he also wants to nearly double the taxes on long-term capital gains for households earning more than a million dollars. plus, increase the obamacare tax. remember that? on households earning at least $400,000, that would go to 5% from 3.8% on short and long-term capital gains. all in all, the wealthy taxpayers could face a federal rate as high as 44.6% when it comes to selling stocks, property including their homes, other assets. now, the biggest pain would be

felt by the very wealthy. households worth $100 million, they would face a 25% minimum income tax including taxes on unrealized gains. think about it, these are stocks you have been holding but haven't sold yet. in other words, a tax on gains that don't exist. economists say the changes plus biden's desire to raise the corporate tax rate to 28% which is, oh, by the way, higher than communist china, could put gdp by $720 billion over the next decade, and that will impact just about everybody, not just the wealthy. ironically, the federal government in 2022 collected more taxes than in any previous year, and i blew right through that stat, cheryl. sorry for that, but our expert is talking about -- [laughter] our expert said that nobody taxes unrealized gains, not even the europeans. cheryl: it's such is an aggressive proposal, and i have to say i don't mind paying taxes, but luckily for us

taxpayers out there, you know, this is -- a lot of people say this is d.o.a., this budget. there's going to be some negotiation, but that it's going to, hopefully, be as bad, we don't think -- >> reporter: and i hope it's not a preview of coming attractions. cheryl: i know. i know, i know. so many people feel they pay enough already. gerri willis, thank you for that live report. i've got an expert with me right now. president biden's tax plans and the budget just part of a proposal, not been passed into law. but there are some changes that have already taken effect that's going to impact your returns which are due on april 18th. the 15th is a saturday, and then the 17th is a federal holiday, if that makes you feel any better. [laughter] joining me now with what you need to know, jackson hewitt tax service senior vice president, mark siever. it's good to have you here. >> very exciting time on all fronts. cheryl: exciting is one word. what do we really need to know? >> it's a complicated year.

there were tax law changes, the expiration of the pandemic benefits, smaller child credits, smaller employee benefit -- deferred tax credits, a lot of things went back to the pre-pandemic amounts. but that's on top of life changes which are still the inherent every year, getting married, going back to school, side gigs, having children, and that's on top of people working from from different locations, different states. it's not a cookie-cut year-over-year from last year. cheryl: i think a lot of people especially with the work if are if home and, to your point, working in one state, living in another because i think it's the, what, 30 million people -- 20 or 30 -- >> tens of millions -- cheryl: -- work remosley, and they can work from -- remotely, and they can work from anywhere. are tax professionals trying to figure out how to manage that? >> well, it's a complication, and they are because many states are getting very aggressive. if you're still controlled by the state that that you used to be in, they are going after that in many cases saying you still owe state income taxes.

you're here doing your job, so this is a war on leaving things off of your tax return, ask that goes back to the fact that it's complicated, but in general, very fair. you've got to look after every deduction, every credit and used a trained, experienced professional or you have risk. cheryl: a lot of people are going for tax preparation software, but there's a lot of online scams out there. there's a lot of worries about hackers out there. >> there's a lot of money involved, and when there is, you're going to have bad people. if you're not using a trusted, branded professional, at least use trusted, branded software, and be beware of ghost preparers who won't sign the refund. cheryl: that's a very good point even to those of us who are very seasoned at paying taxes. let's talk about what's going on as far as the different states. some states, i'm going to go with new york state, are facing a revenue crisis because they've had such, they've had so much population leave the state.

same with california. now florida, they're all going to florida. but those states, people that live in those states where people are fleeing, how worried should we be about those states coming after those of us that still work in seed states? >> well, it's pretty simple math. there are pretty clear rules on where you owe money to a state, where you have a physical location, but if you're working for a company that's located in a state and your director reports many in that state and you used to be in that state and you opt to all of a sudden cut that cord and say i'm no longer there, you probably have to have really good documentation on what exactly is your direction and control because, you're right, the earlier lady was talking about the 40%. that's only the federal tax break, you know, or tax liability. there's a whole bunch of state taxes that are owed. all i would say is do it accurately, do it correctly, have good documentation. use a professional if you have any questions, and they'll be there to defend the position as well, and try not to get too

cute -- cheryl: we've got to run, but i think the most worrisome thing about gerri's reporting and this proposal from president biden is going after, you know, going after capital the gains, unrealized gains, which she mentioned. how concerned are you, you know, with what washington could do? >> well, i've been in the business for about 40 years, i've never seen a tax law that was proposed ultimately end up that way. a lot of negotiation, a lot of wrangling. if you've got concerns, call your legislative official. i wouldn't be too concerned at this point. there's a lot of track left before those rules that are proposed -- cheryl: yeah. there's been so many changes. i think covid really, and you and i were talking about this before, covid really, i think, for so many of us, it just, it changed everything. >> it did change everything. tax laws, life, where you work, how you work. there's 40 million people self-employed now, and they found they can do that, and that's an enormously complicated factor. cheryl: thank you so much for being here, certainly appreciate it. >> 38 days. [laughter]

cheryl: 38 days. what do you think i'm doing this weekend? on the to-do list. >> i know a guy. cheryl: yeah, there you go. thank you, sir. all right, well, signed, sealed but not delivered. docusign plunging counsel digits today -- double digits today. the big shake-up, it's got investors tearing into the stock. that's ahead in pop stocks. and later, the ceo of cybersecurity leader crowdstrike, george kurtz, he is going to join us to discuss his crowd-pleasing earnings results. the global threat landscape and why the company remains confident in the face of recessionary fears. taking a look at your markets, well, the fear gauge, the volatility index, hitting a new high today. and as you can see, it's a volatile day again for the office. dow, s&p and nasdaq are all down for the week, dow down 344, s&p down 54, nasdaq down 197. we'll be right back. ♪ ♪

lomita feed is 101 years old. when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. it changes how you eat, how you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have changed over 100,000 lives with dental implants,

and they can change yours, too. because a clearchoice day changes every day. schedule a free consultation.

permex petroleum is leading the charge in the prolific permian basin with an attractive portfolio of oil, natural gas, and royalty assets. with expanding drilling operations and plans to uplist to the nyse, permex petroleum is poised for growth.

for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. cheryl: fox business alert for you right now, markets on track

to close lower for the session and for the week. as you can see right now, the dow is down 302, s&p is down 48. the nasdaq is down about 179 points. we're off of session lows, that's the good news. the bad news is, obviously, we are losing ground for the week. and the dow, for sure, is negative for the year. the s&p could head negative for the year, at this point doesn't look likely, but never say never. we've got 32 the minutes to go. well, boeing gaining altitude after the federal aviation administration gave it the green light to resume deliveries of its 787 dreamliner. that will start next week. the faa says it has addressed concerns that the jet's bulkhead pressure was showing an error message which initially triggered the agency to halt deliveries last month. so we're watching boeing, dow component. slightly higher, more than half a percent. docusign shares getting shredded at this hour after the pandemic darling forecasted first quarter revenue below analyst

expectations. the e-signature company's fourth quarter revenue beat was not enough to impress investors. weak margins were made a point of contention. analysts had been hoping margins would be boosted by the company's 20% staff the reduction over the past few months. docusign also reporting that its cfo is resigning after only two years. the stock down 22%. gap fraying at the seams following a poor quarterly report. the parent company of banana republic, old navy posted a loss of 75 cents a share for the fourth quarter which was wider than analysts expected. sales also down 6% year-over-year. gap has forecast full-year sales below estimates as discretionary spending has fallen. that stock down almost 6%. auburn's plunging to a record low after posting declining year over year revenue for the fourth quarter. the e of -- eco-friendly sneaker

manufacturer blaming the poor performance on its decision for running products. i love them, but apparently others do not. allbirds has appointed a couple of former nike executives to its board. allbirds down 48%. oracle slipping after posting slightly weaker than expected third quarter revenue, the software company coming in 12.4 billion, that is a gain of 18% year-over-year. but still slightly o below estimates. the company announcing a 40 cents per share quarterly cash conservative tend, 25% increase from its current amount. there is oracle for you. all right, the fbi says that the tiktok screams of national security threats as lawmakers rush to ban the chinese-owned app. will the u.s. manage to get the wildly popular social media app off of teenagers' phones? well, we're winning to find out, and it's not just tiktok.

crowdstrike's ceo says china poses the largest cyber espionage threat of all the countries it tracks. coming up next, the ceo, george kurtz, on protecting your data and how it's helped his company's bottom line. dow right now down 303. we'll be right back. ♪ ♪ (man) what if my type 2 diabetes takes over?

(woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. stop mounjaro, and call your doctor right away, if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, vision changes, or diabetic retinopathy. serious side effects may include pancreatitis and gallbladder problems. taking mounjaro with sulfonylurea or insulin raises low blood sugar risk. tell your doctor if you're nursing, pregnant, or plan to be. side effects include nausea, vomiting, and diarrhea which can cause dehydration and may worsen kidney problems.

(woman) i can do diabetes differently with mounjaro. (avo) ask your doctor about once-weekly mounjaro. ♪ inner voice (kombucha brewer): if i just stare at these payroll forms... my business' payroll taxes will calculate themselves. right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate tax calculations guaranteed. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ah, these bills are crazy. she

has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. the first time you made a sale online was also the first time you heard of a town named... dinosaur? we just got an order from a dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first.

hi, i'm sally and i lost 52 pounds with golo in a year and a half. i struggled with my weight for a long time due to my thyroid issues but since being on the golo plan and taking release, the weight has not come back. (upbeat music) dad, we got this.

we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones cheryl: well, tiktok's future in the u.s. is uncertain after capitol hill banned the chinese-owned app from all federal devices. the white house is now backing the restrict act, a bipartisan bill that would allow the federal government to ban foreign tech including tiktok. what are americans saying about this potential nationwide ban of the most popular app in the world? to the madison alworth on what's the word on the street about tiktok and banning it?

>> reporter: well, the word on the street is, it was interesting, many folks were aware of the threats, you know, the concerns around national security with its ties to the china and also with itsty achetive quality. and even though -- i thought this was interesting, americans don't love being told what to do or what not to do, but a lot of the people we spoke to, heir into some amount of regulation. others kind of had the feeling that it's not that different from all of the other social media apps we use and give all of our information to. >> not really. i got nothing to hide, so i'm not if really, like, too concerned. >> that that's a tough question. they should look into some regulations to it, not banning it completely. >> i don't see the downside of it fully. with social media, there's a downside for everything. >> i like it because there's some funny stuff on there, but i know, like, the chinese government is getting my info. >> honestly, all the information is out there already. if it's not tiktok, it's going to be something else.

there's no changing social media and getting rid of it. >> reporter: these 30 states have all banned the chinese app on government devices. the ban also spreading to the college campuses, 12 states have banned the app on at least some if not all of their public universities, but so far bans have been limited to government-related spaces. if a widespread ban was put into effect, it would impact a lot of people. cheryl, we're talking about 100 million active users, active, in the united states alone. cheryl: my sister-in-law's addicted to tiktok. she's, like, i'll sit there for three hours. i'm not on it -- >> reporter: i had to cleat it during the pandemic. cheryl: i never got it because of the china factor. nope, i'm not going to go there. but the genie's out of the bottle. isn't it true that the chinese, or bytedance anyway, they keep trying to convince u.s. consumers and regulators and wall street, you know, oh, it's safe and we're not spying on you. and i think a lot of government officials are saying we are not

buying that whatsoever. >> reporter: yeah. we've seen the ceo of tiktok is in washington talking to lawmakers, there's going to be a hearing later the month to look at the safety concerns. but, yeah, i think what you said is very much true. white house and washington very concerned about the app. cheryl: i can't believe how the girl that you interviewed with the glasses, so cynical. it's all out there the anyway. >> reporter: i think you kind of see that in the younger generation. the expectation of, you know, the government and these apps, they have all of our information because younger folks kind of grew up with that. i don't know, different sentiment out there. cheryl: guess i'm old. madison alworth, thank you very much. appreciate it. all right, well, tiktok is not the only threat coming out of china. crowdstrike's global threat report named the nation as a leader in cyber espionage last year. company tracked china nexus activity. china surged across 39 global industry sectors and 20 the geographic regions. and as the threat from beijing grows, crowdstrike beat on both

top and bottom lines in its fourth quarter. it added 1,873 new suck description customers -- subscription customers in the final quarter of fiscal year '23. joining us now the ceo and founder, george kurtz. thank you for being here. >> great the to be here, thank you. cheryl: i feel like cybersecurity, any company is never going to go away. you are always going to be needed. but talk about this report that you found, i mean, the global threat is still out there whether it's china, whether it's russia and other parts of the world. what were the most surprising findings, in your opinionsome -- opinion? >> well, certainly all of the threat actors that we talked about and various geographies have been very active. china was the most active last year, as you pointed out. but one of the things that i think is really interesting for viewers to understand is they hear a lot about ransomware, and

we've seen a shift in ransomware toward what i call exportion ware, and they're really -- extortion ware and bypassing the files ask making it a simple task of stealing the day the and then -- data and then extorting the user to pay. and we saw a 20% increase specifically around that from e-crime actors. so they've made it even more streamline ared to try to get their money because a lot of companies have gotten better at backing up their data. so rather than encrypt it, they just steal it and ebbs tort you. if they -- extort you. if you copay them, they won't dump it. if you don't pay them, they will. cheryl: story out this week that, i guess, was not surprising to you, surprising to others was this breach of senators and their families and house of representatives' members. political figures in washington. it was through a health care exchange. how vulnerable is the u.s. government? does that make you concerned, or is there a concern about the

safety and security of government servers? >> well, the government has to be vigilant. we're always under attack either for espionage purposes or perhaps even destructive purposes which is a key weapon of many of our adversaries. i think they've been doing a good job when you look agencies saw, some of the organizations that have recently formed to focus on making sure from a cyber perspective we've got the right focus. there's been some papers and guidance that the white house has put out around cybersecurity, and it really is a shared responsibility between the government and corporations in making sure we understand what these attacks are, sharing this information to better protect themselves. but the government is always going to be turned attack. we have great capabilities ourselves, but we've got to make sure that we're using effective technologies like crowdstrike to be able to prevent against those breaches. cheryl: you know, george, it's interesting because it seems9 that the consumer is the one that ends up responsible for

their own cybersecurity9. and while it seems to me that's a bit unfair because there are those that say it should be the large companies out there, it should be the googles, the amazons, the microsofts that take the lead because they're the companies that are profiting off of all of the activity whether it's in the cloud or on pcs or macs, that they're the ones that should be protecting us versus us having to be so concerned about protecting ourselves. what side of the that debate do you sit on? >> when you look at the debate, i think it goes back to the old saying no one looks after your money like you, right? you can't just -- it's not something that you can just, you know, will away to someone else. from a consumer perspective, i think the biggest thing is to be the educated. the second piece is working with effective providers who can actually protect consumers. there's always going to be an interaction with any of the large companies, and i think to

a great extent a lot of the companies have cone a much better job of trying to alert you if there's some fraud on your account or if there's a password change, two-factor authentication. the first thing a consumer should do is make sure they have two-factor authentication can on their accounts and they're using things like their cell phone to be able to authenticate as a second measure. but it really is a shared responsibility, and i think companies have done a better job. being a bit educated as a consumer, see something, say something is the best policy. and if you're not sure, go directly to that web site and reach out to the company and make sure that you're interacting with the right organization and it's not a spoof e-mail or some sort of e-crime actor trying to take advantage of you. cheryl: it's the tough. i have elderly parents, and for me, personally, i think the eller scams concern me the most because they don't have the -- they didn't grow up with the internet, they're not tech-savvy. >> it is. cheryl: anyway, real quick before you go, silicon valley bank, there's concern out there

now that a lot of bad actors are going to try and prey upon this, you know, developing and sad situation, frankly, at that particular if bank. what can you tell us? >> well, you're absolutely right, it's going to be like christmas for the e-crime actors. if we think how many organizations are contacting their customers, change the wire information, don't send money to the bank, seven it over here -- send it over here, it literal literally is going to be the perfect storm for e-crime actors. we're certainly warning customers, we're providing guidance in terms of things that they should do. used to be the old saying of trust but verify, this is verify first, then trust. make sure you go to that web site, make sure you talk to that company before you send any money and work with your bank to make sure it's going to the right place. cheryl: george kurtz, really good advice from you. thank you for being here. you might be working in one of the safest industries in the world right now. thank you, george. >> thank you.

cheryl: all right. well, let's stay with this one. more than 70 billion wiped off the crypto market in the past 24 hours. after crypto-friendly lender silvergate announced plans to close up shop. plus, we're going to get the fallout from silicon valley bank. that's been changing all day. charlie's going to the cover all of that. as for your markets right now, as you can see, we've escalated in the selloff. we are now pushing those lows for the dow, we're down 434. the session low was 471. we'll be right back. ♪ ♪ who's on it with jardiance? ♪ ♪ we're the ones getting it done. we're managing type 2 diabetes and heart risk. we're on it with jardiance. join the growing number of people who are on it with the once-daily pill, jardiance. jardiance not only lowers a1c,

it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, (that can lead to sudden worsening of kidney function), and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? we're on it. we're on it. we're on it with jardiance. ask your doctor about jardiance. with gold and copper prices pushing towards all-time highs, u.s. gold corp is advancing its environmentally friendly gold and copper mining project and creating american jobs in mining friendly wyoming. with a proven management team and board, a tight share structure, and a solid cash balance,

u.s. gold's portfolio of world-class assets are creating american growth and homegrown strategic metals as the us moves towards an electrified future. u.s. gold corp.

- [announcer] payroll takes too long. at least it used to. now, there's roll, the app that makes payroll as easy as sending a text. you. you're slinging tacos and you've got a minute between orders to handle payroll. what do you do? step one, type 'run payroll', respond to a couple questions, and that's it... done! and they're paid tomorrow, not four days from now. if you know how to send a text, you know how to use roll. go to getroll.com/tv and get your first three months free and unlimited payroll. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze--

ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

liz: 24 hours for crypto following the implosion of silvergate bank. joining me noise former hedge fund manager and charlie gasparino to have a conversation about this. charlie: this guy has been calling stuff left and right. he called silvergate, he called

sam bankman-fried. >> sometimes you do it for more than money. i lead a wonderful life. i don't need people calling me up complaining. so i would rather do my own thing at twitter and talk to you guys. and try to make a difference. charlie: you see what's happening with the silicon valley bank and silvergate. is there a structural issue these recent implosion are saying about the u.s. economy and the plumbing of the financial system? sort of yes and no. one of the main issues is people have forgotten what risk actually is when you can make 10 or 20 times your money, people

think there is no risk. the they have been allowed to run networks in my mind are primarily used for money laundering. it's refreshing to me to see the fdic finally move on the silicon valley bank. charlie: signature bank isn't here to defend themselves. they will say they are not in the manly laundering business. >> their signet arm which i think needs to be closed. they say they move money 24/7, 365. charlie: there are no money laundering charges.

>> to send that work which is silvergate's farm was closed probably by the government. signet needs to be closed as well. if you are going to take risks with off-shore crypto exchanges bad things can happen. char charlie: is this a lean-in movement. >> there are they examples, signature, silicon valley bank, and silvergate. silicon valley bank will be closed. bravo to the government for moving quickly. silvergate is getting liquidated though the ceo told people up until recently that they had no problems.

signature bank is the last crypto bank there is. the network they used to move money 24/7, 365 through their system needs to be closed. charlie: another s, sam bankman-fried. >> but also bravo to elizabeth warren and roger marshal from massachusetts. he's the senator from kansas. and those two have gotten together and they have come down harder on these banks that bank offshore exchanges and so they should. charlie: you think we should be giving kudos to elizabeth warren? >> i had a chat with some of the staff members of senator haggerty earlier this week. people for the first time need to drop their weapons and work

together to stomp out this nonsense because it hurts everybody. foreign bad actors are using the u.s. banking system for bad deeds. it should be outlawed and cracked down on. when things aren't cracked down on, you get a silicon valley bancorp that falls out of the skies. liz: it's been a rough week for all the names we covered. but mark, thank you for your perspective and expertise, marc cohodes. thank you so much. we have three minutes to go and we want to keep on the markets. wire seeing a massive sell-off again. liz is coming back monday and he

will go over this. i want to start with you. it's been a rough day at the office. your thoughts. >> at the end of the day this is going to become an increasingly focused on cash on the corporate and bank side. what's the visibility how do they get into free cash flow. when you look at management of companies, some do it well and other do it not so well. we are in uncertain times and understanding how to manage that cash is important because you can't -- if you over -- if you overborrow, the cost gets too expensive, and risk is no longer free. that's what investors are looking at and the corporates and boards are looking at. >> no, we have had some guests

today say they think the banks have been unfairly hit on all of this, and oversold. the other big story, john, the jobs report for february. we did not get that revision for a january. the wages component part of the report seems to be telling some of the analysts out there that we might get a quarter point cut hike from the fed and not a half a point. >> around christmastime we were talking about how good news is bad news and bad news is good news. it feels like we are living that all over again. when we look around the markets, it's not also bad. i'm a jessie livemore fan and he said when there is blood in the streets, that's the time to buy. industrials were 2% from

all-time highs last week. and we are 7% after this week's bout of selling. if we are looking at what's performing and what is not. it's things we are talking about. you know it's been tech and communication services. for sure the senior leadership [inaudible] cheryl: . i wish i had more time with you. thanks so much. here we go. all the major averages are down for the week. the worst week of the year. "kudlow" next. [♪♪] larry: hello, folks, welcome to "kudlow," i'm larry kudlow. job talking jobs and taxes sort of. but we have got ace white house reporter edwar