politicians, people in the establishment in both parties, the fed, these central bankers who, you know, they don't care about the future. they don't want to solve the existential problems that underpin our financial system. they just want to get through the next if election cycle. maria: yeah. we are looking at the podium here as we await president biden to come out with remarks on this situation. liz peek, what can biden say really? he's going to the probably stress that this was not a bailout. a lot of people disagree, real quick. >> i think he's going to say that exactly. and, in fact, i don't thinks the going to the turn out to be a typical taxpayer bailout, maria. maria: okay. >> you have to be strong, and is that's always a challenge for joe biden. maria: yeah. hand it over to "varney & company", we'll see you again tomorrow. stuart: good morning, maria and everybody. we are in a banking crisis. it is not over. president biden is about to address the nation. he's expected to say the banks at the center of the crisis will be are held accountable. he will try to instill confidence in the banking system. we'll bring you the headlines as

they happen. here's what happened over a very intense weekend. the authorities have back topped depositors at the silicon valley bank and at the signature bank in new york. the money will come from the banks' own insurance fund and the federal reserve. since taxpayer money is not yet being used, it is a rescue not a bailout. call it what you will, however. premarket regional banks are under real pressure. first republic, western alliance and, let's see, the other one id we've got new york community bank corp., etc., etc., etc. they are under significant pressure. they are said to share same problems that brought down svb; that is, they're losing bigtime on their bond holdings. overall, stocks have been literally all over the place this morning. the dow can was 200 points up 3 hours ago, then down 100. now we're looking at about 180, 290 -- 200-point loss.

s&p down about 24, nasdaq down 44. all of that may change when the opening bell rings and we find out what the president has to say. you can call this a flight to safe i the, money again piling into treasury securities. the money flows in, the price goes up, the yield comes down. look at that, the 10-year yield right now is 3.47. it was at 4% just a few days ago. the 2-year down to the around, look at that, 4.15%, down 43 basis points. [laughter] look, you don't have to be technically knowledgeable about this, that is a massive yield decline. it's a signal there is real you are the the moil in the financial markets -- turmoil in the financial markets. bitcoin around $22,000 this morn, crypto investors encouraged by the backstop of signature bank which has moved into the crypto market. we'll have analysis and moment-to-moment news throughout our program. quick look at politics. look at this. a migrant surge at the texas border, about a thousand charged

across a bridge at the el paso crossing point. another reversal by the president on a key issue. we're told he's going to okay the willow project in alaska. he will allow conocophillips to drill in the tundra. environmentalists are outraged. the president gears up for the re-election in 2024 and, yes, despite all the financial turmoil, we'll show you what happened at the oscars. everything everywhere all the time won best picture. the slap was mentioned briefly. we'll cover it all for the next three hours on this monday, march 13th, 2023. "varney & company" is about to begin. ♪ ♪ stuart: president biden has begun his address to the nation, we'll bring you the headlines moment to moment as they occur. every american should feel confident deposits will be there, that's what we expect the

president to say. management of banks will be fired. this is what he's actually saying, investors in banks will not be protected. they knowingly took a risk, that's how capitalism works, says the president. more on that a bit later. let's get right to the news with svb and the big bank withs this morning. all right,, lauren, are people able to get their money out? lauren: yes. happy monday morning. the fed, the treasury and the fdic launched an emergency measure last night. all customers will have access to all of their deposits today. that includes uninsured deposits. that is a big deal. 94% of silicon valley bank's deposits were uninsured. in part, this step will insure that the u.s. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a matter that promotes strong and sustainable economic growth. regulators say the taxpayer will not be on the hook. so that's what happened last

night to insure a smooth opening and running of the banks this morning. 9. stuart: got it. now, new york's signature bank, that was closed by regulators as well as svb. what was the issue at signature? lauren: yep. for this bank i would say crypto. 16.5 billion of their 88 billion in deposits were in crypto. regulators deemed that a systemic risk especially because it had small but rich clients who kept calling them asking if their money was safe. just to give you an idea of what signature bank is, they cater mostly to wealthy investors lending to law firms and real estate companies mostly in new york. stuart: okay. this is a very important point here. goldman sachs suggests that the fed will ease up, ease up on their rate hikes because of the banking crisis. that's a big deal. lauren: it's huge. stuart: what exactlyly are they saying? lauren: they're saying next week the fed will not increase rates, zero. they're on hold and then you'd

get 25 the at the next, the following three meetings. why? they cite recent stress in the financial sector, think silicon valley bank. to me, the cpi report tomorrow is meaningless if goldman says, well, the fed's not going to move, it doesn't matter what we see for inflation tomorrow, right? let's throw up the yield on the 2-year and the 10-year, specifically the 2-year. a 75 basis point move. remember last week it was at 5%? in just days. stuart: flight to safety. you're dead safe many treasuries if you hold them to maturity. that's what people want, safety in the banking crisis. by the way, the president has said deposits will be there when needed, the system is safe. he's trying to shore up confidence in the banking system with that speech to the nation. st t not had an effect on the market, we're still down about 230, 240 on the dow. jeff sica joining us now. jeff, do you hold the fed accountable for the?

>> i certainly do. and i've been saying on the show that the fed is like a petulant 2-year-old that has a new toy and is going to the break it til it's broke. well, they just broke it. ask and what they've done by flooding the market with liquidity by artificially suppressing interest rates for so long, did they not see that these banks were going to take this liquidity and buy long-term treasuries? now, that's not to say hat the risk management officer doesn't have a lot to blame because in reality my question is, why did they not hedge this portfolio. anyone -- financial advising 101 is you hedge your long-term bond portfolio. stuart: okay. now what happens now at the federal reserve? goldman says they're not going to raise rates at the next meeting. that means they've responding to the financial crisis by not raising rates more. do you think they'll do that? >> that's the quandary they got

themselves into. they have blood on their hands now. now they're going to sit there and try to figure out how to calm the banking system. but the problem with that is they still is have this 2% inflation goal, they still have rampant inflation. and if they're going to do that, they run the risk of letting inflation run more. the bottom line is they held rates down for too long, now they're trying to, now they're trying to back and fill,, and that's creating this problem. stuart: one last one, do you think that the big banks are under threat? not the regional banks, they're all down morning, but the big banks. >> no. and i think what you're going to see with jpmorgan -- jamie dimon's got to be almost happy about this because a lot of deposits are going to flow out of the smaller banks to the bigger banks. the bigger banks will get bigger, and they will benefit from it. it's not a good thing for the banking sector the, but it is going to happen. and you have to understand that

the regulators that are looking at these bank portfolios are supposed to be talking to the banks about what hedging mechanisms they're using. obviously, they haven't used the hedging mechanisms. they've been too concerned about whatever it is they're trying to put out in their woke virtue signaling. stuart: yeah. we never got to the woke virtue signaling. jeff, i'm going to the break away, thank you very much, indeed. the president has wrapped up his presentation to the nation on the bank, did the not take questions. some headlines for you, one, our banking system is safe, he says. two, we will not stop at this, we will do whatever is needed. i don't know what that means. full scale bailout, i don't know. managers of the banks will be fired if they're taken over by the fdic. and biden says i'm going to the ask congress to strengthen banking rules. asking congress to strengthen the banking system. that's just happened in washington d.c. what a day. by the way, the president's statement did not have an impact

on the market, none that i can see. the dow still looking for a 200-point loss at the opening bell, the nasdaq the also on the downside. florida's governor, ron desantis, weighing in on all of this. who's he blaming? lauren: culture. wers the i the, wokeness. he was on" sunday morning futures." watch. >> it appears to me, i mean, this bank, they're so concerned with dei and politics and all kinds of stuff. i think that really diverted from them focusing on their core mission. i also look at it and say we have such a morass of federal regulation. we have a massive federal bureaucracy, and yet they never seem to be able to be there when we need 'em to be able to prevent something like this. lauren: i can tell you this, svb operating without a chief risk officer for nine months. the boss of their financial risk management at their u.k. branch which, by the way, was sold to aegis vc for a pound --

stuart: one pound. lauren: it's a woman who spent a month organizing lgbtq+ initiatives, and then vivek ramaswamy in the "wall street journal" wrote a piece. he said last year svb committed $5 billion to climate change initiatives. stuart: so woke -- lauren: a distraction. not the cause, distraction. stuart: charlie hurt's with us. should there be a full scale taxpayer bailout? what do you say, charlie? >> politically, i think it would be an incredible disaster, one of the most powerful hits on washington against politicians over the last couple of decades has been the bailout of 2008. i think it would be an absolute catastrophe. now, in terms of -- and, quite frankly, i think that, you know, ron desantis is on to something there. i think regular taxpayers are going to have a hard time

understanding how this is not a bailout, but the government is going to back depositors in these two bank collapses. st the, you know, it seems to me a very ripe situation for a politician to take advantage of it. now, obviously, we may get through this week where voters feel like, you know, feel -- have confidence that their deposits are safe in their banks. but what i don't think you're going to accomplish anytime soon is that the federal government as it's operating now is going to the fix the situation with banks and fix situations on wall street where it takes the taxpayer off the hook in situations like this. stuart: i noticed the president was really trying to instill confidence in the banking system. he says the banking system is going to be the stronger, and it is safe. but that's not, apparently, reassured the market. regional banks still way down and stock prices still way down.

last word to you, charlie. >> and i don't, i don't think voters have much confidence in president biden when he says things like that, quite frankly. stuart: charlie, thanks very much for being with us first thing on a monday morning. thanks very much. coming up, the administration says the country's banking system is, quote, resilient. roll tape. >> i know the secretary has been in touch with regulators throughout the weekend. what i'll say about the banking system overall is it's more resilient, it has a better foundation can than before the financial crisis. ♪ this is the part when i break free 'cuz i can't resist it no more ♪

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♪ ♪ stuart: that is the white house, of course. 41 degrees, kind of cool, but it's it is a hot political climate right now in the white house. look at futures, please. this is how we're going into the opening bell on this monday morning, with a banking crisis in the background. dow still down 170. nasdaq coming back though, it's down a mere 3 points. question, did the president instill some new confidence in the banking system many in his address just moments ago? as for the banks themselves, well, some of the regionals are way, way down. look at that, customer bank corp., etc., etc., all the way down by 20 the -- 63% down for first republic. i'm going to wring in ben kline, republican from the state of virginia is. thanks for being with us this morning on a very important day. would you support a full scale

taxpayer bailout of the banks if it came to that? >> absolutely not. we need to insure that there is risk in the system, but what we see here from the biden administration is that friendly banks many silicon valley -- in silicon valley and out in california and new york are getting more than an adequate amount of coverage and, essentially, bailout for their risk. so we need to make sure that we keep the current system in place. stuart: you watched the president's address to the nation on the banking crisis. were you reassured that the banking system is safe? >> well, the system is safe, but it can't be fail-safe. and what we have to make sure is that there's, there are adequate protections in place, which there are, but that if there's mismanagement in the banks like what we've seen with a couple of these, that they are allowed to fail and that those who are

responsible for the failure are held accountable. stuart: the root concern can this is my opinion -- the root cause, this is my opinion, is the massive spending and printing of money previously which went on for far too long, the consequent rise in inflation and then the fed raising interest rates at a rapid rate. that's my opinion as to why we've got this crisis. i don't think it's got much to do with woke management, do you? >> no, but what you have is a mismanagement where you have overinvestment in bonds, where you have banks essentially holding these bonds and not reporting the loss in the value of those bonds when inflation caused the value to decline. and so what you have is banks that helped create this inflation their spiral, invested and lost based on this inflationary spiral and now are asking to be bailed out with even more federal support. we can't just keep bailing out

banks that make the risk and make the wrong decisions. stuart: fair enough. congressman, thanks very much for being with us. you urn thed to the right subject for the right moment. thank you, congressman. >> thanks for having me. stuart: yes, sir. to the markets. we've got, what, ten minutes to go to the opening bell on a monday morning, and we're going to be down 200 points on the dow industrials. by the way, the regional banks are still way down. big banks all over the place, quite frankly. now, let's get more on this. there's a banking crisis, let's not redefine it downwards. susan, what have you got for us? susan: i was speaking to investors and venture capitalists over the weekend in silicon valley. i just listened to your interview, and they would actually blame some of the risky assets on the balance sheets at silicon valley bank. did you know that around $7 billion, that's 10% of the $70 billion in outstanding loans at svb, were in these high risk venture/debt investments.

that's not exactly riskless -- stuart: right. susan: -- like treasuries. even mortgage-backed securities which they held on the balance sheet. also some of these venture capitalists, some of these were the early ones that told their portfolio companies to start taking money out of kill von concern silicon valley bank, and they told me there has to be the something done about the cozy relationship between the bank and venture capitalists. svb, because their deposits grew to $200 billion from $60 to billion in who years' time, they had all this extra cash. they were actually limited partners, investors in some of these venture capital funds. they actually told their portfolio companies to keep their money in the bank. so people i spoke to say that there needs to be some sort of rule about holding riskier assets, about the conflict of interest between the bank and venture capitalists and also just concern the. stuart: so bank -- >> venture debt. stuart: the managers at this bank, they were mistaken.

they made mistakes. they made financial mistakes, risk mistakes. that's what hay did. >> the relationships. because you know that v -- svb was a banker to the about half of the venture-backed silicon valley. a very closed ecosystem, if you think about it, and a lot of people say they actually forced some of those companies, especially those that took venture debt from silicon valley bank, to the only bank exclusively with svb which which led them to have a lot of their money stuck in the bank, right? after it went under on friday. there were concerns about making payrolls for this week. stuart: you're the first person to raise the issue of venture debt. well done. [laughter] that's super risk -- susan: how it works is they'll give these start-ups which, by the way, are start-ups, is so these are brand new companies that don't have a lot of credit behind them, they'll give them and send them lines of credit, meaning equity in the actual company -- stuart: they're limited partners

with those companies, you're right. susan: and as you know, in venture not everything works out. stuart: good stuff, susan. thank you very much, indeed. check those futures, please. we're, what, seven minutes from the opening bell. dow's down 200. we'll take you to wall street next. ♪ ♪

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stuart: we need more on the banking crisis, and we've got it from david nicholas, our market watcher of the day. who's going to the put spare money into stocks on a day like this when you've got a banking crisis and inflation numbers tomorrow? david, it's going to bomb, isn't it? >> stuart, you're right. some names are doing right. the big money-centered banks, jpmorgan stock prices holding up nicely, but you're right. this is a flight to safety. we're seeing a big influx in treasuries. it's where we've been moving clients, more to treasuries in our fix funds, but this is a flight to safety, you're exactly right. stuart: are the regional banks done? that's a strong word to use, but i believe you're using it. >> yeah, stuart. small banks, regional banks are going to have a hard time

keeping deposits. look, i think profitability is going to drop way down for these banks. but look, it count even matter if it's a -- doesn't even matter if it's a small bank. if there's a run on the banks and in the age of social media which is, i think, what caused a lot of these bank issues is depositors go to take their money out at once, your money is not there. this is why we're encouraging investors not on the fearful, but you shouldn't have more than $250,000 in any one bank. anything over and above that amount. treasuries, sounds like a broken record, is a good place to hold cash over those fdic limits, stuart. stuart: if we see people lining up at the doors of these regional banks this morn morning, that would be a very bad sign, wouldn't it. that's not good. >> yeah. and i think it's important for investors to understand banks only keep about 10% of goeser thes' money in the bank, right? this system system is built on trust. 90% of this is lent out into

homes, into real estate, so this is a system built on trust. so what the federal reserve did was try to reassure trust in the american public. but, look, these big banks will perform well, but in a period of crisis every american has to take responsibility for their own wealth. and that is by knowing the banks that you're in, knowing what companies you own and understanding what it really means if we're in a crisis situation where there's a run on banks. you have to stay wers can find, that's my message for clients, stuart. stuart: we'll take the it. david nicholas, thank you very much, indeed. ten seconds to go before the opening of the market on this monday morning, and it looks like the dow futures are moving south as we run up to the opening bell which is now ringing. the market is just opening. very interesting day coming up. you've got to stay with us from moment to moment. nothing's open on those dow 30 at this point, so let's move on. how's the s&p 500 moving? the dow has opened with a .77% loss. the s&p 500 is down 1%. and the nasdaq composite, where

is that this morning? it is down almost 1% despite a very sharp drop in treasury yields, down all over again. big tech this morning, a mixed bag. apple scrounging out a 17-cent gain. microsoft, alphabet, amazon -- and now apple's turned south -- meta platforms, they are all down in this monday morning. susan back with us. we've got to get more on the banking crisis. do you have more on the svb collapse, please? susan: i think we have to check in on those regional banks. i guess if there's some relief today, there's a bifur candidated market meaning regiot you actually have some green on the screen. specifically, i want to look at the smaller regional banks like the u.s. bank corps and the first republics and crept suisse we'll even throw in there because there's issues about viability for credit suisse trading at its lowest in

history. you know the vix, volatility fear, has spiked to the highest since october. and we also have morgan stanley saying that you should sell my any post-s, vb stock spin-offs because they're calling for a 25% drop by the first half of this year on the s&p 500. so they're getting back on their bearish bandwagon there. but do you think that the backstop by the fed, treasury, fdic, that coordinated action, do you think that also sends a message to everybody that all deposits are now guaranteed? stuart: that's an interesting question, very interesting question, because if there's a real run on some of these local banks -- susan: regional. stuart: if there is, then maybe they've got to step in with more money and maybe raise the amount of coverage that you've got on your own deposit just to reassure confidence in the system. the president says the management of these banks, svb and the signature bank, they're going to be fired. susan: yep. as they should be. and signature bank has been shut here in new york city, that's

the second crypto bank to go under in less than two weeks. so signature, silvergate. and again, as i mentioned, these are the pressure points when you have technology selling off just about, what, 60% last year. also crypto, as you know, had a collapse. those are the pressure points. and it's not surprising that these banks that are focused whether it's the on technology or cryptocurrencies are the ones that have felt the pressure and stress and have gone under. stuart: important to watch big banks. can we put them the up on the screen? we're not talking regionals. put the big guys up on the screen. they are down, and i notice bank of america is down 5.5%. don't like the look of that. susan: i spoke to some investors, and they said specifically watch first republic. this is very similar to silicon valley bank in that they cater to wealthy, high-end individuals. they've concentrated, again, on the west coast in technology. right now you're down about 70% despite the fact that you had jp morgan and also the fed stepping up and saying we'll extend an

extra $70 billion in liquidity just to backstop this bank. so if we continue the slide here, some people say maybe it was too late to stop the contagion and wipe out the smaller regional banks. because imagine if you were a depositor in bank corp. and you saw what happened to silicon valley bank. if that's the message that they're sending, wouldn't you say a a lot of goeser thes are going to say, okay, i'm going to take out my money, and a lot of people in silicon valley had already set wire transfers for this morning to go elsewhere. wouldn't you start banking with a big four or five bank because you know your capital is safe concern. stuart: yes, i would. susan: those successicly risky -- systemically risky banks. stuart: the outcome is maybe the big banks get bigger. of. susan: right. which means there isn't any competition. in the end, that hurts depositors, you'll have less

competition when it comes to the loans you can access. stuart: bring us up to speed on the technology companies, not all of them small, that was clients of svb. >> i think we need to start with circle in particular because if we can bring up circle, i don't know if we have a read on that, but there is some serious pressure on one of the largest stable coins over the weekend. circle had $3.3 billion stuck in sill silicon valley bank that they couldn't access. and this is supposed to be a stable coin, 1 to 1 to the dollar. over the weekend that pay almost broke and collapsed. it went down to 85 cents to the u.s. dollar which in cryptocurrencies is not a good thing. now, they said this morning, they issued an e-mail last night that i read that they are now able to access that $3 billion, so they are back up to par. but i think there was some serious risk over this weekend of what could have happened to the financial system whether it was banking, crypto currency. if as for other technology the stocks and other technology the companies that were caught up in

this, you heard also from roku which had $500 million stuck in silicon valley bank. and fitbit, if we can bring back up that chart for you with, etsy, they couldn't pay these mom and pop retailers that are making these individual goods for buyers and consumers. stuart: well, can they now if these banks have been backstopped? susan: yes. so now that you can access your funds 100% according to janet yellen and that that initiative last night, that coordinated initiative, so, yes. etsy, roku said that we can, we are able to access our funds. stuart: yes, we're in a banking crisis, but you want to raise the issue of meta and more job cuts maybe coming. susan: i think if there's some outperformance, this is also a big headline to watch for today. and, again, i think also because of what's happened with silicon valley bank and the possible contagion effect, we also have people trying to the save money right now. this is going -- i think, what

do you think, disinflationary. it means that people will be afraid to open their wallets, they won't want to spend, and that brings prices down. by the way, meta is also in this year of saving money and costs, they're going to cut around 11,000 workers. second round of 11,000 job cuts according to reports. and i think this is kind of the trend in silicon valley now. stuart: one more, because i know we've got a huge deal here, pfizer, siegen, multibillion dollar bill? susan:st the encouraging that they're bidding $43 billion, and it's a premium. this is pretty much the news that we've been expecting. but the good part about the silicon valley bank is some say look at yields, right? coming down. but it also increases the value of their treasury holdings. so if there's any liquidation in silicon valley bank, there's a higher chance for them to make whole 100% on those holdings of treasuries. stuart: complicated stuff, but we are in a banking crisis. susan, thank you very much.

sue you again later. energy secretary jennifer granholm says we can learn something from china. roll tape. >> we can all learn from china, the amount of money they're investing in clean energy is actually, you know, encouraging. stuart: i'm looking into that. and then there's dr. fauci who main maintains his opinion that the covid outbreak was caused by a natural occurrence. i wonder what doc siegel makes of that? we're following the banking crisis. is this another lehman moment? deal with that after this. ♪ ♪ and when it falls down, who you gonna call now? ♪ sometimes you're so busy taking care of everyone else

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i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. stuart: here's where we stand 12 minutes into the trading session, a sharp drop for the nasdaq can. it is down 1.25%. the dow's down close the 200, and look at the s&p, down 1.3%.

that means it is now negative for this calendar year. here's what's moving the market or helping move the market, the 10-year treasury yield. look at it, it's down to 3.44%, down 25 the basis points. that is a huge loss in the bond market. 2-year treasury, a will loss of -- basis e points, that is. and the 2-year is even worse. it's a 4.07%, a few days ago it was 5%. that's down 51 basis points. i can't remember seeing a move like that for many a long year. next case, billionaire hedge fund manager bill ackman, he says more banks will fail. lauren: yep. stuart: take me through that one. lauren: he presaged all of it. he tweeted this before the fed guarantees last night, ultimately saying -- it's a long tweet -- that bank runs would begin begin in this morning at a large number of non-systemically important banks. no company will even a tiny

chance of losing a dollar of deposits as there's no reward for this risk. he said that the government should bail them out. he also predicted that there would be no buyer, but everything he said would happen happened. he tweeted this morning to update this for you that what happened is giving bank boards a wake-up call, sending a message you can trust the financial system -- stuart: ah. lauren: others are saying he's a little bit of a fear mongerrer. as i noted, everything he predicted would and should happen, happened. stuart: okay, got it. dow's down is 74 points -- 174 points as we speak. dorr ily wily is with us this morning. dory, i hear this expression raised constantly, it's a lehman moment. do you think this is a lehman moment? >> well, that's a good question, stuart. i think it's a little too early to tell because it may not be big enough to be a lehman moment yet. now, you're talking about the biggest failure since wamu, but

we have three things at work here. one is we had the funding of the vc industry, you know, kind of crumble. we had this cryptocurrency, sbf, all that issue kind of come into play. and then we had the treasury bubble, right? and all three of these things caught silicon valley bank. and there's contagion from all of those, but they spread in different ways. in the banking system we don't have a lot of credit problems, at least not yet. but they co, some banks do have asset liability problems and problems in their securities portfolio. and that's what bankers are trying to get ahold of and get containment around. unless they have a run on the bank, they'll be fine and be able to work it out. you throw in a run on a bank, then you've got problems. stuart: well, the authorities are backstopping silicon valley bank, they're backstopping signature bank. the president says the depositors are going to be safe

across the board, that is system is safe and that the bank management, svb and signature, will be fired. and he says we'll cowhatever it takes. is that enough -- do whatever it takeses. is that enough to halt this crisis in its tracks? >> yeah, that is the proper messaging to come out. and yellen his a anticipated to over the weekend and she shouldn't -- hesitate thed over the weekend, and she shouldn't have. the fdic has not failed since 1934, we have the safest banking system in the world. so for depositors, which is the number one thing, they need to know that their money's safe no matter where it is. if it goes into a bridge bank, if a failed bank gets sold, whatever, they're going to be covered. investor, not so much. management, not so much. that is the proper messaging. stuart: the i can't see buying stocks today if you've got any fresh money. i can see buying bonds. you're laughing. what's the story? >> well, from a portfolio perspective, why not hang out in

cash for a while? [laughter] you're getting paid pretty good on cash, and that's been our message pretty much for the last year. this is not over yet. the s&p is still ahead of itself. if you look at earnings, they're still forecasting probably 22% higher than they should be. given the drop today you just mentioned the s&p is down for the year, but where it's trading right now we've got multiple expansion. what for? [laughter] it's not there. so, look, earnings need to be dropped quite a bit on the forecasts. they're not there to support the kind of multiples. i think the market's ahead of itself, it's probably got some weakness ahead of it. bonds, you know, i get paid a lot in the short term right now to wait and maybe pick up some good stocks and other assets on the cheap over the next 3-8 months. stuart: but at the moment you're in bonds and your not touching stocks. is that accurate? >> i'm not in any bank stocks for the first time since 2009.

other than private stocks. this is the first time i've not held bank stocks in a while. so i think if you're going to invest in bank stocks, you need to be really careful, and you've got to understand asset liability management, you've got to the understand credit, and you have got to understand tangible capital ratios not just at the bank level, but the holding company level. you've got to understand accounting rules, losses in the portfolio and how they're taken care of. you know, there's something else the regulators can do here moving forward, and we've been working on this too. they did a great job setting up this liquidity facility for banks, but they need to change these rules on for sale and available for sale. they need to create more flexibility for these banks to be able to sell these bonds to meet immediately quid -- meet liquidity demand and capitalize losses over time. it would be a bit of forbearance like they did the for ag banks in the '70s. it would be a much cheaper solution for them.

stuart: bottom line, this crisis is not over yet. thank you very much for being here, we appreciate it. let's check through the markets and see how we're doing on this very important day. the dow is down but no where near as much as it was earlier, you're off 40 points and recovering fast. okay. dow winners, there are a few. amgen, proctor and gamble, mcdonald's, coca-cola, johnson & johnson, all on the upside. s&p 500 winners, where are they? yeah, they're there. i don't know the names that well, but moderna's on the list, eli lilly and dollar tree. nasdaq composite, any winners there? seagen, moderna, dollar tree, amgen all on this list. coming up, it was oscar night, and something rare happened. the left attacked the left. roll it. >> this is proof that dreams -- dream big and dreams do come true. and, ladies, don't let anybody

tell you you're ever past your prime. [cheers and applause] never give up. stuart: okay. that was a dig at cnn's don lemon. more on the oscar round-up later. more than a million cars stolen last year, the most since 2008. and you know what? some of these thefts were about the catalytic converter, for heaven sake. jeff flock has that story after this. ♪ oh, something bad, oh, something bad. ♪ we got the house! you did! pods handles the driving. pack at your pace.

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♪ ♪ stuart: can you believe? car thefts have topped a million this year. but thieves are more interested in their parts. jeff flock is with, has the story. they're arguing catalytic converters, jeff? has it come to that? >> reporter: exactly. you know, these things are valuable. this is more valuable than gold. this is what you're looking at right here. this is a replacement catalytic converter at tom's automotive in elkins park, pennsylvania. what is this i'm looking at? >> this is the catalytic

converter for a volkswagen jet a. >> reporter: what do they want in here? >> there's precious metals like platinum, rhodium. >> reporter: and that is actually more valuable than gold. >> that's correct. >> reporter: $10,000 an ounce? >> i guess that's what the market's bringing. >> reporter: this is a vw jetta, if i get underneath here concern if this tv thing doesn't work out, maybe i could become a mechanic. this is where they cut it out. you can see it right here. boom, boom and out it comes. and, hey, tom, you said you had somebody, a customer of yours, who caught them on their ring camera, right? >> yes. >> reporter: and how long did it take them? >> 1 minute and 47 seconds. >> reporter: wow. the numbers on this, stuart, are just crazy. if you look at the numbers on catalytic converter thefts, back in 2018 i think it was, like, 12 the 00, almost 2,000. st the now at 50,000. >> yeah. there's been an uptick on

catalytic converter thefts. >> reporter: any particular vehicle? >> i'd say mostly toyotas, a lot of voces wag gones, hondas. >> reporter: fords and chevys not so much? >> not so much. >> reporter: gotta look into that one. i just learned that, stu. concern stuart. i'm going to look into that. how much does this cost? stuart always want wants to know how much things cost. >> this catalytic converter's about $2,000. and the job itself is about $3,000 altogether. >> reporter: hope somebody's got insurance. okay. i bet you do. [laughter] stuart: who knew these things? jeff, back to you later. thanks very much. still ahead, sean duffy, art laffer, florida attorney general ashley moody and dr. marc siegel. 10:00 hour is next. ♪ -- told you i'd change even when i knew i never could. ♪ know that i can't find nobody else as good as you. ♪ i need you to stay ♪

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