♪ larry: joe biden blaming trump on regulation for this banking problem is crazy. biden-flation is the problem. stop the overspending, the regulation, the taxing. all of that stuff is the root cause of this the banking scare, not regulatory policy several years ago. and liz macdonald is up next to help us all. elizabeth: couldn't agree with you more and god bless you, larry. thank you so much. okay, picking up from where larry just left off, is this the tip of the iceberg? we have fed rate hikes to fight inflation breaking regional banks today after the second and third largest bank failures in u.s. history, silicon valley bank and signature bank. but markets were calmed more,

they were calmed more today by a possible fed pause on rate hikes. then the president talking today. joining us tonight the, congressman james comer, former top u.s. treasury official michael fall conner, liz peek, carol roth along with congressman dan meuser and michael burgess. president biden claiming he's on top of it, but his former press secretary jen psaki reveals he doesn't start to work until after 9 a.m. plus, the government not prepared for a brand new type of bank run. we've got that. and house oversight subpoenas bank of america for its probe into the biden family selling access. and energy secretary granholm claims we could learn from china when china has been called out as the world's worst polluter and human rights abuser. and michigan democrat governor gretchen whitmer, she now suddenly criticizes her own pandemic lockdowns, and cbs reveals government documents

show the m the ih paid double for dangerous virus research and china despite dr. fauci's denials. i'm elizabeth macdonald, "the evening edit" starts right now. ♪ elizabeth: okay, let's get you updated on the action. check out stocks, they're up on hopes the fed will -- well, they're not up, they mended mixed -- ended mixed. there's hope that the fed will stop raising rates, but cpi comes out tomorrow, that's the turning point there. trading in more than a dozen regional banks were halted today due to record drops and volatility even after the president spoke and after the u.s. stepped in to backstop svb, the bank for silicon valley and tech start-ups and after signature bank failed. the fed and jpmorgan also stepped in to help first republic. credit suisse is having problems too. susan li's got the story, she's

here in new york with more. >> that's right, not much relief. we had the s&p 500 banking index actually seeing its worst day since 2020. now, we did hear from the president, president biden trying to assure bank depositors that the everything is safe in the financial system. listen here. >> americans can have confidence that the banking system is safe. your deposits will be there when you need them. no losses will be borne by the taxpayers. >> now, those assurances didn't stop worried customers from lining up before bank branches opened this morning to make sure they got their money back. and we spoke to one silicon valley bank customer who flew all the way in from australia to make sure that he got his cash back. >>, you know, significant money on the line, we want to take every option that we've got to the make sure we protect the capital. bank had a huge history, 40 years, you know, very establish whered, very credible. >> many are blaming the ceo,

greg becker, not only cashing out $3 million in stock the past few weeks, but then also paying out employee bonuses just hours before the bank collapsed. and that's why, liz, just in the past hour we heard from the federal reserve who said they are now opening their own investigation into the mismanagement, especially risk management and the lack of protocols at silicon valley bank. elizabeth: breaking news from susan li. always great journalism. thanks for joining us. look who's here, former u.s. treasury official michael fall conder and and liz peek. you're the perfect experts for the show tonight. michael, is this just the tip of the iceberg? i've been covering banking crises since the '80s. you can have all the legislation, all the regulations and regulators that you can dream up. massive spending never papers over incompetence. this bank was incompetently run. we've got fed rate hikes to stop inflation because of government

spending. will the fed keep raising rates tomorrow. michael, are we at the leading edge of problems here? >> liz, we very well could be because what's hitting these two banks is the rise in interest rates. it's when they had all these deposits come in during the pandemic, they threw the money into long-term bonds, and when inflation took off as a result of excessive spending during the biden administration, interest rates had to rise commensurately, the value of the bonds went way down, and so these banks became insolvent. that's not unique to silicon valley or cryptocurrency, that's failed risk management. and so if these two banks were susceptible to it, it very well could be the tip of more to come. elizabeth: liz, do you think they containedded the chaoses? because it looks like biden's economy is falling everywhere all at once. liz, we want your reaction to this, biden doesn't start working until mid-morning and

he's saying he's on top of it? watch his former press secretary jen psaki. watch this. >> it's important to note president biden does nothing at 9 a.m. he is a night owl. so the fact that he is doing this at 9 a.m. anyway speaks to how vital the white house recommends it is for him to have his voice out there conveying that to the american public. elizabeth: do you see that utter nonsense of her trying to back pedal after realizing she just showed the world he doesn't start to work with when banks failed until after nine? how can anybody believe jen psaki and the bermuda triangle of news, msnbc, who's politicizing? let's show the hot boards of the regionals. they're taking hit, crept suisse is too. what do you think, liz, of all this? >> first of all, joe biden's window of productivity closes with every outer the answer because there have been many stories written about how he goes to bed pretty early. i don't know when he's working, liz. look, if that was meant to be a

reassuring comment from our commander in chief, boy, did it flop. i agree with michael, there may be more problems out there. i don't think banks are insolvent, i think they have a liquidity crisis, and it's all due to higher rates. and guess what? the regulators should have been on this, they should have been watching these banks, liz. we knew at the end of the year that banks had over 600 billion of unrealized losses, and they were bleeding deposits. they had more outflows last year in deposits than ever in history. didn't anyone pay attention to? total mismatch of liquidity requirements and the assets they had to provide money for depositors? it was an unbelievable miss by, guess who? janet yellen. elizabeth: yeah. and, of course, when you raise rates like liz just described, your going to have a crack-up. when you have oceans of money flowing through the system and you still have inwe end the people, you know, you can throw all the money you want, it doesn't fix incompetence.

you can't legislate competence. michael, isn't this new type of bank run that government should have their hair on fire about? you don't have to wait in line, you just pull out your bank deposits with your iphone and venmo it to another account. critics are saying this is a huge $42 the billion list that came out of svb on friday. a quarter of all its deposits. i mean, is the entire $17 trillion deposit base now on a hair trigger demanding instant liquidity and biden is sleeping until mid-morning? >> i mean, this is exactly the problem that it has become so easy to move money from one institution to another that these bank runs are happening at a pace that's just unprecedented. but, you know, i really want to go back to what liz just said and ask the very same question, where are the regulators? this is a classic bank failure. this is the same thing that happened to the s&ls more than 30 years ago, and where were the biden bank regulators during this entire time period? you know, one has to ask the question have they become so

focused on climate finance and dei instead the of managing basic bank risk management and they allowed this change in interest rates that had a totally predictable effect on the bank balance sheet, allowed it to get away from themselves. this is an utter failure by the fsoc, really calls into question the whole theory behind the dodd-frank approach that if we just had these the powerful regulators monitoring the store, we would never have a bank run again. i really think we need to are requestion the whole premise of the way we do bank regulation -- elizabeth: that's right. liz, pick the up. whenever the fed rapidly raises rates, it causes a financial shock like the long-term capital, 1998, dot.com bubble. you've reported about all of this. >> that's right. elizabeth: the 2008 crisis. this feels like '07-'08 new century financial, countrywide and more. do they know what they're doing when they're raising rates to the 5-6% range? people are now pulling out to

chase those 5 treasury yields. and, by the way, svb did not have a chief risk officer for eight months last year when it's the backstopping silicon valley tech start-ups. >> well, i think that is the question. it isn't just that they raised rates, liz. i mean, had jay powell moved sooner, meaning maybe six months into inflation increasing in 2021, he wouldn't have had to be so aggressive, he wouldn't have raised rates so violently. but every single time we've had a big rate-hiking cycle, there has been a financial shock. and that's why the piece i wrote for fox today, i mean, the regulators should have been looking out for that instead of, by the way, the financial oversight council which meets all the time, they were literally talking about climate change at the last meeting. i mean, this is an administration that has sort of lost its bearingsings, and your word incompetent, it is the most incompetent white house i really think we've ever had. and janet yellen is sort of the

spearhead here. i think she has a lot to answer for. elizabeth: and to what liz is saying, because we have a banking problem now and a possible tech problem with tech start-ups in a worse praise than we realized. -- place than we realize. michael, what did peter thiel see when -- cfos do not pull out all deposits, that was a trigger, that was the fear, oh, they need more in the secondary. i mean, svb had more common equity in asset es and liability concern than liabilities. should we be watching jobless claims? do we have a tech sector problem too? what do you think, michael? >> the problem fundamentally is that the bank's assets were entirely misallocated. you have short-term claims going into funding of long-term interest rate-sense i the assets, and they engaged in almost no risk management with almost no regulatory oversight of it. and so i don't think this is in any way unique to the tech sector. it has to do with the

misallocation of bank capital and there being nobody watching it because they're focused on other issues. elizabeth: okay. michael, liz, thanks for joining us tonight. it's great to have you on. >> thanks, liz. liz: let's welcome congressman dan meuser from house financial services and vi vivek ramaswamy. gentlemen, thanks for joining us. we do need your expertise. vivek, msnbc is going hog wild with this. you wrote an op-ed saying svb does not deserve a bailout. why? >> we did bail out a bunch of silicon valley tech start-ups, many of which mismanaged their counterparty risk. roku, $8 billion put a staggering $480 million plus in silicon valley bank. that's mismanagement. but what are we now telling them? that's okay, you don't need to diversify or due your kill generals -- do your diligence because we're going to

retroactively change the rules so the government can come in and save you, and that creates the risk of that exact same mistake in the future. here's the dirty little secret, silicon valley bank lobbied for the longest time saying it wasn't systemically important so it was allowed to take more risk. guess what in this weekend them and their cronies made the argument that, you know what? they were successically important, that's what janet yellen said when they came to the rescue of a bunch of tech start-ups in silicon valley. elizabeth: congressman, do you fear this is just the tip of the iceberg? again, you can have all the legislation and regulators you want, but when you have an ocean of money coming out of the government into the economy, that's going to the ignite seismic shifts especially when the fed is raising rates to stop government-induced inflation. >> yeah, liz, i certainly can appreciate vivek's point. and the root of all this is certainly the biden administration and, yes, the fed as well if -- by increasing the

money supply in the manner that it did. and the worst part is here you have jerome powell and the fed raising interest rates and, frankly, it's like hitting a redwood with a broom stick because he's fighting against the biden administration at the same time with the continued spending and the assault on our energy which continues to drive can inflation. so there's a lot of root causes here. but what's occurred with this particular bank, it's a very authentic type of bank. i don't think it's the tip of an iceberg. but it certainly shows we have a very unhealthy bank environment that they are struggling through. i talk to a lot of banks today. they, they're struggling to keep their investment portfolios above water. most of them don't have the investment portfolios above water. when you've got treasuries at 4.7 and they're trying to lend at 3.8 or hold deposits at 3.8. so there was real mismanagement from the biden administration, once again very late reacting. now, granted, it happened fast -- elizabeth: right.

>> but there were better options. but there's gross incompetence was occurring at svb as well. elizabeth: vivek, you agreemented over the weekend that silicon valley -- tweeted over the weekend, you were going after their sort of woke capitalism. there's pushback saying, well, that wasn't the problem here. what do you say to the criticism that this isn't about woke capitalism? >> well, that's not the essence of the story, but there's an important element of it, and i mentioned this in the my "wall street journal" piece today. there's a reason why silicon valley bank was doing some of the things they were doing. they made a $5 billion commitment to green causes, to sustainable finance, in their words, to make for a healthier planet when they should have been worrying about a healthier balance sheet. this was last year. the dirty little secret is their trick works because they're virtue signaling, they're one of the good guys. they're the people who deserve on the saved, the chosen ones. and you know what? the government vindicated that political hubris in the end. that's a big part of why you see

the virtue signaling, that in their hour of need whether it's goldman sachs in the 2008 financial crisis with hank paulson in the hot seat or silicon valley bank, it's the people who actually play the game the right way that get served in the end. the deeper problem, the most important issue is the federal reserve can has completely lost its way, and its scope of focus needs to go back to be restoring the dollar as the unit of currency -- elizabeth: there it is, that's right. what vivek just said. congressman, the stock market is down double digits under biden. >> sure. elizabeth: we went upside down under this white house. this might be one of the worst presidencies we've ever seen, the wrong people at the wrong i'm. the bond market is down -- >> yep. elizabeth: despite spite all that virtue signaling spending, who's going to tell the white house to cut it out? let's watch senator john kennedy here. >> the president's budget took my breath away. his numbers are extraordinary. we're going to run out of digits

here. it's a $6.9 trillion budget, 4.7 trillion in new taxes that will affect everyone over ten years. $18 trillion in new debt, a cut to defense. the only way i know how to improve the president's budget is with a shredder. >> $200 billion. elizabeth: we had to throw in that last part because you see how the president cavalierly throws around numbers. okay, is the house going to be the shredder to the president's budget? >> yeah, two things, we're going to be the shredder as well on gensler and his many es g-man kates, because they are -- esg mandates, because they are awful. and what vivek said once again is absolutely right. these organizations have taken their eye off the ball of what their mission is. and secondly, yes, the republican majority is going to the keep the spending in a responsible way.

and once again the democrats want no limit on the budget ceiling, and they want an irresponsible future budget. no, we're going to give them a responsible budget, not an irresponsible if one. elizabeth: got it. pleasure having you both on. thanks for spending time with us. >> thanks, liz. elizabeth: staying with this story, say with us, we have a jam-packed show. do you believe this, michigan democrat governor gretchen whitmer now says her own pandemic lockdowns were wrong? and cbs reveals government documents show the nih paid double for dangerous supervirus research in china despite dr. fauci's denials. we have up next alaska senator dan sullivan, climate activists outraged after the white house approved oil krilling in alaska when we -- drilling in alaska when we need u.s. oil and gas now more than ever before to stop a potentially deeper recession. in that's next on "the evening edit." ♪ ♪

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since starting golo and release, i have dropped seven pant sizes and i've kept it off. golo is real, our customers are real, and our success stories are real. why not give it a try? elizabeth: welcome back. climate activists are outraged over the white house approving one of the largest oil drilling projects ever on federal land in alaska. now we've got grade key trimble, thank god he's live at the white

house. we need him on this story. he's a great reporter. grady, this is really interesting stuff. >> reporter: yeah, liz. president biden is getting hit by the left and the right following the approval of the willow project. it's certainly a win for conocophillips, the company behind the project. its ceo says it's a step toward greater energy security and that it'll create hundreds if not thousands of jobs. but the biden administration gave the green light to a scaled-back version of the willow project, three drill sites instead of the originally-proposed five. >> the biden administration wants to throw out crumbs. keep in mind biden currented $200 -- 200 million barrels out of the strategic petroleum reserve last year because he had to react to his own failed policies. >> reporter: the administration also just announced new restrictions on oil and gas drilling on 16 million acres in alaska and the arctic ocean in what many see as an attempt to appease the climate activists who tried to

block the willow project. but it didn't seem to the appease them at all. environmentalists are still upset. they claim the president is caving to the fossil fuel companies he promised as a candidate he'd stand up to. >> i guarantee you, i barn' you we're going to end fossil fuel, and i am not going to -- okay in. [applause] >> reporter: and the american petroleum institute says we urge the administration to end the mixed signals on energy policy and focus instead on real solutions for the american people. the u.s. chamber of commerce coming out with a similar statement, liz, saying that the biden administration is sending, quote, mixed messages on oil and gas production. liz? if. elizabeth: yeah, you need a neck brace. it's whiplash. grady trimble, thank you for the story. it's good to see you, my friend. we need this senator on the show, he's from the senate environment committee, alaska senator dan sullivan. senator, thanks for joining us tonight, sir.

>> good to be on, liz, thanks. elizabeth: so u.s. oil and gas are needed now more than ever to sage stabilize the -- to stabilize the american economy. what do you make of the story about the willow project and the white house's mixed messaging? >> well, i agree with the mixed messaging. the willow decision is really important for alaska but, liz, it's really important for america. it's important for jobs. your reporter mentioned about 2,500 really good jobs in our state. it's important for the environment. in alaska we have the highest standards on the environment for energy exploration and drilling of any place in the world, lowest emissions, and it's really important for national security -- elizabeth: are you going to do the it safely? >> -- american power -- elizabeth: sorry to interrupt. >> oh, 100% we have the best, we have the best track record on responsible resource development of any place in the world by

far. this project will do that. but to my final point, as you know, you and i have talked about it before, you know, american energy is a huge instrument of american power, and dictators like xi jinping and putin fear it. so this from the perspective of our country and my great state, this is an important decision. but the frustrations are still with us as your reporter said, you know, the biden administration is trying to appease if the far left radical environmental groups, what we call the eco-colonialists because they come up here, tell the native people of alaska who are very strongly supporting the willow project, you know, condescendingly telling them what to do, the eco-colonialists, as we call them. so the biden administration's trying to appease them with announcements of a future lock-up of alaska. we will fight that with all we have as we've done in the past. it's probably illegal to do

that. and the national petroleum reserve of alaska. but right now this decision is an important one. but, look, we've got a fight on our hands. elizabeth: yeah. >> these same radical lower 48 groups, they're likely to start a lawsuit as early as tomorrow. and, by the way, conocophillips is mobilizing workers today in alaska. that's how important -- elizabeth: that's ea amazing. that's interesting. >> -- it is for our state and our country. but we'll battle these eco-colonialists -- elizabeth: got it. i've got to jump in here. we're running out of time, i'm so sorry. forgive me, but we are, i want to get this -- we love having you on. >> it's all right. elizabeth: i hope you'll forgive me for interrupting, but u.s. oil and gas rescued the u.s. from recession under the obama white house after the banking crisis of 2008. >> that's right. elizabeth: people don't recognize that. it stopped us from plunging into a keeper recession. china, let's move to this, china is responsible for carbon

emissions, the most in the world. the u.s. is not the problem. china pollutes at three times the levels higher than the u.s. we want your reaction, please, to to u.s. energy secretary jennifer granholm here. watch this. >> i think china has done, has been very sensitive and has actually invested a lot if their solutions to achieve their goals. so we're hopeful that, you know, we can all learn from what china is doing. but the amount of money that they're investing in clean energy is actually, you know, encouraging. elizabeth: you know, it's interesting -- well, let me back up. she's praising china for its clean energy, but human rights watch cog groups cite china's crimes against humanity, systematic attacks on muslims, cultural persecution, it's also one of the biggest polluters in the world. >> look, with respect to the secretary of energy, she's clueless. she is clueless. i saw those points, and i couldn't believe she was making

'em. it was as many the chinese -- as if the chinese communist party handed her her talking points. st the unbelievable. the number one country in the world for lowering global emissions by far since 2005 is the united states of america. because of our high environmental standards like we have in alaska, the revolution in the production of natural gas and the biggest polluter, by far it's not even close, is china. so the secretary of energy needs to look at some real american talking points and quit getting her points from the chinese communist party. it's remarkable to me. elizabeth: senator suggest advantage thanks so much for spending time with us tonight. >> thanks, liz. elizabeth: okay, coming up, house oversight chair james comer will join us. he's going to take on the criticism against him went he brought up woke banking for the distractions leading to the collapse of silicon valley bank. and house oversight under james comer reportedly subpoenaing records out of bank of america

for the probe into the biden family selling access due to the government's position in the government. the president's position, rather. also congressman michael burgess, michigan governor gretchen whitmer, she's now criticizing and slamming her own pandemic lockdowns. all that coming up on "the evening edit" next. ♪

elizabeth: look who's back from the house gop. >>s' caucus, congressman michael burgess. doctors' caucus. let's first get your reaction to michigan governor, democrat gretchen whitmer, now saying her lockdowns were a bad thing? watch this. >> you know, there were moments where we, you know, had to to make some decisions that in retrospect don't make a lot of sense, right? if you went into the hardware or

store, you could go there, but we didn't want people congregating around the gardening supplies. people said, oh, she's outlawing seeds. no one was planting anyway, it was february in michigan. but that being said, some of those policies i look back and think, you know, that maybe was a little, was a little more than we needed to do. elizabeth: outlawing seeds? congressman, she was so adamant about that. people were, like, threatened with fines and penalties. thousands of families and small businesses were hurt by her lockdowns, and now she said, oh, i was wrong? >> yeah. number one, i'm glad she admits it now. it's late in the, we're in the third year of this sequence, and it would have been great for people to have a little bit of humility at the beginning when, in fact, we didn't know, no one knew all the answers. and looking back on it now, you can identify, oh, sure, that was probably way too much. have some humility when you're making these decisions and

acknowledge that you're making the best decision you can with the information at hand. it may be subject to revision in the future. but once they started down that path of lockdowns and shutdowns, there was no going back, and no one would admit that that that was not a good course. elizabeth: you know, dr. fauci, let's move on to this, dr. fauci's lashing out at people like elon musk saying he should be prosecuted. critics say he committed perjury before congress when he said the nih has never funded dangerous supervirus research called gain of function research at the wuhan lab in china. but cbs news has obtained 50,000, 50,000 government documents that appear to show, yeah, the u.s. government may have paid twice, may have paid double for these projects in wuhan, china, through the nih. what do you think can of all of this? >> clearly, that needs to be, that needs to be looked at. that's one of the things that will be incorporated into the investigation.

but, you know, once again i would say that people as they approach these types of problems, and we will have big problems in the future of some nature. but as you approach a novel, big problem, have some humility about the way you approach it. and these declare story statements that it just only can be one way clearly will come back to haunt you when you find out it was different. elizabeth: yeah. "the washington post" reported that nih funded supervirus research in the wuhan lab. you know, the president -- shouldn't the president just say, yeah, i'm going to declassesfy the ed on whether the pandemic leaked? look at senator josh hawley going after china on this. what do you think, congressman in. >> of course, the president has the power to declassify if anything that he wishes. goodness knows, we've all become experts on classification and declassification in the last several months. the president could declassify these documents tomorrow morning if he wanted to. now he's got a unanimous vote in

the senate, a unanimous vote in the house to declassify, for the director of national intelligence to declassify these documents. and for heaven sakes, do it and get on with it. because, you know, the bottom line, a lot of people were hurt very badly by the actions of the chinese government, and they deserve the opportunity to know that for themselves. elizabeth: congressman burgess, thanks for joining us tonight. it's good to see you. >> thank you. elizabeth: we're going to get you updated on the news about the silicon valley bank collapse and the collapse of signature bank, that is a crypto lender. wall street pros now say, you know what? forget -- remember occupy wall street? forget occupy wall street. when it comes to how the government and the federal reserve has been handling the u.s. banking system, it's now occupy clueless. also we have house oversight chair james comer, he's going to take on the criticism that he blamed woke banking as the problems behind the collapse of silicon valley bank. msnbc is going after james

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go to learnfromhillsdale.org today. elizabeth: let's get you updated with kelly o'grady live in los angeles on the tech world. silicon valley rattled by the collapse of their banker, the silicon valley bank. kelly, good to see you. >> reporter: oh, it's great to see you too, liz. it's been a roller coaster of emotions on the ground. i kid get a couple of texts of relief last night, but there is still concern that chaos had folks lining up outside at different points during the morning despite the announcement that the fed would make depositors whole. roughly 50% of all venture capital start-ups kid business with svb. i spoke with over 30 founders and vc, one described svb as the fly wheel of the start-up world.

so the problem now becomes where do these companies turn especially e when there's a lot of trepidation about which banks are credible. i spoke with one founder who was planning to go with signature of all places but now, of course, that's gone as well. and we're also looking at a domino effect. many start-ups are in the middle of raising rounds since they're strapped for cash, and there's a lot of uncertainty whether investors will have the appetite to provide more capital to new companies after they also provided bridge loans to the their companies in their portfolio amidst all this svb chaos. liz, certainly a lot of preparation still on the ground here. elizabeth: got it. kelly o'grady, great reporting. let's welcome back house oversight chairman james comer. congressman, you're getting criticized for saying the collapse of sill silicon valley bank is because it was kiss the tracted by its woke banking. critics say it's about its bad balance sheet, underwater 10-year paper yielding is.5%. they couldn't -- 1.5%. what do you say to this

criticism? >> well, i think that's part of the criticism. hook, i said in the interview -- look, i said in the interview on fox yesterday that they invested too heavily in long-term treasuries, and when interest with rates go up, the value of these treasuries go down. that was the primary reason. secondary, they were a woke bank. if you look at their director of risk management, she brags about their diversified esg portfolio. and the problem is that a lot of this is fantasyland. st like the green new deal, it doesn't work. it doesn't pencil out. and if you're a bank being insured by the federal government, which is the fdic, your responsibility is to grant loans to people who can actually pay them back, not just to people who check a box on a liberal wish list. and i think that's part of the problem. i think part of their investment portfolio, they made loans to very risky ventures based more on their liberal wokeness than on the actual ability for that borrower to pay the loans back

in addition to being too heavily invested in treasuries. elizabeth: it looks like they were going to do $5 billion in loans to sustainability companies. i mean, we don't even know if those companies were even above water. they were going to do that by 2027. let's move on to this, so your committee subpoenaed bank of america for records relating to the hunter biden family -- excuse me, the biden family deal making overseas including hunter biden. what's the story with this? what's going on? why bank of america? what's happening? >> well, we've mean -- subpoenaed the bank and received bank records from individuals involved in the biden family business schemes. and what we've realized is what we feared, that the biden family was receiving payments that were directly linked to the chinese if communist party. now, what our question is, what exactly was the family doing in return for this money? and that's what the whole investigation is about, you know?

what did joe biden co, what kid can he know, when did he know it, was he correctly involved in these business ventures -- directly involved? we've been meeting with whistleblowers who were very involved in the biden family influence-peddling world. we've identified one particular line of transactions from china to the biden family, and we now have this in hand. so we have a lot of evidence. it's been a big week. we have more people coming in, more people are turning over documents. so we have a lot of momentum over the last two weeks with our desire to get the truth out and determine whether or not this president's compromised by china. elizabeth: so are people close to the biden family starting to finally cooperate with your investigation? and is it worse than you realized? >> yes and yes to both questions. yes, they are cooperating. i think they realize that we've taken a very mature, specific approach to trying to get these

documents. we've been very transparent about what we want. this isn't about a fishing expedition like so many of the investigations on trump. this is a specific investigation to follow the money from china to the biden family and try to determine why so much money was transferred from china to the biden family. elizabeth: how is it worse than realized? >> well, it's just a lot more transactions. and, you know, what are hay going to be able to say that they did? there's no business there. the bidens didn't own any real estate, they didn't manufacture anything, they weren't licensed to sell anything, they weren't registered lobbyists. what were they doing to receive all this money? that's the question every american should have of the current president of the united states, and they're failing with respect to the millions of dollars they received from our adversary. elizabeth: okay. congressman comer, it's good to see you. >> thank you. elizabeth: my hot take coming up plus economic pro carol roth with more on the crisis in the banking sector after the collapse of silicon valley bank and signature bank, the second

and third biggest failures in history. wall street pros now say forget occupy wall street when it comes to government oversight, it's now occupy clueless. that's next on "the evening edit." ♪ o'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,

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elizabeth: look who's here, former investment banker carol roth. okay, carol -- [laughter] the news coming in, it looks

like we are at the leading edge of problems in the bank sector, right? regional bank stocks kept going down, but then you had the former white house press secretary jen psaki saying the president doesn't get on the stick, on job until after 9:00 in the morning. what do you make of all that? [laughter] >> i mean, here's the thing, liz. you had the president come out today and try to, you know, instill confidence in the american people. and i kind of feel like we would have more confidence just not hearing from him. so i don't know that it's a bad thing that he's not involved in this. i think that the market would rather hear from jerome powell. it's kind of funny, it's like the skinniest kid at fat camp, right? jerome powell and maybe the treasury than having joe biden try to set policy here and take control of the banking sector. [laughter] elizabeth: so what do you think, you know, we got -- tuesday, tomorrow, we've got the cpi report for february. you know, will the fed keep raising rates to stop biden's

inflation? because that's going to rock bank stocks even more. you look at first republic, credit suisse, i mean, some of these regionals are in big trouble. what do you think's going to happen with the fed rah raising rates? >> so i know that, obviously, before all this happened the market was sort of leaning toward a 50 basis point hike, now the market's feeling maybe we're more like 25 basis points, and i tend to be in that camp. i think goldman sachs is the only one saying they've going to the pause, but i think if they pause, it's going to send the wrong message to the market, strangely enough, in this particular is situation. i think that's going to the make the marketty there is more systemic, underlying issues. so i actually think there might be 25 now and maybe a pause in the future or maybe they speak to the fact that they're going to slow things down or keep the same terminal rate. but i don't expect the 50, and i think that 0, that pause really would send everybody in the wrong correction.

elizabeth: -- wrong direction. elizabeth: are you really worried, carol? final word, 10 seconds. [laughter] >> not yet. be calm but prepare for chaos. elizabeth: carol roth, always terrific to see you. stay right there, you will not want to miss my hot take. that's next. 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

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i covered corporate accounting scandals. looking at bigger picture what is going on with the collapse of svb and signature bank, it makes you realize this. the government cannot basically spend into the system legislate, regulate into the system competence and integrity. they can throw oceans of money at the problem. doesn't fick those problems at those issues. the banks dropping even after president biden says the system is safe. reality is when the old saying goes, when federal reserve rays interest rates, the tide goes out you see who has been swimming naked. i think warren buffett said that the the it is written on the balance sheets. federal reserve a junk house of bad bonds and bad lending. that is inflationary. on top of biden's inflationary spending because they think spending your money fixes everything that means rates will go up. that means more bank crack-ups.

cpi out tomorrow, inflationary read. the big issue will the fed raise rates to stop biden's inflation? like a circus ferris wheel broke off the act sell going toward the oceans of the this will slam banks and the economy even more. thanks for spending your monday evening with us. we have economist introduced bahnsen with us. email your thoughts to @email viewers @fox.com. we may feature emails on the show. you're watching "the evening edit." i'm elizabeth macdonald. time for breaking news on "the bottom line." they have been covering a lot of. dagen, sean, take it away. >> thanks so much, emac. ♪. dagen: hello. hot under the collar, i'm dagen mcdowell. sean: and i'm sean duffy. welcome to t