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stuart: up down is the name of the song. 10:00 eastern. markets are selling off. dow is down 550 points, the nasdaq is down 140%, look at this, the flight to safety, 10 year treasury putting a lot of money, price goes up, yield goes down, 3.40%. flight to safety. bitcoin. is that a flight to safety? may be a bit of a hedge, it is shy of $25,000. latest read on homebuilder sentiments. lauren: it is up 44 in march, cautious optimism. here's why. little existing home inventory, fuel homes on the market, people going towards new homes giving some confidence the

market is still alive. that's the markets, the flight to safety, the selloff. first thing this morning, all seemed well, and all hell broke loose. and stock price, and the european bank tumbled, at least over there, and he issued a dire warning, 3.4% for years. more trouble for banks that invested in long-term bonds and underwater on those investments.

big banks. selling moves to the banks, it goes for the stock market as well. dow industrials 32 minutes of business, down 440, s&p down 60, nasdaq down one hundred 33. within a day the financial landscape shifted, and as it shifts, so does betting on the federal reserve. how in the fed raise rates in a crisis like this? how can the fed not raise rates when inflation is with us. the questions asked during the last financial crisis, should we bail out any bank with taxpayer money? it was unpopular and if it comes to it how do you stop the rot without a bailout or do you let it tumble, and sorted out later, bail or bust? political question, biden's

risking the inevitable backlash, will he take this risk? lose peak is uniquely qualified to answer those questions. last time the bailout was wildly unpopular. will biden take the risk that is necessary? >> the fed, authority stepped in, tour 3 smaller banks and that was contained, credit suisse has nothing to do with capital requirements on us banks, that has been a cesspool of malfeasance and problems for years. ignore the credit suisse problem. larry fink's comments, he's not talking about a run on the banks but the fact they have this mismatched in the portfolio, $600 billion underwater, the banking sector

enters unrealized losses, banks went up, asset values went down. depositors fled and went to money market funds. and this wasn't a repeat of 2008-2009, when stocks trade down, don't think that's a widespread run on the banks, if there's a problem in terms of them having to up their rates, they have 2 over time our role from the fed. a lot of complications here but the banking system 2008-10 had not an of capital. they've mismanaged their asset liability and that will hurt in terms of earnings.

as far as that, for a guy who wants to be treasury secretary, adding to the uncertainty out there. there's a lot of uncertainty to my mind because we have weak leadership. janet yellen as we, president biden's comment reassuring the american people about the banking sector and the bailout they achieved was absolutely pitiful. there's not a lot of confidence in transitory inflation or jay powell is running the fed and was behind the curve for year addressing inflation, we have a vacuum in terms of leadership but what larry fink is said is true, inflation will run at 3% or 4% and i've written a year ago they, cave before that. my guess is we will see the start of that when jay powell talks next week. stuart: your assessment of the

current situation is no mass bailout is required and if it was required would you be for or against it? >> the glue that holds businesses together, you don't want that. stuart: in the last bailout, 2,008, i was in favor of it, got to stop the rot and i was wildly unpopular. >> people have no idea what's on the other side of a real banking crash. stuart: you don't want to see it. democrats dominated silicon valley bank's former board of directors. lauren: 12 people were on board, just one had investment banking experience, the former berkeley ceo tom price joined svp in september. the rest of the board were democrat mega donors who focused on woke, phil cox works

to increase diversity in cybersecurity, it is all fun and dandy, when fed are investigating why the bank collapsed, where they too focused on diversity and not risk? they had no chief risk officer during the months the fed was taking interest rates. i want to tell you one other thing. gavin newsom did business with svp, three wineries he owns are clients of that bank, reports say he did have a personal account. 's office says all his holdings are managed by trust. stuart: executives, some executives at silicon valley bank sold their stock in the company sometime before this crisis. >> days before the bank

collapsed, $6 billion of stock on february 27th and ceo daniel back, $575,000 the same day, it is legal. what did the top two no in january, and justice department investigating potential insider trading. and and and absolutely, and should they be clawback as well. >> producer prices, 4.6%, prices went down slightly. implying the pace of inflation is turning down.

what is the fed going to do next week, is it inflation still with us? >> we were 25 days hike, one third stayed the same, now we are 50/50. they do another 25 basis points. it is bad we are having bank failures and what is going on with silicon valley bank and credit suisse. we need to see more inflation numbers and this is what we need to see. you need to break the back of inflation and until more things that are important look like they are going to break, powell has to push it when he can. if you can break inflation you run the risk of turning of the

society to latin america. stuart: there's opportunity here. these big banks are down now, would you be buying big banks today? >> if they are not going to fail, and as rates, you have an inverted yield curve, certain circumstances is better, you don't have the earnings power you used to. stuart: what are you buying today? >> gold, consumer staples. and and horrific asset liability, and the local bank

regulator. another massive bailout is just a disaster. stuart: mike lee, let's get that right. looking at the movers, start with boeing to, up or down. lauren: they deliver 20 aircraft in february, down from 38 in january, including their best seller, the 737 max down 200. stuart: how about lennar? they are up. lauren: really good numbers on a day like today. higher property prices helped offset supply shortages. lower interest rates in january and february energized, it sells. rates coming down. stuart: numbers showing a decline in retail sales in february. why are they down? lauren: it is down 4%.

profits were fine in the last quarter but they are forecasting a loss and the biggest market is europe. stuart: new op-ed from the hill, michelle obama is the democrats best chance to win in 2024. we will get on that one. stacy abrams just got a new job to push biden's green agenda, details on that coming up. congress passed senator mike braun's bill that would declassify us intelligence on the origins of covid but the president hasn't signed it. why? senator braun is next. ♪ ♪

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stuart: the selloff continues, dow is down 500, nasdaq 47. the banking crisis has returned and investors don't like it. senator rubio finalizing a groundbreaking report on china. is this about the origins of covid? lauren: does he have this smoking gun? senator rubio said the office is finalizing a report based on 18 months of investigations. this will reveal evidence that was previously unknown or ignored by the government.

it is groundbreaking, look what was happening in china during the years and months leading up to the pandemic. can he fit convince the american public, what does he have? stuart: sounds like it will be interesting. the house and senate voted unanimously to declassify all material related to the origins of covid. senator mike braun joins me. why hasn't the president signed this? >> he's got a little excuse because the house is not back in the session or he will get it next week. he spouted out about a lot of things in terms of saying he would veto it or not, 20 times before. this is almost hard to concoct in terms of how this came about. we passed in the senate, pelosi

is running the show. it happened and in my time, having every senator on it, every representative, he has got to sign this thing and we will give senator rubio a lot of help, what we have in our coffers in terms of agencies, classified material. a lot is going to hit the market. stuart: i hate to go back to this? does china have something on our president, namely hunter biden? >> there has never been a family that has more proximity to someone like the bidens and china. it's been going on for a good while. i can't speculate there, but who knows what you have when you open intel like this?

the american public needs it. when you get that big fiscal dump based upon covid navigation, the fed ended up accommodating all of it, and in the banking industry, goes back to what we did navigating through covid. >> president biden wants to control pension money, esg rules, the house and senate voted to overturn, president so committed to climate change he will veto this, the respect a veto? >> he is hesitant because it is bipartisan. he says it will veto it so i expect he will. that buys into what i think is causing all the issues in this country which we are trying to take an enterprising federal

government not only through bipartisan staff, and and the latest and craziest ideas, to use woke ideology, and at the sbb bank as well. >> we've got the banking crisis reappearing today. where do you stand? any kind of bailout were required are you with or against it? >> i'm holding to the standards that only deposits again assured for 1/4 million, by being thoughtful by having it at different banks, and doing

these demand, it ought to be only insured, you've got ways to spread that risk out, the other side of the aisle has no place that you stop, that is why we are $31 trillion in debt. stuart: if a bailout is on the cards and you don't bail out can you stand a crash? that could happen. >> great question and should be the essence. this is not -- that's when the whole banking system to even the small regionals doing things i never heard of in business school, credit default swaps and securitize mortgages. these banks, that is in absolute dollars. i'm about letting these places

fail, stay on top of it, this is not 2,007-eight. that was systemic, this is not. stuart: senator mike braun from indiana. hope to see you again soon. twice, stacy abrams just landed a new job. >> senior counsel rewiring america, pushing to electrify the united states and ban your gas stove. stacy abrams going all in, she's really going all in. not far some significant, and the injustices, and political power and opportunity, and all the harms and ills, is going green.

what a statement. coming up, homebuilder confidence up for the third month in a row. we will speak to jerry howard, national homebuilders association, talk to him about the state of play in the housing market. biden's energy department wants washing machines to save the planet. manufacturers of washing machines say this plan stinks. jeff flock next. ♪

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city officials, price out, it is the second richest zip code in the country, median home prices one. $9 million but i didn't know was the second most expensive. stuart: which is the first? lauren: miami. i was shocked by that also. you have a house in miami too? stuart: i do not. another one for you. how many people making more than $150,000 a year choose to rent, not purchase? lauren: 3 million of them. they can afford a down payment, they can afford to purchase a home but they do not think it is worth it. they say home prices are too high, mortgage rates too expensive. one of the repercussions of this? at no time in the future they are going to purchase a home what do developers do? some purchase properties and rent them out? just so easy.

stuart: thank you. homebuilder sentiment went up for the third straight month. nahb ceo jamie howard joins me now. homebuilder sentiment goes up. does that imply there is improvement in the housing market? >> the data was gathered before the recent information in the banking industry. we have basically seen the fed posture as if they are going to slow down raising interest rates which is one of the most important component of a strong housing market. there's a lot of pent-up demand. the store you talked about, a lot of people have been waiting for things to stabilize before they jump into buying a home. there's a certain amount of

optimism. right now, if we pulled the guys today, there would be more caution. not saying anyone is negative. one thing that has happened, interest rates have come down even more, people are invested in the bond market, but it is a fluid situation. >> and 30 year fixed-rate mortgages will come down beneath 7%. >> that's probably the case. cautionary tale, when banks are getting cautious and interest rates are going down they tend to be more, let's just say, conservative in their lending practices meaning acquisition, developers, construction loans,

the front end the pipeline gets more expensive. it is a good news bad news thing. stuart: your guys facing difficulty? because of the sbb bank and other banking problems? >> thankfully i've not heard of any businesses in that part of the country in trouble because of the bank. stuart: the homebuilder lennar reported yesterday surprisingly upbeat earnings. you expect improvements in earnings as the buying season gets in? >> up until the crisis in california we expect an upbeat, pretty good spring but really good latter part of the year, that is the ultimate prediction and that is buoying things. stuart: i am hoping for a rebound, come all the way down and back up you go. it is not going to be like that. >> it to too early to tell, we

have to wait and see but from your lips to god's years. stuart: we will take it. we will see you again soon. the administration wants new efficiency standards for washing machines in the name of combating climate change. who better than jeff flock. is this going to make doing laundry more expensive? >> the thing that worries me, it might not clean has well, this is by work shirt? it needs high-powered detergent. i thought i had a high efficiency washer but the administration says they need to be more efficient, less water, less detergent but here is the problem, talk about cost, here's what the industry says it will cost to switch

over to these machines, $7 million, whirlpool, ge, lg, the biggest washer makers, they say the savings in terms of the environment will be minimal and will check the cost up. the association of home appliance manufacturers who say it's going to cost more and that will not be good for consumers. >> only 2% of current top load washers will meet the new standard and for relatively little increases in energy efficiency. and washing machines the average cost to the consumer of washing machine will increase by one hundred $50 to meet the standard, the energy savings will be less than $8 a year. >> less than $8 a year. i already use high efficiency machine, you have to purchase

high-efficiency detergent, doesn't seem to get more loads than the other detergent. i want to leave you with a comment from the government, we reached out to the energy department. as evidenced, the proposed standard would not reduce product performance or negatively impact the ability. and that is not true. stuart: i knew you would. see you again soon. nikki haley and senator rubio are pushing back on ron desantis and donald trump over centigrade see ukraine. there was a split in the republican party. republicans outraged with the white house's response after a fighter jet collided with a us drone coming in international airspace. >> the report coming out of our government was this was an

unprofessional act and environmentally unsound. they shot down a united states warplane, they took it out of action. that's the response we get back? so yeah, not happy about it. be one coming up, i will ask brett velicovich how we should respond. we will be back. ♪ what will you do?

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stuart: a ton of reading, down 560, nasdaq down one hundred 50, the banking crisis is still with us. it is back this morning, the big banks are down, all these big banks are off in percentage terms, the biggest loser is goldman sachs, they are all down 4%, citigroup is down 5% or 3%.

i think it is 5%, big drop, a russian fighter jet forcing it down in the black sea, that is close to ukraine. what is the latest? >> the us has called this incident anything from dangerous to juvenile, happened at 7:00 yesterday morning. two russian fighter jets intercepted a ripper drone in international airspace over the black sea. the fighter jets harassed the drone, buzzing dangerously close in front of the drone, one of the fighter stumped fuel on the drone and the pentagon says during one of these flybys a russian fighter struck the propeller of the drone and broke off a piece, the drone became unmanageable in the decision was made to ditch the 32 million-dollar aircraft in the black sea.

with tensions high between the us and russia and even china, the commandant of the us marines says this could send nations spiraling toward a broader conflict. >> things bumping into each other, causing her collision and two great powerful nations trying to sort it out at 2:00 in the morning. >> reporter: russia has a different take, the drone was headed toward russia with its transponder. its communication systems turned off. russia says there fighters never struck the drone. it crashed, attempting basic maneuvers. >> the russian fighters didn't use their weapons are come into contact with the vehicle and they returned. >> the us agrees russian fighters landed in crimea, but disagrees the russian fighters were untouched. one of the fighters was damaged because it struck the propeller.

the us does not have warships in the black sea, russia said they would attempt to collect the debris of this aircraft. stuart: thank you very much. the pentagon called this unsafe and unprofessional. >> it's not uncommon for there to be intercepts of us aircraft over the black sea, in recent weeks there have been other intercepts, this is noteworthy, causing the downing of one of our aircraft. stuart: he is a drone expert. how should america respond to this in your opinion?

>> we've seen these incidents happen when the uranian's, didn't respond, they could effectively down this on the us side and probably right. if at first, saying this was an accidental collision you don't bump into a surveillance drone at 20,000 feet in the air, this was a deliberate act that shows a major change when dealing with the us, sending a message and no room for mistakes. one wrong move by either side could start a war between us. us officials have been clear and careful both sides need to de-escalate this tension. it is not a stealth drone. it has been flying over that area for quite some time, even publicly, posting their location on social media, it was a matter of time before russia started to do something. stuart: it was deliberate, what

they did to our drone was deliberate. doesn't call for response almost in kind, there's a danger escalation but you've got to respond. >> should we respond, yes but will be do something? i doubt it. we've got no american warships in the black sea, and get out of it, all technical secrets about that drone if they don't have them already. >> these drones trying to recover them especially from the enemy side, difficult to capture the data, that is how it is done. they are not going to pull what the pilots were staring at. it does go to show, with us monetary drone industry, the defense department need to get

their heads wrapped around it, fighting isis and the taliban and. these drones were beltran and me they didn't have this type of reach, this should be a wake-up call for officials to innovate more quickly, that's difficult to find. stuart: senator marco rubio says aiding ukraine should be a priority. watch this. >> anymore than it is a territorial dispute. just because someone claim something doesn't mean -- to dominate their neighbors. stuart: that's a reference to the drone, senator rubio says we should support ukraine.

that goes against ron santos, the governor of florida, who says helping ukraine is not in the vital interests of the united states. that won't help the war effort in ukraine. >> it's a major issue, americans need to understand why it's important to split ukraine. this is a war against good versus evil and russia is pure evil. this is one country threatening another's way of life because they want to rename some territory. your entire families are dying because of this nonsense of a madman that is putin. it is a war against freedom. they have been standing on front lines of democracy, defending the gates of europe, if ukraine is allowed to fail russia is not going to stop at ukraine's borders. it will determine how coming generations will live, whether they will live in a democratic society or a totalitarian state.

we need to stay as long as it takes. stuart: we will see you again soon. woke making its way to the u.s. air force and at the top level. lauren: world-class woke, the air force looking to hire four senior di officials now, this month. the top job pays $183,500. they are looking for they i managers at andrews air force base in maryland, and maxwell air force base, it is a major hiring spree with gei. the defense department's focus, they don't make fentanyl.

stuart: the convicted fraudster out of prison, giving speeches. how much he's getting paid to share unique business insights. actors are pouring up tents and a restored park, encouraging homeless people to move in. that is next. ♪ we built this city ♪ we built this city on rock 'n' roll ♪ we built this city on rock and roll ♪ a ballet studio, an architecture firm... and homemade barbeque sauce. they're called 'small businesses.' but to the people who build them there's nothing 'small' about them. that's why at t-mobile for business... you'll save more than $1,000 versus verizon. and with price lock guarantee, we'll never raise your rate plan. so you can keep your focus on toe-turns and making sure the sauce is extra spicy.

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stuart: markets still in selloff mode, dow industrials down 616 points. the nasdaq composite is down 1.5%. next case, activists in portland, oregon pitching tests - tents around the city encouraging homeless people to live in them. a portland counselor, drug counselor in portland joins me now. why are they pitching tents? >> very good question. i would say they want to

destabilize the community. there is some good average workers in portland trying to make a real difference and end homelessness and this benefits the entire community. but these activists will oftentimes erect tents after we restored a park because the reality is they need the blights to be in the site. if it is seen it proves their point capitalism created homelessness, addiction and every problem in the world and by cleaning and area it goes against their narrative. stuart: you are drug counselor. they are doing the opposite of what you're trying to do, giving people freedom from addiction. they are doing the opposite. >> it's pretty frustrating. 80% of every homeless person on the streets in portland and most major cities have a history of addiction. by adding these tents, these are places to get high.

it makes our job 10 times harder. stuart: can i jump in for second? if you admit somebody to rehab to get them off fentanyl, what's your success rate? >> if they are motivated towards change, the success rate is high and i always said the homeless want to be empowered, they want responsibility, the system that enables them and keeps them down because the reality is the homeless industrial complex looks almost as customers, why would they be motivated to end homelessness? everybody loses their job because of the multibillion-dollar industry. stuart: you have a tougher job, appreciate your input. ohio's attorney general, martha mccallum, bill bennett, mitch rochelle all on tap. we are told by the left that we must get rid of all fossil

fuels to save the planet, the environmentalists intrude into every aspect of your life, welcome to the administrative state where the rules are written by unelected bureaucrats, that is "my take" next. ♪

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