bankman-fried and his inner circle, they took in $2.2 billion. of course, the public relations campaign to justify the bailout of billionaires in silicon valley continues in the media, on capitol hill. remember though in 1776 edward gibbons published the history of the fall of the roman empire. the arrogance eventually comes back to the hawn you. i think it might be competition, but at some point comeuppance is comeuppance. his claman, over to you can. liz: you know, on crypto, we've got the the ceo of kraken coming up -- charles: really the? that's a big one. liz: as the assets are sold off, you have the fdic demanding whoever buys some of this the cannot deal in crypto. charles, we're going to begin with breaking news.

we are still watching regional banks in a state of flux, but once again the markets are getting showered with a downpour of headlines kind of yanking stocks, particularly the banks, in and out of losses which means we could see the gains that we have right now, dow jones industrials up 306 points, got the s&p up 60, the nasdaq up 260, that could possibly shape shift throughout this final hour of trade. we've got major developments both here and many europe since yesterday's close that are driving the trade action. let's start with the big financials here in the u.s. they are in the green. got jpmorgan up 1.6%, wells up .75%, bank of america up 1%, citi up 1.3 3%. but if you cycle through the intradays, if we start with jpmorgan chase shares, they had been down. at the moment if we can throw up that one intraday chart of jpmorgan chase, and we've got first republic on the screen especially on the lower right-hand bug because it is very much in a state of flux

too, jpmorgan up 1.6%. low of the session, it had been in the red, and it was about $12 is 6.03 -- 126.03, it's at $130.40 right now but reversed course, as you see, just before noon eastern time. remember, charlie gasparino right here on this show last night reported of the possibility that large money-centered banks led by jpmorgan were working to rescue regional banks gasping for air after the collapse of silicon valley bank ask and signature bank over the weekend. shortly after noon eastern time today, "the wall street journal" hit tape with headlines that several banks are in deal talks to prop up troubled regional bank first republic which is right now in the green, higher by 5.6%. ing but look where frc was, and you can see from the intraday chart right below the actual price right now. at the moment, 32.96. it was, before the headlines, at the low of the session $19 and

change. right now $32.91, but the california-based bank really started to head northward, to turn positive at 1.eastern -- 1 p.m. eastern when that journal article came out. the big banks could prop up frc to the tune of close to $30 billion in capital infusions. and if they somehow didn't, treasury secretary janet yellen testified before the senate just an hour earlier that the government will step many in. step in. while dodging the world bailout, yellen said u.s. bank depositors will be guaranteed if a, quote, is systemic risk determination is issued. listen. >> one of the reasons we intervened and declared a systemic risking exception is because of the recognition there can be contagion in situations like this. and other banks can then fall prey to the same kinds of runs which we certainly want to the

avoid. liz: and just like that, the regionals started to turn green. right now pacwest though is very much in a state of flux. please keep that in mind. western alliance, pacwest and frc, first republic, have been halted multiple times this session due to volatility. but right now first republic up 5%, western alliance up #.9%. ty corp. up 1.5% as well. again, pacwest struggling. it's been up, it's been down, it's down 3.5% right now. those developments that we've just outlined for you came after the swiss national bank announced overnight that it was rushing in to -- and i put this in the quotes -- lend embattled credit suisse up to $54 billion to shore up liquidity and investor confidence after the stock plunged to a record low of $1.79 yesterday. right now shares of the 167-year-old bank are up four

pennies, 2% gain here, to $2. 21. so with bank turmoil buffetting the markets and treasury yields as well, we're going to get to that in a second, how, if at all, will the federal reserve move rates next wednesday, and does the health of everything from stocks, bonds and the u.s. dollar very much in a state of indecision? cantor fitzgerald and bgc ceo howard lutnick is here live. authorized to trade government securities, and trader john corpina is live from the floor of the new york stock exchange. we are going to start with howard lutnick. howard, janet yellen said today that the u.s. banking system is, quote, stable. but if it were stable, why do these banks need everybody, including the money center banks, jpmorgan, citi and everybody else, plus the government, the fdic, to rush in and help? >> all right. so all these banks received so many deposits that they couldn't make loans fast enough. so they bought long u.s. treasuries and hong mortgages, interest rates went up, and

these banks lost all their money. all their money. silicon valley bank lost $18 billion. how much money died they have? $18 billion. first republic lost all of its money, all of its money. so all it has left is franchise value. so i think people who are trading the stock today are taking a wild risk, a wild risk. these companies have lost all their capital. signature bank, all of its capital. so what the government did is it went in -- remember, when deposits pull out, they have to sell the bonds at that low are. remember silicon valley lost $1.8 billion? that was just giving depositors back their money. so the federal reserve and u.s. treasury stepped in and said we're going to do something called the bank term funding program. they're going to take u.s. treasuries and mortgages from these banks and give them par for one year. liz: doesn't this sound reminiscent to what happened as far as the government was

concerned in 2008? and, by the way, if we put up treasury yields, we've seen wild swings there. [laughter] they began to plummet yesterday, well off the highs that we have seen over the past several days. 2-year, 10-year. and then when the ecb and christine lagarde this morning said, you know what? she showed a spine of steel, didn't she? they raised rates by half a percent. you know, we've got our meeting less than a week away with the federal reserve, suddenly those yields started to pop up again. there are severe dislocations, are there not, because of what you just outlined? >> sure. so like 2008, what you said, they set up after bear stearns six months, basically what they told lehman is you've got six months to get your house in order. so they just said a one-year deal to protect you guys. you all have one year to get your house in order. so these banks have got to find partners, save -- saviors, sell themselves. and they're all going to have the to do something in a year. liz: would you get cute with

first remix? i know people who were buying it concern fistly protect -- first republic? >> it's playing with fire. the bank itself has no real value other than its franchise, which is a pretty cool franchise, but it has no capital. so is it worth $30 a share? no way. what you're going to see is investors are going to come in at much lore numbers, and -- lower numbers, and these stock prices are going to get shellacked. liz: howard, cantor fitzgerald's trading floor, bcg's trading floors must be wild right now. >> yeah, we like to buy assets from these banks -- [laughter] so there's fun things for us to buy, for us to step in this because these banks are, of course, in trouble, but bgc's trading floor, remember, we suffer with zero interest rates for all those years, we would come in and talk about the dollar and things, and now we have interest -- liz: and the stock of bgc is

looking very healthy over the past year. >> oh, it's going -- this year we're up over 40%, 5% today. our company is going to do tremendously well for as long as there are interest rates. we suffered when they were zero, but now obviously things are great for us. liz: but you survived because you had a strong balance sheet, and your team wasn't taking stupid risks like, apparently -- >> well said. liz: -- silicon valley bank was. so is a first republic worth saving? >> well, first republic did the same thing -- the. liz: but is it worth saving? >> of course it is. it's a great franchise. some of these big banks are going to try to buy it, but they're not buying it for $30 a share. remember bear stearns. liz: rather not but go ahead -- [laughter] >> $2 then it went to $10, okay? these numbers are going to be much lower than these stock prices, you're just playing with fire. can it bump up, can it bump down? in the end you're going to the see regional stock price, the bank stocks prices for these big

regional banks who lost their capital are going to be lower, much lower. liz: stand by, we're going to run to the floor of the new york stock exchange where trader john john corps pee that -- john corpina is. first republic is up about 7.25%, everything else? >> yeah, liz. like you said on your lead-in, you were explaining fluctuation in jpmorgan's stock, we're seeing that across the board here. look at the vix, the way it's traded this week. high of 35. we're back down to 25, 26 level. we continue to see a lot of volatility in this market. as we've talked earlier, this is the about fragility. our markets are so fragile right now that any headline is going to make this market swing up or down, so today all boats are rising up with the tide based off the headlines. we've got the, we got credit suisse with the backing behind them, regional banks with backing here in the united states. for now that's positive news.

also, as you mentioned, what's the fed going to do next. that's the next thing we're looking at. we're going to watch these regional bank headlines, and if anything else comes out from there, what happens with the fed next week. at point they're putting an opportunity to really take a step back and let things continue to unfold. they probably don't have to make any significant moves at this point, not rush to it, and see once again if this thing, you know, what other ramifications come from what we've witnessed over the last seven days. so the next, you know, the next two weeks as we get to the end of the month, end of the quarter, a lot's going to happen. it's going to be the very interesting. liz: john, sorry, let me just bring up oil. i know people are saying, liz, why are you talking about oil, it's not a story? it fell, it skidded to 15-year lows yesterday. it may be up today, but we have the gyrations there. we know there are opportunities because it hit the tape today that warren buffett was scooping up more shares over the past couple of days in occidental petroleum, and that stock is on

a tear. so are do you seeing any kind of side window trades where people are jumping many and buying things on the cheap. whether it's the oil or anything else? >> i think when you see the volatility that we've seen in the market and you take regionals and kind of put them on the size and -- on the side and everything else gets swept into it, there are opportunities when we see this downturn in the market for buyers to come in the whether they're large investors or retail traders to come in and find those opportunities. there have been stocks, you and i have talked about apple, amazon. some of these stocks that the have been trading at levels where sometimes it hasn't been as much of an appetite, once it comes in at 10, 15, 20%, you do see buyers come in. we've watched the s&p with pretty significant swing, we've been in this range in the s&p, in the vix. i think when you get to the low of the range, we see the buyers. obviously, when we get to the top of the range, we see the sellers. it's really what gets us above the top of the range and below the bottom of the range, the

fed's going to make the next move, and that's the catalyst. liz: howard, the federal reserve meets next wednesday -- starting use the, actually, but makes the decision wednesday. the ecb continued to tightened odd. christine lagarde said inflation is still the number one issue. what do you think the fed's going to do and what should they do? >> i think the fed knows at the pain that these regional banks have suffered means they're going to lend less starting now. liz: credit, credit -- >> credit's going to tighten because sort of choking the person who's making the loanings. so it's going to tighten. that's going to pull them back from 50. i don't think they're going to take their foot off the gas, i think they're going to just come with 25, and they were debating 50 and 25, i think they just come with 25 the, and they say -- they talk about inflation being too high, but they talk about credit tightening with what's going on with the banks. so i think it's middle of the road next middle of the week. liz: what a difference a day makes. yesterday standing pat, no move

was much higher. right now that's only at 19%. we're talking about fed funds futures, this mechanism where investors can bet on what the fed will do. we now have an 80% chance at a 25 basis point hike and nothing for a 50. >> nothing for a 50. no way for 50. no way. liz: well, why when credit suisse is imploding did the ecb feel it was safe enough to continue with a half a percent hikesome. >> well, because the ecb doesn't sweat switzerland, right? remember, switzerland is its own little thing, and the swiss came in -- i loved when you said two swiss to fail. that was a fantastic -- liz: i did. overnight, i was thinking they're going to the bail them out? >> such a good line because it's exactly right. they've got plenty of capital. they did not lose their money like these regional banks did, okay? they did not lose their money. they just had a liquidity crisis. everyone was pulling -- liz: bad management.

[laughter] howard, great to have you. [laughter] >> great to see you, liz. liz: howard lutnick. we need to mention social media stocks. u.s., particularly, social media stocks are in the spotlight in this final hour of trade as the u.s. government ramps up its threat to ban widely popular social media app tiktok. american teenage tiktok fans may be clutching their phones in agony, but what does gop presidential candidate and china hawk perry johnson think? would he go further to disconnect the u.s. from tiktok? and, by the way, he's also a michigan businessman. would he have let depositors lose their money, the uninsured part of their deposits, when silicon valley collapsed? in a fox business exclusive, the conservative candidate weighs in next. we've got the closing bell ringing in # 4 and a half -- 44 and a half minutes. dow jones industrials gaining 311 points.

rest of the screen is green at the moment including first republic bank up about 6.5%. "the claman countdown" is on all these headlines breaking in this final hour and the market's movements as well. we're back in a minute, don't the go away. ♪ ♪

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when you take it again the next day. so betty can be the barcode beat conductor. ♪♪ go betty! let's be more than our allergies! zeize the day. liz: let's take a look at social media shares, the trade here in the u.s. snap really popping, up about 7.5%. meta shares up 1.5%. meta's been a little more volatile, we can tell you that. but up until about 45 minutes ago, the bigger name, meta, had been down a bit more. but right now, as you see, we have an earlier boost for both of these coming on reports that the biden administration has just turned up the heat on

chinese social media app tiktok. tiktok parent bytedance has now confirmed the administration is demanding that their chinese owners sell their stakes in the company or face a nationwide ban immediately of the app. this as the united kingdom has now followed in the footsteps of u.s., canada and belgium, all of whom have is banned the app on government phones. the accusation is that chinese authorities are access all user data and spy on americans and others via app. our next guest has laser-pointed thoughts on china and wants to implement them as commander in chief. he is perry johnson, 2024 republican presidential candidate, here in a fox business exclusive. and, perry, i definitely can want to get to tiktok in just a moment, but we have pressing news out of the banking world. i know you're aware of this. at this hour it appears not only a coalition of u.s. banks from jpmorgan to citi, morgan stanley, wells fargo, they are on the verge of rescuing first

republic with an infusion of up to $30 billion. that's the number we're hearing. that's on the heels of $70 billion in funding from the federal she -- reserve this past sunday. should depositors who have more than the fdic-insured $250,000 in banks be saved? >> no. you know at the federal reserve only has about $120 billion, and you know that essentially it's the an insurance that has on the paid for by depositors. now, in reality you would take a look at the fact that they only guarantee $250,000, then suddenly if you have $50 million you're supposed to essentially pay the same amount for $50 million as you do for $that -- $250,000. keep in mind silicon valley bank was a very unusual bank. 90% of the depositors there had over $250,000. now, these were very wealthy

depositors. [laughter] but these are people supporting biden. they are donors to biden, they lead the biden cause so, of course, biden's going to do everything he can to help these guys. who really pays? the regional banks and, of course, the regional banks are made up of the little guy. but i don't think biden really cares about the little guy. in fact, the little guy's going to have to pay more now because we obviously need the insurance. liz: let me just say neither you nor i have a list of all the depositors, let's just be clear, at silicon valley bank. and i am quite sure because peter thiel was one of them, he's a huge supporter of donald trump, a republican. he had, according to reports, about $50 million in silicon valley bank when it failed. let's just be father and balanced -- fair and balanced here. >> it was a california bank. liz: you as president, if you were to be nominated and you were to be elected president, you're saying let depositors of any bank that gets into trouble

fail beyond the $250,000, fdic insured. >> there's two issues. there's nothing to say that the federal reserve can't come up with a scheme whereby if you want more than $250,000 insured, you pay a fee accordingly. maybe we should. but we better have better governance too. i have a plan, two cents to save america, i wrote a book on that very issue. why do we really have the problem? we have the problem because biden spent too much money. and when you flood all this money into the economy, obviously you're going to have inflation. keep this in mind you had $5 trillion added to the banks since the beginning of the pandemic because with we had all this money. now, in my two-cent plan, i make it very clear that we would have a way in which we are going to change the way government is run. keep in mind i started with nothing, and i got into the field of quality, brought quality to the auto industry when they were in trouble in the 1980s, and i've been bringing

quality to companies throughout my entire 35 years that i've been in business. fun of my companies have any cue any debt. i know how to run these businesses, and i've been bringing businesses so that they are very thriving and successful all my life. liz: yeah. >> that is what i bring to the federal government. it's very simple. 2% out of all -- liz: exactly. can i just jump in here because our time is limited, and we have so much breaking news, but let's get to the tiktok issue. what is your reaction to this latest demand by the biden administration that all of bytedance's chinese investor-owners must divest of the company or else, boom, the whole thing is banned? would you take it a step forward, or would you back off? if tell me where you stand on tiktok. >> as you know, i don't trust china, and we can't trust china, but i also believe in our constitution the, i believe in freedom. i'm not sure that it's constitutional we do something like this, but i do know that we have to do everything in our power to protect our own security. to that extent, we have to do

whatever we can, and we can't have them stealing our data and our technology and everything else. liz: so what's the solution? >> well, the solution is that we have to really investigate and make sure that we have safeguards in place. and without the safeguards, then you have to say are we really doing our job. but first, i do believe above all in freedom s and i am not going to go and take away constitutional rights. i do believe one of the great things about this country is the fact that we believed in that, and rewere found -- and we were founded on the very basis of freedom. but we cannot let china -- liz: a real conundrum. perry johnson, presidential candidate, gop. thank you. we are coming right back. ♪

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liz: breaking news, it has now been confirmed, take a look at first republic bank, and that chart telling the story. the stock is soaring by 14%, confirmation that a to coalition of big, mega u.s. banks but alongside mid-sized financials have banded together officially to prop up first republic, the regional bank that stumbled after the collapse of fellow bank svb and signature bank. so here are the big names involved: bank of america, citi group, jpmorgan chase and wells fargo. each one of those, as we understand it, is going to make a $5 billion uninsured deposit into first republic bank, $5

billion apiece. goldman sachs and morgan stanley are each making a deposit of $2.5 billion probably because neither of those two has consumer bank branch, right? they're more an investment bank. all of those stocks are moving higher by anywhere from 1-2. we then talk about the mid-sized banks that are joining in the on this coalition. bank of new york mellon, pnc, state street, truest e, which you may remember was cobbled together with the merger of bb&t and sun trust, and then u.s. bancorp. each of those companies, those banks are going to make an uninsured deposit of $1 billion apiece. now, there has been a news report that was coming out earlier, and charlie gasparino basically said that this was in the works last night, so we're talking about a total of 11 banks, $30 billion altogether. so that number appears to have been correct, the number that we gave you at the top of the show.

there's now, we now have the official news that they put out here. i'm just keeping an eye on goldman and everybody else. goldman sachs for the moment is up 1%, and the rest of the stocks in that sector both regionals and the big financials are all in the green. let me get to charlie gasparino. charlie, you reported here on the show 24 hours ago that big banks led by jpmorgan are looking to get first republic through its liquidity crisis. bailout or not? >> yes, it is a bailout. we should point out, again, if you were watching "the claman countdown" yesterday, you would have known this was in the works. what's interesting about this is they're basically putting deposits in these banks. it's kind of interesting, i'll get into that in a minute. but, yes, we were -- we had the read on this. there was lots of rumors that jpmorgan was going to buy first republic bank, but we first reported that was not in the cards. they believe this is a liquidity

crisis, that it's short term, that if they can just show some confidence in first republic and get them access to cash, jp, wells -- the two names i heard -- but citigroup as well. maybe they will, maybe they won't. let's understand a little bit what they're doing. they're putting deposits in the bank, right? i didn't know that part. it is kind of interesting because what they're essentially doing is becoming like mom and pop depositors. why do the they do that? well, today want to show that deposits are safe so there's not a bank run. the reason why goldman and morgan's in there along with jp and, obviously, the big banks, all of them, all these firms got a ton of business, new money, coming to them from signature bank, from silicon valley bank, from first republic bank where people moved their assets there. what they're worried about is if this contagion spreads z, they're going to be moving their

assets out of their banks. liz: that's what i'm wondering, charlie, what do they know that we don't that first republic, a $6 billion market cap, is now being infused with $30 billion? >> well, liz, remember, banking at bottom is a confidence game. okay? you're solvent one minute, svb was solvent one minute, and the next minute everybody -- service the insolvent. -- it was insolvent. and that happens very fast. that happened with with lehman brothers. they're trying to show confidence because they know if this thing keeps going, if first republic goes, citi group might be next because it's a confidence game. why do you believe your stuff is safe at citigroup? my brother call me the other day. he's a. >>, guess what he asked me? is my stuff safe at jpmorgan? maybe i should move it here. what you try to do is minimize that. now, here's interesting thing,

liz, wall street has done these sort of things, these bailouts, in the past. it worked when the hedge fund long-term capital management went under back in 1999. they bailed that out. the feds, dick grasso and the federal reserve and the treasury got all the banks together and said you've got to bail out this hedge fund because if this thing goes under, you know, the markets are going to go nuts, and you might go under. so they went in there and bailed out long-term capital right before the financial crisis. they a bailed out all the big bond insurers because they said e that the bond insurers, if they go, well, then bear stearns might go, lehman brothers might no -- go and everybody because they're all holding the same fox toxic debt. it worked with long-term capital. as we know, it did not work with the bond unsurers. months, a month after they bailed out the bond insurers, bear stearns went.. -- liz: and taxpayers paid for it. >> i will just say this, this just shows you're you we're in

serious -- liz: exactly. >> the markets may like this, but it may not like it in a couple days when they start sniffs around. back to you, liz. liz: uh, exactly. you rocked it last night, well, yesterday right here on this show. and you said that these discussions were happening. jpmorgan, you've got to believe that jamie dimon, once again, was the guy who was sort of at the forefront and the voice of we gotta the do something because he's the one who can see the i don't want to say rot underneath, but the fast dethe tier rating situation -- deteriorating situation, charlie? >> liz, here's the thing. okay, my source, initial source from yesterday, was at jpmorgan. i'm not going to say who it is, it was a senior, senior guy. liz: okay. >> what he tells me and he reminded me is remember what jamie dimon said about six months ago, check me on the timing, there's a storm out there. it's coming. i'm not sure when it's coming, when it comes, it's going to be

nasty. liz: he kid the say that. >> why did he say that? he said that because the last three years we've cone unprecedented amount of spending from the fiscal side, on the monoair the side -- monetary side by printing money, and you don't do that without creating bubbles. it's the reason why -- it's the same reason why crypto went through the roof and then crashed. it's the same reason why amc was trading at $72 a share and now it's around 5. that's what i'm telling you. this stuff does happen. the banking system now is in its own corrective mode. first you had crypto, meme stocks, now you have banking. and, you know, how far it goes is anyone's guess. my guess is that this is not 2008, but what the hell do i know? when 2008 was happening, i was covering it like baseball. i could never imagine bear stearns went under, but then id admit -- it did. liz: at moment we have all the regionals parish in the green -- pretty much in the green.

the rest of the big moves are moving higher on -- big banks are moving higher. speaking of signature bank, it failed after svb, the fdic which insures depositors up to $250,000, is striking what some are calling a faustian bargain of sorts with the potential buyers of the firm favored by the crypto industry. reports are any acquirer of the assets of shuttered signature bank will have to promise to ditch all of the bank's digital asset businesses. what does this mean for crypto exchange kraken and the rest of the ecosystem of crypto that because business with signature? we've got the ceo of kraken nextch.! ♪ ♪ yeah, loveseats. something about loveseats make me feel happy. kevin...? i bought the team! ♪ cash brothers!

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liz: let us look at bitcoin at the moment, and i am seeing it move higher by $388 to above 25,000 the once again. it has, interestingly enough,

since the failure of silicon valley bank and signature bank over the weekend become a sort of safe. haven. bitcoin is up about 23% over the past week and is trading around the key $25,000 mark. why? well, because you've got to figure that some people believe that the failure and near failure of many of these regional banks including first republic which is now comfortably up about 12% in the wake of what we just told you a few minutes ago which, of course, is the bailout from a coalition of many banks to the tune of $30 billion for first republic, you've got to believe that there are some crypto fans who say, you know what? keep me out of banks, i'll go into digital currency. signature bank, one of the failed banks known for dealing with new york commercial real estate, actually some say was shuttered because of its crypto business or at least ties to it. it wasn't a huge part of their business, but they did have a crypto business. now reports say that the fdic is

making any buyer interested in acquiring the assets of signature bank to give up all cryptocurrency business at the bank with. they've got to shut that part down. if in a fox business exclusive, we have incoming kraken ceo, a cryptocurrency explaining change concern exchange, cave ripley. dave, what does -- dave ripley. what does the fkic's move mean to you? >> well, it certainly could be impactful. i think we're still dealing with rumors at this point many time about so-called operation chokepoint 2.0, is what we're talking about the, right? which is the, you know, some federal regulators or a collection of them trying to stamp out bank partnerships with crypto companies. you know, i -- we'll have to see how this one plays out. you know, clearly, that's a meaningful move. we would, honestly, appreciate some transparency. we have, you know, kraken itself we have multiple dozens of bank

partners across the world including in the u.s -- liz: including signature? >> signature is, is, was, you know, one of our partners as well as was silvergate who also is shutting down as of several weeks ago or so. and so, yeah, we would certainly appreciate some transparency on this front to the exend the, i mean, we have -- extent, i mean, we have even former senator frank who was a board member with signature commenting on the same, you know, potential. but, you know, he's commenting as a potential, not a known fact. so it'd be good to get clarity on this. liz: david, it feels like this demand by the fdic for any bank with interested in getting the assets of signature bank, at least it's perceived by some in the crypto world as backhanded or back door regulation of the crypto industry. but not just regulation, sort of we're turning our backs on all crypto, and you can't -- if you're going to be part of this

and if you're to going to benefit for getting assets on the cheap from these banks, then you have to fore swear -- is that the right term? -- any cryptocurrency business. >> what now for an exchange like yours especially in light of the ftx collapse and, of course, silvergate bank closing down, as you just mentioned? how do you forge ahead and keep your head above water when you know that regulators, at least some of hem the, don't just want to regulate, they want to choke off, as you say, the business? >> yeah. well, you know, it's been a number of years since bitcoin was founded, and think it's particularly interesting time right now, right? so we have 2008-2009 financial crisis, banks fail. fast forward to today, same thing, maybe the asset types are different. but there are some, like, you know, key, significant differences. one is the speed of information, right, across twitter and all the other places that trigger

some of these bank runs. the other is bitcoin now exists, and it didn't exist back in 2008-2009. and that's really meaningful, we think. we know. and, you know, bitcoin offers, cryptocurrencies offer a transparent ledger, the ability to self-custody, deterministic money supply, so all of those challenges that, you know, are being faced by fractional reserve banks and bank runs and failures and cryptocurrency offers a path ahead. so, you know, to your question, we think the long-term path is, in fact, one of growth and is a successful one even if there's bumps along the way. liz: dave ripley, never a cull moment in the crypto world -- dull moment in the crypto world. thank you so much, we'll have you back end again. >> thanks, liz. liz: much more on the potential deal -- it's not potential anymore, guys, it is confirmed. eleven banks are taking $30

billion total and shove ising it into the coffers of a $6 billion bank, first republic. and then, of course, credit suisse's $54 billion lifeline. what does that do to its balance sheet when the swiss bank's market cap is also just a fraction of that number? are we setting ourselves up globally for another crisis? find out next. eleven minutes away from the closing bell. the dow is up 359 points. there is a relief rally here now that first republic has certainly gotten that very significant infusion. we are coming right back. ♪ ♪

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♪. liz: we have this breaking news, markets are climbing choser to session highs. we have the dow jones industrial average up 339 points, s&p up 64, the nasdaq up 271. we have just received a statement from, let's call it the big four, federal reserve, treasury, the fdic and the comptroller of the currency. this statement, supporting the news breaking seven minutes ago that a coalition of 11 bank have now officially infused troubled

first republic bank with $30 billion in deposits to prop it up. the fed and regulators are saying that quote, this show of support by the group of large banks is most welcome and demonstrates the resilience of the banking system. all right, so we've got everyone from jpmorgan, we've got bank of america, citi, all the way down to pnc, bank of new york mellon, truist, all gathering together to support first republic which right now, as i check that stock is up about 9.8%, $34.24. it is actually off the earlier highs. this just breaking reuters reports from bloomberg that jamie dimon of jpmorgan chase met with treasury secretary janet yellen at the treasury earlier today to discuss first republic. so going back to what charlie gasparino said, thinks may be worse or were worse than we the public may have known.

all right. let's bring in kaltbaum capital management gary kaltbaum. he is joining me a long with tocqueville asette manager john petrides. who by the way 15 years ago today was working at bear stearns, john, bear stearns failed. what is your first thought happening right now? >> irony today we have 54 billion-dollar bailout of oldest investment banks, credit suisse. this bank posse injecting all the capital to first republic to keep it afloat is ultimate irony of the situation 15 years after the fact. liz: 15 years. dow climbing up 350 points. team "countdown," we were talking, we decided to do something knob pointed out since the bank crisis talked about before thursday, two weeks before silicon valley bank went belly-up, taking signature bank with it further stressing

credit suisse. we wanted to compare the market caps before the drama. look at this, before all of this, credit suisse, february 28th, 11 billion, silicon valley bank was 17 billion in market cap, signature seven billion. they are all way off those numbers now but the regional banks, mid-sized markets along with credit suisse at this hour has market cap much more than five 1/2 billion, propped up, covered, bailout. where is the midden problem right now, gary? >> leave no doubt these big banks are in it to make some money. so obviously some deal was cut for the save. leave no doubt meeting with miss yellen something is underneath the surface of this bank i don't think anybody knows about. as i always say when you get into situations like this, watch the stock price. the stock price in my opinion took silicon valley bank out because they couldn't raise any money when it went from 200 down

to 30. definitely something is up. call me confused how a credit suisse gets 54 billion, when in debt, more debt when they are in a situation because of debt and leverage. maybe a little different with the other one. still, very, very weird. to hear janet yellen say today everything is a-okay i don't think so. go look at chart of kre, the regional bank index. no, not everything is okay. i do wonder if they're going to have to save somebody else as we move forward. liz: the kre is up 3.6% but the high of the year had been 73 bucks. we're at 46 right now. >> yep. liz: as they say john, bailouts only encourage the very behavior that makes bailouts necessary but let's talk about the opportunity, not just for the big banks but for the smaller investors right now. where are you investing? >> i think you have to be a portion of your portfolio needs to be in polled,. liz: really? >> gold does well when interest rate go down, times of crisis,

gold will act as a safe haven. we have both of the situations potentially right now. interest rates are coming in. the worst situation for gold that interest rates rise. the drama will build until the march 22nd fomc meeting, do they decide to raise rates to cut inflation, or provide liquidity in the system to prevent further stress? the finance hal system. liz: gary, we have to run. yes or no, do we see markets continue to fly higher? >> all i know i'm a big believer in the nasdaq and tech and it is leading right now and leading big. usually that is good news in the near term. bought into it today, with fingers crossed with stops underneath. [closing bell rings] liz: gary right on sometime. dow turns positive for the week. ♪. larry: welcome to "kudlow," i'm larry kudlow. big news today first republic bank in rescue talks with the biggest u.s. lenders. edward lawrence has the latest for us at the white house.