panic of 1907 when robert baron brought in a bunch of bankers to his home in three weeks and saved the u.s. economy. warren buffet is out to make a buck and reminded us of driving hard b bargains and two weeks ao he showed us he's shameless with making money and i hope this crisis won't need buffet to become the man that needs to bail out the banks because that means we're all in a whole lot of panic and the a guy out there swimming with $125 billion will be scooping up all the garmin bans. listen, i'm glad the administration reached out to them and, liz claman, i hope we don't need buffet to step in. liz: when the government isn't ready and they reach out to buffet, we have real problems. charles: that's a red flag. liz: ain't capitalism great, charles. thank you very much. we now have breaking news and less than 50 seconds according

to roader's sources first citizens bank plans to bid for silicon valley bank businesses. now, roaders is also reporting that the regional with submit bids to fdic and parts of svb earlier to bid to buy the banks and get ago bid of first shares and first citizen shares up 9.25% and watching markets holding steady to the upside kicking off the final hour of trade and dow up 293 and s&p up better than 24 and nasdaq up 18 points and russell 500 up about 18. kicking off final few minutes of trade and the banking world and there's two of the three banks driving trade and they're getting burned and three both wall street and main street are cautiously watching first republic, credit suisse and new york community banks and

inter-day of first republic and shares of $3 billion market cap in falling bank and earlier dipping to all time low of $11.52 and we're at $13.48 and still losing 41% and that's after several trading halts due to value 'tilty and we're watching -- volatility and we're watching the stock closely all hour and frc, first republic on emergency cash transfusion from a coalition of financial institutions led by jp morgan chase's jamie dimon and that lifeline has not entirely stabilized the california-based regional and at this hour, there's word that dimon leading the bank platoon back into battle with new efforts to rescue first republic and stop down about 42% at the moment and it has not improved the picture at all for credit suisse and this one is just -- what can you

say. here it's down 52% after a shotgun wedding over the weekend with a more stable swiss bank ubs and coaxing by the swiss national bank agreed to acquire the troubled firm for the bargain basement price of $3 billion. we're below $1 a share for credit suisse, all time low and goes without saying and note, the market cap of credit suisse really want to just focus because it's changing minute by minute is now at $2.5 billion. this is a moving target. ubs bought for about $3.5 billion and we watch all of this coming up and former ubs market robert wolf is here on whether the arranged marriage will help or hurt ubs. forget about credit suisse. ubs. we should take a look at new york community bank and shares right now are moving 33% higher. this is crazy. after the hicksville, new york,

parent of multiple regional bank emerged as name to buy deposits and loans from the defunct signature bank and they collapse add week ago in the wake of silicon valley bank impression, which started -- implosion and started and triggered them since the drama ten days ago and investors sprinted towards technology driving the nasdaq 100 higher by about 2.7% and that's since march 9 when word really began to filter out to the markets that silicon valley banking was going to go under. take a look at nasdaq leaders over the past week. these are names that got investors money. advanced micro-devices. semiconductor giant and nvidia and b chinese commerce company d amd leading by 17% and nvidia up 13%. now while amazon has enjoy add 15% run quarter-to-date, shares

righted now are dropping about 1.8%. even after enjoying that 15% quarter to date run. at this hour, ceo saying in a statement on top of 18,000 job cuts previously announced, another 9,000 jobs will have to be eliminated as ecommerce king continues cost cutting plan. we're getting news that amazon-owned twitch is laying off more than 400 people from the work force. check the dow. not waiverring here. up 305 points, perhaps the most interesting trade we've seen a flight to is bitcoin. the crypto which on march 10 stood around $20,000 per coin is right now at $27,984 per coin. that of course marks about a big percentage move here, a 9% move here and higher since obviously we see the problems with the

banks and are tech and crypto the best havens for investors right now? to the floor show joining me with 5.3 billion under assets in management is our friend and been through a lot together and bobbing across market global and looks for the moment getting better at absorbing the market headlines and what's your caution level hitting right now? >> we're not out of the woods i don't think, liz. you can't just rinse your hands off and say did and done. there's a lot of waves to it. having said that as you've summarized. when a lot of tech stocks are up 15, 20% in a week and a lot of high quality banks if there are any. down 15 or 20 and begs in my view to do below the opportunistic silt. i've been trimming some tech and slowly and surely adding to some banks. liz: that scares me. can you say when ones right now? >> well, because on the process

i can't. none of the names you mentioned not trying to do a speck on some bank that's in trouble. trying to do banks that have asset liability, mixes that make sense. that are down and have good franchises. liz: also down today is the volatility indexes and index with 5 to 24, 26. that leads me to the federal reserve is we're less than 72 hours away here and wednesday we hear the announcement and now that wednesday we'll hear exactly what the fed is expected to do with interest rates, what is your best guess right now? >> the consensus is emerging to be 25 basis points and if they don't do anything they're signaling one and we're done and

inflation is still a6% and/or two mainly something that i don't know and that worries investors and the safe bet is the 25 with lots of cautionary crisis. liz: we've seen the bond market with the treasury on which day and time. it's more on the right hand side of the screen, folks, you look and see that drop in yields means that people rush intoed what they perceive to be the safe haven and it's government treasuries. the two year obviously, 3.94% and it's moved back up at nowhere near where it was on february 28th. bob, is that still a trade you like to pocket some cash? >> there's no question the volatility in the bond market is rivalry 15 years ago in the height of the financial crisis with two years going from call it 5-4 and 10 year treasury

going from 4-3.5. i think -- like i think tech is ovdone on the far side and i want to own bonds and 350 and a whole lot more interesting than 150 a year ago and i'd pick up my price and wait for somewhat higher yields and lower prices. liz: don't we need more confidence before we get back on track and more rate hikes. >> the curve and more rate hikes will get us there and that quick move from four to four and a quart to 350 is a little overdone and i will be picky and stingy. >> i want to quickly look at dow leaders. liz: when in doubt, which is what we saw the last weekend of 2022 and people flood into the dow jones industrials and the

dow leaders and do you like any large caps here? >> dow and amgen and dow is down well over 25% from the recent high and i don't know that their business has change that had much in that short of time frame. the economy will be a bit weak fertilizer light of financial crisis and more. liz: we want to watch first republic as we continue to see real auditory systems rations here and down 45%. bob, i failed to see at least some investors why they would try to make any moves and that

name taken down so much and much higher than quality balance sheet and not much has matched and centered in one area and geographically or from a sector standpoint. those stocks and many from the recent highs are down 15, 20, 25% so whether it's the big money centers or some of the super regionals and they're worth a trade in a moment. liz: neither you or i on the inside of the discussions and apparently propping up or saving first republic and and is this bank going to survive all of the gyrations. i say that my mortgage is with first republic and many bank with the bank and it's a terrific consumer bank i've had no problems with them ever and i wonder if it's going to need.

>> talking about the selling begets selling and moves deposits and more on the bank and hopefully jamie dimon and other cans find a way to patch this over. liz: back to federal reserve and, bob, on wednesday when the news conference where he gets questioned, jay powell the head of the federal reserve gets reporters firing questions at him will be in this hour on wednesday. people argue that it's their fault and the federal reserve is keeping rates way too long for -- way too low for too long. and then raising them too quickly and that caused dislocations in the bond market and messed up everything else. >> there's no question about the fastest rate rise in u.s.

history has consequences. raising rates with things going bump in the night and falls over everybody as it were. liz: yeah, check the dow, up 289 and s&p up 223 and in the green with the nasdaq up 15, and bob, a pleasure with the voice in the experience and any day at a time like this. thank you. >> thanks, liz. liz: bob dole, depositors fled the silicon valley banking dumpster fire, billions began to flow into, yes, the bigger safer banks but also into the coffers of a lesser known fintech startup called brex. why is brex now turning some of that wind fall around and playing back into the new svb bridge bank? up next the ceo of brex like

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liz: the dow bug will have first republic so we can have a constant eye. we're waiting for some type of confirmation that jp morgan the report out of wall street journal and the coalition will come up with a second type of

rescue. now 11 times it's been halted 11 times and herky jerky day of trading for the regional bank. aside from that and waiting on the regional bank and fdic is extending the deadline for bids to have assets for the newly crecreate silicon valley bridge banking and they're extending the bid time for silicon valley private banking and a subsidiary of the bridge bank at 8:00 p.m. eastern and they're waiting on bids and there's great interest but we'll believe that when we see it. one thing we do know for sure, we know billions of dollars

flowed out of svb with a run on the bank, a week from thursday and he's co-ceo and the silicon valley company and door dash and airbnb and >> thank you for having me, liz. we're putting 200 million of our own corporate tax or deposits that come in and the reason is we truly believe in a diversified strategy of not only keeping your money in one bank and by 200 million and feel good

about the customer dossing the same if they want to and believe to. the second piece of it is i do think supporting them during this time and they can have a better outcome is something important and we want to have the support here. parts of the bank are still viable and do you make a bid or any intention of making a bid on any of those assets? >> i would say for us we don't have any intention so far. maybe that can change this week until last week it was only banks and now it's the opportunity and still a bit large for us to make anything. liz: so, we get that the

regional bank customers were parking money in big banks and flowed to you as well. what is it about brex you feel attracted that money? >> yeah, i feel it was a couple of things and the first thing is brex is not a bank. we have a business account product and it's a cashmanment and spread your money out to now 20 plus different banks and get over $5 million in fdic for insurance money. that's something that before last week people didn't care much about and it's a big thing and they saw that even silicon valley bank insured part of it was faster and diversified is a variety of them and increased fdic with more customers and the bank we allow them to spread their money and where the insurance but also buy money market fund. when you give your money to a bank, you're giving them the

right to invest that with treasuries and lend an out. when you're in a cash management account like brex or whatever, you're choose the amount of risk for your money. you can buy and own the underowned assets and the money market fund. no. three is taking a week to open an account, wee were opening in an hour. that tumultuous time matter add lot. liz: i would imagine. clearly people know your product and you're good enough for airbnb and grammarly and some of the other very established companies. you also have partners here, lending bank, town bank, jp morgan chase, east bank and west bank. here's my question to you and silicon valley bank was arguably not necessarily a rival but a competitor in some of the businesses. you guys had crossover and when it came to certain parts of the business and venture capitalist

peter teal is a backer of brex and had money at silicon valley bank and peter teal encourage add lot of startups he represented and funded to pull their money out starting on march 1 because he was worried -- march 19 because he was worried about silicon valley bank's stability. you know, there's people who are looking at this staying, well, sure he d. he backs brex and probably told them to get out of svb and put it into brex and that's how you got all the money. what do you say to that and can you give us a window on how all that worked? >> yeah, number one peter is an early investor of brex and never talked to us about saving our money out and silicon valley bank and saying to other portfolio companies may be true but definitely not to us. number two is i would say that there was every vy that i know in s silicon valley was saying e

same thing and the venture capitalist and by someone specifically and i do think that for brex, silicon valley bank going under is negative even though it may seem good from the outside because of the short term and all small community banks around the country and silicon valley bank were examples for even first republic and specialize in the certain set of customers and there are a monument of those bank withs service pro providers.

liz: silicon valley bank was the bank of first and last resort for startups and they said, yes, when other banks said no. they're very much a generator for the vibrant startup community. not just in silicon valley but across the nation but please come back. enrique, we want to continue following brex and see how the story develops. >> thank you. liz: any time. howard schultz left the building or c suite at starbucks and new ceo wasn't going to start till he earned his barista certification before stepping into the role. who is the man? find out next and what maybe he plans at the next shareholder might. closing bell ringing in 35 minutes. dow is up 322, s&p up 27, nasdaq up 19, and yes, we're continuing to watch first republic, still down about 46.25% right now.

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here and they're pointing this out and with the uncertainty now, the shares are selling off and they were already down about 80% year over year coming into today's session. flip it over to bed bath and beyond, bed bath and beyond is in not much better shape and down about 23% tumbling to less than a buck. it's at 79-cents now after announcing it's going to ask its investors to vote on a reverse stock split. the board will meet on march 27 to decide the ratio of the split, which is in the range of 1 for 5 to 1 for 10 which basically means an investor tried to receive one share for every five shares he or she owned versus one share for every ten they currently own depending on the final decision. bed bath and beyond's board shares the split is leading to more interest in the company and that also goes under the title

we will believe it when we see it. more interest. for now bed bath and beyond at 79-cent as share. starbucks has a new ceo officially. there's plans to testify on unionization and narasimhan will lead the meeting on thursday and shares up 1%, $1 in advance of serving the consumer goods and the ceo of pepsi co in 2022 and emersion experience and it includes get ago barista certification and almond milk, too hot and three pump shot and that's a lot. not my drink.

it's melanie's drink. foot locker getting stomped on for the 2023 profit forecast and fourth quarter sales and chief executive mary dylan said the company is using 2023 to the stores in hong kong and moscow and the enemy of my enemy is my friend. chinese leader with vladamir putin and we talked about u.s. ceo of largest private bank in taiwan and the footprint and the

san francisco fed will ask him about how fed head mary daly missed the alarm bell surrounding the implosion of the silicon valley bank and the head robert wolf on the swiss banking deal arranged marriage or should we say shotgun wedding. that's next. we'll hear the closing bell ring in 26 minutes. dow jones industrials holding strong up 2339 points. 339 points.

liz: we're watching chinese stocks about discussion of the banks and we have to look at some of the names and it's pretty much flat and mixed picture and bidu up 20.6% and alibaba down 1% and real news is that chinese president xi jinping shook hands today with russian president vladamir putin

in his first visit to moscow since the invasion of ukraine. as russia ukraine war rages on and xi is making the three day trip to the kremlin to promote peace talks and demonstrate beijing's continued support of russia. ctbc is taiwan's largest private bank with branches across hong kong and china. we're bringing in ceo of ctbc bank usa. norman aye and ran charles shawn and there's big news on both of these. what happens globally between

the two nation s? >> thank you for having me, liz. that's a great question and there's interconnections and china and the u.s. economy as well as the global economy watching the trade flows and the sectorial level between the two economies continues un-abedded and gives me reason to believe while the political issues may still get debated for a bit longer and the economic ties still remain and there's a lot of talk and actual movement of on shoring and resiliency in moving some of these supply chains from what we're seeing and there is enough of it moving to make headlines and the

entirety for vietnam or other parts of the country and -- liz: were idea of the ctbc is focused and head yarders in southern -- headquartered and focused in southern california and you're facing a trilema with all of the banks and we know what happened with silicon valley bank and how important are regional banks right now and the smaller community banks? >> so the -- just to add the detail on the trilema and used to be a couple of weeks ago and the fed had three congruent goals with fight inflation and jobs and growth and last week

those congruent goals are miocholly exclusive and the one thing that now trumps the inflation and the job growth is financial stability and it's off the global economy and i think that how it affects community banks and i think community banks play an incredibly important role that sometimes doesn't get talked about or brushed aside and that's that we're in smaller town usa and 90% of job growth that happens in the united states happens through the formation of small businesses and we're the ones serving the small businesses in those rural communities. in the smaller town withs the big banks and liz: you talk about bank stability and that's

exactly what the swiss nationals had to do over the weekend by forcing, you could disagree with me and work with ubs forcing this marriage between ubs and credit suisse that was floundering and right now credit suisse down 52% at the moment and ubs was forced to interest rate deal and give us your understanding of what happened here just to stabilize this situation. >> liz, so nice to hear your insights and this is a great deal for ubs. they for the most part have a monopoly because cs and uvs in the private client space. that's for $3 billion and couldn't go for $20 billion. so there was zero chance that anyone was going to buy cs other than some domicile in country and ubs was the only option.

secondly this is very different than the recent stuff done with sill chronovalley bank and -- silicon valley bank or signature bank and it's much more like lehman in 2008 with jp morgan taking over bear sterns and this is similar as for the swiss national banking and 9 billion to protection on the stake holder and 100 billion of liquidity and they wanted the deal done and they made sure it was a sweet deal for ubs and liz: i have to ask, swiss national bank helped ring fence

this problem of credit suisse possibly completely implode and would have been a much bigger deal if i'm correct than silicon valley bank collapsing but ring fenced with what, steel or bamboo? are we going to start seeing wind blow through that and blow it down? >> i don't think so. i think that you're going to have a disproportionate amount in the client space and ubs will be a safer bank today than it was 48 hours ago because they're going to have a much stronger asset management private client base than&they had one of the best in the world. cs was excusing it and dead man walking and had problems with

their reporting with nails in the coffin. liz: strange the deal was done without shareholder vote and we talked about new york federal bank and then of course the role or the san francisco federal reserve was supposed to play and that's looking over some of the banks and making sure of the overall stability here and you're an adviser there and the san francisco fed and mary daly coming with fire and start off with most of the advisory responsibility that i have are in strict confidence but i can tell you just in a general way and speaking in my own personal capacity that i think mary dally

is one of the best regulators i've met in 45 years of banking across three continents and some of the recent way they're pointing out the fortunate demise and some of the regulatory devices of eight points the board with two by four. this is the fed is right back

for svb board and lack of failure liz: great to have you on the show. we're coming right back with charlie gasparino. stay right there. ♪

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♪. liz: we have about 15 people on a team watching the headlines about first republic. still no confirmation at this moment regarding reports that jpmorgan's jamie dimon is leading the charge to take a second stab at stablizing the bank. the shares are still falling about 47%. charlie gasparino is here with more. charlie. >> i can confirm he is involved. he has been involved from day one. we were first to report as first republic even after the capital infusion, remember they had the huge infusion, 30 billion. stop cratering. deposits from other people kept leaving. dimon was involved in the selling of it.

liz: kind of led the crew of 11 banks. >> now the ceo is an investment banker. tells you the severity of the problem with the banking system. it is not his bank, probably big money center banks, top five, wells fargos, citigroups, jpmorgan, bank of america. it is down from what i understand regional bank area, trillions of deposits. nothing to sneeze at. it is problem in mid-sized banks, lower interest rates, printing of money, money coming in, went out on the risk spectrum, did what meme investors did, amc, irrational exuberance. every bank chief i know is looking at bank balance sheets, particularly those mid-sized banks. they're saying 25 are dangerously in trouble, 25. one of those trouble is clearly first republic.

dangerously in trouble with the same sort of toxic mix of mismanagement of assets, companies they lent to, companies not doing well in higher interest rate environment and mismatch of deposits liabilities, long-term deposits, short-term deposits long term liable h liabilities. people yanked money out, but invested in treasury bonds that don't mature for years, if you sell them now you sell them into down market. it is two dozen. called the dirty two dozen. 25 i understand. first republic is one of those. we were the first to report that first republic is being shopped. the, i don't know who is going to buy them. in the past fascinating enough jpmorgan would be a natural buyer. i'm told by people inside of the bank they can't buy it because they're at deposit limit, 10% of nation's deposit. first republic would put it over. who does make the natural

buyers? wells fargo. maybe bank like morgan stanley gets into retail banking. goldman would do it, goldman might do it if goldman wasn't getting out of retail banking. so this is a dangerous situation. if it doesn't -- liz: consumer banking we'll call it. >> consumer banking, retail consumer. here is what i would say, if it doesn't get bought in the next day or so it will probably collapse. when you lose this much asset value, value, market value, it starts eating away at the capital ratios. keep an eye on this. this deal could be announced today. maybe if no one wants to buy it, they all buy it. liz: taxpayers? >> here, no, won't be them. here is one thing, getting a wrap. one thing i want to know, covered financial crisis, minute by minute, was like a war reporter, stop gap measures don't work.

fannie and freddie take over didn't work. lehman blew up. we need courage, management from washington on this to get their hands around it which we're not getting. >> first republic down 47%. charlie, thank you, bring in george young, portfolio manager at villere and company. he is small cap manager. russell 2000, small and mid-caps done the worse. why do you like them. >> let me be voice of opt must have in contrast to charlie. the consumer is still in good shape. we like stocks that are consumer oriented. as we know unemployment remains low. the problem he is describing that describes regional banks, that represents, .11% of the s&p 500. unfortunately there has been a tendency to think the sky is falling. if you look back over the last nine months the s&p and the russell 3,000 are up 5%. that is not a lot. you think about the trauma from

last year, both bonds and stocks, long term is the way to approach things. that is the way our firm has been doing it over 100 years now. liz: you like monster beverage, that is one of your favorites. >> yeah. liz: as we finish up here we're still looking at first republic bank down 47%, george. what do you think the market does? we have a very strong rally here. we have the dow up 371, quickly. >> think about it, the consumer, people drinking monster drinks, remember they are owned 20% by coca-cola who has distribution, what happened with first republic will not bother them one way or the other. consumers will continue to absorb mop sister drink. they like it. it's staple a lot of ways. caesars is one. gambling will not stop regardless what happens with first republic. [closing bell rings] liz: caesars, monster beverage that will do it for us. stocks remain in the green today ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right, first up tonight, my

former bos