on his phone could have been helpful to the my husband. i think it's a nutty thing, but it could be helpful. there's a lot of thievery going on amongst pets now, so this would be maybe a good way to cut down on that. maria: great point. let's get a quick check of these markets here, guys. you see what's going on on wall street with worries about moral has hazard as the u.s. is studying ways to cover all bank goes fits, that would -- goes fits -- deposits, that would be $18 trillion. opening bell 30 minutes away. mark tepper, liz peek, it's been greating being with you. >> thanks, maria. >> likewise. maria: have a great day, everybody. "varney & company" begins now. stu, take the it away. stuart: yes, it does. good morning, everyone. new day, same question. is the banking crisis winding down? if you look at stock prices, maybe there is some relief.

regional banks in recovery mode. western alliance, pac west moving higher. helped, probably, by news that top banker jamie dimon is leading talks to further shore up first republic. stocks across the board are moving up. the treasury is studying plans to expand the coverage on your bank account if the crazies gets worse. -- crisis gets worse. dow would be up 300 points at the open, 34 up for the s&p and 75 for the nasdaq. that's green on the screen, it's a rally. the flight to safety, that is winding down. less money flowing into the treasuries. the 10-year yield's, what, about 3.58% this morning. yield's going straight up there. not a great sign for big tech the. a few days ago that yield was well over 4%. as for the 2-year, it's right now moving up significantly, i tell you, the flight to safety is gone. you're now at 4.15%. it was over 5% a few days ago.

here's your energy inflation watch. the price of oil moving up to $68 a barrel. still below 70. gas, that has started to decline a little, just one cent down at $3.43 for regular. i think it'll be lower than that by the end of the week. politics, two big stories. fox has learned that donald trump will not be arrested today. alvin bragg, the new york d.a. who wants to indict him, he's under intense fire. a house committee wants to bring him before congress to answer for what republicans say is a political prosecution. florida's governor desantis accuses bragg of weaponizing his office. second, the president has issued his first veto. he insists that your pension money should be subject to green rules. a bipartisan bill would have allowed us to get the best returns for our retirement as we see fit, but the president knows better. he says esg rules are for your own good and the good of the planet. one more. 4 20,000 students are out of school many in los angeles

today. school staffers want more money, and the even thers have walked out -- teachers have walked out in solidarity. when will the teachers' union put the kids first? don't hold your breath. it is tuesday, march 21st. it is the second day of spring. "varney & company" is about to given. ♪ ♪ ♪ nobody, nobody, nobody can drag me down ♪ stuart: drag me down by one direction. that's a boy band, isn't it? i think the producers are trying to make an association between i don't know what, but anyway, that's the story of the morning. [laughter] we've got to get right to this. the house judiciary committee demands that alvin bragg, the manhattan district attorney, testify before congress about his pursuit of donald trump. here's committee chairman jim jordan. roll tape. >> you had the doj say this

wasn't something they were going to the pursue, the federal district of new york say this wasn't something they were going to pursue, the previous cricket attorney and even this district attorney said he wasn't going to pursue it, and then what happened. >>? president trump announces he's running for re-election and now we're going to pursue it. stuart: former speaker of the house newt gingrich joins me this morning. is this just alvin bragg going for trump, or is it the whole democrat party pushing opinion . >> i assume that they want to nominate trump and that they think trump's the best person to run against because you could ardly do him a bigger favor than to have a george soros-backed over a million dollars in campaign funds democrat who has served under two new york state attorney the generals who have been involved in corruption bring, you know, a totally absurd attack. alvin bragg doesn't actually go after carjackers, armed robbers. he at one point issued a memo

that basically said, look, if you have a gun and you're not going to use it, we're not going to charge you with having a gun and this isn't a robbery. this guy is a left-wing, professional politician. and can kid thely, i'm reminded of tom wolf's novel bonfire of the vanities which later became a movie with tom hanks in that you have a politically pressured guy in manhattan who started to back off, and the left yelled at him so loud he decided he would come back in. now he's getting yelled at again. i'm not sure they'll ever actually go after trump, but they've given trump two weeks, every republican in the country sympathizing with him. stuart: is there any backlash from the democrats against alvin bragg saying, wait a minute, you shouldn't be young this to the party or the country? -- you shouldn't be doing this to the party or the the country? >> i don't think democrats are allowed to behave rationally when it involves trump. they're a chanting mob along

with the new york times, washington post and some of the networks. so it's very hard for them to say why don't we be reasonable about in this. that makes them look cowardly or worst of all they're secretly pro-turn trump. and -- propro-trump. so i don't think he has any negative pressure from his own party. stuart: newt, say there, please, i've got another summit for you in just a couple of minutes. >> sure. stuart: i've got to get back to the banks. take me through the latest, please, lauren. lauren: well, the update on sill silicon valley. there's a bank out of north carolina, first citizens bank, they reporing bank, pretty traditional, but they cobuy a lot of other -- do i buy with a lot of other banks, 20 mt. past 14 years, and they're reportedly eyeing silicon valley bank to -- buying silicon valley bank. so that's silicon valley. now first republic. this stock was down 90% this month. it's up here in the premarket. i'm saying 1-800-jamie dimon.

[laughter] stuart: that's a good one. lauren dimon is leading an effort to do boost first republic's capital. that could be now converted into a capital infusion reportedly, but more needs to be cone to save -- done to save first republic. stuart: dan ives with us this tuesday morning. i said at the top of the show maybe the banking crisis is winding down. is it? >> look, i mean, i think systematic risk taking off the table both on the credit suisse side and in the u.s., that's why you see green on the screen. investors feel like this has been ring fenced, and i think that's bullish relative to some of the scares or white knuckles we've seen. stuart: do you approve of the measures they've taken so far, in other words, have they worked? seems like they have. >> i think they have. ultimately, their hands are forced many in this game of high stakes poker, they realize what happened in '08, and they had to ultimately take systematic risk

off the table. so far so good, that's what you see in the market. stuart: you're a frequent guest on the show, i of course read your stuff the, see what you're thinking. you think big tech is a safety blanket in these times. >> it's a safety blanket in the storm, and i think you've seen it. you don't have to worry about any sunday night headlines from tech. a lot of these valuations, we believe, are compelling. and ultimately with the fed handcuffed, in my opinion, they can't raise more than 25 points. that's why you continue to see tech stocks higher. stuart: got it. stay there, please. you have decided to stay with us for the entire hour. what a guy. [laughter] all right. let's get back to president biden. he has signed his first veto to stop republicans from cracking down on woke investing rules. watch this. >> i just signed this veto because legislation passed by the congress would put at risk the retirement savings of individuals across the country. today couldn't take into consideration investments that

would be impacted by climate, impacted by overpaying executives, and that's why i decided to veto it. stuart: okay. let's bring newt back in again. sir, esg -- this is my opinion, esg rules are about government control of your pension money. what say you? >> i say that joe biden just vetoed a bill which means that retirees are going to have less money. he's taking money out of their pocket for his left-wing ideology. every evidence we have is that, in fact, businesses that invest based on profit and loss make much more money than businesses that invest based on some left-wing ideology. so he is basically saying the government's going to check on your pension to make sure you lose money by investing in the things that left-wingers believe in. i think the average american would rather have their pension be bigger, and then if they want to help save the planet, he was the money in their pocket to do

it. i don't think joe biden should be reaching into their pension for his particular pet hobbies. stuart: the i think it's outrageous, actually. it's an attempt to control private capital and push it into green investing, esg rules, push it into this intellectual strait jacket that so many corporations are involved in at this moment, woke politics. is it over? is it coming to an end? >> well, i think if you look at the state level whether it's, you know, desantis in florida or governors across the whole country, there's no question that republican sates are -- states are taking this stuff apart and are attacking head on the idea that some left-wing ideology should control your life. i think, frankly, that speaker mccarthy and the republicans in the house are going to continue to take strong positions on this. and and my guess is if one of

the issues in 2024 is would you like the government to make sure you have a smaller pension so they can take care of aoc and the other left-wingers, or would you rather have free market-oriented effort for you to have the best possible pension, i think the average person's going to vote for a bigger pension. and then today get to decide what to do with their own money, not some washington bureaucrat. stuart: newt gingrich, thank you very much for being with us, newt. we always appreciate it. >> good to see you, thank you. stuart: dan, what do you make of esg investing? >> look, the last thing you want to see is the beltway getting more involved with wall street and the and investors. it's a slippery slope in terms of esg and that category the, and that's why it's become so controversial. you look at some of these investments, it's not all green, and i think that's the trouble with esg. stuart: dan, thank you very much, again. you're here for the hour. kid do you want to come in on this? lauren: i thought the president might have been moderating, moving more towards the middle

as we saw with crime in d.c. and then you saw his first veto, and it's the exact opposite. stuart: he's not moving towards the middle on esg. lauren: no, not at all. stuart: thank you, lauren. all right, here's what we've got coming up. we take you back to where dr. fauci and the mayor of d.c., muriel bowser, tried to promote the vaccine. it didn't go well. watch this. >> there's something else going on with that. y'all campaign is about fear. it's about inciting fear in people. you all attack people with fear. that's what this pandemic is. [laughter] stuart: okay. there's more where that came from. xi jinping meets vladimir putin in moscow, day two of the question. what can we do to them if they provide lethal weapons to russia? gordon chang is here, he's next. ♪ you're a bad guy, duh ♪

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♪ ♪ stuart: china's xi jinping in moscow meeting with vladimir putin and i are affirming how close russia and china have become. edward lawrence at the white house. do we have any headlines from today's summit meeting? >> reporter: yeah, so today is day two of the meeting between vladimir putin and xi jinping. the chinese released a statement about what these meetings are saying and doing. they're saying that both sides will deepen bilateral, practical cooperation. the chinese also saying that putin is open to negotiations for an end to his invasion of

ukraine. the statement adds that russia's carefully study thed china's position on paper on the political state settlement of the ukraine issue and is open to the talks for peace. are russia welcomes china to play a constructive role in the regard. the chinese president already negotiated an agreement between saudi arabia and iran, so i wanted to know this: just real quick, what's the level of concern about growing influence of china around the world? if. >> certainly mindful that china has tried to expand their influence all around the world, the middle east, in africa, in latin america. they can speak to the their foreign policy goals should they wish to. i can only speak to ours. and our goals are not about countering or being a block or an obstacle. there's no effort to contain here. it's about advancing what president biden believes are the appropriate foreign goals for this country, for the american people and for the best

interests of our allies and partners. >> reporter: now, on a negotiated peace agreement, john kirby says that russia could just pull its troops out tomorrow, and that would end the conflict. back to you. stuart: all right, edward, thanks very much is, indeed. watch the exchange between fox's peter doocy and john kirby in the white house briefing room. roll tape. >> reporter: do you think putin and xi fear president biden? >> you'd have to ask them whether they fear or not. s the not about fear. it's about president biden advancing our foreign policy goals around the world. it's about president biden revitalizing these alliances and partnerships. it's about president biden and what he's doing to preserve our national security interests around the world. that's what we're focused on. stuart: all right. our own resident china expert, gordon chang, is with us this morning. gordon, do you think china and russia fear the united states many. >> no, they don't. the chinese actually say they don't. matter of fact, they flew a spy balloon over our nuclear weapons

sites, you know? cheerily, they don't -- clearly, they don't fear us. russia, they invaded ukraine. they don't fear the west or the united states. no question about it. stuart: china says that xi jinping is too busy to take a phone call from biden. is there any diplomatic effort going on behind the scenes that you know of? >> the united states is always trying to talk to china, especially when china doesn't talk to us. and i think it's actually a good thing we don't talk to china, but we shouldn't be attempting communications because right now we should be imposing costs for clearly unacceptable, dangerous and provocative behavior on the part of the chinese. we should stop talking to these guys. we've been talking to them for three decades after the cold war. it's only made the situation worse. stuart: okay. what do we do if russia -- i'm sorry, if china supplies lethalal weapons for russia to use in ukraine? what should we do? >> there's no if about it. china has been giving assistance to russia almost from the very beginning. and clearly in the last couple

months there's been an increase in that. the chinese have been supplying ammunition of their high consumption rate items, they've been selling drones, we're now seeing spent chinese ammunition on the ukrainian battlefields, there was a downed chinese krone. there's no question about it. stuart: what should we do? >> start imposing those costs that president biden talked about, the red line, and what i would be do would be cutting trade. stuart: whoa, that's drastic. you cut trade with the largest manufacturing country in the world, and we're going to be short of a lot of stuff. >> yeah. but we can always encourage manufacturers to move, for instance, to our hemisphere, to central america where the costs are lower -- stuart: it aches time. >> yes, it takes time -- stuart: it'd have an enormous impact on america's standard of living. >> yes, of course it would. but do you think we're going to get out of three decades of truly misguided china policy and not suffer any costs? stuart: i wonder what happens to the biden will politically if we does that? that's not a winning position for a politician.

>> no, but he has a constitutional obligation to defend the united states from if foreign attack, and china has been attacking the united states through a number of ways, also killing americans in the tens of thousands because of fentanyl. went we get the numbers for last year, probably more than 80,000 the americans have been killed by doses of illegal chinese fentanyl. 80,000 americans. stuart: okay. the former president of taiwan goes to china. the current president of taiwan comes to the united states. i you okay with that? >> well, going to china, kmt, they have a pro-china policy. it's in the runup to next year's presidential election in taiwan. now, the taiwan president is coming to the united states, but she shouldn't be going to california or new york, she should be going to washington. we need to have a demonstration to the chinese that we're not afraid of them. stuart: oval office meeting with the president? >> yes. and the state dinner and all the rest of it.

because we need to show beijing that the united states, as john kirby says, we've got our own foreign policy, and we're not going to be worrying about what the chinese may happen to say about what we do on any particular day. stuart: hard line gordon chang. welcome total the -- to the show. thank you very much, gordon, you're all right. senator josh hawley, he's putting forward a bill to crack down on china. lauren: he wants to revoke what he calls a sweetheart deal that d.c. elites handed to china 23 years ago and end normal trade relationships with that country. he wants to put in place strong tariffs on chinese imports. he plans to introduce legislation today that would coall that, to put higher tariffs on -- stuart: todaysome? lauren: yeah. we're expecting that to be introduced. but, look, the latest year i have data the for is 2021. u.s.-china trade is $650 billion. that's huge. and hawley says most of it coming from americans buying their goods, and that's helping

their government undermine our interests. stuart: well, hard-line ambassador the done chang wants to restrict that. what about dan ives? are you shuddering at the prospect of restricted trade with china? >> look, i i think, you know, it's a spider web because, ultimately, the supply chain, semis, that continues to be cemented in asia, and that's what we've seen from the likes of apple and and others which continues to sort of be in the sort of background i think of more of the risks out there. stuart: you're a diplomat. lauren: but hawley's talking about tariffs. how high should they be? stuart: hard line or soft line, don't know. gotta move on. thank you, lauren and dan. check futures as we head toward the market open. i see green. dow's up 3 to -- 300. the opening bell's next. ♪ ♪

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as an asset class, regional banks can't fail. i think what most people are missing here on wall street is the political dimensions. i can assure you, no one who's a politico in south carolina or iowa is going to want to tell your businesses, oh, just go to new york and talk to jpmorgan because we don't have any banks around here anymore. that does not work politically. second, of course, you've got the two most important people in finance, jamie dimon and janet yellen, they're both working their back sides off to solve this problem. don't bet against them. stuart: there is the an etf for regional bank, i think, iat? >> yes, absolutely. that way -- you know, i can't tell you whether first republic's going to make it, but as an asset class,es it will work, so you can do yourself a favor by getting a nice diversified bundle. stuart: the up 6% this morning. did you buy -- [laughter] quickly, the fed if tomorrow, prediction. do they raise a quarter point, 25 basis buoyants -- points, or

do they pause in. >> it's difficult to know because you've got bank chaos versus inflation, i think the bank chaos is right in front of them. as i mentioned, you've got yellen and jamie dimon working on solving the problem, do they want to rain on parade? i think their best move is another the nothing, pause, assess situation, don't make that yield curve further inverted and put difficulty for all the banks in the world really. stuart: if they paused, no rat hike, very good for big tech, i think. dan? >> bullish for tech. stuart: david? >> oh, absolutely. lower interest rates. stuart: okay. look at 'em, they're a clapping, they're cheering. the market is about to open. thank you very much, david. we've got to check the big board, five seconds before we actually open up this market. we are going to see some green, and it's going to be across the board. here we go. they pressed9 -- pressed the button, we're trading. the dow industrials up 304 points, the best part of 1%. i see three losers amongst the dow 30.

what's the percentage of the s&p 500, .91%, just like the dow. that's a rally. the nasdaq composite, i want to know the percentage gain, a little less, but still up, .83%. the nasdaq's at 11,700. big tech up across the board despite the rise in 2-year and 10-year treasury yields. metais up another 2% -- meta is up9 another 2%. let's check in with first republic, climbing today after hitting a record low. susan's with us. it's up 29%. this is all about jamie dimon's rests cue, isn't it? susan: oh, yea. jamie dimon knows a thing or two because remember in 2008 he bought up bear stearns, ask jamie dimon, depack toe bank -- de facto bank industry the leader, and his first republic rescue plan would actually include converting that $30 billion many bank deposits from those 11 large lenders into an outright ownership stake many first republic.

$30 billion, i wouldn't say, is that much, it's only half of the $70 billion in outflows that have been withdrawn from first republic because of the silicon valley bank collapse. also factoring into the regional bank stocks' rally is janet yellen, she'll be speak at the bankers association this morning, and she'll pretty much indicate and guarantee that the u.s. government will step in to guarantee deposits like they did with svb bank, and i think that's positive as well. first republic, as you mentioned, down 90% in march alone. stuart: okay. looks like there's a little calming down morning of the bank scare. okay. let's move on. [laughter] my prompter tells me that cathie wood is buying some shares of microsoft. now, that worries me because karat think concern kathy, some of the stuff she's bought into -- susan: so you think it's a contrarian indicator? the i love the way you think. yeah, $11 million worth of microsoft for the very fest time for her ark next gen internet

etf. that's 50 years since microsoft has been founded, a trillion collars later valuation and about 25 years behind you, i think. so microsoft now considered an innovative tech stock with the rise of artificial intelligence and chatgpt. so microsoft investing over $10 billion into chatgpt's creator open a.i. over the next few years and really infusing a.i. into the bing search engine, office programs like excel and word, and the stock has done pretty well, coming off its best week last week since november last year. stuart: it's a wonderful thing, susan. [laughter] let's enjoy it while we can. talk to me about amazon the morning after they cut 9 thousand workers. susan: yeah -- 9,000. >> on top of the 18,000 announced last year. 27,000 layoffs in total, more than meta's 21,000 job cuts x there are questions, monday morning quarterbacking in this post-bezos amazon under andy

jasst, ceo, only the second -- jasst. and there's been, look, a shark slowdown, the -- sharp slowdown. it's down 44% since he's taken over. look, we know that cloud is saturated because aws has such a big lead, right? 40-50 president of market share concern 40-50 president of market share so growth has to slow down, and now they're guiding for aws to only grow about 20 percent this year. stuart: not president a bad day today, banks up -- susan: i want to look at apple, there's some news that a apple's looking to india to change their labor laws in order to move more production there so they can diversify and augment away from china. i want to throw in nvidia, the ceo, fantastic leadership there. they're having their developers' day, seen as the main beneficiary of this this general are rahtive a.i. boom. and tesla, the reason why the stock and elon musk are rallying

today, no longer junk rated at moody's, and they're citing prudent financial policy and, get the, operational management track record from elon musk. no to longer junk, in their view. stuart: you're having a field day today. susan: i think this is great news, and i love talking to you about microsoft and how you got in ahead of cathie wood, that's fantastic. stuart: yeah, by a quarter sently -- century. show me bitcoin, please. we're at 28,000. is this a safe haven? susan: and 30,000 around the corner, what do you think? stuart: do you think? is that a prediction? susan: i'm not predicting it -- stuart: you asked me to predict it. susan: maybe 30,000 around the corner. so we're looking at a 70% rally so far this year and outperformer. it's outperformed gold which is up 11% and, by the i way, the nasdaq -- okay, it's been a great year so far for the nasdaq, 5-7%, but even bitcoin has outperformed, and they're

saying finally it's acting like the hedge it's supposed to be away from bad government policy. stuart: it's sill a gamble, but that's just my -- susan: i want to talk about the fed and what ackman and elon musk had to say, unfortunately -- the. stuart: no time. later, promise. dan ives with us. first of all, let's can do this, tiktok's ceo is going to the toe congress this week. if tiktok is banned, that's good news for other social media, isn't it? >> t a game of high takes -- stakes poker, and it's driving meta, snap and even alphabet. this is something where i think over the next few weeks the beltway's going to better side, but this is a lot of high stakes in this terms of this. stuart: okay. let's move on to cathyed wood picking up some microsoft stock. you like microsoft. >> that's been with one of our favorite because, in my if opinion, it's the best pure play way to play the cloud. and part of the reason stocks held up like rock of gibraltar

is because they've already cut numbers. and you look at chatgpt and a.i., in my opinion, susan talked about i believe the two best a.i. plays are microsoft and nvidia. stuart: there's lots of a.i. plays, but you think microsoft is out front on a.i -- >> right now it's their world, everyone else is playing rent. stuart: search people, right? >> ultimately penetrate the cloud, that's what aws and others are hoping to do as well. stuart: have you noticed any difference in bing sinces they started incorporating a.i.? >> i think it's another world right now -- stuart: is it? >> >> yeah, i think it's dramatically different. i think the big thing here is that nadella's playing chess, others are playing checkers. and i think he integrates into search, i think it adds up to some of the views on microsoft. stuart: music to my ears. coming up, democrat state lawmaker lydia glaze says

parents are not qualified to make school choices for their children. watch this. >> a lot of those parents did not finish high school. i am extremely concerned that we would put money in the hands of parents who are not forked to make those decisions -- who are not qualified to make those decisions. stuart: our own pete hegseth took control of his children's' education during the pandemic, he's fired up about this, believe me. to the banking crisis, are we setting up more failure in the future? i'll ask larry kudlow right after this. ♪ ♪

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it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right. stuart: the markets are showing a lot of green still. cow the's up 280, nasdaq's moving up to the to the tune of 109 points. that is a modest rally this tuesday morning. next case, the two top

republicans on committees that oversee the banks want documents and personal records related to bank a failures of svb and signature. what information exactly are they looking for? lauren: what went down in the past 11 days. this is congressman patrick mchenry and senator tim scott. they wrote to the fed, the fdic, and they've asked regulators, preserve all documentation about why they deemed these banks systemic risks and why they insured all the deposits. so what were the root causes behind the collapse and why can't regulators prevent it from happening. this as treasury is reportedly reviewing ways to guarantee all depositors would want getting congressional -- would want getting congressional approval -- without getting congressional approval to do so. we've heard if janet yellen, heir going to shore is up as best they can the maul and medium-sized banks because all banks are important right now. stuart: let's bring in larry kudlow. back again, welcome to the show.

officials are studying ways to expand temporarily fdic coverage to all deposits. are moves like this going to produce more failure in the future? larry, are we setting up failure for the future? >> yes, absolutely. yellen is up saying they'll guarantee more deposits if necessary from more banks, largebacks, medium banks -- large banks, medium banks, small banks. as you know, stu, this is moral hazard. it encourages excessive risk taking. it encourages bad behavior. it encourages huge mistakes. this is exactly, exactly the wrong way to go. i call it regulatory risk, and it'll really damage the banking system. and, by the way, the other big risk here is supervisory risk. as you were just talking. why was it that the san francisco fed, the california banking department, the new york state banking department, where

were they when these duration risks for the long bonds were undertaken or when the asset liability mismatch was undertaken? and we may find out, incidentally, that the loan portfolios of all these banks including first republic are very poor. the quality of the assets may be very poor on the loan side, not just the cure ration risk where bond -- duration risk where bond prices collapse. so this is nuttings. i mean, this is absolutely nuts. guarantee the whole system, you are guaranteeing a big blow i-up. you are guaranteeing terrible banking mistakes, and you are -- stuart: but that's in the future. >> -- that taxpayers are going to be on the hook for a massive bailout at some point. terrible idea. stuart: okay. but politics is heavily involved here. if push comes to shove and we're on the brink of another collapse like 2008, no politician is going to say let 'em chi. let 'em crash. every politician the, right

wing,, left are, i don't care who you are, they're going to say bail 'em out. that's the nature of politicsed today, right? >> well, we'll see about all of that. i don't think this is 2008, i just want about to make a that point. at least we haven't -- i can't say for sure. contagion is a very tricky business. the politics are interesting though. remember this, stu, if you have these massive bailouts, the taxpayers will be on the hook for trillions of dollars. and i don't think that's very politically popular at all. so it's not clear to me that that's what's going to happen. what is clear to me is, first of all, one thing that's good, all right, it's not all bad. i mean, fed-treasury backup line is a good thing. and i don't know why yellen doesn't rely on that instead of guaranteeing uninsured deposits. that line of credit that they have for temporary emergencies, that's exactly -- we talked

about this last week. the famous english journalist, walter badgett, in times of emergency loan freely at good collateral with a penalty rate. the fed has cone that. so i don't know concern has done that. so i don't know why they have to insure all these deposits which makes this political, as you just pointed out. i agree with you on that point. but just stick to your guns. and by the way, start the selling tease banks. let the private sector take over these banks under whatever condition. if jamie diamond is trying to figure out a way to sell first republic, the fdic should get out of way. the fdic stacked with left-wing activists who don't like large banks, and they don't like bank mergers and acquisitions. their ideology is preventing a private sector solution. so they should just stop all this nonsense, let the private sector do it. remember, the first jpmorgan at the library not far from from here put all the big bankers in

the room and said you're not getting out until we fix this financial crisis of 1907. he did a better job then than the regulators did know, and i know it in 1907, stu, because i was the notetaker. stuart: i know, i know, i knew you were going to say that. [laughter] we're the same vintage, and it's the alled good, larry. [laughter] st the all good. hey, you're a great guy, larry, and it's great to have you on our show. we'll be watching yours, 4:00 the afternoon here on fox business. larry kudlow, thanks, sir. dan ives with me. what do you make of this? >> look, larry obviously raised a great point in terms of some of the moral hazard risk. there's never just one cockroach, there's always more, and i think trying to ring fence that from a financial perspective, systematic -- stuart: wait a second. you guys on wall street, you don't want a crash. you'll have a bailout any day before you have a crash, even if it it it sets up failure in the future. wall street does the not want a crash. >> look, the important thing is

taking systematic risk off the table, and i think that's essentially what's happened both in the u.s. as well as what we saw over the weekend with credit swoas, ubs. and i think overarching what this has really shown, it's creating more and more of that safety blanket that you can sleep at night not worrying about the headline at 2 a.m. stuart: back to microsoft. khan, you're a good man. coming up, dhs secretary alejandro mayorkas and the governor of arizona are heading to the border. the border's seen one million migrant encounters since october. will this visit change anything? tom homan next on that. donald trump will not be a arraigned today. maybe next week. the grand jury still has to hear from another witness. we'll bring you the latest after this. ♪ ♪

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about it. >> reporter: well, stu, it looks like the grand jury could be close to a decision to on a possible indictment, but there are reports that they still have to hear from another witness tomorrow the, and that could be part of the reason for the delay. in the meantime, yes, we are hearing from former president trump for the first time since he predicted he would get arrested today. in a video posted to truth social, former president trump went after stormy daniels and the progressive district attorney, alvin bragg. here on the hill house republicans led by judiciary chair jim jordan direct canned by house speaker kevin mccarthy, they're also targeting bragg. they say the indictment is politically motivated, and is they want bragg to testify before congress. they're also looking into whether the d.a. used federal money for the investigation. >> it's not here that we're coming to defend president trump, but what we're coming to defend is equal justice in the

america. and i think every american believes in that. >> reporter: so house peeker mccarthy there -- speaker mccarthy there defending against democrats who say hat house republicans, stu, are just protecting the former president. stuart: got it. grady trimble, thank you very much, indeed. dan ives is with me for the next one minute, that that's all we've got. he's been with me for the hour. is a.i. the most important technological development of, what, the last generation? is it that big? >> i think decades. stuart: really in. >> and, look, that's why this game of thrones is plague out in big tech between -- playing out in big tech between amazon, microsoft. it's because of what this is going to do to the consumer and on the enterprise trend, and i believe that's why right now u.s.-china, right now the u.s. really starting to gain significant traction in a.i. where they've been behind china for years. stuart. i.'s bigger -- a.i.'s bigger than the smartphone, 2007? >> i believe a.i. starts to

parallel the opportunities smartphone unlocked, and i think over the decades it's not going to the just be big tech. it's not a hype trend. and is that's the important thing. and ultimately, right now the top of the mountain is nadella and redmond along with nvidia. stuart: i wonder if i'm ever going to understand artificial intelligence. dan, great to have you. >> thanks for having me. stuart: appreciate it. still ahead on this program, tennessee senator marsha blackburn, brian kilmeade, pete hegseth, florida congressman mike waltz. the 10:00 hour of "varney & company" is next. ♪ ♪

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