jon: ford ceo jim, speaking with bloomberg's david westin.oming up president biden preparing to address the canadian parliament after a meeting with justin trudeau. we will find out what the two leaders aim to accomplish. this is bloomberg. ♪ go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. jon: this is "bloomberg markets ." i am john with alix steel, as in biden is excited to address the canadian parliament at the top of the hour. he met with canadian prime minister justin trudeau on a variety of topics. the two leaders will hold a joint news conference later today. joining us now is chris or sans, director of the canada institute at the wilson center. we should point out that the president brought a lot of his team to ottawa. members from his candidate -- cabinet, with a to do list. guest: you can see that this was an acknowledgment that so much of the relationship is domestic, domestic agencies l

david westin spoke with former u.s.ury secretary larry summers and they talked about the concerns about systemic risk in the banking system. larry: if this is handled reasonably, that this will be a source of systemic risk. alix: let's get the latest from sonali basak. sonali: when you have a crisis of confidence things can move pretty quickly and there is a process. the fbi see is bringing this into risk sever ship -- into receivership. they cover accounts but beyond that you have to give them a call at this point. the fbi see is taking the bank into receivership. this is one of the largest bank failures in history. as one of the top 20 banks in the united states. at the end of december it had 200 billion. guy: the treasury secretary was giving testimony earlier on and she said she was watching a number of institution. what are you hearing? what are people talking about as far as how far this could go? in 2008, we understood very quickly how interconnected the banking system is. counterparty risks need to be taken seri

of power with david westin.rters to new york to our television audience worldwide. it is budget day in washington and philadelphia as we get the president's budget later today. how much have we been paying attention t

coming, wendy cutler will be joining david westin on the balance of power.t wraps it up for me and guy. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity a

the former morgan stanley ceo john mack spoke with david westin. >> i think that's universal. banks that had big trading positions have taken a lot of risk, they have all dolled back and clearly credit suisse is going to do that. when i was there, the amount of risk that we took was out of proportion to what we should have been doing. i think all the banks are focused more on risk. the regulators are better at defining and seeing the risk. banks have to maintain confidence in their institution. when you have big swings when you take a huge loss on some risk position, it helps -- it hurts their credibility. most of these banks i think are going to be much more conservative in the risk they take. >> the united states has our own problems starting with silicon valley bank going beyond that. is this similar to what you saw in 2008? you were running morgan stanley. the banks and taken on a lot of risk. do we have a similar issue now? >> i don't think so. the banking issue at silicon valley bank is pretty straightforward what they were doing, who they were underwriting. if you go ba

guy: katherine tai coming up, looking forward to that conversation with david westin on balance of power. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh when people come, they say they've tried lots of diets, nothing's worked ahhhhhh or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so

let's bring in david westin to walk us through the take away here.re is a lot in here we knew was going to come about, the tax implications going hard on wall street. how much success will this get in congress? david: how about zero? there is a lot of takeaway but you don't take away much taxes. none of this will happen, personal taxes, corporate taxes but you've got a majority of republicans in the house and a lot of this up president biden would've liked to have done when he had a majority in the house. the bigger issue for those subject to the taxes is not this plan the perfect the president is proposing this as a political matter because he thinks there's political support for this sort of move of taxing the rich across the country. kriti: is this flag-waving ahead of 2024 from a political perspective? david: i think there are two things, number one is the debt ceiling, this is the beginning of the real negotiation because the president put out its plan and time for kevin mccarthy to connect with his plan. that's short-term but long-term, this is

they spoke earlier with bloomberg's david westin about the benefits of the major acquisition. >> it isiving us the ability to repeat once more what we did with biontech with vaccines. now, we can do it against cancer. cancer, as you know, it is one of the biggest concerns of humanity. one in three people are getting cancer or will get it in their lifetime aired many more will be affected because cancer affects all. it affects the father, mother, son, daughter, spouse. it is a unique technology. this technology can become one of the biggest answers to many tumors that right now we have no solutions. >> it was reported that pfizer took a look at the company earlier and decided not to do a deal. is it more important now than it was a year or so ago? >> i will not comment about whether or not we were part of the discussions. but we are looking -- we have been looking at them for a long time now. it is not new to us. we have been working in connection with multiple other companies. we were impressed with the new data they presented. we are thinking that right now is the right time to engage

. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin headquarters in new york to our television and radio audiences worldwide welcome to "balance of power." we have economic news from china, germany, and the united states of america. welcome michael mckee, bloomberg economic and policy coordinator. when i woke up i thought it was all about china

i am david westin. this week, larry summers takes us through the fed decision and what the banking

david westin is sitting down with the pfizer ceo. we will have that for you in the next hour.rful late winter snow -- storm will bring snow and rain. the city will get mainly heavy rain but high winds could cause power outages and delays. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm lisa mateo. this is bloomberg. ♪ caroline: welcome back to bloomberg technology. let's get back to silicon valley bank. cheryl is with us. taking to twitter to say the one thing this man taught me is that most know nothing about finance. what do you mean? what is this critique of your own industry meant to be talking about? >> thank you for having me. this tweet took off because there was an element. at the same time, it is a human behavior problem. it is a classic example of everyone acting individually rather than collectively. silicon valley bank was the partner of a lot of different players. a lot of different initiatives. they were the first bank accounts of many founders and they took this pers

i'm david westin. this week larry summers

. -- balance of power with david westin.oomberg world headquarters in new york our television and radio audiences worldwide, welcome to balance of power. in a few moments, we have the opportunity to speak with the governor of new jersey. we set up joe mathieu, sound on host, and the government brought out a big budget.

a contributor telling david westin on "wall street week," he thinks the fed has to look at 50 basis pointsthey downshifted to 25 at the last meeting, are they having second thoughts? we will wait to hear from chair powell. larry summers pointing out that they have not been this far behind the curve in over a year. for jay powell, he will be speaking to the senate on tuesday, then on wednesday he will be speaking to the house, the financial services and banking committees in both cases. presumably this is the big question, will he echo his colleagues who have signaled higher for longer? will he signal openness to 50 basis points? we will probably get two big reports this week, jobs and inflation, and that could tip the balance. finally, remember the meeting the head of the rba took in front of parliament a couple weeks ago, don't think jay powell's pushing from both sides of congress is going to be that strong, but progressives like senator ward from massachusetts, are expected to push back hard, senator sherrod brown from ohio -- keep hiking rates and hurt the labor market, can you do this

david westin how to stabilize the financial sector. tune in on all of our platforms.is a bloomberg. ♪ everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future starts now. >> european union leaders have endorsed a plan for sending ukraine will million rounds of ammunition over the next 12 months to counter the country's russian invasion forces. ministers approved the plan earlier this week. ukrainian president thanked leaders for there initiative earlier in a video call. in france more strikes against macron push to reform the pension system. public has rotation schools are being impacted. it is happening more than two months since french unions began a series of walkouts and marches. he was a racy termination

also interesting, the former treasury secretary, saying in an interview today with david westin that a pause would actually be a mistake by the fed. let's listen. >> my own judgment is that it would be a serious mistake for the federal reserve not to remain focused on its objective of containing inflation and bringing it down to the range of the 2% target. and that is probably going to require monetary policy to become more restrictive than it is right now. >> very important -- to things we are focused on besides what's happening in the banking system, with the bailout, from the treasury, the fed's new lending facility, consumer prices tomorrow, more emphasis, expected to come down the headline from 6.4 to 6% -- 6.4% to 6%. it could be important for these very volatile markets. also the european central bank meets this week, have been pushing for a 50 basis point rate hike. a lot of economists are saying that they don't have an impact like we are having in the u.s.. they can go ahead and do 50 basis point. the to another question for the markets as we go through the week. >> when you

larry summers talking to david westin earlier today said he thinks it would be a mistake for the fed to pause. larry: my own judgment is it would be a serious mistake for the federal reserve not to remain focused on is -- on its objective of containing inflation and bringing it down to the range of 2% target. that is probably going to require monetary policy to become more restrictive than it is right now. kathleen: let's take another step forward. european central banks on thursday. traders have already changed their odds. they think the odds of a half-point hike are under 50%. they had been looking for something much higher. the deposit rate peaking at 3.40%, 80 basis points lower than it was a week ago. whether or not these concerns, the idea is central banks around the world are going to be more cautious if they are going to keep hiking. haidi: it is still down to the data. the coming cpr report, could that be the change? kathleen: maybe it could swing it back a little bit or set in stone the possibility of a 25 basis point cut. a little bit of improvement is the consensus foreca

heidi: ford ceo speaking to david westin. what's get a quick check of the latest business flash.strictions tinged fuel demand while domestic output of oil and gas rose to a record level. china petroleum and chemical as it is officially known posted net income of 9.6 $4 billion for 2022 compared with the new record $10 billion profit a year earlier. moscow has offered twitter employees grants in an attempt to stem an exodus of talent. less than the 44 billion musk paid to buy it last year. most has laid off thousands of employees in a series of job cuts that then lead to mass resignations at twitter. final 36 satellite of its initial 600 and 16 satellite constellation. it has allowed elon musk's starling to offer broadband coverage this year. the ceo said the company now has a vast flanks on base cracked in orbit -- fast flying spacecraft in orbit. kathleen: these are the stocks we are watching shortly. first citizens is said to be acquiring silicon valley bank. watch midst of it see, ufj. -- mitsubishi. defense stocks in focus after reports that north korea testfired aces this --

tom: the brilliant david westin is going to stand aside and focus on wall street week.e you focused on a little later? >> today we have to focus on the conversation we just had right now. the response from washington following the collapse of svb, swift and prompt decision from treasury of the white house and the fdic. what comes next and how do we prevent this in the future? tom: i think that will be a good conversation. did we hear from yellen and powell today? >> we will first hear from the president. i think he will that they are in recent out some deputies. i doubt we are going to hear from chair powell. he just had to hearings last week. another awkward moment. remember all of the republicans were telling him -- warning him to ease up on the requirements for banks. . just last week jonathan: miser and if we do the hearings this week. jonathan: it seems like it was yesterday. tom: it was the same as willingness they are, you look at -- i am looking forward to the show on balance of power on tv and radio. massive lineup, loads of people offering their views on the s

godaddy.com tom: the former secretary of the treasury there lawrence summers over the weekend with david westin is better in america as well. the level is extraordinary -- 4028 on xps futures up seven points right now. the vix comes in constructively 21.35. it is important to bloomberg surveillance, we try to capture the zeitgeist among the adults in the room. this weekend jason furman who spoke at harvard said "shut up and read it." shut up and read it is the phenomenal and hard-hitting essay of dr. posen. he his definitive -- he is definitive. adam posen, embedded in your article is that a trump-biden trade policy gives us the risk of losing american jobs. i thought we were gaining jobs from sea to shining sea? >> i'm afraid not, tom. thank you for the intro and for having me today. the issue is first we have a finite number of skilled workers, people from these companies, qualcomm, tokyo electronic. they do not have the american workers here who can do the job. if they do they have to hire them from somewhere else. it is not like skilled engineers are unemployed in the u.s.. if you force thi

- lisette really extraordinary to see jane frazier speaking there versus the conversation with david westinway. lisa: there needs to be some sense of confidence not just in the banking system but a question around the role of the big banks in supporting smaller ones and that is something that came to the floor over the past few weeks. tom: david rubenstein joining us. it's a happy david rubenstein as he joins us today from his duke university thank you for joining us this morning. so much of this is a distrust of these major banks how did jane frazier frame that you can trust us this time in this big crisis? >> for those who don't know, jane, it's hard to believe but after 250 years of our country's history she's the first woman to have a major money center bank. she's a native of scotland but educated here at harvard business school and worked her way up and for the last two years has been the ceo of the bank. the banking system is in pretty good shape. there are a few problems being dealt with and maybe you can argue first republic bank. was she is saying is the banking community is comin