larry fink had something to do with this, how long will this last?i- month process according to pimco. stuart: that's all negative for stocks overall so let's move on to the bond market. again we have to tell you, this is the flight to safety. again, treasuries are safe. you hold them to majority and get a tax break on the interest as well but right now the yield on the ten year treasury down to three or two, the money comes in, price goes up, the guild goes down. one bright side to the tenure, all the way down is mortgage rate may fall in the immediate future because mortgage rate, 30 year fixed tied to the ten year treasury so way down on the tenure, what was the tenure again? down -- tenure is 342 so mortgage rates may get a break. >> to your tied to bed expectations and 45% chance the fed does nothing looking at fed funds futures, nothing next week. stuart: we moved on to tech stocks, they are not as badly hit as some of the rest of the market down a fraction, the biggest loser, none of them are down more than 1% because the treasury yields are s

and larry fink talked about steady and consistent -- >> that's true larry sees 3.5 to 4% for the next, going to be stubborn not a new view from larry, but reiterated today in his letter >> i love his letters. they're incredibly thoughtful. i know everybody wants to focus on what he says about liquidity issues but he spent a lot of time talking about time exchange, and look, that was a big issue. i'm trying to make money for you, which is why i'm worried about climate risk this was the definitive piece with just says, it's not about how he feels it's about earnings per share, and that's quite effective i don't want to overlook that. >> 3,865 here at the open and the dow down about 480 meanwhile, jim, jpmorgan adding to their underweight on equities they were already underweight given some of the concerns they have had for a while b of a yesterday prefers cash this year to stocks, because they're looking for total return of 2 to 3% on the s&p. >> i think cash is earning less than it was a week ago look, i understand why everybody's very bearish we did come -- we had a horrible thing hap

larry fink's comments, he's not talking about a run on the banks but the fact they have this mismatched in the portfolio, $600 billion underwater, the banking sector enters unrealized losses, banks went up, asset values went down. depositors fled and went to money market funds. and this wasn't a repeat of 2008-2009, when stocks trade down, don't think that's a widespread run on the banks, if there's a problem in terms of them having to up their rates, they have 2 over time our role from the fed. a lot of complications here but the banking system 2008-10 had not an of capital. they've mismanaged their asset liability and that will hurt in terms of earnings. as far as that, for a guy who wants to be treasury secretary, adding to the uncertainty out there. there's a lot of uncertainty to my mind because we have weak leadership. janet yellen as we, president biden's comment reassuring the american people about the banking sector and the bailout they achieved was absolutely pitiful. there's not a lot of confidence in transitory inflation or jay powell is running the fed and was behind the cu

i go back to what larry fink said.cade effect as we realize what higher rates expose us to come in the vulnerabilities. it makes it that much more painful. tom: we heard from david rubenstein earlier whose capital was challenged in 2008. he said switzerland is different. patrick barnett, who is led coverage in germany with the european banking experience, where are the regulators? our reporting, our team's reporting, but with all of your banking experience before journalism, america, they would be forefront right now. where are they? patrick: european regulators are not known for being the first at the door when you have any kind of crisis. they are usually rather reactive than being at the forefront, but let me say this, some are saying by too hard on credit suisse and there is no issue on the liquidity. let's put that aside. in the whole system, liquidity is good. let's just say there's why credit suisse is being hammered and that is where the regulator is going to struggle to help. the bank has an earnings issue and

i think there is a banking crisis is returned to the debtor states following the letter from larry finkking about inflation. >> i think one of the biggest issues with the banking sector is you look at the smaller regional banks, maturity bonds aside, the real issue is commercial real estate loans. when you look at commercial real estate loans, most are variable rates, we are talking office space, class b, class c, that's what i am foreseeing a lot of issues. a lot of those are variable rate mortgages and you will have to walk in and refinance at a higher rate. you are going to do that at the time for class b office space and cross see office space is probably not appraising for as much anymore because you have high vacancy rates. i am concerned about the smaller regional banks because they have a greater percentage of their assets made up of those commercial real estate loans, roughly 30% versus 5% for j.p. morgan. stuart: would you say we are anywhere near this moment? >> i don't think so. when you look at specifically silicon valley bank, that was moral hazard at its finest. actually

you started show with these major titans, you left larry fink. he put out a huge report he is really worried, he said something that was intriguing this problem could last for a number of years. i don't think that kennedy, one thing we never wrapped our minds around. the trillions and trillions and trillions of dollars that came cascading into our economy that stuff sloshes around and moves, and round and that inflation it sparked that does not go away overnight, you have you know one hand federal reserve putting that inflation down, and biden administration trying to throw kerosene on it in tomorrow of any free money they can. on going thing, larry fink says 3 to 5 year we'll be deal with this, if that is the case a lot more banks will go under. kennedy: have we moved past notion of some banks are too big to fail or has there need to be a correction. so many bubbles a few have to pop? >> unfortunately we're still in the too big to fail phase. you saw reports that bank of america ended up gets 15 billion in last couple days from depositors leaves

alix: it wasn't only larry fink.y dalio was also talking about reaching a turning point and that the bank failures will be followed by more problems before the contraction in the cycle runs its course. where do you hide out in? it is in some ways hard to meet the case for bonds, but clearly there is a safe haven into that. where do you hide? lauren: within the equity market, there is also a second dynamic taking place for the consumers. they are shifting from discretionary back to essential spending. areas like health care, utilities, staples are going to be relatively stronger. i think during this time period, energy could get a little bit of a lift as the china reopening continues to take place and people travel to catch up with loved ones they haven't seen in three years. there's definitely places within financials, and insurance is definitely caught my eye. we are looking for great opportunities there. selectively, the alternative investment, there will be opportunistic deals ahead of them. capital markets is ano

that's according to larry fink. >> christine romans, thanks so much. we will check back in with the markets when they open at the bottom of the hour. joining us now to discuss, new economic data, cnn economics and political commentator katherine rappel. >> great to join you. >> lots of questions given there's a lot of data. >> ppai way down, consumer prices down, though not quite as much, concern about rising interest rates and how that contributed to these banking troubles. does that give the fed in your view enough room to not raise rates at the next decision or at least raise them less? >> the fed has a bunch of different difficult tradeoffs to consider here, right? the war against inflation is not over, however, the things that they need to do to tackle inflation have these unintended consequences of potentially destabilizing the economy and we have already seen potentially destabilizing financial markets. so i think it's a little bit unclear. if you look at today's ppi numbers, yes, the headline number is down, but that was largely driven by egg p

black rock's larry fink calling it a slow-rolling crisis and one that steam-rolled pretty much over all stocks today, although we're off of our lows today. this is the good side you're looking at. at issue again, more banks with issues including credit suisse. its chairman insisting everything is fine despite being told everything is not find. now word that authorities are scrambling to help. republican senator james langford says get ready for higher fees. charlie gasparino on why so many americans are running to bigger banks and fast to get away from this. let's just say we're over this, all of this. welcome. i'm neil cavuto. we're on top of the ragged run in the stock market as to how bad this crisis is and how bad it could get. as bad as it looks right there for you, it could have been worse. indeed it was. the latest from connell mcshane following it all. connell? >> the word from the swiss authorities helped out. fear is back in the financial markets with the banking turmoil that we've been talking about spreading, spreading to europe with credit suisse which is a bank more than d

larry fink is weighing in. the chief executive of black rock.er today he warns about the spector of a slow rolling crisis and says he expects to be more seizures and more shutdowns coming and cvs's collapse is an example of quote the price we are paying for decades of easy money. >> easy money. that means zero percent interest rates. these banks are taking that money all those deposits and putting it in long data treasuries and now it happens. interest rates goes up. they are worth less. people withdraw -- it's a perfect -- a perfect storm. we are seeing today weakness in the futures market and in regional bank stocks a little bit again and it's coming from europe. you have bank stocks in europe that are down sharply today. some have been halted. credit suisse is trying to raise money because it had material weaknesses it told shareholders this week. so now the european banks that are kind of causing the problem in global markets today. >> so at least we don't have to can you when it comes to inflation and the retail sales numbers, this is good.

i think larry fink, from what i understand, is in all these meetings, constantly talking to them. remember, larry has been like jamie, they've been through this rodeo so many times before. they've seen long-term capital, they saw the mexico can peso crisis, they obviously saw the 2008 crisis. they were integral participants of trying to get us out of those things -- parts of trying to get us out of those things, and this is what needs to be cone right now. if lael brainard was smart, she'd bring everybody in the room. and she is smart, i should say. she needs to bring everybody in the room and figure in this out. kevin what are, who was on the fed board of governors during 2008, wrote a really nice column in the "wall street journal" which basically said this: the leadership from yellen, from powell is very disjointed, from the white house, it's very disjointed. they need to come up with something concern. liz: charlie, we've got new session lows, i do just want to point this out -- >> thank you. i'm not trying to do that. [laughter] liz: we'll blame you anyway. so easy to blame y

larry fink, you know, runs the world's largest asset manager, told investors a few days ago we could see more seizures and shutdowns coming. he said, you could see something like the savings and loan crisis in the '80s and '90sre nden disappeaitat >> no. i think larry i overstating it. this is a crisis of confidence right now to some, tent extent. bank runs are a problem of confidence. they put in backstops for two banks we know are in trouble. the banking industry is trying to help a third bank putting depositsinto that bank. we know the remedy is for three banks. there are thousands of small regional banks in the united states, this usually just doesn't stop after two. we're going to continue to go and investors and depositors will evaluate each bank and one by one, they will start saying, which -- what is the next bank that is least secure that i most likely do not want to have my deposits in. >> and you know trading world well that moves like this, so fast. it takes a lot longer for congress to act or do anything. >> look, these bank runs, because of the way they've been digitize

larry fink putting out a letter, let me get that letter, up on the screen here, if we could, larry finker this morning, a lengthy letter this is his annual letter. typically he does a letter to ceos and separate letter to shareholders this is just one letter that runs close to do 20 some odd pages. what you're looking at here is a couple of things that i think i want to highlight and i want to -- let's not use that just yet. i think there is a couple things here that are super important. i think the biggest thing here that he talks about, talking about inflation and what is going on he says that i believe inflation is going to persist and be more difficult for central bankers to tame over the long-term. as a result, this i think is the number that matters, i believe inflation is more likely to stay closer to 3.5% to 4% in the next few years. few years. so to the extent that people were talking about trying to get back to 2%, larry fink is on the other side, if you will, of that trade. he also makes a number of comments, it looks as if they have updated the letter probably within the las

dan: a lot of people have seem larry fink, ceo of blackrock talking about how he idolizes china. democracies are messy. you know what's not messy? totalitarianism because they kill everyone who makes a mess. >> remember bloomberg said good things about china when he was running for president? we have to be clear what our constitution stands for. our businesses, our athletics from the nba on down. the centers of influence have been bought by china and have been infiltrate. this is the challenge of the country. what are americans going to do about the chinese communist party. dan: charlie kirk. thanks a lot. appreciate your time. biden's student loan handsouts in limbo and the left isn't happy about it. >> when it's about our students, they challenge it, the corporations challenge it, the student loan lenders challenge it. that's not fair. dan: they are crazy. is it constitutional for me to be forced to pay off your studen your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel to defend against erosi

congress, some of my coverage put people in jail, i cover the irs for decades, you see black rock ceo larry fink, even black rock larry, ceo in his shareholder letter, does not once mention esg, he took it out. he does not use that term for environmental social and governance investing, now the white house says we want to politicize everyone's 401(k) for climate change, the fact he says we're not going to be market police for climate change, any more is a sea-change over what is going on at black rock. >> well, that is good news, problem is that one that you mentioned. the president of united states right now as we speak, has a bill in -- -- on his bask passed by congress, saying you can't use esg with people's pension funds, you violating your fiduciary duty it looks like joe biden will veto that bill that is putting politics ahead of people's paychecks. elizabeth: stop bending the rules and stop politicizing everything under the sun, the viewer does not like it the voter will not like it, steve moore thank you for joining us. >> thank you, liz. elizabeth: we have this story coming up, white ho

well, just on we did have larry fink, of course , chief executive fink, of course, chief executive atsaying this could be the start of a slow rolling crisis. obviously he might have a different assessment of what the bank england has said this morning and that the banking system is safe and sound . system is safe and sound. however, it is interesting that, as you say , those central banks as you say, those central banks moved so . very much so. and that moved so. very much so. and that of i mean, i think what triggers probably point you to which i think a very strong point is that to say that there's not going to be problems in the future. there may well be. what i think is going to happen, mark is bigger banks are going to get even bigger and a lot of smaller are going to taken are either going to get taken over or close down and over or will close down and that's over a period of the next 5 to 10 years. i think that is the way of the world now. okay a specific fallout, maybe from this takeover of credit this ubs takeover of credit suisse, and that is jobs in london. i think some 500

black rock ceo larry fink warning more seizures and shutdowns are lurking in the market, was awfully prescient at this hour but is it true? former fcic chair bill isaac shooting up afresh morning flare predicting another bank domino could fall soon. which domino, we are going to ask him next. with the dow jones industrial down 432 points, we've got, let's call it still 48 minutes left on the clock before we see how this wild weekend, stay where you are, "the claman countdown" is back in a minute. chairs, gotta go... okay! i'm thinking couches... or loveseats? yeah, loveseats. something about loveseats make me feel happy. kevin...? i bought the team! ♪ cash brothers! your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated

blackrock's ceo larry fink in his annual letter did not even mention the term esg once.e he's hiding the ball. esg is a clear and present danger to economic freedom and the american economy. you would think after the banking collapse we have just been through. people would wake up. unfortunately this is a way for democrats to take control of every second over our economy. it will start with senior's pension funds. americans need to and up even if they don't fully understand the destructive realities. liz: both desantis and trump say this is bad. how does tonight play outgoing forward. what do you think is going to happen next? >> i think at the end of the day policies that resonate with the electorate are going to be the ones that win. getting into the weeds on esg, it's important and it sends a message. but i think this will be a policy-driven race ahead. the other thing that will be important is results. ford and i are floridans. we can speak from firsthand experience that this state works. i think that will matter to the voters. >> mitch is absolutely right. florida i

you can imagine that structure >> larry finke is warning more shutdowns in the wake of the silicon valley bank collapse the crisis is the result of decades of losing money and other american lenders with a strong reliance on leverage are at risk. finke said this is similar to the crisis in the 1980s which saw over 1,000 banks fail. >>> goldman sachs is cutting back growth forecast for the year it is under pressure as regional banks look to stockpile liquidity. goldman now expects the u.s. economy to expand by 1.2% in 2023 which is down 0.3% from the previous estimate. >>> pro subscr vscribers say big short investor steve eisman says we should be worried go to cnbc for more. >>> and barclays two days ago was trading at 153 they have had a full rally nowhere near the declines of the week that is the same story across the board. ubs with relief at the moment it hasn't a takeover with the rival up 4.7%. credit suisse trading on the lows, but still up 21% there are so many questions, geoff and karen, that are remaining. not at least the fact that annette talked about with the crisis drawing a

echoed by black box larry fink yesterday in his letter and he says there could be a third dominic cracksl system, or banks could fail. top of the hour we will hear from janet yellen, she'll be in her senate testimony, she will a short americans can feel confident that deposits will be there when they need them. she says this week's actions demonstrate our commitment to ensure depositors, all depositor savings remain safe. i've been asked several times and i'm sure you have by viewers at their money is safe in the bank and the answer is yes. yellen will also mention that, it's not a bailout, not taxpayer funds used to guarantee pause deposits as signature bank, it was a banking insurance fund from the fdic that banks contribute to. on the market action regional banks under pressure first republic has been altered on volatility, down 35% at the open and lost around $17 billion in total market value stemming from the silicon valley collapse cut status by s&p and also could be up for sale according to bloomberg report. you also have international banking concerns, credit suites giving the $5

why do we have so many investors out there funding expansion of china larry finks, bridgewater, doublinglients to invest in chinese companies. >> well, because they can make a lot of money for clients, then for themselves, i think that points to what real danger is biggest danger we face not china the biggest danger we face is decision made by politicians in this country to put interests of the global market and global free trade ahead of interests of the united states of america, and american people, that is the biggest danger, that continues to this day. that is why you see behavior like this on investment we are going to have more transparency these companies investment funds you point to, by the way, close to by some estimates two trillion dollars american investment money invested in china funding development, for example, of military equipment designed to kill american soldiers sailors marines, the biggest danger here is that they can make real money on that don't care about this disclosure a risk they are willing to run return or investment so high shorm profits tremendous damage

if you went to larry fink and said give me a basket of sid stocks.all oil stocks. i'm a pension fund in florida or texas. >> neil: so you do have your choice. this obsession on corporate governance and esg to your point, that isn't something that, you know, is draconian here. >> it shouldn't be. there are exceptions. there's these proxy advisory firms that are involved in a lot of the decision making on votes which often lead into esg mandates, the hard and fast ones. that's something to look at. i'm telling you, black record, vanguard, i'm in an s&p 500 fun ativan guard. i don't think there's any esg it in. it's s&p 500. >> neil: and your woke. we know you're woke. >> i'm so woke. >> neil: right now you're awake talking to me. thanks, my friend. have a wonderful weekend. >> you too. >> neil: best business reporter on the planet. charlie gasparino. meantime, another visit at the border. this time a large republican delegation there. matt finn in mission texas on what they were looking at. >> neil, the republican senators from all over the country did

you had larry fink talk about the dominoes. you have heard from the likes of bridgewater associates founder talking about how maybe svb was a canary in a coal mine. and cathie wood weighing in on twitter yesterday of course she says that it's now glaringly clear that some sort of bank crisis was coming our way. ultimately, did you feel that? sonali: it was so hard to to tell because people got so complacent with the market. you look at the federal home loan banks, which is not stated behavior to see in the billions as was done in the last year or so. there was a lot of it. it's hard to calculate. you would have to go through the regulatory filings of each bank separately to really get a sense of how much was borrowed at the end of the day and which banks were borrowing to that extent to make sure that they had liquidity on hand in the case of a dire moment. these are dire moments. i think what is hard for me and i have a criticism for this, this is not 2008. because there have been so many micro crashes leading up to this momen

a quick quote from blackrock's chairman and ceo larry fink. "are the dominoes starting to fall? it is too early to know how widespread the damages." we know that you are well sourced across wall street. what are your sources telling you? sonali: one important thing here when we are talking about the idea of potential contagion is we have seen a lot of strains, yes, on the u.s. banking system when it comes to smaller firms. we have not seen them when it comes to large, systemic financial institutions outside of credit suisse. that is paramount. it is important. it is the idea that people's money is safe at the very end of the day. i think there are longer-term questions out of this. as far as the markets go, i think it is important to realize when you are thinking about contagion, this is not just about putting the banking system under pressure but clients under pressure, as well. these are all the trades that people flooded into that are being unwound. it will take a day or two to figure out, at minimum, what that looks like. kriti: something we will count on you to bring us the

you get the extreme, larry fink and blackrock and nose guys want to -- those guys want to go out on a play with governance of taxpayers dollars. do that with your own money. go start a foundation, go get in politics. i just need a business partner who cares about returns on the investment of florida taxpayers' money. maria: i made the same exact point just recently. the fact that these money managers are perfectly fine putting their money in communist china, even though you're pretty much funding the expansion of our number one adversary but they push back on anything fossil fuel related and they won't give money to american companies that are involved in drilling or fossil fuel in any way. even though the president himself admits we're not done in terms of using fossil fuels. >> i agree. and i appreciate -- look, i was in new york about a month ago. we've got a lot of our dollars, are managed through good people in new york but you know, i appreciate meeting with jamie dimon. they're still going to invest in fossils. at the end of the day, i think there's a certain amount of good tha

that is the criticism around larry fink at blackrock. >> becomes disingenuous esg started off as a wonderfulresponsible how we run our businesses et cetera. but it's completely off the rails to the extent the company i don't own halliburton oil services likes to talk about how it's carbon neutral they are bringing oil to the surface that there carbon neutral because how they bring the oil to the surface doesn't not burn fossil fuels. the hypocrisy of that is completely twisted, we lost the plot. maria: president biden is claiming his budget is going to cut $2 trillion from the deficit he said this in his speech at virginia beach and he slammed mega republicans proposals to cut spending. watch this. >> the plans would explode the deficit increasing more than $3 trillion in the next ten years. they want to cut taxes for the very wealthy again, they want to cut taxes for large corporations they want to take back the power that we give medicare and medicaid to negotiate which is raise prices and they would have a huge giveaway to big pharma and cost taxpayers billions of dollars. >> we know the

we'll talk about that in the next half hour >> for now, diana, thank you >>> larry fink warning of a slow-rolling crisis in the wake of silicon valley's bank collapse in a letter to chief executives, he wrote -- >> my next guest disagrees when it comes to svb's failure. he says it was largely self-inflicted for more, let's welcome in jesse rosenthal and mike santoli joins us, as well. jesse, i'll start with you you were sort of early and/or accurate to point out problems with svb so why don't you think this is a broader indictment of the regional banks here? >> i think it's important to kind of segregate between a liquidity crunch crisis, which is what is gripping the fears in the market right now and what happened with svb. so big picture of the solvency problem with svb lie in accounting with the securities they were holding. they were holding a bunch of underwater but very importantly zero risk assets the u.s. government treasuries wiped out the entire book equity of the bank. they are, quite literally, the only bank in the u.s. that was in that position >> so what are we to make

the ceo of black rock, larry fink, warned today this could be the start of a slow rolling crisis.cans need to keep in mind amid all this uncertainty out there? >> if you have money in the banking system, it is safe. right, if you have money under the $250,000 fdic cap, it is fully insured. even if you have a deposit that is larger than that, right now it sure looks like the federal government is implicitly saying you will be made whole if there is a crisis, if the bank that you deposit at happens to run into trouble. so there are a lot of very scary headlines out there, no doubt. if you are one of the shareholders in one of these institutions you might be, you know, shaking in your boots a little bit. but if you have your money in any of these banks particularly the large systemically important banks that mark was just talking about but even the mid-sized ones, you should be okay. so i just want to make sure that that message is -- is heard loud and clear. there's trouble in the financial markets, so that doesn't mean your money is going to disappear. >> you know, mark, it's inter

. >> meantime the blackrock ceo larry fink influential voice in the markets.eased a letter to shareholders the silicon valley bank collapse exposed cracks in the system. we don't know yet whether the consequences easy money in yelling gla tore will more seizures and shut downs coming. now the attention will turn to the chairman jerome powell and the federal reserve. more investors are betting that the central bank won't raise interest rates at all at next week's meeting. the odds of no rate hike were around 30% yesterday. now the way interest rate traders see it about a 50/50 call. bret? >> bret: all right, connell, thank you. let's bring in fox news chief political analyst brit hume. good evening, basically it comes down to the silicon valley bank made some risky bets and they essentially were betting that interest rates were not going up or would go down. and they lost and they lost big. and it caused all of this. >> brit: yeah, they turned out to be risky bets but, you know, they were federal government securities on paper, at least, as all other things bei

why my co-founder stepped away and frankly we think people like jamie diamond or for that matter, larry finkrock, if they want to effect corporations, they should step away as well >> people don't leave their values behind when money starts getting involved maybe the issues you are raising about salesforce are performance-based because bennie was making the note that the capital flows in their direction. >> you can look at some of the things that let's call the other act they're taking a look at they're take a look at why salesforce has underperformed. they have had problems with overhiring they have had issues with a sub par growth -- >> that's a totally different discussion if, in fact, that's what you are kcriticizing. >> that's not what we're criticizing. we're taking advantage -- we're taking a look at the other pieces that have not been identified by those people, which when you have salesforce being used by 1$100 million a year, they have a task force to effectuate change like police initiatives and these are things we're saying is this in the best interest of shareholders or not? bec

larry fink is involved. they know there is a lull. there were lulls in the 2007. went under, people freaked out. known as a credit crunch. the market hit all-time high right after that 14,000 in november, october, 2007. within three months, bond matures went over, under, next couple months bear stearns went down. so the race was on. remember this stuff takes time, if it is going to happen. hopefully it doesn't happen. lauren: charlie gasparino. thank you. >> thank you. >> look at wall street. all stock market averages are up on the second to last day of the month and the quarter. the dow 140 points. the high of the session was 188. it was down 34 at one point. broad market is down 22 points. it has not been negative today. nasdaq up by 86. it was up 118 at one.so doing pretty good. take a look at bitcoin, down by $323 to 28,015. the token has been on a run month to date popping over 20% which got it past 28,000. if it hits 29-k our "countdown" closer says buy it. cloning me is the closer,$.5 billion under management. sanders morris chairman george ball. george, go

charles: so many factors right, with this wild ride this week, including a note from larry fink on theer of a slow rolling crisis that lasts years. however my next guest rather says it ain't pretty but inflation is coming down. joining me down ey chief economist gregory dako. greg, first of all thanks for joining us. i mean what do you make of it all? it feels like someone mentioned it earlier in the show, minute to minute everything changes. consensus changes, conventionals we dom changes, markets change. >> we're seeing a lot of trying to price what the fed will do. to some extent we're seeing in the volatility in the market the fact there aren't any strong good anchors in terms of policy making at the fed. we've seen the global tightening cycle, plus flip-flopping from the fed, excessive in my opinion data depend send sy led to the uncertainty what the fed will do next and this ising uncertainty for the u.s. and as well as globally. charles: handicapping their dual mandate. you say they have more than two mandates these days? >> they have to focus on the labor market. more important

so i do think you can look at the big asset managers like blackrock and ceo larry fink and say if esgis, why is this kind of thing happening over and over again? elizabeth: you know, house speaker kevin mccarthy signed a bill today to the strike down biden's new rule that would politicize the retirement accounts of 152 million americans to push it toward things like climate change. the president could veto this. so, carrie, when you hear what will is saying, when you hear about, you know, our retirement money being pushed toward politics, pushed toward climate change, the president still not going to east palestine, what is your feeling about that? >> i just want him to know that we're people. i have two boys, and we are stuck living in this. yes, we're are relocated right now, but we still have to return back to that home. and just to look at us as people. would you want your child being raised here? you know, we're concerned about grand kids one day, are they going to be born with birth defects, are they going to have cancer? these are the kinds of concerns we have right now, so i j

neil: one thing, i think what added to this was the comments out of larry fink at blackstone saying the dome knows from easy money are starting to fall. this is a slow rolling crisis. in other words he is saying it will get worse. >> well, this is what happens. you get to the federal reserve, central banks, finance ministries going years and years for no interest rates. money is free. companies take it on. they have losses but so what they can always get more. countries they will see crises there. they borrowed a lot. japan has a debt twice our own proportionnally. not so up dominoes. people went out and thought short rates were forever will get caught. that doesn't mean the whole economy comes down. it means a lot of companies are in trouble. one good thing is that this recession, if it ever comes, theologians proclaim one, companies had a year, year-and-a-half to get ready. it is proclaimed. usually recessions come you don't expect it. this time everyone knows something is coming. banks had plenty of time to get balance sheet in shape. neil: some of them didn't. >> some of them didn't

larry fink of blackrock came out with his annual note today.are the dominos starting to fall? we can put up some of his other comments as well. obviously bond market is down 15% last year but still seems to say in the old western movies, quiet, too quiet. more shoes to drop here, eric? >> yeah. we think, liz, that the issues are probably more individual names specific versus systemic. i do think to your point on bonds you're getting an opportunity to invest. it is kind of boring but six month, one year, two year paper, call it 4% yield that is a plate of cookies the market doesn't offer very often. those are things you should grab. we think extending into esoteric parts of the market. there will be a time for that. it is just not right now. looking at opportunities for things like in the equity space, utilities, infrastructure, great places to be right here, right now. mark, what else are you worried about here? what are you not concerned about? >> one of the things i'm worried about what the contagion is for the venture capital ecosystem resul

i think that what larry fink is talking about.ut out by central banks in different countries, in the way that has happened with credit suisse. that may have been avoided but that said, there are some risks we are facing the next few months. andrew kenningham, _ facing the next few months. andrew kenningham, thank _ facing the next few months. andrew kenningham, thank you _ facing the next few months. andrew kenningham, thank you very - facing the next few months. andrew kenningham, thank you very much l facing the next few months. andrew i kenningham, thank you very much for joining us. the united states has released pictures of what it claims is the incident between a us drone and a russia jet. in these pictures you can see what is claimed to be the russian su—27jet approaching the drone. the russianjet then begins to release fuel as it passes. it then flies over the top of the drone. the russian jet then repeats this pass. these pictures from the us air force. russia has denied us accusations that its jets acted recklessly in th

yeah, the reason asked that is that guru that question is that a guru larry fink, blackrock world's biggest manager and his quote earlier in the this quote earlier in the week. this could the start of a slow could be the start of a slow rolling that could see rolling crisis that could see other because of the other failures because of the price of easy money and high interest rates. and just to explain people know that you explain to people know that you know obviously european know obviously the european central again by central bank has raised again by 50 half % that 50 basis points, half% that makes some of the holdings banks have in bonds actually worth have got in bonds actually worth less as interest rate climbs . less as interest rate climbs. yeah, that's absolutely that's that's the kind of root of the problem is that banks hold vast of bonds that you know take your money in very simple terms. of bonds that you know take your money in very simple terms . you money in very simple terms. you know you put in that you put in a few hundred quid into bank thinking that it's just a deposit

blackrock's larry fink going on 35 kotick has been activision's ceo for 32 years, and marc menoff foris more women in the c-suite have to wait longer to get promoted or jump ship. stephanie linnartz at under armour a denise johnson has led caterpillar's mining division. >> with all the technology coming out right now, there's a lot of change taking place in the workplace. i want to be a part of that future i would like to lead into that future and it's going to take true leadership to set companies apart in the current environment. so, i intend to do that. >> johnson is credited for the successful expansion of caterpillar's autonomous trucks, which has positioned cat to win back market share in mining. they say johnson is seen as a potential successor to ceo of cat. >> when i heard you were doing this story, i had this chart made because, you know, looking at the s&p 500, it's so much broader than that. jpmorgan put out a great chart first, they do head of state, less than 1% ceos at ipo companies, less than 1% unicorns, 4% fintech, 5% it's a little small. you can't see. but you get t

the negative haircut they will lend more than the government bonds worth there is as larry finke said a slow burn. this is monetary policy. this constrains the ability of the fed to demonstrate credibility. that is the key parameter. >> simon, great to see you let's continue this conversation you have to come back. the other question i have is what will happen if all of the deposits are insured, are moral hazard to be continued. >> if your deposits are safe, the incentive is to make money on the spread sdp >> bingo was his name-on >>> the biden administration is looking to threaten a tiktok ban. we will have the details next. the dow implied lower by 35 points my name is brian delallo. i teach ap and honors economics in pittsburgh, pennsylvania. financial well-being to me is knowing that i can be free to do the things that i love to do. i hope when i retire someday, they say, that guy made this place a special place to come to school and gave as much as he could to help the community. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with cu

lisa: last week, larry fink from blackrock said things will drop.ets that would not get that credit. do you agree with that? michael: i think one thing most misunderstood about private markets, which is why there has always been this view of the canary in the coal mine, yet every time we have a crisis or mini crisis, markets emerge fairly unscathed. i think the difference is that folks really appreciate it. private assets are held unlevered. they are monster -- modestly unlevered. with banks, you get a much different outcome in a market like this. similarly, on the equity side, they are operating out of funds with 10-year to 12-year lifecycles. most private owners of assets that are institutionally backed are neither first -- forced sellers or buyers, and that is a little stability people don't appreciate enough. jonathon: have to leave you there. wonderful to hear your thoughts. michael arougheti of ares management. lisa: a lot of people been talking about this. if you don't have to sell, you can ride there without the constant real-time pricing. i

larry fink from the investment house blackrock has said that he foresees some kind of rolling crisis.n your definition of crisis. i mean, i think although there were some parallels being made this week when we had the question marks around the swiss bank, credit suisse, people were making parallels with the global financial crisis and northern rock and lehman brothers collapse, it does not feel like that, certainly doesn't feel like that yet, and i think what he means by rolling is that we will have this period where we see more and more financial institutions and other parts of the economy perhaps face their own moment of reckoning when it comes to the implications of much more expensive lending, you know, the fact we have had this long period of basically free money, that came to an end a while ago for the uk, we got pushed into that very quickly by the crisis over the mini budget in september. now other parts of the global economy are starting to feel the effects of higher interest rates and that could produce a period where we have rounds of concern around the financial system wit