>> kurt volker: not enough.reciate that secretary austin said we will continue to fly, of course, we should. we need a stronger response to russia saying this is unacceptable behavior, we will not tolerate it, you will not interfere with operation of american military equipment in international space or water or air in the future or there will be a response and i haven't heard that yet. >> bill: your actions speak loudly, you could put a reaper drone back up in the air and it could be over the black sea as we speak now, we can't confirm that. >> kurt volker: i would expect they are doing that, that is what secretary austin said, we will continue to fly these. i expect a drone in international airspace over the black sea again right now. we have to give a stern warning to russia this kind of behavior is unacceptable. >> dana: congressman mike turner was on last hour and had thoughts, listen here. >> it shows pattern of russia aggressiveness to drones themselves and also even manned aircraft, both british, air pol

that was volker. >> that was volker?as -- >> it wasa5■ '84.xd some of the work they'reçó doin at goldman on this is really quite good. >> çóyeah. a look at what they're talking aboute1 in terms of the bank te funding and how you understand that, but the most important thing was the 1984 continental r illinois,i]lp this was one where continental illinois situation was rather enlightening because it was volker, and volker's a tough guy, and volker had to pause. so, i like it because it's a recognitionlp that you had this situation in penn square,i] whi was an oil bank, tp[■ banks in the1country, got involved. and then itÑi collapsed.e1 and it happened rather qsuddenl, and it feels like this. sudden but was contained. yeah. >> and that was the pause. and i think that when you look at it, you say, wowtyéñ you kno that was --+uq kind of just tps. >> wasn't volker already in the midst of lowering rates? they were coming down from the áyrñ the real rate was 10% and wanted the rate lower after that. this is may '84. >> we're goi

kurt volker joining us right now. very good to have you back on the program, mr. volker.uck by that exchange with president xi and president putin where they talk about the changes that have not been seen for 100 years that are coming. putin says yes, i agree. you know, see you later, dear friend. what does that signal to you? >> i think what we're seeing is a couple of things here. putin is desperate to hook himself to china. he has a weak country, failing economy, failing military operation. his access to global markets has been squeezed. china is happy to buy things from russia. happy to say that look, china is on a 100-year marathon to build a new global order. they made that very clear. if russia wants to be a part of that, that is fine with china. that doesn't mean that china will be siding with russia. it's the other way around. >> martha: i want to play this again. this is president biden early in his presidency claiming this. watch. >> i'm sending a clear message to the world, america is back. >> martha: i think there's a lot of people that watch what's going on

he is sticking to the volker playbook.o three .5. he will be getting pressure from the right and the left. jonathon: you are much more diplomatic than i am. to this point, the tension happening in the semiannual testimony, what happens if it starts to climb and they're still pushing? tom: i would overlay on that this continuing belief that we are working with what alicia says, the volker playbook. it's not analog back to the 80's, its original. lisa: powell is in between a rock and a hard place, the idea of an election cycle will be interesting. is there a little more weakness, all of a sudden a pause, all of a sudden i don't know. jonathon: senator warren is going to find some company pretty quickly. alicia, you will stay with us because we have an ap be report, -- adp report. mike mckee will break those data points down and alicia will respond to it. we will catch up with the brilliant analyst diane swonk. equity futures look like this on the s&p. tom: 109. jonathon: i would love to be just waking up. lisa: even if you w

kurt volker, thanks very much. good to have you with us.ace is now in unchartered territory. seems with each election, we find ourselves in a place that we have not been before. mark penn, brian kilmeade and pete hegseth coming up after this. >> they can give their children the distinction of having matching mug shots for their -- for both of their grandfathers. you can pick whether you want charlie kushner or donald trump mug shot if you're jared an evan -- ivanka's child. kyle? and while romeo over here is trying to look cool, things are about to heat up. uh-oh. darn it, kyle! and if you don't have the right home insurance coverage, you could end up paying for this yourself. sorry mr. sanchez! get allstate, and be better protected from mayhem, like me. that's a hard no. there's a story in every piece of land. written by those who work it. like the upshaws. the nelsons. and the caggianos. run with us and start telling your story. (vo) some people say the metaverse will only be virtual. but firefighters entering a burning house... will one

ellen, if we get apostate a on the concern of the banking system, will that pave the way for a volker repeat? a.k.a., chairman powell's worst nightmare? ellen: certainly, it could. if they were to choose divorce today i think chair powell would have to be very careful that he segregates the discussion around financials -- stability versus the very real problem that inflation still poses. it will depend on how they message through the summary of economic projections. do they pause today, yet, there dot plot still shows they intend to hike further? all of that, taken on the hall, the totality of the materials today, will be very important. i want to go back to something and he said. the contraction in consumer spending is something we think we are already going through now. we have a decline in consumer spending and gdp in the second quarter because largely among the savings in the groups that would tend to spend it has already been depleted. when we think about how credit conditions might change going forward, how might these funding pressures continue to flow through the economy, we h

uzbekistan and kazakhstan were visited by the chief human rights activist of the un commissioner turk volkerflew to nukus where he spoke at an event dedicated to seventy-fifth anniversary of the universal declaration of human rights. the commissioner also met with the head of state, human rights activists noted the huge step forward that uzbekistan has taken in terms of protecting human rights and gender equality. at the same time, as usual, he could not resist giving a couple of valuable tips, in particular , he recommended to uzbekistan, where to criminalize traditional same-sex relationships, the imposition of non-traditional values. generally. nothing new. on the western front. without change, an obsessive desire to go in from the rear. it's not easy in kazakhstan the situation with floods is the worst the western regions of the country suffered the most more about the fight against the elements on the left liquid buckwheat, which is difficult not to get bogged down, on the right there is a continuous expanse of water shots from the aktobe region of kazakhstan where dozens of villages ar

on november 22, first, the militants shoot at the legs, and then head of the un high commissioner volkerto mention this episode, as well as about this cruel execution of a russian military man. member of the formal report perfectly formal history, but in order to still already, because everything has already been admitted, damn it, there are a lot of printed photographs, and to be honest, it constantly sends about these stars. everywhere already vatican on all public organizations. well, the question is that they recognized and that's all and they sealed the stickers. they closed this topic. that's it, they won't talk about it anymore. the turk also spoke about the ill-treatment of ukrainian militants with the civilian population, so far it has been proven that 91 people disappeared through the fault of the sui , many were tortured and my employees were killed documented 91 cases of enforced disappearances and arbitrary detention by ukrainian forces out of 73 we interviewed. victims. 53% were subjected to torture or ill-treatment we recorded 24 cases of sexual violence by ukrainian perso

of religion, as well as the ability to express one's opinion openly, without fear of punishment , volkergh commissioner of the united nations, told ria novosti. turk earlier, the orthodox church of ukraine published a report in which it complained of discrimination in the document, in particular , it is said that such actions are barbaric in the 21st century due to pressure from the sbu. so emphasized the grater. authorized by human rights commissioner tatyana moskalkova suggested issuing internal russian passports in foreign missions. now, according to the law, such a document can only be obtained on the territory of russia , and this is certain. tatyana moskalkova complicates the life of russians who live abroad in order to simplify the procedure for obtaining an internal passport, human rights commissioners have already applied to the ministry of foreign affairs and the ministry of internal affairs operators come from georgian batumi is a city in the epicenter of a powerful hurricane, gusts of wind rip off the roofs of houses, break fences from trees are being pulled out by their root

but when volker high interest rates to 20 percent, we did not have at that price in the u. s in europe where the one in latin america does that borrowed like crazy in the seventy's. and of course, when bulkhead jacked up, interesting to 20 percent mexico argentina as a default, that's after the global financial crisis where that much higher levels of that household, that housing, that bank, that but where the negative demand shock a credit crunch. so that, that where we have a deflation and therefore we could do massive monetary, fiscal and credit easing to save the calling me of the markets to them. fortunately, where the worst of the 7 days were wide range are booked, shorter term and mid term negative are going to get supply shots that will reduce production and growth and increased cost of production. speculation, right? but now we have that ratios that are much higher than even after the g, f c. and because inflation is rising, we cannot into these economic downturn, interest rates where do the opposite. the fred and the others and their bands are increasing them to fi

to try to select a joint candidate to contest the presidential election in may. human rights chief volker turk has criticized remarks by israel's finance minister, which he called fully ha, student village of who are to be raised. took, said the state went by, it was without spots which is an incitement to violence and has 20. the attack was strongly condemned. by the president of israel, who called it and i quote, criminal violence against innocence which harms us as a moral society and a lawful country. yet the finance minister publicly called for the town of who are to be wiped out an unfathomable statement of incitement to violence and hostility. what the night had states now where republican party members are holding the 2nd day of the conservative political action conference. it's seen as an early test for those seeking to challenge donald trump for the parties. presidential nomination and fisheries at the meeting and oxen hill, maryland. ah, if you want to judge who got the best reception over the last few hours, it was steve bannon, the man fired by donald trump is still very clos

history books as somebody who, unlike arthur burns, did not blink and reverse too soon, and like volker did not intentionally cause a recession. this is where we are, we are at this precipice between burns and volcker. who does jerome powell want to be? up until this point we were thinking that he could get away with going between the two of them, but would the crisis with the regional banks -- with the crisis with the regional banks, now we are seeing what the damage is potentially to the balance sheets of banks. and i think it is looking more like, like volcker, which is great for inflation, but it is also bad for the banks. guy: edward, taking a step back and thinking about the u.s. economy, my other contention is may be we are overemphasizing the impact the regional banks will have on the u.s. economy and how big the potential is the blow the fed of course in terms of fighting inflation. compared with what is happening in europe, and i heard some talk about this earlier, it relies heavily on its banking system. the u.s. economy does not in the same way, there's a much more capital m

i am old enough to remember paul volker and h fight against inflation. and i want to echo the previous caller in my disgust that nody went to jail after lehman brothers collapsed in 2000 eight. but to move on to the present day, correct me if i'm wrong but in august of 2020 in jackson hole, wyoming, jerome powell said, came out with a pivoted and said inflation is too low and we need higher inflation and in order to achieve that, he started buying $120 billion a month, or a week in bonds in order to cause inflation. anwhenev we hear everybody pounng the table about inflation, we never hear that actually jerome powell said he was going to cause inflation, and did. i don't understand whye is chrman of the federal reserve. he is a lawyer, he is not an economist. host: thank you, caller. guest: i would be happy to talk about that. it is a really important point. we did live in a world before the pandemic on some measures, i will explain that clarification, of low inflation. around the world we have basically been seeing low inflation. too low inflation. they

s precipitated by a similarly sharp increase in short rates, fed fund brought on by then chairman volker you will recall, but you have probably read about, the savings and loans were taking their deposit, which were all priced very short, and investing them in mortgages and other long-term securities. when rates went way up and the value of those went way down, they suddenly had no capital. what has happened here, svb was kind of half bank, have hedge fund. the bank part, we will find out how viable or not it is once the fbi see works out -- fdic works out the loans. the nonbank part was clearly massively underwater. how does this happen? there is a thing called held to maturity in accounting that all banks, if they put long-term assets into the held to maturity account, it does not have to be market to market. as opposed to securities held for sale. svb had a huge portion of its balance sheet in held to maturity. if you have march its balance sheet to market, they probably had very little defending capital. that clearly needs to be fixed. there are lots of help to maturity securities on

other fed chairs who have dealt with inflation like the best paul volker in 1980 worked with the reagan reagan increased supply by lowering taxes and regulations and creating more goods in the society. that helped inflation. >> sandra: you are singing larry kudlow's tune. >> he has to work with the government with both congress and the administration getting them to stop spending so much money. >> sandra: david lost your voice after the rate hike. >> i was so angry and shouting at the screen. >> sandra: a big day yesterday. markets, the dow is up 418 points today. market is trying to figure this all out. that's safe to say. up 1.3% around 32,400. >> doesn't make up for the losses yesterday. >> powell and yellen don't seem to be on the same page. conflicting accounts on how much money is safe in your bank accounts. this is the big question through the banking meltdown. here is the secretary on that. >> to invoke this systemic risk exception with permits the fdic to protect all depositors and that would be a case-by-case determination. it's not considered or discussed anything having to d

guess who was in charge of the fed then it none other than volker. the euro 1.05. ran? francine: is disquieting that that has long functioned as an indicator of a recession. you can see out of the 20 groups that make up the stoxx 600, all of them are seeing all here to real question i think apart from the missed indication from jay powell, are they intending to crash the economy to reach inflation? can they actually keep the employment levels at these levels? a lot of companies and portfolio managers are trying to figure out where the pricing potential is and where they can keep under the margins. out of all them, staples is led by luxury groups and is only one thing higher returns today. mark: let's get to the testimony and fed chair jerome powell saying they will likely lift interest rates higher and possibly faster than previously anticipated. testifying before the u.s. senate, powell sounded hawkish as he hinted at more hikes to come. >> the latest economic data have come in stronger than expected which suggest the ultimate level of interest rates is likely to be hi

under volker, it was twofold 10% to 20%. the low base does matter. a lot of people dismissed it. expectations were a low base. we have never seen that magnitude of an earthquake i would say. then the second thing that no one expected again because it hasn't happened in such a long time was deposits leaving the system. silicon valley bank, it was venture capital facing a funding drought so they had to draw down there deposits. for others, you have money market funds attracting paying much higher than deposits attracting flows. that combination was lethal. now, they have the backstop in. now what we have? they are going to be paying up if they are depending on the facility. they will pay roughly 4.37% is the rate. that is much higher than many of them have been paying for deposits number one. while in the case of silicon valley bank, their average held to maturity security on the asset side of their balance sheet was only 1.6. they are going to see net interest losses. instead of having market hit equity, these losses are going to hit earnings. ed: that's the cause, let's go to the

powell wants to be committed to volker like commitment to snuff out inflation at any cost.ut any cost can be pretty expensive. >> bret: yeah. charles, we always appreciate your analysis. thank you. >> charles: you got it, thanks. >> bret: there are growing questions tonight over the delay grand jury proceedings hush money case against former president trump. a final witness was expected to be heard from as we await a possible indictment that the former president has forecast and talked about. correspondent bryan llenas is outside the court house in new york with the latest, good evening, bryan. >> the grand jury was set to hear testimony from one final witness today. we are told the district attorney's office this morning canceled the 2:00 p.m. proceedings and told the jury to be on standby for tomorrow's planned session. we do not know why it was abruptly canceled. but, two sources tell fox news digital it comes amid, quote: major dissension within the d.a.'s office. one source claimed that manhattan d.a. alvin bragg is having trouble convincing the grand jury of potential

neither one of those were reflective of where the market was overall chairman powell often cites paul volker the '70s and '80s i think what the chairman needs to look at what happened with alan greenspan in 1994 november of 1994 the fed raised interest rates 75 basis points, two weeks later they broke something. orange county bankruptcy everyone remember that remember the mexican currency crisis what happened to fed policy as a result of them breaking, breaking orange county fed policy had a paradigm shift. they raised slightly higher and cutting rates in 1995. the peak in yields occurred with the orange county bankruptcy moment so over the course of 13 months, seven rate hikes, 300 basis points, that's the model chairman powell should be looking at, 1994, this is similar and i think we're going to have the same type of impact. >> bryn, goldman's jan hatzius says in light of this, we no longer expect the fed to deliver at a rate hike to deliver a hike on march 22nd. that is how you think as well? >> i think that has to be on the table. josh and joe walked us through history really well, and

the yield curve, the biggest inversion since volker ran the fed in the '80s. we'll get the jobs number, obviously, cpi, ppi, the budget today, the battle over the debt ceiling and, of course, the fed meeting. joining us this morning as we said, evercore isi vice chair. i do wonder putting this week into perspective how prescriptive you the fed chair was and how much depends on numbers still to come? >> it's been a crazy week, even by recent standards in terms of fed signals driving the market up, down, left and right i think there's, frankly, a lot of confusion at the end of this. i don't think powell's signaling was partly consistent. what's new is he came out more hawkish than many of us expected he clearly put 50 in play for the next meeting in march. it debate, of course, is whether he was signaling a strong default to do 50 putting in play alongside 25 with the day to decide he talked about the employment report, cpi tuesday. my read remains that he was intending to put 50 and 25 on equal footing and let the data decide i think he's saying, we need some r

the great fed chairman paul volker and alan greenspan understood too much causes inflation in the jawbonedoesn't jay powell do some jawboning or something at all. my pal steve moore. we will be back when "kudlow" returns. >> good friday morning thank you for joining us i am maria bartiromo it is friday march 24, apologies for the late start we had technical difficulties but we are here and live. a big day of news. we start with the economy here is janet yellen speaking on the actions of issues along the banks. watch. >> the top priority is to protect the health of the u.s. economy. two weeks ago we learned of problems at two banks that could have had significant impacts on the broader banking system in the american economy. the strong action that we have taken ensure that america's deposits are safe. certainly we would be prepared to take additional actions if more in depth. maria: joining me chris murkowski ntn although pre-were talking about the markets reaction, we have a decline better than 300 points. good morning to you, thank you for being here. it is not appear the markets are bel

that takes us back to the burns vocoder -- volker story and you need to make sure that inflation is nailed down for you take the foot off the brake. maybe the fed is behind the curve. kailey: let us bring michael mckee to react to this. how realistic is it that the fed goes back up to a 50 basis point move? mike: it will depend on the data. i would hate to sound like a fed official sounding like we are data-dependent. look at the sentence where jay powell says "if the totality of the data were to indicate that faster tightening is warranted we would be prepared to increase the pace of where -- of rate hikes." that tells me it is not a done deal, say we get a 230,000 or 235,000 payrolls on friday which is what the bloomberg consensus is and cpi going up about .4 10 -- .4% which is also a bloomberg consensus, that tells me that the fed will not see a total collapse in their tactics, and they could still stay with 25. they will have a high bar to go with 50. and i do think it is a question of the markets telling the fed what they can do, not what they have to do. if we get the data and it is

she is also founding directo of volker reliance and defending chair of the systemi risk council she isrns, fighting to save main street from wall street. and wall street from itself. and, she, let you and i used t talk a lot i sort of found it a good thin that we don't talk as much a we used to, because that means that banks aren't failing al the time but this is something that mad me think of you. you used to go through this on a very regular basis i am curious as to what ha been going through your mind i the last 24 hours or so. >> yeah, well this is an old fashioned bank around and, thi bank seem to have a reasonable plan to stabilize itself it's depositors panicked and almost all of its deposits wer uninsured. so, insured deposits generally do not run people have confidence i the fdic they don't worry about their insured money. but an inch or deposits ca run. and most of this was from pretty sophisticated institutional investors, venture capitalists, start-ups as you mentioned so, that is what i find so astonishing. that there is a sort o mentality from sophisticated individuals to

last month, the un high commissioner for human rights volker turk, voice concern over a deepening crackdown against sides opponents. sentiments echoed by international rights groups who lay february 8th, i had launched 80 arrayed against migrant, some sub saharan africa, sparking a wave of violence against those communities which promote which prompt did several western african countries to organize repatriation efforts. the request to sanction sired and his allies was made by 4 families, including that of science for john, and he was arrested without a warrant on february the 27th. he is yet to be charged with any crime. while i'm joined now in the studio by cofer for journey, the daughter of sired for john e. thank you so much for coming here to speak to her. firstly, asked you about how your father is. have you been able to speak to him? and of course, where is he? and we know he is still in prison and we haven't spoke, we've never been able to speak to him. and the last we've heard of his condition was probably over a week ago before his lawyer resigned. and his health did deteriorate b

the best advice i can give is the advice i got when i was 35 years old, and i showed up, chairman volkerconfirmation as a governor in the fed, and i brought my autograph book i was so excited and i said to volker, how do we do this? he said, kevin, let me give you two bits of advice, you have to get the interest rate about right, and we never know what that means, so be in the zone, and by the way, zero was never in the zone. and he said the second is more important than the first, and when you do that, be sure you look like you know what you are doing. >> fake it until you make it >> well -- >> or an amount of confidence in the banking system -- >> show confidence it doesn't mean you say you know where rates should be at the end of the year, but preserve your options so you can make prudent decisions. my own judgment is we should have different interest rates. >> should jay powell should have spoken out about some of the fiscal successes in the last two years, or is that a independent body -- judy shelton, i don't know if you agree with her on things, but she said staying back and stayi

i'm joined now by kurt volker, the former us ambassador to nato.nder donald trump. thank you very much for being with us. can i ask you first about nato and its expansion. turkey seems to have a stranglehold, really, and whether finland and sweden can join. nato makes decisions only by consensus. so every country has to agree. turkey being one of the key nato members, and it is great that it is going to move ahead with and then. it is still trying to squeeze little bit on sweden both on the kurdish issue, where they view sweden as providing some kind of sanctuary for kurdish terrorist groups, and it's also him to put pressure on united states on aircraft as well. they are going to stretch this out a little bit longer and also make clear to the turkish public that the president is tough on kurdish terrorism in the advance to the upcoming election. it’s a to the upcoming election. it's a complicated — to the upcoming election. it's a complicated picture. _ to the upcoming election. it's a complicated picture. other- to the upcoming election. it's aj

>> i think that powell would like nothing better than to be recalled as the new volker i think he wantsn this thing now. now, whether the banking system accommodates him, i don't know they got forced into a qe after doing qt they had to rush and put money back into the banks. paying on excess reserves. i'm not so sure i believe that that's going to be a reason to support the market i think we have a 20% to 25% chance of testing the lows and have it down a week or two in april. that's sticking my neck out. >> mike wilson is already ther so you're in good company, at least. art, thanks. we'll talk soon. art cashin. >> my pleasure, thank you. >>> bearish art. big tech scaling back their ai ethics teams, as a group of industry titans including elon musk have a new warning for owowarchers. sl dn. we're going to discuss with one of the authors behind that letter next. stay with us - psst! susan! with paycom, employees do their own payroll. - what's paycom? a magic payroll genie? - it's a payroll app. - payroll is way too complicated for the average person. - paycom guides them through it. mis

it dealt with the volker rule, it created the consumer protection bureau, it had capital quidity requirementseach created the financial stability oversight council. there were derivatives regulations in there and set up too big to fail stress tests on banks under dodd-frank, passed in 2010. the law passed in 2018 signed by president trump rolled back some of those provisions. president biden is critical of the rollback and calling for more regulation. here's the headline from the wall street journal on the president's travels. they rated this, "president biden visited the battleground state of nevada to raise campaign cash and tout his economic message as the democratic party completes a tumultuous leadership change." the president speaking about the svb collapse and the call on congress to create more regulations. [video clip] pres. biden: all customers who had deposits in these banks can rest assured they are protected and they will have access to their money as of today. that includes small businesses across the country who need to make payroll and pay for their business. no losses will be

i asked this question, never mind burns and volker, hiking rates into a crisis, is that the risk theyere? lisa: they run every risk. what we heard is a complete lack of certainty with everything. that is what we hear from everyone with humility and honesty that this is so greatly uncertain with incredible binary potential duality of outcomes. you have the potential for a sooner recession and on the other hand recession gets pushed off because the fed doesn't do much and then they ease and then they perhaps have to re-tighten, perhaps around the burns where we saw in the 1960's and 1970's. jonathan: the conflict between all of these different things, financial stability, price stability, making sure they don't bludgeon the labor market. that is coming together at a difficult time for chairman powell. lisa: gerard cassidy that he is not seeing the withdraws from the mid-sized banks. if you had someone say, look at all of this, this is just truly an idiosyncratic issue. maybe the fed could raise rates by 25 basis points and hold and try to understand more and make a move. jonathan: to si

i am old enough to remember paul volker and his fight against inflation.o therevious call andiscussed nobod went to jaiafter lehman bthers collapsed i2008. but move on to the present day, correct me ii' wrong, but in august of 2020 in jackson hole, wyoming, jerome powell said that -- camout with a pivot and said that ination too low and that you need higher inflation. in order to achieve that, he started buying $120 billion, was a month or a week, in bonds, in order to cause ilation. whenever we he everybody pounding the table about inflation, you never hear that actually jerome powell said he was going to cause inflation and did. i don't understand why he is chairman of the fedel reserve. he is a lawyer, not an economist. anyway, th is myuestion. host:hank you. est: i would be happy to talk out that. what i say about it is this, we did live in a world for the paemic, osome msures. i wi expla that clarification, of w-inflation. from central bankers arod the world, we basically have been seeing low-inflation, too low-inflation. they think a little bit of in