the financial times first reported is partly to blame. the ceo worked from hawaii and other top executives spread out across the united states just two weeks before it collapsed. sbb warrant we face risks from the prolonged work from home arrangement. svb put it at odds with some of the talk -- top banking ceos . >> it does not work for younger people to does not work for those who want to hustle. we want people back to work. this is not an employee choice . >> we have to get our employees back in the office picked we see this collapse in productivity. >> one former executives summing up the banks culture saying it is not cutthroat like goldman sachs. out front now the private and institutional capital correspondent has been following silicon valley bank closely and cowrote the story on the banks culture. you know,
maybe there could've been some consensus. people could rally around common enemy but in washington, people don' even seem to rally around common enemy they can't even rally around vladimir putin as economy. they are certainly not rallyin around a common enemy here wit the banking ceos they're much more interested i trying to score shots agains the other team, and position i in 2024. >> but i'm going to take a dee breath the president said today, we are back stop him in this. just a quick reminder to our audience, even without the biden bailout, your deposits i fbi insured banks are safe up to $250,000 the average american has les than 50 grand in a banking account. sadly, millions of americans have far far less than that. we are safe and secure even before this up to 250 grant. let's remember that. jake ward, shannon, my frien bill cohen thank you so much, we are just getting started. for deeper analysis on where w
but in washington, people don' even seem to rally around common enemy they can't even rally around vladimir putin as economy. they are certainly not rallyin around a common enemy here wit the banking ceos they're much more interested i trying to score shots agains the other team, and position i in 2024. >> but i'm going to take a dee breath the president said today, we are back stop him in this. just a quick reminder to our audience, even without the biden bailout, your deposits i fbi insured banks are safe up to $250,000 the average american has les than 50 grand in a banking account. sadly, millions of americans have far far less than that. we are safe and secure even before this up to 250 grant. let's remember that. jake ward, shannon, my frien bill cohen thank you so much, we are just getting started. for deeper analysis on where w are and where we're going from here go to msnbc.com and check ou
another. the biggest beneficiaries of tax subsidies are people who make 6 figure household incomes or more. no doubt about that. in fact it's a regressive policies. progressives want to talk about redistributive taxation to the poor. this is a regressive policy rich people sitting in california and new york buy electric cars that have unintended consequences leave more lives cost in the long run. i don't mean to be dramatic about it. probably would have been true the scenario you described in washington, d.c. yesterday unintended consequences we would never want in the first place. >> lawrence: you know, vivek, do you think they will make it required by the government? is that the path that we are on right now? >> yeah, so i don't think they are ever going to get that through congress, lawrence. here's their new trick. you mentioned john kerry and joe biden. they have a different game. they couldn't quite get the green new deal in full form through congress, what they have done is john kerry goes to banking ceos and he gets them to sign the climate pledge that they will allocate their capital and stop lending to projects
americans. republicans say democrats don't need their help to do it. they have unified control of the government. going it alone on something like raising the debt ceiling is not something democrats are eager to do. this young administration isn't responsible for all the debt incurred. today president biden is inviting banking ceos to the white house without action there will be consequences. so far it's not moving anyone. >> president biden: as soon as this week your savings and your pocketbook could be directly impacted by this republican stunt. it's as simple as that. >> we're all hearing about the need to do this. the only issue is who does it? it's not in dispute that the debt ceiling needs to be addressed. >> bear in mind the fact that moderate republican senators are the ones holding firm on this. people like susan collins and mitt romney. it says the gop is not going to
or early november. a spokesperson for the american academy of pediatrics says those tnd hospitals, cl includes pediatric offices. norah. >> o'donnell: certainly before thanksgiving. omar villafranca, thank you. tonight, as america inches closer to a catastrophic default, there is news about a possible deal in the snealt, and it can't come soon enough. the treasury department warns it is running out of ways to pay the nation's debt in 12 days, and inaction from congress could be disastrous. cbs' nancy cordes reports. >> reporter: with washington hurdling towards insolvency, republican leader mitch mcconnell offered a surprise concession. he said his party would let democrats raise the debt ceiling short term for about two months. >> why should we accept any part of an officer. >> reporter: the new offer came as president biden poured on the pressure. >> it's about paying for what we owe. >> reporter: and listing major banking c.e.o.s to help sound the alarm.
>> neil: blake burman on that. senator steve daines was at the shin dig today. senator, great to have you with us. how did you think the banking ceos fared? they were criticized going in for the money they had been making and the fact that they made a lot during the pandemic. the fees that they change, all of that. elizabeth warren brought it up. what did you think? >> well, the concern i have with what is going on across the banking industry and in the board rooms across america is, you know, once upon a time, we looked at what is going on with liberal ideologies with the universities and colleges. that now is infiltrated the board rooms of america. take a look at woke capitalism. you can see the woke mobs. ceos are listening to them instead of doing the right thing for shareholders and customers. in banking, should be focused on
>> neil: all right. i think larry is the wall street guy. i think he treats us all. it would only make sense. >> we're all going out. >> neil: yeah, probably a fast food place knowing you. thank you very much, guys. don't forget that pananini. we have moore coming up. did you see what is going on on capitol hill? talking about the banking ceos on the floor. a shellacking when it came to elizabeth warren going after j.p. morgan chase. senator danes was there, steve daines. the montana senator on the senate banking committee. what he made of today's events and that nastiness after this. i had saved up some money and then found the home of my dreams. but, my home of my dreams needed some work. sofi was the first lender that even offered a personal loan,
the worries that concern the market just days ago continue to concern the markets, talking about slowing global, economic growth, worries about how the fed is handling the interest rate hikes. of course the u.s. trade situation with china still remains unresolved and now there's a new worry, how those tariffs and that trade situation could impact earnings into the new year. we get new earnins reports beginning in january. there are concerns we could see an impact there. those worries do continue and then you see finally the political list, when president trump tweets, when steven mnuchin does something out of left field like calling six out of seven banking ceos on a sunday before christmas asking about liquidity issues, something that's only reserved for crisis situations. interesting note today, we haven't heard from president
recommended jay powell as chairman of the fed. as alison was just talking about, especially after his bizarre calls with the country's largest banks. >> reporter: that's right, kate. as alison noted, the stock market not really being reflective of what mnuchin was trying to do and find a sunny side to all of this volatility. a source familiar with the calls that mnuchin had this weekend with some of the country's top banking ceos, they say they were totally baffled by these calls. mnuchin was told there were no liquidity issues. he was told by one bank ceo that some of the volatility in washington is causing uncertainty in the stock market with the government shutdown, questions about the position of fed chair jerome powell, et cetera. we're told mnuchin was in listening mode. the source said after the call, it sounded like the ceos had the belief that mnuchin was simply