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out the second largest failed bank in u.s. history we're going to have the latest on this developing financial crisis. >> tell you what, it was a crazy weekend. yesterday, the white house working along with people across the financial industry, doing everything they could to stop a meltdown. >> yeah. >> and it looked in the early afternoon like that meltdown was coming they understood that china's markets were going to be opening at 8:00, 9:00 at night, and they had to get things lined up before then so the asian markets didn't collapse, which would cause u.s. markets to collapse thi...

Recklessness alongside of that you just wonder, the political pressure -- and maybe this is why the biden administration was dragging their feet a little bit. i say dragging their feet. i mean, they made the decision when they needed to make the decision, but it looked like they were going to drag their feet i had somebody on the inside tell me it might not be until monday or tuesday. i was like, dude, you've got until china's markets open tonight, right >> joe, they didn't drag their feet they had -- i mean, obviously, during the weekend, i am sure they were trying to find a buyer for this ba...

Lot as you try to look into the soul of ron desantis >> absolutely, joe and it shows the distance between the time when ronald reagan made the statement you just quoted and now. in some ways, it is not only cruel, it is monstrous you know, it's this kind of contradiction that has defined, in some ways, the country. there's ellis island, bring me your -- the notion of america as an immigration nation. underneath it has always been this intense nativism, this ugly underbelly of the country. what we see are those who appeal to those uglier angels, right, out in front today they're trying to, in s...

To business them you weren't cool if you were doing business with jpmorgan in hindsight, it was a mistake they forced the hand of a lot of start-ups to do business with them covid comes, there's a huge rush into investing in start-ups. this bank finds itself with billions and billions of dollars in be deposits makes a huge mistake, a huge mistake, and invests in mortgage-backed securities and treasuries they didn't even have a chief risk officer for a huge period of time. so they basically got caught in a bad position last week, they realized, we're going to go out and raise some money. they d...

This morning on this monday morning. joining us now, u.s. national editor at "the financial times," ed luce. good to have you with us. >> great to have you here. we want to talk about your column on china. very riveting. very riveting. first, let's talk about what happened to the bbc this past weekend. obviously, face d a lot of criticism after a public fight with one of its most popular sports hosts, gary lineker former soccer star turned broadcaster. a legend he tweeted criticism against england's conservative government's crackdown on immigration. lineker's tweet, seen here, calls the polic...