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The San Francisco-based regional bank, First Republic, was the third financial institution to declare insolvency in 2023 and the second-largest bank to fail since Washington Mutual collapsed during the Financial
First Republic Bank’s collapse was due to several factors, including its high levels of uninsured deposits and broader concerns about the stability of regional banks.
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>> brian: svb eyeing another offer after the first one rejected. varney and company host american built host stuart varney. i remember like yesterday sitting with you talking about tarp in 2008. >> stuart: along time ago. >> rachel: good times. >> brian: warned in 2019, warned by the san francisco fed where the ceo. >> stuart: that's not what you want right now. this is monday morning waking up thinking is this bank in crisis. >> steve: do they have my money. >> stuart: is my money safe? we don't want to get technical. >> brian: why am i bailing out somebody that can't bank. >> stuart: the story has moved on don't you understand? >> let me simplify it four. >> the banking crisis is not over. there is a crisis of anxiety worldwide. here is what we have got this modern, big european banks they are under pressure. their stock price is going down. regional banks in america, some
boosting markets right now. bottom line with the story, people want to know, is their money safe? what is the talk on wall street today. >> today wall street seems to think your money is safe. i would disagree with you on why the market is up, i think they are looking at wednesday ahead to the fed and thinking the fed will not act, the fed will be forced to pause as a result -- >> sandra: not disconnected. >> so when i think about the warren buffett thing, i have less confidence in the administration, they have to go to outside forces. when your treasury secretary is janet yellen and jerome powell on the fed, why can't they come up with the plan. the study of regional banks is concerning, there could be contagion down the line. bad news is good news, i'm not a fan of that. >> sandra: ask yourself, now that we are anticipating possibly the market is pricing in, a good possibility there could be no change to interest rates at this next meeting.
this because this is extraordinary. people are really scared. it's important to lay out what this is and it's different than 2008. are people's safe, is their money safe? >> if you have money in your bank, you will be able to go to your atm and get it out. you'll be able to pay your bills with your digital app. your money is there. i think what the white house, the fdic, and fed did this weekend is try to assure everyone your depositors were going to protect you. shareholders, not so much. they're not going to bailout management of banks that have made mistakes. they're not going to bailout shareholders of banks. they have really telegraphed if you have money in your bank, you should feel like it is safe right now. >> part of the reason why we saw the government step up as quickly as they did is because they tried to prevent further panic so we don't see this with other institutions. >> and what you didn't hear there was what happens if your deposits are bigger than
very next day. and as you know, u.s. officials now had a much, much bigger problem. panic. panic was seeping over the entire banking system. and that's what drove a dramatic and emergency response, back stopping deposits for banks, and providing new access to lines of credit. you probably feel like all of this came out of nowhere. take some solace in that feeling. before the end of last week, these folks did not know what was coming either. why did he? but this isn't over. the question is, now that they know, have they done enough? >> phil mattingly joins me now with some of our best business minds who cover this morning, noon and night, and overnight cnn correspondent and anchor christine romans, along with ritchal solomon, julia chatterley. guys, thank you very much for being up late with us on this. people are really scared and i think it's -- what is this and that it's different from. so, christine, i'll begin with you. are people safe? is their money safe? >> if you have money in your
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