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Inside Politics With John King

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Inside Politics With John King

there's already fierce finger point over the silicon valley bank collapse. president biden adding his take, asking congress to revise things that were rolled back during the trump presidency. >> we must reduce the risk of this happening again. the last administration rolled back some of these requirements. i'm going to ask congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again. >> let's take a look at what happened. this is 2018. dodd-frank was passed early in the obama administration after the 2008 financial collapse. in 2018 they came back and revised it a bit. it raised the too big to fail from $50 billion to $250 billion. you're talking medium-sized banks got exempted from the most stringent regulations. it exempted certain banks from stress tests, eliminated living

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Inside Politics With John King

banks across the country. we can see from the market reaction this morning that not everyone is feeling very calm about this. we're expecting a lot more volatility in the markets because people are wondering a couple of things. what are some of the other hidden risks that are out there that emerged like silicon valley bank unexpectedly because of the pressure of the fed raising interest rates over the past year. the other really is whether there would be some human reaction where people and business owners say i'd rather move my money to a bigger bank. >> so you're out with a very timely new book. we were talking about last week during the uncertainty, the volatility in the economy and the fed being central to it. "limitless" is the title of the book. the fed can print money on a limitless basis. what tools are you watching that tell you they seem to think they're in control of this, whether it's the fed or fdic or what if you saw happening is, whoa, they see a bigger problem.

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Inside Politics With John King

overextended themselves. they were doing some creative things that i don't think were well policed in the system. what we have now is a lot more visibility in what banks are doing. the fed pays more attention to this stuff. the banks are regularly stress tested. i think the similarity, though, is that we watched a lot of sort of known risks grow in plain sight. this bank in particular wasn't part of the regular stress testing cycle. some of these midsize banks that we looked at as not problematic are turning out to be pretty problematic, pretty systemwide threats as they crash down. >> phil mentioned perception and reality because perception can cause behavior, especially among big stinvestors or banks or ceo invested in banks. silicon valley bank, a lot of startups out in california. a lot of tech companies, a lot of new companies, internet companies and the like. this is the ceo of one of them, camp, which is a toy company

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Inside Politics With John King

it. talk critically about what he saw, whether it's the president's character, how he managed things or whatever. this is his former chief of staff, marc short. mike is in a different place where he can be from you and liberated in ways i don't think others in the field are. i believe he's got a good pathway forward. you moved the second part in iowa, new hampshire and beyond. but liberated and free. if you listen to the sound we played later, i disagree about that day but i love what we did. is he going to move away? how liberated? how free? >> i don't know how free he is but i think he's getting at this thing that every single candidate is going to have to deal with. you can try to be kinda cool with trump but the road to the nomination goes through trump, it does not go through the left. if you're ron desantis you're very good at beating the woke left, but you've got to go through trump. at some point everybody will have to make a decision how they deal with them. >> can we hit the fast forward and get to august to the first

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Inside Politics With John King

of bank failures and a white house emergency plan the president says will protect the economy but not at your expense. president biden speaking this morning before u.s. financial markets opened for trading and before most banks opened for business. his goal, make the case to wall street and, yes, to main street that he and his team are on top of things and you should be confident your money and the overall economy is safe. >> americans can have confidence that the banking system is safe. your deposits will be there when you need them. every american should feel confident their deposits will be there if and when they need them. >> the speech capping a 36-hour sprint of behind-the-scenes biden administration deliberations. regulators in control of silicon valley bank. they put federal guarantees behind a promise they'll pay

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Inside Politics With John King

>> the central theme of my book is that the fed has these emergency powers that can do very broad, very crazy things that really have very few limits when you come to think about it. they can do pretty extreme things with them. i think we actually saw the realization of that last night. this facility that the fed has unrolled in order to sort of backstop the banking system is really sweeping, really broad. i think something that we haven't ever seen before. they have basically agreed to take a lot of interest rate risk out of the banking system to allow banks that were sitting at unrealized losses, that had securities that really plunged in value but which they might have to sell to raise money, they can now take those to the fed and get short-term loans in exchange for them. so that is something we haven't seen the fed do before and i think it's a real signal the fed saw this as a very big, very sweeping risk and wanted to get out ahead of it in a decisive way. >> one of the things you heard

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Inside Politics With John King

we're backstopping everyone's insured and uninsured deposits. >> the dow is up a little bit. that is one of the things the president was trying to stop, a panic in financial markets, but when. when do you feel, is it this week, will it take longer, no more banks in trouble, at least not teetering. when will we know this is limited, not like 2008 and something that spreads across the industry? >> well, i was going to say i think tomorrow is a big day for volatility in the financial market. the cpi comes out. while the fed is saying we have a huge risk in the banking system, we could have the numbers come out tomorrow and inflation could still be a very big issue to get under control. so that push and pull is something the markets will have to react to. >> i think that's the critical thing. i don't think we're going to know the full answer for months. mike farley told me when the fed hits the brakes someone goes through the windshield and i

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