tv The Evening Edit FOX Business March 17, 2023 5:00pm-6:00pm EDT
ask your doctor about jardiance. larry: spend less, tax less, spend less. and this wouldn't have happened in the first place. and listen to liz mcdonald. liz: thank you, larry. happy st. patrick's day. we have news on the banking crisis. silicon valley bank ceo flies to a multi million dollar home in hawaii as he's probed for stock sales right before the collapse.
homeland security secretary majorkas parties with msnbc as his border chief testifies they have lost control of the border. dr. marty makary from "common sense" man seen. who is this fourth biden mystery member. a major new push by u.s. states led by governor desantis to keep the white house from l politicizing your savings.
i'm elizabeth mcdonald. thanks for joining us. happy st. patrick's. we begin with the dow, the s&p and the nasdaq with loss. regional banks were down sharply. we have news coming up on the race to stop the bleeding. the bank panic has wall street worried. is the federal reserve going to make things worse with more rate hikes next week. analysts warn that could cause more banks to tomorrow and stumble. the reason for all those rate hikes, not a problem. edward lawrence live at the white house. the white house has been saying that for more than a year. i asked karine jean-pierre what time frame that would happen.
just that the inflation reduction act is working. americans just want to wait it out, which is what the white house is saying. the fed raised rates 8 times in a lowe row. now some cracks are showing. investor kevin o'leary said let it happen. >> these are badly managed banks. you can't keep propping up banks run by idiots. that's a very bad idea. reporter: president joe biden calling on managers. >> firm the go out of business in every industry all the time. the hallmark of successful competition is having some firms fail. it seems to me we have gotten away from that in banking and
financial services and that's a problem. reporter: treasury secretary janet yellen said the president had to agree with her to back stop out of treasury money to help out other community banks. liz: look who's here, congressman buddy carter with house budget and energy and commerce. and editor-in-chief steve forbes. thanks for joining us. congressman, what are you hearing in washington about the bank crisis? the news is coming in. this past week the federal reserve loaned to the u.s. banks more than half was extended in the crisis. it's $2.5 billion, it's a lot of
money. >> this is capitalism at work. in capitalism you do have failures from time to time. but what we do recognize and what our conference recognizes is these were isolated incidents. these were bad banks being managed bad. leadership has been removed. they have been fired and they will be held accountable for what they did. but i can't help but wonder if this was a bank in rural georgia would it be treated the same as the banks in california are being treated. i'm not sure that's the case and that bothers me a lot. liz: what do you think, steve, is there something else out there, they lent too much to bad tech startups foundering and they just expect a bailout? >> i think what you saw in the past year, the silicon valley bank continued to make loans
they shouldn't have made since high-tech would be in rough waters. there was a correlation between the stock market and interest rates. they continued doing the same old thing when things shouldn't have been done in the same old way. not having a risk officer online focusing on irrelevancies, like trying to be climate champions. it reminds you of what happened with the cdc. before they got covid crisis they were concerned about climate change not viruses. liz: steve, how bad do you think this gets? >> i think they will contain it. but the big question is why didn't the federal reserve make big loans to the silicon valley bank last week. i think they could have stemmed this crisis before it became a
contagion. the congressman buddy carr is -- isabsolutely right. if it was big gas and oil, it would have been different. a lot of companies took on debt with zero interest rates. japan has debt twice per proportionately than the united states. after generation of disastrous zero rate policies on interest rates. liz: we have images pouring in of the ceo of the collapsed bank flying to his luxury home in a gated community in hawaii, in maui. he's the same ceo being investigated for selling stock
just days before the bank collapsed. >> that's what upsets people so much. when they see this on tv, that's what gets them fired up. appearance is important. these people need to be held accountable. the regulators at the san francisco fed knead to be investigated. they should have been on top of this and never let this happen. let's show the pictures again. this is a pretty nice beachfront gated community. he sold apparently $30 million in the past two years. >> getting out while the getting is good. most of that money will end up being clawed back unlike what happened in 2008 and 2009. people-demand if you sold ahead of a disaster, you did not
prevent the disaster, you should have seen the warning signs out there, there were plenty of warning signs. i think you will see clawback legislation in congress and it will pass overwhelmingly. liz: what do you think, congressman? will there be clawback in congress? >> there should as heck better be? >> democrats and republicans like to see this. americans don't like to see this. this just gives the wrong messages. it gives a message that it's back to that too big to fail. i get it, i understand what the treasury department and the administration is trying to do. they don't want to see a run on banks. people need not be concerned. this is not systemic. this is isolated core
management. liz: california governor newsom took a victory lap for working with the white house for rescuing the silicon valley bank. but he and his three wineries are clients of the silicon valley bank. >> he's done everything he could to wreck the state of california. remember the french laundry during covid? if he becomes the democratic nominee in 2024 he will suffer the fate of jimmy carter in 1980. he mismanaged california he way he could. look who is joining us. we are excited to have nancy tangler. nancy. first can i get your reaction to
the news coming in the federal reserve lent out $483 billion to u.s. banks the last week or so. and the white house is talking about changing bank deposit rules to back stop uninsured deposits. svr can't even want deposit insurance. >> thank you for having me. i think this is going to go down as an egregious act. i understand the need to keep calm. but this was an epic management failure and basic banking. they were borrowing short from depositors and balancing that with a long bond portfolio with a duration of 5.8 years and 90% of it was in mortgage securities.
collectively bank balance sheets wind water to the tune of $620 billion. that was before the chairman's testimony where rates shot up further. it is a bailout. i think week agree the non-bailout bailout is a bailout. it boils a lot of people under the skin. i don't get to buy a stock and watch it go down and ask if i can have that trade back. you have a responsibility to manage risk in a risk business and manage it effectively. >> we had the white house press secretary saying the white house is going to weigh in on this big change. let's get your reaction to this. >> the 250,000 deposit insurance limits. we have more to say on the specific regulatory changes the next few days.
>> every bank, every community bank in oklahoma, will they get the same treatment svb just got or sitting bank just got? >> a bank only gets that treatment if a majority of the fdic board, a super majority of the fed board and i in consultation with the president determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences. liz: none of this is going over well. if you are a blue collar or middle class worker or small business owner, you don't get the help? >> i am a small business owner. we had a failure of management
at the bank, a failure of supervision, where the president of silicon valley bank was also on their board. i assumes we were going to get more regulations out of this, now we'll get more guarantees selectively. it's a bad way to look at the problem and try to solve it. i'm not sure what janet yellen was saying half the time in that testimony. liz: we take that to heart. so all bank customers will pay higher fees because of what's going on. the democrats say it was to stop a meltdown between small and medium size banks. roku had $490 million in svb. when you hear that part of the story, how do you come down on that? should they have let the bank fail or could they have contained it and kept it alive
with federal reserve loans until it was set off to satisfy the depositors. >> the fed knew a long time ago deposits were leaving. i saw a ceo of a swedish pension fund say he went to talk to them about make an investment in the bank and he knew then that the deposits were leaving quickly. i think everyone was asleep, and now the rest of the world will have to pay for this. liz: 4%, 5% treasury yields, of course it's going to happen when you raise rates. i want to read this to you from kimberley strassel at the "wall street journal." she is saying the svb collapse is the easy money rule. the bank for startups, maybe didn't have a product.
had a hard time getting credit or loan from a larger bank. but after that easy money started to dry up, bank officials expect a taxpayer bailout. >> easy money makes everybody look really smart. if you think about how quickly ftx went. this company didn't have a board of directors or cfo. and venture capitalists were throwing money at ftx. there needs to be solid, fundamental work and we didn't have it here. happy st. patrick's day to you. now this story breaking. house oversight says a fourth mystery biden family member got money from the overseas business deals. we have christopher bedford, the
white house holds a star-studded st. patrick's day concert today. and the. people remember ads with a catchy song. so to help you remember that liberty mutual customizes your home insurance, here's a little number you'll never forget. ♪ customize and save. ♪ only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks,
local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. ♪ (cheery music) - they get it. they know how it works... and more importantly... it works for them. - i don't have any anxiety about money anymore. - i don't have to worry about a mortgage payment every month. - it allowed me to live in my home... and not have to pay payments. - [narrator] if you're 62 or older and own your home, you could access your equity to improve your lifestyle. a reverse mortgage loan eliminates
your monthly mortgage payments and puts tax-free cash in your pocket. call the number on your screen. - it was the best thing i've ever done, and- - really? - yes, without a doubt! - just like these folks, aag can show you how a reverse mortgage loan uses your built-up home equity to give you tax-free cash. - it's a good thing. - why don't you get the facts? like these folks did. - [narrator] call right now to receive your free, no-obligation info kit. call the number on your screen. these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing.
check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.
muted alone at home with a bought of whiskey. if he's not interested in what's going on in palestine, having an irish president celebrating makes sense. but at a time when the country is in crisis, it's a bad look. liz: homeland security secretary majorkas partied at a time when the border patrol testified the border is in crisis. >> they lost operational control of the border. but they have operational control of most of the media. if they aren't tuning into this show, most of them don't realize there is a crisis at the border.
so for him to go over there and shake hands and take hugs and allow them to keep hiding this crisis from him. we lost control and there is human smuggling. it's a sad and dangerous place. >> we have a 10-fold increase in crossings at the northern border. our yearns are saying they are six months away from capability of a tack on the west. >> the northern border is something we long ignored. it's a great place for smuggling humans, weapons and drugs. it's not something people pay close attention to. i grew up in new england and it was fairly easy to cross that border if you wanted to. there is still an ideology that
is a threat and people need to be vigilant. liz: what really kills people is what's going on with palestine, ohio. that taxic waste from the railroad crash. the president's schedule, non-essential events. and he goes to east palestine the day after the trump visit. we have kamala harris on the late show instead of visiting the crisis on the border. >> i don't understand what's going on in east palestine. is there something more dangerous about this train crash that we don't know about and they don't want the president going there. they have lost a lot of the white working class. it's everything they should want to talk about but they refuse. it's political malfeasance.
liz: the news coming in, 19 states led by florida governor desantis are going to battle the white house on polite siding the savings of americans. coming up next. >> if there is nothing criminal, there is something corrupt about it. this an absolute invitation to overseas to corrupt our top officials. my relationship with my credit cards wasn't good. i got into debt in college, and no matter how much i paid, it followed me everywhere.
the high interest... i felt trapped. debt! debt! debt! debt! so i broke up with my credit card debt and consolidated it into a low rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with low fixed rates and borrow up to $100k. go to sofi.com to view your rate. sofi get your money right. (vo) businesses nationwide are switching to verizon business internet. (woman) it's a perfect fit for my small business. (vo) verizon has business internet solutions nationwide.
(man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon. ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you.
did you know that? i had no idea. the more you learn the more you want to know, and then it just fuels that fire. we now live in a place our ancestors have been for many, many years and we had no clue. nigerian. i got a lot of it from you. explore your family story with ancestrydna. now on sale. liz: house oversight is
requesting rob walker, the hunter biden business associate to testify under oath. bank records show a chinese energy company transferred $3 million to walker in 2017 and walker wired a million dollars to biden family members. fox news mark meredith has more at the white house. reporter: the white house is dismissing the latest round of allegations calling them a bizarre attack on the president's family. we are hearing from members of the house oversight committee saying they learned new information about how it may have impacted the president's family. they are talking about the family received money from a
family associate tied to a chinese energy company. they are talking about the national security implications of a family of a former vice president receiving money from china without oversight. they say perhaps they should work with the president to work for families like lowering costs of healthcare. hunter biden now countersuing the owner of a delaware computer repair shop. he says it was an invasion of privacy to reveal information contained on his laptop. liz: mark meredith, great reporting. thanks for joining us. let's welcome back to the show,
matthew whitaker. who was the mystery fourth biden family member who got money? who could it be? >> i'm guessing it's the other brother frank. he seems to be popping up more now that the actual facts are coming out. these bank records will help lay out the roadmap how the biden family were all making money off joe biden as a senator, and then as vice president. but until those people testify under oath, i'm not sure we'll be able to see the entire roadmap. but the initial bricks of the bank transaction are making it look like the whole family benefited from joe biden in public office. liz: kellyanne conway says jared
kushner made money. >> jared is the only person who benefited from the billions with a b, that's for sure. we did showing himself using drugs and handguns, that's all possible felonies. you know what? on this network you called for my firing because i said elizabeth warren lied about her ethnicity. i said joe biden is an old, rich white guy and you said i should be fired for that and you are okay with the biden family getting $15 million. that's rich. >> juan williams deserves that. he has been reckless at times with what he says on tv. jared kushner had billions of dollars invested in his
investment firm because he was good at his job. he built relationships. he worked hard on middle east peace. obviously a lot of people noticed that. so he has been able to attract people after he left the white house to his business. but this is when joe biden was in office. and his ole family was scooping up. if you remember, let's compare and contrast the trump family and eric and don, they swore and didn't do business because their father was president. the exact opposite. for someone to take a swipe at jared kushner is a rich stretch. liz: hunter biden's legal team finally admits he was doing these international business dealing after hunter biden has been downplaying this. he's saying the transactions are legal. the president and the biden family and hunter biden never
denied any of the emails and texts detailing their business dealing. the statement from the lawyer doesn't deny the transactions with the chinese energy company. they are just justifying it as legitimate businesses. there is also this. we had the lawyer for six of the 51 intelligence officials who signed a letter forcefully claiming before the last election the laptop was russian disinformation. they said they will cooperate with the house judiciary probe. >> china, ukraine and others would not have done business with the biden family if joe biden hadn't been in washington, d.c. since the 70s. on the intelligence folks i think they will continue to sow this half-truth.
i think they are not being honest with the american people. it's obvious to me they let "politico" and other news outlets use their letter and push back against this laptop which proved to be 100% true and accurate as hunter biden's as hunter biden is suing the repair shop. these 51 people need to be brought to congress and asked difficult questions. if they want to explain themselves great. but at the end of the day we all know what that story was able to do because these 51 intelligence officials came out. liz: what did u.s. intelligence and energy department officials tell senators in their classified briefing on why they think the pandemic leaked out of the lab in china. we have 1 states led by florida
governor desantis launching aa lawsuit on pretexting thell retirement savings t of america. [ tires squeal, crash ] when owning a small business gets real, progressive gets you right back to living the dream. now, where were we? [ cheering ] nothing. nothing. absolutely, nothing. it really is something. as an expedia member, you can save up to 30% when you add a hotel to your flight. so you can have a bit more money, to do even less. because you've got a whole lot of nothing to do and absolutely nowhere to be. ♪3, 4♪ ♪
a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod. before... and bath fitter. before... and bath fitter. if you have a “before” bath, now's the time to call bath fitter to get a beautiful “after.” with our unique tub over tub process, there's no mess or stress. spend smart on a beautiful new bath done right,
seniors. liz: what do you think what's going on here. democrats are saying this is no big dale. it's saying to retirement money managers and 401k managers, if you want to invest in climate change, go ahead, we are not forcing them to do that. >> the problem is the esg funds the money managers have, they use an index. one of the indexes is managed by accept. that kicked tesla out of the index. it has nothing to do with what these companies do. it has to do with what the companies say. the whole esg craze is disingenuous in my view. liz: you think it goes away. >> i don't think so. i think the money managers like the blackrocks in this world have so much power in their
leverage over companies that they will keep it alive. but it's up to the i individual states. that's a great start to start pushing back and say let's invest to get the best return for our pensioners, not based on the ideology of the company. liz: they are withholding funds from firms that deploy esg. that seems to be having an impact. blackrock's ceo larry fink in his annual letter did not even mention the term esg once. environmental, social governance. >> because he's hiding the ball. esg is a clear and present danger to economic freedom and the american economy. you would think after the banking collapse we have just been through. people would wake up. unfortunately this is a way for democrats to take control of
every second over our economy. it will start with senior's pension funds. americans need to and up even if they don't fully understand the destructive realities. liz: both desantis and trump say this is bad. how does tonight play outgoing forward. what do you think is going to happen next? >> i think at the end of the day policies that resonate with the electorate are going to be the ones that win. getting into the weeds on esg, it's important and it sends a message. but i think this will be a policy-driven race ahead. the other thing that will be important is results. ford and i are floridans. we can speak from firsthand experience that this state works. i think that will matter to the voters. >> mitch is absolutely right. florida is a model of freedom
for the rest of the country. if everyone seize what's going on in florida it's a heck of a plan for the rest of the country. liz: dr. marty makary coming up. what were senators told in their classified briefing and why they think the leak waim from the lab? >> telling us your family story and celebrating st. patrick's day in a couple of segments. also coming up, john taylor the famed economist on the disaster that is the banking system. >> congressman scott perry coming up. miranda devine, and elizabeth mcdonald. stick with us.
♪ get $1500 purchase allowance on a 2023 cadillac xt5 and xt6. ♪ visit your local cadillac dealer today. who's on it with jardiance? ♪ ♪ we're the ones getting it done. we're managing type 2 diabetes and heart risk. we're on it with jardiance. join the growing number of people who are on it with the once-daily pill, jardiance. jardiance not only lowers a1c, it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, (that can lead to sudden worsening of kidney function),
and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? we're on it. we're on it. we're on it with jardiance. ask your doctor about jardiance. if lawn care were easy, everyone would do it... as well as trugreen does it. trugreen's online tools help ensure your custom treatment works to deliver a greener, healthier lawn - guaranteed. it's time to trust your experts at trugreen. go online today!
virus leaked from a lab in china. >> why is any information from the chinese lab classified in the united states? are we protecting china? i don't understand why any information about the wuhan lab or the leak there should even be classified. when they got this information they probably got information consistent with all the other intelligence we know. three lab workers were infected early on. the lab is five miles away. there are no reports the doctors were arrested. it's embarrassing we were funding the lab. liz: there is information about racoons infected in the wet market. then there are reports the chinese pulled that right back. >> when you are talk about the biggest liability case in the
history of the world and millions of people who died from this virus and it may have been entirely avoidable, you will see efforts to jury rig some science. they have been looking at an animal source for three years. there will be efforts to try to again suggest there is an animal origin without it going through the lab. liz: what is your opinion that it leaked from the wuhan institute. the bill some declassify the intelligence passed the house and senate. democrats want this. so in your opinion, what is the drop dead proof that it did leak from the lab in china. >> the fact that the scientists at that lab were working with
bat coronavirus to try to do gain of function research. they published articles before the pandemic how they were doing gain of function research. there are two cleave age sites on that virus that are something that cannot occur in nature. he just changed his tune and got two of them to change their tube publicly after he was told point blank this came from the lab in january of 2020. liz: he testified in that lawsuit that he did to it keep china and board and not to alienate china. his job is not to be a diplomat. this job is to stick with the data. i think it was super embarrassing we were funding that lab. i think that's why he put this out there and people i am
pathetic to him suggests it's a non-conclusive case with it's a no-brainer and intellectually dishonest to have any other reasonable conclusion. liz:' let's get your reaction. gop senators threaten to walk out of a homeland security hearing after the democrat chair blocked amendments to stop and ban fire departments who gets federal dollars. if they fired them for refusing the covid shots, they wouldn't get that funding. >> this is the way you are going to run the committee i suggest the republicans leave. i don't see why we should stick around if you are going to make
up the rules. >> there is no need to turn this committee hearing into a partisan ugly place like we have seen in other committees. >> i won't stay here. we recommend no republican stay here if we are going to have third degree amendments. liz: the democrats blew off senator rand paul. he wanted to re-season state firemen with back pay if they were fired for not getting the vaccine. they just blew him off. >> it's a breakdown of civility. basically if you disagree you are not allow to have a voice. liz: my hot take coming up. you won't want to miss it.
stay right there. >> president biden should have come out and said 99% of americans, you are covered. >> why didn't he do that? >> they said this is silicon valley. these are venture capitalists. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
here's tonight's hot take it's been a wild and weird week and silver all clappings and instead of focussings on economies and u.s. bank crises president biden throwing parties at the white house not only that, he's now also refusing to answer any questions from any reporters and the press secretary laughs that off. watch. >> it is coordinated. >> these answers -- really? almost half a trillion in borrowing health u.s. banks took out of federal reserve. half a trillion rather. half a trillion that's like what was half of what we saw in the '08 crisis and sbb flies through multimillion dollar home in hawaii while bank collapsed. while american taxpayers cannot
access certain dispepts also homeland security mayorkas party with msnbc as border chief ortiz testified lost operation control of the u.s. border at the southern border. okay we're going to stay on stories throwts coming days remember send us e-mails we love reading them from rickardo i did not catch every night from now on you'll be part of our nightly list of shows sending us your shows we may feature them on the show. next time you see us, read them all we love your e-mails i'm liz watching evening edit on fox business time for the bottom line and i'll be joining dagen and sean. dagen: talking about your great granddaddy. >> you've got it right. >> thank you liz. >> see you soon.