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tv   Mornings With Maria Bartiromo  FOX Business  March 20, 2023 6:00am-7:00am EDT

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mom: it's so important for you to think about what you can do and making the most of what you have. vo: if you or your family are noticing changes, it could be alzheimer's. talk about seeing a doctor together. don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. larry: thanks for watching, folks. that's "kudlow." please have a great weekend. maria: good monday morning, everybody. thanks very much for joining us had this morning. i'm maria bartiromo. it is monday, march 20th. the first day of spring.
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your top stories right now, 6:0. it was a weekend of panicked deals and bailout as bank stress expanded to europe. ubs acquired cr credit for more than 3 and-a-half billion dollars. tcredit suisse u.s. is tanking this morning. fdic announced new york community bank will buy out much of signature bank as the fdics moves toward a breakup plan for silicon valley bank and other mid-size regionals are urging ue regulators to secure all deposits at regionals for at least two years. take a look at the stocks this morning. futures showing a mixed opening this morning, dow industrials are down 76, the nasdaq is flat, down 4, and s&p flat, down 6, all of this ahead of the federal reserve's two day march meeting
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beginning tomorrow. we're expect another rise in interest rates tomorrow. now, the session has moved to no rate expectations on wall street. yields are plummeting this morning. the 10 year down 8 busies points at 3 -- basis points. european markets are trading like this, the ft 100 down 7 and a quarter, cac is up 2, the dax index lower by 9, fractional novels throughout europe this morning -- fractional moves throughout europe this morning. morning.xi jinping is set to meh vladimir putin in moscow after putin visited a ukrainian city this weekend. president trump says he faces a possible indictment tomorrow by the progressive manhattan da over a payment made to an adult film actress seven years ago before the 201 2016 election, he to weigh in all morning, lee
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zeldin and michael balboni. "mornings with maria" is live right now. and we are following ubs' takeover of credit suisse and the market reaction this morning. joining me is the co-founder of toggle and ceo, january selagi and rmb menden financial services portfolio manage e anton shutz and director of research barry kna app. thank you for being here. your reaction to credit suisse being acquired by its competitor. >> the problem in europe different than the problem in the us. they're both of the same making, which is overly interventionist money p tri policies. in -- monetary policies. in the u.s. br by virtue of the liquidity injections and rapid tightening of policy they
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basically created $2 trillion worth of bond losses that sit on bank portfolios. maria: too big to fail. >> the problem in europe is different. this has been going on for longer so the combination of the bond purchases and negative rate policy impaired the profitability of european banks. if you look at the simple measure, return on assets in the u.s. it's roughly 90 basis points return on says et cetera. europe, it's 36 basis points. these companies are incredibly unprofitable. they just just couldn't earn thr way out of difficulties and ultimately with cs where they've had a series of problems, various scandals, that profitability became such that the business couldn't continue to operate. maria: it's an interesting reaction this morning. it's a negative one. anton, there's also a coordinated central bank action to enhance the provision of the dollar liquid at ity and then te regional banks are saying, look, we want the fdic to secure all
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he deposits for at least two years as the fdic moves toward a breakup plan for silicon valley bank and other regionals urging regulators to secure deposits for at least two years. your reaction. >> first of all, silicon valley and signature bank are not traditional u.s. banks. but we've created a crisis of fear and until everybody sort of gets calmed down, i do think you need to guarantee deposits. i don't know what the timeframe should be but everybody needs to calm down. there are no banks a that look like signature, no banks that they that look like silicon valley. the typical community bank p is in fine shape. people need to calm down and stop panicking. channel checks, i'm not seeing deposits run out of smaller banks. i was with a bank ceo saturday, talking about people trying to open accounts. let's keep everything calm. we did during the financial crisis. all deposits were guaranteed for some period of time.
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everybody calm down the. the sec sector's establishedize. if you create runs on banks you lose the grease that makes things function. if banks stop lending that's a problem for the entire u.s. economy. the fed has broken things n are broken, and they need to be fixed. maria: there was a report over the weekend that said 200 banks could be vulnerable right now. and needing a shoring up. you saw that study over the weekend. look at the market reaction this morning. there are regulators you assistassisting in the deals, yt markets are reacting negatively. >> when you look back at what happened with the sill p consistent valley bank, -- silicon valley bank, everybody
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says it is 2020 but it seems like it was quite predictable, where were the regulators ahead of this. they didn't see it coming. if you look at the fed stress test from 2022, they expect their rates to only have gone up to 2%. so nobody saw any of this coming. so if we think that this is because the interest rates have gone up really high, really quickly, and even the fed didn't anticipate this, the market is rightly asking what else is out there that we don't know because a stress test wouldn't have captured it either. maria: the uncertainty is scaring people. >> you hit on a key point which was just how rapidly rates were increased. but if we go back to 2021 when many of us were urging that they not continue to buy bonds as aggressively as they did, the treasury injected $1.7 trillion into the system. the fed injected $1.5 trillion into the system. the fed bought a trillion dollars worth of treasuries.
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so did the banking system. the fed bought $500 billion of mortgages, so did the banking system. that's what the you study out of stanford was detailing was how big the losses are on that. the other two things that happened, one was wells fargo had an asset cap. that drove deposits into silicon valley bank and then the fed ended the exemption for cash and treasuries from the supplementary leverage ratio. that meant that jp morgan, bank of america and other big banks turned down deposits. that drove excessive deposits into silicon valley bank. you put it into unsafe hands and that was the trigger for this whole spiral. maria: i want to talk about the federal reserve. because last week thomas hoenig on this problem said look what the fed is doing with the discount window. look at all a of this easing. this is qe. this is quantitative easing, right in the middle of the be fed's so-called -- the fed's so-called tightening phase. we'll preview the fed's meeting,
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beginning tomorrow, wait until you see what the market is expecting now. first, xi jinping is touching down in moscow to meet with vladimir putin as the russian leader is accused of war crimes in ukraine. then president trump says he will face possible indictment as soon as tomorrow over a he pre-2016 election payment to storm hy daniels. don't miss a moment of it. you're you watching "mornings with maria" live on fox business. we'll be right back. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle. and innovative ways to make your e-tron your own.
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beauty. easyplant, order now. the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the new ink business premier card from chase for business. make more of what's yours. >> i'm calling for an independent investigation of the fed and the whole regulatory system here, the fed doesn't just get to do its own investigation. i'm calling for the fed right now to reverse its weakened regulations and to bear down, to look at these banks with much mh
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more scrutiny and i'm also calling on congress as you rightly say to roll back the ability a of the fed to weaken regulations and calling for these ceos to be held accountable. maria: that was massachusetts senator elizabeth warren on the fed's role in the banking crisis. it was elizabeth warren who wanted a rollback of that years ago. where is her accountability? >> this is what i was alluding to earlier. in 2020, the fed created an an exemption for cash and supplementary securities, for the total amount of leverage you could have in a big bank. the idea was they were injecting so much liquidity, if they didn't create the exemption, it would cause a crack-up in the banking system. there was a political decision made to end that in march of 2021 as the fed and treasury were injecting $3 trillion into the system. that was senate democrats
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pushing for that end of the exemption. immediate reports came out that bank of america, jp morgan told big deposit depositors, we can't take your deposits. that's how the money ended up in silicon valley bank. she should be called into account for that decision. maria: unbelievable. the fed -- >> not to mention the asset cap on wells fargo. same story. the money couldn't go there either, the biggest small and medium lender in california, of course the money went to silicon valley bank. it had to go somewhere. maria: now the federal reserve is facing a tradeoff, between keeping inflation in check, making sure they raise rates to stomp out inflation versus financial stability. the two day meeting kicks off tomorrow. futures market is pricing an almost 60% chance of no rate hikes this week, a 40% chance for a quarter point hike. anton, what are you expecting?
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>> ecb went 50 last week. continued weakness in the financial system requires confidence restores and requires some more easy money. i hate to say that. easy money caused this. now we're too tight and i believe the banking system is going to choke off demand until deposits are stabilized so i think we need to have the fed act like an adult here and wait and make a decision, look at some more stats, let's take a look at lending, let's take a look at deposits and i want to go back to the earlier panel. why is everybody an expert on bank accounting these days. held to maturity, everybody evew what that meant? fasb has a role in this as well. the accounting standards are not the same as banks as everywhere else. people need to understand what they're looking at. by the way, the study is that 200 banks at risk, that's such nonsense because it's a point in time. you don't know what banks are doing underneath the surface.
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we have a giant move in treasuries. the value of those changed dramatically on the balance sheet. everybody calm down. that is my point. maria: that's a very good point. you're right, a anton. it's a moment in time. it's a snapshot. >> so i think as anton was just saying, key here is had that we need to go back to just establish some level of confidence. i think the fed would be right to at least pause for a little bit to kind of say like, okay, the situation clearly is in flux. we're fighting inflation. there are concerns about financial stability. let's take a look. let's see what we've accomplished, what we need to get done and then they can always continue but i would say if push comes to shove they will always pick financial stability over inflation. maria: what is your a.i. technology says about this at toggle? >> i think we've been following the data closely. it follows them day by day. one of the the things we've seen is the economy wasn't slowing as fast but i think recently sentiment was really taking over, driving markets which is n obvious statement to make but it
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was highlighting that all of a sudden yields effectively set to go down quite a bit and i think this was the message you were getting through all of the market flows effectively saying there's uncertainty, there's an sigh i at this of what's a-- anxiety of what's ahead. maria: look at the top stories with the front page above the fold in the journal, first republic looms large for regulators now. is this going to be every day we're looking at another bank? what do you want to say about the regionals right now, the mid-size banks? >> he'll well, look, first of all, mid-size banks, i talked earlier about how signature is looking different. what those three banks did is banked the venture community. those deposits moved in seconds, didn't take long for them to get together and to say we're out of here. first republic will get resolved one way or another. it's a terrific company. i'm a customer. they will get resolved.
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the important point to think here, you have a bank like new york community that does a deal this morning and it's good for new york community shareholders, it's very good for signature bank's customers. let's look at the positives in here, they that you've got earnings estimates going higher, book value going higher in the company and you've got a functioning bank back out there to serve the customers this morning. so that's a proper resolution. silicon valley will get resolved as well, will probably get broken up into different pieces, there are attractive pieces people will want and the resumption of capital will flow. we need the venture capital community to continue its business, we need companies to get formed, we need new businesses to get funded. that is critical. it needs to get resolved. maria: great to see you, anton. jan, thank you for seeing us, anton, good to see you. barry, you're sticking with us all morning long. we appreciate that. president trump says he expects to be indicted tomorrow by the
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progressive manhattan district attorney. matt whitaker is here to weigh in on the potential of this unexpected event. stay with us. ♪ ♪ get $1500 purchase allowance on a 2023 cadillac xt5 and xt6. ♪ visit your local cadillac dealer today.
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>> i think that what most people can objectively say about this potential indictment is
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that it's based on very little law and a lot of politics. it's very odd that this would come out just the very next day after i revealed bank records which showed that the biden family, the president in particular, hasn't been truthful with respect to his family receiving payments directly from the chinese communist party. >> what alvin bragg is doing is wrong, he shouldn't be going after donald trump, period. maria: legal experts, gop lawmakers sounding off after former president trump says he expects to be arrested tomorrow over an alleged hush money payment he made during the 2016 campaign, seven years ago. president trump posting on his truth social, the most important witness in the case will be testifying today. the former president referring to robert costello, michael cohen's former legal advisor. he says he will provide information that's supposedly conclusive and irrefuteable.
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joining us now is matt whitaker. great to see everybody. thanks for joining us. matt, first off, your reaction to what we're expecting tomorrow. >> for almost 250 years, our constitutional system, separation of powers between the federal government branches and the states and the federal government has worked but it's relied on people in these positions using judgment discretion andal alvin bragg may break the system if he indicts president trump on such weak evidence. ultimately, there are so many hoops he has to jump through to prove his case and he has spent his entire time in the da's office in new york city targeting donald trump and he thinks he has the goods. this is going to be very difficult for our country moving forward if this happens. maria: what about the statute of limitations? is that two years? this happened seven years ago. they had a nondisclosure
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agreement that apparently he was paying money, she was not to speak about it. >> yeah. yeah, so the analysis on that, if it's a m a misdemeanor crime, it's a two year statute of limitations. that's clearly expired. the more interesting situation is the five year felony, which requires another crime, what would be in furtherance of another crime to falsify the records. i think what they're targeting is the idea of campaign finance violations but remember the john edwards case definitively demonstrated how weak that claim is. in fact, b when i was attorney general, the southern district of new york looked at that violation and determined there was no crime that was committed. on federal law, the feds are the experts. they determined this isn't a crime. again, you're right, the statute in both misdemeanor and felony
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has run, most likely. maria: house speaker kevin mccarthy is ordering the house to investigate whether federal funds were being used during bragg's investigation. president trump claims that president biden stuffed the new york city da office with doj personnel from washington. i want to get your the take on that, matt. but lee, weigh in on that and a assess this. what do you make of all this? >> it's a political prosecution. and when there is a federal campaign that is going on, you have investigations that might be conducted by the federal elections commission, the fec. if there are federal crimes, maybe there would be an expression the department of justice. -- be an investigation from the department of justice. for some county district attorney all these years later, fulfilling a campaign process is a clear political prosecution and a lot of people are enraged, stating the obvious, i don't think this doesn't pass any smellest the, nor should it. maria: this is a guy who says
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he doesn't want to prosecute criminals and there's bail reform in place where you get processed and go back out on the streets and committing more crimes. when you were running for governor, you said you would fire this guy on day one. >> i would have. he is refusing to since day one by the way of his time at a district attorney he issued a day one memo, all sorts of crimes he wouldn't enforce, others he would treat as lesser offenses. a dominican american got attacked at a bodega and alvin bragg doesn't charge the person stabbed him and there's different cases where people have seen less safe streets, they feel like the streets have been turned over to criminals instead of law abiding new yorkers. as you see a district attorney who he refuses to prosecute violent criminals it makes you more outraged that you're here with a political prosecution.
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maria: michael, what do you think. >> the city is taking a look at what the ramification coughs could be in terms of protests. since friday, the law enforcement personnel, secret service, fbi, nypd, who are very experienced at this they're kind of bracing for whether or not there's going to be political protests on both sides. when you have a figure like donald trump, he is polarizing, positive and negative and that's what the city is looking at right now and wondering whether that could be just around the courthouse or more extensive. and given the numbers, they have to prepare. maria: and that is why the journal op-ed this morning, alvin bragg's political charge against donald trump, basically writes that this is going to rally up his supporters to the extent had that you'll put him back in the white house according to the editorial board. >> it could certainly make him a martyr, could be seen to be totally false and political.
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maria: matt, final word from you. tell us what to expect tomorrow. >> it's going to be a circus. if he is arrested, if he goes through the process of finger printing, mug shot and handcuffed and perp walk, that is going to be an image that is obviously used politically against donald trump. but also to your other panelist's point, it's going to ggalvanize the base that suppors president trump knowing he is being politically persecuted. maria: we'll leave it there. matt whitaker, good to see you. thank you for weighing in. questionquick break a and then g is arriving in moscow right now. gordon chang is here to discuss the political i political implis we have ela lot more coming upaa right here.
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- double check that. eh, pretty good! (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that? no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes. i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. find your cfp® professional at maria: welcome back. well, spring break in florida turning deadly over the weekend.
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cheryl casone the details. cheryl. cheryl: maria, the city of miami beach is under curfew for a third straight year after the spring break rush brought a pair of deadly shootings over the weekend. mass crowds and chaos. the mayor speaking out. >> the volume of people in our city, the unruly nature of too many and the presence of guns created a per i'll that cannoto unchecked. cheryl: local business owners say they're suffering because of the curfew and they're calling on officials to get spring break under control. two years ago, city police arrested 1 you thousand people and consistent -- 1,000 people and confiscated dozens of guns. kim jong un is calling on his country to get ready for a nuclear attack. he oversaw a ballistic missile test over the weekend. he is talking about hiquote, the of the dprk will strongly he
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deter, control and manage the enemy's reckless moves and provocations with its high war readiness and carry out its important mission without hesitation. north korean state media reports more than 1.4 million north koreans volunteered to join the military following the announcement. well, if you notice that missing dozen eggs at your local store, you are not alone. with egg prices up about 60% on average over the last year in total, discount store dollar tree pulled eggs completely from store shelves. they say the move is to keep with the current promise to customers to sell items for around a dollar. sometimes the items can be three or four dollars. big mac seeing an increase in price, the average cost for the iconic mcdonald's burger sitting around $5.15, that is a 22% increase since before the pandemic started. that's a good burger but that's
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more than what we're used to paying. maria: i wonder if people will forget about going there and go somewhere else. $5 burger. cheryl: at mcdonald's. maria: that's what i'm saying. chinese president xi jinping arrived in moscow this morning for a three the day state visit and talks with russian president vladimir putin. this after the international criminal court issued an arrest warrant for you putin over alleged war crimes committed in russia's war on ukraine. beijing is calling the visit a, quote, trip for peace, where he is expected to push for cease fire talks between russia and ukraine. joining me is the gatestone institute senior fellow, author of the coming collapse of china and the great u.s. china tech war, gordon chang is here. great to see you. >> thank you so much. maria: what do you make of this? china trying to show diplomatic leadership across the world, bringing saudi and iran together and now this. >> well, xi jinping has got a much more difficult job between russia and ukraine. the iranians and saudis, they
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sort of wanted peace. but not russia and ukraine. both think they need to continue to fight. but the thing here that's really fascinating is that the you announcement of this trip of xi jinping going to moscow for three days was just a few hours before the announcement of the arrest warrant for vladimir putin by the international criminal court. the chinese knew this was obviously going to occur so what this is basically saying is we, china, are supporting genocide and war crimes, committed by russia in ukraine. maria: and there's no pushback from this administration. we've been talking about the banks all morning, of course, credit suisse getting an emergency buyout of ubs. ubs.treasury secretary janet yen said bank depositors could be made whoavment we're hearing from regulators we can't bail out everybody, we can't secure deposits everywhere, yet the chinese companies that were
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clients of silicon valley bank, they got bailed out. i asked senator tom cotton about it on sunday morning futures yesterday, watch. >> well-known that silicon valley bank was an access point for chinese companies to get american money and when you have one of these bank failures, foreign depo depositors are supd to be in line behind foreign he depositors. they are going to make whole chinese depositors, companies the that are almost certainly in most cases aligned with the chinese communist party or people's liberation army. maria: gordon, your reaction. >> it is extraordinary. the treasury secretary janet yellen said i don't have any legislative authority to discriminate against chinese borrowers or lenders but the point here is h that the presidt of the united states can use his authority under the trading with the enemy act of 1917 and say
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we're not paying these guys back. senator cotton is back, the foreigners should stand behind americans and certainly the chinese, theen. maria: we keep funding the expansion of the ccp. you've got guys there saying double down on chinese stocks, house oversight committee chairman james comer joined me to discuss the biden family's chinese business deals and why we continue to see the soft approach from joe biden on china's provocations. watch this. >> we think there are as many as 11 more deals. now, we don't know what those deals are. what the bidens -- in the beginning, the white house denied having any knowledge or the fact that their family was involved in any sort of way, shape, or form with the ccp but now we have bank records that reveal otherwise. we don't know what the bidens did in return for this money.
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the lawyers said that it was seed capital for a business. we haven't been able to find a business, maria. right now, it looks like the biden family just pocketed this money. maria: now, joe biden is denying that he's doing -- has been doing deals with foreign powers for years and pocketing the cash. somebody asked me about that last week and he said it's not true. but we've got these bank records, gordon, that shows $3 million were sent -- first, there's an e-mail, hunter biden says to his chinese counter part, we've done everything you've asked, you've done nothing for me. a week later gets a check into rob walker's account, $3 million. the next day a million dollars of that is distributed to biden family people, hunter biden, hailey and james biden, your thoughts. >> the sp spokesperson for hunr biden's legal team said it's okay because it was good faith seed money. in these types of transactions,
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nobody pays millions of dollars without a contract. so you know, -- maria: it's 3 million bucks. >> this is essentially admission of corruption and i'm sure the house over oversight committee is going to follow up on this. this doesn't happen in the real world with the absence of payoffs, influence peddling and corruption. maria: this at a time where we're watching provocations, dangerous moves by the ccp, wanting to buy up farmland, wanting surveillance on camera, slant balloon, tiktok, the whole nine yards. we haven't gotten any word on the origins of covid-19 and why the ccp covered it up. >> he yes. clearly even the world health organization wants records and is starting to criticize beijing. this is a big conspiracy in china. this was an engineering program for biological weapons. someone is going to talk. right now the communist party is in full suppression mode.
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the biden administration didn't ask. biden didn't ask in november, didn't ask in the five video calls before the meeting about the origins of covid-19. maria: after every issue that's come up, we hear the same lane from the administration, we don't want conflict with china. we want competition, we don't want conflict. hello. they're bringing conflict on silver platter in your face. no, we don't want conflict. why do you call them a competitor? a competitor is somebody who plays by the rule. >> cl clearly with fentanyl they're killing tens of thousands of amer american each. the communist party is behind the fentanyl gangs. biden is success in a 1990s foreign policy of let's all get along. the world is divided into camps, china and russia are on side and biden has to understand that because we cannot deal with
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things unless we acknowledge he reality. by the way, that's confucius who talked about the rectification of names. you have to call things by the right names. biden refuses to do it. maria: unless they have so much on him, he can't push back. >> you don't say. maria: exactly. gordon, thanks very much. great analysis from you. quick break and then president biden backing off from report is after being questioned about his family's shady business. it's making a buzz this morning. we'll show you the president's response to all of this when we come back. you're watching "mornings with maria" live on fox business. ♪
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>>. family deal.>> hunter bids associate sent over a million dollars to three family members. any reaction in? reaction?that's not true. maria: that was president biden denying his family received payments from a chinese linked
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company in 2017. >>202017.hunter biden's legal tm confirmed the athen is the at this of the money. the house oversight committee is waiting on more documents and what chairman comer told me yesterday was that this is the details from one deal and he's got 11 more deals to the take a look at in terms of paybacks to biden family members from chinese linked companies to the ccp. your thoughts? >> i suppose i'm always dumb founded about how much money politicians wind up based on theirtheir base salaries. there's a lot of money at stake but the politicians on $180,000 congressional salary to wind up with millions, i don't know. the numbers never added up to me. maria: exactly. they had certainly don't add up in the biden family.
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your thoughts, lee zeldin. >> they were traveling with vice president joe biden, hunter biden claiming to be an energy expert in ukraine, an international world class financier to secure investments from china, no now is he one oe greatest painters in the m modern era and a for congress to be asking these questions as far as how the money is coming into the family, yo utilizing these so-called talents is an important question for congress to be conducting oversight and tens of millions of americans want more information on this. there are other americans who care about crime, they care about the economy, they care about education, and more. they care about our country. but you can't discount the amount of americans who want accountability and answers on this and they know it's not right. maria: they were stonewalling comer and his team for a while. they were pushing back on any access to the bank records. now, comer has the bank records
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and suddenly now we understand trump is going to get indicted tomorrow. any coincidence that we got bank records last week and now trump is on the hot seat. >> i wouldn't call any of this a coincidence. a lot of what's paying out before our eyes is quite deliberate. i believe alvin bragg is full anything a campaign promise and a he has the back of many of his voters in manhattan but i don't find this is a coincidence at a. maria: when you consider the seriousness of what's going on with the chinese communist party right now, michael, that's when this really becomes so dangerous because if we are talking about influence peddling and a sitting president unwilling to push the very people who have been funding his lifestyle for all of these years, how are we going to expect that he's going to be tough on these provocations from the ccp? >> well, that's one of the compromise questions. then there's an a established military philosophy that when you go to war with someone or
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you are going to have a conflict, you want to destabilize that opponent. are we slur that all a these things that are happening here don't have some type of intelligence aspect to it. would you like to see this destabilization from your opponents, it's a question that needs to be raised. if you're not in the partisan camp, you want fairnes fairnessd accountability for all these things. maria: we talk about the wide open border all the time. the number of chinese nationals apprehended at the southern border is up 920%. they don't need to come through the border. they've got a visa process, they've been abusing the visa process as well. what is your take on that 1234. ?>> this is something a lot of the american public is concerned about. it's not just about people that come across, but also things that come across. we see fentanyl killing our kids and others. there's a lot of focus on central american countries, people coming into the united
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states from some of he those nations, the re reality is thiss a global crisis the united states is facing by having a pporous border. maria: we can't account for all these people. >> 71 people were arrested who were on the terrorist watch list. maria: i know that, yeah. >> you've got to take a look at who is coming across. those are people we know on the list. it's not perfect. maria: what a moment in time. we're going to take a break. when we come back, investors are finding safety in crypto after last week's bank collapses. where you should put your money now and what's behind the rally in crypto the last couple weeks. stay with us. there are some things that go better... together. burger and fries... soup and salad. thank you! like your workplace benefits and retirement savings. with voya, considering all your financial choices together... can help you make smarter decisions. for a more confident financial future. hey, a tandem bicycle.
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maria: welcome back. amidst all of the panic, look at bit curve. it is higher this morning after hitting $28,000 over the weekend. the crypto seeing its best week since early 2021 following last week's banking crisis. joining me right now is lolly ceo, alex add leman. what's going on behind this crypto rally? >> people are looking for a flight to safety. i think there's a lot of economic turmoil in the traditional finance system and bitcoin is a safety net for a lot of people. it's a he global currency that is available to 4 and-a-half billion people with internet connection that anyone can move freely. there's no shutdown. there's no bank runs. it's just -- it's safety. maria: that was above me, i'll tell you. with all of the panic over of
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banks and what the federal reserve is going to do, i would think you would go for gold or you would go for cash but bitcoin? >> bitcoin is digital gold for a lot of people. it is the same code base for everybody. everyones has access to move money in and out. it has the same rules it always has. it's the same rules for a lot of people. maria: what do you think, barry. >> i think that's when they were talking about when they wrote the denaturalization of 1974. that governments are the least efficient allocators of capital, that they generally make mistakes when they try to construct any particular industry and money is the ultimate industry so his idea was, well, we need to dee nationalize this. and i think when you get arbitrary decisions like zeroing out the bail-in bonds and that sort of thing, the stuff that went on during the global financial crisis, paying more to union creditors they the auto bailouts than you gave to the
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actual bond holders, those sorts of things, that's what afracts s people to the theory that governments would mess money up and so bitcoin is an attempt toe create private sector money. .maria: binance is responding o comments from elizabeth warren. she said your actions called into question the legitimacy of your business and raised concerns about potential impact of these activities on the stability of the crypto market and broader financial system. what do you make of this? >> we're looking at multi national corporation here and heelizabeth warren is asking for insights into their global finances so it's important to understand there's binance u.s. and global. they're asking for insights into the global organization. unfortunately, a lot of these exchanges have the same problems that traditional finance has in
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that they are centralized. and so they're dealing with decentralized assets but they themselves are centralized and they haven't been as transparent as a lot of u.s. based companies like coin base. maria: i'm wondering if elizabeth warren is running for president again. she wants to be heard in the banking sector. she wanted rules rolled back, now she wants rules back in place and now she's talking about bitcoin. >> the problem with elizabeth warren running for president from my perspective is the things she's trying to -- spends the bulk of her time on, finance, is something she doesn't ayou peer to really understand. so i think her candidacy falls apart against someone who actually does understand finance. maria: what is your take at this point in terps of this banking crisis? markets this morning now are higher and the federal reserve is now expected, 60% expect a 25 basis point hike on wednesday. your thoughts on where we are in all of this? >> well, again, i had a front row seat for this in 2


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