even though obviously, they are not -- efficiently in won't work in the future, but a regulatory or mr.torium some signal from the white house noirmgz risk takers, encourages investors to build businesses, that is what we need at this moment. >>. cheryl: one piece good news before we go ppi 80% february decline for index chicken egg prices 36.1% decline egg prices might come down. >> were off 55%, weren't up 70% the consumer prices 70% we saw last month but 55% still talking about elevated numbers great conversation everybody john catsimatidis congressman buddy carter adam johnson frames freeman cheryl casone thanks very much dow industrials down 628 points we send it to stuart and good morning, maria and good

morning, everyone. this is about politics and money. today the question, we are starting with money. inflation at the producer liver running soft. twelve months, the input cost of business got up 4.6%. this compares to the 6% consumer inflation reported yesterday. just as important, in february prices went down, 0.1%. that means pace of inflation is slowing thanking jitters, they are back seemed like the crisis was winding down but this morning a big european bank went wobbly. credit suisse dropped more than 20% when the sellers refused to give the bank any more money. that spread to the big european thanks, all donald significantly across the board. i guess you could call it contagion in europe. then in the u.s. larry fink, the powerful chair of black rock issued a long letter to shareholders. he said inflation will hold up three and a half to 4% level for years. that's not good. he said the could be another

falcon banking namely liquidity crunch, that is difficulty getting credit. down goes the big american banks. percentage declines all across the board. investors don't like that. the dow industrials set to open with 600-point loss, s&p down 75, the nasdaq down 179 points. i'm switching but that's about to present. the flight to safety, money flowing into treasuries, price goes up, yield comes down the yield on the ten year treasury done 23 basis points, that's huge. 3.46% is your yield and the two-year dropped firmly way down below the 4% level. thirty-eight basis points down. again, extraordinary volatility for interest rates. two questions, what will the federal reserve with interest rates not banking jitters are back next inflation is slowing. one of the politics, a bailout

if needed, very unpopular last time around. let's get the other report, politics. trump leads dissenters by four points in the latest poll and that was a cnn poll but the florida governor split the gop with his retreat from suffering or offering will support for ukraine. op-ed in the hill suggests vice president harris will be the democrats desk chairs in 2024 and democrats refuse to attend a hearing on the border. they booked travel to get there but backed out when they found a biden opponent would be appearing. they won't see the problems they created. this is a big day, wednesday march 15, 2023, varney & co. is about to begin. ♪ ♪

this is coldplay and the song is higher power. i do know the relevance to the markets this morning but. >> you might want to pray to a higher power. stuart: good one. let's get straight to suisse, huge drop in the premarket activity 28%. >> top shareholder, saudi national bank with 9.8% stake ruled out further financial assistance for many reasons, one is regulatory, they said that out loud in this environment. the ceo says we are a strong man, liquidate basis strong but the stock is still selling off. the banking crisis went global. he said if credit suisse collapses, it's only a moment. let me show you the damage in europe. european thanks down, down and down some more.

a few days ago investors wanted to own europe. what is done about all of this? next up, christine the ecb meets on interest rates, are they going to go 50? jay powell will react to what's going on here next week. finally, where is the money flowing out of our banks? as phoebe particularly going, we know it's going to the big u.s. banks that we have a number now is from bank of america, deposits flowing in, $15 billion after as phoebe collapsed last week. stuart: just like that, 3.7% down. the big banks in america are suffering. we'll get to it later but that's the letter from larry. >> the domino effect, that's what he's worried about, the contagion. stuart: when he reported that, dunkel big american banks. the other big story is producer price index. >> year-over-year it hit 4.6%, a decline. a year ago 11.6% and month over

month inflation in the pipeline wholesale inflation fell unexpectedly by .1%. the question is, what do policymakers do when they might be succeeding in the inflation fight? but also banking situations to deal with. stuart: all over again. check out futures this morning on your screen left-hand side, a nasty picture, the dow down 1.9%, s&p 1.9%. nasdaq one to back%, thus the selloff. look who's here, jacob or, great is our screen, i read your stuff, you see a major downside coming for the markets and you say, it gets worse from here and nothing anyone can do to stop it. spell it out, what's the problem? >> three weeks ago i shared with you told our clients the reason we have so much cast as we were worried about liquidity event

now we had it. the fed raised until they broke something and now they have so even if they pause next week you can't stop the cycle. unfortunately this bond market collapsing on the long and the way it has an across-the-board this signaling a hard landing and recession, that means more businesses are going to go out of business, we are still not done with the banking issue and we still have commercial real estate that has a major problem on the debt side. think about all these companies that have a tremendous amount of debt their businesses are tied to the consumer. when you raise the cost of capital the way we have, you run into what we have here and this is a result of living in a world of free money, zero interest rates and now we have to normalize the system is going to be extremely painful getting the so the cycle has started and that's why i don't think anything we can do to stop it even if it falls next week.

stuart: let me put this in a jet nutshell, cost of capital goes up, cost of borrowing has gone straight up almost record proportions of growing up. at the same time you've got financial institutions sitting on long-term bonds which lost their value so if people want to redeem and get the money outcome of the bank or institution, whatever it is, got to sell assets at a loss and that's the problem. is that what it is about? >> as part of the problem, if you think about it, all these things invested in long-term treasuries and we know they lost a third of their value, many of them last year so they are all in the same predicament from the balance sheet perspective and again when you look at small businesses and the consumer, you raise cost of business while demand is going down, that's a recipe for disaster unfortunately. stuart: we saw producer price index falling in the month of february, the pace of inflation is really slowing.

you don't see any upside in that? >> be inflation, i expect inflation to continue to go down because that's what happens in a recession man destruction is what the fed tried to do to get this to go down and i think it's going to stay stickier because i believe it increased on the number last week or yesterday so the fed is in a tough spot, i think they are going to raise a quarter-point next week to save face because they still aren't anywhere near their mandate, last week powell said in front of the world they were going to increase rates faster than anticipated and now they will come a week or two later and cut rates, it's going to be big credibility issue for them. stuart: thank you very much for joining this, thanks, eddie. now switch to politics. former president trump and flautist governor desantis are united in their belief sending aid to ukraine is not in our

country's vital security interests. david brings us. the gop split, david. that's the way it is, clear split between desantis, trump and the establishment. a split party, what you say? >> let's keep three things in mind. one, historically republicans have debated what the proper role the u.s. is around the world and how active we are going to be. republicans are always united is we should have a military that is second to none, we should invest in the weapons we need to protect us, we train our military to the highest level so they can win battles. those no split on that. second think about the biggest critiques of president trump and desantis are the challengers in the republican primary trying to create the third lane and give folks roaming around them to be the alternative to desantis and president trump. third, and maybe the most

important, until afghanistan happened, foreign policy wasn't front and center on americans minds this administration has so botched foreign policy that now bad actors deal they can do what they want. think about this, yesterday russia knocks down u.s. pro property. it means we will talk about foreign policy far more in this election than we thought. stuart: i've got to move back to the banking crisis real fast, i got this question, is the gop the parties which opposes any and all bailouts? >> great question. there will be situations where we are going to have to make sure consumers have a confidence that they will continue to sp spend. we are an economy based off consumer spending.

the blanket statement about every bailout, hard to make that but you will have to look at these situations as we had to in 2008 and say what best puts the economy in a situation where consumers feel confident to spend? stuart: the answer back then was a bailout. thank you for joining us, difficult situation and very complex. naked. check futures again left-hand side of the screen, a ton of reading this wednesday money. coming up, congress unanimously voted to require declassification of the origins of covid-19. people want answers so why hasn't the present signs that deal? mike is here on that. we are dealing with the banking crisis, yes we are so will the fed raise rates next week? can fisher next. ♪ ♪

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a sea of red ink on the left-hand side of your screen, the banking basis and the dow is down 600, nasdaq done 170. next week the fed meets but they are meeting as a banking crisis unfolds. edward lawrence at the white house, what are we looking at from the fed next week? any idea at all? >> if you ask the market today, it's about a tossup whether there will be rate hike or no rate hike so the largest rate hike is off the table if you ask the market looking out. there's a risk of contagion from these things, the two of them that have gone under, a third

bank credits suisse is now in trouble, concerns about that, it's not based in the u.s. though and saudi national bank said it would not add more money to the bank which is where the concern comes from but you see how the markets react so today las vegas president joe biden pushes medicare plan and wants voters to focus on spending his administration is doing in the last inflation report looking at core inflation without food and energy prices, that rose month to month and this is inflation harder to get rid of and dealing with he and credit cards and auto loans have started to rise, republicans think there's an easy fix, a balanced energy approach. >> we are spending a dollar and 29 cents for every dollar we pull in, we can't sustain that. we got to stop spending and that's what the debt ceiling is about. we are going to pay our bills, not default on any bills but at the same time we got to stop the spending.

>> spending and being energy independent is what his message is. it's wrapped into the amount of spending and debt the white house is doing, the president of the committee for responsible federal budget believes is going to be very difficult for lawmakers to actually have a fiscally responsible budget. listen to this. >> you have politics avoiding difficult choices continuing down that path until you reach the tipping points and this is one of those moments that could be some sort of a tipping point and the policy solutions as a result of previous he's bad policies are ideal and that's where we are stuck right now. >> we see cracks forming, the empire survey for manufacturing showed steep decline about the empire state survey i should say in this, or today is showed that so it's going to be interesting how the crooks manifest in the more of them show going forward. stuart: retail sales down as well. thank you very much, let's bring

up power on wall street, ken fisher joining us this morning. the banking crisis appears to be back, certainly in europe, where do we go from here? >> first, thank you for having me back and in your honor, your background from the london school of economics, i learned were my london stock market ties today. that said, the shorts have run down european banking world looking for a european version of what went on with silicon valley bank. the reality is they probably don't get anywhere with that but to the questions raised in your prior interview with edward, the fact is the fed right now is hitting their trying to figure out, which we got to do, do we got to do something? is there nothing we have to do? they are busy talking to people, euro bank but also inside the united states and they don't know what they will do. stuart: we have the big american banks down this morning. i believe in part because of

larry thinks letter suggesting three and a half to 4% inflation for years to come but it looks like we've got contagion in american banks this morning, would you agree with that? >> i wouldn't go there, i think the u.s. banks overall, i got a new york post column that came out about an hour and a half ago online, anybody can look it up, on this topic. the u.s. banking system overall when you look at the way you would, is just about not completely but just about in the best shape of my 50 plus year career in markets. the fact is total assets to liabilities as i show in charge there are in better shape than they've been when i was a kid and the notion have a problem with the result of the things

done in 2007, eight and nine and people psychologically tried to fight the last war from then but i don't think it goes anywhere, banks are in good shape but it does make sense that when we have a day like today where people are concerned about oh my gosh, there might be problems in europe with a name that is so iconic like credit suisse even though there's a huge number of banks bigger than credit suisse nobody heard of like china or the netherlands, d.c. from germany or spain, the fact is it's an iconic name and people do a lot of this and i think by the time ago down a little way, it will be quieter but nobody is sure of that which is why the fed doesn't know what it will do and one thing i've often said in my new york post column of the day is a lot of times before, never knows what is going to do, just mostly reacts.

stuart: ominous times in these times, where would ken fisher put spare money if you are an ordinary investor with spare money, 30 seconds and where you put the money now. >> two points straight out of my new york post column, whenever you get the bank failures, you don't know where stocks will be 45 days they are but two years they are higher. warren buffett said you should be reader greedy when others are fearful and people are fearful now, this is the time to be greedy. stuart: thank you for taking time out of a busy day to be with us this morning. thank you, appreciate it. look on the left hand side of your screen, that's how the markets going to open this morning. no idea how it will close but open way down. back in a moment. ♪

futures show a lot of red ink down 600 nasdaq down about 150 as we approach the opening bell. you say the banking crisis appeared to be back in it, does this present buying opportunities? we had ken fisher a couple of minutes ago, he said maybe by

the big banks because there down today but up in two years, what say you? >> i agree, big banks are too big to fail and we know and crisis like this, and this is a crisis, they end up on the up side of things, six months, a year later so i think this is going to play out a little longer, big banks are an area we are committing, we haven't started yet but i think maybe see how the market trades today throughout the week, start to circulate positions in the big banks for sure. it's an opportunity on this downside but everything we are buying is short-term. in other words, i got my trading hat on, we can't see over the horizon, it's cloudy so why not trade? every position weathers long position or even short position is a trade it works out, great, if it doesn't, we put ourselves out and get out at a loss, a tiny loss or we been taking ten, 15, 30% profit getting out and

reassess the next day and put on new positions. stuart: to want to speculate on what the federal reserve might do next week? >> i'm betting they put down 25e for the simple reason zero hike nothing, i think that sends the wrong signal to the market that they are worried about the banking system so if they don't put up at least 25, i doubt they do 50 by 25 basis is probably the right call saying we are not worried about the banking system, it is not enough to withstand this but we are worried about inflation, that's what i expect. stuart: looks like a flight to safety, maybe you can't see it but the left-hand side of the screen, with got the treasury all the way down to 3.44%. that's a flight to safety, right? >> absolutely, it's been a flight to safety since the end of last weekend yields reflect that obvious the coming on fast as they have, that's a good

thing for investors going to safe havens, a bad thing for banks because they are still facing what might be equity withdrawal, investors may be getting worried about regional banks and now they are worried about all banks, if they sell bank stocks, banks have a problem with capital ratios, equity part of pier one cap will call back in a situation as far as prizes go, stock market is going to lead us further into the crisis or eventually of prices stabilize the week was the past but right now it's critical to keep an eye on prices. stuart: thank you very much. look at the screen, they are clapping and cheering at the new york exchange and nasdaq, the market is about to open, guaranteed to see a ton of red ink at the opening bell. how we close, i have no idea. taking crisis is back but inflation is softening at least at the producer level. we are open, often running and the dow and couple of seconds

down 500 points. 31600, the percentage loss is minus one and a half%. look at the dow 30, they are all down, this is across the board this morning. s&p 500, show me that, it's down, 1.2%. significant drop. how about the nasdaq? down 1.1%. 113. big tech, i assume they are all down, yes they are. meta- down a fraction, microsoft same story. no huge losses on big tech except maybe arizona down one and a half%. the rest, smaller losses. i will have to credit suisse now down i believe somewhere in the region of 28, 29%. twenty-eight and a half%, a dollar .80 is a price. susan is with us, why is credit suisse taking down other big banks? >> credit suisse has 150 year history, one of the largest investment banks in the world but first boston in the 1980s, it has an extensive footprint

and i think we're coming up silicon valley thanks so maybe fragility and sentiment and that's why we see this big move in credit suisse. i was listening to the chairman who just said government assistance isn't topic for the bank at least not right now. he said the liquidity base is strong for the bank and despite the fact that the stock hit record low, $2 here across the atlantic and switzerland, sub record lows and credit default swap, something we haven't talked about for a long time since 2008. insurance against bankruptcy, is almost 1000 basis points the one year, the something i haven't seen since maybe 2010 during the crisis maybe 2008 when there were concerns and this means people are scrambling to buy insurance just in case credit suisse goes under in a years time. credit suisse serious trouble,

the saudi national banks said they will not provide any more financial assistance for the bank, they own under 10%. also credit suisse largest investor harris associates which also owned 10% sold off all the credit suisse holdings the past few months and credit suisse some would say look at the withdrawals, it could be the next bank run we see, $100 billion in withdrawals the last three months and 2022, $8 billion last year end that wiped out a decade's worth of profits and going for another lost in the first three months of this year end i spoke, interviewed numerous credit suisse ceos over the years whether rady dugan to john and that's the problem, they've always had this rotating run of ceos and leadership which means there isn't a consistent strategy at the bank which is why we've seen that investments.

stuart: that's europe, credit suisse. ring the up to speed on what's going on here in america with larry fink letter, it's upsetting american banks. >> also the fear of contagion on the european side because if we could bring up the other european banks, double digit selloffs, that has an impact here because money goes across orders. larry fink as he mentioned in his annual letter said the could be a third domino to fall, cracks in the financial system he's seen, inflation will likely be sticky, close to three and a half to 4% for years to come. if you look at what's happening with the market reaction, the euro is trading at lowest in two years, just barely above one to one with the u.s. dollar, 50% chance they might at go 50 basis points tomorrow. what you think in terms of how central bank should react? some say on the side of the atlantic and europe, the central banks have broken something, maybe it's time to pause.

stuart: i don't really care about the european central bank, i more interest in the american banks and if it comes here. the regional banks, i think they are down again this morning. >> they are down slightly from what i saw, 19% but also remember thinking back 50, 60% yesterday. you also had ironically we upgraded charles schwab which was interesting, brokers caught up in all of this. also i want to note you have this headline come up with goldman sachs, did you see goldman sachs with the buyer $21 billion bond portfolio from silicon valley thanks, they made $100 million in fees and handling the $21 billion portfolio from svp and questions about who will step in to buy the remnants of silicon valley bank. stuart: with got the european banking crisis spilling over here, a letter from larry fink

which is hurting american banks and now we got something on apple. >> apple has an indirect just exposure to silicon valley bank which i found surprising so $100 million in direct exposure to stb and is through their biggest compiler, which we know is owned by the earnings last night that indicate apples might be going and they said they had $100 million worth in the bank so you see this contagion where the banking crisis, if you want to call it that on this side of the atlantic and across the atlantic impacts rich individuals and companies. in terms of apples itself, sales went up last night by 11% forecasting recovery this year end if you extrapolate it, the biggest compiler said business will be better this year, it's good for apple as well. apple is cutting bonuses, not surprising given this

environment. stuart: one more, meta- >> yesterday it rallied about 6% because it's dinner, cutting 10000 jobs on top of 11000 jobs going and november and you heard from mark zuckerberg in the 2200 word detailed memo saying last year was a humbling wake-up call for the him, he said flattered is faster, cleaner is better and does pretty much across silicon valley, do you need 90% increase over the last few years? i was a twitter and elon musk has proven he can cut 75% and still provide your services. stuart: what about the cryptic this morning? >> you would imagine crypto currency in bit one should do well in this environment because this is your investment away from the financial institution so the.is up, it's hard to find green today in these market conditions so this is your

sovereign share in bit coin rally 50% this year, outperforming the nasdaq. s&p 500, you are fine, maybe a different on bitcoin. stuart: let me summarize the markets after seven west business, the dow is down 500 points, s&p 500 also down sharply and so is the nasdaq, a sell off wednesday morning. coming up, 500 down, or 25 off on the nasdaq down one and a half%. they drop. coming up, don't forget to send in your fighting feedback. what comest you have in the prices? e-mail your critiques, whatever it is. the house homeland security committee holding first hearing at the border. democrats are not showing up. for congressman carlos, will be at the hearing and he's next. ♪

♪ stuart: not heard of that song, you're looking at wilmington which is north carolina, by the way. you got to get to the markets, we come back a bit, we opened five, 600 points lower and now 400 points lower. the nasdaq down 87. you've got plenty of red ink but we come back a little from where we were. look at this, this is the flight to safety, funny is pouring into american treasuries. the tenure yelled all the way down to 3.46%. you know how this works? people get nervous, look for the security of the treasury, pile in the money, price goes up and

healed comes down and that's how it works. two year treasury, same story, flight to safety, the guild is all the way down to 3.89%. next case, the house homeland security committee holds appeal hearing today at the border about the crisis democrats some of them, they booked the flights but now are not going to show. >> they said even though we booked flights, we never confirmed we are actually going so we are not obligated to show up among the republicans are calling it another excuse and a political stunt which is what the homeland security committee tells fox, half-baked argument home and democrats didn't confirm attendance undermined by the very fact that they invited a witness whose confirmed on our first panel and made their travel arrangements, this move from the democrats only screams partisan games and shows they are the ones making this political. overall, 2.3 million migrant apprehensions at the border in the last fiscal year, a record on top of a record and we are already on track for another

record this year. stuart: they didn't want to see the mess they've made. that's my opinion. collis, republican from the state of florida and member of the house my security committee joins me now. tell me why your democrat colleagues are not showing up, is it because ortiz, he's going to show up, testify? >> i think it's because they don't want to hear we are hearing right now, a roundtable right now with ranch owners with spouses, customs and border patrol agents, sheriff's both republican and democrats dealing with what's happening at the border, they don't want to hear because what they will hear is it's a failure of policies in the biden administration and they are tired to the biden administration so they need to make excuses they came here and heard what we are hearing, they can't make more excuses, they are hearing unedited truth from the horses mouth. stuart: raul, i believe chief of the border patrol, i believe

he's going to testify and i believe that's one reason the democrats will show up because i believe he opposes biden's policy, is that right? >> i'm not sure he does, i think that was brought out in a testimony when he was deposed by the florida attorney general on catch and release so that was under oath so we are going to listen to what he has to say but frankly, i've heard everything i wanted to hear from the people affected down here at the bo border. i heard from sheriff's that are the front line after customs and border patrol agents, everybody says is the same thing, the problem is policies, it's not changing world events, it's the policies after they don't have enough people, is the policies

and fomented by the biden administration. stuart: they are flooded at the border already. there's no change in policy, it gets worse. how much worse can it get? how bad? it does something. >> you will have to ask the president but something else is the flood of fentanyl coming through and the mexican cartel pushing it and killing 100,000 americans a year. to me, it's an act of war in the president of mexico does nothing about that, let them operate in his country and these cartel which are doing it solely for profit killing americans. it is the duty of the president to protect americans. we need to take some action. stuart: what would you do about the cartels? >> i would certainly use more than what we are doing, certainly use force if it comes to that, i would give the president of mexico opportunity to take care of the problem in his own country but if he doesn't what are we going to do, just allow these cartels to kill hundreds of thousands of

americans every year? no. as a nonstarter for me so we got to take action to put them out of business. stuart: carlos, thank you for joining us. you are at the border hearing from the ranchers who have to put up with this. >> we are hearing from them right now as we speak. stuart: appreciate it. talk to you later. two men were arrested while trying to get firearms into mexico. were these men working with the cartels? probably. >> they were selling the cartels ar-15's, ak-47s. in all, almost 100 firearms, they sold them to undercover agents posing as cartel members. they sold fentanyl to make drugs and cocaine to sell. the two ohio men were arrested and if convicted on all counts, it could be life in jail. stuart: rightly so. coming up, russian military jets collide with u.s. drone over the black sea. u.s. officials warned of escalation. >> this incident demonstrates lack of confidence in addition

to unsafe and unprofessional. >> would want to see the war escalate, is clearly inappropriate, unsafe, unprofessional conduct by the russian pilots. stuart: so what are we going to do about it? a drone expert and he's here on the show shortly. hundreds of thousands of people across the northeast are without power after nor'easter in a town digging out of nearly 3 feet of snow. he'll be with us next. ♪

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look at this. we are looking at the big american banks and they are all down when you start quoting downsides move in percentage terms, you know you got a selloff. in my opinion, this downsides move for big american banks as a result of the letter from larry fink. thank you for filling in my sentence, i appreciate that. he's a top guy at -- black rock, thank you very much indeed.

[laughter] he wrote a letter this morning saying you will have inflation three and a half to 4% for years to come and he said that could be liquidity crunch, the problem of not a run on the banks, that's not happening in the moment but downsides move for the big banks. bank of america down 3% on the is that? morgan stanley, golden done 4%, citigroup done whatever it is, three and a half% that's the big banks so we got the banking crisis extending to the big banks this morning. i'm putting statements about larry fink, i think the letter was important this morning. >> when you say the dominoes are starting to fall and consequences are spreading to more thanks, it's a big deal. yesterday the regional bounced up in a big way even though moody's came out and they cut the outlook for the banking sector, they put several banks, six on negative watch but they went up, they are down this morning. larry fink had something to do with this, how long will this

last? at least a multi- month process according to pimco. stuart: that's all negative for stocks overall so let's move on to the bond market. again we have to tell you, this is the flight to safety. again, treasuries are safe. you hold them to majority and get a tax break on the interest as well but right now the yield on the ten year treasury down to three or two, the money comes in, price goes up, the guild goes down. one bright side to the tenure, all the way down is mortgage rate may fall in the immediate future because mortgage rate, 30 year fixed tied to the ten year treasury so way down on the tenure, what was the tenure again? down -- tenure is 342 so mortgage rates may get a break. >> to your tied to bed expectations and 45% chance the fed does nothing looking at fed

funds futures, nothing next week. stuart: we moved on to tech stocks, they are not as badly hit as some of the rest of the market down a fraction, the biggest loser, none of them are down more than 1% because the treasury yields are so far down, it tends to be good news for the big tech stocks. cold, where we this morning? 1930, oil very important, where are we this morning? around $68, how about that? that means gasoline prices are going to come down shortly, down 4%, the average price for the gallon of gas is 346, i predict that's going on. california 4.89. >> the economy is slowing th though. stuart: indiana coming up, br brett, drone expert. martha mckellen, bill bennet all

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