Banking Contagion: U.S., Europe, & Larry Fink’s Warning 03/15/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 15 March 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

After the collapse of Silicon Valley and Signature banks and the subsequent regional bank crisis in the US, European banks are now rattling the global markets. Credit Suisse stock has hit an all time low, and global investors fear that banking contagion is spreading. Stateside, CNBC’s Eamon Javers reports, the Department of Justice and the SEC are investigating the SVB failure. Allianz and Gramercy advisor and president of Queens’ College Mohamed El-Erian unpacks the Fed’s long term policies that have led us here, the real picture of financial stability, and the rocky road ahead. Also digesting the banking contagion: the CEO of BlackRock Larry Fink is warning investors that more bank seizures could be coming and that inflation’s going to stay high. Plus, ChatGPT has reported its latest model has exhibited ‘human level’ performance on standardized testing like the bar exam and the SAT. In this episode: Eamon Javers, @EamonJavers Mohamed El-Erian, @elerianm Andrew Ross Sorkin, @andrewrsorkin Melissa Lee, @MelissaLeeCNBC Klaire Odumody, @klairemarie

Transcript

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0:00.0	Hi, I'm C.N. B.C. producer Claire Odumodimode, today on Squawk Pot.
0:09.0	Banking contagion, assigning blame for the two big failures and now shaky European banks rattling
0:16.4	global markets.
0:17.4	A lot of people obviously are so very upset as they should be about what's happened
0:21.7	with this failure.
0:22.8	The DOJ and the SEC investigating the Silicon Valley Bank
0:26.6	Collabs are DC-based Damon Java's reports.
0:29.8	There's anger when you see something like this and people want heads on pikes.
0:33.0	And Black Rock CEO Larry Fink with a warning to investors.
0:38.0	Inflation, banking risks, and a liquidity mismatch.
0:42.0	So to the extent that people were talking about trying to get back to 2%,
0:45.0	Larry Fink is on the other side of that trade.
0:48.0	Making sense of chaos, crisis and contagion,
0:52.0	with economist Mohammed El Aelarian.
0:54.8	We shouldn't be here.
0:56.2	This is a hall that has been dug over years by the Fed,
0:59.9	but now that we hear, there is no perfect policy response.
1:03.8	It's Wednesday, March 15th, a true ides of March,
1:08.0	and Squawk Pod begins right now.
1:12.6	Good morning.
1:13.1	Welcome to Squack Box here on C.
1:14.7	We're live at the Nasak Market Side in Times Square.
	...

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