Global markets rattled as banking fears spread

Anderson Cooper 360

CNN

News

4.1 • 3.7K Ratings

🗓️ 16 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The banking system troubles that appeared to be easing yesterday, came rumbling back this morning with word that the struggling Swiss bank Credit Suisse was in deeper trouble than previously thought. Then came news that two credit rating firms had downgraded First Republic Bank to junk status. Those two factors sent markets plunging. Vermont Independent Senator Bernie Sanders, who chairs the Senate Health, Education Labor and Pensions Committee joins Anderson to talk about the banking trouble and a bill that caps the price of insulin at $20 per vial.

Also, a key development in Russia's downing of an American drone over the Black Sea yesterday. State Department Spokesperson Ned Price joins Anderson.

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Transcript

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0:00.0	Good evening.
0:01.0	Tonight, the latest in the banking system troubles appeared to be using yesterday, but
0:05.1	came rumbling back this morning with the word that the struggling Swiss bank credit
0:08.2	Swiss was in deeper trouble than previously thought.
0:11.5	Then came news that two credit rating firms had downgraded first-republic bank to junk
0:15.7	status.
0:16.7	Those two factors sent markets plunging this morning, and though they gained back some
0:20.1	ground by the close, the downed industrials in S&P 500 still ended the day down significantly.
0:26.0	Those of regional banks, including first-republic or down sharply, and first-republic scased
0:30.1	by more than 21%.
0:32.1	Big banks, which are more tightly regulated, also took a hit with city group shares down
0:35.9	more than 5%.
0:36.9	We're going to have more in a moment on what this means to markets, the economy, your
0:40.4	money and reaction to the White House, Christine Romans, and Phil Mattingley are with me for
0:43.8	that first.
0:44.8	We're joined by Vermont Independent Center, Senator Bernie Sanders, who shares the Senate Health
0:48.6	Education Labor and Pension Committee.
0:50.4	Senator Sanders, how much confidence do you have in the banking system right now and should
0:54.5	people watching be worried about their bank and their savings?
0:58.0	Well, I think we're all concerned about what happened at Silicon Valley, and we're looking
1:05.1	at other banks around the country.
1:07.1	I think our hope and our prayer is that there is not going to be contagion.
	...

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