Jobs, Gun Sales and the Silicon Valley Bank Failure 03/10/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 10 March 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Job creation decelerated in February but was still stronger than expected despite the Federal Reserve’s efforts to slow the economy and bring down inflation. Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, discussed the latest job report and what we should expect from the Fed regarding rake hikes, and more. SVB Financial, parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused regulators to shut it down. SVB was trying to find a buyer and hired advisors to do so after attempts by the bank to raise capital failed. Priscilla Sims Brown, Amalgamated Bank CEO, discussed the company’s effort spearheading a merchant category code for gun stores, afer major credit card companies paused the effort. In this episode: Priscilla Sims Brown, @AmalgamatedBank Rick Santelli, @SantelliRants Jason Furman, @jasonfurman Hugh Son, @Hugh_Son Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.
0:09.0	Jobs rose in February more than expected, likely keeping the feds foot on the gas pedal when it comes to interest rates, Harvard's Jason Furman.
0:17.0	The Fed should go 50 basis points. I think it probably will go 50 basis points.
0:23.3	Meanwhile fears of a broad financial contagion
0:26.3	spread after tech leader Silicon Valley Bank
0:28.5	set off alarm bells over liquidity concerns,
0:31.6	see NBC's Hugh Sun.
0:33.0	This is like 2008, but only for crypto and startups.
0:37.0	Plus credit card companies are pausing work on a new firearms merchant code meant to combat gun violence,
0:43.0	amalgamated CEO Priscilla Sims Brown on the effort.
0:46.5	I don't talk to anybody, any of my peers who say,
0:49.4	look, we don't care about this.
0:51.3	What I hear people saying is it's complicated.
0:54.0	There's misinformation out there.
0:55.5	It's difficult.
0:57.0	It is Friday, March 10th, 2023,
0:59.7	Squackpot begins right now. Silicon Valley Bank worrying investors, after losing more than half of its value yesterday.
1:16.0	S. V.B. Financial is the company behind the prominent startup lender.
1:21.0	Now, this isn't a bank for you and me in our checking accounts.
1:24.6	Silicon Valley Bank funds new early stage companies and is the only publicly traded bank
1:30.2	to do so.
	...

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