Time for a Time Out? Former Fed Governor Kevin Warsh 03/21/23

Squawk Pod

CNBC

Investing, Business, News, Business News

4.2 • 543 Ratings

🗓️ 21 March 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

JPMorgan is advising First Republic on strategic alternatives, after JPM and 10 other banks announced a $30B deposit into the embattled bank. Treasury Secretary Janet Yellen lauded the move, but told lawmakers that the government would not refund all uninsured deposits for every bank that fails. The Federal Reserve begins a critical two-day policy meeting; former Fed Governor Kevin Warsh discusses the central bank’s options to hike, pause, or pivot, and he argues that a time-out is in order. High profile tweeters like Elon Musk and Bill Ackman are also weighing in. Plus, sports merchandising, betting, and collectibles company Fanatics has scored a new deal with the National Hockey League. NHL Commissioner Gary Bettman joins Fanatics CEO Michael Rubin to discuss the outfitting deal and the future of live sports. Spoiler: sports streaming isn’t off the table for Fanatics–at least in the long term. In this episode: Michael Rubin, @michaelrubin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin 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 Pod.
0:08.0	Banks on the brink, the uninsured deposit scaring everyone and the surprising market response
0:15.6	thanks to the government and other banks stepping up.
0:18.4	And first republic was cut in half again after his bleeding bleeding bleeding.
0:23.0	Walking a tight rope, the Federal Reserve
0:26.0	beginning a critical policy meeting,
0:28.5	former Fed Governor Kevin Warsh.
0:30.5	The Central Bank needs to be a still and steady point in a turbulent world.
0:35.0	If they not, they find themselves doing these weekend bailouts.
0:38.0	So what now?
0:40.0	They now find themselves in a crisis. What should they do do about it as they sit down at the
0:43.8	FOMC tomorrow I think they need to call a big timeout. Plus sports giant fanatics
0:49.9	scored a deal with the NHL, CEO Michael Rubin on his 31 billion dollar valuation,
0:56.2	it's still growing.
0:57.2	I think we've made a lot of progress over the past 18 years and we're just getting started at the same time.
1:00.8	It's Tuesday, March 21st and Squack Pod begins right now.
1:06.0	Stand Becky by in three, two, one, fuel please.
1:11.0	Good morning and welcome to Squawk Box here on
1:13.6	cn't be seen we're live from the nazdak market site in time square
1:16.9	i'm becky quick along with joe kernan and and and ros sorkin and here we are
1:20.7	guys it's tus Tuesday you want to take a look at the U.S. Equity Futures and after the...
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