CNN10 2023-03-14
CNN 10
The Collapse of Silicon Valley Bank; Intense Weather Conditions in California; Goal to Cut Down Global Salt Intake to Save Lives. Aired 4- 4:10a ET
Aired March 14, 2023 - 04:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COY WIRE, CNN 10 ANCHOR: What's up, all you lovely, smart people. Welcome to March 14, the birthday of one of the smartest people to ever live, physicist Albert Einstein, born in 1879. And everybody knows that Albert Einstein was a genius. His brother there, Frank, though, was a real monster. Hey, you. I joked to the start your Tuesday off right. I'm Coy Wire. This is CNN 10, and we've got a big show today, and we start with the collapse of a bank in the United States over the weekend that has people worried about losing their money and businesses on the verge of going under.
Silicon Valley Bank, an epicenter for tech startup companies with $175 billion in deposits at the end of 2022, has collapsed. One reason, those rapidly rising interest rates we've been talking so much about on this show.
Well, they made the Treasuries, in which the bank had invested money, less valuable. So, the bank started to sell them at a loss, and that scared people who had money there. So, they went on what's called a bank run, withdrawing all their money in a panic. The more people that did that, the more others wanted to do the same. Inevitably, the bank collapsed.
The FDIC, or Federal Deposit Insurance Corporation, seized control of the bank, and President Biden said yesterday that all depositors would get their money back. And businesses that kept assets there, well, they would have money to pay their employees.
The collapse of Silicon Valley Bank had a ripple effect on a second bank. The same sort of bank run hit Signature Bank shortly after it had its doors slammed shut, as regulators warned that keeping it open could threaten the entire financial system's stability.
Now, there are fears that other banks may be next. There's a term for this sort of spread of fear over people losing money when banks collapse. It's called contagion. So yesterday morning, President Biden addressed the nation for the first time publicly to try to ease those fears, knowing that the panic could cause a devastating economic fallout for people and businesses around the world.
(BEGIN VIDEO CLIP)
JOE BIDEN, (D) U.S. PRESIDENT: All customers who had to pay deposits in these banks can rest assured, I want to rest assured, they'll be protected, and they'll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills, and stay open for business.
No losses will be -- and this is an important point, no losses will be borne by the taxpayers. Let me repeat that. No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the deposit insurance fund.
Because of the actions of that -- because of the actions that our regulators already taken, every American should feel confident that their deposits will be there if and when they need them. Second, the management of these banks will be fired if the bank is taken over by FDIC; the people running the bank should not work there anymore.
Third, investors in the banks will not be protected. They knowingly took a risk, and when the risk didn't pay off, investors lose their money. That's how capitalism works.
And fourth, there are important questions of how these banks got into the circumstance in the first place. We must get the full accounting of what happened and why those responsible can be held accountable.
(END VIDEO CLIP)
WIRE: Up next, an update on the intense flooding in California. A levee or a barrier designed to stop the flow of water was breached in California's Pajaro River this week and the river overflowed out of control towards the people and homes nearby.
One of the worst levee failures was in New Orleans, Louisiana in 2005. It led to 80% of the flooding in the city during hurricane Katrina. CNN Correspondent Mike Valerio was in Pajero during the evacuations.
(BEGIN VIDEOTAPE)
MIKE VALERIO, CNN NATIONAL CORRESPONDENT: Warnings of intense sustained flooding in the days ahead after California's latest atmospheric river compromised part of a critical levee, sending this rushing river into homes, farms and trapping families in the small community of Pajaro.
UNIDENTIFIED FEMALE: We really didn't expect it to happen, but here we are now.
JOSE PERE, RESIDENT, PAJARO, CALIFORNIA: They started evacuating, I would think at 12 in the morning or 1 in the morning. And they just started. The national guards are just taking people out as they go.
VALERIO: Officials say an 11th atmospheric river system, forecast for Monday could send more water rushing through the still breached levee.
CAPT. CURTIS RHODES, PIO, CAL FIRE: There could be more water in our backdrop, but there will also be more water throughout the county.
UNIDENTIFIED MALE: Coming down. There you go. Just keep this line.
VALERIO: The raging floodwaters leading to a dramatic aerial rescue captured above the Salinas River. California highway patrol saving a man stranded on an island after floodwaters swept him and his car into the river. The man brought to dry land unharmed.
SHERIFF TINA NIETO, MONTEREY COUNTY, CA: Folks, we are not done yet. We are dealing with rain and wind events that I can only describe as a super, super saturation event.
VALERIO: But an undeniable sense of flood fatigue creeping in even as officials issued new evacuation orders for more communities near the Salinas River and back in hard hit Pajero, community supervisor Luis Alejo told us there's a sense of vulnerability both about the future of Pajaro and its mostly migrant families.
LUIS ALEJO, COMMUNITY SUPERVISOR: This community is resilient, it's strong. When these waters received Pajaro is going to rise. This is such a great hardship on this community, but we know that we will get through this.
(END VIDEOTAPE)
WIRE: Ten-second trivia.
With an atomic number of 11, which of these elements gets its symbol from the Latin word "natrium"?
Nickel, Sodium, Sulfur or Nitrogen?
If you missed this, don't be salty. With a symbol of Na, sodium is the correct answer here.
Now, some creatures, like ocean animals, thrive in salt, but that could just be because pepper water would make them sneeze.
Anyways, the World Health Organization is calling for us humans to cut back on the salt. They want salty food consumption to be monitored not only by individuals, but they're also calling on countries to implement policies that would set limits on the amount of salt in foods being served in public places like schools.
Now, if you love French fries like me, you may just find this insulting. More now from CNN Health Reporter Jacqueline Howard.
(BEGIN VIDEOTAPE)
JACQUELINE HOWARD, CNN HEALTH REPORTER: The World Health Organization wants people to cut back on salt. And we know that eating too much salt is one of the top risk factors for heart disease, stroke, and death.
And the World Health Organization says that only nine countries have what they're calling a comprehensive package of policies to reduce sodium intake. Those countries are Brazil, Chile, Czech Republic, Lithuania, Malaysia, Mexico, Saudi Arabia, Spain, and Uruguay.
And examples of these policies are reformulating foods, so they contain less salt or setting limits on foods high in salt being served at public places like hospitals or schools. And the WHO is now calling on all countries to implement sodium reduction policies. It says doing that could save an estimated 7 million lives globally by 2030. And it's considering extending its 30% target to 2030.
And right now, Dr. Francesco Branca with the WHO says people living in high income countries consume a good amount of salt in one snack.
DR. FRANCESCO BRANCA, WHO DIR., DEPARTMENT OF NUTRITION FOR HEALTH: Just to give you an example, if you take an average bag of chips of 150 grams, only that bag of chips contains half of the salt we are supposed to consume every day.
HOWARD: And in the meantime, though, there are steps you can take personally to watch how much salt you eat. The WHO says, to cut back on salty sauces and condiments, avoid snacks that are high in salt. And when using canned or dried products, choose varieties without added salt and sugars. It's recommended to limit your salt intake to less than 5 grams per day. That's just one teaspoon.
(END VIDEOTAPE)
WIRE: And In today's story, getting a 10 out of 10 is "sawsome." Some artists use a paintbrush, some use a pencil or chisel. But Glenn Richardson uses a chainsaw, baby. Richardson has carved chainsaw portraits of people since 2016.
Now he's traveling the country in a yellow bus, making 19 stops along the way, carving people's portrait into wood, and then putting the finishing touches on. Look at that blowtorch. His goal is to hear people's stories and share them with others in hopes of bringing people together.
Can you believe it only takes him about 17 minutes to create one of these. He starts on the East Coast in May and believes he can reach the Pacific Coast by October. That's tremendous.
Now, don't get all sappy on me, but I'd carve each and every one of you out of wood if I could. But I'm not too experienced with carving. I only know a little.
Now, on to my favorite part of the day. I want to give a special shout out to. Byers Middle School in Denver, Colorado. We see you. We hope you and everyone watching around the world have a wonderful one.
I'm Coy Wire, and we are CNN 10.
END
CNN 10
The Collapse of Silicon Valley Bank; Intense Weather Conditions in California; Goal to Cut Down Global Salt Intake to Save Lives. Aired 4- 4:10a ET
Aired March 14, 2023 - 04:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COY WIRE, CNN 10 ANCHOR: What's up, all you lovely, smart people. Welcome to March 14, the birthday of one of the smartest people to ever live, physicist Albert Einstein, born in 1879. And everybody knows that Albert Einstein was a genius. His brother there, Frank, though, was a real monster. Hey, you. I joked to the start your Tuesday off right. I'm Coy Wire. This is CNN 10, and we've got a big show today, and we start with the collapse of a bank in the United States over the weekend that has people worried about losing their money and businesses on the verge of going under.
Silicon Valley Bank, an epicenter for tech startup companies with $175 billion in deposits at the end of 2022, has collapsed. One reason, those rapidly rising interest rates we've been talking so much about on this show.
Well, they made the Treasuries, in which the bank had invested money, less valuable. So, the bank started to sell them at a loss, and that scared people who had money there. So, they went on what's called a bank run, withdrawing all their money in a panic. The more people that did that, the more others wanted to do the same. Inevitably, the bank collapsed.
The FDIC, or Federal Deposit Insurance Corporation, seized control of the bank, and President Biden said yesterday that all depositors would get their money back. And businesses that kept assets there, well, they would have money to pay their employees.
The collapse of Silicon Valley Bank had a ripple effect on a second bank. The same sort of bank run hit Signature Bank shortly after it had its doors slammed shut, as regulators warned that keeping it open could threaten the entire financial system's stability.
Now, there are fears that other banks may be next. There's a term for this sort of spread of fear over people losing money when banks collapse. It's called contagion. So yesterday morning, President Biden addressed the nation for the first time publicly to try to ease those fears, knowing that the panic could cause a devastating economic fallout for people and businesses around the world.
(BEGIN VIDEO CLIP)
JOE BIDEN, (D) U.S. PRESIDENT: All customers who had to pay deposits in these banks can rest assured, I want to rest assured, they'll be protected, and they'll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills, and stay open for business.
No losses will be -- and this is an important point, no losses will be borne by the taxpayers. Let me repeat that. No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the deposit insurance fund.
Because of the actions of that -- because of the actions that our regulators already taken, every American should feel confident that their deposits will be there if and when they need them. Second, the management of these banks will be fired if the bank is taken over by FDIC; the people running the bank should not work there anymore.
Third, investors in the banks will not be protected. They knowingly took a risk, and when the risk didn't pay off, investors lose their money. That's how capitalism works.
And fourth, there are important questions of how these banks got into the circumstance in the first place. We must get the full accounting of what happened and why those responsible can be held accountable.
(END VIDEO CLIP)
WIRE: Up next, an update on the intense flooding in California. A levee or a barrier designed to stop the flow of water was breached in California's Pajaro River this week and the river overflowed out of control towards the people and homes nearby.
One of the worst levee failures was in New Orleans, Louisiana in 2005. It led to 80% of the flooding in the city during hurricane Katrina. CNN Correspondent Mike Valerio was in Pajero during the evacuations.
(BEGIN VIDEOTAPE)
MIKE VALERIO, CNN NATIONAL CORRESPONDENT: Warnings of intense sustained flooding in the days ahead after California's latest atmospheric river compromised part of a critical levee, sending this rushing river into homes, farms and trapping families in the small community of Pajaro.
UNIDENTIFIED FEMALE: We really didn't expect it to happen, but here we are now.
JOSE PERE, RESIDENT, PAJARO, CALIFORNIA: They started evacuating, I would think at 12 in the morning or 1 in the morning. And they just started. The national guards are just taking people out as they go.
VALERIO: Officials say an 11th atmospheric river system, forecast for Monday could send more water rushing through the still breached levee.
CAPT. CURTIS RHODES, PIO, CAL FIRE: There could be more water in our backdrop, but there will also be more water throughout the county.
UNIDENTIFIED MALE: Coming down. There you go. Just keep this line.
VALERIO: The raging floodwaters leading to a dramatic aerial rescue captured above the Salinas River. California highway patrol saving a man stranded on an island after floodwaters swept him and his car into the river. The man brought to dry land unharmed.
SHERIFF TINA NIETO, MONTEREY COUNTY, CA: Folks, we are not done yet. We are dealing with rain and wind events that I can only describe as a super, super saturation event.
VALERIO: But an undeniable sense of flood fatigue creeping in even as officials issued new evacuation orders for more communities near the Salinas River and back in hard hit Pajero, community supervisor Luis Alejo told us there's a sense of vulnerability both about the future of Pajaro and its mostly migrant families.
LUIS ALEJO, COMMUNITY SUPERVISOR: This community is resilient, it's strong. When these waters received Pajaro is going to rise. This is such a great hardship on this community, but we know that we will get through this.
(END VIDEOTAPE)
WIRE: Ten-second trivia.
With an atomic number of 11, which of these elements gets its symbol from the Latin word "natrium"?
Nickel, Sodium, Sulfur or Nitrogen?
If you missed this, don't be salty. With a symbol of Na, sodium is the correct answer here.
Now, some creatures, like ocean animals, thrive in salt, but that could just be because pepper water would make them sneeze.
Anyways, the World Health Organization is calling for us humans to cut back on the salt. They want salty food consumption to be monitored not only by individuals, but they're also calling on countries to implement policies that would set limits on the amount of salt in foods being served in public places like schools.
Now, if you love French fries like me, you may just find this insulting. More now from CNN Health Reporter Jacqueline Howard.
(BEGIN VIDEOTAPE)
JACQUELINE HOWARD, CNN HEALTH REPORTER: The World Health Organization wants people to cut back on salt. And we know that eating too much salt is one of the top risk factors for heart disease, stroke, and death.
And the World Health Organization says that only nine countries have what they're calling a comprehensive package of policies to reduce sodium intake. Those countries are Brazil, Chile, Czech Republic, Lithuania, Malaysia, Mexico, Saudi Arabia, Spain, and Uruguay.
And examples of these policies are reformulating foods, so they contain less salt or setting limits on foods high in salt being served at public places like hospitals or schools. And the WHO is now calling on all countries to implement sodium reduction policies. It says doing that could save an estimated 7 million lives globally by 2030. And it's considering extending its 30% target to 2030.
And right now, Dr. Francesco Branca with the WHO says people living in high income countries consume a good amount of salt in one snack.
DR. FRANCESCO BRANCA, WHO DIR., DEPARTMENT OF NUTRITION FOR HEALTH: Just to give you an example, if you take an average bag of chips of 150 grams, only that bag of chips contains half of the salt we are supposed to consume every day.
HOWARD: And in the meantime, though, there are steps you can take personally to watch how much salt you eat. The WHO says, to cut back on salty sauces and condiments, avoid snacks that are high in salt. And when using canned or dried products, choose varieties without added salt and sugars. It's recommended to limit your salt intake to less than 5 grams per day. That's just one teaspoon.
(END VIDEOTAPE)
WIRE: And In today's story, getting a 10 out of 10 is "sawsome." Some artists use a paintbrush, some use a pencil or chisel. But Glenn Richardson uses a chainsaw, baby. Richardson has carved chainsaw portraits of people since 2016.
Now he's traveling the country in a yellow bus, making 19 stops along the way, carving people's portrait into wood, and then putting the finishing touches on. Look at that blowtorch. His goal is to hear people's stories and share them with others in hopes of bringing people together.
Can you believe it only takes him about 17 minutes to create one of these. He starts on the East Coast in May and believes he can reach the Pacific Coast by October. That's tremendous.
Now, don't get all sappy on me, but I'd carve each and every one of you out of wood if I could. But I'm not too experienced with carving. I only know a little.
Now, on to my favorite part of the day. I want to give a special shout out to. Byers Middle School in Denver, Colorado. We see you. We hope you and everyone watching around the world have a wonderful one.
I'm Coy Wire, and we are CNN 10.
END