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COY WIRE: 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 Frank, though, was a real monster.
Hey, yo, dad joke to 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.
JOE BIDEN: All customers who had deposits in these banks
can rest assured--
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-- 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 have 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.
COY 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 Pajaro
during the evacuations.
MIKE VALERIO: 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.
- We really didn't expect it to happen, but here we are now.
JOSE PEREZ: They started evacuating, I think,
at 12:00 in the morning or 1:00 in the morning
and they just started-- the National Guard started
taking people out as they go.
MIKE VALERIO: Officials say an 11th atmospheric river system,
forecast for Monday, could send more
water rushing through the still breached levee.
CURTIS RHODES: There could be more water in our backdrop,
but there will also be more water throughout the county.
MIKE 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.
TINA NIETO: Folks, we are not done, yet.
We are dealing with rain and wind events
that I can only describe as a Super Soaker saturation event.
MIKE 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 Pajaro, 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: This community is resilient.
It's strong.
When these waters recede, Pajaro is going to rise.
This is such a great hardship on this community,
but we know that we will get through this.
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COY WIRE: 10 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?
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If you miss this, don't be salty, yo.
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
JACQUELINE HOWARD: 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.
FRANCESCO BRANCA: 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're supposed to consume every day.
JACQUELINE 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 1 teaspoon.
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COY WIRE: In today's story getting a 10 out of 10
is so awesome.
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 blow torch.
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 them 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 widdle.
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."
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