Return to Transcripts main page

CNN Newsroom

In Light Of Banking Concerns, Fed Will Decide On Interest Rates; Biden To Designate Area Sacred To Tribes As National Monument; Interview With Fort Mojave Indian Tribe Chairman Timothy Williams; Interview With Rep. Susie Lee (D-NV); New Warning About Widespread Threat Of Xylazine; Declassifying Information About COVID-19 Signed by President Biden; U.S. And Japan Will Face Off At World Baseball Classic Championship. Aired 10:30-11a ET

Aired March 21, 2023 - 10:30:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

(COMMERCIAL BREAK)

[10:30:00]

ERICA HILL, CNN ANCHOR AND NATIONAL CORRESPONDENT: Today begins a two- day meeting for the Fed, they will be deciding, of course, once again, whether to raise interest rates. And if so, by how much? This latest decision though comes on the heels of a bit of a rocky week, the shuttered banks, emergency rescue plans to stabilize the banking sector globally.

Well, just moments ago, Treasury Secretary Janet Yellen, sought to emphasize to American bankers that the U.S. government is ready to intervene again if smaller uninsured banks experience depositor runs, like what upended Silicon Valley Bank.

Are the markets responding this morning? Well, it's been about the same all-day look. They're slightly up since trading opened just about an hour ago. It's up about a percent, a little bit less right now.

JOHN BERMAN, CNN ANCHOR: Yes, we'll take it.

HILL: We'll take it.

BERMAN: We'll take it, about 0.7 percent.

HILL: We'll take a little bit green.

BERMAN: All right. CNN Global Economic Analyst and associate editor of "Financial Times" Rana Foroohar joins us now. A lot to discuss. The Fed, Jerome Powell, they have a key decision to make about interest rates. CNN's reporting is there is a sense there's no right answer.

RANA FOROOHAR, CNN GLOBAL ECONOMIC ANALYST AND GLOBAL BUSINESS COLUMNIST AND ASSOCIATE EDITOR OF FINANCIAL TIMES: There is no right answer, I mean, there's only, sort of, math answers here. You know, let's think about it. If they hold and say, gosh, we've just had a mini banking crisis. We don't know where this is going to go, maybe we'll pull back on rates. Then they're going to be perceived as being not tough on inflation.

No, in touch with the real economy. Kind of kowtowing the Wall Street. That's the last thing that the Biden administration wants to be seen as doing.

On the other hand, if they do hike, and it's a strong hike, then, you know, we may start to see more dominoes fall. And that's where we are. I mean, we are really at a pendulum shift. You know, I have been doing this for 30 years, this is the biggest economic pendulum shift, the shift to higher rates that I've seen, you know, in -- since I have been reporting, honestly.

HILL: As unpopular as this question is, how much of that needs to happen at this point?

FOROOHAR: Oh, all of it. I mean -- you know, I feel like I've been banging this drum for 10 years, and it is finally my time. I'm going to bang it again. I think that we've had a period of low rates that has just last -- and easy money frankly, that's lasted for too long. We all like it sometimes, right? I mean, it makes it easier to buy things when rates are low. I'm not saying that that's not the case. It buoys (ph) stocks that makes us feel richer. But it also is kind of a blanket that covers risk, right?

And risk is like water, it eventually finds its way out and that tends to happened when rates go up and they're going to have to. Now, we can do it slowly, and I think the Fed has done a pretty good job of that. You know, you could argue that they got a little bit behind inflation, but I think they've been pretty slow and steady.

And, you know, one of the things I wonder about with the Silicon Valley Bank story is we have had a message that rates were going to be going up for some time. I mean, why didn't the management of that bank get that message? And who else is playing this game of shorter-term profitmaking and, you know, ignoring longer-term risks?

BERMAN: Part of the reason they may not have believed it is because it just hasn't happened in a generation or generations.

FOROOHAR: Exactly.

BERMAN: So, Rana, explain what that means for those of us who are still too young to know what it was like to have higher interest rates.

FOROOHAR: Yes.

BERMAN: What will do that do to people?

FOROOHAR: Well, I dimly remember my parents for the double-digit mortgage rate, you know. And you're right, it's -- there an entire generation of market participants, folks like us that we don't know what it's like to have expensive money.

[10:35:00] Now, there's an upside to that too which is that when money gets a little more expensive, savers get more. So, you know, we've been in an era where, gosh, keeping cash on the balance sheet, which I tend to do because I'm very paranoid, you know, that seems like a bad idea. I mean, my -- you know, my friends, my husband are always like, you should invest that. And I'm like, I want to keep a little cash on the balance sheet. That's going to get easier now.

And so, you know, folks that tend to have a more conservative approach may be rewarded a bit more. But, boy, it's going to be a tough shift and it's going to be taking years, because you know, when you grow up in a period that has one economic paradigm, be a the Great Depression or our grandparents that were using a one tea bag 15 times or, you know, or boomers that are willing to, you know, upsize to a house, even after they're in retirement. That takes a long time to change.

HILL: Yes, it is changing that whole way of thinking. Rana, always good to see you.

FOROOHAR: So good to see you, guys.

HILL: Really appreciate it.

BERMAN: Thanks, Rana.

HILL: Thank you.

FOROOHAR: Yes.

HILL: Well, in just a few hours from now, President Biden is to designate a massive area of land in this country that's sacred to native American tribes. They'll be a national monument later today. We're going to speak the chair of the tribal counsel and a congresswoman who's worked to make this happen.

(COMMERCIAL BREAK)

[10:40:00]

HILL: It is land sacred to the Fort Mojave Indian tribe and with more than 10 others. Today, President Biden will designate Avi Kwa Ame as a national monument. If you haven't heard of it, this is one of the largest tracks of land that will come under national protection during Biden Presidency. The move itself protects more than half a million acres in the Nevada desert.

Joining me now, Nevada Congresswoman Susie Lee and us Chairman, Timothy Williams of the Fort Mojave Indian Tribe. It's good to have both of you with us. You know, Chairman, as I mentioned, the Fort Mojave, one of a dozen tribes that consider this sacred land. This is part of your creation story. It's where your ancestors came from, and this is something that you have fought for, for decades now. There's been an effort to recognize this land. What does it mean to you to see this finally happen today?

TIMOTHY WILLIAMS, CHAIRMAN, FORT MOJAVE INDIAN TRIBE: Yes. Oh, what a day. What a day for all of us in Fort Mojave. All of our members, our council, our elders, and everybody. But it's definitely knowing and understanding the place where our creation began and just protecting. And the place where our song cycles begin is protected. And the place where so many native nations across the south holds sacred is going to be protected now and into the future is something special.

HILL: It all comes to as part of President Biden's plan to protect 30 percent of Americas lands and waters by the years 2030. These are conservation efforts there to protect wildlife, to limit mining or drilling on public lands. It's not necessarily tied to recognizing the importance of indigenous lands, or native lands. Are you hopeful that that is a central focus today at this announcement?

WILLIAMS: Oh, absolutely. And the proof is in the work. You know, for us to be out there, the smaller tribe in a rural area, you know, to have this designation not only for ourselves but to for the other tribe, it just speaks volumes to the administration, in the amount of work that the president and his entire team has done and having the representatives like Congresswoman Lee who has been out there with us, with our tribe, with our members. Song and dance was with her out there.

And you know, you have the senators out there, Masto Cortez and Rosen. Our Congresswoman Lee, of course, and Congresswoman Titus out there. So, the entire team coming together, I'm definitely hopeful that in the future, our native American lands can be protected.

HILL: Congresswoman Lee, look, as the president is making this designation using the Antiquities Act with people who've -- probably heard of in passing. It's certainly been used by past presidents to both increase and, in some cases, to shrink protected lands. Do you have any concerns that his move could be undone by future administration?

REP. SUSIE LEE (D-NV): Listen, this designation, first of all, is so important to Nevada and to our economy. And it has been the result of decades of work by tribe -- our tribal leaders, as well as outdoorsmen, our conservationists in Nevada. So, I believe that this is a designation that has been years in the making. It is the right thing to do.

It's going to create one of the largest contiguous monuments in the country. Protect one of the world's largest stands of Joshua trees. But most importantly, it's going to protect incredible spiritual recreation and ecological assets in our country. So, I think this is an important day. We're going to continue -- Nevada has shown -- Southern Nevada has shown that we want this designation and I believe it will stand.

HILL: Chairman, what does it mean to -- and we have talked about the personal significance understandably. But what does it mean, and help people understand how to land will be used or perhaps not used because of the designation?

LEE: Well, yes. First of all --

WILLIAMS: One of the large --

LEE: Oh, sorry.

HILL: Go ahead, Chairman Williams.

WILLIAMS: OK. One of the largest part is the co-stewardship portion of this. And so, where specifically for the tribe to work with the BLM and others in order to make sure that we know and understand one another and we can provide as much guidance as we possibly can.

[10:45:00]

Not everybody out there knows and understands the land. So having the opportunity to out there, and to educate them in different ways is going to be good to protect our lands out there.

HILL: So that partnership with the Bureau of Land Management. When we look at federal lands, setting aside this in a more permanent way, Congresswoman, would require Congress to get involved. Do you think there is support in Congress, specifically in this area to recognize the importance of these lands whether it's through a preservationist land, whether it's through recognizing the importance of maintain indigenous lands, that they stay with these tribes because this is sacred land? Do you see that appetite in Congress?

LEE: Listen, this is important lands for 12 Yuman speaking tribes. This president has made commitment to recognize indigenous people in our country to make sure we are protecting those lands. I believe that we will continue to work to do that here in Congress. And not the mention the economic value of this designation, I mean, everyone thinks of Nevada and Las Vegas as gaming and tourism which certainly is the lifeblood of our economy. But our outdoor recreation is just as important.

And so, when you look at close $50 billion in Nevada was spent on outdoor recreation, supporting 50,000 jobs, this is not just good for the sacred recognition for our tribal nations but this is also good for the economy of Southern Nevada as well.

HILL: Congresswoman Lee, Chairman Williams, I really appreciate you both joining us this morning. It is a big day. Appreciate it. Thanks.

LEE: Thank you, Erica.

WILLIAMS: Thank you.

BERMAN: It is making the deadliest drug threat our country has ever faced, even deadlier. The new warning about the widespread threat of fentanyl mixed with a veterinary tranquilizer.

(COMMERCIAL BREAK)

[10:50:00]

BERMAN: New this morning, the U.S. Drug Enforcement Administration has issued an urgent public health alert about the widespread threat of a dangerous drug called Xylazine or nicknamed Tranq.

HILL: The drug is a veterinary tranquilizer. It's not approved for human use but a growing number of people are actually mixing it with fentanyl and it's being found in more drug overdose. CNN's Elizabeth Cohen joining us now with more on this. So, this isn't an opioid. It has horrible side-effects, as we've been learning a lot more about. What does this warning do?

ELIZABETH COHEN, CNN SENIOR MEDICAL CORRESPONDENT: Erica, this drug is really terrible news, and it's mixed with other drugs that are also terrible news. This drug on its own can cause deadly heart problems, deadly blood pressure issues. Let's take a look again at what it is because it is, sort of, a newcomer on the scene. So, xylazine is a sedative approved for veterinary uses. It's used on large animals. It can be mixed or it is being mixed fentanyl, heroine, fake prescription pills, you know, kind of you name it at this point. And there is no antidote.

You know, we've heard about Naloxone, Narcan that can be and used in case of an opioid overused dose. It doesn't work on this because as you pointed out, this is not opioid. It can also cause horrible sores, large skin ulcers which are really, really disturbing to see. Now, my colleague here in CNN, Elle Reeve, she has done incredible work of this and she interviewed two people who have used xylazine. Let's take a listen.

(BEGIN VIDEO CLIP)

NICK, XYLAZINE USER: They removed seven pounds of flesh and a liter and a half of pus. It's been open for 21 months. That's how hard it was -- it won't let your body heal.

ELLE, XYLAZINE USER: It's killing us, slow but sure it's killing us. Some of us better than others but it's eventually going to kill you if you keep going. And I see it every day, death. Everyday. Right There next to you.

(END VIDEO CLIP)

COHEN: Now, it is not known exactly why xylazine causes these terrible skin ulcers. One theory is that it seems to constrict blood vessels and that's what's causing the sores. John, Erica.

HILL: Wow. It is really something.

BERMAN: It's awful.

HILL: Elizabeth, appreciate it. Thank you.

BERMAN: And it is Tranq apparently, not Tranq. I didn't know but it sounds terrible.

HILL: Well, new this morning, President Biden signing into a legislation which declassifies intelligence on the origins of the coronavirus. The bill which were sponsored by Republicans passed unanimously ion both chamber, gives the director of National Intelligence 90 days to release the information, which includes potential links to the Wuhan Institute of Virology. In a statement, President Biden said this will, "Help ensure we can better prevent future pandemics". And that he shares Congress' goal of releasing as much information as possible about where the virus came from.

BERMAN: All right. The stage is set, Japan with a huge comeback to make it in the finals of the world baseball classic. We have a preview of their coming face-off with Team USA tonight.

(COMMERCIAL BREAK)

[10:55:00]

HILL: The stage is officially set for the night of baseball in March that make it feel a little bit more like October. Tonight, in Miami, Team USA taking on Team Japan in the World Baseball Classic Championship.

BERMAN: Yes, Japan fell behind last night over and over to finally in this incredible moment --

(BEGIN VIDEO CLIP)

(END VIDEO CLIP)

BERMAN: -- hit a walk-off in game against Mexico 6-5. You don't need have to speak Japanese to translate this call.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: (Speaking in a foreign language).

UNIDENTIFIED MALE: (Speaking in a foreign language).

(END VIDEO CLIP)

BERMAN: That really is just awesome.

HILL: Oh, so great.

BERMAN: So, Team USA hopes to claim its second title in a row. The last one -- the classic, the last championship six years ago. Japan won the first two. I have split loyalties because -- I mean, I'm American but the Red Sox --

HILL: You don't say.

BERMAN: I'm American. The Red Sox have a player on Team (INAUDIBLE) Masataka Yoshida who actually hit the key home run in the seventh inning for Japan last night.

HILL: And we know how you feel about the Red Sox.

BERMAN: Yes, I actually think it may go Red Sox America if I'm ranking it. HILL: OK. All right. Well, you know what, I think I actually know a fair amount of people in the Boston area who would probably side (ph) for that.

BERMAN: It is Red Sox nation after all.

HILL: It is the Red Sox nation.

BERMAN: It is its own nation.

HILL: There's a -- not to be confused with the love for the Patriots that you have.

BERMAN: Totally different.

[11:00:00]