WEBVTT - Senator Elizabeth Warren on Iran Deal, Fed's Warsh and SpaceX IPO

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. This is Balance of

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<v Speaker 1>Power live from Washington, DC.

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<v Speaker 2>Uswetter says Iran will never have a nuglio WEP, and

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<v Speaker 2>that's where it says it won't have one Dubai to develop.

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<v Speaker 2>They will not have a nuclear WEP. And I would

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<v Speaker 2>say that's about ninety nine point nine percent of what

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<v Speaker 2>I wanted because we couldn't let that happen. You couldn't

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<v Speaker 2>let that happen. And they won't have a new glue WEP.

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<v Speaker 2>And now in addition to that, the straight is going

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<v Speaker 2>to be open toll free Tonight.

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<v Speaker 3>Details details.

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<v Speaker 4>President Trump touting his agreement with Iran on day two

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<v Speaker 4>of the g seventh Summit, but questions remain over what's

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<v Speaker 4>actually in the memorandum of understanding and.

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<v Speaker 3>What still needs to be to go.

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<v Speaker 5>It is.

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<v Speaker 3>Also let's make a deal.

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<v Speaker 4>After months of back and forth over competing housing bills,

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<v Speaker 4>congressional leaders say they have an agreement on a bicameral package.

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<v Speaker 4>We will speak with one of its sponsors, Senator Elizabeth

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<v Speaker 4>Warren coming up this hour. We'll cover it all in

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<v Speaker 4>the View from the Hill. Senators Warren as well as

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<v Speaker 4>Ron Johnson, joined Balance of Power on the IURON agreement,

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<v Speaker 4>the housing fight. Kevin Wirsh has fed and a lot

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<v Speaker 4>more from Bloomberg's Washington, DC studios to our TV and

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<v Speaker 4>radio audiences worldwide. Welcome to Balance of Power alongside Kaylee Lines,

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<v Speaker 4>I'm Joe, Matthew and Joe.

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<v Speaker 6>We begin with new developments tonight from the G seven

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<v Speaker 6>summit in France. As the US and Iran prepared to

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<v Speaker 6>formally sign an interim peacedale this Friday, the rest of

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<v Speaker 6>the world is pressing for details on what's actually in it.

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<v Speaker 6>The framework agreement has yet to be published, but a

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<v Speaker 6>near final draft seen by Bloomberg News indicates a Ron

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<v Speaker 6>is set to receive some key financial incentives, including sanctions

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<v Speaker 6>waivers to begin selling oil immediately.

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<v Speaker 7>For the very latest, Let's go.

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<v Speaker 6>Live now to Bloomberg's Tyler Kendall, who was covering the

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<v Speaker 6>summit for US from Evian France.

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<v Speaker 5>Tyler Hey, Caylee Well New tonight, as you mentioned, Bloomberg

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<v Speaker 5>News has obtained the latest draft agreement of this memorandum

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<v Speaker 5>of understanding, which appears to show that Iran will get

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<v Speaker 5>broad financial incentives, at least for now, as the US

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<v Speaker 5>does maintain that those incentives will only accrue if Iran

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<v Speaker 5>maintains its end of the deal. But importantly, there's a

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<v Speaker 5>few different threads that we've been following here, including that

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<v Speaker 5>this does include that Iran would be able to tap

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<v Speaker 5>a three hundred billion dollar development fund, which the MoU

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<v Speaker 5>says will be financed through the US as.

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<v Speaker 7>Well as regional partners.

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<v Speaker 5>As you mentioned, we have been waiting for any signal

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<v Speaker 5>when it comes to whether or not Iran will be

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<v Speaker 5>able to sell its crude to market, and this draft

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<v Speaker 5>MoU goes on to say that the US Treasury Department will,

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<v Speaker 5>in part quote issue waivers for exports of Iranian crude oil,

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<v Speaker 5>petrochemical products, and their derivatives, apparently immediately after this deal

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<v Speaker 5>is signed. Again, though it is our understanding that only

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<v Speaker 5>sustained progress when it comes to maintaining to the deal

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<v Speaker 5>will mean that those financial benefits will keep accruing.

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<v Speaker 7>We should say that our own reporting.

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<v Speaker 5>Does caution that both sides have indicated that they are

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<v Speaker 5>still in these technical discussions, which means that ultimately the

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<v Speaker 5>final draft language could change. But President Trump himself did

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<v Speaker 5>indicate and confirm that we are expecting this signing ceremony

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<v Speaker 5>to take place this Friday in Switzerland. Vice President Jade

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<v Speaker 5>Vance is expected to represent the US side, and Joe

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<v Speaker 5>and Keihley. We're expecting Aron's parliament speaker to be there

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<v Speaker 5>to sign on behalf of the of their country.

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<v Speaker 3>It would be quite a moment, Tyler. You're of course

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<v Speaker 3>surrounded by stakeholders.

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<v Speaker 4>What kind of optimism or concerns are you hearing specifically

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<v Speaker 4>from European leaders about the nuances to the extent that

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<v Speaker 4>we understand of this deal and the reopening of the Straight.

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<v Speaker 5>Well, Joe, at this point, we know that the first

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<v Speaker 5>phase of this agreement is going to be to get

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<v Speaker 5>the Strait of her Moves reopen. Yes, we're going to

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<v Speaker 5>see the sixty day extension of the ceasefire, but the

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<v Speaker 5>Strait needs to be reopened and the US will be

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<v Speaker 5>lifting its naval blockade. But there are both short and

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<v Speaker 5>long term concerns here when I'm talking to people on

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<v Speaker 5>the ground here at the G seven summit. In the

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<v Speaker 5>immediate term, we know that the US is looking for

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<v Speaker 5>allies to help ultimately deploy assets to reopen and.

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<v Speaker 7>Secure that waterway.

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<v Speaker 5>But I spoke earlier today with the spokesperson for France's

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<v Speaker 5>Foreign Ministry that said that they need to get these

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<v Speaker 5>concrete deals, details in the deal in front of them.

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<v Speaker 7>They need to see that.

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<v Speaker 5>Agreement ultimately signed in assurances that their own military assets

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<v Speaker 5>wouldn't be put at risk, considering that we know that

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<v Speaker 5>the Strait is still mined. And then of course Joe

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<v Speaker 5>and Kayley, there are concerns here that even as Iran

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<v Speaker 5>says that in this first sixty days there will not

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<v Speaker 5>be tolls, there are serious concerns that Aron is looking

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<v Speaker 5>to impose fees once those sixty days are over, but

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<v Speaker 5>they are trying to reframe them as being tied for

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<v Speaker 5>navigational or in turing services.

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<v Speaker 4>Well, fascinating, Tyler, thank you so much traveling with the

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<v Speaker 4>President Bloomberg. Tyler Kendall in Evon, France, joining us now

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<v Speaker 4>on this and a lot more. As Democratic Senator Elizabeth

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<v Speaker 4>Warren of Massachusetts's ranking member on the Senate Banking Committee,

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<v Speaker 4>of course sits as well on the Senate Armed Services Committee. Senator,

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<v Speaker 4>welcome back to Bloomberg's TV and radio. I'd like to

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<v Speaker 4>start with Ron if we can. Kaylee and I have

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<v Speaker 4>a lot of questions for you. As always, I'm just

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<v Speaker 4>wondering if you have seen any details of this agreement

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<v Speaker 4>beyond what we're already reporting in the media, And is

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<v Speaker 4>there a likelihood that the president is correct, that he

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<v Speaker 4>can in fact craft a better deal in the next

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<v Speaker 4>sixty days. In the JCPOA, you.

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<v Speaker 8>Know, the President's made a lot of promises. How many

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<v Speaker 8>times has he told us this war is over and

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<v Speaker 8>how many times have we come back again to see

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<v Speaker 8>it all fall apart. No, we have not seen the details,

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<v Speaker 8>and of course the devil is in the details. But

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<v Speaker 8>here's the part we know for sure. We know that

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<v Speaker 8>just before Donald Trump started bombing in Iran, that the

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<v Speaker 8>Straight of Horror Moods was open and nobody was collecting

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<v Speaker 8>any fees or tolls to be able to travel it.

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<v Speaker 8>We know that Iran's three hundred billion dollars that was

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<v Speaker 8>located all around the world was locked up tight and

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<v Speaker 8>Iran couldn't use it. And we know that there were

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<v Speaker 8>heavy sanctions in place on the sale of Iranian oil.

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<v Speaker 8>And we know that those things together were really putting

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<v Speaker 8>a real vice on the country and that the economy

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<v Speaker 8>was in real trouble and it was causing people to

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<v Speaker 8>push back. Donald Trump then started bombing, claiming that his

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<v Speaker 8>intention was to have regime change. Obviously that hasn't happened.

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<v Speaker 8>We don't know what's going to happen to the money

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<v Speaker 8>put all around the world, but it sounds like Iran

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<v Speaker 8>is going to come out of this with war money

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<v Speaker 8>with they claim an opportunity to get fees through the

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<v Speaker 8>strait of horror moos, which Donald Trump somehow says is

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<v Speaker 8>not the same as tolls. And so there we are.

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<v Speaker 8>America has spent literally tens of billions of dollars halfway

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<v Speaker 8>around the world. Fourteen American service members have died, uncounted

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<v Speaker 8>numbers of people in the Middle East have died, and

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<v Speaker 8>Donald Trump still can't explain how one family in America

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<v Speaker 8>is any better off well.

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<v Speaker 6>Senator President Trump did say today that while he hadn't

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<v Speaker 6>previously thought about it, he would like to see a

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<v Speaker 6>final deal go before Congress. Would you be prepared to

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<v Speaker 6>cast a vote for a deal that does bring an

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<v Speaker 6>end to this war in the Middle East that you

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<v Speaker 6>clearly thought we never should have gotten in, meshed in

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<v Speaker 6>meshed with in the first.

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<v Speaker 8>Place, that we never should have gotten involved in, and

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<v Speaker 8>that so far Republicans have voted consistently to let Donald

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<v Speaker 8>Trump continue for as long as he wants. Like anything,

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<v Speaker 8>it depends on what the details are here. Remember Congress

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<v Speaker 8>voted back in twenty fifteen for a deal to keep

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<v Speaker 8>it Run from developing a nuclear weapon, and then Donald Trump,

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<v Speaker 8>all on his own, came in and tore that apart.

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<v Speaker 8>And there's one more piece. How is it that we

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<v Speaker 8>are somehow better off after Donald Trump has spent billions

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<v Speaker 8>of dollars killed American service members, bombed a foreign country

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<v Speaker 8>or multiple foreign countries. Where where are we any better off?

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<v Speaker 8>That's what Donald Trump cannot explain to the American people.

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<v Speaker 8>But I'll tell you this, the folks I'm hearing from

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<v Speaker 8>back home. We'll tell you where we're worse off. Where

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<v Speaker 8>the price of gasoline is through the roof. I hear

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<v Speaker 8>from the farmers who say they can't afford to buy

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<v Speaker 8>the fertilizer they need. I hear from truckers who say

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<v Speaker 8>they can't afford to get out on the roads that

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<v Speaker 8>are having to pass those costs along to everything that

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<v Speaker 8>gets shipped in America. I see it in the rising

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<v Speaker 8>interest rates. Now, So I get how Donald Trump has

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<v Speaker 8>made this country a lot worse off by bombing in

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<v Speaker 8>I run, but boy, he can point of where we're

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<v Speaker 8>better off.

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<v Speaker 4>Well, you know you're hearing from Pete Hagseth as well

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<v Speaker 4>as Senator about money, and of course he's there to

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<v Speaker 4>make the case. And what was today in Congress for

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<v Speaker 4>a massive budget request for the Pentagon?

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<v Speaker 3>Senator Cornyn says the Secretary.

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<v Speaker 4>Told him the Pentagon needs three hundred and fifty billion

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<v Speaker 4>dollars immediately and then a one and a half trillion

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<v Speaker 4>dollar budget for the Pentagon on an annual level. Is

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<v Speaker 4>this money that the Pentagon needs now to replenish munitions?

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<v Speaker 3>And will they get it?

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<v Speaker 7>So?

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<v Speaker 8>Exactly? How does he describe need? The Pentagon has not

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<v Speaker 8>passed an audit. Secretary of heg Seth comes out here,

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<v Speaker 8>throws around a couple of numbers, but will not even

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<v Speaker 8>give us the receipts for how much the war in

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<v Speaker 8>Iran has cost. The numbers that they've put forward, you

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<v Speaker 8>can just look at public records until they're not right.

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<v Speaker 8>So he wants to come in here. He doesn't want

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<v Speaker 8>to give us an honest accounting.

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<v Speaker 3>He does.

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<v Speaker 8>I want to show us how he plans to spend

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<v Speaker 8>the money and what it's for, and he wants over

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<v Speaker 8>a trillion and a half dollars and more. I don't think.

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<v Speaker 7>So, Senator.

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<v Speaker 6>I'd like to ask you about another issue that is

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<v Speaker 6>now live in your chamber ahead of Jake Clayton's nomination

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<v Speaker 6>hearing tomorrow to be Director of National Intelligence. Are you

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<v Speaker 6>willing three unanimous content to expedite his confirmation process in

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<v Speaker 6>the name of getting FIZA Section seven oh two powers reauthorized.

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<v Speaker 8>So, actually, I think there's some things you need to

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<v Speaker 8>separate in that question. The question of going forward expeditiously

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<v Speaker 8>on Jake Clayton is a question about making sure that

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<v Speaker 8>mister Paulton never sets foot inside the DNS building and

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<v Speaker 8>never gets a look at all of our national security secrets.

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<v Speaker 8>And I think that is a worthy goal. Now understand this.

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<v Speaker 8>I'm not voting for Jay Clayton, and the reason I'm

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<v Speaker 8>not is I both worked with him on banking and

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<v Speaker 8>saw his views about deregulation generally and the role of government.

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<v Speaker 8>But I am particularly alarmed about what he has done

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<v Speaker 8>in terms of election denihialism and conspiracy theories. We don't

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<v Speaker 8>need somebody like that who can look into every part

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<v Speaker 8>of America's secrets best domestic and internationally. I don't know

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<v Speaker 8>what it is that now guides him. He is certainly

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<v Speaker 8>not just the Wall Street person. He now seems to

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<v Speaker 8>have a very different view when he's talking about national security.

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<v Speaker 8>And remember, he's someone who has zero experience in intelligence

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<v Speaker 8>and national security, and the statute itself requires that the

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<v Speaker 8>person in that role have that experience. So there's the

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<v Speaker 8>question about expediting so that Poulty stays out of the building.

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<v Speaker 8>There's this separate question about confirming Jake Clayton, and then

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<v Speaker 8>there's the third question about FIZA, and that one is

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<v Speaker 8>a separate one. Yet as it stands right now, I

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<v Speaker 8>do not support the bill you mentioned.

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<v Speaker 4>Kevin Worsh at the beginning of our conversation got his

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<v Speaker 4>first FED meeting as chair tomorrow. Senator, you of course

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<v Speaker 4>put a lot of weight on financial disclosures in his

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<v Speaker 4>confirmation hearing as he prepares to meet the President, looks

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<v Speaker 4>like he is widely expected to not cut rates as

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<v Speaker 4>the President has urged.

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<v Speaker 3>Did you get the information that you need?

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<v Speaker 4>Are you comfortable with Kevin Worsh as the share of

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<v Speaker 4>the FED?

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<v Speaker 8>No, I am not comfortable, and I'm not comfortable because

0:12:37.800 --> 0:12:40.360
<v Speaker 8>we have never gotten enough disclosure to know for certain

0:12:40.400 --> 0:12:43.400
<v Speaker 8>that there are not conflicts of interest. I am not

0:12:43.440 --> 0:12:46.160
<v Speaker 8>comfortable with anyone who is not straight up and honest

0:12:46.200 --> 0:12:48.360
<v Speaker 8>and transparent with the American people.

0:12:49.240 --> 0:12:51.600
<v Speaker 3>I still think he's a sock puppet. If he doesn't

0:12:51.600 --> 0:12:53.880
<v Speaker 3>cut rates tomorrow, well.

0:12:53.679 --> 0:12:57.040
<v Speaker 8>We will say, look right now, Donald Trump has actually

0:12:57.120 --> 0:13:00.360
<v Speaker 8>put Kevin Warsh in a pretty terrible box, and that

0:13:00.520 --> 0:13:06.000
<v Speaker 8>is that Trump's policies on tariffs, on energy, on healthcare,

0:13:06.280 --> 0:13:10.559
<v Speaker 8>and on wars around the world mean that prices are

0:13:10.600 --> 0:13:13.720
<v Speaker 8>shooting through the roof for American families. And as you know,

0:13:14.200 --> 0:13:16.559
<v Speaker 8>inflation is at its highest rate in about three and

0:13:16.600 --> 0:13:20.440
<v Speaker 8>a half years, and we see what's coming down the line.

0:13:20.440 --> 0:13:24.320
<v Speaker 8>Looks like prices may be going up even faster. And

0:13:24.880 --> 0:13:28.280
<v Speaker 8>that means that the place ordinarily the FED would go

0:13:28.320 --> 0:13:32.319
<v Speaker 8>with its tool is to raise interest rate, but that

0:13:32.400 --> 0:13:36.679
<v Speaker 8>increases costs for American families. And American families don't need

0:13:36.720 --> 0:13:39.120
<v Speaker 8>to pay more on their credit cards, on mortgages and

0:13:39.160 --> 0:13:43.280
<v Speaker 8>on car loans. They're already slammed against the wall trying

0:13:43.280 --> 0:13:46.960
<v Speaker 8>to pay for groceries and for health care and for housing.

0:13:47.720 --> 0:13:54.920
<v Speaker 8>So Donald Trump's policies outside the Fed monetary policy are

0:13:54.960 --> 0:13:58.720
<v Speaker 8>really creating havoc in this economy. And what the Fed

0:13:58.800 --> 0:14:00.720
<v Speaker 8>can do about it is pretty limited.

0:14:02.240 --> 0:14:04.320
<v Speaker 6>Well, Senator, you raise housing, and I know you're about

0:14:04.360 --> 0:14:07.040
<v Speaker 6>to go to the floor yourself to advance a housing

0:14:07.360 --> 0:14:09.600
<v Speaker 6>bill that now apparently has buy.

0:14:09.520 --> 0:14:10.440
<v Speaker 7>Camerale buy it.

0:14:10.520 --> 0:14:12.439
<v Speaker 6>We have seen a lot of volleying back and forth

0:14:12.480 --> 0:14:15.640
<v Speaker 6>between your Chamber and the House of Representatives. What is

0:14:15.679 --> 0:14:18.480
<v Speaker 6>it that unlocked this deal now? And when do you

0:14:18.480 --> 0:14:20.880
<v Speaker 6>expect it can be on President Trump's desk for signature.

0:14:21.680 --> 0:14:21.880
<v Speaker 3>Oh?

0:14:21.960 --> 0:14:24.000
<v Speaker 8>So, look, as you know, we are in a housing

0:14:24.120 --> 0:14:28.520
<v Speaker 8>crisis all over this country. We need more housing, and

0:14:28.680 --> 0:14:32.960
<v Speaker 8>this bill has about forty five provisions in it, each

0:14:33.160 --> 0:14:37.600
<v Speaker 8>one of which moves us toward an increase in total

0:14:37.720 --> 0:14:41.880
<v Speaker 8>housing supply. Plus, this is the first bill ever in

0:14:41.960 --> 0:14:46.680
<v Speaker 8>American history to put some constraints on private equity and

0:14:46.720 --> 0:14:49.760
<v Speaker 8>say that they can't come into your neighborhood buy up

0:14:49.840 --> 0:14:52.680
<v Speaker 8>every house on the block and try to turn America

0:14:53.080 --> 0:14:57.400
<v Speaker 8>into a nation of renters instead of owners. So it's

0:14:57.400 --> 0:15:00.960
<v Speaker 8>a pretty historic bill. We've got great buy artisan buy in,

0:15:02.560 --> 0:15:05.080
<v Speaker 8>and we've got the house in the right place on

0:15:05.160 --> 0:15:07.480
<v Speaker 8>it now too. So I think we're going to get

0:15:07.520 --> 0:15:09.680
<v Speaker 8>this done and get it over to the President's desk.

0:15:11.120 --> 0:15:14.640
<v Speaker 4>I'd like to ask you about SpaceX before you leave us, Senator,

0:15:14.680 --> 0:15:17.520
<v Speaker 4>you fought to delay the IPO, which was the biggest

0:15:17.520 --> 0:15:20.400
<v Speaker 4>in the world, and the stock continues to rise since

0:15:20.440 --> 0:15:21.000
<v Speaker 4>the debut.

0:15:21.160 --> 0:15:22.600
<v Speaker 3>I wonder if, since it.

0:15:22.640 --> 0:15:24.680
<v Speaker 4>Is obviously now part of the market, if you plan

0:15:24.800 --> 0:15:27.120
<v Speaker 4>to follow up as ranking member, will there be an

0:15:27.120 --> 0:15:30.640
<v Speaker 4>investigation and any of the exemptions that were made, specifically

0:15:30.720 --> 0:15:33.320
<v Speaker 4>the seasoning exemption at the NASDAQ?

0:15:34.080 --> 0:15:35.720
<v Speaker 3>What's next for you in this saga?

0:15:36.560 --> 0:15:39.080
<v Speaker 8>So look, let me just remind you what my concerns are.

0:15:39.080 --> 0:15:41.720
<v Speaker 8>The first one was with the IPO. It is the

0:15:41.840 --> 0:15:45.520
<v Speaker 8>job of the SEC to check the homework to make

0:15:45.560 --> 0:15:49.600
<v Speaker 8>sure that the financials make sense. And remember the financial

0:15:49.640 --> 0:15:52.120
<v Speaker 8>experts out there a lot of we're calling the numbers

0:15:52.480 --> 0:15:56.720
<v Speaker 8>that Elon must put forward nonsensical. Those were the words

0:15:56.760 --> 0:16:01.640
<v Speaker 8>from the experts. The SEC clearly did not play its

0:16:01.720 --> 0:16:05.200
<v Speaker 8>watchdog function that it is required to play. Then the

0:16:05.640 --> 0:16:10.600
<v Speaker 8>index providers turned around change their rules. And remember these

0:16:10.600 --> 0:16:14.320
<v Speaker 8>index providers, there's usually a delay from an IPO so

0:16:14.360 --> 0:16:17.800
<v Speaker 8>that a need frauth can die down and before the

0:16:17.840 --> 0:16:21.040
<v Speaker 8>index starts buying in, we know we're kind of at

0:16:21.040 --> 0:16:24.880
<v Speaker 8>the right price on this stock. The index providers haven't

0:16:24.920 --> 0:16:28.440
<v Speaker 8>done that and that means for just ordinary four oh

0:16:28.480 --> 0:16:31.800
<v Speaker 8>one k investors, people who just want a calm retirement

0:16:32.120 --> 0:16:34.600
<v Speaker 8>and just a little piece of whatever's going on in

0:16:34.640 --> 0:16:39.160
<v Speaker 8>the market, they're forced to take on AI, even if

0:16:39.240 --> 0:16:43.360
<v Speaker 8>they see to take on SpaceX, even if they see

0:16:43.400 --> 0:16:46.120
<v Speaker 8>this as a giant bubble or a lot of fraud,

0:16:46.240 --> 0:16:51.040
<v Speaker 8>or even fraud, because of the way the index providers

0:16:51.120 --> 0:16:53.320
<v Speaker 8>have done this. And then the third concern I have

0:16:54.240 --> 0:16:59.080
<v Speaker 8>is that in the IPO, Elon Musk has pulled back

0:16:59.160 --> 0:17:03.480
<v Speaker 8>on shareholder protections so that in effect he has locked

0:17:03.560 --> 0:17:08.600
<v Speaker 8>himself in as king for life in SpaceX. And my

0:17:08.720 --> 0:17:12.520
<v Speaker 8>concern on every one of these is partly about SpaceX,

0:17:12.560 --> 0:17:16.320
<v Speaker 8>but it's partly about our markets. Generally, our market is

0:17:16.400 --> 0:17:19.120
<v Speaker 8>the envy of the world, and the reason for that

0:17:19.760 --> 0:17:22.439
<v Speaker 8>is for years now, nearly a century, we've had a

0:17:22.520 --> 0:17:27.200
<v Speaker 8>tough watchdog who make sure that everybody's numbers add up.

0:17:27.280 --> 0:17:29.200
<v Speaker 8>You can make your own decision about where you think

0:17:29.240 --> 0:17:31.960
<v Speaker 8>this company is going, but that what they're telling you

0:17:32.080 --> 0:17:35.480
<v Speaker 8>is pretty straight up. And if we start to lose

0:17:35.560 --> 0:17:39.080
<v Speaker 8>that in a case like this, and lose it for

0:17:39.119 --> 0:17:44.240
<v Speaker 8>the future, then that chills investors all over the United States,

0:17:44.280 --> 0:17:47.560
<v Speaker 8>puts them at risk and makes people around the world say,

0:17:47.600 --> 0:17:50.119
<v Speaker 8>you know, that may not be the safest market to

0:17:50.160 --> 0:17:53.000
<v Speaker 8>go to. Maybe I ought a trade somewhere else where.

0:17:53.040 --> 0:17:54.479
<v Speaker 8>The watch dog is still awake.