WEBVTT - Former Bridgewater CEO and PA Senate candidate (R) David McCormick Talks Crypto

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<v Speaker 1>I want to welcome in now. Our audience is across

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<v Speaker 1>our Bloomberg television, radio, and YouTube platforms as one of

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<v Speaker 1>finance's most notable names is running for a US Senate seat.

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<v Speaker 1>That is, combat veteran and former Bridgewater CEO Dave McCormick

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<v Speaker 1>is a Republican Senate candidate in Pennsylvania and joins me

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<v Speaker 1>with Bloomberg's Joe Matthew and Dave. There are a number

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<v Speaker 1>of things we want to get to with you, but

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<v Speaker 1>we were reconnected after you wrote an op ed entitled

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<v Speaker 1>America Must Lead on crypto currency, and you know, it

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<v Speaker 1>was somewhat interesting to see the former CEO of the

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<v Speaker 1>world's largest head fund take a pro crypto view given

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<v Speaker 1>how reticent the financial industry has been an adopting crypto.

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<v Speaker 1>Why is this a platform that's important to you?

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<v Speaker 2>Well, thanks for having me. Nice to see both of you.

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<v Speaker 2>You know, the reason that I advocated this is I

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<v Speaker 2>think it's good economic policy, but it's also good national

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<v Speaker 2>security policy. And I've obviously been following a crypto for

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<v Speaker 2>a while now and the developments around blockchain, and I

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<v Speaker 2>always thought it had appeal as around the principles of

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<v Speaker 2>individual freedom and privacy. Data security and data privacy is

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<v Speaker 2>something that is incredibly important and increasingly so. But I

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<v Speaker 2>was always worried about the national security implications. And I

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<v Speaker 2>think what's become clear is that we are in the

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<v Speaker 2>next great wave of innovation with crypto and blockchain, and

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<v Speaker 2>if America doesn't embrace it, we're going to be left behind.

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<v Speaker 2>And by embracing it, we can create great jobs, a

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<v Speaker 2>great source of innovation. I've lived through a number of

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<v Speaker 2>waves of innovation, whether it was the PC and the Internet,

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<v Speaker 2>or whether it's some of the new developments around AI.

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<v Speaker 2>This is one such wave that we need to embrace.

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<v Speaker 2>And the national security implications of this are clear, which

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<v Speaker 2>is that blockchain has very limited and crypto very limited

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<v Speaker 2>ELLSTED activity something like zero point three four five percent

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<v Speaker 2>of the transactions. But it gives a roadmap for national

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<v Speaker 2>security officials and prosecutors to zero in on the listed activity.

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<v Speaker 2>So the national security and legal experts I talked to

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<v Speaker 2>think that it offers a real source of eliminating, not

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<v Speaker 2>increasing a listed activity. And so for all those reasons

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<v Speaker 2>and important to Pennsylvania, a job creation engine for Pennsylvania,

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<v Speaker 2>I've embraced this and encouraged lawmakers to lay out a

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<v Speaker 2>regulatory framework that will allow innovation to continue.

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<v Speaker 3>Well, it's interesting, Dave. Welcome, it's Joe Matthew in Washington

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<v Speaker 3>and great to see you as we consider this. You

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<v Speaker 3>point out in your op ed that this is also

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<v Speaker 3>a matter of staying competitive with, if not beating, China

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<v Speaker 3>when it comes to crypto and I wonder if we

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<v Speaker 3>could get to the matter of China right off the top,

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<v Speaker 3>because we have a lot of questions for you on

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<v Speaker 3>the economy, on taxes and tariffs. Your opponent in your

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<v Speaker 3>Senate race, Bob Casey, has pointed out repeatedly the role

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<v Speaker 3>that you had at Bridgewater and directing investments toward companies

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<v Speaker 3>based in China. Can you tell our listeners and viewers

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<v Speaker 3>the extent to which you were personally involved and the

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<v Speaker 3>effort behind those investments, how you see them now?

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<v Speaker 2>Sure? Well, I've been very involved with China for more

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<v Speaker 2>than twenty years as a policymaker in the Bush administration.

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<v Speaker 2>I was one of the folks that was very involved

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<v Speaker 2>in making sure that China didn't either steal or get

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<v Speaker 2>access to some of our key technologies. And the global

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<v Speaker 2>economy has evolved in is China's evolved, it's become more

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<v Speaker 2>and more of a national security threat, particularly with the

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<v Speaker 2>rise of President Sheep, who has a very very aggressive

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<v Speaker 2>view of China's role in the world visa the United States.

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<v Speaker 2>With regard to Bridgewater, Bridgewater is a global investment firm.

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<v Speaker 2>We serve global clients. While I was there and still

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<v Speaker 2>and in Bridgewater's portfolio, there was something like two percent

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<v Speaker 2>of its allocation that wasted to China, and that was

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<v Speaker 2>mostly in portfolio types of investments. And so this is

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<v Speaker 2>one of the challenges as we think about national security

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<v Speaker 2>going forward. One of the things I've advocated is we

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<v Speaker 2>need to make sure that investors are not investing of

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<v Speaker 2>any kind, are not investing in companies that support the

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<v Speaker 2>Chinese military, support the PLA, support the Communist Party, and

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<v Speaker 2>the government should take a much more active role. And

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<v Speaker 2>I've said this in testimony and so forth, to identify

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<v Speaker 2>which companies we do not want American investors or American

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<v Speaker 2>companies to invest in. And that's one of the things

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<v Speaker 2>I'd be advocating as a senator, as well as decoupling

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<v Speaker 2>in key industries that are going to be absolutely critical

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<v Speaker 2>to America's economic and national security. Going forward. So that's

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<v Speaker 2>the vision that I've laid out, and I think what's

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<v Speaker 2>going to be required, and I honestly think I've experienced

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<v Speaker 2>with China, both as a national security official but also

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<v Speaker 2>as a global CEO is going to help me be

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<v Speaker 2>much more sophisticated in how we deal with the Chinese

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<v Speaker 2>because I actually know what I'm.

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<v Speaker 1>Talking about, Dave. To that end, I want to get

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<v Speaker 1>your view here on the talent tariff policies put forth

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<v Speaker 1>during Donald Trump and his pet presidential run. There are

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<v Speaker 1>a lot of mainstream economists, including Larry Summers, concerned about

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<v Speaker 1>the inflationary impact that such policies could have. Do you

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<v Speaker 1>share those concerns?

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<v Speaker 2>Well, Listen, I was someone who has been generally skeptical

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<v Speaker 2>of tariffs, but when President Trump came into office, I

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<v Speaker 2>thought that selective use of tariffs to ensure a fair

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<v Speaker 2>playing field, ensure reciprocity, ensure negotiating leverage made sense, and

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<v Speaker 2>so I supported the tariffs that President Trump put in

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<v Speaker 2>place under the last administration. And I do think that

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<v Speaker 2>there's the risk of inflationary impact, and frankly, I think

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<v Speaker 2>there's two dimensions of Biden. President Biden's policies which are

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<v Speaker 2>relevant to this one is the enormous spending is the

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<v Speaker 2>primary driver of inflation. That and the policies that are

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<v Speaker 2>directed on reducing oil and gas consumption, those are the

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<v Speaker 2>primary drivers of inflation, and economists like Larry Summers have

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<v Speaker 2>said as much. The second problem with those policies of

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<v Speaker 2>the Biden administration, particularly as it relates to evs and

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<v Speaker 2>solar panels and so forth, the policies that have been

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<v Speaker 2>in place have made us ironically highly dependent on China,

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<v Speaker 2>because seventy percent of the lithium batteries and eighty percent

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<v Speaker 2>of the solar panels are manufactured in China, so in

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<v Speaker 2>one fell swoon. In my opinion, the Biden administration's economic

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<v Speaker 2>agenda has driven up inflation and made us more dependent

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<v Speaker 2>on our primary adversary. And that's why as I've run

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<v Speaker 2>for the Senate, I've advocated set of policies that take

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<v Speaker 2>us in the opposite direction.

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<v Speaker 3>Let's put a finer point on this day of the

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<v Speaker 3>idea of tariffs here against China. Will put aside for

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<v Speaker 3>a second, because Donald Trump is also proposing and across

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<v Speaker 3>the board, a global ten percent tariff that he says

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<v Speaker 3>would help to pay for tax cuts if he's reelected.

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<v Speaker 3>This has been a big DEBATEUS. I'm sure you well

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<v Speaker 3>known Washington over the past week or so, and it's

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<v Speaker 3>about to get a lot louder. Making permanent the twenty

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<v Speaker 3>seventeen tax cuts that are set to expire next year.

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<v Speaker 3>We saw a new analysis from the Committee for a

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<v Speaker 3>Responsible Federal Budget says that would cost in excess of

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<v Speaker 3>four trillion dollars, that it could add that much to

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<v Speaker 3>our deficit. So if it's not tariffs that offset the

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<v Speaker 3>cost here, how do you pay for it?

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<v Speaker 2>Well, first of all, you you got to pay for

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<v Speaker 2>it with a growing economy that's generating tax proceeds. The

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<v Speaker 2>best way to do this. And in the Bush, or

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<v Speaker 2>rather the Trump tax cuts, if President Biden's reelected and

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<v Speaker 2>those tax cuts are allowed to expire, that's going to

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<v Speaker 2>hurt all Americans. So if you look at someone who's

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<v Speaker 2>making seventy thousand dollars a year, the impact on them

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<v Speaker 2>is something like two thousand dollars of tax reduction benefit

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<v Speaker 2>that they lose.

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<v Speaker 3>And this is the impact of inflation is pretty great

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<v Speaker 3>on a household as well. Right, how do you find

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<v Speaker 3>four point six million dollars? I think is the number

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<v Speaker 3>that they put down your to pay for that without

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<v Speaker 3>stoking inflation even further.

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<v Speaker 2>The well, the inflation has already been stoked by six

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<v Speaker 2>trillion dollars of incremental spending under President Biden.

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<v Speaker 3>Here, so you'd add another four.

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<v Speaker 2>No, no, no. The a primary driver of the inflation

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<v Speaker 2>we had has been the spending policies of Biden and

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<v Speaker 2>Republicans and Democrats have been spending too much. I'm not

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<v Speaker 2>saying this is solely Democrats, but what's happened under Biden

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<v Speaker 2>is six trillion dollars of spending. And if you think

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<v Speaker 2>about the types of spending, you can talk about one

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<v Speaker 2>hundred and seventy billion dollars of loan forgiveness, which is absolutely,

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<v Speaker 2>in my opinion, un American and unfair. Or you can

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<v Speaker 2>talk about tax cuts that are going to benefit all

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<v Speaker 2>Americans and all Pennsylvanians, and absolutely inflation is the most

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<v Speaker 2>regressive tax at all. So we've got to get inflation

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<v Speaker 2>under control. But the drivers of inflation are bad energy policy.

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<v Speaker 2>They've driven up the prices of fuel, and too much spending.

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<v Speaker 2>And so I would say reversing certainly some of those

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<v Speaker 2>Biden spending bills and rolling back the war on natural

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<v Speaker 2>gas and fossil fuels is the key to getting our

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<v Speaker 2>economy back in check, and I wouldn't, particularly now, when

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<v Speaker 2>so many families are burdened by this inflation, I wouldn't

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<v Speaker 2>burden them further by rolling back the tax cuts at

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<v Speaker 2>President trump place.

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<v Speaker 1>Speaking of burdens on families, you know, when you think

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<v Speaker 1>about the deficit issue largely in the US, doesn't mean

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<v Speaker 1>that you've also ruled out the idea of more spending

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<v Speaker 1>or slow and spending rather on Medicare and Social Security

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<v Speaker 1>to be part of the solution in closing that gap.

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<v Speaker 2>Well, I think the primary thing we need to do

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<v Speaker 2>now is roll back some of the spending that President

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<v Speaker 2>Biden has put in place. Again, I keep pointing to

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<v Speaker 2>it because it's such an obvious one. Is the one

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<v Speaker 2>hundred and sixty eight billion dollars of most recent a

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<v Speaker 2>student loan forgiveness. I mean, look at that. It's extraorin

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<v Speaker 2>that's the size of the Army's budget. That kind of

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<v Speaker 2>spending doesn't make sense to most Americans. So we got

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<v Speaker 2>to roll back that spending. We've got to attack a

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<v Speaker 2>number of sources of discretionary spending. And certainly when you

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<v Speaker 2>look down the road. There's questions around entitlements, but the

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<v Speaker 2>basic premise that you have to start with is we

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<v Speaker 2>have to live up to the obligations that we promise people.

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<v Speaker 2>So it's you know, it's a balancing act for sure,

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<v Speaker 2>but a pro growth economic agenda that deregulates that allows

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<v Speaker 2>businesses to grow is going to be the primary driver

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<v Speaker 2>of driving tax receipts. We've got to drive back or

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<v Speaker 2>pull back on spending. I certainly agree with that, but

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<v Speaker 2>the starting point has to be the war on oil

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<v Speaker 2>and gas, which has hindered as dramatically, and some of

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<v Speaker 2>the Biden priorities, which I honestly think are indefensive. One

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<v Speaker 2>the most notable one is the student loan forgiveness.

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<v Speaker 3>Well, we should note I realized that you're speaking in

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<v Speaker 3>some cases you're about the moratorium on new LNG permits,

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<v Speaker 3>but the United States is pumping more oil than it

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<v Speaker 3>has ever in history right now, Dave, I want to

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<v Speaker 3>ask you about your policy or your proposals speak if

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<v Speaker 3>you're elected on Israel? Can I just I'd like to

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<v Speaker 3>get to Israel if we can here, to try to

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<v Speaker 3>get to as many topics as we can, Dave, there

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<v Speaker 3>are a lot of questions about whether we're going to

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<v Speaker 3>see a cease fire at any point soon. And I

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<v Speaker 3>wonder if you think that Israel should declare war on Hesbelah,

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<v Speaker 3>if that is in fact the mission here for Israel

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<v Speaker 3>to combat the influence of Iran proxies. Iranian proxies that

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<v Speaker 3>have brought so much terror to Israel and a very

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<v Speaker 3>difficult quagmire that we find ourselves in now.

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<v Speaker 2>My wife and I went to Israel right after Christmas

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<v Speaker 2>and saw firsthand the horrible barbarism that happened on October seventh,

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<v Speaker 2>and are fully supportive of Israel doing what it must

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<v Speaker 2>do to eradicate Hamas and destroy that threat. I'm not

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<v Speaker 2>going to comment on what Israel should do in terms

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<v Speaker 2>of dealing with Hesbel. I much more confidence in their

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<v Speaker 2>ability to decide what's best for Israel as a democracy.

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<v Speaker 2>What I will say is that they are absolutely being

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<v Speaker 2>attacked from all sides by these proxy that are underwritten

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<v Speaker 2>by Iran and the original sin. The thing that put

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<v Speaker 2>us in this position was President Obama's deal in twenty

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<v Speaker 2>fifteen to give back one hundred million dollars of sanctioned money,

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<v Speaker 2>and the deciding vote on that was Bob Casey, and

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<v Speaker 2>that my opponent in the Senate race, and that money

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<v Speaker 2>is being used to underwrite terrorist groups. The hootis has

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<v Speaker 2>Blaslami Ji Hutt and of course Hamas, and we're gonna

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<v Speaker 2>have to deal with That's gonna deal with that. And

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<v Speaker 2>a final point, this is not just a war against Israel.

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<v Speaker 2>This is very much directed at the West, and sadly,

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<v Speaker 2>it's raising the risk for Americans around the world and

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<v Speaker 2>in the Middle East.

0:12:28.559 --> 0:12:33.040
<v Speaker 3>Yeah, let me guys ask you this from another angle though, Davis.

0:12:33.080 --> 0:12:35.640
<v Speaker 3>We wait for a possible cease fire, and you look

0:12:35.679 --> 0:12:38.360
<v Speaker 3>at the destruction that has been wrought in Gaza, more

0:12:38.360 --> 0:12:43.120
<v Speaker 3>than thirty thousand civilians killed according to the Gaza Health Ministry.

0:12:43.160 --> 0:12:45.520
<v Speaker 3>At what point is the response disproportionate?

0:12:46.880 --> 0:12:49.840
<v Speaker 2>Yeah, well, listen, I obviously watched the same clips you do.

0:12:50.240 --> 0:12:54.680
<v Speaker 2>When you see human suffering and innocent people injured or killed,

0:12:54.720 --> 0:12:59.360
<v Speaker 2>it's heartbreaking. You know. The source of this pain is

0:12:59.400 --> 0:13:03.199
<v Speaker 2>Hamas that has integrated itself into the civilian population. Their

0:13:03.240 --> 0:13:08.160
<v Speaker 2>explicit strategy is to increase civilian casualties. And Israel certainly

0:13:08.160 --> 0:13:11.920
<v Speaker 2>has every right to eradicate the risks that destroyed the

0:13:12.000 --> 0:13:15.360
<v Speaker 2>lives of twelve hundred Israelis, and you know, hopefully we're

0:13:15.360 --> 0:13:17.160
<v Speaker 2>going to be able to find resolution on that soon.

0:13:17.200 --> 0:13:21.200
<v Speaker 2>I think it's very difficult to imagine Israel letting a

0:13:21.240 --> 0:13:27.560
<v Speaker 2>military capability continue with Hamas, and so I'll leave it

0:13:27.600 --> 0:13:30.400
<v Speaker 2>to them to figure out the best timing and path

0:13:30.480 --> 0:13:34.320
<v Speaker 2>for that. But obviously I was very gratified to see

0:13:34.360 --> 0:13:36.600
<v Speaker 2>all the efforts that are being put in place to

0:13:36.840 --> 0:13:40.600
<v Speaker 2>allow humanitarian corridors to allow as much humanitarian support as

0:13:40.640 --> 0:13:45.080
<v Speaker 2>possible into Gaza. And it's absolutely heartbreaking to see not

0:13:45.120 --> 0:13:47.480
<v Speaker 2>only what happened on October seventh, but to see innocence

0:13:48.280 --> 0:13:51.960
<v Speaker 2>killed in Gaza. But make no mistake, the root of this,

0:13:52.080 --> 0:13:54.080
<v Speaker 2>the root caused, the source of this evil, and the

0:13:54.440 --> 0:13:56.560
<v Speaker 2>culpable party is Hamas.

0:13:57.640 --> 0:13:59.360
<v Speaker 1>Dave. Before we let you go here, I do want

0:13:59.400 --> 0:14:02.880
<v Speaker 1>to get your on the US election this cycle here,

0:14:03.080 --> 0:14:05.560
<v Speaker 1>especially because you and yourself are also on the campaign

0:14:05.600 --> 0:14:10.120
<v Speaker 1>trail and going around the country looking for fresh donors,

0:14:10.120 --> 0:14:13.960
<v Speaker 1>new fundraising. What is it about Donald Trump that Wall

0:14:14.000 --> 0:14:16.959
<v Speaker 1>Street finds attractive at this point because we know that

0:14:17.040 --> 0:14:20.520
<v Speaker 1>even those who have shied away after January sixth, some

0:14:20.560 --> 0:14:23.240
<v Speaker 1>of them have come back in the fundraising circuit. What

0:14:23.360 --> 0:14:24.600
<v Speaker 1>is it that they're latching onto.

0:14:26.000 --> 0:14:29.200
<v Speaker 2>Well, I think the primary thing is that the country's

0:14:29.240 --> 0:14:33.680
<v Speaker 2>just going in a really bad direction, and most Americans

0:14:33.760 --> 0:14:36.440
<v Speaker 2>see it. So the economy I talked about, there's certainly

0:14:36.520 --> 0:14:41.240
<v Speaker 2>positive economic factors, but for sixty percent of Americans, they're

0:14:41.280 --> 0:14:45.560
<v Speaker 2>living paycheck to paycheck and compounded inflation is really driven

0:14:45.920 --> 0:14:48.280
<v Speaker 2>and higher prices have really made it much harder for

0:14:48.320 --> 0:14:50.320
<v Speaker 2>them to make ends meet. You see it with the

0:14:50.360 --> 0:14:53.360
<v Speaker 2>border crisis, ten million illegal migrants coming into the country,

0:14:53.400 --> 0:14:56.120
<v Speaker 2>a huge national security risk, a huge fannel risk. You

0:14:56.160 --> 0:14:58.240
<v Speaker 2>see this in the which we just talked about, the

0:14:58.240 --> 0:15:00.240
<v Speaker 2>war on oil and gas, which is a particular a

0:15:00.280 --> 0:15:06.080
<v Speaker 2>big deal for Pennsylvania and many states across our great countries.

0:15:06.160 --> 0:15:09.680
<v Speaker 2>So I think the policies of President Biden are taking

0:15:09.720 --> 0:15:12.640
<v Speaker 2>us in a terrible direction. And I think that people

0:15:12.680 --> 0:15:14.880
<v Speaker 2>compare the policies of President Trump with the policies of

0:15:14.920 --> 0:15:17.480
<v Speaker 2>President Biden and say, you know what, we were better

0:15:17.560 --> 0:15:21.480
<v Speaker 2>off and our future was much brighter under the leadership

0:15:21.520 --> 0:15:24.680
<v Speaker 2>of President Trump. I think that's what's happening. That's certainly

0:15:24.720 --> 0:15:28.680
<v Speaker 2>what's happening on the ground in Pennsylvania. And I'm running

0:15:28.680 --> 0:15:32.440
<v Speaker 2>as someone who's an independent voice is someone who will

0:15:32.480 --> 0:15:36.240
<v Speaker 2>fight for the fight for the interest of Pennsylvanian someone

0:15:36.240 --> 0:15:39.720
<v Speaker 2>who's led in the military, led in created jobs in Pennsylvania,

0:15:40.320 --> 0:15:43.480
<v Speaker 2>led companies, and someone who can get in the Senate

0:15:43.520 --> 0:15:45.440
<v Speaker 2>and make a real difference and be a real advocate

0:15:45.880 --> 0:15:47.600
<v Speaker 2>for policies that help Pennsylvanians.

0:15:48.280 --> 0:15:51.280
<v Speaker 1>We have to leave it there. Dave McCormick, Republican candidate

0:15:51.480 --> 0:15:54.960
<v Speaker 1>for Senate in Pennsylvania. We thank you for your time

0:15:55.000 --> 0:15:55.280
<v Speaker 1>today