every day to do everything that i can to keep them safe once i'm in the u.s. senate. >> congresswoman demings. good morning, it is willie geist. nice to see you. >> good morning. >> marco rubio has it a circus and made for tv event saying the focus should be on things like the price of gas. one could say you could have both of those thoughts in your head at the same time and address both of those problems. so let me ask you about the second one which is the price of gas. the price of groceries. the sticker shock people are seeing every time they go to the store in the state of florida and across the country. we have senator warnock a few minutes ago and asked him the same question, that is front and center for voters come november. what are you proposing to do about inflation. is there anything the government could do about it at this point before election day. >> well willie, it is great to see you as well. let me say this, i do understand that when people go through --

to the gas pumps to fill up their cars, look, i drive a little ford and it cost $60 to fill it up the other day. so they are concerned about the cost of gas at pumps and groceries in our stores. i'm the daughter of a maid and a janitor. i watched my parents struggle to make ends meet. the youngest of 7 children. so believe me, in my own life experiences, i knew all too well about that. but let me say this. it does not mean that we should ignore people who lie, steal, and cheat to stay in power or make money. so we're not going to do that. but we certainly need to drive down the cost. we've already reached out to the administration and talked about in terms of gas, let's tap into those reserves, let's look at price gouging to make sure that oil and gas companies are not just taking advantage of a bad situation so we have called for

an investigation into that. we're certainly hoping that that legislation will pass. but we're also looking at market manipulation. again, many times people take advantage of those in crisis. we want to make sure that we are protecting the american people. the bipartisan infrastructure deal that i thought should have gotten overwhelming support on both sides of the aisle, i'm glad it passed. we're seeing millions of dollars pour into florida to do some great things like expand capacity at our ports, let's think about it. expanding capacity at our ports means more goods there, more goods could make it to the stores which will drive down the cost. now of course this didn't happen overnight, and it is not going to resolve itself overnight. but marco rubio voted against the bipartisan bill that was good for florida because he was too busy, i guess, worrying about his presidential aspirations. my bottom line is, if it is good

for florida, i'm going to support it. if it is bad for florida, i am not. >> congresswoman val demings, thank you very much for coming on the show this morning. we appreciate it. >> thank you. and we are well into the fourth hour of "morning joe." two minutes past the top of the hour. 9:00 a.m. in the east. 6:00 a.m. out west. and we have a lot to get to this hour. in the second hearing, the house committee investigating the january 6 attack an owe the capitol traced the origins of donald trump's big lie. how the then president defied numerous advisers and instead clinged to baseless claims despite being told repeatedly that he was wrong. >> and i do think we should say one thing right here. because we have been talking a lot about bill barr and many other people. and their testimony. two things could be true at one time. we could wish they could come out earlier and said things.

but i'm awfully glad that they are testifying and they are cooperating and they're not hiding behind the fifth amendment. because we actually, we're getting this information. so that is something that can't be lost. first of all, i'm glad they were saying what they were saying back in the time that all of this was going down and not everybody was in the crazy club. and also, again, it is a good thing that they've come before the committee and testified. even under subpoena. they could have been noncooperative. but they've been cooperating. and one of the reasons we have a picture of it is because they have stepped forward and done that. so while we've been critical of course of why bill barr and some other people haven't said things in a timely manner, well, i'm really glad they're all saying it now. we need to know as a country. we need to know the truth.

and i'm glad they're telling us the truth of what happened behind the doors. because, willie, it is really -- it is really a great insight. you and i, again, we have talked repeatedly about the conspiracy theories of people we know that will throw out all of the time. that -- because of this testimony, those conspiracy theories are really cut off at their knees. especially because these are all trump people that are testifying that they're all lies. >> it is important on this big stage, we've heard all of these advisers, the attorney general and others take a scalpel to all of the conspiracy theories that have become prominent and drove a lot of people to the capitol on january 6. this is strategic, by the committee, and important to use trump's own advisers. his own attorney general, you can't dismiss bill barr as an anti-trump hack. no, you can't dismiss bill stepian as a hack, he was

campaign manager and you can't dismiss ivanka as a anti-trump hack, she's his daughter. and the voices that are being used and yes, they are delayed and they should have spoken up in realtime but this is now on the record for history and perhaps for the justice department, the january 6 house committee second public hearing included new testimony from president trump's inner circle. key witnesses describing how the former president refused to listen to the facts ignoring top aides who said he was told claims of election fraud were not true and that he had lost. instead, they painted a picture of how trump embraced false claims that that election was stolen. all of this leading up to the january 6 attack on the capitol. here is former attorney general bill barr and former acting deputy attorney general richard donahue. >> there was an avalanche of allegations of fraud that built up a number of days and it was like playing whack-a-mole, one

thing would be one day and the next day would be another issue. i told this stuff that he was shovelled out to the publics with [ bleep ] and the claims of fraud were [ bleep ] and he wassin dig nantz about that. >> and i try to put this in perspective and very clear terms to the president and i said something to the effect, sir, we've done dozens of investigations and hundreds of interviews, the major allegations are not supported by the evidence developed. there were so many allegations that when you gave him a very direct answer on one of them, he won't fight us on it, but he would move to another allegation. >> and that is the whack-a-mole. it is funny, willie and i have talked about whack-a-mole. you get -- you convince them that one conspiracy theory is wrong. then they move to the other. we're talking about people we know in our own world. donald trump was doing it to

people that had all of the data. >> that doesn't work. let's find something else. >> so they continue to -- he continued to move from one conspiracy theory to another. one lie to another. >> well, and not to get -- the one thing that is truly vexing is when you will talk to very well educated friend of yours who is a trump supporter, and you will say that is a conspiracy theory, here is why and you will show all of the evidence and then your friend will say what about this? . instead of going, wow, i've been lied to. i've given money to a lie. like, that is the part that is missing. >> and that is why this testimony is so important. that these people that have come in and testified and put it all on the record, mika. that is why it is so important. >> it really is. >> because even for people that have known me my whole life, oh, you're just in the media or if

somebody else said something, oh, they're just democrats. here, you have donald trump employees, donald trump staff -- >> family members -- >> -- donald trump inner circle and family members all saying it is a lie. there is flo getting around that. if they decide they want to live in that lie, that they want to wallow in that lie, they could do it. but they're making that active decision because the very people that surrounded donald trump that had all of the information, all said that the conspiracy to stop the steal was a huge lie. it was -- some people might call it the big lie. >> the big lie. backed up by the big ripoff. let's bring in nbc news senior capitol hill correspondent garrett haake. garrett, a little bit more about what the hearings had to tell the american people yesterday. >> reporter: hey, mika. good morning, all of that testimony you've been describing was really in service of making

a single point in this hearing. that donald trump lost the 2020 election and then his top staff and paid advisers, even his family members knew it. the chitty making the argument it was lie to the contrary that fueled the january 6 insurrection. in the second public hearing, the january 6 committee laying out its case that the former president was told repeatedly by his own advisers, his conspiracies about a stolen election were false. >> i was from a demoralize add, because i thought if he really believes this stuff, he has lost contact with -- with -- he's become detached from reality if he really believes this stuff. >> reporter: top trump campaign officials testifying after seeing the results come in, they tray tried and failed to stop the president from declaring victory on election night. >> we did win this election. >> and ballots were still being counted and it was for to early to be making any proclamation.

>> there were suggestions by i believe it was mayor giuliani to declare victory and say that we won it outright. >> reporter: and miller testifying that giuliani was intoxicated on election night. his attorney denies he was drinking at all. the unsupported theories about machines swifting votes parroted by rioters. but dividing his allies. campaign manager bill stepian who had to withdrawal from planned live testimony when his wife went into labor on one side, giuliani on the other. >> he called them my team and rudy's team. i didn't mind being characterized as being part of team normal. >> reporter: trump embracing giuliani even as 61 out of 62 were defeated and they debunked claims of fraud. >> i said, i have confidence in rudy.

>> reporter: trump releasing a 12-page statement overnight repeating his debunked election fraud claims. so where will all of this lead? overnight the committee seems to disagree over whether it would criminally refer president trump or others to the justice department or simply present all of the evidence. other way, the current attorney said that his team is watching closely. >> i'll be watching all tv and i could assure you that the january 6 prosecutors are watching all of the hearings as well. >> reporter: and guys, this debate inside of the committee about whether to do a criminal refer for donald trump is one of the few instances in which we've seen internal disagreements within the committee spill out into the open. we've got bennie thompson on one side saying that is not the committee's job. liz cheney and some other members on the other side saying it is still a live discussion, something they need to vote on. i think it is very interesting to watch how that plays over the next week or so of hearings. >> garrett, stay with us. the january 6 committee mika is also following the money. >> committee members highlighted how trump continued to raise

millions from supporters bying false election fraud claims. the panel pointed out how the trump campaign told supporters they're donations would go to helping fight legal challenges related to the 2020 election. supporters were urged to donate to trump's election defense fund. but the committee said it found no such committee or fund existed. instead, much of the quarter of a billion dollars raised went to trump's new superpac called the save america pac. launched in the days just after the election. let's bring in the member of the january 6 select committee who took the lead in yesterday's hearing, zoe lofgren of california. i want to look at all of the different questions as to where this may lead, focusing in on the money raised, the big ripoff as it was called. it sounds like there could be

serious legal implications, we're talking about trump supporters duped into sending money to support the big lie. >> well we were not making a case, a criminal case. we were simply saying that he misled his donors and they were primarily people of modest means. i think the average donation was under $20. and he fed them lies and using the money for something other than what he said including a big donation to the january 6 rally and the like. now that is not right. people contribute money because they want their voice to be heard. but when their deceived about what it is really going for, that is not the right thing. >> congresswoman, good morning, so president trump knows the lie is a lie. he knows he lost the election and yet he perpetuates the lie, sends his supporters to the capitol, many of them are either

in prison or on trial while he plays golf at mar-a-lago. and then takes their money. $250 million worth. so if there was no election defense fund, where exactly was all of that money going because i think those people have a right to know. >> well we don't know the complete answer to that. because the reporting is periodic. but for example, there was a million dollars to a group that mark meadows set up. there was a million dollars donation that hired trump white house people who were out without a job. there was a $6 million donation, i believe or maybe it was $5, to the january 6 event. you know, it was not to defend the lawsuits. the lawsuits at all. they had all been lost. i want to go back to a previous point on the criminal referral. the committee hasn't even

discussed this. people say that is a disagreement. we haven't had a discussion as a committee about this. as i'm sure joe and i were sworn into congress the first time on the same day, there is no such thing, you know, in law, as a criminal referral. but we could send information to the doj and we could send them our opinion and we may do that. but we're certainly not going to have that discussion until all of the hearings are done and we've seen the evidence compiled. there is no big fight going on in the committee. >> well you may not make a referral, but certainly you've seen more evidence than anybody in the country. do you believe crimes were committed around january 6? >> well i'll say this. judge carter in california looking at the eastman evidentiary case said it was more likely than not that fraud and crime had been committed. so that is a serious -- a serious conclusion made by a

federal district court judge. >> congresswoman, it is garrett haake. i want to ask you a follow up yes about bill barr. you only talked to him on june 2nd. he only sat for two and a half hours. late arriving evidence and not a lot of it. but you have used a ton of it in the presentation so far. how pivotal of a witness is he for committee, especially going forward? >> well, i thought his comments were important. we did interview him for about two and a half hours. liz cheney and i participated in the entire interview. like a lot of people, he didn't particularly want to come in, in person. and we really felt, looking back over the interview, that we had all of our questions asked and answered. so that we could just use that interview. we do think his testimony about telling the president that his beliefs about fraud were incorrect and that they have been investigated and proven to be untrue was very important and

it wasn't just bill barr. i thought donahue's testimony where he just went through one thing after another and testified that the president accepted the evidence and then would move on to one other -- another crazy thing. but the important thing is that even after being told and really it was proven that these crazy theories were not correct, the president would go out the next day and make the same allegations over again. so i think we could see the plot unfolding here. he was intentionally lying to his supporters and whipping them up to so-called stop the steal when in fact the real steal was then president trump trying to cling to power, despite having lost the election. >> and still lying. i mean, doing it last night with

one conspiracy theory after another. that is -- that has been so fascinating. fascinating part of it. that willie and i, and around the table, we've talked for sometime about people that we've known that cling to these conspiracy theories. you just proved one. they immediately, it is whack-a-mole and go to another and say what about this one and you disprove that one and here we have the president of the united states doing that same exact thing. so for me it is a really compelling part of the testimony. i'm curious though, we have reporters come on, we have media analysts coming away and coming asking them what the most compelling part of these two extraordinary days of testimony have been. i want to ask you, for you, what so far has been the most compelling part of this narrative? >> well, i don't that i could say just one thing. but i think the avalanche of evidence of trump world, people

he appointed, people he trusted, people who went out and investigated, they just didn't say oh, no that can't happen, they went out and they investigated, they interviewed people and they found out that what he was saying had no basis. there was no evidence. it doesn't happen. and they told him that and he continued to lie about it. i thought at the end of our hearing, when we had video of rioters on january 6th essentially repeating the president's big lie was very compelling. those individuals bought the lie that the president gave to them and responded and many of them are now in prison or in jail. they paid a big price for the president's misconduct here. >> yes, they did. congresswoman, i understand there is a bit of a change in the schedule. pertaining to tomorrow's

hearing. do you know anything about when it will be and what is going on? >> i think we're just firming up, there is no big deal. but i'll tell you that the putting together the video and exhibits is an exhausting exercise for our very small video staff. so we're trying to -- we were going to have one, two, three in one week and it is just -- it is too much to put it altogether. so we're trying to give them a little room to their -- to do their technical work. >> congresswoman, i want to finish on something i talked about ott the top of the hour. we spent a good bit of the show talking about how people were for donald trump, how dare they not say it early, and i want to underline something that i'm sure you would underline as well, that they could have chosen to fight this subpoena, they could have chosen --

>> like some have. >> -- to hide behind their fifth amendment protections and they've chosen not to. and so the only point i'm trying to make people that are viewing that might be upset that they didn't come out and say all of this, when it was unfolding, it certainly is extraordinarily important now that they have done that and they should be thanked for that because it's helping us give us extraordinary insight into what happened. >> yes. well some were subpoenaed as you know, mr. stepian, of course his wife went into labor and he went up to be with her as we agreed he should. some came if voluntarily, it was a mix. but there is really very few individuals who simply refuse to come in and talk to us. those people should be ashamed of themselves. they have an obligation to come in but the vast majority did come in and talk to us, including the president's own

daughter and son-in-law and the like. so, we're learning things and in the days to come we will be releasing additional evidence through these hearings. >> january 6th committee member congresswoman zoe lofgren. and garrett haake, thank you as well. and coming up, it is primary day. steve kornacki will be at the big board to break down the cre races for us. >> do you notice the rage bubbling up underneath. >> i could tell. if you really look at him. >> he gets so mad. >> i think actually his derby pick won the belmont. >> i took a picture with him for my daughter and he just walked away. >> what are you talking about? >> he just walked away. >> this is not true. >> i was shaking. >> we love it. >> so steve kornacki will give us a live report from south

carolina where donald trump is hoping to knock out two incumbent congressional republicans in the latest test of his power. >> we're also keeping an eye on the markets after yesterday's meltdown saw the s&p close in a bear market and crypto-free falls at $200 billion has been wiped off the cryptocurrency market since saturday. >> all of that ahead when "morning joe" returns.

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live picture at 6:28 in the morning in los angeles. it is 9:28 here on the east coast. and we're watching several key prime races in nevada, maine, north dakota and south carolina. where president trump is hoping to oust two more incumbent republicans in congress, he

viewed as insufferly loyal. tom rice and nancy mates both have primary challengers because of former president trump. unclear still this morning whether they will win re-election. joining us now from a polling site in mt. pleasant, south carolina, nbc news correspondent vaughn hillyard. good morning. what are you expecting to see out there today? >> reporter: willie, this is the latest stop on donald trump's revenge tour and you're dealing with nancy mace and tom rice. tom rice voted to impeach donald trump after the january 6 insurrection. nancy mace, she voted to certify the 2020 election and she didn't vote to impeach, but she was quite vocal in the weeks after the capitol hill attack and she called for his censuring and suggested that congress should prevent him from being allowed to run for public office in the future. she even went on "meet the press" 11 days after the capitol hill insurrection and she said that she wanted to be a new voice for the republican party. and that it needs to rebuild

itself and that it needed to have a reconciliation process after in her words donald trump put the members of congress in harm's way on january 6. that is when both of these republicans became targets of donald trump here. and that is when he backed primary challengers against them. now, this is where they're two paths tom rice and nancy mace diverge. this spring donald trump came here to south carolina to campaign for the two primary opponents. and while tom rice was actually meeting up with us, and doing an interview, talking about donald trump and in his words being the most spiteful words he's ever met, someone focused on loyalty, nancy mace took a different tact. either avoiding talking about donald trump, or actually back in february there was a video that she posted online where she was in new york city outside of trump power praising his tenure as president and that is why when we were up here on the campaign trail with them here ahead of the polls opening, i asked them both about their tact

toward the former president. take a listen to their two different approaches now. >> you have held the line on donald trump since we last talked. not advantageous to you likely politically. why? >> oh, i think it is at van tajous to me politically. i think i'm just telling the truth. the truth will set you free. >> that means something to you? >> and i think that donald trump is not the future of the republican party. i think he was a consequential president and we accomplished things that lifted all people up while he was president. but i think he's the past and we need to move on. >> do you think trump should be a leader in this republican party going forward. >> he's welcome to lead whoever he wants in our party. we have a big party. i want to see folks from all walks of life because the only way we could get the majority in november is if we all come together and win it. >> reporter: so this is the question that we're going to be talking about tomorrow. can tom rice semly run the type

of campaign liz cheney is running in her august primary where he's trying to convince voters that he's a conservative who has well represented the district and able to hold donald trump to account or is nancy mace able to prevail by stepping back from her critiques of the former president and running as a conservative in one individual who is not taking up the fight that she claimed that she would be taking in those days after the insurrection. willie. >> tom rice making no apology for that vote to impeach. we'll see how it turns out tonight in south carolina. vaughn hillyard in mt. pleasant, thank you so much. let's bring in political correspondent steve kornacki at the big board on another primary day. okay, steve, so how is it looking for these candidates in south carolina? >> yeah, so the prospects might be a little different, according to some of the limited polling we've seen. just to give you a sense of where the lay of the land is here. the first district, charleston, that is what nancy mace is trying to defend and here is tom

rice, myrtle beach and take a closer look here, mace being challenged by katie airington. there is a third name appearing on the ballot. there had been a third candidate who has dropped out. who has endorsed airington but her name will remain on the ballot. if this were a razor thin margin between mace and airington, that could be important because south carolina is a runoff state. if you can't get to 50%, the top two advance to a runoff two weeks from now. and as vaughn tells you in his record, she does have support from big named trump allies in south carolina. nikki haley for instance has endorsed nancy mace. some other big names have as well. so we'll see how mace does in the first district against arrington. airington had been endorsed by 2018. mark sanders ran afoul of trump when he was president and trumpen zorsed airington and

airington beat stanford and then lost in the general election to a democrat. then mace beat that democrat in 2020. now she's trying to get re-elected. in the 7th district, this one rouf comes into play because you have a number of candidates. you have tom rice, most of the focus of the opposition to rice is sort of concentrated around russell fry, he's running from trump's endorsement. but again others, if nobody could clear 50%, rear looking at a runoff two week from now. so the district in south carolina, the two biggest stories. polls close at 7:00 p.m. we could get a fairly early sense. and one other race to keep an eye on tonight, this is key for november. this is the republican senate primary in nevada. nevada, the democrat catherine cortez masto one of the most potentially vulnerable democrats in the country in this 50/50 senate. adam waxal is running with the

endorsement of donald trump. his opponent sam brown has gained some momentum. it would seem in the late days of the primary. so we'll watching this race closely tonight as well. the winner of this will face catherine cortez masto in the fall and be one of the most closely watched senate races in the country. >> so, steve, i know you'll remember this reference to an indiana district called the bloody eight, because there were so many hard fought congressional battles every two years. we may start to be calling south carolina one. the bloody first. because these primary challenges, i mean, your right, there is a rich history there. first of all, mark sanford, after leaving the governorship, winning that district, then losing it, losing it in a primary and then again democrats taking it, democrats losing it. now the person that knocked out the democrats trump is

targeting. what is it about this district that has been the scene of so much fierce republican in fighting? >> yeah, i love the old bloody eighth reference. let's hope this one doesn't get as complicated as that race. that went all the way to a house committee hearing and it took six months to get the winner. that one seated back in 1985. but what makes the first district of south carolina so competitive, it is the most politically competitive district in south carolina. it is the one where democrats could look at, there is a heavily democratic district that jim clyburn represents that republicans don't have a chance in. south carolina is the closest thing there is to a tossup district in the state. it leans republican, but as joe cunningham showed in 2018 under the right circumstances it could be winnable for a democrat. that is because you have charleston, you have some liberal, some very conservative areas here. more typical of the rest of the state. but you've got some liberal

areas. certainly in and around charleston to balance it out so it becomes more politically competitive and that is the one of the arguments that mace is making to republicans in this campaign. she's say, hey, i can win this district in 2020 when i beat joe cunningham and jody airington lost to joe cunningham. so there is a general election electability argument that plays out there primaries that you don't see in the rest of the state. and you get from airington, 2022 is a very different year than 2018 was, the trump midterm versus the biden midterm. but on paper you have more of a mix of democrats and republicans, move of an even mix than you do elsewhere if the state. >> steve kornacki, thank you very much. really appreciate it. now to the markets. they just opened and things are not good on wall street. the s&p officially enters the bear market territory.

and the crypto industry just had one of its worst days ever. plus the fed is getting ready to make a major move. cnbc's dom chu is here to make sense of all. >> and the headlines all bad. "new york times" this morning, business, a shutter runs through wall street. the "wall street journal," markets dive. the fed, eyes bigger eyes. what is it looking like today? >> so, the reason why this discussion is important is because it is kind of like where the rubber meets the road for all of the things that you have been talking about for last few hours here put together. the political scene in america is very much arguably focused on what is happening with the biden economy, the inflationary picture, the possibility of a recession. all of those things factoring in to what the fed is going to do with the economy. and it is levers that it could pull with controlling the money supply in the economy and interest rates. so all of that together has led

to this kind of near to long-term down trend in the markets. remember, we were at record highs just in the beginning of this year. we have fallen from those levels. not in a panic fashion. but still the markets are trying to revalue what it is likely going to be in the economy for the united states in the coming months and years if the federal reserve is going to continue to have to battle inflation and raise interest rates. right now there has been a huge change in just the last 48 hours with regard to the expectations. to mika, to your point, if you look at headlines, it was just about 48 to 72 hours ago that consensus was that the federal reserve would hike interest rates by a half a percentage point but now in wall street, there is now a 90% chance that we could see a three quarters of a percent hike by the fed as soon as tomorrow. all of those things are creating some uncertainty about whether or not the economy in the u.s.

as strong as it is or is perceived to be could actually with stand that kind of pumping or even not i wouldn't say slamming of the brakes, but it is more than just a tap at that point. if you're talking about 50, 75, or possibly 100 basis points which some traders are jockeying for right now. in that scenario, it starts to play out. and you mentioned the cryptocurrency side of things. it is not just this risk aversion is happening with stock and bond markets right now. cryptocurrencies have tumbled because of that -- and by the way, just this morning, in the last hour or so, we got some other headlines not good on the economic/job front or the cryptocurrency/risk front. that is coin base. the biggest u.s. based exchange operator for cryptocurrencies. they issued a statement, the ceo brian armstrong saying they will layoff, cut a good amount of their work force. 18% of them. now they employee around 5,000

people full time. so you're talking about roughly 1100 jobs that are going to be cut at coinbase. and in the statement, ceo brian armstrong said that he expects that we could be going into a recession. so, if you couple that conversation, joe and mickey and willie, with the chatter that we've heard in the last couple of weeks from jp morgan chase ceo jamie dimon who said we're headed for a economic hurricane, and elon musk saying that he has a super bad feeling about the economy. the rhetoric is now ramping up for this recessionary tale and that is what got people spooked out there. >> and that crypto sell-off is deepening this morning. it was bad this yesterday and it is getting worse today. joe and i have been talking about crypto this morning and for a long time and just not as hard as we've tried and as many experts as we've talked to, not seeing what it is grounded in and rooted in over time. are we seeing that come to fruition, it was a big speculative tool for people that had money to throw around but

will cost a lot of regular investors a lot of money? >> so here is the thing. in the early stages, if it is a transformative, perceived to be one in nature, there are those so to speak true believers and those people who want to kind of get in on the action. right now the fallen cryptocurrency prices is hurting a lot of people who have gotten in in the latest stages, over the last six, nine, maybe 12 months or so. there are still those folks out there who fully believe in this kind of decentralized way of financing our monetary system going forward. they are going to stay with this program. but it is right now the selling pressure has been in those people who cannot stomach the kinds of losses or volatility that we've seen. and if you do continue to see this kind of selling pressure, it is just going to shake more people out of there. which is going to in part less confidence on those people at the fringes of cryptocurrency. now, again, there are those out

there that believe this is the future of finance. the future of business. this idea that you could put things on a computerized ledger for people to kind of verify and see and verify chains of custody, if that is the case, they don't know exactly what it is worth. but right now it is all of those people who have pumped is prices in the last year or so on this. who are now trying to get out of it right now. so that is the huge variable. whether or not folks like you and i, who are not doing this for a living but understand a little bit of what it is about. if we get shaken out, then it could be a lot more selling pressure to come. but right now a lot of experts believe this is one that kind of needs to find some sustainability or could get very bad. >> cnbc's dom chu, thank you for that insight. and up next on "morning joe," the quote inebriated trump adviser who urged the former president to declare victory prematurely on election night. we'll play for you that moment from yesterday's hearing and

bring in someone who has reported on donald trump for years. msnbc katy tur will join us on the other side of the break. f t.

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believe it was mayor rudy giuliani to declare victory. >> was there anybody in that conversation that had had too much to drink? >> rudy giuliani. the mayor was definitely intoxicated but i do not know that his level of intoxication when he spoke with the president for example. >> i could probably guess that that level of intoxication was. but okay, we won't guess. part of the deposition from senior adviser jason miller played yesterday in the january 6 hearing. in a statement to nbc news, an attorney for rudy giuliani denies the former new york city mayor was intoxicated on election night. writing, quote, rudy suggests that you talk to other people who were there. joining us now, msnbc anchor and correspondent katy tur. she's out today with a new

memoir entitled "rough draft." i love the title and we'll get to that in just a moment. i can't wait to hear about that, katy. but you're covering the january 6 hearing committees and given that you've covered trump to extensively if you are noticing any patterns. what are your takeaways? >> yes. i have noticed some patterns have you have. this is the way he has acted in the way that he has attacked headlines he doesn't like. news he doesn't like since the very beginning. he'll deny it is happening and look for an alternate source of information and then use that. i was struck so much about not just how the hearings had been laid out so far, i think they've been extremely compelling and i think it is incredible to see trump's advisers, his allies on tape under oath telling the truth, saying that they knew the election wasn't stolen, there was no fraud and they told the president over and over and over again, over and over and over

again and over and over and over again and he just didn't want to hear it. that he actively looked for other information. i think what bill barr said under only was very interesting. there was never an indication of interest in what the actual facts were. so so instead of listening to his advisers and his attorney general or his deputy acting attorney general who was going out and chasing down all of the conspiracies that he was being fed, the whack-a-mole as joe was saying. instead he listens to the guy who was allegedly, according to those under oath, drunk on election night. when zoe lofgren tied that back to the grift, to the $250 million raised off those emails, and you get those emails as i do, blanketing your inbox every day telling you you're special and donald trump wants to know why you haven't signed up, why you're not on the team, why you haven't given money.

come have a dinner with us, we're raffling it off, et cetera. using that money to not fight the election fraud as they were claiming it was, but instead to pay off campaign debtor to pay off those in their orbit, to give speeches. i think that was really interesting. the kicker, mika and joe and willie was i got a text from a donald trump campaign adviser from 2016, an ally, and they said that this was a campaign ad for ron desantis. and i wonder if that's what the inner orbit of donald trump might be worried about, not so much joe biden, but what does this do to bolster ron desantis who is like trump but without all this baggage. >> if there's one thing that will get donald trump's attention is that people like someone else and he might steal his thunder in '24. this dovetails the story we're covering with your book about covering the trump campaign

famously, as you were known, little katy to the former president of the united states. >> i am little. >> big in more important ways. we were talking about bill barr coming out as attorney general and before the true facts and true summary of the mueller report came out, of his intercepting the narrative and creating one that wasn't exactly what was inside. >> in the book it's a memoir, how i grew up with my parents in the journalism business and what they did that led us to how we cover the news today. i think what we saw with the bill barr episode when he came out and summarized the mueller report is we saw an instance of misinformation getting a running start ahead of the truth. that has been the story for so much of the way we've had to cover washington now for so many years. misinformation gets out there, repeated over and over again. there are lots of people out there who never really get a chance to hear the truth. by the time the truth gets to

them, they've already been so convinced by the lies and the misdirection that the truth never had a chance. and what happened when we covered the barr summary -- you guys remember this. we did it in realtime. barr said i'm going to give you a summary of the mueller report. we were a little boat in the middle of the ocean in the pitch black. you never knew what was going to jump out and bite you, where you were going. whatever he gave us was all we had. we had no time to fact-check it or get the context because we didn't have the full report. that is a symptom of the media world that we live anywhere we're covering everything live, live, live, now, now, now. i know we'd like to go back to a time where we could take a breath and not cover it, and that would be wonderful. if we didn't cover it, we'd have other outlets who don't like us saying we refused to tell the truth and we didn't like it because donald trump looks good in this. it feels as if in the moment

we're in, we're in a circular firing squad where the truth is the loser. >> mika, also, about the mueller report, it was a fascinating insight. also, i think a lot of us, even though we understood donald trump lied and people around him lied. you would think bill barr would be smart enough to not put out a summary that was as deliberately misleading as it was. >> it was incredible. >> it was. >> katy, i want to ask you -- >> i was going to mention, look at what he said under oath, and this was -- we're reminded of this. he said he was detached from reality, doing a disservice to the public. reresign and wrote glowingly about the president. he wasn't telling the public at the time. >> it's very confounding, to say the least, very hard to understand. let's talk about your book,

"rough draft." i love it. it's an incredibly personal story. you really go there. you share your journey with your parents as a couple in the news business and also as individuals. i'm curious what it was like for you, the process, the emotional process of the joys, the challenges, the changes, the surprises, putting that all to paper, what was that like for you? >> i don't know about you guys. but the pandemic felt very isolating. going down into my basement and doing my broadcast every day alone and not having the contact with you and with our teams here at nbc news, my show staff, got my head spinning. and i started to wonder what i was doing with my life and where i was going and whether journalism was what i wanted -- a journalist is what i wanted to be. in this forced self-reflection,

my mom sent over a hard drive the size of a microwave. it has the news footage my parents shot, o.j., the demings beatings. every pursuit you saw in l.a. in the 80s and 90s. it was a whole history that i had been frankly, running away from. while it was adventurous religious and fun and wild, unlike anything else people were experiencing, it was also filled with rage and scary moments. my dad when i was growing up would get very angry, and at the time -- my dad has transitioned and he's a she now. this is in the past. he would punch walls, throw batteries at my mother, be emotionally volatile with the whole family. sometimes he got physical with my brother and i. it was hard. i had been running away from it. i realized in order to figure

out where i was going, that i needed to go back, down into the crevasse as alec baldwin would say in 30 rock. this was the process of that. at times it was joy rouse and fun and nostalgic and funny. other times it got very hard. but, you know, it's the truth. >> i'm so interested, katy. i think we all re-evaluated, looked at our lives and what was important to us. what was it about your job and your career that give you some second thoughts? >> the world we're living anywhere nobody can agree on a set of facts. there's large division in this society. it can sometimes feel like am i -- is anybody listening? am i getting through to anybody? how do you convince somebody they're being lied to? how do you convince somebody of the truth when they don't want to hear the truth? i worry that this position was starting to feel futile, and i wanted to figure out if it

really was. i talk about going to a trump rally in macon, georgia, and speaking to people there and why they don't have any trust for a journalist in my position at this network. i talk about the barr summary. i talk about the straight line between what my parents did covering those police pursuits into what can feel like reality show tv and some of the media coverage that's out there now. the reflection of it ultimately led me to thinking that we can make a difference. there are people out there who do want to hear the truth. there's a large swath of the public who wants to know what's going on. they're out there. we just have to find a way to speak to them. >> got to keep up and keep doing it every morning. >> katy tur, congratulations on the book. say hi to tony. >> thank you. that does it for us this morning. we'll see you back here tomorrow

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good morning. 10:00 a.m., 7:00 a.m. pacific. i'm jose diaz-balart with breaking news this morning. the january 6th committee has abruptly postponed tomorrow's scheduled hearing. what we know ahead. next hour, president biden will deliver remarks on the economy as gas prices and rising costs put pressure on american families. we're learning new