as you know, dodd/frank -- barney frank, rather and i and others worked on the fund. >> yeah. >> the national housing trust fund. >> yes. >> and we were supposed to get those dollars from the gses as they paid off their debt. and they were realizing profits. we felt that some of that money should go into developing of low-income housing. but as it turns out, at the time the guy who headed the financial -- the fhfa decided the money should just go back into the general fund. and so we lost a great portion of that money. but it costs money. you cannot do it without resources. >> yeah. >> and so i'm committed, as i've said, to a huge bill on homelessness. 13.9, i believe billion dollars. we've got to do that. and we've got to work closely with those who are interested in developing low-income housing to ensure that they get some help from our government to do that. >> that's fantastic. i wanted to turn to another area that you raised, which is diversity. and i -- and the news of creating a new subcommittee. which is really exciting. we've done a lot of work at c.a.p. over the last sever

>> i think dodd/frank and the whole broader regulatory program which went beyond dodd/frank did serve its purpose in strengthening our financial system, yes. >> the gentlemen from missouri, mr. lookameyer is recognized orp five minutes >> we'll take you back in a minute the dow is down 38 point, the s&p is down 10, as we continue to monitor this triple header of testimonies on capitol hill. let's get an update, speaking of, from another key hearing with the u.s. trade rep, robert lighthizer, who's testifying in front of the house ways and means committee. kayla tausche has been monitoring that for us and she is on capitol hill with the latest kayla? >> reporter: morgan, this hearing is billed as an update on the u.s./china relationship, but so far the conversation has touched on china in great detail, but also the canada/u.s./mexico trade agreement which lighthizer says if that doesn't pass, it would be a catastrophe for the country, and also some of the bilateral talks going on with japan, europe, and other allies of the united states but on that china deal, since i last spoke with y

it is only through the dodd frank, regular tory cost of it is doing more to liberate some of the thingss and years under democrats animal begins. >> why would they want to merge knowing they will get big enough to be more related? seems like they would want to stay at that size and fly under the radar and it's like why even draw this. >> the margins are terrible. >> to get back to zach's points maybe there should be antitrust regulation, if you will, on the online advertising and that's a rip what you're implying. that's another area i'm not worried about. 50 years ago saying if the billboard manufactures got together and say we have to crackdown on that and there's only one or two out there and they're taking up all the highway space. there will be some technology that replaces it just like everyone was worried that netscape would dominate the browser and they were a monopoly and then back soft came along. competition takes care of these monopolies a lot quicker and more efficient than the government does. david: good stuff, gary. well, delta and coca-cola are now apologizing for an id

dodd-frank, i probably am running up against -- and my? this is an example of where i just find it ridiculous. i totally understand the purpose. i will finance. i understand finance is essential to an economy like arthur anderson all the benefits but also have a new appreciation having written this book how it's the privilege, a privilege to do this. but in dodd-frank, you hear how much red tape there is. let's just -- the legislation that congress enacted, senator dodd and representative frank in response to the meltdown, okay, they put a lot in there. they put a lot into because typically congress will not pass financial service legislation unless their study of what i call dead bodies. that crisis was so bad that they really were stepping over dead bodies so they really did a lot of things they should the much earlier like regulate the over-the-counter derivatives market. all they did in regulating those with put those on. they should dent a long time. it was ridiculous. under the banner of deregulation. you always hear alan greenspan w

it would not be the kind of thing we saw in 2008. >> so by and large dodd-frank did a lot to help us and there may be others we need to include to continue to protect ourselves. >> the broader regulatory program did serve its purpose in strengthening our financial system. yes. >> the gentleman from missouri is recognized for five minutes. >> thank you madam chair. good to see you again chairman powell. i would like to bring up one issue related to i fought to ensure difference between guidance and tool is clear. just last week i saw a letter c m senators tillis and repo. it appears the feds under the obama administration created a regime that forced banks to meet numerous requirements related to liquidity and capital without going to the rulemaking process. if this is true the fed have to second of guidance issue in release that in relation to licensing and ensure the proper rulemaking process is followed. i watch this issue closely in appreciate your attention. colleagueds to my from oklahoma mr. lucas, i wanted to add my thoughts to his regards to margin. this is an issue i watch c

it even got a mention in dodd-frank legislation. make sure to catch us each thursday.is bloomberg. ♪ ♪ carol: welcome to bloomberg businessweek. jason: we are here at bloomberg headquarters in new york. carol: this week, what rupert murdoch plans to do after they sell out to disney. jason: plans to create the world's largest home living operation the world has ever seen. carol: trouble building homes for low-income residents of new orleans.

dicrisis did not work, i r what she wants to do to change things. >> of course it did not work dodd and frankthey were in charge before, they did not see it coming then they will write something to fix, what they wrote, it hurts banks, it hurts lending ability and did nothing to mitigate the next financial crisis. david: new york experiencing a huge exodus of wealthy people, folks leave are in lower tax states, why are state democrats in new york floating another tax? wait until you hear the name? details coming up. if you have postmenopausal osteoporosis and a high risk for fracture now might not be the best time to ask yourself are my bones strong? life is full of make-or-break moments. that's why it's so important to help reduce your risk of fracture with prolia®. only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva®. serious allergic reactions, like low blood pressure; trouble breathing; throat tightness; face, lip, or tongue swelling; rash; i

reform legislation the congress passed to the dodd-frank act last congress increased the threshold from $10 billion to $100 billion banks. can you tell us why so many of us still hear from banks in that window who are larger than $10 billion smaller than $100 million are hearing from their examiners they need to undergd such stress tests? chairman powell: the 23450u law -- new law is banks between 10 and 100 do not have to -- are exempt from the defast stress test that. should be crystal clear. i think you are he referring to the guidance -- i think you're referring to the guidance which we're in the process of looking at and revising. i would think addressing that issue. >> to be clear, bank between $10 billion and $100 billion are not required to undergo dodd-frank stress test. chairman powell: correct. >> when i was in afghanistan and iraq, young soldiers used to complain about the rules of engagement. if you looked at the rules of engagement that the four commanders had issued, they were pretty flexible that had been filtered down in a different way to the frontlines. do you think i

committee in the purest form it is an open wide ranging debate between the 2010 conference committee dodd/frank reform legislation in a conference committee is nothing more than a glorified press conference like on border security. everything else is behind closed doors. >> of think of the conference committee with the house and the senate with the digital frontier drones and fencing and put it into a blender. hopefully when they mix it together to produce a singular unified bill it is called the conference report to prove that the conference committee that they take it back to their respective body and with a full house and senate approved the report that they are in sync then he can go to the president for signature if they do not form a conference committee they only have one other option to get on the same page. >> it is called ping-pong if the senate has a bill and pings it to the house than the house can either accept the legislation or make changes and pong it back to the senate. the table tennis continues until either the house or the senate agrees to what the other bounced across. fox

that's not what is intended in dodd frank would you help us with that in. >> it's probably the most successful places, regulatory innovation we intend to preserve stress testing as a key pillar especially for the very large financial institutions the idea we would give the actual models is not a good idea that would be shown given away the test we stopped way short of that but provided more transparency in our system of government a level of transparency and i think we tried to strike the right balance. >> if i could reclaim my time. i'd like to yields to the ranking member >> along the same line, the process of the test process, i agree has had a beneficial impact the complaint i've heard from those that have to submit to the stress test is they don't get any feedback it's pass or fail. everything is on a line. they hear when the public hears and they pass or don't that's all they hear what's the fed back to giving them on the measure to the chairwoman's similar question. in her view yourlesseni lesyou'e lessening the burden what's your feed back? >> my sense is there's a lot of feed bank. >>

there was a new bill that makes changes to dodd-frank and they want to know how quickly the fed is implementing that. elizabeth warren was worried about bank mergers, especially bb&t and suntrust. she thinks the fed is a rubberstamp for bank mergers and they should be more careful. jay powell said they would all of the long do everything correctly to essentially make sure that they are not a rubberstamp. a lot of questions that were relatively noncontroversial. they dealt with regulation and the economy, but nothing that really made a lot of headlines. vonnie: michael mckee, thank you for that. the fed chair is before the house tomorrow. let's take a look at how markets are reacting. they really are not, but there is a lot to still think about from this testimony. let's bring in our senior economist and founding partner at rd economics. do you agree with the fed chair that there are a lot of mixed signals from the economy? >> i think that this is probably an exaggeration of that. aviewed this hearing as missed opportunity because we have had this big shift in the fed's guidance about policy ove

but it's not -- dodd-frank. it's not enough.enting about economic inequality, elizabeth warren knew that it doesn't offer a full accounting of our country's story. medical bankruptcy, foreclosures and paychecks are part of that story, too. and the most powerful nation on earth with the most powerful economy in human history doesn't have to sacrifice people for progress. cheers and applause] mr. kennedy: and that is the these hat echoes through rafters, where workers fought not just for their livelihood, but their dignity. heart stars as well as bodies, give us bread, but give us roses. their drudging spirits knew, yes, it is bread we fight for, but give us roses, too. and ladies and gentlemen, that truth is the truth that is anchored elizabeth warren's career. i remember asking her years ago why of all things on earth, why bankruptcy? of all of the things you could have chosen, why bankruptcy? the young student might say, why the incredibly bankruptcy? and her response, because bankruptcy is about how our after they s people los

a 2010 conference committee on dodd frank.rified press conference like the one on boarder security. one open session and everything else behind closed doors. >> think of the conference committee as a congressional mixer. add in digital frontiers, agents, walls, drones, fencing and dump them into a blender. hopefully when they mix everything together, the sides have a june need bill. this combo legislation is called a conference report. once approved in the conference committee, the house and it? take the conference report back to their respective bodies for adopti adoption. if the house and senate approve it, they're in sync. the legislation is synthesized and can go to the president for signature. if the house and senate don't form a conference committee, they only have one other option to get on the same page. it's called ping-pong. let's say the senate has a bill and pings it over to the house. the house can either accepted the legislation or make changes and pong it back to the senate. the table tennis continues until eith

frank, but it's not enough -- dodd frank, but it's not enough.ore editorials lamenting about economic equality, elizabeth warren new stock prices don't allow a full accounting of our country's economic story. medical bankruptcy, foreclosures, and paychecks are part of that story too. and the most powerful nation on earth, with the most powerful economy in human history, does not have to sacrifice people for progress. [cheers and applause] rep. kennedy: that is the truth that echoes through these rafters, where workers fought not just for their livelihood, but their dignity. hearts starve as well as bodies. give us bread, but give us roses. [cheers and applause] rep. kennedy: love and beauty, their drudging spirits new, yes, it is bread that we fight for, but give us roses, too. ladies and gentlemen, that truth is the truth that has angered -- truth that has incurred -- anchored elizabeth warren's career. i wondered why of all things on , earth, why of all of the things you could have chosen, why bankruptcy? the incredibly arcane bankruptcy. and h

dodd-frank happened under biden-obama administration.s, he has, yes, he has a lot of friends on wall street like him, think he is more centrist than anybody else, he is affable guy, he is not crazy. connell: people support him see him as someone who could win. >> that too. he has friends on wall street that would raise money for him. here is the other interesting thing, bloomberg is weighing whether to run. he is the other moderate. if biden runs my guess bloomberg doesn't run. connell: i spends half a billion dollars on other things? >> i have heard, listen, our friend noelle nikpour tweeted this out yesterday, i heard it as well, that he is telling people that if he doesn't run, his checkbook will be open. we're talking sizable amounts of money. connell: we got to run. that is nothing to mike bloomberg to spend half a billion impact. he has bigger impact. >> mike bloomberg is liquid at 46 billion. liquid. that he can pull it out -- connell: cavuto money. >> cavuto money. connell: we got to run. right back on "cavuto: coast to coast." t

a lot of questions on dodd-frank and how fast the fed is moving to implement it and the chairman said it is the highest priority. if there was one thing, david, that i thought was interesting, it is that powell made the case that we do have a risk that not a lot of people are talking about, the political risk that we could see the debt ceiling, back as a sort of hostagetaking event. the debt ceiling comes back into place on friday. they can get around it until maybe late-summer or early fall. as anen we could see that issue again. he was what he had to say. he had to say. i guess we don't have that right now, but basically he said it is an unthinkable situation that we would use the debt ceiling to hold the economy hostage. we will take your word for that, mike. i talked to chuck grassley this morning and he said it would be october when they raise the debt reason, and forcible just for a simple reason, you will like the answer, we never do anything until we have to. the same time, the chairman said that the fiscal path is unsustainable. a lot of talk about debt and deficit. michael:

form a conference committee is an open wide ranging debate between the 2010 comes committee on dodd frank financial reform legislation. and a conference committee is nothing more than a glorified press conference like the one on border security. one open session and everything else behind closed doors. >> thing of the compass committee as a congressional art. you take increase from the house and senate and in digital frontiers, ages, walls, drones, fencing. and dump them into a blender. hopefully, when they mix everything together, it produces a single unified house-senate bill. this combo legislation is a conference report. once approved in the condiments committee the house and senate take the conference report back to their respective bodies for adoption. the whole full house and senate approved this and they are in sync. legislation is synthesized and can go to the president for signature. at the house and senate do not form a conference committee, the only have one other option to get on the same page. it is called ping-pong. let citizen has a bill and pains it over to the house. the

>> i think what's been interesting since dodd frank was passed is that there are these regulatory thresholds for where more regulation was going to be imposed on companies because of their size and there's a $250 billion threshold right now. i think banks will cross that 250 carefully and in this particular case, both banks were already above the 250 so they're already doing the stress test, so they have some room to come together i think if you look at it by segments, you'll see the above $250 billion banks that are already stress testing, being maybe a little bit more friendly towards adding and then there will be other banks below who would prefer not to go over the 250 with consolidation >> so tom. >> i think t goiit's going to hn up and down the whole spectrum. >> that's what i want to talk about. the story of consolidation certainly has been the fact and when you look at the mid sized regional banks, you can see absolutely the reason why because those big guys like chase and bank of america and wells fargo are coming into their markets and have to compete but i'm also very struck by th

since 2014 when dodd frank became active. and we got over the great financial crisis. >> just ended and l.a. school wasn't a good settlement in your view? >> we got it settled. and now, it is up to the state government and especially the federal government to provide more money for k-12 education. because we have very large class sizes in the l.a. school district and there is no way to change the math, you need to support education. we need to do that nationwide. >> the president devoted to paragraphs to education has it -- in his speech, are your charter schools supporter? >> charter schools work well some of the times that we have seen a need to make sure that we have the right degree of oversight and that is a matter that needs to be decided by parents and by teachers from one school to another. i think in the l.a. school system, there has been a decision to maybe take a breath before more charters are created. >> one moment where you sat on your hands during the president's state of the union and one moment when you stood

. >> but to be clear, banks between $10 billion and $100 billion are not required to undergo dodd-frank stress tests, correct? mr. powell: when i was in , youngstan and iraq soldiers used to complain about the rules of engagement. but if you look at the rules of engagement, they are pretty flexible. do you think it is possible that your guidance that you just gave filtered down to examiners on the front line in a slightly different way? mr. powell: that is something that happens, yes. again, there is this guidance that is still outstanding. some of these banks will still want to do stress testing and we will not discourage that because it is a good practice, but we will make sure there is no question that banks between $10 billion and $100 billion are not required by law to do stress tests. >> these examiners hold a lot of power in their hands when they are in one of these community banks. and when they say something that may be voluntary, that is heard by the bank in a different way. it reminds me of my old basketball coach who used to have voluntary shoot arounds. and it appeared that

he surrounded himself with gary cohn and wilbur ross and they said let's get rid of dodd/frank and whoment is it would help them but they are seeing it isn't. you can't tell someone i'm helping you and smack them in the face by allowing financial institutions to take advantage of them. it can't go on indefinitely forever. as a certain point there will be a realization. i don't know if that's 2020 or 2022 in the next midterms but people are going to wake up and say, you know what it turns out this rampant laissez-faire philosophy of financial markets and banking institutions, this didn't go my way or work out for me and people will have their minds changed by reality if not by political arguments. >> you bring up the financial crisis. donald trump is an outcome of the financial crisis. his presidency is a reflection of the distress that average americans felt in the wake of that meltdown where they lost homes. they lost their pensions. they lost their children's -- savings for their children's college. and large institutions overlooked them. both parties overlooked them to some extent.

, does anything that they have done with dodd-frank does that affect this nonbanking sector you wereporate bond market is there isn't liquidity in part because a lot of firms would maintain event of he corporate bonds can't do that anymore because they have to have you know meet entire capital ratio can't hold low quality paper this is going to bk revealed you know when everyone needs to get those illiquid bonds there is no inventory out there, and you've got to try to knock on doors to get the actual underlying securities that are being packaged up sold under illusion of liquidity in these etfs. >> a good beginning of the year for markets still selling into this. >> i am i think one point i would make on profit front, you and i were talking about how you know negative i was on outlook for profits for 2019 at the time forecast for 2019 were 13% now 5. i think they are going to continuing to lower. and part of that is that i have been looking at the gdp profits number we didn't get that in this report will get it on next revision but the government profit murders have be -- profit mea

reform legislation congress passed to the dodd frank increased the threshold for stress tests from $10 billion banks to $100 billion banks. can you tell us why so many of us still hear from banks in that window that are larger than $10 billion but smaller than 100 billion are still hearing their examiners that they need to undergo such tests? >> let me say the new law is that banks between 10 and 100 do not have to are exempt from the stress tests, that should be crystal clear. i think you are referring to the guidance which we are in the process of looking at and revising and i think addressing that issue. >> to be perfectly clear banks between $10 billion and $100 billion are not required to undergo dodd frank stress tests ? >> correct. >> when i was in afghanistan and iraq young soldiers used to complain about the rules of engagement and if you look at the rules of engagement that the commanders issued they were pretty flexible they had been filtered down in a different way to the front lines though how do you think it is possible your guidance that you just gave gets filtered down

it's not even dodd/frank, it's just they're told we don't want any more of those types of loans. it's the litigation cost if you're wrong. so a lot of banks they stay away from anything which might create a litigation cost because it's so capricious and arbitrary. i think it's probably the achilles' heel of america, too. it's ruining self responsibility and the punishment doesn't fit the crime, et cetera. local regulations. again, we should applaud entrepreneurs, applaud small businesspeople, applaud job creators and so one of the things -- we have 5,000 branches and we are going to put these big screens in all these branches to have people like general ray ordiano or great small businessperson or governor, if we can get 50 small businesspeople in every branch that's 25,000 people and to talk about what works and what doesn't work. the other thing, by the way, is we partner with a lot of people. so we're doing this great work in detroit, but we have people on the ground at a not for profit who is working with the entrepreneur about what they need to learn to get more traditional

the second term after dodd-frank, gary cohn did a 180. goldman didn't support obama against romney. but they look at these, the people, the crew that is now running the democratic party, and bringing schumer into its fold per that article, obama on steroids. this is not just semiprogressive politics. neil: sounds like behind the scenes they're kind of pushing him on, right? >> they're pushing on lloyd to go after -- neil: they can't publicly challenge. >> they're scared to death going after these guys, getting a big target on their back, hauled in front of hearings before maxine waters. you know the whole drill. are you happy? market only down 314. you look more dour now. neil: incredible. charlie gasparino, thank you very much. i want to clarify something i said a little earlier about the gaggle involving larry kudlow who had told our stuart varney not even more than a half an hour ago, that the two sides, china, united states are still far apart. then there was a separate issue, i believe, on cnbc report initially, that the president was nixing or didn't have time to meet with xi

remember you also have something else and that is with dodd-frank now, there's a lot of more banks toare choosing to keep out the quiddity and bank reserves. inc. reserves yesterday have to exceed $1 trillion. where the magical number and could be somewhere between one and $1.5 trillion weird no one knows. they're still studying it, but it's higher than it was before the global financial crisis. neil: do you think donald trump was proven right in criticizing the federal reserve for hiking too fast, too soon, tom, because the fed has changed. >> remember that john maynard keynes once said when the facts change, you change your mind. [inaudible] >> i don't really think so. monetary and economic conditions and when they swore the slowdown in the overall economy, the financial conditions tightening, when i saw the actual u.s. economy seen the equity market going down, not so much a big target, but insofar as movements in the equity market have an impact in the real economy, you can't ignore it. when they saw all those things that, they decided to take apostasy would happen. if the economy

dodd-frank added more things to the top.ivity of institutional investors in the esg, the social and environmental governance area, incessant proxy challenges, shareholder proxy votes. each of these things individually can be very good, but when you add them all up, the donkey sometimes has trouble carrying the whole load. >> you're discussing the regulatory aspects of this isn't it just easier to stay private? it's easier now in the last 15 years or so to sell private placements to qualified individuals. the law changed a while ago so you can get these qualified individual into these deals in a private way. >> that's not piece of the puzzle, that there's more money that allowed the so-called unicorns to get far bigger than would have been true 20 years ago before they have to go public for capital reasons shareholder litigation is another deterrent. you add together all the things that disincentivize people from going public there's some big incentives too if you could raise a lot of capital. >> mergers and acquisitions seem

and said yes, we pass the civil rights act and fair labor standards act and fair housing act and dodd/frankenting about economic inequality, elizabeth warren knew that stock prices don't offer a full accounting of our country's economic story. medical bankruptcies, foreclosures and paychecks are part of that story too. and the most powerful nation on earth with the most powerful economy in human history, doesn't have to sacrifice people for progress. that is the truth that echos through these rafters at everette mills. where workers fought not just for their livelihood, but their hearts starve as well as bodies. give us bread but give us roses. small art and love and beauty, their drudging spirits knew. yes, it is bread we fight for. but give us roses, too. and ladies and gentlemen, that will truth is the truth that has anchored elizabeth warren's career. i remember asking her years ago why of all things on earth, why bankruptcy? of all of the things you could have chosen. why bankruptcy? as a young student might say, why the incredibly complicated arcane bankruptcy? and her response, becau

from, pulling back regulations, he lowering taxes going after energy, by the way, pulling back on dodd-frank into this economy this is substantial turnaround. >> big issues senator good to see you thanks so much. >> thank you. >> we ensure join as you say tomorrow morning 5:00 a.m. eastern one hour early special live coverage second summit between president trump and north korean leader kim jong-un one hour earlier to bring details from hanoi, first it is a big week for retailers big names best buy tj maxx lows reporting earnings breaking down numbers after this short break millennials can now wear -- wear, avocado toast on feet snack inspired shoes coming up. ♪ ♪ to manage my money? it's racquetball time. ♪ carl, does your firm offer a satisfaction guarantee? like schwab does. guarantee? ♪ carl, can you remind me what you've invested my money in. it's complicated. are you asking enough questions about how your wealth is being managed? if not, talk to schwab. a modern approach to wealth management. maria: i'm lauren simonetti floor of new york stock exchange, where we are looking at the perf

back when this was in the news, back in '08 and '09, they were creating a one size fit all under dodd-frankdemands that we're making on the larger companies, the ones that were identified as too big to fail. yet, what it was doing was is drivenning the small companies -- driving the small companies to have to be bought by other companies just to pay compliance costs. so that drove this in a lot of ways. some of the mergers that did occur there. today what we've got is companies that are competing with one another. the demand for services by some of the larger businesses continue to grow. look, we've never had a time in which we didn't have businesses trying to buy one another. we've never had a time in which businesses weren't trying to grow and compete with others. if they think this is advantageous for them to step in and do that, they're going to try it. that's a natural progression. this is nothing that's new in that particular regard. maria: senator, we will keep watching this. investors are reacting this morning. good to see you this morning. thanks very much. >> you bet. maria: comin

that the demand for reserves is much larger than we thought and that's because of changes in the dodd/frankuidity coverage ratios and other matters and because of that the demand for reserves is higher than we thought so we're going to approach that very slowly, come down very slowly and get to the right level of reserves. >> can you give me a number? >> i'd rather not because i don't know where the chair is going to come down on this in the end. he has to fashion a consensus so let's see. >> north of 3.5%, though >> i'm not going to decide on that here but we're going to continue to talk about this and see where it comes out. >> if you want a number, project reserve demand for me. tell me where the reserve demand is -- a downward sloping curve and it hits some point where you've got -- you're satiated with reserves. that's the point we'd like to find but we want to go there slowly. >> can you help us project it yourself. >> what's that >> can you help us project yourself >> or was that a rhetorical device saying we don't know yet. >> we don't know yet. >> i can explain a bit they changed t

thing is we passed a historic bipartisan, by the way, bill to repeal the most onnerous parts of dodd-frankas a profound impact op small banks. here is what's coming. we are working on threes three. the next one -- regulation we are going to grow the economy. fix the budget process. cut redundant spending where we can and a lot of that is in mandatory. but we have to save social security, medicare because the trust funds go to zeroen in eight oh are and 12 years that's where most of the increases in the next 10 to 20 years is coming from those two social programs. and the last, is we as a conservatives have to finally start the debate about health care costs, not just the insurance. that's what the distraction of obama li obamacare was. we need to talk about the drivers of health care which is causing medicare to go up. let me say this about the tax bill. the democrats lie about the tax bill. yes, expenditures -- i mean, the debt is up. but we lowered the debt curve by $3 trillion because the economy is growing. you'll never read that in the liberal press. the next thing is i believe right