scott:'s -- david: steve mnuchin didn't think either candidate address it.elect someone, you want to know what they are going to do and if this is such a pressing problem, we would all want to be able to talk about it rather than someone taking over. paul ryan thinks that the next president face a debt crisis. that would be a shock. katie: not sure if we will get that level of substance in any of the public debate, but we will see. great conversation with scott bessent. who else is coming up? david: tomorrow, paul, investment anchor is sort -- extraordinaire, coming up on wall street week. katie: a lot to look forward to. next to david westin. this is bloomberg. ♪ i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one. katie: time now for social

in the usa are putting together bids to buy the app, including former trump treasury secretary steve mnuchin as billionaire frank mccourt, founder of project liberty, aiming to reshape internet ownership. i spoke to him about his bid to buy tiktok. frank, we know tiktok is incredibly popular, more than 170 million users in the u.s. it is obvious why someone would want to buy it, but what would you plan to do if you were to buy tiktok? >> the user base is fantastic. we want to see tiktok continue, however, we think it is the architecture that tiktok currently uses, which is one that scrapes our data and aggregates it and then applies algorithms to feed us things and manipulate us. in the case of tiktok, there are these 170 million americans, our data is being shipped over to china, which is also a national security threat. our idea is to keep it alive but move the user base over to a new version of the internet where each user has control of their identity, control of their data. they get all the benefits of the current tiktok without the damaging architecture. sumi: let's talk about that arc

coming up on "squawk on the street," we will hear from former secretary steve mnuchin on last call, theytline with the ceo of guggenheim and media mogul byron allen. >>> the rsa conference kicked off in san francisco it is the largest security conference in the world and focused on protecting data and artificial intelligence workloads in the cloud secretary of state antony blinken delivered the keynote speech last night. >> the state department is unveiling the u.s. inter nation al digital strategy. >> at the conference this year, one hot topic was the opportunity related to a.i. in the cyberspace and topic for the companies in attendance with 15% of the workloads in the cloud. work loads from regulated industries like healthcare and financials is the most sought after and profitable the percent of companies which put some of the data in the cloud has risen double digits since the pandemic i spoke with the ceo of okta and he says moving data from legacy to servers can bring old vulnerabilities. >> you know, as they move to the cloud, are you saying the same vulnerabilities move with them

assets -- steve mnuchin, and eric schmitt, one of the google founders, top of mind.ave you spoken to them and proposed, for example, that you get together and bring your intellectual capital in one bid? frank: no, i have not. i went to distinguish our bid from what i believe there bid -- their bids to be about. we don't need to saudi money. we are not talking about the same architecture where we replace chinese ownership with another ownership and have thus continued to have a centralized autocratic, surveillance-based technologies where users' data is scraped and so forth. our version is not a top-down approach. over version is in power the users, empower people and make this a people's bid. make this something where individuals have agency and choice and power returned to them. the harms we are seeing with the internet, and this isn't limited to tiktok, right, our own platforms are built with the same model of scraping data and exploiting it. isn't it time we have a better model? i see this opportunity is a fantastic opportunity to take proven technology and scale

by the man sam altman calls his secret weapon at open ai as well as former treasury secretary steve mnuchin. that will be over the next couple hours carl >> all right let's begin with disney, guys. lower in the premarket got the raised guidance. narrowly overall streaming losses to about $18 million. disney plus and hulu with a surprise profit. box office sales did see a decline in the period, jim as julia just pointed out, although parks and experiences up ten, some moderation, and post covid travel. >> when you go over the arpu, the average revenue per user for streaming, it's quite good india -- the amount of money they were making on the indian sub is quite different would i go into this train wreck and buy it here? it's not a train wreck frankly, i didn't expect any park to be as strong we do have to worry comcast, the parent company of this network did have good parks. suffice it to say, this is an overreaction the stock is down from 1.21. there's a belief that magic is not back that seems wrong to me i would take the other side of the trade after the sellers try to make themselves ri

we heard from former treasury secretary steve mnuchin as a potential buyer. frank mccourt, the former owner of the los angeles dodgers, could he put the money together to try to buy this app and even if he does, if someone buys this app questions about whether or not tiktok would remain the same, they would have to sell the algorithm to keep it in its current form. china won't allow the sale of algorithm. they say for national security concerns on their side. very interesting dynamics there. >> thank you. >>> time for today's money minute. a very merry announcement from netflix. >>> cheaper version of life-saving drug is coming to walmart shelves. >>> mortgage demand was unmoved last week even as mortgage rates dropped to their lowest level since april. applications inched up a half of a per cent. now the average mortgage rate is still sitting around 7%. leaving buyers struggling to afford the housing market. >>> netflix will stream its first live nfl games on christmas day the label will host a doubleheader on the holiday, giving the netflix a hold on the mo

two-year negotiation, two years plus, i was on the trade, china trade team with bob lighthizer, steve mnuchin the agricultural farm commodities that was originally planned out. they have not bought the manufacturing or chemical commodities and products that was laid out. they have not stopped the stealing of intellectual property. they still are forcing technology transfers. you know they still own 51% of any american company that does business in china. these are all issues that were put on the table in trump's phase one deal and the bidens aren't talking about any of that stuff, as i said. they're putting small tariffs, $18 billion is nothing. we have a 300 billion plus trade deficit with china and they're not raying -- raising the questions and one last one, senator grassley, china as you undoubtedly know, china is buying oil from iran which breaks sanctions. they are buying oil from russia, and sir, in so doing, importing oil, they are financing two wars against the united states and the bidens never say a word about that. >> you're absolutely right. it goes back to the trump administrati

but steve mnuchin called them all the time, jared called them all the time and when covid hit they wereand figure out what company you own and how we can help. trump had his doors open for guys saying i want to play ball because i want to do business with you forever and biden doesn't say that to him. but his actual policies are good for them. >> what does blackstone want? lower interest rates. what does donald trump keep saying? he is going to lower interest rates. >> and guess what, the president can't control where interest rates are. that's a fact. >> he said he wants to take over the fed. he is a would-be autocrat. he wants to take over the economy. look at all the bankruptcies in his business life the last 50 years. >> bankrupt over six times. as we are watching in his trial, he never pays any of his bills in full. always great to see you. >>> when we return, this guy just came from a liberty game. when we talk about was supporting the wnba, this fella. when trump was in the courtroom, president biden was on the campaign trail. we will go into his new strategy when the 11th hour r

and, i mean, i'm sure you've run into steve mnuchin over at milken, too, by the way, on the network ahort time ago, who has an interest in the future of this company as well >> i mean, let me start by saying this. i'm an american, an american patriot first. if i thought tiktok was sending data back to the chinese government to coerce u.s. behavior, then it should be banned but i also believe what makes the united states different than china is due process we have a rule of law in this country, and so i, for one, am happy we have companies like bytedance that can appeal to the u.s. courts and have their day in court if they can't prove their case, they ought to lose their case. and so, you know, listen, we're going to allow this to play out, because we're the united states of america, we're the most vibrant system of capitalism in the world because we don't just throw companies out of the country. we allow them to have their day in court with all of that said, my expectation is increasing that we'll have some negotiated settlement to the situation with bytedance. remember, i think the

tax on business, 25 percent on american business in france, and my people went -- i give it to steve mnuchin and tell them we cannot do that stuff, and there were not able to make a deal. i said to give them another couple of days. he said i cannot do it. nice guy, loves friends. i called him up. how are you doing, emmanuel? love you so much, you are doing such a good job. thank you very much, i agree. you are putting a big tax on american companies doing business inference. it is too late. i said you were going to do something about it. you forgot -- you were going to do it. let me tell you something, emmanuelle. every bottle of wine and champagne that comes into the united states -- this was a friday evening, starting on monday morning is going to be taxed and tariff that 100%. every single bottle of wine and champagne from friends will be taxed at 100%. no, no, no, you cannot do that. i said i can do it, i have an order right in front of me. you have 10 minutes, call me back. he calls me back at about three minutes. we are pleased to inform you that we were able to end that horrible tax.

secretary secretary steve munition -- mnuchin is still interested in buying tiktok.be replicated. listen to this. >> still very interested in buying it and to the extent they want to sell it or spend it off, we very much want to pursue that. i support that congress pass the bill and has now been signed into law. i will say this has had overwhelming support with republicans and democrats. this may be the only thing that everybody agrees on. the fact that it's on 160 million phones is a security issue. caroline: now, one of the other people who reported to be interested in getting in on buying with mnuchin is eric schmidt. he's not interested anymore. just take a listen. >> my personal view on this is you're better off regulating than banning or a judicial action. all the big tech companies are in various legal fights. i would refer to see a regulatory regime that has the right incentives. my own view of tiktok is it's not social media, it's television. and you can regulate television by the equivalent of the equal time rule but somehow we're not having that conversati

. >> host: early on president trump's treasury secretary steve mnuchin expressed interest possibly in gathering a collection of people to buy it. >> guest: i don't think it's gone anyway. that was it that the new cycle and i haven't heard from it again but who knows? >> host: you heard from the ceo but as far as influencers,, those who use tiktok for business, white and they said natalie on on a platform buth legislators in d.c.? >> guest: a lot of anger and disappointment. this is a platform that really provided a lot of americans an opportunity not just to express themselves but to build businesses and to make money off of products and businesses. a lot of people are upset now. one of the tact is because the bill was kind of sprung on tiktok. tiktok do not see it coming. one of the tactics the company used was having these little pop-up show up on the app when users would come on and he would say this is your congressman to number, dreck we call the people we saw was a lot of users calling offices on capitol hill inundating the offices with request to reject this bill and that actua

steve mnuchin, you know, he was able to give everybody a capped unemployment level. but when it comes to food and you have a democratic caucus over here fighting over and over again, free and reduced lunch in our schools, thank you to the governor of michigan for actually getting that done. we'd like to see that here in the united states of america. this is real stuff. and kids are going to school hungry and kids are ashamed when they're carrying in those meal cards and parents are worried. so you know what we've got, we've got over a trillion dollars of credit card debt because people can't go to the grocery store. they can't take their kids out to eat because it costs $50 for a family of four. you can't get lunch for under $15. so what are we litigating here? you know, just filling the pockets of the grocers and big business and the this and the that when we don't actually have a real north star here in this chamber? just one last fact. the maximum benefits of snap right now fell 19% short of covering basic meal costs. one study revealed that in 98% of counties, sn

steve, great insight, chief north asia correspondent there. speaking of tiktok, former u.s. treasury secretary steven mnuchin says he still interested in buying its u.s. operations from bytedance. he spoke with us at the milken institute global conference in beverly hills. >> i'm still very interested in buying get to the extent they want to sell it. we very much want to pursue that. i support that congress passed the bill and it has now been signed into law. i will say this has had incredible, overwhelming support with republicans and democrats. this may be the only thing that everybody agrees on. the fact that it's on 160 million phones, i do think it is a security issue. >> does the deal still work if the algorithm doesn't come with tiktok? >> the chinese government has been clear that won't give an export license on the algorithm and i understand that. we have sensitive technology that we don't want to transfer to them and they will don't want to transfer this to the u.s. i have actually spoken to a lot of tech companies, they are working and rebuilding this. i do believe the algorithms could be rebuilt.