people are confident when they see that fdic insured sign.not just protecting that money, making sure they can get the money, it is making sure they have seamless access to the money which means you need a professional organization who knows how to handle bank failures so people will continue to have access to their insured funds. we don't really know what is going on here. this is based on if they want to get rid of it, transfer it to treasury. i had in a portfolio, a bank policy when i was there during the deadly bush administration. i don't think treasury wants that, at least the current one. the whole idea is to have an independent agency. what is more, it is funded for by bank premiums. banks pay for deposit insurance, the treasury doesn't. we did not borrow from the treasury wants during the great financial crisis. the banks carry the full load and that is important because that keeps it politically insulated and independent, which the treasury is not. the treasury deals with taxpayer-funded programs, not these independent programs. it

not getting rid of the fdic. so i think, i think i will tell you, this is debated for decades and never go anywhere. and paulson had some great proposal when i worked with him during the bush administration and it went nowhere. so they went to spin their wheels on it, fine. but i think we've got bigger problems to worry about than this. >> what, do you think, the industry's reaction would be as opposed to the powers that be in washington? what would the industry reaction be to this kind of proposal? >> i think slow walking things in washington is a high art. if they think what we've got is good and we don't want a radical change. you could see industry saying a whole lot of things let's participate and get on board with this and have 97 meetings and 27 breakout sessions and all of rest and it never goes anywhere. sheila puts her finger on the issue here. which is this doge unit, whatever it is, it is not a government agency. it doesn't have any authority on its own. it needs congress to put in place any of the re

before the fdic, we used to call them "financial panics." we see this in our history books, and it was devastating. you would have main street businesses, farmers, and families lose everything, because it turned out that their bank was taking too much risk, or was engaged in fraud. and the whole purpose of this is to give people some peace of mind, where they can store their money safely, so that it can be lent out. we want our economy to have a safe banking system. we don't want the economy designed so that wall street can exploit it. so, chris, no, i think they exactly know the history, but they just don't want to pay up what i think is a reasonable fee to protect the whole system. >> thank you very much for your time. >>> coming up, why is mitch mcconnell warning about the dangerous efforts of one of trump's cabinet picks? next. binet picks? next. i leaked too. i just assumed it was normal. then we learned about bulkamid - an fda-approved, non-drug solution for our condition. it really works, and it lasts for years. it's been the best thi

it's there on the door fdic insured.ruptcy. even time a bank gets over its ski, has any sort of problem, there will be a run on the bank and, of course, no bank can withstand a run so we will have bank failures and we don't have them now and it's largely because of fdic. >> do you think that there is something happening where there are people who are very upset the way things are and they say they want to overthrow and disrupt, and in some spaces it might make a lot of sense. you want to disrupt the way wall street has too much power and the way health care industry works the way barack obama try to do over time. do you think something is happening around the trump transition you have limited to no experience in government and they have this idea of, well, disrupt is cool no matter what. >> yeah. >> and you say, let's disrupt the thing that actually protects regular people, red, blue and in between. >> let's disrupt everything and that is not a good idea. let's disrupt what needs disrupting but you know there is another

by the fdic.trump officials are asking potential nominees if they could abolish that very insurance program, according to the wall street journal. the program, we should note, has never lost any funds. it is a complete and rare success since 1933. it is also why people are actually right to feel pretty confident you can leave the money in the bank account, even if there is a lot of choppiness in the markets. fdr started during the great depression, to end the kind of bank runs you might remember from it's a wonderful life. >> my husband hasn't worked in over a year and i need money! >>, going to live until the bank opens? >> i have doctors bills to pay. >> how much do you need? >> hey, i got $2000. here's $2000. this will tide us over until the bank reopens. >> we are joined now by gene robinson, pulitzer prize winner for the washington post. seasoned, distinguished, but you weren't there and 33. >> no, no, i'm old but i'm not that old, come on. >> neither am i, and it seems to be a rare good thin

coin base has documents that show the fdic's directing it. >> the fdic's or anyone else to take suchn of congress by law or even in an explicit formal policy, is un-american. >> we became as a whole, public enemy number one, there was a desire to cut us off through a bunch of angles. >> reporter: the fdic's claims it is not telling banks what they can or can't do as it relates to this topic, the fdic other agencies continues to emphasize that banking organizations are neither prohibited nor discouraged from providing banking services to customers of any class tight. a little confusing and needless to say those in the crypto space and even big banks like jpmorgan tell us they are looking to the incoming administration to clear up the legal ambiguity around crypto and that is what donald trump says he's going to do. stuart: a house judiciary report reveals the biden administration to spy on people without a warrant to. house judiciary chair jim jordan joins me now. was the fbi targeting specific groups of people like who? >> we know they were doing, the government doing this to some am

treasury stress test and another do fdic.anks have to pay the price for what they did wrong. but i also think, do they have to pay the price over and over. ? regulars are hard to get rid of. it is almost impossible to get rid of an gency when you create one. it will be interesting to see what this man can do. >> the fdic is onerous, we were complaining two springs ago. >> i think you could put them under one roof. i like the fdic. i think it is a great organization. but does it have to have the same people going to the bank that the treasury has and the federal reserve has? i don't get the. i think there are a lot of regulators. and if ou are trying to save money, obviously does not the regulators that are paid so much and that is the problem. i think you feel hamstrung if you are a bank. the apparatus -- i want banks to be safe. but the apparatus of compliance people, we used to call them dead weight. the renegades days are over. so many people dedicated to compliance. a lot of that is dedicated to having another regulator o

that's not the role of the fdic. they should make sure our banks are safe and but they shouldn't try to implement policy by pressure on banks. you're investigating this. will you get a piece of legislation on the floor to deal with this? well, it's hard to deal with bad actors when we have when we have lois lerner to point out, when the fdic. it's hard to say. listen, going to legislate good behavior. i think you have to root out the bad actors. and we want to make sure that we have people who are believe in the mission of of safety and soundness and of the insurance policies that come from the fdic. and if and if they don't believe in that, they got to go. can i ask you as well about the flash crash of 2010? news reports recently that one person was arrested for the flash crash in 2010 where investors lost a lot of money. this one person who was arrested in london recently made a lot of money on that one day. are you going to investigate how one person could have that much influence over the market? i think it's int

this cuts could include eliminating the fdic, the cftc.orting about the plans to consider for paul atkins, the incoming securities and exchange commission chairman perhaps if he would get behind an idea to merge the securities and exchange commission with the cftc. put the cftc within the s.e.c., advisors have also asked fdic nominees in the office of the comptroller of the currency if deposit insurance could be absorbed into the treasury department. they're talking about putting the fdic under treasury, perhaps putting the cftc under the s.e.c., your reaxe to the consolidation and the ideas of merging government agencies as a way to save money. >> well, certainly i think some could be thrown out all together. you mentioned the cfpb, that one can go. something like fdic, this may sound scary to people, but there's a difference between getting rid of regulation and function and regulators and bureaucracy and i think that's what the trump administration is looking at. there are far too many people running around pushing paper, not necessaril

the fdic, occ and federal reserve. they're asking questions. they're trying to figure out the art of the possible, the deregulate the financial sector. >> why is that a problem? the hard part of the fdic is not taking in the premium, you know, the insurance premiums and paying them out. it's conducting the supervision to make sure that the banks, the banks behave themselves. it is true that our financial system has this patchwork of regulatory agencies. and, you know, there's regulatory arbitrage going on, and it would be better if it were streamlined. that's not what they're talking about. they're talking about rolling back regulations altogether, potentially getting rid of deposit insurance. that is how i read that story. and again, creating a lot more instability and risk in the financial system and putting more risk on on the backs of taxpayers, frankly, because you can bet that if any of trump's friends on wall street go belly up, they're still going to demand a rescue. whether or not they submitted to the, you know, burdensome regulations

when we have lois lerner 2.0 in the fdic it's hard to say i'm going to legislate bad behavior. after boot up the bad actors and make sure with people who believe in the mission of safety and soundness of the insurance policies they come from the fdic and if we don't live in that they got to go. >> host: the flash crash of 2010, reports that recent one was arrested for the flash crash where investors lost a lot of money. this one person was arrested in london recently, made a lot of money on that one day. are you going to investigate how one person could have that much influence over the market? >> guest: possibly. we have operation chokepoint, the fdic, the fomc, monetary policy elite that took place as well a few years ago. there's the regulatory issues we have to take up. i will point out on financial services we have capital markets on wall street. with all the banking, big banks, small banks, insurance, housing, the federal reserve, monetary policy, it's a big space. we have a small team and representative to figure out what spaces we can get into. there are so many issues

so the fdic, as you mentioned, this is the agency that really safeguards all of our money in the bank if the bank goes bust, your money is safe. up to $250,000 because of the fdic insurance, which, by the way, is funded by the industry, not funded by taxpayers. and when you think about it, in this era of distrust in the government, the fdic kind of stands alone among bank regulators as a trusted brand. people trust it. they do. so that's why experts, former regulators, academics, they tell me this is a bad idea. and it is very, very unlikely to happen. a better market ceo dennis kelleher, told me that this is one of the dumbest ideas anyone could have, and it's a reflection of how incredibly out of touch billionaires are. so, jim, listen, this is one of those deregulatory ideas that looks like it's dead on arrival. >> all right. very good. matt egan, thank you very much. we appreciate it. we'll be right back people love to find me. >> but me, i love finding the perfect gift. like for my friend wanda, who loves coffee or for my little dog? woof. who eats big thank you gifts that say i

among the proposals, the transition team is inn kwieerring about possibly eliminating the fdic. no comments from the asury department. any proposal to eliminate the fdic or any agency would require congressional action. >>> cantor fitzgerald agreed to pay the s.e.c. $6.75 million to settle allegations it misled investors in two spac deals before the stock market debuts. the firm under direction of howard lutnick controlled two special acquisition companies in 2020 and 2021 that raised a combined $750 million. frank. >> it will be an interesting story to follow. remember, the treasury secretary pick, will have an etf that hits the market. i'm sure we'll talk about it on the show much more. silvana, thank you. see you later in the show. >>> turning back to markets and a wild week for wall street. blue chips extends the skid and nasdaq looking to cross 20,000 again. and the final event of the year is the ecember 18th decision rate. joining me now is the investment partner at the callan family office. happy friday. >> good morning, frank. thanks for very me. >> i have to ask, raeann

. >>> the fdic has given blackrock a january 10th deadline to accept agreement over compliance over the big stake in banks. according to the reports, the agency is pushing the asset manager on the deal that would allow it to step up scrutiny of blackrock's investment in fdic ted banks. >>> the apparent push on blackrock comes after the similar deal last week. germany's chancellor not holding back on the world's richest man. olof scholz cautioning voters they are not to let social media owners influence the up coming election. likely alluding to elon musk. musk has thrown his support hundred behind the far-right party and called for scholz to resign. frank, musk very busy these days. >> a lot of companies to run and dipping his toe in politics. bertha, thank you very much. >>> a whip saw week for natural gas. we look at the top performing commodities this year. it is not energy or metals. what 2025 will bring for likes the coke and orange juice. >>> the oracle of omaha is putting his money to work. it moves their planning for 2025. a very busy hour when "worldwide exchange" returns. stay

they are also discussing shifting the fdic to fall under the treasury department.you mentioned one person who thinks that is a bad idea is current treasury secretary janet yellen. she says in an interview with reuters i don't want to say that exactly what we have is utterly -- i don't think it's broken. we have a good system. she added it is legitimate to look for regulations on banks are too burdensome. he says there needs to be watchdogs. >> deposits of the banks, not all of them. most of them are guaranteed by federal taxpayers. i'm an anti-regulation guy like you are. this is an industry that needs regulation. taxpayers are on the hook here. but it has to be smart regulation. we need the best banking laws in the world. >> elon musk, who as you know leads wants to eliminate the cfpb. it would require approval from congress. there may be an appetite for it. we'll see. >> bill: the time to strike is now if you will strike at all. nice to see you, grady trimble in d.c. thank you. >> president biden: i knew what i was doing asking her to be my vice president. i knew

what do you think of getting rid of the fdic?very hard. what i think is probably a much easier path is the get some common sense regulation. so you've got to get the right people. these regulatory bodies are still made up of people, and if you get the right people into the seats, that's stanley cup went. step -- step one. step two is looking at what is the goal of the organization. the goal is to from vent bad things from happening. -- to prevent. so let's make sure they're focused on the objective and not this bureaucratic power. stuart: you're a trump guy, aren't you? >> listen, i'm an independent. when i looked at both of the candidates we had to choose, it was very clear who was pro-business and pro-growth -- stuart: it was clear. that was very clear. [laughter] before we get out or lou are, bitcoin, the rally, the trump-bitcoin rally, does it continue? >> i think it does for two reasons. trump's becoming very pro-crypto in his policy and also you have a supply-constrained market. when you have riot blockchain and microstrate

it was $1.9 billion in wealth. $0.09 is the propensity spend of every dollar. >> according to the fdic paper, and they were able to look at crypto wealth by county. there's an effect on real estate. >> i can imagine. i have heard stories of people using crypto to buy homes. >> people are finding a way to use crypto for real estate. >> interesting. barry, if we were to zoom out to 30,000 feet here, some would argue this should be a real data point that pushes the fed toward considering the easiness of financial conditions overall, and maybe holding off on rate cuts later this month. how would you contextualize this for us? >> i think there's a broader trend at play as well. through the 2010s, we had two factors pushing down on consumption particularly in the first half of the cycle. the first one was the deleveraging effect of the global financial crisis, the housing crash. the second was the boomers, the second biggest age cohort was in peak retirement savings mode. >> interesting, the accumulation. they're trying to accumulate there. >> the life cycle wealth thesis, you send most when

i will explain why the fdic is crucial to you and your money. a former chair of the fdic joins us. sensitive skin and locks in moisture to provide soothing relief. a nose in need deserves puffs indeed. america's #1 lotion tissue. jordan's sore nose let out a fiery sneeze, so dad grabbed puffs plus lotion to soothe her with ease. puffs plus lotion is gentle on sensitive skin and locks in moisture to provide soothing relief. a nose in need deserves puffs indeed. america's #1 lotion tissue. z's bakery is looking to add a pizza oven, deserves puffs indeed. arissa's hair salon wants to expand their space, and steve's t-shirt shop wants to bring on more help. with the comcast business 5-year price lock guarantee, they can think more about possibilities for their business and not the cost of their internet. it's five years of gig-speeds and advanced security. all from the company with 99.9% network reliability. get the 5-year price lock guarantee, now back for a limited time. powering five years of savings. powering possibilities™. >>> good morning. it is sunday, december 2 22nd. in less

what happens if you were to get rid of the fdic? it is considered sacrosanct.un on banks? this could be a bridge too far and i'm not sure congress would go along with it. lisa: it makes for headlines to get the euphoria to continue. amazon donates $1 million to the trump inaugural fund after we heard from meta. a spokesperson says they will live three -- they will livestream the inauguration as an end-kind donation. he has a range of business with federal contracts and everyone is eyeing elon musk and say can i be your first or second buddy? can my stock be up 70% since the election? this is getting a seat at the table. pazo's is not just giving the money via amazon, he will be meeting with trump. trump often listens to the person who is left that she was last in the room with him. not just bezos. zuckerberg dined with trump after the election. these are people trying to get their era. for people like amazon, companies, it's important. there was a lot of back-and-forth in the first trump administration and he called the u.s. postal service their delivery boy an

this is constantly in flux because unlike money you have in a bank, it's not backed by the fdic. there's no federal insurance here. and every once in a while, as we saw with the ftx exchange and sam bankman-fried, something goes drastically wrong. billions of dollars are lost, someone goes to jail, and there's no federal money to back it up. so it's always going to be speculative and dangerous. but people are, i think for a long time at least, going to be excited about it. okay. risky for sure. thank you scott. all right. let's take you outside to san francisco. see. how are you doing? i'm great. malou, great to see you. and yes, this holiday ice rink is here until january fifth. and a portion of every ticket sold for the skaters benefits. my organization always dream, which is all about early childhood literacy. and so when you come and skate, you're also giving back into the community. and there's lots of fun family themed nights that you can come in and enjoy while the rink is here. there's also a barbie connection with you. yes. on saturday, we'll be doing a barbie day. i hav

we have operation trump we have the fdic's took place a few years ago. there is that regulatory issues we have to take up. i will point out financial services on wall street, we have all of the banking from big banks to small banks and insurance, housing, federal reserve, monetary policy is a big space and a small team we have to fear what spaces we can get into and fullyly investigate there's so many issues out there but instead of having 500 people have five people and her team that does all this. you got to pick and choose. we'll take a look at that piquant skit in jacksonville, florida independent color hi cai rick. >> caller: hello. i have got to ask that one got call in about testing welfare recipients in the great state of florida i think is less than 2% of the people did not pass the drug test. you are time educating the young. the last presidential election, all of the republican candidates but the department of education what did you say about that? >> the point is, making sure you have bureaucrats in washington thaton are driving policy that a

it is not that because you are wealthy you can't have the job, if you get rid of the fdic you could lose your life savings. if we don't have obamacare millions could lose healthcare. if we did not have vaccines, people could be dead. if we didn't have fluoride, the teeth in your head could fall out. is the issue with the people that he has chosen be that they've never been at risk. you are putting them in roles where they are looking to care for the masses and they don't actually know what that entails. >> they are motivated by self- interest but it is also just the entire campaign. the idea that okay, these institutions, you should not trust them because they are corrupt and because they don't have your interest at heart. meanwhile, kash patel was selling supplements about covid- 19 vaccine detoxification. he was in fact palling around with qanon and is telling you, these things, the fbi itself is corrupt. every single he is giving, if you read the actual text, is saying, my main motivation is self interest. it is scamming, corruption and the exact thing he is campaigning against. but i

but the fdic has put forth some new rules, which would be a little bit more patrolling over those whossive stakes in banks to make sure that they do keep them passive, and this is a bipartisan perspective that they want, essentially, to make sure that the concentration of ownership -- of investor ownership in banks doesn't get to the point where they are influential in things like maybe on the right it would be things like esg. on the left it would be also potentially esg and and so they and forth with blackrock, and they now have this deadline of january 10th to potential give measures of oversight if they're going to own 10%. this largely applies to blackrock for smaller community and mid-sized banks. those are the ones they own about 39 banks where they have a more than 10% ownership. and blackrock's perspective is, look, if you put these onerous rules on us, you're going to make bank investing less attractive. we are not going to want to do it. but the government says, well, you need to comply with these rules so we can ensure you are truly passive since you and some of your peers

. >> by the way, after he said that, an article out today they are thinking of getting rid of the fdic. the new deal institution that insures bank deposits for everyone. in terms of bezos and zuckerberg and democrats, i have seen this movie before. right? rich people currying favor with a powerful president. but this is not before. and trump is different. i'm not imagining it and you're not. what is so disturbing, enraging, alienating about everyone who is doing this, is that it just fundamentally ignores is gaping wound in american democracy. a wound sitting there festering while everyone goes about business as usual. one of the two major parties in this country has withdrawn from the consensus of democratic governance that and rejected the peaceful transfer of power. now right now, it looks like that wound has been healed because the party that has withdrawn from that consensus happened to win this last election. and because democrats really do believe in preserving democracy, they accepted the results. we didn't get a whole bunch of lawsuits or a big law. we are certainly not rushin

see donald trump stand up and force the treasury secretary to say, oh, crypto, full backing of the fdicmake sure crypto investments are covered. that will be so expensive and taxpayers will be holding the bag when so many of these things crash. that will be the danger. >> we have seen gary gensler being extraordinarily conservative and critical -- critical of crypto. but what president biden is talking about right now is not crypto. he is out there talking about his record and defending what he has done but warning that donald trump tries to undo things like the inflation reduction act and the chips act. it will cause a massive redistribution of wealth where it will be a huge win for things like big pharma, places like china. do people understand what joe biden is warning us of? >> i am not sure. it is a good question and it will be one of those things where hypotheticals turn into reality very quickly. and people will understand what a rollback of the chips act or the i.r.a. is going to be. they are trying to at least try to make some and roads. >> she was not anti-crypto. but the cryp

commission is hiring a diversity director for 250 one thousand dollars a year, three positions at the fdic$300,000 a year each working from home three days a week, people that are essentially doing nothing but if they are doing something it is actually negative value, divisive and destructive. stuart: you are killing me but i've got to move on. biden announced student debt cancellation bringing the total relief to about $180 billion, 4.9 million borrowers. that just happened this morning. >> it is kind of a corollary to the dei thing on the democrats view americans as working to serve public employees instead of government employees working to serve us and bad things happen when you operate the government as a jobs program. look what happened with coronavirus when schools shut down because the democrats got a lot of votes from teachers unions, lives were ruined, they are still dealing with that. the details, overplay their hands when they see people working from home, one hundred 80 one thousand dollars a year and pay their debt for college, there's going to be a back lash, canada they wen

go into the fb and i recollects do away with warfare, president trump is putting people in place at fdic his government. and making sure this industry can flourish in the united states with transparency and protection. larry: going around the sec pro crypto. am i right? he's pro crypto? atkins s? >> i have yet to meet with him but -- larry: he s. >> good. that agency has taken enforcement actions against crypto companies and paid millions in fines and millions in legal fees and it's a merky regulatory frame work they can't comply with and even if they want to is o -- so operation choke point is a complete disasser and lawfare on crypto and time to undo it and president trump will undo it. larry: i believe he l. senator cynthia lummis, thank you very much. appreciate it very much. hope to see you soon. folks, next up on kudlow, what's happening on this tax cut and reconciliation bill? how to score it. we have an expert, chairman of the senate finance committee, mike cray ports of entry returns to the show and i think he had a very important meeting today. maybe he'll give us a little upda

just as kash patel will go to fbi do away with warfare, president trump is putting people in place at fdicreasury, and elsewhere in his government who can make sure that industry can flourish in u.s., with transparency and consumer protection. larry: paul atkins is pro crypto. >> i have yet to meet with him. >> he is. >> that -- >> good. that agency has taken these enforcement actions again crypto companies, they have to pay millions in fines and legal fees, and it is a murky regulatory framework they can't comply with even if they want to, operation choke point ask a disaster. -- is a disaster it is lawfare on crypto, it is time town doe it, brusm will -- it is time to undoe it, and president trump it. >> i life he will, senator up well lummis thank you. >> next on kudlow, what is happening on tax cut bill, we have chairman of senate finance committee n mike crapo returns to the show, he had an important meeting today, maybe he will give us update, i'm kudlow, crapo next up. at harbor freight, we do business differently from the other guys. we design and test our own tools. and sell them

settlement time and talking to -- if you look at ripple's advisory board and big wigs like former fdicbaer and looking toed a legitimacy. >> bitcoin would be use that had way and hasn't as of yet and managed to go up, but i don't see a world any time soon where we're using that too buy and sell things. stuart: got it. thank you, mike. coming up, mike rowe worked with craftsman to build a truck and it's headed to the auction block for charity and his wonderful truck that's his pride and joy. donald trump answered almost 40 questions from reporters and spoke for 70 minutes straight. that was monday. it's a world of difference from the last four years of president biden and guy benson is walking on the set and will take on the difference between biden is trump when it comes to live action presidency. guy, take a seat. ♪ chase really knows how to put the hart in your local community. see what i did there? hey, jackie! (♪) evan, my guy! you're helping them with savings, right? (♪) i wish i had someone like evan when i started. somebody just got their first debit card! ice cream on you? ooo,

you have conversations today about, will they get rid of the fdic?ering how you would think about that knowing what's likely coming. >> you know, the fed has faced these kinds of discussions before about its independence. everyone at the fed realizes the importance of independence in terms of monetary policy making, because when you have independent deciders on monetary policy, you end up with a better outcome for the economy. i would presume that the administration -- incoming administration wants a good economy. i think that's well established. i think there are things to think about in terms of, maybe there are ways to simplify our regulatory structure. we have a very complex financial system. it wouldn't be a a missmiss to about that. it takes a model to beat a model. reorganizing isn't going to solve the underlying complexity. there are things that the fed has been working on with the other regulators to try to make the regulatory structure simpler, more predickable table. i think those are the ways i would start it first. i don't think that dis

i don't know -- on the fdic piece, probably the most important piece, are your deposits safe?r the last several frankly financial crises that we have lived through, the fdic has had to work almost hand in hand, frankly, with the treasury department and the secretary of the treasury. i'm not sure it would create that big a distinction, but i do recognize that i think once you start to consolidate these things, you don't have as many different voices and the diversity of those voices around the table potentially competing with each other that may actually create hopefully better regulations when it's done well. >> lastly, susan mentioned how canadian prime minister trudeau, at least to this point, has not really fought back against trump's taunting about tariffs or the suggestion he would an next canada being our 51st state, calling him governor trudeau in a social media post, but all eyes turns to the province of ontario and doug ford which is floating the idea they're going to hit back, they may bar american-made alcohol and other restrictions if trump follows through on these

when you start to see donald trump stand up and force people yeah, crypto, full backing of the fdic. so when you crash out we will cover that. that is going to be so expensive and taxpayers will hold the bag when so many of these things crash. that is what people will notice. >> in the current administration, we have seen counselor being skeptical of crypto, many say, too conservative but what biden is talking about right now is not crypto. he is out there defending his record, talking about a lot of the things that he's done but really worrying and warning that if donald trump tries to undo things like the inflation reduction act, the c.h.i.p.s. act, it'll be devastating for our country and not just devastating but it'll cause a massive deepest -- redistribution of wealth where it'll be a big win for things like big pharma, places like china. two people understand what joe biden is warning us of? >> i'm not sure. i think it is one of those where the hypotheticals will turn into reality quickly and folks are going to understand what a rollback of the c.h.i.p.s. act or a rollback of t

let's get rid of the fdic. let's get rid of vaccines. let's get rid of the postal service. let's get rid of the weather service. what else do we need? it does feel like a fire hose right now but psychologically that doesn't affect us. because that feels like too much, does that mean were not able to focus on money one of these ab things? we strategically strategically align ourselves to this moment of information, this moment of transition in our country? this moment that keeps us psychologically engaged and strategically sharp in defending our government and our country. joining us, timothy snyder, you know him from this show, primarily as the author of the seminal book, "on tyranny." his newest book is called "on freedom." professor, thank you for coming in. let me ask you, i talked a little bit about the idea of oligarchy in the first segment. i want to know if i talked about that in a way that resonates with you or if i got that wrong? >> you got it absolutely right. it is the ancient greeks who said the oligarchs will be stronger than democrats because they will collec

if we get rid of the fdic you could lose your life savings. if we did not have obama care, millions of people could lose healthcare. if we didn't have vaccines people could be dead. if we didn't have fluoride the teeth in your head could fall out. is the issue with the people he's chosen, that they are so -- they've never been at risk? they don't know what it's like to potentially lose everything, so you are putting them in roles where they are looking to care for the masses and they don't actually know what that entails >> yeah, they're motivated by self-interest, which is financially discernible. but it's also just the intel your campaign again. it's the idea of okay, these corrupt and because these are elected your cats and they don't have your interest at heart. meanwhile, kash patel, let's just keep this clear, too, the dude was selling supplements about covid-19 vaccine detoxification. he was, in fact, palling around with qanon in very documented ways. he's telling you these things, the fbi itself is corrupt, so help me clean it up. mean

committee, we had hearings about the culture of, you know, sexual and destructions going on at the fdiclind eye. we raised those questions. right? it is disgusting. we need to call it out as disgusting behavior. elijah cummings knows we are better than this so we should act like it. >> i will ask and just note all of the conduct on top of these people just aren't even qualified. i don't know. congressman sean casten of illinois, we hope you will come back with us but if you don't see us before christmas, happy holidays and have a good new year. >>> next, the dnc folks have some tough choices to make in the new year. it will start with the new chair. martin o'malley wants the job and he joins us at the table after the break. you are watching "the weekend". ♪ ♪ weekend". ♪ ♪ o can diagnose pd and build a treatment plan with you. visit makeapdplan.com today. the promise of america is freedom, equality, but right now, those pillars of our democracy are fragile and our rights are under attack. reproductive rights, voting rights, the right to make your own choices and to have your voice heard

. >> lot in banking might be changing the banking regulator fdic into treasury, a view on that >> i think a lot of regulators and they do a good job of what they're doing but do the same thing at three or four different regulator. i'm not sure that's the correct approach a more uniform approach, the same regulatory environment that sat around 3040 years. everything should be lookeded at again. how do we deliver our experiences to individual clients. payment rails have changed we have to change the regulatory environment not because we don't have good regulators, sometimes they have a mission that gets crossed up an that creates inefficiencies and challenges and organizations like valley have difficulties competing in that type of environment regulatory has to be looked at. >> i hope however is in charge consults you. >> thank you for having me. >> good to see you. >> the 10-year yield is continuing its rise after yesterday's fed decision and press conference around 4:55 at present we'll get out to chicago and check in with the traders on this topic when "power lunch" returns. it all start

we're seeing this with the fdic, in spades with the sec, under the biden administration, where they haveone after all kinds of crypto founders and different crypto firms, and essentially, what it is is a form of financial murder, you could say, in this modern age where you have to be able to transact digitally if you're going to survive. charles: you know, to that point, i was really shocked as i remember the post that mark andreson put on x, later on went on to call it operation choke 2.0. he's a billionaire, one of the most successful people and his friends are wealthier than him and if a government can shutdown someone like him, doesn't that mean anyone could be a target? >> charles that's exactly right and sure enough this is very similar to what we saw by the way under the biden administration with all kinds of things that were labeled covid misinformation, right? anyone who doubted the efficacy of the vaccine, for example, oh, social media, they got banned. their accounts were wiped from the internet. we're essentially seeing that with finance. now, the reason he called it choke 2.

let's get rid of fdic, postal service, weather service, vaccines. what else do we need?like a fire hose right now. but psychologically that has an affect on us. because it feels like too much, does that mean that we're not able to focus on any one of these things enough to potentially make a difference as to whether or not it comes to pass? how do we strategically align ourselves to this moment of information, this moment of transition in our country in a way that keeps us psychologically engaged and strategically sharp in terms of how we think about defending our system of government and our country. joining us now is timothy schneider, professor of history at yale university, you know him on this show, author of this seminal book "on tyranny." his latest book is called "on freedom". >> thank you for coming in. >> happy to see you. >> i talked about the idea of oligarchy in the first segment. i wanted to ask if i talked about that in a way that resonates with you or if you think i got that wrong or any thoughts about that? >> no, i thought it was absolutely right. it wa

among the things that i've read here is if this fdic paper finds -- when they find concentrations ofy see an increase in the value of real estate that looks to be linked to it. one of the interesting things happening is the crypto owners are not necessarily taking their crypto holdings and buying pizzas as in things that go away. they're kind of trying to convert them into tangible assets. first of all, we saw that big increase in charity. so if you are going to give, i guess the idea is you might as well give the bitcoin rather than convert to dollars, but the other thing is few look at that chart again, gold was a big number there. people were buying watches with it, and this real estate thing is really potentially interesting. >> well, it still as you said, it's still such a low percentage of america that the day might come when you're thinking about selling other things to go into a hard asset called bitcoin. that's the weird thing. right now you're -- you're talking about people that are worried about, well, this could be fleeting. i i want to put it into something that will las

the fdic reportedly gave black rock a january 10 deadline to accept an agreement over compliance on the agency is pushing the asset manager on the deal that would allow it to step up scrutiny of blackrock's informsments in fdic regulated institutions. and the new york stock exchange will close trading on thursday, january 9, in accordance with the national day of mourning for the death of former president jimmy carter. bond market trading will end early at 2:00 p.m. eastern. and i just, that's screaming shark tank reruns to me on that day. >> our coverage of the day of mourning. >> is that what we're going to do? >> potentially, i don't know. >> i don't think you can cover the funeral. i don't think you can cover the day of mourning. >> i assumed it was tied. it's eight days. that might be. they said it was going to be in eight days. maybe that is then. >> although eight days is before then. i don't know. >> maybe not. maybe the day of mourning is after the funeral and after laying in state and all those other things. >> bond market is open. at least until 2:00 p.m. >> that will be like

2023 when we saw the regional a bank crisis triggered by the failure of silicon valley bank and the f fdic having to step in, was that we had seen incredibly high interest rates. the fed was on a hiking i move, a big cycle here because of high inflation. so you want to make borrowing more expensive so that it tamps down people spending too much, and then we would positively get a response with lower inflation. but, you know, the criticism about michael barr who was the regulator of banks, supposedly, at the federal reserve was that rising interest rates in 2022 and 2023 were what could really ca cause some major dislocations on bank balance sheets. because those rates that they had borrowed at low, you know, they were resetting at very high rates, and that was going to point to loss are on the balance sheet. and we saw a very, very bad. response to that. what do you make of how the fed handled that? and he had replaced you on that position of oversight of banks. >> yeah. well, i'm not going to personalize it to michael barr, but there has been an issue for a long time with respect to super

a recent fdic paper found $0.09 on the dollar. .mericans own crypto, 29% for those 18 to 29, and 25% for 30 to 49 year olds, 8% for those over 50. younger people have a much higher propensity to consume than older ones, so the crypto gains are in the accounts of people who are willing to spend them. this raises the question, should the fed be thinking about the impact of crypto on growth on inflation and economic activity? right now, crypto is not considered a financial asset so the fed doesn't have an ongoing measure of crypto wealth. guys. >> but it gets to this question, steve, about whether the rise in bitcoin is a threat to the u.s. dollar. i know the fed share addressed this last week at deal books, said it's more of a threat to gold. a speculative asset, than the u.s. dollar because the knock on bitcoin always is that you can not buy anything with it, right, you cannot use it in transactions. so is that changing? >> i think that is changing. i think it's becoming more something you can use. but as for it being a currency, sar

it didn't take long to say, is the fdic going to be there for us >> i think you're so right i do thinkl fun and games until somebody gets hurt >> ulta today, gross margins beat, comps were a nice surprise >> we're getting a resurgence in mass the other thing is, they were up against sapora they mentioned the competition is no longer opening a lot of different stores i think it would be great for them, you had this expansion with kohl's. i think that's coming to an end, and ulta is the beneficiary of the lessening of competition in the cosmetics business oh, my we have a good one i think we've got the best story out there in retail. we have calvin mcdonald, the ceo of lulu, which had amazing numbers. i'm going to ask you point blank, first of all, hi. >> nice to see all of you. >> everyone tells me that china is terrible, everyone tells me there's so such thing as new, it's the most promotional christmas in history you have no promotions, you have newness and you have promotions in china what are you doing right >> we have our opportunity, as you know, but we're very pleased with our gr