would bring economic calamity, and board primarily by working americans and the middle-class he sent paul wall street has done well the past couple of years, mainstreet has suffered and extending the tax cuts would be a way of reversing those fortunes. he was asked about tariffs and here is one exchange. >> they are going to be paid for by our workers and small businesses all through the campaign, we heard foreign countries will pay it but i think that is baloney, it will be paid for by workers and small businesses. your response? >> senator, i would respectfully disagree. >> he went on to say that, under the trump administration, tariffs will be used in multiple ways and one will be as a revenue raiser that gives the administration broadly way to impose these it also is a way to try to raise money. bessent spoke briefly about the federal reserve . listen to this. >> do you think that there should be independence? >> on monetary policy decisions, the fomc should be independent. >> he was the advisor who would initially raise that idea of a shadow fed chair, something that spooked lawmakers wan

wall criminals. the pope himself john paul, the 2nd even personally received the president of austria fall type when he experienced strong international isolation. and he was recorded a saying that well, time was a good catholic. so his position was restored. based on this knowledge, clearly cardinal stiff enough to special instructions one from the savvy and orthodox church. and another from the catholic church in croatia. books offering evidence by order of the vatican to look into unifying the collective possessions. and on the way that caused them to step enough to shut the college st. this document is a personal letter from extra timeouts. bishop alisha step and that's it's dated november, the 29th. but this is from 1979. just imagine that's more or less a year before croatia was officially proclaimed and recognized as the newly formed independent states of correlation from this measure it becomes abundantly clear that the knowledge of bishop alicia step in its it's a committed and notorious mtc much simply but he didn't just a, you know, the salt to break out of the 2nd world war was to attack

paul atkins has be traditionally very friendly towards wall street and businesses and has argumented major fines on the company. it could be a symbolic pardon shot. biel find out in the weeks ahead. >> ok. bloomberg's bill on that s.e.c. decision to target musk over that holding and the failure to disclose at least within the proper time frame. the bill, thank you very much, indeed. donald trump will create what he's drying as an external revenue service, e.r.s. it's the latest indication that he aims to carry out his performance when he retakes office week. as alnee partner at hogan. thanks for waiting by patiently. we values bloomberg reporting this week that maybe we would get a phased implementation of tariffs. there's still a lot of question marks. we don't faux what the incoming president's task are but we can assume that tariffs are coming. what is the gold impacting. how vulnerable is global trade to some sort of tariff regime from trump? >> i think that's why we announced it pretty clear that increasing tarriffs will know the exact details hopefully from next week after the

i think it just said, i know paul smith likes things. we made wall,000 dominoes in london. >> shops around the world because i am passionate about individuality. >> reporter: his shop in los angeles is bright pink. >> l.a. is big. most people don't walk. so i just thought you have to build something, a sore thumb. you have to build something that really goes -- >> reporter: what's the thinking behind this? this costs money to do to spend time -- >> because in this homogenized world where everything is the same, same, same, everybody looks at a screen, i want people to get goosebumps. they walk somewhere and think, wow, that's interesting. oh, my gosh, oh, i never thought about that. >> reporter: he sees value in making that extra effort while injecting a bit of humor and humility along the way. >> i didn't quite make it. you make people look more important, more sexy, more famous, whatever, but it's not heart surgery. it's just fashion. and i love it. and it's important. but don't get too big a head. some people just know they could save hundreds on

. >> liz, the wall street top cop is considering the exchange commissions and paul atkinses is slatedrump's chair of that very important agency and cftc and commodity trading commission and regularly enforcement arm, and it's really more important this time around because trump wants the cftc essentially to handle most of the crypto regulation and as you know, he's courted the crypto crowd in the campaign and offered a tighter or laxer regulatory agenda that was under gary gensler that a lot of people criticized for doing regulation by enforcement. the regulation is going to be shifting to the cftc, which generally has a lighter touch, and that appointment hasn't been made yet and we know this is according to ellie tarat sources and has a story on fox business and the trump transition team has vetted a half dozen candidates for cftc chair position in recent weeks and it's coming down the line. we'll hear something pretty soon. those candidates include an degree san, head of -- andressen and merri bowl sen jerkins on the short h short list and kraken is in exchange and crypto exchange

paul: ? >> yes because i believe soapy will complete the border wall and funding are immigration services on ithout lead to a decrease question because it will help decrease illegal immigration. paul: ? >> is on the turn of policies to undermine the deterrence for. >> is a key point yes, ma'am. >> is a key tool to help. doesn't cartels and gangs for terrorist organizations lead to a decrease of illegal immigration? >> i hope so but. >> i hope so but clarksville terminating categorical parole programs lead to a decrease in illegal immigration? exit absolute will be. >> definitely pray. >> yes. oracle terminate the use of cbt one app which was described on some on this committee as a disney fast pass for illegal immigration, or that lead to a decrease of illegal immigration question was that will was full of fraud. >> yes. >> yes. what's it's pretty clear the next step part one and this executive order. part two, what progress could do. just so mr. fabbricatore for perspective you served as ice from the trump administration. importantly biden administration but how dues describe the difference

one that murphy -- >> murphy, they want to revoke or rescind or build a higher wall around the president's war powers. rand paul is in favor of that and lots of democrats. elizabeth warren has been in favor. and a lot of progressives. progressives, aoc, which their group called? the squad has shrunk recently but the squad is fairly in favor of reducing executive power when it comes to war powers so there is a solid core of people in congress who want to reduce executive power on some dimensions but most of the time we hear about it through a partisan lens. i'm not super optimistic about it. in the back. was there somebody standing in the back, this gentleman right here. >> thank you. it seems like some of the panel speakers have touched on repeal of the chevron doctrine by the supreme court recently and i'm wondering in the absence of effective legislation, do we want the judiciary to be interpreting what congress means rather than the specialists who are not lawyers or constitutional scholars but nevertheless presumably would have the technical expertise to give an effective interpretation what congress had me

wall for ukraine. and i think does this trust the a good example for the double standards of the west and especially of the political hi, paul chrissy of joe student government. when it comes to the sol called on fights against um, x from is following the raleigh involved some of the studies hanukkah decorations, where vandalized a 19 year old mine was film cutting a giant and ignore as power cables. he was later detained by local police. we got reaction from already journalist and former ideas, member yankee farmer. this is the how much we split it in the n c. i keep saying all the time. no, not see the new claim. well, that is not something you grace, and you can see the whole thing on the street. you know, i really don't understand the how you claim let's these people are miles on the street and you know, google or find stuff. i'm been direct in the washer. you will never see it and you claim you do see it on the standing and then you get this guy going on. if vandalizing a jewish assembly on the phone, okay. any of rooms ever hear these people mocking you claim against the jews and nobody's doing anything. and he says, r

paul: the governor's office is pushing back calling the president-elect's accusations tour fiction. -- pure fiction. let's bring in "walleet journal" columnists dan henninger, kim strassel and allysia finley. allysia, you're out there california now. what do you think about donald trump's critique about newsom's water policies? is he right? >> well, he's right in the sense that california has mismanaged its resources and the billions of gallons of water from the if north do get flushed out to the pacific ocean. but that's not responsible for why l.a. had ran out of water in hydrants. it's actually just a mere matter of physics that the water was flowing so much that they lost water pressure and, thus, they had to actually tank in water the fight the firefighters. so, yes, he's right that california has mismanaged its water but, no, that's not why it ran out of water. paul: so is this mostly a failure of local government and water authority then? >> well, there's a local water structure in -- and these urban systems just weren't built to fight massive wildfires. they really need to be rethinking how these are designed is

wall street straight ahead. >>> later, former house speaker paul ryan is going to join us to lkbo the trump transition.k box" rolls on after this. oh, it's cold outside. time to protect your vehicle from winter's wrath. of course, the hot sun can be tough on vehicles too. you need weathertech. laser measured floorliners and cargo liner will shield the carpeting from sand and snow. for your interior, there's seat protector and sunshade. plus, mud flaps and bumpstep for the exterior. impactliner, with shock absorbing rings, safeguards your truck bed from costly damage. order american made products at wt.com surf's up! >>> it is just before 7:00 a.m. right here on the east coast. you're watching "squawk box," right here on cnbc. among today's top stories, the s.e.c. filing a new lawsuit now against elon musk over his takeover of twitter. it accuses him of securities fraud. the agency claiming that musk cheating twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company as he prepared his takeover bid. musk's lawyers calling the lawsuit a sham and a

michelson they have been on a wall-to-wall coverage in los angeles because of the fire you saw a fox 11 reporter who's in altadena that is the eaton fire just bringing in jeff paul quickly we hear that eaton fire is growing as well. >> 400 acres and what gives me concern is earlier today the palisades fire was 200 acres and then exploded. so to see the fire earlier it was around 40 acres now it's 400 and this strongest wind starting in the next hour or two continues until 5:00 a.m. i'm concerned about what the fire will do given its already 400 acres. >> when i came to work it was a little over 200 acres the only update every few hours we haven't gotten an update we haven't done that for the better part of two and a half hours last check was for almost 3000 acres that time grew 150 plus percent it was up to around 1200 acres and grew in the better part a to a half hours it's been to a half-hour since we last were briefed there's a good possibility it's grown immensely in that amount of time we will get another update on the size of the fire until 8:00 tomorrow morning. that is after the wind comes in and that is going to be a possibly stunning update. >> if you'

paul atkins, who presumably will be confirmed by that role, tapped by donald trump. there are questions about how the sec will move forward differently under this administration and could be friendly to wall street at large. scarlet: i know this is something you will discuss later on balance of power. bloomberg balance of power cohost kailey leinz in washington. coming up, the s&p 500 now turning a bit lower here, losing about .25%. we will look at individual stocks moving in the session. this is bloomberg. ♪ scarlet: this is bloomberg markets. we are looking at the s&p 500, down with eight out of 11 sectors in the red. let's bring in natalia. >> we are watching shares of ebay and meta. meta is down, but that is part of bigger risk off sentiment. ebay is the current best performing stock as humpton said ebay -- as meta said ebay will be able to publish listings and customers will complete purchases directly on ebay. it is a big move for the company. we see the stock reacting positively. next is a biotechnology company. it is a big move. the stock is up by more than 200%. the company posted positive results on its trial and treatment of type one diabetes. the study found no safety issues.

and you've had several labour mps, particularly those in that area paul wall, sarah champion and a coupleothers saying, actually, no, we need to we need to look at this more closely. >> even andy burnham limited inquiry now, his words were limited because he didn't want to say national, but they're all there again. they're politicking. they're being absolutely ridiculous when it's quite clear to even those people abroad, elon musk and people drawing attention to this, that we need a national overall inquiry with a time limit to it, whilst also arresting people at the same time. i don't see why they can't do it all at once. >> five local inquiries. when there's at least 50 towns across there's at least 50 towns across the country that are affected by this. and also it's not a statutory inquiry. so you can't compel witnesses again. >> so same same mistake as the last one. yeah. but anyway let's get the get the information that we need from this one on. national reporter charlie peterson joins us. so they are having inquiries, but they're having inquiries, but they're having what sounds like

this wall is outside block 11, where thousands and thousands of prisoners were lined up and shot at point—blank range. paul he will be speaking shortly. he is next to the head of the museum, and we must not forget this is of the museum, and we must not foruet thi , , forget this is run by the polish state, _ forget this is run by the polish state, so - forget this is run by the polish state, so it - forget this is run by the polish state, so it is - forget this is run by the polish state, so it is a l forget this is run by the i polish state, so it is a very important _ polish state, so it is a very important moment for poland to show— important moment for poland to show itself as a country to the rest _ show itself as a country to the rest of— show itself as a country to the rest of the _ show itself as a country to the rest of the world and how it reflects _ rest of the world and how it reflects on the past.- rest of the world and how it reflects on the past. and we should also _ reflects on the past. and we should also remind - reflects on the past. and we should also remind people l reflects on the pas