please join me in welcoming scott bessent. [applause] scott, even respected voice in financial markets for decorative only recent sort of waiting and publicly on larger questions of u.s. publicns policy and the stakes of the 2024 election. what motivated you to start speaking out about the direction of american economic policy? >> first, thanks to the manhattan institute for having me.av invited me, just so you know we have heather mcdonald, we have chris, you've made those two. but it is a good question. i have always been politically interested for macro investing. you're always in politically adjacent to geopolitics. people ask me what is a macro investing? and so for a long time i have been analyzing of economic situations. 2023, 2024 is important for me too come out from behind my desk. i would list three reasons or three things i would focus on. i am alarmed with deficits and spending. we have a spending problem. i've never seen or we have never seen anything quite like this. i am an economic historian. but the budget def

the scott bessent bond market rally and donald trump stock market rally. ce bessent named treasury secretary long term yields have fallen and since donald trump run the election we have a massive historic rally. i know market is sloppy today. everyone is hitting record highs. bessent for bonds, trump for stocks what do you make of it. >> the fact that markets whether equities or bonds are reacting to the professionals back in charge. trump is great for. and nobody knows i think fixed income side and sovereign debt side like bbessent does. >> david malpass, i think, scott bessent is a bril brilliant guy he is building a very good time, mike faulkender is out there. he will be deputy. two under secretaries, very important. the whole economic teamsome category together. kevin hassett will make a great necdirector, working with scott bessent. i think david, your take, it is a very capable competent grouch t -- group that will make good on president trump's promises to cut taxes, cut regulations and improve energy and to fight back on trade. >> moving fast will

what is scott bessent telling them he's going to do today? well, stuart the goal of scott bessent being here is to get confirmed so trump's treasury nominee scott bessent is here on capitol hill to talk to senators, to work towards doing just that. he's meeting with senate majority leader john thune and incoming majority whip john barasso. bessent is making the rounds with the members of the senate finance committee and holding the nomination hearing for bessent and will also be here next week meeting with senators according to sources. incoming senate majority leader john thune was on fox earlier talking about the confirmation process for all of trump's nominees. >> i think the important thing is we give them a price opportunity to make their case about why they are fit and qualified to do these important jobs and obviously, the president should have a lot of deference and leeway when it comes to making these appointments because they are the people he wants to implement his agenda. reporter: on the table of topics senators have a lot of que

even scott bessent has done a fantastic job. one of the things i liked about scott is he said long before i even knew who he was that the market is only doing well because they think trump is going to win. so we made scott the treasury secretary which everybody frankly wanted and he will do a fantastic job. >> and crypto, we do need, your crypto is different from the previous administration. >> we will do something great with crypto because we don't want china or anyone else, not just china but others embracing it and we want to be the head. we will be ahead of ai. way ahead. we have to produce tremendous amount of electricity. unbelievable when you think that we need more than twice what we alve. if you think that is specific for an industry. we will be able to do it. we have lee zeldin in charge of the environment. he will be giving us very strong approvals. he will make sure everything is good and clean and proper. he will give us very fast approvals. >> we should be able to afford it and handle the 5% per year grid. but you t

scott bessent's done fantastic well. this is before the election. it is doing well because they think trump is going to win. we made scott the treasury secretary which everybody frankly wanted. he's going to do a fantastic job. >> meantime, how about a crypto, really, we need -- you are embraced in crypto. petroleum reserve like for crypto? >> i think so. we will do something great with crypto. we don't want china or anybody else. we will be ahead of a.i. we will be way ahead of a.i. we have to produce electricity. it is unbelievable. we need twice what we already have. if you think that's for a specific industry. we will be able to do it. we have lee zeldin in charges of the environment. he will give us strong approvals. he will make sure everything is good and clean and proper. >> natural gas should be able to afford it and handle the 5% per year grid. you obviously think we need to be up on the king of a.i. which means people say protect taiwan. china would like that technology. >> we will have a lot of talks with china. i have a surprising relati

scott bessent is trying to lock in the confirmation with his visit to capitol hill and he is not theenate majority leader chuck schumer saying he plans to meet with howard lutnick today and that is not to mention the more controversial pix.

you're meeting with trump cabinet pick pete hegseth, scott bessent after our show. do you support desantis or hegseth as pentagon chief? >> first of all, pete is still in it. i'll meet with him. i met with a group of senators a couple nights ago. he certainly conveyed to me the priorities of what he would do as secretary and i agree with him, to focus on returning lethality to our military force, to defend this nation, root out the wokeness, the dei, the things that have really threatened our readiness, and as a war fighter himself, someone whose served his nation, i have to respect that and i just read this defense that he wrote in the "wall street journal." it doesn't sound like he's backing down and he makes a pretty good case for himself in that article. liz: pete hegseth is saying trump says keep fighting. the story is that hegseth is denying a new yorker nbc story alleging sexual misconduct, excessive drinking one story alleges expensive abuses so are the senators concerned about that? is his nomination now in jeopardy? >> i hope most republican senators take

reporter: trump's pick for treasury secretary scott bessent is also here on the hill for meetings today with senators. he is expected to face questions about trump's economic plans from tariffs to bessent's controversial idea of creating a shadow fed chair that bessent says could make jerome powell basically irrelevant without trump having to fire powell but some republicans are a little skeptical about that idea, but jerome powell is not skeptical about it. he was asked about it today and he brushed it off saying that's not on the table. larry? larry: well jerome powell brushed it off but you know he doesn't really brush it off. what do you think, hillary, stir the pot. a ghost chairman of the fed? a ghost chairman of the fed or a shadow chairman of the fed? what do you think? for all i know it's shadow chairwoman of the fed. reporter: yeah, we don't know. i mean listen. i'm waiting for scott bessent to show up because i'd like to ask his thoughts and i want to know if senators on board with this idea too but what's interesting about powell brushing it off is he doesn't have a say in t

if you got scott bessent and elon cutting, maybe they have a chance, is why gold is selling off. they got a big steep hill to climb. >> and ironically, best said on the podcast before he was announced that gold was his biggest, you know, for all the underlying reasons you described. >> his job is to make the price of gold go down. he's a great secretary of treasury he has a great fed chair companion, the is to make the price of gold go down. bitcoin is the report card. >> if he idea is to make the dollar in real terms, it should affect bitcoin too. >> other than we've got a massive adoption wave. >> and that should drive demand. mike, appreciate you making the time to join us on this very very significant day >> thanks so much. >> mike novogratz is the ceo of galaxy. >>> with that intro, let's move to my next guest who says bitcoin is in a clear bubble mike didn't exactly disagree with that. could end badly, here with opportunities outside of crypto is voice chair and head of investment group at aerial, what a back-to-back pairing, charlie, welcome, love to their your thoughts. >

scott bessent, he has to be the chosen for treasury. onewhere is he? he is around here some place. he's around here. he told me we picked up $3 trillion since the election day . and i said that's good but what about before the election day ? he said we picked up some money. because they thought you were going to win. i said i like this guy. he is going to be my treasury secretary. [applause] i think we will have a tremendous run. we have to straighten out some big problems in the world. when we left, we didn't have any of these problems. we didn't have russia with ukraine, israel october 7, we didn't have the afghanistan disaster. we had no inflation and we had a very strong economy. and we will do that again but we will even up it because we have experience. now i know everybody. when i first came in we came down, melania and i a great , first lady who is very popular, by the way. she rang in the bell. [applause] she came down and we were driving down pennsylvania avenue so beautiful. and it was so beautiful. i said i never done this before. i didn't know anybody and got to the ov

those worth $100 million or more and those like scott bessent and dr. oz.et worth of $6.4 billion. $4 billion of that coming from his stake in djt or truth social. the record wealth in the cabinet creates ethics issues and divestitures. howard lutnick won't be selling shares in the open market, so it is possible he could transfer shares to some kind of trust or family related trust. chris wright will have to sell about $40 million in stock in liberty energy and scott bessent will likely step down from his hedge fund. since musk and ramaswamy are not members of the cabinet, they are not bound to the same laws. dom, this is going to be interesting to watch given the conflict of interest rules and how they divest and handle assets. of course, going forward, how they handle potential conflicts of interest. >> robert, can you take us through the mechanics again? if they have to divest the financial interests they have at their respective companies and funds, what do they do with the money if you are not going to put it in a family or family trust or some other t

does a market story based here i was looking at -- you mentioned john ratcliffe wasn't on list scott bessent got a kick sadly 32% say they should confirms bessent 27%, say no 34% no idea who he is this is the guy has 333 plan to going to, 3% growth cut 3% of the -- 3% deficit gdp, and 3%, the three is three million barrels per day oil production i know we've got to run scott bessent could be a key part of our recovery next year. maria: i am sure he will be, you know john ratcliffe one of the best nominees trump came up with, real truth-teller maybe again people don't see him as recognizable even though has a stellar rÉsumÉ stay with us. we'll be right back. . at harbor freight, we do business differently from the other guys. we design and test our own tools. and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love. ♪ it's odd how in an instant things can transform. slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. oh, we got a weathertech gift card! weathertech is the perfect gift for e

larry: scott bessent and brilliant guys and markets on the back of his hands and going for the treasuryem and getting a point for them with a whole economic team and then going with kevin hassett going for them with a director very proud of him. not completely buttoned down. getting your take on it. going with president trump with the cut taxes and regulations and back on trade. >> more growth and going for them and how you pay and going for the bonds and going with seconding and that's going to be really important and one thing i think is understated right now and going with the energy component ape loan it's the importance of making permanent tax cuts and going with the big opportunities that is locking out the idea of regression. growth and bonds and one thing i would be rejected and more certainty and the climate industrial complex with a huge spending that weighs on the future payable of the bonds. >> larry: i want the tax cuts in the first piece of legislation and tax cuts in there and promises made and markets businesses and small businesses and middle class blue collars they're

i am pointing -- scott bessent is a cool headed start guy. he is on the right track. >> and a supply side ir. i fret a little bit, i'll tell you on the record, i fret, you think you will get two reconciliation bills good luck on that senator, you know it is not that easy. i remember back in 2017, first half of that year, was spend 3ing -- spent frfftrying to end obamacare that did not work well. i will say, people out there want to see take home pay go up. there are two ways to improve that. one, three-ways, one is better wages for growth, two is lower prices from less inflation, and three is more take home from lower taxes, they want to hear about tax cuts just as much, i'm not diminishing the border, but i think they want to hear about tax cuts, you have to think about that, one last one. >> let me tell you, on that, one thing that i am urging it my colleagues i think two of first bills we should take up in january when we come back are my ledg legislation just justice for jocelyn act. and second one the point you raised, my le legislation

have you met with scott bessent and talked strategy?ai agree with that and somebody that's a prime backer and the tax strike thaty part and because i'm still worried and have a couple guests that are still worried and going for them and >> i didn't discuss that in detail with him and not a member of the president's financial team and bot 2078 line i said to you, larry, there's a lot of arguments going on around here in the house and senate and i presume that the presidential transition team and with the president and there' positions on both sides. ised made as speaker of the house and finance chairman committee can go whatever direction and we'll be ready to move when they say when the sequencing is and we move forward. larry: let me ask you, it's a bit of a different article and we discussed earlier in the show. different arguments. mr. trump will work whatever his magic is going to be on tariffs. i mean, he has to. america has a short end of the stick and going after reciprocity or broad-based tariffs or whatever strategy, he wants t

scott bessent. >> it just doesn't happen that often. maybe we take that for granted. we think that every president ultimately makes their way through here. there's a picture around the corner, famously, of reagan here in the '80s. the crowd that was so large gathered beneen ath him. this was one of the rare and extraordinary moments from a president-elect as well. somebody who hasn't even taken office. he has been in the white house before. this time, he didn't come here from 2016 to a 20. >> what was wonderful to see the floor so packed. when i got here in the mid 1990s, there were 4,000 people on the floor. they did 80% of the volume. there's a few hundred today. that's what electronic trading does. you could not move on the floor anywhere in the back rooms, front rooms, anywhere. it was like 19 96. they were like rock stars. a major warm, affectionate way. >> investors have high hopes. thanks. it was a good moment today. makes me think about, as bob was asking the president-elect about tariffs and a response by canada, perhaps, whether we are taking those sorts of

i was just told by scott everybody said you have to pick scott bessent. he has to be the one chosen for treasury. where is scott? he is around here someplace. he told me we picked up electi? he said we picked up some money there because they thought you would win. i like this guy. he will be my treasury secretary. [applause] i think we'll have a tremendous run. we have to straighten out some big problems in the world. when we left we didn't have any of these problems. we didn't have russia with ukraine, israel october 7th, we didn't have the afghanistan disaster, we didn't have inflation. we had no inflation. and we had a very strong economy. and we will do that again. i think we are going to even up it. now we have experience we didn't have. now i know everybody. when i first came in, we came down, melania and i, very popular, by the way. she rang in the bell. [applause] she rang in the bell. but we came down and were driving down pennsylvania avenue and it was so beautiful. i said i've never done this before. i didn't know anybody. i got to the oval offi

scott bessent will reportedly meet with republican senators today.di and linda mcmann holding meetings with senators. elon musk and vivek ramaswamy set to speak with gop lawmakers on capitol hill tomorrow to talk about cutting costs. talk to us about the trump vance transition and your expectations for senate confirmations. >> i love the picks the president put forward, especially when you look at 2024 versus 2016 president trump is so far ahead of the curve. think about the economic folks he's put in, scott bessent, howard lutnick, even inside the west wing, kevin hassett and jamison grier, these folks are powerhouses, these are the people who will get the economy back on track, doing something about the bidenflation and the cabinet that the president is putting forward i think it's notable just how talented and qualified they are. we've never had an incoming administration like this, red i do hit the ground running. you look at the way forward, leaders are coming to visit president trump the way that everybody's taking note of him essentially resum

trump's pick for treasury secretary scott bessent spoke with fox yesterday. >> are you confident thatnt through with this idea of a shadow fed chair, that wouldn't then make the fed political? >> i'm here today to listen, learn and meet the senator. >> reporter: president trump is reportedly considering replacing his defense secretary pick pete hegseth amid concerns about whether he can make it through the confirmation process. reports say florida governor ron desantis could be a possible replacement there but hegseth is indid you tedder. listen to -- undeterred. listen to what he said yesterday. >> did you have any conversations with the president-elect? >> i spoke to the president-elect this morning. he said keep going. >> so you're in this all the way? >> why would i back down? i've always been a fighter. >> reporter: hegseth is expected to meet with more lawmakers to today in d.c. maria: thanks so much. lee carter, your thoughts? >> so i really look at this whole confirmation process and i am so sad for our country. i am so -- you can see why good people don't want to go into offi

we're told scott bessent will be there later this week and doug collins. breaking news, confirming the "wall street journal" that trump is looking at desantis for secretary of defense and spoke about it here in palm beach face-to-face yesterday. send it back to you. >> dana: bill melugin, thank you. >> bill: let's bring in bret baier to get more on this. good morning to you. this is mike rounds, the senator from south dakota with dana and me yesterday getting nominees confirmed. >> i think republicans want to see president trump get his team in place and very quickly so that he can hit the ground running. there will always be a couple folks that will ask difficult questions. as long as these folks have got the right answers, sit down and visit in advance have a good -- i think they have a good shot of getting them all through. >> bill: a couple things. not only bill's reporting a moment ago. "wall street journal" said desantis was on an earlier list of potential secretary of defense candidates. that was going around there in mar-a-lago. you have the hegset

scott bessent's exactly right.'t know, we'll talk later about, you know, what jobs you may or may not have been offered, but i'm glad you're here on the show because you break it down so well. >> thank you, charles. charles: appreciate it. by the way, my next guest, also one of the great thinkers on the street, i want to bring in lou grohlman. let me first pick up on this conversation. you put out a post yesterday, americans 55 and up have $114 trillion in assets and a finite time left to spend that money, so they are spending it. the fed can hike to 10%, and it would only accelerate consumer spending while sending the u.s. government towards hyperinflation by sending u.s. interests higher than its receipts. walk the the audience through this because i have been so frustrated by by the notion that if you have the top 20% of the economy doing 40% of the spending and because they keep spending, the consumption numbers keep coming in better. the consumption numbers argue for higher interest rates. in the meantime, the

then scott bess bessent bond market rally that's doge brothers will do their part in chopping down the size and scope of government, cutting spending, and ending note only regulations, but ending regulatory agencies themselves. combination of 3% or better economy growth, meaningful decline in budget deficit of 3% of gdp from 7, additional 3 million barrels a day of oil production lowers energy prices in the economy. that is mr. b bessent's 333 formula, very popular on wall street. now, trick is to get it don. as soon as possible. promises made, promises kept, mr. president. that is the riff. all right. joining us now, texas congressman wesley hunt. mr. hungt t hung mmr. hunt thank you for coming bako. back on. what is going on here, i think they are doing the trump dance? >> you know, on january 20, america is back own for business. -- back open for business that is when trump will deliver this, he has done it before we saw growth in his first presidency, we have to rings and repeat. -- rinse and repeat, people ar excited to have more money in their pockets and taxes go down and inflat

the reassured by president-elect trump's picks including scott bessent and kevin hassett. dealmaking landscape. personnel's policy so we will see who comes in at the regulatory agencies to learn more about the juror of regulations. tim, thank you so much for being here. right now the banking sector is driving a lot of the optimism in the financial space going forward. tim: animal spirits are back in the u.s., there is a sense of deregulation across europe and the u.s. will see how much of that actually happened but there is a sense of optimism that we haven't seen any while. dani: should it be mostly centered on the largest american banks or the smaller ones? tim: i think main street and wall street are going to do well over the near-term. wall street looked at the near-term with a great optimism. we are going to see ipo's and that is good for our institutions. >> i know you are concerned about the deficits that you took kindly to the fact that there are some deficit hawks but trump said he is not going to cut social security, not going to raise retirement age. however we

scott bessent was there with him yesterday, treasury nominee, i think he is going to spearhead a lotope. >> carley: looking into know judge, talking about this potential east coast dock worker strike that could take place january 15th. donald trump weighing in on that. >> cheryl: he's offering support for dock workers and union members. basically on truth social he posted after a two-hour meeting at mar-a-lago with harold daggett and dennis daggett, union reps tlchl has been discussion having to do with aughtmation, causes distress, hurt and harm for long shoremen. he talks about foreign companies. negotiates stopped in mid-november, they quit talking, the maritime alliance. january 15th is the deadline, that extension requires. daggett does not want aughtaugtomation at the ports at all. he says trump understands threat of automation. one quick point and there is big op ed on fox news.com. world bank and s&p did a study and u.s. ports are some of the least efficient paorts in the world bnsf tanzania and congo. the more volume you move through the port, could be financial incentives g

joe: scott bessent, yet to be confirmed, the conversation is you are missing the forest for the trees is about an overall approach that includes lower energy prices, cutting red tape, tax cuts with tariffs, difficult to quantify. laura: this is early days. the cbo and committee for responsible federal budget are making assumptions. they are looking at the extension of '17. that will expire. what will it take to make that happen? trump talked about lowering the corporate rate yesterday. that upset democrats, not something even some republicans want. there are lots of dials congressional republicans can turn. they just don't have enough things revenue raising that would offset cost. they have plenty of ideas on how to spend the money but how do we pay for it? kailey: dang math is a problem. laura: what else is new? broadly most of corporate america would be thrilled with a lower rate. i wonder about tech companies. kailey: we see a lot of activity for tech companies, the billionaires who lead them when it comes to their relationship with this administration. me donatingta -- meta donati

in trump world, the white house, lots of people with sharp ammos manifesting in a fight between scott bessent the president-elect likes that. charles: i have always seen the guys that last longest to do the best in amaga world are the people who try to keep a low profile, if you think about it, people like larry kudlow, steve mnuchin, people like that did their thing, loyal soldiers but -- neil: does musk bounce off of these views and wouldn't go off on his own? charles: i don't know but here's what i would tell you. elon musk tried to get out of the twitter deal when he first bought it. why did he do that? he didn't read the balance sheet when he made his last and final offer. it was $44 billion, they have to take it. finally, someone showed him something and paying $40 billion more than this is worth. tried to get out of it. jamie time and wouldn't do something like this. he is not a conventional ceo. it goes all by got. neil: that's working for him. charles: not saying he can't. neil: if that is of the case, might not be wrong for this. charles: you just can't keep doing it. and for good r

in the meantime we are waiting for scott bessent, the nominee for treasury secretary. he's expect on the hill later this afternoon, he will meet with the gop leaders, john thune and john barrasso, the majority whip, if confirmed will oversee the treasury department as they try to implement trump's campaign promises extending tax cuts, getting rid of taxes on tips, taxes on overtime, in support of using tariffs as a revenue raising tool and a negotiating tool to protect america's interests, he is expected have a fairly easy confirmation. we will be on the lookout for him. things are moving fast. neil: dave ramsey, a good guy who comes to and assembling team, very loyal teams that do anything he wants, he's good at picking the far right people at the right time. looking at this, thinking you are looking at a number to get on your team, steeped in controversy, a little different than choosing someone for your impressive team, you don't need congressional approval on it but is there a point at which a team head coach, the president-elect has to say this just isn't worth it

. >> what's your bet on scott bessent? >> oh, i don't know him well enough to know.s with light input from the administration. >> okay. jake sherman, great to see you. >>> coming up, more from capitol hill. amy klobuchar and senator ted cruz will join us at 7:30 a.m. eastern with the take it down act. that is to force siaocl media companies to remove graphic deep fakes. "squawk box" is coming right back. ing!? ing!? he was actually saying goodbye to his old phone. i'm switching to the amazing new iphone 16 pro at t-mobile! it's the first iphone built for apple intelligence. that's like peanut butter on jelly...on gold. get four iphone 16 pro on us, plus four lines for $25 bucks. and save on every plan versus the other big guys. what a deal. that's a lot if you ask me. ya'll giving away too fast t-mobile, slow down. with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone

meeting he with lawmakers ahead of the confirmation process, trump pick for treasury secretary scott bessent spoke to "fox business" yesterday. >> knee "fox business", are you competent that you went through with this idea of a shadowed fed chair wouldn't make the fed political? >> i am here today to listen, learn and meet senators. >> president trump reportedly considering replacing defense secretary pick according to some pete hegseth whether he can make it through process reports say florida governor ron desantis could be possible hegseth undetiered. >> -- think provocation -- -- >> i spoke with him this morning said he is -- >>, and -- >> hegseth meeting with lawmakers today in washington we will see what happens mark your reaction to all new cabinet picks. mark: -- i am superexcited about doge with elon and vvk without a doubt there is bipartisan excitement who would have thought bernie sanders would come out and say there is wasteful government spending. but then you look at how appalling what biden administration did guaranteeing 40,000 plus federal employees work from home privileges

we are watching the whole for lee zeldin, pim bondi and linda mcmahon and we expect scott bessent thisomorrow, everyone is looking for people who are going to run doge, elon musk and vivek ramaswamy hit the hill tomorrow to talk about how to cut one trillion dollars in two years. a lot of excitement for those two on the hill. back to you. stuart: a trillion here in the trillion there and soon you are talking real money. now this. alabama senator tommy to prevail calling on the department of government efficiency, doge to make daylight savings time permanent, don't move the clocks forward or back. musk and vivek ramaswamy on board with fat? >> they seem to be. senator tupper phil wants year-round daylight savings being we would end the process of turning the clocks back an hour. the sun would rise and set later. you get less daylight in the morning but more in the evening which is good for safety, less crime and businesses, more commerce, that the argument. the goal of doge is promoting government efficiency so more people are shopping because you get more daylight. people are sick and

then coming treasury secretary scott bessent will target this as well.t's a really important component of the interaction between america and china and is something that the chinese have used to give their producers an unfair advantage and put american companies and american workers out of business and out of a job. gerri: a long way to go on that. we will see how this works out with the tariffs and what is put in place. thank you ryan payne. ej your sticking around with us all morning long. coming up trump vowing to execute the largest deportation operation in american history as dhs secretary alejandro mayorkas assesses the border over the past four years. national border patrol council vice president art del cueto is here to react. were watching what is a maria live on fox business. ♪ to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil a

we saw, like, the sort of contra temps between scott bessent, treasury secretary nominee, and howard e secretary nominee, as they were vying for that treasury secretary position. scott ultimately was named -- liz: but, but elon was siding with lutnick, and he didn't come out on the winning end -- >> right. and remember what i reported after that, fives are out for lutnick at that point. lutnick annoyed a lot of people, including the j.d. vance contingent of the kitchen cabinet. so you can see the sort of demarcations being drawn between camps here. it's t never a good thing when you have that. and, you know, this is, you know, elon is not an elected official. he's not even -- he's an adviser, and he literally almost, you know, sort of put the nation's budget in jeopardy for a couple, for a while, you know what i'm saying? that's, like, pretty remarkable. although you've got to ask yourself if he's president, that would be remarkable. a guy from south africa who's de facto president? if. [laughter] liz: i doubt donald trump will allow that. >> you don't think -- liz: he is very much th

. >> scott bessent a strong pick. let's talk about the politics. steve feinberg will be number two, the number one guy pete hegseth. can the administration stomach multiple guys being controversial, news-making guys? at some point you have to have people with senior jobs who just know how to get the trains running on time. know how government works >> trump's first administration there were calculations 3400 conflicts of interest, right? we don't talk about that and more but it was real and quite significant. i don't imagine that it is going to change. it will probably get worse in this administration. i actually was thinking about when you mentioned mike bloomberg. i worked on that third race, the controversial race. >> i remember that. >> i also remember that in 2005 running for re-election he got 47% of the black vote. what was interesting about mike bloomberg, you may disagreed with him on policy he was clear he wanted to put good people in positions that cared about management. >> and he did. >> and he did. i think that is to answer your quest

pam bondi, linda mcmahon and we expect scott bessent as well this week. back here live we're waiting to see what happens with the pete hegseth nomination. we're hearing a lot of things from different camps and so things could drastically change here in the next couple moments. we'll be watching it. >> dana: thank you so much. >> bill: thanks. 27 past. waiting on a press conference in new york. police will brief in 60 minutes from now. american ceo shot and killed on a new york street today. the gunman is on the loose, unaccounted for. manhunt underway. a lot of details to be filled in on this story. the closely-watched case before the u.s. supreme court being argued as we speak. justices hearing arguments whether or not states have the right to ban transgender treatments for those under the age of 18. hehe. chris! keke! ready tycoons? it's go time! cash grab! keke, i won again? ow! daddy will be back soon. [cries] -ha ha! -boom! we're swimming in it now. -rent's due. -toodle-oo! busted! nothing beats playing with friends, except bankrupting friends. when

changes 10 days after that, so janet yellen only has 20 days to deploy these measures, then it is scott bessent's territory if he is confirmed. that is where it gets tricky in terms of finding this kind of issue of whose turf does the debt ceiling get hit under? that is where donald trump is saying if that is an inevitability, it should be under bite and's watch, not his watch. the other piece is he is tying it to the stopgap bill. historically, in congress, every time a republican comes out with a bill that donald trump doesn't like, he has put on a little bit of a trump knotty list, and that is the scare factor where you have gone from bipartisan support for a bill to a falling apart. kriti: tom: he tom: has been explicit, you will be primary if you support this bill. republicans have been pushing back against raising the debt ceiling. now trump saying raise the debt ceiling. elon musk posting a picture saying this is porkbarrel politics talking about the stopgap bill. where do negotiations stand? kriti: in a tricky place because no many people have pivoted on what they were initially agreeing

and i don't envy his -- treasury secretary scott bessent as he tries to figure out how they are goinge in the face of this mountain of debt he has -- >> yields have come down 10-year up 1 1/2 basis points sitting 4.41% on real sales numbers right now, the market is fully pricing in the fed will cut rates, tomorrow. 25 basis points, we will get news from chief jay powell following rate decision, a question for jay powell why cut now writing we don't buy theory that pro-growth policies are inherently inflationary with policies the economy won't need a boost from another ric niek timiraos saying, one or two fury cuts for '24 in projects based on sales numbers what should fed be doing? >> well, again,, i mean i think the case for them to be cutting rates kas very thin when they first started, and only weaker weaker. in fact, maria, you have to marvell at irony the fed waited until the cpi was 8.5% year-over-year to start tightening raising rates it was already 8 1/2% piebdz at 9 practically peak started tightening started cutting at what appears to have been the low in inflation 2.4% in s

but then further more you look at the rest of the trump appointees and nominees whether it is scott bessentying to make this a legitimate currency and all if at some point you see a company like amazon allowing people to buy goods with bitcoin, or with crypto overall the coin is going to go to the moon. it will go up substantially. so i think you'll see more use cases. i think they'll have some clarity on regulation and both of those are going to be great for crypto. >> of course donald trump is first president to come along who embraced crypto like this why do most politicians think crypto is such a threat to them? >> well i think probably the biggest issue is i think there's dirty business happening with crypto right. you know whether it's -- drug deals or, you know, ransoms there's a lot of that. so that's i think that's kind of a black mark on crypto. but you know about when you look at the technology, the block chain technology, when you look at the ease of transfer, it is a legitimate currency and i believe that the people who are in place right now are certainly going to further legi

scott bessent saying if you raise tariffs, people spend more money on that so tariffs don't start inflation with that idea or thesis, whatever you want to call it? >> i hink it's very uncertain. tariffs will be a one-time increase in prices as bessent said for some sectors, then the follow on. will that lead to individuals demanding higher wages if the things they are consuming are going to go up in price? tariffs can hit goods, but not services. that is a deflationary area. it will be in the good sector. might give us ightly more inflation to the economy. the issue is how does the rest of the world react and ratchet of tariffs around the world? i think tariffs are a bit of a wild card. too early to say it is not inflationary. too early to say it is not contractionary. it depends on second order effects and that has not played out just yet. >> on january 8th, we get the fed minutes and the jobs report which has a lot of weight on it. as we look ahead to that, what do you expect with the minutes and the jobs report especially if it comes in it line or better than expected with the job market

. >> things are looking very good, scott bessent you have someone is a stable treasury chair pro-cryptobviously and then you piggyback paul atkins on top of that and what you have is a situation where bitcoin is 102,000 and quite. it was below 95000 for a while yesterday morning and now it's jumped up. and what i'm see the promises that trump made during his campaign he wants to deliver on all the promises, that's commendable a lot of politicians are all talk and no action. with the specific nomination trump wants to deliver on everything he was messaging the american people on the course of the last several years. maria: pawlak is expected to deregulate with what president trump has been setting that's one of the issues so much rules and regulation has put a freeze on business. >> watching how swiftie donald trump is active to put this cabinet and place and deliver on the promises that he made, it's clear that he's ready to disrupted 70 areas but it's clear he's looking to stabilize the market and the economy. i think we see the markets respond to that and we see the voter confidence c

scott bessent is up there with $3 million spent.ndidates and super pacs in the last two years. that's a pretty staggering total in the big money post-citizens united era of politics that we're in. for comparison, we did not find any political appointees from the biden administration. in the trump first term, we found linda mahon. there is still a distention here. trump's pick to ambassador to the uk donated more than $25 million this cycle and biden's ambassador to the uk was also a top donor for him. she spent $645,000 for democrats that cycle. dramatic increase here compared to the trump first term. frank. >> megan, interesting reporting. top donors get plum ambassadorships. is this potentially going to become an issue for confirmations? is this an issue for the trump cabinet picks? >> reporter: what this highlights is something we have been talking about this week is the high net worth of the individuals. i wouldn't expect that donations alone come up in confirmation hearings because as you said this isn't uncommon. what is uncom

brian though, we must say that trump -- i'm calling it trump, scott bessent stock market rally.ng. stocks love it and like trump and his policies and treasury man. >> i agree. you've called it the blue collar boom and that's the piece i like the most. the stock market looking at strong, growing profit creating u.s. economy. that is as you always say the mother's milk of the stock market. to me the story is -- we'll talk about the tariffs and, gee, it'll be a tax on people. the heart of the trump agenda is massive growth. unleashing possibility and, yes, we've got a lot of different perspectives but at the end of the day, you've got a bessent and another guy that wants to get it spent. larry: and kevin hassett will be the new kudlow in the end. i'm so happy to have kevin hassett running nec. i mean that sincerely. steve forbes, last word. dollar, exchange rate done very well since trump's election november 5 anyway. >> again, they see the markets as you know, trying to anticipate the future. not what's happening now. and they anticipate we'll get a good tax cut and hope they incl

looking at scott bessent's 333 plan. if you cut government spending as a portion of gdp from where it is projected now which is in the range of 5% to 6% deficit spending to 3% and dogthe on the path by july of 2,026, looking at profitable spending or not, a big drop in government spending and that will, in part, a fiscal drag into the economy. before we touch on that, it will be a decade, you need to purchase at that dip. if we can get those things achieved the, the stock market for 10 to 15 years but i expect it to be a short-term drag. ashley: interesting we might be benefiting because other countries stink by comparison not to disparage the french or what is going on right now but a number of countries, china, the friction where you had martial law declared two hours apart, the south korean market tumbling, french stocks under enormous pressure because they might shutdown the government or force new elections immediately. having said that i wonder how much that helps us, we have great underpinnings but it helps when y

scott bessent leading the department of treasury.bringing energy jobs back to this country to lower inflation for all americans. also delivering critical tax relief to put more money in the pockets of the american people. >> dana: i noticed a shift yesterday from some democrats talking about how biden brought back the american economy when you compare it to the rest of the world. but that's not how americans are thinking about this. that's a little -- that's how they are trying to adjust their spin on this. ask you about this as well. at the end of an administration there is usually an-outing press conference or usually before christmas let's wrap up the year with a press conference. karine jean-pierre was asked yesterday if we could expect one from biden. >> will he give a year-end press conference? >> i don't have anything to share. the president is going to -- wants to continue to engage with all of you. i don't have anything to share on that. >> dana: he went on two international trips and said about seven words to reporters on t

scott bessent could step down from his hedge fund. there could be a key man risk there.ce musk and ramaswamy are not formal members of the cabinet, they are just advisers, they are not subject to the same laws. we're going to see a lot of reshuffling of assets, perhaps divestitures, a lot of questions about what happens to capital gains taxes with the sales in the coming months, certainly after january. guys. >> how does it stack up, robert, do you know, against, for instance, the biden cabinet, which i know we're not talking about billions necessarily, but millions, right? >> the biden cabinet had an estimated total net worth of around $100 million, which sounds like a lot. when you compare that to the incoming trump administration, where just the billionaires alone are 13 billion, his previous cabinet, you know, you had a couple of betsy devos, ross, you had a couple billionaires, this one, six or eight times wealthier than the previous trump cabinet, and multiple of the biden administration. >> robert appreciate that. robert frank this morning. >>> when we come back t

here's treasury secretary nominee scott bessent with me the day before the november election on "morningsria" on fox business. scott, real quick, if you are a member of the economic team there in president trump's cabinet, what would be your number one or first priority of -- in january? >> look, maria, whether i'm on the inside or the outside, extending or making permanent the tax cuts and job act is the priority. maria: yeah, got it. >> because if it doesn't happen, this will be the largest tax increase in u.s. history, and i think we're going to unleash animal spirits when president trump and republicans win tomorrow, then we've got to make this permanent, and we'll believe -- give the business and households the confidence to really get on a glide path into the next four years. maria: yeah. joining me now in this "sunday morning futures" exclusive is tennessee senator bill hagerty on the senate foreign relations, banking, housing and urban affairs committees. senator, thank you so much for joining me. >> thank you, maria. it's great to be with you this morning. maria: i'm going to get

it is a major issue and where scott bessent comes in as well the nominee for treasury secretary has prioritizedat $36 trillion and prioritizing that as well in terms of wasteful spending and how policy could address that. we'll see what he comes up with. >> dana: can they figure out a way, jason fuhrman argues in the "wall street journal" today that growth won't get you there in terms of economic growth won't be enough. >> you need to cut out wasteful spending for sure. i don't think growth can get you to make a significant cut into the $36 trillion. growth being a priority for the trump administration is why the market is where it is. stocks are at record highs every day. the reason is because people are focused on deregulation, president trump cutting all of the rules and regulations around the climate change agenda and extending tax cuts because he wants growth to be a priority, economic growth. in the past couple of years it really hasn't been the number one priority. he is talking about growth creating more revenue for taxes, creating this opportunity for companies to create profit growth,

scott bessent up for treasury secretary will be on the hill this week. bret?> bret: watching all of it, aishah. democrats trying to shake things up, too, within their own ranks. >> aishah: that's right. exactly. we are watching this generational power struggle hang right now when it comes to who is going to sit in that ranking chair in those powerful committees. for example, congressman jamie raskin is challenging jerry nadler for ranking member of the house judiciary committee. aoc is actually eyeing the ranking chair on the powerful house oversight committee. and representative angie greg and jim costa vying to out david scott. it goes to show that democrats are trying to decide whether or not they need fresh blood to take on the president-elect and his maga allies here on capitol hill. bret? >> bret: aishah hasnie live on the hill. thanks. president trump is getting plenty of attention with recent declarations about getting hostages home and imposing tariffs on foreign goods if certain things don't happen. his team, meanwhile is settling another touchy subj

incoming judiciary chairman chuck grassley and we just found out as well treasury secretary nominee scott bessent is expected on the hill this week. it will be very busy. >> sure will. get your running shoes on. thanks. nice to see you on the hill. >> dana: right now there are closing arguments about to get underway in the daniel penny trial. he arrived at court moments ago. you see him there. when we can expect that case to go to the jury. >> bill: cracks showing in the cease-fire between israel and hezbollah. why lebanese officials want the u.s. to get involved. see if that happens. >> dana: the white house weathering bad press. >> every single thing they accused president trump of, they were doing themselves. now hunter gets a pardon it goes to show what the democrats were up to this entire time. joe biden is the one who is the affront to democracy. deserve a chance to live. but one in five kids in the us still won't survive cancer. and globally, that number is even higher. in this family, we won't stop until no child dies from cancer. this holiday season, join our st. jude family. we need you

remember treasury secretary scott bessent's 3-3-3 formula.t's very, very good. 3% or better growth reduced deficit to 3% or less of gdp. and add 3 million more battles a day. all good. smart guy. tax cuts helping enormously above the 3% growth and reignite the blue collar boom and people listening to senator mike krepo expected to lead the senate finance exit tee and measured against current policy and that's assumed the popular trump tax cuts will be extended forever. mike crepo noted on this show that in terms of the budget office and letting spending going on forever, thereby increasing every year and nobody scores that as higher deficit. for some reason, if you let tax cut goes on forever, they want to score that as a huge deficit increaser and maybe with the static score card and tax hike of $4 trillion. that that is nonsense and spending is current policy and tax cuts should be current policy as well. here's what he told me a couple weeks ago on the show. take a listen. >> another interesting thing, larry, usual the spending protocols t

we are also expecting to see scott bessent on the hill today, the nominee for treasury secretary. two in the g.o.p., john thune and john barrasso. he's expected to have a fairly smooth confirmation, so we will keep you posted on how things develop. >> sandra: we know you will, aishah. live on the hill for us. john? >> john: the republican led house select committee releasing their report on the origins of covid. it concluded that the virus came from a ladder leak. public health try to cover that up, and mandates for masks and social distancing were not backed by science. katie pavlich, fox news contributor and townhall.com editor, with us now. the report covers many things, but the overarching conclusion is the following. a lab related incident involving gain-ofgain of function researcy stomach most likely the origin of covid-19. this is incomplete, severely convoluted, and l lack global applicability. this is the final word? >> this will not be the final word given the extent of this. they spent 30 different hearings and meetings on this. this up to mike report's 500 pages long a