scott bessent also outline how — inaudible. scott bessent also outline how the _ inaudible.lso outline how the trump - outline how the trump administration could use tariffs for several purposes. firstly to address unfair trade practices, second, as a tool to raise revenue for the federal budget, and that, as leverage in trade negotiations. as for the use of sanctions, he said he was 100% on board, increasing sanctions on russian oil makers. the edge fund me is seen by many as a safe pair of hands for one of the country's most important economicjobs, most important economic jobs, making most important economicjobs, making his confirmation process smoother than some of donald trump's more controversial pics. some think china could be heading for decades of economic stagnation, like japan suffered after its boom turned to bust in 1990. jinny yan is chief china economist at icbc standard bank. welcome to the programme. your thoughts on that figure that was released earlier — 5%? 5s was released earlier - 5%? 596 is a was released earlier - 596? 596 is a target _ was released ea

this is what got scott bessent the job.erson for trump's america first agenda on the economy and he was able during the transition and even before that to demonstrate to trump's diehard maga allies and to wall street that he is the best person for the job and he has donald trump seer and can get the president to may be move off course if needed. donald trump is someone who likes to stay his own course when he sees something he wants. that'll be a tricky task for him. we did see his predecessor steven mnuchin last four years by successfully navigating all of those pressures from outside the and ministration and within, especially from the boss. dani: another part of this job is engagement abroad. janet yellen frequently speaking to counterparts in china and elsewhere. how do we expect the questioning to evolve and answers we might get from scott bessent as we know trump has been very vocal about adversaries and allies as well. mike: we did get an early taste of how he views economic diplomacy. he talked in the prepared state

scott bessent was so good today, democratic members started filing out of the room way before the hearing of over, probably because they at any time have any dirt. they don't know anything about economics. but, bessent is an economic wiz, president trump called his appearance a masterful performance, it was. he is a free market supply cider, put together's storied performance as top flight investment manager for many years. he is an economy growth guy, i limited government guy and a king dollar guy. from his testimony today, i will quote, critically we must ensure that the u.s. dollar remains the world's reserve currency. scott read the riot act on tox cuts. >> -- tax cuts. >> if we do not renew a and extend then we will be facing an economic calamity and as always, with financial instability, that falls on the middle and working close people. we will see a. >huge middle class tax increase, we'll see child tax credit halved and see the deductions halved. so, it will be what we call in economics, it has a potential for a sudden stop. larry: have you there a sustain stop potential. scott be

by the way, scott bessent use that had term on the economy.ically uncorroborated and anonymous sources and pete hegseth passed and i think to some extent that deflated what i saw as a coordinated democratic attempt to take his, chop his head off first and go down the line like dominoes and chop and failed on hegseth and too much good policy on new foreign policy on the recruitment on getting rid of woke defense department. then i think pam bondi basically finished off the democrats and she delivered the final punch and was kind of like a third round tko is the way i saw it. >> i love that . i love that color commentary and i totally agree and pete hegseth was absolutely phenomenal and i don't think i've ever seen frankly such a resounding victorious slate as we d. to your point, he was armed with facts and incredible communicative skills and he stuck to his point and his talking points and did not deviate so when you read those transcripts in black and white, there's no fluff, there's no rattling that went on between the two and that's why the

great to see you, thank you for being here, what did you make of scott bessent hearing yesterday. >> calm and articulate but he was the adult in the room understanding we have a spending problem with the federal budget is not a revenue problem. you get a sense of all he's committed to the presidency on tariffs he committed to doing responsibly and thoughtfully as possible. i think one of the reasons futures are up, we had better data in china yields are little bit lower. but i think the market is comfortable in the treasury pick and i think they are right to be. >> it is amazing to me that there is no acknowledgment on the left of the $7 trillion in spending under the biden administration. hhe talked about government spending out of control. watch this. >> the federal government has a significant spending problem driving deficit that have averaged historically high 7% of gdp during the past four years, we must work to get our fiscal house in order and adjust federal domestic discretionary spending that has grown by an astonishing 40% over the past four years productive investment mac

in regards to scott bessent.f the most important things that i heard from him, he is really focused on preserving the dollar as a reserve currency of the world. i know it seems like far stretched that i never lose that title but ray galliano has done the studies and he studied thousands of years of empires they tend to last two to 50 years on average. then they battle high debt and high deficit, interest-rate start to go up on them there's a rising economic and military superpower that is an adversary and then they have currency status, everything is true about the united states right now except for the reserve currency that is typically the last thing so we have to preserve that. maria: nobody thought rome would fail one of the items in scott bessent's opening statement if congress fails to act americans will face the largest tax increase in history a crushing portraying invalid tax hike we must make the 2017 tax cut and jobs acting up amid new growth policies and extend those, your reaction. >> absolutely agree

a wind up on the trump election win and the fact that scott bessent is picked, and what he said so farey're doing, and we'll get to hear a little bit more about that. we know bessent's history, he's a hedge fund manager, worked for soros, and some of the big successful trades like ting the british pound, and had his own firm. >> and a lot of real estate buying and selling through the years. >> his own real estate? >> yeah, yeah. most recently, i think, another sale. as a lot of the members of the incoming cabinet, very wealthy man. >> i think as far as the market is concerned, you know, first of all, i'm just watching these bond yields. they have been moving around a lot. and, you know, deficit is a big question, especially as term premiums started to rise, we have been talking about that a little bit, that's basically the extra risk that investors demand from the government to take on the risk of holding long-term debt. it's where you get in concerns about fiscal. with that heightened focus and attention lately specifically on bonds, bigger move up in the long-term bonds, that's why t

and so it remains to be seen, sort of in which order scott bessent will come in all of that. >> mark, what's your take? >> well, i think the reality is that scott benson is actually a reassuring pick for a lot of people, including a lot of democrats. >> he's he's really an establishment republican with an establishment sort of, you know, treasury, wall street background. what i what my take is, is to see him get wrapped around the axle whenever he talks about tariffs. i mean, you know, in his gut that this is not something that he wants to do, that he wants to embrace. and he's just, you know, he's going left and right in every way he can to appease the incoming president. but you know that in his gut, his instincts that that that's not a natural response for him to go to tariff. so which i think is reassuring. but ultimately he's going to do whatever trump wants him to do. but i do think he'll try and leaven it however he can through the treasury. >> that sort of exactly what i'm hung up, hung up on peter because everyone likes to say that donald trump has no guardrails. but the one

we saw scott bessent talk about the security and supply chain. does that change your view of the reshoring and near shoring is and the companies in the etf? >> we will be listening with the companies in the u.s. and helping more strategic industries from the trump administration perspective. we don't do anything on the technology side. that's deliberate. there are enough ways to get that exposure. we think reshoring is benefitting big technology rather than middle america and manufacturing and industry. >> we will continue to watch this rsh etf. thank you very much. >> thank you for having me on the show. >>> still on deck on "worldwide exchange," the groups jumping intoheuaum t qnt computing frenzy. we will dig into it. stay with us. got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time t

how do you think scott bessent did?ear that scott bessent is a mind at work and markets should be heartened by that. all of us would like a steady hand in that role which is his experience in the oval office advising the president. let's not kid ourselves. we are still going to be living and dying day today by whatever donald trump is typing out on his phone's keypad. it is heartening and positive and scott bessent will be easily confirmed and he will be a stable voice in the treasury department and ultimately in the oval office advising the president. but the president himself is going to decide what tariffs are going to go into place and how those will be communicated to the market. annmarie: we are expecting some hundred executive orders from donald trump. what do they look like? isaac: i think it will be a busy day. there is an enormous amount of anticipation around what we will see on monday. i want our clients in general to be aware that just because it does not come out on monday does not mean it will not happen.

. >>> president-elect donald trump's pick to oversee the economy, billionaire scott bessent, pressed by senators. what he says he's open to. and tonight, the list growing of tech billionaires and their prominent seats at the inauguration. >>> the car stolen. a 4-year-old girl in the back seat. the frantic search to find her. and there is late word coming in on this tonight. >>> this evening, rudy giuliani reaching a settlement moments before he was supposed to testify. what he'll have to give those georgia elections workers now, and what he keeps. >>> those two spectacular launches today. spacex and blue origin. a short time ago, the tower catching the booster returning to earth, but have they lost the main rocket tonight? >>> the new report this evening on chancer in the u.s. what they're now seeing in women and young people. what you need to know. >>> tonight, we remember a famous filmmaker, "blue velvet" to "mulholland drive" and tv's "twin peaks." >>> and another loss tonight. the tributes to mr. baseball. >> just a bit outside. >> some of his funniest moments, including on johnn

is scott bessent at the epicenter of this?to his confirmation hearing on thursday. those potential reasoning behind a gradual tariff approach could be twofold. to tamp down a concerns about any potential inflationary impacts and serve as a negotiating leverage. in washington, we have the canadian ambassador kirsten hellman on balance of power who said they are actively looking for ways to get to that negotiating table. that is nothing -- that nothing would be off the table except the acquisition of canada. on the second point about any potential inflationary impacts, i caught up with a republican strategist who told me this is going to be way more palatable for congressional republicans who will be questioning scott bessent later this week and have already expressed concerns about tariffs and about rhetoric about any spike in prices and with that could mean to republicans as they try to hold on to their slim majority in congress . in the midterms, they would like to see unified government for the total of four years under trum

scott? >> welcome, mr. bessent, welcome and thank you for your willingness to serve, a sacrifice to you and your family. i think it is an investment for the country , we need people willing to sacrifice on behalf of the greater cause and this is generations of americans you will likely never meet but will be better off because we do the right thing. one of the things i think about as the right thing, i know you grew up in a working class family and i grew up in a single-family household with poverty, having stability in our financial system where we need the greatest ability is for our banks silicon valley bank and other banks that failed. as chairman of the banking our banking system. vantage point, can you provide your assessment of the current safety and soundness of the u.s. banking system and what steps do you believe are necessary to ensure long-term stability? >> scott bessent testified in front of the senate , giving investors a first glimpse at his approach to everything from tariffs to the deficit i am ke

scott bessent improve the economy customer ed -- economy? ed, independent.aller: the first need for the economy is guaranteed jobs are everyone, starting with the people at the bottom of society. i don't have any confidence in either of these two parties to do that. there are at least 800 billion in the bank accounts, and millions in college endowments, the churches have billions of dollars and 17 billionaires similar to give away all the money to help the poor. host: so when you heard the outgoing president biden yesterday or earlier this week in his farewell address talk about an oligarchy taking shape in america, would you agree? caller: it has bn running the country for decades. but the key is a guaranteed job and a place to live for the poor. that is ke host: that is ed, new jersey, independent. let's back to the associated espoll on creating more jobs in 25. when they asked if they had confidence that the trump administration would create more in 2025, 54% said they are sightly or not at all confident. 27% said they are extremely very confident, so hig

small moves in the market with treasury secretary scott bessent appearing before the senate. let's go to capitol hill and listen in to this confirmation hearing. here is mr. bessent. >> wealth and prosperity for all americans. my life's work in the private sector has given me a deep understanding of the economy and markets and while in experience will be invaluable in crafting economic policy, i have long adhered to the principle that you should know what you don't know and lean on those who do. having never served in government, i intend, if confirmed, to be in close contact with each of you and your offices and seek your counsel. the treasury department plays a critical role in protecting american national security. we must secure supply chains vulnerable to strategic competitors and carefulfully deploy sanctions as part of a whole of government approach to address our national security requirements and chrisically, critically, we must ensure that the u.s. dollar remains the world's reserving currency. today we face significant challenges in an economy that has not created e

if confirmed, scott bessent, donald trump's nominee for treasury secretary, would play a key role in e a tough economic stance on china. now, in his testimony, bessent said free trade must be balanced with fair trade and argued that china should not be allowed to flood us and global markets with its products. during questioning by republican senator roger marshall, bessent also emphasised his commitment to enforcing the 2020 trade agreement, which saw china pledge to increase purchases of us goods, including a promise to buy at least $200 billion worth of american manufacturing over the next two years. china has not made good on their purchases for four years, and if confirmed next week, i would start pushing for them to resume the purchases. and then i would conference with president trump on whether he believes that there should be a make—up provision. scott bessent also outlined how the trump administration could use tariffs for several purposes. firstly, to address unfair trade practices. second, as a tool to raise revenue for the federal budget. and third, as leverage in trade ne

we turn attention over to washington and the confirmation hearing of scott bessent.ry secretary pick. hit on a number of hot button issues with tariffs and the outlook for wall street and main street and the d.c. spending habits. >> and to be clear, this is one of the things that got me out from behind my desk and quiet life and this campaign was the thought that this spending is out of control. >> he believes we probably gotten over it on sanctions and sanctions may be driving countries out of the use of the u.s. dollar. so the tariffs can be used for negotiations. >> i believe wall street has done great the past few years and that main street has suffered. i think it's main street's time. wall street can continue to do well, maybe not as well. >> as you just heard moments ago, bessent sparring with senator bernie sanders whether an oligarchy is taking shape in the u.s. this is after the warning president biden in his farewell speech on wednesday. for more, let's bring in eamon javers. eamon, good morning. >> reporter: good morning, frank. the ceos of the technology

that is right four cabinet nominees pare for hearings today trump's pick for treasury secretary scott bessent 10:30 interior secretary doug burgum nominee for epa, lee zeldin, and urban and housing turner at 10:00 a.m. eastern time, yesterday pam bondi, for attorney general faced combative a democrats. >> are you away of any factual basis to investigate this "yes" or "no". >> senator that is a hypothetical i am not going to -- >> no, no, i sometime have. >> a so worried about liz cheney you are robberies up 87% higher than national average. >> is your job will be i am speaking your job will be protect voters i hope you can answer that. >> the appreciative one senator. >> you pointed your finger at me said -- >> let me, let me answer my question, i am not going to be bullied by if president trump suggests hints that you as attorney general should investigate, one of his -- perceived political enemies would you do so? >> so a senator herino i wish had met with me had you met with me we goff discussed many things. >> i am listening now could you respond to the question. >> you were the only one

charles: today scott bessent talked about this., ceg sparked all these names sparked. for a lot of folks they feel like because sometimes the hype comes before reality. should be they invested in some utility names, nuclear names right now, because we know they need the power, it's just a matter of timing. >> some of these are very attractive on a valuation basis so ceg, the constellation energy is one of those where they operate the largest nuclear fleet in the united states and now, with the acquisition they are adding gas power to it as well, so they really aren't expensive where the stock is trading today and they really are coming of a 20-year downcycle we've had for energy in the u.s. so i'm pretty optimistic on that sector. charles: one thing you said a long time ago, why is wall street so missed the boat. you said they think in quarters where you think a lot longer. thank you so much. got to give her a hand. >> [applause] charles: she's absolutely amazing. folks, also, i've got to say, thank you very much. i love doing thes

scott bessent will begin at 10:30. pam bondi is not out of the woods yet, we will hear from witnesses for and against her nomination as attorney general. >> are you aware of factual basis to investigate liz cheney, yes or no? >> senator, that is hypothetical, i will not answer that. you are worried about liz cheney, we should be worry body crime rate in california, it is through the roof. your robberies are 87% higher than the national average. your job will be, i'm speaking, to protect voters. i hope you answer mrs. bondi. >> the previous one, you pointed at me and said you were speaking, let me answer my question. i will not be bullied by you. >> if president trump asks or hints that you should investigate one of his perceived political enemies, would you do so? >> i wish you had met with me, had you met with me we could have discussed many things and you could have gotten to know me. >> could you respond to the question. >> you were only one who refused to meet with me senator. >> the senate will confirm a fuf of tr

doug burgum and scott bessent appeared before their rippive committees on thursday. >> president trump energy dominant can be america's big stick. leverage for prosperity and world peace. >> i believe wall street has done great past few years and main street has suffered. it is main street's time. wall street can continue to do well, maybe not as well. it is time to have a main straight small business led recovery led by small banks, regional banks. >> madeleine: this morning homeland security nominee kristi noem head to capitol hill. plans are liking to take center stage. kristi noem will say securing h homeland is a trust that must be pursue the and never taken for granted. being safe is an american right yet americans feel less safe than they have in decades, president trump will change that. she will appear before the committee 9:00 a.m. eastern time. >> todd: we can expect that to be one of the most fiery this week. we will see. >> carley: starting fiery and ending fiery. >> todd: joe biden giving final interview as president repeating warning for the future of democracy. >> what

concentrations of power seriously. >> all right, justin, new topic treasury secretary nominee scott bessentrump agenda at his confirmation hearing. i know certainly some democrats were furious. bernie sanders was not happy when bessent clearly did not support raising the federal minimum wage. he said no, this should be a regional or state decision. but shouldn't we expect this? like, shouldn't we expect? these are scott views. he's a republican. donald trump won. >> some of this is totally legitimate. >> you're absolutely right. >> if you elect a right wing republican government, don't expect them to do a lot for the poor. >> so if bessent says that we want to not raise minimum wage because we think $7.25 is at least as much as anyone is worth, that's what you get when you elect a republican. what i find objectionable is, frankly, the lying, the this, the spinning of stories, of fairy tales, the so-called 333 claim, which says that we'll get 3% economic growth even as we deport huge chunks of the american population. it's fanciful. it's not going to happen. i'm willing to offer right now. i

valerie tytel, thank you very much indeed, breaking down what will be heard from scott bessent.all street's six largest banks returned $100 billion to investors last year, the most since 2021. the blockbuster earnings next. this is bloomberg. ♪ >> bank of america's fourth-quarter profit has exceeded estimates boosted by high fees and strong net interest income and morgan stanley also seeing fourth-quarter profit more than doubling. what stood out to you, charlie, from these numbers? >> superlatives for wall street's biggest banks. jp morgan was the first bank in u.s. history to clock $50 billion in annual profits and goldman sachs equities trading desk at their best quarter on record and we heard citigroup will be buying back $20 billion in shares and that's an interesting trend we have been reporting on, which is that last year those large banks return $100 billion in buybacks and dividends and that speaks to something interesting we have seen in the banking sector throughout earnings season, which is this idea of confidence so in order to buy back shares and return dividends,

scott bessent a billionaire hedge fund manager warned if congress does not extend the tax cuts, the middle class would see a major tax increase. the distribution it was deeply, deeply, deeply unfair. but democrats like colorado senator michael bennett argued everyday americans never felt the benefits of the cuts anyway. well, the benefit would to the richest people in america. >> the cost is being borne by the children of working people. democrats on the senate finance committee also grilled bessent on trump's tariff threats against canada, mexico, china and europe. that clobbers people of modest means oregon senator ron wyden said workers and small businesses would have to pay more taxes all through the campaign. we heard they were at the foreign countries were going to pay it. i think baloney. but bessent disagreed saying foreign countries will continue cutting prices to maintain market share. democrats also accused bessent of avoiding paying roughly 1 million dollars in taxes related to his hedge fund. >> besson told the committee it's a lower number and the matter is currently in litig

i think the secretary that was proposed today, scott bessent, has a good chance of doing that.at you all said. >> just this month, bank of america said there wouldn't be more fed rate cuts this year. we've seen treasuries push up higher. the yield pushed up quite a bit higher. some people say it is because of the debt and deficit picture we're facing. others think it is really sticky inflation. why do you think we've seen treasury rates push higher? >> i think it's a combination of the yield curve sort of normalizing the shape, given the fact that we're going to have a little higher inflation. it'll take a while to wring that out. we always said, savita and her colleagues said this would take two, three years to get it out of the system. they have going down to '25 into '26. look at the math and you can see it working its way down, but it is going to -- they have to have a real interest rate. a restrictive right now still, but the question is how restrictive with this inflation rate? the end of the day, the rate curve we've all witnessed since 2008 or whatever it was, is the un

reihan: everyone, please join me in thanking scott bessent. [applause] >> american history tv saturdays on c-span2, exploring the people and events that tell the american story. a 7:00 a.m. eastern in the lead up to inauguration day, american history tv looks back at famous inaugural speeches. speeches by jimmy carter in 1977, ronald reagan in 1981, george h w 89. on lectures in history, hillsdale college professor on civic fate and how american nationalism incorporated religious elements and symbolism during the cold war. at 9:00 p.m. eastern on the presidency, the book "the mysteriousness is next in -- mysterious mrs. nixon." exploring the american story, watch american history tv saturdays on c-span2 and find a full schedule in your program guide or watch online anytime at c-span.org/history. >> sharon mcmahon, host of here is where it gets interesting podcast and author of the small and the mighty is our guest sunday night on c-span's q and a profiling lesser-known americans who changed the course of american history. including retail pion

he can call them an oligarch if you want, but this going to scott bessent's point, nobody had an issuey people in the democratic party so long as those wealthy people were kissing the democratic ring. it's only when they decide or dare to support republicans do they suddenly get slapped with pre-jordytives like oligarchy. stuart: these billionaires close to trump have created america's crown jewels of business. they've created american supremacy in technology and almost all of its forms. bernie is just steamed that they've got a lot of money. i mean, this is typical socialist i guess; right, kim? >> well, that's the other thing too, stu. as an oligarchy too, i mean, one way we think about it is often it was applied to russia and formally state owned property sold off to the private sector so ca called and certain peopleo were insiders benefited from that and that's not how any individuals made their money in the amazing, beautiful, capitalist system in america. bernie sanders knows this and wealth disparity and always has been and people with wealth have influence and always has been.

general she begins her second avenue confirmation hearing before the senate judiciary committee and scott bessent the nominee for treasury secretary test before the finance committee on friday at south dakota governor kristi noem cap to lead the department of homeland security prison for the senate homeland security watch live on the sea spent network. she spent now are free mobile video app or online at

scott bessent is absolutely right.at is a de facto tax increase and the consequences of that are a slowing economy. a possible recession. more deficits and bigger debt. is he trying to avoid that. that's why it's his number one priority. >> but, you know, the tax cuts don't help just rich people. >> certainly not. no. the tax cuts stimulate growth. that's what bess sent is going for. grow the economy. more jobs. better wages. that helps everybody. middle class people. low income people. everybody wins. >> so i think the two top priorities for and things on his radar the tax cuts, obviously, but also tariffs we have heard a million times tariffs are tax on peel, too. you tax 20% china. >> that depend on who swallows the 10% tariff is it passed along to consumers? no, not always it. can be swallowed by chinese manufacturers, swallowed by the importers. it doesn't mean -- tariffs do not mean higher prices for consumers, necessarily. what they do mean is that trump has negotiating ability with china and with other countrie

scott bessent faced tough questions yesterday on capitol hill during the senate confirmation hearing,ere's what he thinks about a digital currency central bank. watch. >> would you end the biden administration project to create a u.s. based cbdc? >> i see no reason for the u.s. to have a central bank digital currency. in my mind, a central bank digital currency is for countries who have no other investment alternatives. if you own that currency, you have to have something to invest in. there's very little to invest in if you want to hold the currency. you could hold chinese government bonds. if you hold u.s. dollars you could hold a variety of very secure u.s. -- >> yeah. maria: matthew, give us your reaction there. you like crypto. >> i love crypto here. i mean, i love what bessent said. central bank digital currency is like potential to be 1984 type of stuff so it's great they're not pursuing that. you've got a president and administration that's rabidly pro crypto, s.e.c. that's pro crypto. you've got companies that are trying to emulate micro strategy's strategy. we're big fans of

general she begins her second avenue confirmation hearing before the senate judiciary committee and scott bessent the nominee for treasury secretary test before the finance committee on friday at south dakota governor kristi noem cap to lead the department of homeland security prison for the senate homeland security watch live on the sea spent network. she spent now are free mobile video app or online at c-span.org. ♪ democracy, it is not just an idea. it is a process. oppressive treatment leaders elected as the highest office and entrusted to a select a few regarding its basic principle. it's where debates on both decisions are made the nation course is charted. democracy in real-time. real time. this is your government at work. this is c-span giving you your democracy unfiltered. house lawmakers discuss california wildfires loss of life material personal damage, family displacement and relief effort this is just over 10 minutes. >> this week i returned from my district in southern california which has been completely devastated and altadena fire took our neighbors lives destroyed the structures

and scott bessent's confirmation hearing was absolutely fantastic. let's bring in phil blancato.l, last weekend i spent a fair amount of time -- this weekend, right, talking to investors, particularly new subscribers. i'm nervous ors i'm selling. [laughter] whoa, whoa. we're down, like, 3%, 4. i'm sure you go through this exercise all the time. but this weekend the conversation's going to be a lot different. what's changed in your mind from last friday going into the weekend to this friday going into the weekend? >> a ray of sunshine. that inflationary print was weaker hand expected meaning maybe there is 3-4 cuts, and that gave the market what it was dying for. we didn't get that in november or december can. the thing we sod badly want, lower interest rates to lift small caps happening. and what happens? the breadth of the market widened out. our firm if one trade this year, small caps and market -- charles: what about the eclectic nature of the market? these are your top percentage movers, right? you've got an oil stock at the top. intel looking intriguing. i think they'll be t

now, scott bessent, he could soon be managing the trump economy. >> and that obviously creates at least the potential for conflicts of interest because scott bessent he has a complex web of investments, financial disclosure forms show that he has amassed a fortune worth at least $500 million over the last four decades. now, ahead of that confirmation hearing, he has released this ethics agreement that's designed to try to avoid any actual or >> bounded now, best and really made his name in the early 90s with under george soros, famously helping soros break the bank of england by successfully betting against the british pound. >> it was a very lucrative trade. now, bessant is on the verge of becoming the top u.s. economic official. he would basically be quarterbacking the trump economy. no small task, given how laser focused the president elect is on the economy. and this is a very important job. it would include managing the financial markets right, trying to address any market stress before it spreads, of course, guiding the economic agenda and also defuzing the ticking time bomb that

larry: you know, just more generally, we have scott bessent tomorrow.russ vought, important position. budget director, like democrats are not talking about policies, they go after personalities for the most part. you know, particularly with hegseth. but just like you will -- with pam bondi, will you have retribution, the poor people on j6 or, why don't we h hammer away on kash patel, last segment someone mike davis said that c kash patel got an award during the obama administration, indecide of talking about america's future, growth, proper law and order, neutral justice department, let's get energy prices down, democrats missing all these points, jim jordan that is incredible to me. >> remember, they are party of crazy policies, i remember sarah huckabee sanders said divide in america today is normal versus crazy. we had the bill yesterday, two democrats voted for it. they are now left now controlling party, they are party of crazy, we're party says let's get back to common sense, good energy policy, to help with economy keeping taxes low to grow the e

and manu today, hedge fund manager scott bessent set for testimony. if confirmed, we should note he'd be the first openly gay person to ever lead the department of the treasury. it is. it's widely he is widely, widely supporting trump's economic policies, of course, including the proposed tariffs. bessent took issue with the analysts, who argue those costs will be passed on to workers and small businesses. how was that received? >> not well by democrats. in fact, there was significant pushback from the top democrat on the senate finance committee, ron wyden, who said that this puts us back and said that this is there's been a widespread belief that this would raise costs on consumers, even though republicans came out of this hearing defending him and defending his remarks, despite republicans own general philosophy of supporting free trade and raising concerns about tariffs, they have a different view in the trump era now. but in talking to the democrats coming out of the hearing, they were sharply critical of bason's remarks. >> basically offered up

larry: you know, just more generally now, we'll have scott bessent tomorrow and we had russell, the directortion and very good guy. it's like democrats aren't talking about issues or policies. they're going after personalities for the most part. for the most part. just like with pam bondi and going to have retribution and those poor people on j and have have to worry about them or why not hammer away on kash patel, which in the last segment somebody told me i think somebody, mike davis told me that kash patel actually got an award during the obama administration. in other words, instead of talking about america's future growth, proper law and order, neutral justice department, let's get energy prices down, democrats just missed all these points, jim jordan. that's what's so incredible to me. >> they're the party of the crazy policies and sara huckabee sanders and said the biden america is crazy and been a great example yesterday and bill yesterday saying men should feet against men and women against women. go figure and only two democrats voted for that legislation because because they're no

. >> closely watching nominee scott bessent presenting case for why current economic policies are not working, how president-elect trump will make it better. >> i believe, that president trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth prosperity for all americans. we are spending about 24, 25 percent gdp so as you said, 6.8 to 7% deficit we have never seen this before, if we do not -- fix this -- if we do not bring limits down then we will be facing an economic calamity the american people should think about tariffs in three ways one unfair trade practicals industry or country two may be for more generalized tariff as a revenue raiser, for the federal budget probably got over skis on sanctions sanctions maybe driving countries out of the use of u.s. dollar. so, the tariffs can be used for negotiations. >> you believe president trump's policies will -- further increase wages? >> so that and lower inflation? >> i believe that they will increase real wages and lower inflation closer to federal reserve 2% target as it did during

i thought scott bessent, who is a friend, i hope they get confirmed, i hope all of them get confirmedith you, because you are not going to stop them. they may not be my cup of tea, katie, but there can putting themselves in a way that are going to help them not only get approved, but likely help them advance the agenda that they have laid out before the -- >> katie: greg, one of the things i liked about pam bondi's testimony yesterday is when she said we are getting back to the basics. we are going to go after cartels and criminals and drugs, so she is getting back down to what she is supposed to be doing, rather than his academic, woke ideology that has been in government the last four years. >> greg: i'm tired, frankly, of everyone saying that jesse is the shallow one at fox. [laughter] >> jesse: you are tired of that? >> greg: i am tired. i want to be the shallow one. so can we just admit what we are all thinking? republican nominees are h-o-t. though interrogators are n-o-t. democrats are nothing but a collection of threes, may be a four, but mostly threes, gussied up, 3.2. think

front and center is the confirmation of scott bessent. he's trump's pick for treasury secretary.

joe: senator thom tillis, republican from north carolina, speaking with scott bessent. senator: when you were being attacked by one of my colleagues saying the guy looks like he has a heart rate of 40. you are very composed. thank you for staying on the facts. someone put in your question of viability, a lack of public service. sometimes i think we have too much public service in people's background here, and not enough business experience. why might this represent your first entry into public service? mr. bessent: as an adjacent state and homeowner in north carolina, i appreciated our conversation in your office. i have been in public service, just not in the government. in new york, i was a strong supporter of a charter school called harlem children's zone, which takes young residents, a gigantic plot keeps getting bigger area of harlem, takes them from cradle through high school. i have found my service, anyone can write a check. what has been fulfilling for me has been mentoring these young people. i am still in touch with them today. i was a trustee for rockefeller

treasury secretary nominee scott bessent warned that i know ceased government spending and deficits and failure to extend the 2017 tax cuts, would leave the united states, quote: barreling towards an economic crisis at year end. he also defended trump's claims that foreign countries would pay for higher tariffs. >> i think that's bologna. it's going to be paid for by workers and small businesses. so your response? >> yes, senator, i would respectfully disagree. foreign manufacturers, especially china, especially china, which is trying to export their way out of their current economic malaise, they will continue cutting prices to maintain market share. >> interior secretary nominee doug burgum testified when the government restricts energy production in america it just shifts it to adversaries like russia, venezuela and iran. burgum warned that the u.s. needs the energy. >> electricity is at the brink, our grid is at a point where it could go completely unstable. we could be months away from having skyrocketing prices for americans. and of course, as we talked about ai arms race. we need

i will say, this is just me, i think scott bessent, he's the most inspired nomination. i think he's the right choice for that job. but my concern around this has been -- and would have been the same if the other side had won this election, policies are going to be inflationary. almost by definition. and i don't think this economy is set up for higher interest rates on the back of that. so, that's a concern, and we have a lot of treasury auctions coming this year, so, today was a day where yields went lower, i get it. we're one bad action of being back to 4.8. >> is that a concern? >> i think there isn't any question there's going to be volatility in terms of going forward, and tariffs. the tariffs can be used strategically, or they can be blustery and wind up turning out to be a major problem for the economy. but i think -- i think, with the people around him, as they start going down a bad path, i think they figure that out. >> all right. let's hope so for the sake of our country. joe will be with us for the entire hour. >>> coming up, a lilly lull. the pharma giant un

lauren: let me tell you a little something about scott bessent. yes.lionaire hedge fund manager. he also owns farmland in north dakota. grew up south carolina, knowing financial anxiety. his position now, and that of many republicans is the tax cuts help grow the economy. his democrat opponents say well, they only help you, mr. bessent, and rich people. he would argue that that's not true. the united states does not have a revenue problem. it has a spending problem. stuart: right. tax cuts grow the economy. growth helps everyone. lauren: correct. stuart: check futures please. here is growth on the stock market. dow industrials up 270. nasdaq up about 350 points. we'll take you to the opening bell on wall street, next. >> congratulations, stu, and the entire team on 15 amazing years from "varney" & company. sending you best. >> do you mean to tell me, it's the 15th anniversary of "varney" & company? stuart? you're aging in reverse and you're more beloved today by all of us and everyone who watches you than the day you started. we love you. ♪ (♪) (♪) wha

i like scott bessent a lot. he's going to be a terrific treasury nominee.ally believes in lowering taxes and lowering job-killing regulations and unleashing small businesses and that is going to be a critical part of delivering on our mandate. stuart, i mentioned a minute ago the mandate that came from the voters. now the voters have done their job and come out and said change the path we're on. it's now time for us to do our job. roll up our sleeves, get to work, deliver results and i'm here to tell you, we will secure the border. we will unleash american energy. we will unleash small businesses and bring back economic growth and bring down prices and we will defeat america's enemies and return us to peace and prosperity. that is the charge the voters have given us and we have an obligation to deliver on that promise. stuart: one more, senator, real fast. you're introducing a no tax on tips bill. that's part of trump's agenda during the campaign. can you explain how it would work? >> well sure. it's very simple. it provides the tip workers whether waiters

. >> reporter: trump's pick for treasury secretary, scott bessent, who is a billionaire himself was askedbout that at his confirmation hearing. >> with so many people have so much wealth and power, do you think that that is an oligarchy form of society? >> i think it depends on the -- the ability to move up and down the -- >> no, that's not really dancer. >> reporter: nancy cordes, cbs news, west palm beach. >>> and cbs news will have extensive coverage of the presidential inauguration starting monday at 9:00 a.m. eastern here on cbs and our streaming channel cbs news 24/7. >>> this inauguration will be the todaye est -- coldest in 40 years. a polar vortex is bringing cold air to nearly 300 million people across the u.s. this weekend and into next week. windchills are expected to be in the single digits in washington, d.c., on monday. that cold air will stretch from the northern u.s. to as far south as the gulf coast and northern florida for several days. windchills will drop below zero over parts of the midwest. >>> coming up, test flight failure. an uncrewed spacex rocket experiences a

president elect trump has tapped hedge fund executive scott bessent to take over the treasury. meanwhile, the dow jones rebounded today, rising by aut 106 points. the nasdaq fell by ten. the s&p managed to gain about nine despe that gain. it looked like all three were headed towards a weekly loss for the second week in a row. okay, wicked continues to earn accolades. the latest news the cast learned they are headed back to the red carpet. the screen actor awards, or sag, shared its nominations today. the film landed five nominations. that includes one for best ensemble and individual nods for lead actors cynthia erivo, ariana grande and jonathan bailey. it's a big deal, given that the sag awards are often a good indicator of who will receive oscar nominations. we shall see. all right. don't forget you can watch our newscast 24/7 on pluto and other streaming platforms. janelle joins me now with what's coming up at 530. jessica and kyra, right now at 530, we continue our breaking news coverage of the devastating wildfires in southern california. we're going to take you live to th

president elect trump's pick to lead the department of treasury, scott bessent, appeared before the senate finance committee yesterday. a hedge fund manager and billionaire political donor to trump's campaign called for extending the 2017 republican tax cuts and was questioned about abandoning the debt limit. >> this is the single most important economic issue of the day. this is pass fail that if we do not, the fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity. and as always, with financial instability that falls on the middle and working class people. >> moody's estimated that a debt limit breach would cost the us economy $12 trillion and cost 6 million people their jobs. i think this is the reason that president elect trump said that eliminating the debt limit is, quote, the smartest thing congress could do. and i'd like for congress to do the smartest thing, and that is eliminate the debt limit so we don't have this problem. >> well, senator warren, i will tell you that once president trump takes office and if i'm confirmed, if he wants to e

scott bessent is specially formulated for you. powerful, safe and effective cough, cold and flu n lab coats to see who gives you the best price, go to finance buzz. com. >> i'm nick watt in pacific palisades, california, and this is cnn. >> closed captioning is brought to you by nutrisystem. lose weight and live healthy. >> check out what's new at nutrisystem. >> get new diets for high protein and low carb created to support your own weight loss approach. >> nutrisystem has a solution for you. >> all right, welcome back. an arctic blast over the northeast and the nation's capital. this is my least favorite story today. likely to give donald trump the coldest inauguration in 40 years. meteorologist derek van dam here to break it all down. derek, clearly, to be clear, my dislike of this story is is personal and not political in any in any way, shape or form. gotcha. it just means we're all going to be really cold on monday. tell us about it. >> least favorite story to deliver, but happy to hear it from this individual. right. okay.