steve mnuchin is independently wealt wealthy. it looks like he will be okay.hearing from his friends. he will be going from coast to coast, he will spend some time in hollywood. his wife is an actress. he's probably going to start his own hedge fund, or fund, or a spac. he will do something like that. he's going to have potentially a lot of clients because he did a pretty good job as treasury secretary. again, known entrepreneurial entity. the other guys will have a hard time. it's going to be harder for mick mutulvaney or larry kudlow to start a hedge fund. if they want to filter back into corporate america, that's where this thing gets tricky. now, i think it's totally unfair. mulvaney was an excellent budget director, a really smart guy. he did a good job keeping the genie in the bottle which was working for a very volatile president. larry kudlow is an excellent economist, he did a very good job pushing for economic policies that were very good and kept the economy, by the way, not only kept the economy strong pre-covid but post-covid stopped it from going

treasury secretary steve mnuchin told them today that he disagreed with their reversal earlier. i want to talk about chips. qualcomm ending the day up 2.5%, announcing that the president will be taking over for steve mollenkopf as he retires as ceo. that was a fairly unexpected move. what kind of reaction did we see in the market? ed: a longtime engineer. steve mollenkopf said that he knew his decision to retire would be seen as early in any event. and he said that the company is in a good place. elsewhere, we got news from micron, raised from a cell to a buy. lots of confidence that sales will rebound and micron will be a big beneficiary of that. on the whole, the philadelphia semiconductor index is continuing on in 2021 very much as it left off last year, which is to outperform major indices including the s&p 500 index. emily: thanks so much for that update. we will talk more about the chip sector later in the show. polls close in georgia in just under two hours. election observers reporting that voting is going smoothly in today's senate runoff. we already know there have been

out there, and as distasteful for the people out there who voted for joe biden, but people like steve mnuchins going to be ending up on wall street and his own fund that he resurrects again or somebody else's fund, and there are a lot of people out there, brian, who are happy that the corporate tax rate was cut from 35% to 21%, and steve mnuchin and gary cohn were responsible for that. >> and they better be happy now, bill, because you know, it is going to other way in the next year or two, and we will find out. great piece there in "vanity fa fair" as you know. >> thank you, brian. >> and now we go to kayla tausche. >> well, becomes the majority leader in the senate, he started to outline his top legislative priorities and the first order is considering a new covid relief proposal, and we are expecting the details from the president-elect this week, and schumers say that the democrats in the senate expect to introduce a proposal with key elements. first, increasing the amount of the direct checks to $2,000 per person, and second, the additional funding for vaccine distribution, and third, mo

of the president's cabinet include the secretary of state mike pompeo, his treasury secretary steve mnuchin wilbur ross, the commerce secretary, sonny perdue, alex azar, i forget the current number but around ten. thank you margaret. bring in david, on that matter of the 25th amendment, margaret said it's early stages of discussion but how would it work? >> way it works, it's usually used in circumstance where a president might be going under anesthesia in a temporary way to remove the president from his duties when he can't perform them for a period of time. but also could be used when the vice president and majority of the cabinet decide the president is unable to perform his duties as president. they transmit a letter to the president protempore of the senate. and until and unless the president submits a letter saying he is able to do his duties and at that point can continue on or they can do another letter, go to congress for vote and need 2/3 of each house, with two weeks to go, it's about the same as perform nerm as a barber, nothing's gonna beat my shave. especially for guys who ten

he said of course treasury secretary steve mnuchin up to th hill and democrats and republicans assumed that he was representing the will of the white house. t then the president got mad, got mad at the fact that he the one thillg that he was r talking about and had talked about was bigger checks for americans, mainly because he a wantessage that he as the president was doing all he could do for amerins. but republicans didn't back him and that to me is something really remarkable when you lk at the house vote. they were able to pass this $2,000 check bill, but largely republicans were the ones who were opposed to it. athat tells me thats the president is still having enormous influence over the republican party, that there are policy limits that republicans are wilo go to bat for when it comes to the president. that to me tells me that in leaves office as he will leave office, he will be able to still have influenc over theic republan party. he will have a big fundraisi base and be able to wield some power there. but in termsf actual positions that republicans take, i think it's intere

wall street banks, the cares package, currently all of this money into the treasury, which is steve mnuchin. he has $500 billion in localization funds purposely used to prop up the stock market. 90% of the people in this country do not have a significant portion of the stock market. all of this cares money has gone to the stock market. you heard that guy talking about bitcoin before. i know it. i watch the stock market every day. this is the biggest bubble since 2000. it has exceeded 1929. nobody is talking about all of these trillions upon trillions of dollars that has gone directly to the wall street banks and they are using it to goose the stock market. how do you have the biggest pandemic in our history, with millions of people filing unemployment every week. the financial crisis was only 700,000 people. it never got higher than that. this is the most important story that has never been reported over the last seven months. the federal reserve is backstopping the stock market, not just backstopping it, but dropping helicopter money on it. nancy pelosi has admitted it on the house floor.

these wall street banks, the cares package currently put all of this money into the treasury with steve mnuchin, he has got 500 billion in the exchange stabilization fund which is purposely used to prop up the stock market. 90% of the people in this country do not have a significant horse in the stock market. all this cares money has gone to the stock market, you heard that guy talking about bitcoin before. i know it, i watch the stock market every day, this is the biggest double sense -- bubble since 2000. nobody is talking about all of this -- trillions upon trillions of money that has gone directly to the wall street banks and they are using it to boost the stock market. i mean, how do you have the biggest pandemic in our history with millions of people filing for unemployment every week. the financial crisis was only like 700,000 people and that was the peak, it never got higher than that. this is the most important story that has never been reported over the last seven months. the federal reserve is backstopping the stock market, not just backstopping, but dropping helicopter money on it t

let's start with treasury secretary steve mnuchin. perhaps best known for posing in this photo with his wife at the u.s. mint looking like comic book villains. mnuchin started his tenure in the trump administration by misleading the public about the republican tax bill and ended it by pulling the plug on essential lending programs in the middle of a pandemic. meanwhile, commerce secretary wilbur ross has mostly managed to fly under the radar when he can stay awake. but his finances have been under federal investigation for years. he served on a chinese board while running the disastrous u.s.-china trade war. and he's leaving office while being investigated for possible census malfeasance. former director and secretary of state mike pompeo brought this country to the brink of war with iran a year ago, and he's spending his final weeks in the trump administration trying to boost his own political reputation for a possible future presidential run. then we have mick mulvaney, o and b director, probably the most ominous part of his life ca

according to steve mnuchin, checks were in the mail last week. you should get them soon.rovided them to the irs for direct deposits, dana. >> it's great. they have to use the technology. thanks. and we're all just a little closer to getting our deliveries by drone. grady trumbull has more. hey, grady. >> hi, dana. faa rules are getting us a step closer to that. this chicago area startup is working on package delivery via drone. they developed this mailbox that is a landing platform for drones. that drone up there has a package in it right now. once it lands, this door will pop open and your package will be inside. it's not in the slot i was expecting. ripe walsh is the owner of this company. when will we see the drones? >> we'll see a lot of pilots starting up. it's going to explode the next three years. anybody in the country should receive by drone. >> will we see them flying up overhead or will they be up high? >> they'll be 200 to 400 feet high. could be relatively remove from our daily lives. >> could be a couple years before you get your own package. ups, amazon and

bloomberg reporting that the potential reversal comes after treasury secretary steve mnuchin called nyseresident stacy cunningham to express his displeasure with the decision to let them keep trading. this is after president trump's november order requiring investors to unload chinese businesses deemed a threat to u.s. security. and apple added a new section to its annual proxy statement the language is new this year highlighting the regulation and antitrust pressure apple and other big tech companies are facing out of washington an apple representative declined to comment on the matter >> josh, thank you very much >>> now to that troubling news out of hong kong where police have arrested dozens of pro democracy activists, authorities claiming that they violated the new national security law that was passed less than a year ago. let's get to the details with eunice yoon in beijing >> thanks so much. you know how the democrats have been trying to focus their efforts in georgia in order to gain influence in congress well, in hong kong it would appear that that kind of action would be consi

new reporting from cnbc says secretary of state mike pompeo and treasury secretary steve mnuchin discussed the 25th amendment within their own agencies as the capitol was under siege on wednesday. trump's former white house chief of staff john kelly came out today, said it's time to consider removal from office. >> i think the cabinet shouldn't discuss this because the behavior yesterday and the weeks and months before that has been outrageous from the president. >> if you were in the cabinet right now, would you vote to remove him from office? >> i -- yes, i would. >> congressman adam kinzinger of illinois today became the first republican on the hill to back trump's removal saying, quote, it is with a heavy heart that i'm calling for the sake of our democracy that the 25th amendment beinvoked. amid all that there are questions being raised whether trump could face potential legal charges stemming from his comments ahead of and inciting the riot. today a federal prosecutor investigating the attack responded to that saying, quote, we're looking at all actors here, anyone who had a role and

i do know that steve mnuchin was pretty hot and heavy to issue a 50 he found out from dealers concerned about liquidity. they were afraid there wouldn't be enough of a demand or enough lickedyid to make it a robust part of the issue. it is unclear. i think your idea caring about the feds should operate. i don't think the treasury would go forward without pretty good assurance that both the end users and the dealer community would be behind such a thing >> steve, it's tim even though moving way out the maturity curve when the deficits are huge, seems like the golden road to unlimited devotion i think with the 21 trillion dollars treasury market, the 50-year supply wouldn't mean anything, and for, you know, 10 to 20 years before there was enough end supply. does that make sense to you? we've heard about this before. >> yeah. >> and yet nothing ever happens. >> that's right. tim, i just want to throw something back at you. you're more of the international guy on the panel here. are you at all dipping your toe into some of these foreign bonds here at the 50-year tenure i don't know if that'

vonnie: it is when steve mnuchin was treasury secretary, now it is janet yellen.d chair powell urge the fiscal authorities to get stimulus or get a package out there, a pandemic relief package out there? or does he even need to anymore? can he stay away from that line of talking? kathy: that is a great point. with the change of administration's, there has been a big seachange in terms of the outlook for fiscal policy. i think it is probably more talking to congress than the administration. as he said, biden administration -- janet yellen agreed we should go big. they probably will not get $1.9 trillion we are expecting $1.2 trillion, if it gets passed. but that is going to hinge on the developments in congress. do they get bipartisan buy-in or do they have to do the reconciliation bill? vonnie: kathy bostjancic, thank you so much for joining us. do stay tuned. in four minutes, we will get that fed decision. the latest fomc decision and we will have the special fed decides taking you through the next hour. scarlet and tom and others here at bloomberg doing that for

and among those involved in discussions for invoking the 25th amendment is treasury secretary steve mnuchin but there is some concern over what impeachment proceedings would do for a nation that is already bitterly divided. well for correspondent joe khalil has the latest from washington dc tonight for testing our democracy is our top priority. >>the president is. >>threat number one democrats are moving forward with their attempts to remove president trump from office now despite having just 12 days left in his term i think the majority of our wants to move forward and take this step. congresswoman norma torres spoke to news nation shortly after democrats held a conference call she tells us there's momentum toward impeachment but says some of the party are hesitant there is a lot of concern about the timing what it will take 3 house democrats already drafted articles of impeachment citing president trump's role in the capital riots and pressuring elections officials and in a letter house speaker nancy pelosi said she spoke with the nation's top general about stopping a quote unstable presi

first fed chief jay powell, steve mnuchin hammered out a plan democrats and republicans with loan guarantees and stimulus checks to help businesses stay alive while putting money in people's pockets this was the most effective federal response to a recession in living memory despite the warnings it would take ages to develop a vaccine, the previous record was four years for mumps. they kept saying that and mumps was easy to cure modern science got it together and did it in less than a year unbelievable in fact, moderna had the vaccine candidate ready in days. they just needed to test it. we have two that are 95% effective. nine months ago it was thought to be lucky to get 60% effective vaccine within a couple years. the result between the stimulus and the prospect of the vaccines, the recession ended almost as soon as it began there were no big bankruptcies and industries we thought would be destroyed instead of a vicious cycle down the drain, we got a quick pivot followed by a cycle higher end by the ready made price target boost that wall street is so good at. i'll give you examples let's

in 2019, treasury secretary steve mnuchin said a new 20-dollar bill would not be released until the year 2030. he cited security concerns for the redesign and could not confirm if tubman would be on the bill. that changed this week. white house press secretary jen psaki announced that the treasury department is exploring ways to speed up the effort. no word so far on when the new tubmans will begin printing. >>> it is the top of the hour. very good to be with you tonight. speaking of new money, president biden is looking for a ton of tubmans. $1.9 trillion for a coronavirus relief package. he says it has to pass, and he seems ready to move forward with or without the gop. >>> meanwhile, national guard troops in washington are protecting the capitol from external threats. but house speaker nancy pelosi is calling for protection from what she called the enemies within. from nbc news world headquarters in new york, i'm joshua johnson. welcome to "the week." >>> the fbi has uncovered new evidence suggesting coordinated planning by some who attacked the capitol on january 6th. two members of

larry kudlow, the president's top economist, steve mnuchin, the secretary of the treasury, will be involved with the administration for the next 12 days. we'll see how much work they have to do, potential executive actions and regulatory actions that the president could put into play here down the home stretch. of course, as you also mentioned, there's growing talk about congress potentially trying to impeach president trump and growing talk about whether or not the 25th amendment could be invoked. nancy pelosi, the house speaker, saying today that she and chuck schumer are still awaiting a call from the vice president, mike pence, as to whether he would be onboard with invoking the 25th amendment which would involve removing the president from office. they say they have not heard back from the vice president. sources in the vice president's office tell fox that the vice president does not intend to pursue any possible efforts. nancy pelosi also just wrote to her democratic colleagues a little while ago, and one of the things that she says she was worried about is the nuclear codes. she wro

that also reached levels with, for example, secretary of state pompeo, secretary of treasury steve mnuchin, who have both been very level to the president, having conversations with their staff, raising the issue to them. that's the kind of discussion that has gone on. separately we know that there is no interest that we have been able to discern from the vice president, mike pence, to go along with that. he would be essential in that. it would take a majority of the cabinet and the vice president to sign a document that would remove the president from office. but what is stunning is that these discussions have gone as far as they have and that they are being acknowledged more openly than you might expect and that there's a real reckoning about what steps need to be taken and what can be done for those who remain in office to secure the final days of the trump presidency, if that goes a full 12 days or if there's some other intervening event. the president, in his posture, certainly has not given any indication that he would step down. back in the nixon era it was sort of the veteran repub

in 2019, treasury secretary steve mnuchin said a new $20 bill would not be released until the year 2030

during this trump administration that you know, the current occupant at the treasury department, steve mnuchint his way though when it came to the policy he thought should be in place on china, that the administration's actual policy was a lot tougher. wonder what janet yellen will do there? will she push for example for tariffs to come off? will she be in favor of continuing the trump administration's policies? any idea how she might approach china? >> yeah i think what's happened china has changed. dang they have got off track with president xi. help them get back on track. part of that is through the trade policy also financial policy. issues with respect to global supply chains. all those things i think are important and to establish a good relationships on the economic side. my experience in the treasury was those economic relationships can be very important and the u.s. has an important role to play, not just promoting the u.s. but promoting markets and promoting i would say freedom generally around the work. that worked when we've done it. we can get back to it again. connell: all right

sources tell cnbc secretary of state mike pompeo and treasury secretary steve mnuchin have also discussed invoking the 25th amendment, though there are concerns that the process would take too long. and we are going to hear more from congressman kinzinger when he joins "morning joe" later on this morning. so, after telling his supporters to march to the capitol to show strength and then telling them, "we love you" as they were ransacking the building, the president released a new video yesterday. it's worth a watch. take a look. >> like all americans, i am outraged by the violence, lau lawlessness and mayhem. those who deniland the capitol have defiled the seat of american democracy. to those who broke the law, you will pay. now congress has certified the results. a new administration will be inaugurated on january 20th. my focus now turns to ensuring a smooth, orderly, and seamless transition of power. >> and that is the closest that the president has come to a public concession. "the new york times'" peter baker and maggie haberman report that trump initially resisted taping the video a

and it was slow walked by the treasury secretary steve mnuchin. why is it a very big deal?important, substance is better, but at the end of if day, in order for us to be the more perfect union that we learned in class, we must have a history that represents everyone. naacp had a fight in 1915 for the birth of the nation because we recognized how we are viewed on the screen is how we'll be treated in public policy and the street. when we have more representative than symbols that denote all of america and the significance that we all played, it allows people to see the beauty in the diversity that we are as a country and do away with this white supremacist mentality that has caused so much harm over time. and they are the true domestic terrorists. the biggest threat to domestic terrorism and white supremacist activity is do democracy. the symbol of harriet tubman begins a next step of democracy that's inclusive of all people -- men, women, black, white, latino, all of us. >> and of course president biden was the first president ever to mention white supremacy in an inaugural

. >>> the trekary secretary steve mnuchin has been involved in talks about the 25th amendment. i want to go straight to the post reporter who broke this news. tell me what you're learning. >> we should be clear here that according to everyone i talked to in and around the white house everyone maintains this is still extremely unlikely and more to the point we don't even know if treasury secretary steven mnuchin is interested in pursuing this but we can report according to three people with direct knowledge of the discussions mnuchin had discussions about invoking the 25th amend. which would allow the cabinet and vice president to unilaterally get rid of the president. can't stress this enough still doesn't seem like the most likely outcome but the fact it has been discussed at all is a remarkable indication of the fall out within the trump administration itself of the events of the capitol. >> that is a really important point. obviously the vice president has not indicated in any way that he is on board which is a big issue and there are questions. so many people have been leav

that's after steve mnuchin criticized the decision to grant the company is a reprieve.rth has soda deep confusion and financial markets -- sewed deep confusion in financial markets. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. anna? 4.6 billion pounds in emergency support has been made available to help u.k. businesses survive this third lockdown that we are currently embarking on. the restrictions in england will be in place until at least the middle of february, putting the economy at risk of a sharp double-digit recession. businessesspitality will be granted to funds to tide them over until spring. joining us now is at the marshal, british chambers of commerce director general. marshall,- is adam british chambers of commerce director general. what specific measures do we need to be extended and how quickly? adam: quite frankly, we need to see all of the measures that been put in place extended beyond their existing finish dates. some of them, including some tax reliefs, f

sources tell cnbc, secretary of state pompeo and steve mnuchin have discussed invoking the 25th amendment though with concerns the process would take too long. here is the take yesterday from former white house chief of staff john kelly. >> the cabinet should meet and have a discussion. i don't think it will happen, but i think the cabinet should meet and discuss this because the behavior yesterday and in the weeks and months before that has been outrageous from the president. and what happened on capitol hill yesterday is a direct result of his, you know, poisoning the minds of people with the lies and the frauds. >> if you were in the cabinet right now, would you vote to remove him from office? >> yes. i would. >> former attorney general william barr released a scathing response to the deadly mob violence at the u.s. capitol. in a statement to the associated press, barr said, in part this. orchestrating a mob to pressure congress is inexcusable. the president's conduct yesterday was a betrayal of his office and supporters. that's bill barr. donald trump has now lost two cabinet members

and remember those fed facilities that were closed down by treasury secretary steve mnuchin they have to be reopened inside of a new congress with a new reason. thank you, pat toomey for that. a lot of nervousness. a lot of it comes down to whether the fed finally gets inflation they have been asking for. this time they might not want it. david: i haven't been asking for it for one. alan, you want to jump in, we've run out of time. >> merry new year. david: merry new year to you. early voting suggesting a edge for democrats in georgia so are republicans energized enough to get out tomorrow? joining us former bush 43 speechwriter and "wall street journal" editorial board member bill mcgurn. let's talk about what happens if there is a sweep tomorrow by democrats. "the wall street journal" editorial board usually doesn't agree with chuck schumer but when he said we're going to take georgia and we're going to take america, we're going to change america, you basically agree with him, maybe not for the same reasons but this would really change america, wouldn't it? >> right. we find it more

i guess that would include kayleigh mcenany and even treasury secretary steve mnuchin.in because he was connected to the trump administration? i don't understand this. i just don't get it. >> you don't get it because you're not a bigot. this, what happened to senator hawley is a little snapshot of this, but this letter by the 500 so-called publishing professionals i think lays out the big picture which is that blacklist something back. it is not only back but it is back with a vengance and it has become a form of virtue signaling. no one is trying to hide it now. they have served notice on you know, i don't know how many thousands of people were participants, that is the word they used in the trump administration. stuart, you know, you and i know countless people who were in the trump administration in one form or another who are exemplary citizens, incredibly talented people, who in most cases at some financial sacrifice served their country by being in the administration. and these people are saying that, that no one, in other words, no one who is, in the administrati

>> so that yeah, well, steve mnuchin treasury i will have things to say about that, once i leave herely jobs numbers came out the other thing i want to do maria is basically warn people of america, that 2021 i think could well turn out to be "the big short." there is termites in this economic house that is just gnawing away bad job numbers market goes up maybe we will have more stimulus they can dro in there all the money, that can't go into the bond market because you can't return -- goes in stock market, drives stock prices up but i can tell you, heartland outn heartland small businesses are dying, by the boatload by boatload there is tens of millions americans that are out of work. this is nancy pelosi's fault. they can impeach a president. in a day but they can't pass a macroeconomic stimulus with three friggin months going into election will ensure 2021 death of tens of thousands small business it is too little too late significant structural issues going on in this economy that are permanent make it very difficult we got lockdown blue state blues going on, california illinois, a

this is where steve mnuchin was a unique character. of the funding many movies. when you are dealing with the movies you are dealing with egos of producers, actors, egos of studio companies. he was capable of dealing with the large egos out there. it remains to be seen whether janet yellen can. when she was at the fed, she certainly was not able to do that. it will be interesting to see if she can do it now. guy: it will be fascinating to see who she puts around her. negotiation skills will definitely be required and managing big acceptation of egos is always part of the program. they cute for your time. -- thank you for your time. coming up, a supply squeeze in corn sending prices soaring. more on food inflation, coming up. this is bloomberg. ♪ guy: in the agricultural sector, a lot of people getting excited about whether this will be an inflationary course and will drive core inflation higher. supplies push week prices in paris. in china, record highs. joining us is megan dash, who covers this. suggesting this -- megan --who covers t

see people like mike pompeo, like chris miller, although miller may be somewhat more dubious and steve mnuchin senior staff particularly in the chief of staff's office and deputies hanging in there through the 20th to help facilitate that smooth transition to the next administration. there is some fear here that depending on what the president's mood is, if some of his senior staff were to resign, who would he put in their positions? and would those people carry out any orders even extra constitutional orders that the president might issue? again it's like they want to get some steady hands on the controls here. they want to get this thing back on the ground, turn it over to the biden administration, and then say we did it. we got to january 20th. >> trace: speaking of hands on the controls. president has 12 days left and let's face it he may have some agenda items that have been unfulfilled. do you think he does? is there stuff he would still like to get accomplished? pardons he would like to implement, things like that in your estimation? >> there are probably some regulatory things, executi

wall street banks, the cares package, currently all of this money into the treasury, which is steve mnuchinhe has $500 billion in localization funds purposely used to prop up the stock market. 90% of the people in this country do not have a significant portion of the stock market. all of this cares money has gone to the stock market. you heard that guy talking about bitcoin before. i know it. i watch the stock market every day. this is the biggest bubble since 2000. it has exceeded 1929. nobody is talking about all of these trillions upon trillions of dollars that has gone directly to the wall street banks and they are using it to goose the stock market. how do you have the biggest pandemic in our history, with millions of people filing unemployment every week. the financial crisis was only 700,000 people. it never got higher than that. this is the most important story that has never been reported over the last seven months. the federal reserve is backstopping the stock market, not just backstopping it, but dropping helicopter money on it. nancy pelosi has admitted it on the house floor. ni