00:00All right, Mike, catch us up, first of all, because there were so many investigations going on.
00:04But this one seemed to relate directly to the alleged cost overruns and whether there was
00:09something, I guess, potentially criminal in them. Well, not criminal in the in the buildings
00:15themselves. But what happened was Jay Powell went up for his semiannual testimony before the Senate
00:20Banking Committee, and they asked him about this. And his answer was somewhat noncommittal.
00:26And the president decided or Jeanine Pirro decided that what the U.S. attorney for
00:32Washington, that he had lied about something to do with the buildings. And the entire committee,
00:39including the chairman, Chairman Scott, Tim Scott of South Carolina, said, no, he didn't lie.
00:45But the administration wanted to pursue this. So Jeanine Pirro sent in subpoenas to the Fed,
00:53asking them for information and background information on all of this. The Fed fought back
00:58and filed a request to have the subpoenas quashed, which is apparently what has happened now. The
01:04question is, and we're waiting for Jeanine Pirro to hold a news conference. Will she try again or will
01:10she say that's it? Because if she says that's it, we're not going to do anything more. We're going to
01:17dismiss all of this. Yeah. Then that means Kevin Warsh can be confirmed as Fed chair because the
01:23hold that's been placed on it would go away. Yeah. And just to recap again, we're talking
01:28about headlines that we're getting from NBC right now that a judge has blocked the subpoenas against
01:33Fed chair Jerome Powell, citing, quote, essentially zero evidence on Powell. So to pick up on what you
01:40were saying, I mean, you think about Republican Tom Tillis. He is a member of the Senate Banking
01:44Committee. He was one of the ones who had vocally vowed to hold a confirmation of any Fed nominee,
01:50regardless of who it was, until we saw some of this resolve. Because Tillis said there was no
01:56crime committed, that Powell did not lie in any way. And this was just a vengeance effort by the
02:03administration. And he said, no matter whether he's a Republican or a Democrat or whatever,
02:07I'm not going to vote for anybody because this needs to be cleared up. This needs to be gotten out
02:11of the way. And so it appears if Piro is not going to chase this some other way, that this
02:17will
02:17remove that impediment that Tillis will be able to say, OK, now I will vote for Warsh. He did meet
02:22with Warsh this week and put out a statement saying he was very impressed with him. He can't wait to
02:27vote for him. He just wouldn't until this is done. Now, just going back to January when we did first
02:32find out this and we this was like a big letter sent out by some of the former Fed chairs,
02:36basically,
02:36you know, also raising the questions about Fed independence. There are other, I guess, sort of
02:42inquiries, investigations into, I guess, what's going on with the Fed. Have they been resolved? I mean,
02:47the Supreme Court issue with regards to Lisa Cook, the president's power to actually remove Fed
02:52officials. Has that all been resolved? No, that's not been resolved. The Lisa Cook case has been argued
02:58in front of the Supreme Court. The court has not issued a decision. It is something that everybody's
03:03waiting for. But there's another case called the slaughter case, which is about the chairman of
03:08the Federal Trade Commission, who the president also wanted to fire. And that gets all caught up in
03:13previous rulings about the Federal Trade Commission. And so there's a feeling that maybe what the Supreme
03:19Court is doing is waiting until they reach a decision on that case. And then they will fold Lisa Cook
03:24into
03:25it. We could get a decision on Lisa Cook at any time. Yeah. And it is very important because if
03:31the
03:31court decides that the president has unlimited power to fire people for really no cause, then the
03:37president could totally remake the Fed in his own image with people who would cut rates.
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