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00:00The president of the United States, I'm guessing, is calling a lot of people this morning.
00:03He's not happy.
00:04We haven't even mentioned the mail-in ballot component.
00:07That was a whole separate ruling as well.
00:09With regard to Lisa Cook, though, did the president just find the line, the Fed, simply different than any other
00:14agency?
00:15Yeah, and if I wanted to – I can see both sides of this.
00:18If I want to take the side of the court on this one, if you go back historically – and
00:22I've not read the opinion.
00:23I just got into town, but money supply has always been different.
00:27Congress always had the right to run the printing presses.
00:31That was their job.
00:32It was not an executive authority.
00:34So if the court looks at this and says, well, you know what, regulation is one thing, the FTC is
00:38another, my own CFPB is something else, those are executive functions.
00:42The monetary policies of the country were always congressional authorities, so maybe that's different, and maybe that was the basis
00:49for this decision.
00:50Now, I just heard something from your report that struck me as completely wrong, which is that monetary policy should
00:55not be subject to political influence.
00:57How about that line?
00:58Really?
00:58What?
00:58That's from the chief justice.
00:59Yeah, that scares the hell out of me.
01:01Why?
01:01Because everything should respond to political pressures in this country.
01:05So who's going to make – ultimately, who does the Supreme Court think gets to make monetary policy?
01:11A bunch of people that we don't elect?
01:12That is really frightening to me.
01:14If it was Congress's right in the beginning under the Constitution, they're subject to political pressure.
01:19Why wouldn't we still have that?
01:21I don't – I worry about these decisions that say, well, there's certain things that are just bigger than politics.
01:25They're above politics.
01:26We have to make things – take them away from politics.
01:28Knowing that elected officials must confirm people for the Fed, so therefore –
01:31Yeah, but – okay, but that's – okay, that's fine.
01:34There's some political input there.
01:36The terms maybe are subject to political pressure.
01:39But look, I dealt with this at the CFPB.
01:41It was created by Elizabeth Warren because she thought that consumer protection should be above politics.
01:46Once you start going down that road, think about all the things in our government that really should be above
01:51politics and really should be left to the professionals, left to the technocrats.
01:55That frightens me.
01:56So anyway, I think that sentence may come back to haunt conservatives 100 years from now.
02:01I still think this is probably the right decision.
02:02If, in fact, it is found that Lisa Cook did commit mortgage fraud, does that line then keep her from
02:09being fired that day?
02:11I don't know how it can be.
02:13If this is not – if this is different and it's based on the fact that it used to be
02:18originally in Congress, that, again, now it's apparently above politics, then what would be the justification for letting a president
02:25fire somebody?
02:26Why wouldn't an impeachment be the ordinary process to remove a person for those types of causes?
02:30Fascinating.
02:31Again, I think it's the right decision, but apparently – and don't get me wrong.
02:35If it comes – I'm not like some people in my party.
02:38Yeah.
02:38I recognize the fact I don't know everything about everything.
02:41Okay.
02:41So, fine.
02:42Well, I don't lecture the pope on theology.
02:44Right.
02:44I'm not going to lecture John Roberts on constitutionality.
02:47Okay.
02:47This other ruling, though, says you can fire pretty much anybody else.
02:50Yeah, and that's the right decision.
02:52Humphrey's executor was wrong when it was written 100 years ago, 85, whatever it was.
02:57And I think it was Roberts who actually said –
02:58Have you long believed that?
03:00Oh, a long time.
03:00Is this something that's been knocking around your head for –
03:02Yeah, this whole idea that there's this – again, this group, this part of government in the executive branch especially
03:07that's not subject to the president makes no sense.
03:10If we want the president to be the chief executive officer of the country – and that's the position –
03:15they should be able to hire, fire, do all the things that executives are supposed to do.
03:18There shouldn't be these independent agencies.
03:20I don't have my pocket constitution because I'm not that geeky anymore.
03:24I used to be.
03:25I would challenge anybody to show me where the branch of government called independent agencies is.
03:32It's not in there.
03:33We don't have those.
03:34So is there like a Monday night massacre on the offing then or there just aren't that many people he
03:39wants to fire anyway?
03:40Yeah, look.
03:40He's largely created the government he wants.
03:43Let's step back and take maybe a more holistic view of this.
03:47I worry about the rise of populism.
03:48I really do.
03:49I'm both the left and the right.
03:50One of the reasons populism exists is that people keep voting and they don't see any difference.
03:54They vote left.
03:55Left wins.
03:56We don't really go that far left.
03:57They vote right.
03:58Right wins.
03:59We don't go that far right.
04:00The government has not been responsive to the voters in large part because of the structure of the government.
04:05I have no difficulty with elections having consequences.
04:08It's one of the reasons I don't like the filibuster rule in the Senate, but that's another story.
04:11Presidents should be able to hire and fire people in their executive branch in order to put their policies into
04:16place.
04:17That's what they got elected to do.
04:19You might not like it, especially if you're a Democrat now.
04:21You don't like it because it's Donald Trump.
04:23I certainly wouldn't have liked it from a policy standpoint under Biden, but it's the right way to run the
04:28country.
04:28So if there's a house cleaning, yeah, probably so.
04:32But if you put people in that want to put the Trump policies in place, and you know I've talked
04:36a long time about the deep state and how real it is, maybe this is sort of a light at
04:41the end of the tunnel.
04:41Wow.
04:42The mail-in ballots ruling is significant.
04:45As long as it's postmarked by election, you know, it can be counted after Election Day.
04:50When the election is complete, I think were the words that were used here.
04:54What does this mean for the Save America Act or some of the other attempts the president's made to cut
04:59down on mail-in ballots?
05:00Yeah, again, I think it's probably the right decision because traditionally we've allowed states to run their own elections in
05:05this country.
05:06Don't like it.
05:06Don't like the fact it takes California seven and a half weeks to count or something absurd like that.
05:12But unless you have a federal law sitting on top of it, then I think it's probably the right decision.
05:18I still don't see a pathway for success for the Save Act.
05:22I don't really understand why.
05:24I know there's some complaints about it in terms of I have my passport.
05:27You might have yours.
05:28A lot of folks don't.
05:29How do you really prove citizenship, especially on the day of an election, those types of things?
05:33I discourage – I don't like things that discourage people from voting once and voting legally.
05:42So I like the bill generally, but everybody I talk to on the Hill says the votes simply aren't there
05:47for a variety of reasons.
05:49And that doesn't change if it's in budget reconciliation, if it's tied to funding, if it's tied to anything.
05:53I just don't see the pathway to success.
05:55Well, you must be chuckling or I don't know what you're doing looking at what – you've got the floor
05:59held hostage by Anna Paulina Luna.
06:01You've got a Freedom Caucus.
06:02Chip Roy is not going to behave in this rules committee meeting today.
06:05Yeah.
06:06Are we done?
06:06Is the store closed indefinitely here?
06:08Probably, but it was anyway.
06:09It's Joe.
06:10It's – come on.
06:10It's almost 4th of the weekend.
06:11I understand.
06:11Sure.
06:12But, okay, there was one bill that got out before they locked the doors.
06:15What did I miss?
06:16Well, this housing bill.
06:17Oh, the housing bill.
06:18Is he going to sign that?
06:18Sure, sure, sure.
06:20I don't understand why he didn't sign it in the first place.
06:23And, again, he didn't say he was going to veto it.
06:25Right.
06:25He said he wasn't going to sign it.
06:26So even if he does nothing for the next, what is it, eight days now, it becomes law.
06:31Look, there's parts of the bill I don't like.
06:33That's the nature of a compromise.
06:34I don't like the part that bans corporations from owning houses.
06:37I think that's a market distortion.
06:39But I also understand the price you have to pay to get a bill done.
06:42If I was going to be critical of my good friend Tim Scott, it was the language that he used
06:45when he says houses are for people, not for corporations.
06:49That's populist demagoguery, and I really don't like it.
06:52If you come out and say, look, I don't like this as a policy.
06:54I think it distorts the market.
06:56But it's what we needed to do in order to get this larger package passed.
07:00That's the nature of compromise in Washington.
07:02That is a mature way to look things.
07:04It doesn't sort of muddy the waters about what the role of corporations are.
07:08I worry about blaming corporations for our ills.
07:11Well, you know, a lot of our analysis here has found that this institutional ownership is really – I mean,
07:14we're really nibbling around the edges here.
07:16It is a nothing burger.
07:17It doesn't really exist.
07:18It is, and that's why it would be completely defensible to come out and say, look, it's not going to
07:22be that big a deal.
07:23It's not going to – but it was the price we had to pay to get all these other good
07:27policies.
07:27People understand a compromise.
07:29We do it in our own families every single day.
07:32Sure, yeah.
07:32So – but look, it's a decent bill.
07:34There's like 45 different provisions that some of it could actually help a little bit.
07:38I don't think it's going to help much because it doesn't get to the real root cause, which is that
07:42towns and counties don't approve enough housing.
07:45But it's a good bill.
07:46I don't know why the president decided to sort of fight on this hill.
07:51But –
07:51They had Stathall all dressed up at the whole signing ceremony.
07:55I know.
07:56Oh, jeez.
07:56Last one, high-minded question for Mick Mulvaney.
07:58Oh, my goodness.
07:59The other one's low-minded?
08:00You mentioned – well, all this has been so far, right?
08:02You mentioned some of the bigger political themes that are happening here, and you were on the ground floor for
08:07the Tea Party.
08:08Yeah.
08:08You see what's happening, and the president calls them communists, socialist Democrats.
08:12We've got another contest in Colorado tomorrow that –
08:14Yeah.
08:15It's really starting to bring this outside of Manhattan.
08:17If you look at Maine, if you look at Michigan, Colorado, and California, are we witnessing the birth of a
08:24new type of Tea Party on the left?
08:25That's exactly what this is.
08:26Yeah.
08:26And you and I may have talked about this.
08:28They're about – the Democrats are about 10 years behind us on this, in large part because of the tremendous
08:33leadership that Nancy Pelosi, along with her, Barack Obama, exercised over their parties.
08:39They had a lot more control over their party.
08:41And just naturally, Democrats are better team players than Republicans.
08:45We're a little bit more individualistic on our side of the aisle.
08:47So we were a little bit ahead of them in sort of this Freedom Caucus evolution.
08:53They're just catching up.
08:54Their populist wing is now catching up.
08:56They're getting ready to go through their Donald Trump primary, wait and see who runs in 2028, who's their Donald
09:01Trump.
09:01Yeah.
09:02Because I think you're going to see it.
09:03Yeah, but the parties continue to fracture.
09:06It's probably not surprising.
09:07We're a country of 350 million people with only two parties.
09:10They were never going to be monolithic in the first place.
09:12But if you want to see the way the Democrats are going, go back and start studying the Republican Party
09:17starting about 2008, 2009, and you'll see the same – what is it?
09:20History doesn't repeat itself, but it does rhyme.
09:22Well, it's rhyming here.
09:23It's just a question of whether this, in fact, continues to snowball around the country or if it's something, as
09:28we mentioned, that's limited to downtown Manhattan.
09:31Amen.
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