C the committee will come to order. Without objection, the chairs authorized to declare a recess of the committee at any time. This hearing is entitled promoting stability, reviewing the administrations deregulatory approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 00 p. M. Per the request of the secretary. I now recognize myself for four minutes to give an Opening Statement. So let me welcome back secretary mnuchen. Today we are here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As i have said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking regulators are following the deregulatory blueprint that the Treasury Department, under secretary mnuchens leadership, has mapped out point by point and rolling back many of the Critical Reforms democrats
This is nothing this is something we should work on, and the work on this predated me coming to treasury and this has been a long time, and as i mentioned earlier, we may come back to congress and suggest that you pass legislation. I would ask you, this is not on your 2021 calendar. This should be on your december calendar. I agree. I look forward to working with you. I need to know whether you need legislation. I need to know what you need and we need to make sure that are 2 billion of outstanding debt where people kbts determine what interest is supposed to be paid, and i want to move on because i do chair the asia subcommittee for another week, and we focused on china. China could end up with 1. 5 billion of world bank loans. This is under discussion now. Chinas income has exceeded the level where they should be eligible for these loans and the Chinese Government has enough money to put a million uighurs behind bars and to build a military complex that destabilizes the world so it s
Im max kaiser this is the kaiser report yes there is one number only one number we must get to that number is to the greatest number ever invented by humankind were going to get to that number is better than the living is better than mars living its the s. And p. 500 number stacy we continue to go up and down up and down theres a lot of hope a lot of euphoria and a lot of tension about the trade deal with china but before that were going to look at the underlying cause of the latest hyper inflationary move in the stock markets and thats been the fed the fed of course is essentially the cause of the entire rise in the stock market since 20072008 the financial crisis theyve been pouring trillions of dollars into their bodies on wall street and thats one of their buddies i was a really happy for me thats the opening bell out there so fed will not disclose which banks are receiving repo cash for at least 2 years this is our friends i gat the Gold Antitrust Action Committee out there in con
Threatens to escalate the trade war with china if a deal isnt reached. He says the deal is close but provides view details. Spains ibex is the worst performer. The party is still short of a parliamentary majority and tullow oil and the iea wants global demand. We are live at the ubs European Conference where well be hosting a global panel in about 40 minutes time. Charles plosser and peter praet, the former chief ecb economist good morning one of our top stories today, trump has called on the fed to cut Interest Rates to negative he resumes criticism of the Central Banks policy and insisted the bank has restricted the u. S. We are actively competing with nations who openly cut Interest Rates so that now many are getting paid when they are paying off their loan. Negative interest. Whoever heard of such a thing. Give me some of that our Federal Reserve doesnt let us do it later today, Jerome Powell is set to address the state of the economy to congress. The central bank said the rate cut
John good enough had a press conference shortly after the prize was announced and he says that if you live to 97 you can do anything while the hughes is there. Or i can say is. I did ever. Before or through forward to this particular day im very happy their lives arrived it was very nice to. Receive a recognition yes i will have and pain is the deputy chief executive of the Royal Society of chemistry and she says that without the lithium ion battery lots of other technologies wouldnt be possible. I think the lithium battery is such a phenomenal thing for us in Todays Society but obviously as we move into an area where we need to look at more fossil fuel Free Technology and the increase in mobile technology be increasing in Wireless Technology the lithium batteries are all around us so i think its because of the widespread use and also looking forward to electric cars and all the other things that were going to need so batteries for in the future i think about flying now is such a fanta