The First Virtual oversight subcommittee hearing i and the ways and Means Committee. Before we turn to todays important topic i want to remind members of procedures to help navigate the platform. First consistent with the regulations members are responsible for an muting themselves when recognized. Second, the witnesses must have their cameras on at all times so even if you leave for a moment or a few seconds, leave your camera on. Third, we will dispense with a serving and then go in order of seniority. Alternating between minority and majority beginning with members of the oversight [inaudible] authorized to serve as the chair in the event i experienced technical difficulties. Thank you for continued patience as we navigate the technology to continue serving the country together and its a great time of need and with that i will now turn to the important topic of todays hearing. The hearing will focus on the issue of tax fairness. I welcome the colleagues and the witnesses. I must not
965 and this is my first hearing is chairman of the subcommittee on oversight and my First Official virtual oversight subcommittee hearing in the ways and Means Committee. Before return to todays important topic i want to remind members of the decisions and procedures while we navigate this platform. First, consistent with regulations we keep microphones needed to limit background noise and members are responsible for on meeting themselves when they seek recognition or when recognized for five minutes. Second, the members and witnesses must have their cameras on at all times so even if you are for a second or few moments leave your camera on. Third, we will dispense with the practice of observing and go in order of seniority for christian dating alternating between minority and majority and [inaudible] after all subcommittee members have asked the questions we will move in seniority order to off subcommittee members. Finally, without objection representative [inaudible] will also serve
Agree with you. We really cant underestimate the size of this deal. What i have learned in the last 24 hours, it is only the beginning process. A lot ofi spent time with Wolfgang Munchau trying to stagger the european parliament. Jonathan the signal here is important. Europe is demonstrating they can borrow at the european level and distribute grants accordingly. That was unthinkable 10 years ago. Lisa they are also putting in certain taxation powers that give it more of a federation kind of feel. Europe has gotten its act together. How about the United States . Today we hear potential results from treasury secretary Steve Mnuchin and House Speaker nancy pelosi discussing the proposal that mooching came to with the white house. This will potential into payroll tax cuts, as well as potentially no state aid, which will be a problem for democrats. In the Senate Banking committee on nominations to the fed reserve board. Then united air and snap reporting earnings. Snap at the forefront of
Conversations in europe to some level of success. Of course, the stimulus discussion in washington, all of this wrapped around a market that will never, ever go down. Futures up 25, dow futures up 186. We have a 23 print on the vix now. Just to go to the equity market for one second, come on, jon. 32 to 23 on the vix is really something. Jonathan it is an equity market that has got away from so many, particularly on the tech side. Amazon up 70 . Microsoft, apple up 30 . We have had monster moves. Tom your thoughts on europe, you spent eight tour of duty in you spent a tour of duty in fractured, germany in frankfurt, germany. Jonathan europe is demonstrating that they can borrow at the Commission Level and distribute to places like italy. That was unthinkable in the depths of the crisis. I dont think it is that goal bullet, the. This is part of the journey. Thats how you should view it. It will take a while for the story to build. The keyword is crisis. It took a crisis to take this ste
Its 46 waiting to apple, amazon, microsoft, facebook, and google. We are seeing the worst case fear on the part of investors that if those names go down it will take the market. We are seeing that split between the s p 500 and the nasdaq. Small caps getting a bid, which did not happen yesterday. David speculate with me. How much of this is the real world . We have the big european fiscal bailout approved yesterday. We are talking today about one in the United States. Is it possible this is reacting and stocks would do well if there was a recovery . Abigail i think this has more to do with trading and technicals. When you look at the rotations, there are many rotations going on week after week between the different sectors. It does not fit into one bucket , and lestlogy investors think one week unless investors think one week recovery. Where we have real euphoria is silver, up 60 . Gold lagging behind on the year. Gold is leading. It is not stocks that are getting a huge big rally out o