RUSH TRANSCRIPT Okay Gerri ░░░░░░░░ that was a great ░░░░░░░░ Thanks for your terrific ░░░░░░░░ Former top treasury official ░░░░░░░░ Faulkender Now the Democrats ░░░░░░░░ the IRS to do ░░░░░░░░ taxes for us I ░░░░░░░░ this is what s ░░░░░░░░ on There s also ░░░░░░░░ we ve got to ░░░░░░░░ talk about this because ░░░░░░░░ is the Fed s ░░░░░░░░ against inflation Michael they ░░░░░░░░ rates a tenth time ░░░░░░░░ as President Biden wants ░░░░░░░░ do away with the ░░░░░░░░ ceiling Now they re ░░░░░░░░ about a constitutional challenge ░░░░░░░░ the 14th Amendment to ░░░░░░░░ rid of the debt ░░░░░░░░ so Katie bar the ░░░░░░░░ Spending as much as ░░░░░░░░ want Yeah Liz It ░░░░░░░░ amazing to watch how ░░░░░░░░ Democrats are unwilling to ░░░░░░░░ the consequences of all ░░░░░░░░ spending that hay unleashed ░░░░░░░░ the first two years ░░░░░░░░ this administration and now ░░░░░░░░ than be bothered with ░░░░░░░░ to negotiate with Speaker ░░░░░░░░ and the House Republicans ░░░░░░░░ how to bring spend ░░░░░░░░ back into line hay ░░░░░░░░ want to try to ░░░░░░░░ a way to just ░░░░░░░░ any notion of the ░░░░░░░░ ceiling existing So rather ░░░░░░░░ addressing the fundamental problem ░░░░░░░░ addressing the fundamental problem ░░░░░░░░ we have federal government ░░░░░░░░ well beyond our means ░░░░░░░░ re looking for any ░░░░░░░░ every way not to ░░░░░░░░ over spending reductions Elizabeth ░░░░░░░░ know senator Biden vice ░░░░░░░░ Biden agreed to the ░░░░░░░░ spending reforms that he ░░░░░░░░ won t even negotiate ░░░░░░░░ hasn t talked to ░░░░░░░░ McCarthy since February 1st ░░░░░░░░ Joe Manchin and senator ░░░░░░░░ romney saying getting to ░░░░░░░░ get to the negotiating ░░░░░░░░ what are you waiting ░░░░░░░░ The president has been ░░░░░░░░ the economy with the ░░░░░░░░ of a pen Do ░░░░░░░░ want a 2008 financial ░░░░░░░░ us all over again ░░░░░░░░ regions crisis The regionals ░░░░░░░░ boat anchors of commercial ░░░░░░░░ estate on their balance ░░░░░░░░ This all began with ░░░░░░░░ bad mortgages and a ░░░░░░░░ crisis and and now ░░░░░░░░ re debating unlimited deposit ░░░░░░░░ Michael even on uninsured ░░░░░░░░ at banks Former FDIC ░░░░░░░░ Sheila Bair says that ░░░░░░░░ a terrible idea It ░░░░░░░░ banks will make riskier ░░░░░░░░ loans right when the ░░░░░░░░ House wants good credit ░░░░░░░░ to the pay more ░░░░░░░░ higher fees to subsidize ░░░░░░░░ mortgage borrowers What do ░░░░░░░░ make of all that ░░░░░░░░ That s exactly what ░░░░░░░░ was going to talk ░░░░░░░░ is the pact that ░░░░░░░░ the financial crisis 15 ░░░░░░░░ ago arising because we ░░░░░░░░ having low credit quality ░░░░░░░░ who didn t have ░░░░░░░░ down payments coming in ░░░░░░░░ taking on mortgages they ░░░░░░░░ t afford 15 years ░░░░░░░░ the Biden Administration wants ░░░░░░░░ repeat that debacle They ░░░░░░░░ to have high quality ░░░░░░░░ subsidizing the mortgages of ░░░░░░░░ quality borrowers while removing ░░░░░░░░ from the banking system ░░░░░░░░ would normally be there ░░░░░░░░ uninsured depositors disciplining banks ░░░░░░░░ all the while we ░░░░░░░░ got the Fed who ░░░░░░░░ their eye off the ░░░░░░░░ when it came to ░░░░░░░░ inflation is now behind ░░░░░░░░ curve and is now ░░░░░░░░ rates in order to ░░░░░░░░ catch up because Chairman ░░░░░░░░ knows more than anything ░░░░░░░░ his failure to keep ░░░░░░░░ from hitting 40 year ░░░░░░░░ is how he is ░░░░░░░░ to be remembered in ░░░░░░░░ unless he gets inflation ░░░░░░░░ under control And so ░░░░░░░░ that means a banking ░░░░░░░░ whether that means a ░░░░░░░░ he is now singularly ░░░░░░░░ on trying to undo ░░░░░░░░ mistake he made by ░░░░░░░░ inflation to get away ░░░░░░░░ him Elizabeth you just ░░░░░░░░ it Michael In D ░░░░░░░░ it s the all ░░░░░░░░ your