Power Play 8/12/13
Who will Obama pick for Chair of the Federal Reserve? Plus - Ted Cruz in Iowa and the race for Virginia governor heats up
Aug 12, 2013
Bob Cusack, Doug Schoen, Ford O'connell
Who will Obama pick for Chair of the Federal Reserve? Plus - Ted Cruz in Iowa and the race for Virginia governor heats up
Aug 12, 2013
Bob Cusack, Doug Schoen, Ford O'connell
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This transcript is automatically generated
And those are things once thought to have been worth a great deal that now are worth anything -- -- beanie -- -- plan.
Beanie babies were popular people actually did invest in them and this is power play and I am Chris Farrell.
And conservatives say that that's what may be happening to you -- money.
To the dollars that you work for and earn -- next.
And as a result the discussion over who will be the next chair person man woman the Federal Reserve the central bank of the United States.
Is more contentious than you may have thought it's not just about.
The identity politics of the left it is a broad spectrum of discussion that could have a big effect.
Big on what happens with the dad spending tax deficit kind of deal that has to be worked out.
Here in Washington next month we will talk about that and probably bring up Pokemon cards to.
We will talk about that we will also talk about 26 team.
The Republican field.
In in many sure took to Iowa where they had the state fair.
And by the way I should point out -- -- on a stick slightly overrated.
The fried cheese -- totally underrated couldn't -- that it's that good.
We will talk about that and of course we will talk about the latest in the hottest -- of this year in the off fought here down in Virginia.
Came -- -- -- the Republican candidate for governor there is softening looking to soften his image with a nice guy add.
Will that work amid what has become the -- -- campaign imaginable with both sides of leveling constant attacks.
Upon one another and Terry McAuliffe by the Democrat in big trouble for.
His greens if you will we will do all of that.
We will do it with forbearance and foresight we will do it with good -- and good humor I know because we will make -- -- down payment on that with -- you said.
Bob Cusack of course is.
Remains the managing editor.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But anyway welcome thank you why are you working its August you're just got back and I vacation -- we are just -- Martha's Vineyard I was there.
It was a working it was a play -- create it and working the whole time and -- as much yet exactly.
So the president.
Has made it clear that what he would like to do is -- he's mulling.
The basically the president embraced.
On Friday the conventional wisdom that have been put forward in his in his press conference.
Major Garrett enunciated -- -- -- which was that there -- two front runners.
To succeed Ben Bernanke.
At the Federal Reserve one news.
This president is it yelling.
Who is former head of these federal reserve bank of San Francisco.
-- was on the -- at fed.
And the others Larry Summers and everybody knows they Summers who if you didn't like him at Harvard which apparently many people.
If you didn't like the Harvard you liked him as soon as Bill -- top economic advisor or you like him as the leader of the council of economic advisors for President Obama.
This pick -- consequences from what reasons though about whether it's a boy or girl did it match it matters and broader ways these -- I mean absolutely I mean this is this is such spending the president himself said this is one of most -- is he's going to be making.
-- in his second term so.
And it's rife with politics in democratic lawmakers have challenged the president recent meeting.
They want at least two dozen of them have signed a letter including Elizabeth Warren.
They want -- Bernanke.
Is viewed as some on the left his anti regulation and too close to Wall Street and a number of -- recent news articles.
About that -- ties to Wall Street so.
You know some people think it could be -- -- maybe he'll pick someone else but but I think yellen has got the inside track because even though the president has.
Defended Summers he had the opportunity to name.
The first Defense Secretary.
Did not do that -- inability initial warning but for -- Michelle Fossett.
I said he should have gone forward defense that I've read the ultimate in Monday -- is like five Monday's afterwards but when he morning quarterbacking if you would've taken.
Olympia -- for Defense Secretary that would have been -- That bold.
That would have been -- mom and but he's so now he's facing this decision and as you know obviously mean the president has taken heat for.
For some as -- -- his advisors ol' boys network not a lot of females in that.
The AA and I.
Gender politics but I'm talking here about the fact that so and I wrote a column on this minor I just did I mean I should -- -- like that stuff.
And I tweeted it.
Up on the -- where -- I read this president.
There there are green shoots -- emerging about a deal on debt and spending in Washington where people say the sequester wasn't as bad as we thought it might be.
And the tax increases on top -- one is -- what if we just drop appealed this sucker said it and forget it one more year get through mid terms and then see where she where they stand.
As that's going that if that if the president picks especially if he were to pick ms.
Republicans are very concerned about inflation they're very concerned about they're doing 88 billion dollars -- there but like Ben Bernanke is like.
Conjuring up eighty billion dollars a month that he slew saying via -- Goldman Sachs and others in two.
That palm has a lot of Republicans and not just as Paul Krugman.
Was he was -- to skiing Rand -- today.
But this is Paul Ryan and many others have expressed concern that when the inflation comes it's gonna be crippling -- that president.
Goes from home to super -- in his -- This won't make Republicans anxious and less likely to wanna do -- -- -- right.
Right that's right and -- her views on inflation -- did unsettled senate Republicans including.
Senator Richard Shelby who -- -- cancer.
When she was when she isn't Bernanke's deputy -- In either either nomination is gonna be controversial there's no doubt about it and and these fiscal debates they're not -- -- going to be going on for years wedding you know if.
There's no chance I think of a grand bargain anytime soon but at some point.
There's going to have to be some type of bipartisan deal.
At some point so.
I -- the Allen or Summers or perhaps somebody else is going to be in the middle of that fight and I think this is -- be -- a rocky.
Nomination even Bernanke's.
Second nominations was a bit -- It was a it was a -- Iraqi and this is an issue you know the interesting thing there's a back and forth today Rand Paul has responded to Paul Krugman.
And that's his game that took place in the New York Times day Rand Paul writes back -- national review.
And they're talking here about what Milton Friedman would have thought about Federal Reserve -- you wanna know it's August and Washington DC.
Did you have a fight over Milton Friedman between Paul Krugman and his cat and Rand Paul.
Playing out in the New York Times and and the national review that's how you know it's August.
One other way you know that its -- by the way as.
I just found out that this is going to be a full hour of power play that was it's just that's like a spontaneous the last hour about ten god August bonus it's an August 30 extra minutes in the -- that's what you get for your artistry.
But -- so we will be going until 1230.
The 1230 half hour here on the East Coast I wanted to flip.
To this question.
Mister MacKey told a stretcher and but Eric Holder today.
Is announcing something's been in the works for a while.
Which is -- that mandatory minimums are federal penitentiaries I should point out.
Are full of people because judges don't have discretion if you get -- with this much.
LSD you have to go to prison for this long if you get caught with this -- -- holder is talking about.
Moving away from those mandatory minimums.
That's something that probably isn't as amazing as it is to say the war on drugs has lost a lot of its luster that probably won't be as controversial as it would have been a decade.
No there's bipartisan support what holder saying and and and I think it's also very telling us that -- a lot of people thought I was among them that you know he might be leaving.
Relatively soon but now.
-- -- there's no indication.
Of -- I still think I still think there's enough of August left that he -- there's enough August left for Eric Holder to feel the stirrings of more time with -- him.
Could be could be an eighty a lot of people thought he -- -- hang around here because -- -- big civil rights yeah over this summer with with that actually just Lewis to get held in contempt by the house one more time he wants to show for like that for the double -- -- and there's legislation that that calls on him to step aside and that's.
Approaching at least 200 goes not just.
That's not -- forces -- -- but the fact is this you know whether it's Dick Durbin and Rand Paul under mandatory minimums Mike Lee is also -- involved in the system did this effort.
It makes sense and something that holder I think -- we'll get some bipartisan cover.
-- -- -- -- -- -- And he'll -- as his loyalties to keep his heart.
Where his head doesn't want him to be on the gridiron and we appreciate that statute that stuff stuff stuff but it is he exactly what's his -- that's why we're glad that you couldn't otherwise you wouldn't even come apparently you know -- we're glad of that OK but he's a big -- back.
Now also speaking -- day.
Where Eric Holder speaking is one Hillary Rodham Clinton.
She's the former first lady of Arkansas you may have heard of her anyway.
She's there as the Hillary campaign 2.0.
-- stretch out a little bit and try some new talking points and stuff.
In the in the pre pre pre primary phase of the 26 in cycles so.
We'll talk about that with people who know when we come back -- the current.
Was ten groups you've seen him right here on power play and this -- power play Ted Cruz.
As your senator from Texas was speaking at an Iowa.
Now Iowa is lovely in August no doubt and the state fairgrounds outside of the morning.
What better place to gauge if you like -- -- fried twinkie and action -- very good.
But there may be another reason that Ted Cruz was there.
That he was there that Rick Santorum.
Was there that other Republican potential hopeful maybe wanna be run for president kind of people we're out there.
That's because they do happen have the nation's first.
You can call it -- it's not even a caucus.
-- but the first presidential selection official presidential selection contest of some kind.
They won't have.
And I was also fertile ground for conservatives.
So takers is out there meantime we have heard that vice president.
Joseph Biden is heading out to the steak fry.
Which people in the east don't know -- -- for you bring your own -- to a state for a by the way they bring good that's part of -- we can explain more of that later -- the vice president is headed out to a steak fry in Iowa meanwhile live.
Former secretary of state Hillary Clinton is giving remarks to the national bar association.
As strong a pretty strongly democratic group -- having its meeting.
Out in California today so there is lots to discuss.
-- can help discuss these things he is former McCain Palin presidential campaign -- yes yes he is chairman of the civic -- -- also true.
And he is vulnerable act.
-- college football.
Thank you also be having a book tour coming up about 4060s until September you know so we don't how the Republican Party can fix things -- can -- Hillary and what's this general poorer folks in the words.
-- -- fire station plug away.
We are working hard at this moment.
The vast power play technical operation is working hard to have it's a deduction can join us and he's out there somewhere.
But I want to get your before we talk about Hillary in the Democrats and I don't -- to get your take so.
Handicap if you will the Republican field what's.
Byron York review says it is and why wouldn't Rick Santorum -- the front runner because he's already out in Iowa he's got the core support why can't -- I mean.
There is no front runner so why couldn't it be him -- He can't be the front -- because he's not taking aim at a stationary target let me be perfectly honest with you we have a much more wide open field with a lot more people.
Who really have the credentials to go forward that's not saying to Rick Santorum can't run for president.
Doesn't mean he won't do well in Iowa he will because I was a little red -- campaign -- -- what's fertile ground for him folks like Terry -- but I have to say.
Right now I think Mitt Romney made a great point down from -- -- point cinema.
And that is Hillary Clinton is very difficult to believe she won the nomination but it can be done if we execute the right game plan and we -- -- among a couple of continuity -- take cruises like bricks and because right now as a political arsonists he may be out there working the political media complex which -- that hospital players.
But he's yet to get beyond the conservative base now granted you have to win the nomination to actually beat Hillary Clinton.
-- he can do very well in a state like I won a state like South Carolina I do recommend that is.
This father for a trial comes after him at the podium because you pretty much tolls on -- this past weekend and Iowa.
He's he's obviously toying with the notion of running.
I think he could do very well and I -- but I don't see him getting beyond.
The appeal unless he tones down his fire and brimstone rhetoric I like what he says I don't like it recessed.
Well you know you'd like how Doug Jones says things right now guests had to vote Virginians are today's Virginia's Doug can you hear us this Internet and working.
Keep talking that way I will be infinitely more.
I'm pleased with power plug and play right.
Yeah don't gunshot was just waiting to -- documentary enough to say yes my -- is working yes it.
So Doug shown aside from.
Hosting -- political insiders here at live dot foxnews.com.
You know a thing or two about what it's like when Clinton's run for president yes.
I -- yes yes OK -- for a former Clinton pollster.
The former First Lady today.
Is going to give a speech at the American Bar Association -- Some -- the national -- bar association which is I believe if I'm correct.
A predominantly African a man.
And ordinances Wright is quite quite so quite so.
Envy as she talks -- there's we're hearing.
Probably from her another.
Peace in this discussion talking about how she too.
Would be history making and precedent setting.
If she were the democratic nominee and ultimately elected president that this sort of the time has come for a woman.
To do this that the President Obama has broken one barrier now it's time to break another -- Well I think that's certainly -- compelling argument what.
She is saying when she says that isn't 2008 you opted for President Obama and you can have this same.
Impacting impact by a nominating and electing me and I agree with forward I think she is the odds on front runner.
She is potentially beatable -- one of her main problems.
Gentlemen I think you both -- is the Obama record he's down to 42%.
Approval and that we're downs to her detriment.
-- -- -- -- I was -- Obama record what what don't really want to say is that Hillary 2.0 wants to become history 2.0.
In basically Republicans cannot allow our that I have editors talk about some of the strength of the story.
This is not about having a woman in the White House this is about Hillary and her on Saturday ambitions going -- and everything should be viewed -- that could do that prism.
You respect of the Obama record at the end of the -- Hillary 2.0 is all about Hillary.
I'll -- that at this so Douglas today there's -- danger zone what you described.
Is that dug this deep under mine.
There is that -- she ultimately is running ads if she's turning away from what Obama -- doesn't she have to run as this is a competency campaign.
That she has the experience and knowledge necessary.
In order to put into effect this aspirations that -- missed him.
President Obama she she did try Chris.
Experience in 2000 made him at a time when the electorate was arguably.
As restive as it is now that you didn't play so well.
I would argue that she needs to have an agenda that speaks to the concerns of ordinary common sense Americans.
You heard about ten you heard what Ted Cruz.
Was saying on the sound bite you played I dare say that Democrats like the clintons who have always been for free markets and for.
Can behave the same rhetoric in the same approach but -- for a more socially compassionate and arguably inclusive.
Government -- the right wing of the Republican Party.
And before when there and win the Republican Party whatever ring wing comes forward in 201212016.
They will say she's been there for 25 years she's been around national politics for 25 years.
She is more of the same weird change won't won't that be what your party saying.
That is gonna do or what we're gonna say is we are here for basically look at the last eight years of the politics putting Hillary back in their means that your gonna continue.
Twelve to sixteen more years of this progressive nonsense it is working to -- you're talking -- nice.
Fair minded language which is not actually putting great policies forward but they have to say is our policies our principles would -- America -- brighter future and Hillary is more of the same.
And essentially she is Obama.
Three point -- Time my tank says there will be -- 3 AM phone call -- anyway have a mother from Ben Ghazi saying that she that Hillary didn't answer the phone.
And my son -- It will be out there it will be discussed.
But let's take a quick break.
And when we do when we come back.
We will talk about the politics not in the abstract but in the specific there is a barn burner of a race going on down in Virginia.
It is if he's getting wild and -- as we close in on the -- season we'll check in on that when we come back.
-- stick around.
In America we say everybody has an eagle opportunity but for many Virginians it's just not true.
I'm -- -- -- as governor all work to make it right.
And act is intended to make you have a warm Fuzzy did you have warm -- Internet.
That is the new television and from -- -- -- running for governor as a Republican he's the attorney general already down in Virginia and this is powered by welcome back.
And that -- is if you will.
From the attorney general's campaign there in what has turned into a rough and tough.
It's time for.
Some some softer.
Focus and softer edges.
So let's talk about the race where we are right now Puerto he is still here and so -- -- -- you still experimenting.
All right this is good this goodness so this is a good race and -- -- know -- -- on an off year.
This this is a good race and basically to bring the Internet up to speed it's like this.
You wouldn't be running an ad like that at this point in the cycle.
Normally that would be something you do bio had very early on to introduce yourself to people and say all of that.
But the ads that have been running against Cambridge and -- are so maybe there's this one I wish we had it.
Where they've -- in like shadows and she looks like he is about like snatching -- I think -- -- the nasty thing that you've ever seen so that the answer this -- he's trying to redefine himself at the very moment that Terry McAuliffe.
Is starting to really suffer.
Under this green tech stuff so here's the question.
Ford actually let's just not go to questions you have characterize that you characterize this race in a way that I think would be helpful for the Internet and share your.
Character we have Terry McAuliffe -- hard.
Bagging charlatan who's trading on the Clinton's name vs Chan who -- -- who's basically on discipline flame thrower they've both gone nuclear on each other's.
The entire commonwealth of Virginia looks like scorched earth and all the sudden the boys in the -- campaign must live by Chris -- beta.
The -- the general strategists.
Basically said we got to come up -- -- way for people outside of the base.
Actually both horses so now what are we don't we're using open ended Obama language to make you like this because if we don't get beyond our base -- what Terry McAuliffe might win this neck and neck race.
Well -- now it is there's no doubt.
There's no -- -- -- bit.
If do current governor of Virginia.
Hadn't had the problems that he -- in the form of gifts and loans.
From a rich dude.
He -- that -- -- would have a difficult race but it wouldn't be as difficult as this.
What's your how do you handicap the race well.
I have a couple of things Chris first step forward -- I'm very fond of left something out.
I think he left 181000.
Reasons why -- -- -- got additional problems.
Which for the gifts he took from Johnny Williams he himself -- the governor of course has taken vastly more.
The governor's approval as you quite rightly -- Chris is gone.
And both candidates have negative ratings that exceed their positive ratings -- what you could -- always trying to do was to boost his -- bulls because.
All of the things being equal -- little -- here.
Could surely should win.
But that being said.
The attorney general who is quite extreme on social issues has yet to -- -- can we explain why.
Taking gifts from somebody.
-- was doing business with the state.
-- -- the attorney general.
Qualifies as business as usual.
Now four Terry McAuliffe though business as usual also.
Had some difficult has had some difficult moments in it and that's specifically includes his work for a green car company.
That where he took.
It it -- it is unclear to some degree but the take away is that.
May have been done in a way that in contravention.
And most damaging way in this case a factory that he said was coming to Virginia went -- Mississippi ended up going to Mississippi right.
-- yes exactly you can't say that your job creator who -- -- -- -- thousands of jobs and millions of American cars with no deliverables cars and a handful of jobs and to -- on top of its.
You're basically giving a piece of protesting about the -- of this.
Business and essentially -- the end of the day tournament cost a lot of problems to obviously tend to generally does as well.
And indeed the it's up to the Virginia voter I think the winner of this race I do think Doug is right in off years.
Technically the Republicans should win because -- -- more favorable but really it's Hulu Virginia voters.
You know like the least go get a lot of winning this.
So doesn't it -- the challenge for Democrats in Virginia as you say the off off -- election electorate in Virginia is much more red than purple.
Look it's very different looking.
The danger for McAuliffe is that if this turns into a gross out election.
And people stay home that should advantage the Republican candidate shouldn't.
All that's absolutely right I mean.
Look Terry has his problems and the -- my guess last week Chris.
If I recollect correctly -- again SEC investigation.
By the -- care company was open this is not good news for her.
-- The other issue is how much money can McAuliffe raised Kenny significantly outrage is -- in LA.
Because that's what he's been doing for his entire career.
He's got both clintons firmly in the his camp.
And can he overwhelming attorney general with advertising and communications.
Time will tell.
Buddy and that's one -- he's definitely trying to do particularly in his -- of Northern Virginia -- but one thing that did -- me I guess was this morning yesterday morning the Washington -- Norton fan of Republicans basically you know -- Terry -- with respect his business -- because one of the big things.
-- -- -- out there promoting his jobs and basically we look through whether it's.
Franklin tell us who are green tech we're looking -- were -- that record is very question one day.
It's going to be it's going to get worse -- Many positive -- -- -- -- and there about run it's going to get rougher and tougher out there the only people that I know we're going to win in this election.
Our local television station absolutely and consultants that is one guarantee.
That I can make.
Doug I can also guarantee that the Internet will not -- -- ever watch political insiders -- thank -- Chris.
That's a true that is a true state of NATO and power play as well.
As long as we say nice things about you exactly thing we thank you have a great Monday when we thank you thank you Internet are you ready to.
Relic and roll into a second half hour of Internet excellence I hope you are because that's what we're going to deliver to you.
-- really I have no idea what I have no idea what's coming up in the next half hour.
But that will probably will experience it together will it will be experiencing it together so you should.
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