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LARRY: WELCOME TO THE SNOW, OLD
FRIEND, DAVID MCCORMACK, H OLD
FRIEND, FORMER ARMY CAPTAIN.
SERVED IN THE 82nd AIRBORNE.
GREAT SERVICE.
BRONZE STAR.
FORMER UNDERSECRETARY OF THE
TREASURY.
CEO OF BRIDGEWATER ASSOCIATES.
HE HAS THROWN HIS HAT INTO THE
RING OF THE REPUBLICAN
PENNSYLVANIA SENATE RACE.
DAVID McCOME MACK, HAPPY NEW
YEAR.
I HOPE IT WAS A GOOD, LARGE HAT
YOU THREW INTO THE RING.
>> GREAT TO SEE YOU, LARRY.
THANKS FOR HAVING MY.
IT’S A BIG CHANGE OF PACE, I
JUMPED INTO THE RACE ABOUT A
WEEK AGO.
I’M WORKING MY WAY ACROSS THE
COMMONWEALTH OF PENNSYLVANIA IN
MY FORD 150.
IT IS GREAT TO BE CONNECTED WITH
THE GREAT FOLKS OF PENNSYLVANIA.
>> WHERE YOU GREW UP, RIGHT?
>> I GREW UP.
LISTEN, I’M A PENNSYLVANIA KID.
I WAS BORN OUTSIDE OF
PITTSBURGH.
I GREW UP IN BLOOMS BERG.
MY FAMILY HAD A FARM AND I GREW
UP BAILING HAY AND CUTTING
CHRISTMAS TREES.
I WAS A BUSBOY AND IT WAS A
MILLTOWN AND COLLEGE TOWN.
I PLAYED SPORTS.
I’M IN WILKES-BARRE TODAY, I
PLAYED SPORTS ALL OVER THIS TIME
IN PENNSYLVANIA IN TOWNS LIKE
MOUNT CARMEL AND POTSVILLE.
WRESTLING GOT ME TO WEST POINT
AS YOU MENTIONED.
I WENT INTO WEST POINT, WENT
INTO THE ARMY TO SERVE OUR
COUNTRY THERE.
LARRY: LET’S TALK ABOUT THIS.
PRESIDENT BIDEN GAVE A TWO HOUR
PRESSER YESTERDAY, DIDN’T SEEM
LIKE THERE WAS ANY RESET NO,
CHANGE OF COURSE WHAT SERVE.
HERE IS A GUY WHO IS GETTING
CLOBBERED IN THE POLLS.
THE PUBLIC IS COMPLETELY
REJECTED HIS AGENDA.
FRANKLY HIS PRESIDENCY IS
HANGING BY A THREAD.
HE IS NOT CHANGING, HE DOUBLED
DOWN YESTERDAY.
SO AT THE TOP HERE, WHAT DO YOU
MAKE OF THIS BIDEN STORY?
>> UNFORTUNATELY I THINK THE
PRESS CONFERENCE WAS INDICATIVE
OF THE LAST YEAR.
IT WAS INCOHERENT.
IT WAS WEAK.
IT DIDN’T STARE REALITY IN THE
FACE IN TERMS OF THE RESULTS.
THERE WERE A COUPLE THINGS THAT
JUMPED OUT TO ME.
FIRST, THE WAY HE TALKED ABOUT
UKRAINE AND RUSSIA AND THIS
SMALL INCURSION WAS AN
INVITATION, A REALLY SHOW OF
WEAKNESS THAT I THINK WILL
INVITE PUTIN TO EXPLOIT THE
MOMENT.
AT LEAST IT REALLY BUILDS ON THE
TERRIBLE DEBACLE IN AFGHANISTAN,
WHICH WAS SUCH A HORRIBLE SHOW
OF WEAKNESS AND REALLY INSITES
BULLIES, TO TEST US AND
CHALLENGE US.
AS A COMBAT VET.
THAT REALLY LEFT A BAD TASTE IN
MY MOUTH BUT IT ALSO DIDN’T
STARE AT THE REALITY OF OUR
ECONOMY.
LARRY, YOU KNOW THIS WELL,
INFLATION THAT WE’RE SEEING,
40-YEAR HIGH, EMPTY GROCERY
STORE SHELVES AS A CONSEQUENCE
OF SUPPLY CHAIN PROBLEMS, THE
SPIKE IN ENERGY PRICES.
50% INCREASE AT THE PUMP.
LISTEN, WE ARE IN REAL TROUBLE
FROM AN ECONOMIC PERSPECTIVE.
IT TIES DIRECTLY TO THE POLICIES
OF THE BIDEN ADMINISTRATION AND
NOT JUST ON THE ECONOMY BUT ON
ENERGY POLICY.
AND THEN FINALLY THE THING THAT
I REALLY HEAR WHEN I’M DRIVING
ACROSS PENNSYLVANIA, THIS IS THE
CHALLENGES WITH OUR OPEN BORDER.
AND THE CONTRAST OVER ONE YEAR
IS REALLY, REALLY OBVIOUS AND
PALPABLE, BECAUSE YOU HAVE THIS
HUGE SPIKE WHERE ILLEGAL
IMMIGRATION COMING INTO OUR
COUNTRY, THAT IS FEEDING A
DOUBLING OF THE AMOUNT OF
FENTANYL COMING INTO THE COUNTRY
AND COMMONWEALTH OF
PENNSYLVANIA.
WE’RE ALSO SEEING IT REALLY
CONTRIBUTING TO A SPIKE IN CRIME
AND ALL-TIME HIGH MURDER RATE IN
PHILADELPHIA.
LARRY: STILL MAINTAINING THAT A
FIVE TRILLION DOLLAR SPENDING
BILL SUCH AS HE CALLED IT,
WHATEVER IT IS GOING TO BE,
WHETHER BUILD BACK BIGGER,
BETTER, SMALLER ALL THAT REMAINS
TO BE SEEN, I DOUBT ANY OF IT IS
GOING THROUGH.
ARE THE PEOPLE OF PENNSYLVANIA
AS CONCERNED ABOUT HIGH ENERGY
PRICES NATURAL GAS, OIL,
GASOLINE AT THE PUMP, GROCERY
PRICES?
BECAUSE PRESIDENT BIDEN SAYS, I
WILL ASK YOU ABOUT THIS, DAVID
MCCORMACK, YOU SERVED IN THE
TREASURY, HE CLAIMS MORE
SPENDING QUALITIES LOW
IRINFLATION, OKAY?
WHAT IS YOUR RESPONSE TO THAT?
>> WELL, LISTEN, I THINK WHAT
WE’RE SEEING A OBVIOUS
MANIFESTATION OF THE POLICIES.
SO THE ENERGY POLICY WE PUT IN
PLACE HAS NOT ONLY CONTRIBUTED
TO A REAL SPIKE IN GASOLINE AND
ENERGY PRICES BUT IT IS ALSO
CONTRIBUTED TO US BEING A NET
IMPORTER OF ENERGY IN LESS THAN
ONE YEAR AND IT HAD A REAL
IMPACT ON ENERGY WORKERS HERE IN
THE COMMONWEALTH.
OF COURSE THAT RISE IN PRICES OF
ENERGY ALSO CONTRIBUTES OF
EVERYTHING ELSE THAT IS A HUGE
STIMULUS.
THAT INPUT IS HUGE CONTRIBUTOR
TO INFLATION.
I WOULD TAKE THE EXACT SIDE OF
THAT ARGUMENT, THAT THE BIDEN
POLICIES ARE DIRECTLY RESULTING
IN INFLATION.
THAT IS A KITCHEN TABLE ISSUE
FOR PENNSYLVANIAIANS.
THE ISSUE, THAT IS THE SILENT
THIEF STEALING MONEY OUT OF YOUR
POCKET, YOU DON’T SEE IT.
IT HURTS ALL OF US, LARRY, BUT
IT REALLY, REALLY HURTS WORKING
FAMILIES.
THAT IS WHY IT IS SUCH A BIG
DEAL.
LARRY: REAL WAGES ACTUALLY
FALLING QUITE A BIT.
>> ABSOLUTELY.
LARRY: WHAT WOULD THE GREEN NEW
DEAL DO FOR PENNSYLVANIA?
PENNSYLVANIA HAD A GREAT RECORD
IN FRACKING, OIL, AND PIPELINES,
WHAT WOULD THE GREEN NEW DEAL DO
TO THE STATE EVER PENNSYLVANIA?
>> THAT IS THE GREAT IRONY.
PENNSYLVANIA IS THE NUMBER TWO
ENERGY PRODUCING STATE IN THE
COUNTRY.
IT HAS BEEN A HUGE BOON FOR OUR
ECONOMY.
CREATED ALL SORTS OF
OPPORTUNITY.
IN ADDITION TO THAT PENNSYLVANIA
IS A LEADER IN ENVIRONMENTAL
IMPROVEMENTS.
SO NOT ONLY HAVE WE HAD A HUGE
BOOM IN OUR ENERGY INDUSTRY, WE
HAD A HUGE IMPROVEMENT IN THE
ENERGY EFFICIENCY AND IN THE
REDUCTION OF CARBON EMISSIONS.
SO PENNSYLVANIA IS REALLY POISED
TO, BECAUSE OF ITS LOCATION,
BECAUSE OF THE GREAT RESERVES TO
BE A SOURCE OF GREAT ENERGY FOR
THE COUNTRY AND THE WORLD.
AND SO IT IS CRITICAL THAT WE
DON’T HAVE POLICIES THAT TAKE US
BACKWARD.
THAT GREEN NEW DEAL WOULD BE A
DISASTER FOR PENNSYLVANIA.
IF I WAS FORTUNATE ENOUGH TO BE
ELECTED FOR THE SENATE, THAT IS
ONE OF THE THINGS I WOULD FIGHT
AGAINST, NOT JUST FOR
PENNSYLVANIA, LARRY, BUT FOR THE
COUNTRY.
LARRY: DAVE MCCORMACK, THE
GROWING CHINA THREAT, A SOURCE
OF CONSTANT CONTROVERSY.
BRIDGEWATER ASSOCIATES HAD
ROUGHLY I’M TOLD 2% OF ASSETS
INVESTED IN CHINA BUT
INTERESTINGLY YOUR CHAIRMAN OR
FORMER CHAIRMAN, RAY DALIO, WHO
OBVIOUSLY YOU KNOW HIM VERY
WELL, I’VE KNOWN HIM FOR MANY
YEARS, HE IS A BIG SUPPORTER OF
INVESTING IN CHINA.
HE’S OVERLOOKING THE MARCH
AGAINST DEMOCRACY, THE HUMAN
RIGHTS ABUSES, TECHNOLOGY
STEALING AND MILITARY BUILDUP.
YOU HAVE ACTUALLY ACCORDING TO
REPORTS DISAGREED WITH DALIO
ABOUT HIS CHINA POLICIES.
CAN YOU JUST BRIEFLY ELABORATE
ON THAT DISAGREEMENT?
>> YEAH.
LISTEN, I MEAN I THINK CHINA, I
WROTE AN OP-ED RECENTLY WHICH IS
AVAILABLE ON FOX.COM, CHINA
REALLY POSES A UNIQUE THREAT AS
AN ADVERSARY TO OUR ECONOMIC
WELL BEING, NATIONAL WELL BEING
IN THE UNITED STATES, GLOBAL
SECURITY.
THAT WORSENED OVER THE LAST
DECADE WITH THE POSTURE AND
ACTIONS OF PRESIDENT XI.
WE NEED TO HAVE A WHOLE OF
NATIONS STRATEGY THAT ADDRESSES
THAT AND PROTECTS THE WELL BEING
OF OUR COUNTRY.
WE NEED TO DO THAT THROUGH KEY
COUPLING IN KEY INDUSTRIES THAT
ARE CRITICAL TO NATIONAL
SECURITY AND WELL BEING.
THE PHARMACEUTICAL INDUSTRY, KEY
AREAS OF TECHNOLOGY LIKE
SEMICONDUCTORS.
WE NEED TO CONTINUE TO MAKE SURE
THE TERMS OF TRADE WE DO HAVE
ARE FAIR.
WE NEED TO HOLD CHINA
ACCOUNTABLE FOR BOTH THE VIRUS
THEY PROVIDED NO TRANSPARENCY ON
AND HUMAN RIGHTS ISSUES WITH THE
UYGHURS WHICH IS REALLY A
TERRIBLE TRAGEDY.
AND I DO THINK WE NEED TO HAVE
OUTBOUND REVIEW OF INVESTS.
THERE IS FIRMS IN OUR COUNTRY
THAT INVEST IN KEY TECHNOLOGIES
IN CHINA, THAT COULD REALLY ARM
AND MODERNIZE THE CHINESE
MILITARY.
THAT IS THE FIRST POINT.
THE SECOND POINT IS, WE NEED
TOUGH-MINDED LEADERS IN OUR
GOVERNMENT, IN OUR SENATE, IN
OUR EXECUTIVE BRANCH, THAT CAN
LEAD THAT FIGHT, UNDERSTAND THE
COMPLEXITY OF THAT, AND WILL BE
WON’T BLINK TO THAT CHALLENGE.
SO, I AM GOING TO PRESENT MYSELF
TO THE PEOPLE OF PENNSYLVANIA AS
A COMBAT VETERAN, AS A WEST
POINT GUY WHO SPENT FIRST PART
OF HIS LIFE THINKING HOW TO
FIGHT THE COMMUNISTS IN THE
SOVIET UNION.
SOMEONE WHO NEGOTIATED AS A
TOUGH-MINDED TOW TOE TO STOW
NEGOTIATOR.
I HAD REPUTATION OF BEING A
HAWK.
SOMEONE WHO DONE BUSINESS
LIMITED WAY AS YOU DESCRIBE
THROUGH THE CHINESE.
I UNDERSTAND THE ECONOMIC
RAMIFICATIONS.
I UNDERSTAND THE NATIONAL
SECURITY IMPLICATIONS.
I THINK WE NEED TO TAKE A STEP
FURTHER THE GREAT PROGRESS
PRESIDENT TRUMP MADE ON THAT
ISSUE.
HE DID US ALL GREAT SERVICE BY
CHANGING THE DEBATE, REALLY
TAKING THE ARGUMENT TO THE
AMERICAN PEOPLE HOW CHINA IS
POSING A GROWING THREAT.
LARRY: TOOK HUAWEI OUT OF PLAY.
WE’LL KEEP THEM OUT OF PLAY.
>> WELL-DONE.
LARRY: DAVID MCCORMACK THROWS
HIS HAT IN THE RING.
REPUBLICAN SENATE, I WON’T SAY