Latest / Brian Thomas / Congressman Warren Davidson joins the show this morning

Transcript

Congressman Warren Davidson joins the show this morning · Brian Thomas

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  Speaker 1: It's seven oh six at fifty five Krosit. You talk
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  Speaker 1: station a man who's become and thankfully so, a regular
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  Speaker 1: feature here on the fifty five Cassee Morning Show. Appreciate
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  Speaker 1: his one this or come on and talk about these
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  Speaker 1: really important topics, representing and proudly doing so the eighth
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  Speaker 1: Congressional District from the state of Ohio. Congressman Warren Davidson.
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  Speaker 1: It is always a pleasure having you on the fifty
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  Speaker 1: five Carsee Morning Show, and welcome back, sir.
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  Speaker 2: Thank you, Brian. It's great to talk with you, and.
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  Speaker 1: You're gonna have to do a little bit of splaining
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  Speaker 1: to me. I have have admitted many times over the
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  Speaker 1: years the idea of cryptocurrencies like the peace of God.
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  Speaker 1: It passes all human understanding, at least for Brian Thomas,
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  Speaker 1: all types of different you know, cryptocurrencies out in the world.
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  Speaker 1: You've introduced a bill called the Bitcoin for America Act,
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  Speaker 1: and so I offer you an opportunity to explain why
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  Speaker 1: this is important. Then maybe you can address some of
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  Speaker 1: the question marks I have swirling around my ignorance over
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  Speaker 1: cryptocurrency generally.
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  Speaker 2: How's that? Yeah? I mean, bitcoin is the one thing
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  Speaker 2: in crypto that if you have to name one thing
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  Speaker 2: about crypto, bitcoin comes up, and it accounts for half of,
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  Speaker 2: maybe a little more than half of the market share
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  Speaker 2: of everything known as crypto. And you know it, when
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  Speaker 2: I first took office, you could buy one bitcoin for
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  Speaker 2: about five hundred dollars and in that time, now it's
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  Speaker 2: you know, I'm approaching one hundred thousand dollars. Again, it's
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  Speaker 2: had some movement up and down, but it's certainly accumulated
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  Speaker 2: value over the long, longer period of time. And what
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  Speaker 2: does it do. It gives you a way to move
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  Speaker 2: money at the speed of light. So you know, if
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  Speaker 2: you want to pay cash, well, okay, you get a
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  Speaker 2: physically hand the cash to somebody. We been able to
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  Speaker 2: move money at speed a light in some ways for
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  Speaker 2: a long time. That's what credit cards let you do.
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  Speaker 2: You can put put your credit card in, you can
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  Speaker 2: do it on the internet. You can save your credit
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  Speaker 2: card number and your phone and click that and it
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  Speaker 2: comes up. So you know, hou's bitcoin different than those things. Well,
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  Speaker 2: there's no corporate headquarter for bitcoin. There's no intermediary that
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  Speaker 2: makes money. You know, Visa and MasterCard make lots of
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  Speaker 2: money for the service they provide and they make sure
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  Speaker 2: that you are who you say you are, that you're
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  Speaker 2: not buying something from somebody who's different than they say
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  Speaker 2: they are, make sure you have credit. They do all
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  Speaker 2: that in an instant so the work they do is amazing,
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  Speaker 2: but they charge for it. Bitcoin lets you do that
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  Speaker 2: where you could truly hold your own currency. Most people
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  Speaker 2: don't own it that way. Though most people own bitcoin,
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  Speaker 2: you know, kind of the same way they would own
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  Speaker 2: shares of ge they would have a fidelity account or
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  Speaker 2: in this case, coinbase is probably the biggest thing people do,
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  Speaker 2: but it's essentially like a fidelity targeted initially at just
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  Speaker 2: buying crypto things. Now virtually everybody has the same kinds
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  Speaker 2: of service where you know, Fidelity, Schwab whatever, you can
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  Speaker 2: have an account and buy bitcoin or bitcoin ETFs or
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  Speaker 2: things like that. So people have accumulated all this value
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  Speaker 2: in there. It's no secret. I don't like the income
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  Speaker 2: tax period. They don't like lots of taxes, but you
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  Speaker 2: get to attack some things. But bitcoin is one of
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  Speaker 2: those things where the federal government when they would seize
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  Speaker 2: this and people say, oh, it's used for I listed finance, Well,
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  Speaker 2: not in the same rate that the dollar is. The
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  Speaker 2: dollars used massively more for a list of finance. But okay,
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  Speaker 2: if people have paid money with bitcoin that way, we
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  Speaker 2: just see fifteen billion dollars worth of it from Cambodia
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  Speaker 2: and a scam center one hundred and twenty seven thousand bitcoin.
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  Speaker 2: And the government was like every agency seizing little pockets
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  Speaker 2: of crypto, and they were losing control of it. Some
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  Speaker 2: would say that we're stealing it because if you don't
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  Speaker 2: have the keys, it's electronic, it can get moved, and
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  Speaker 2: you know, there's no headquarters that will reset your password.
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  Speaker 2: You lose the password, the money's gone, like losing a
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  Speaker 2: pile of cash. Right. So when Trump came in, he
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  Speaker 2: changed that and put an executive order saying, hey, we're
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  Speaker 2: going to let the you know, Secretary of the Treasury
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  Speaker 2: set up a thing at the Treasury Department where all
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  Speaker 2: of the bitcoin from the Department of Justice or any
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  Speaker 2: other part of the government it gets in possession of
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  Speaker 2: the federal government. We're going to have one central tuestodium
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  Speaker 2: and he called it a Strategic Bitcoin Reserve. And he said, hey, look,
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  Speaker 2: we're going to sell off some of this other stuff
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  Speaker 2: that nobody really knows what is some of it really
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  Speaker 2: is just a pump and dump scam and needs to
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  Speaker 2: be regulated. That's what I've tried to do is try
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  Speaker 2: to kill the pump and dump scams and protect the
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  Speaker 2: good stuff. And so that's what they wanted to do.
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  Speaker 2: But then they're like, how do we fund it? Well,
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  Speaker 2: there are some people that want the tax dollars to
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  Speaker 2: go buy bitcoin. I don't think that's a great idea,
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  Speaker 2: But what about people that already have bitcoins just paying
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  Speaker 2: taxes with the bitcoin? And that's what this bill does.
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  Speaker 2: It let's you pay your taxes with the bitcoin. It
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  Speaker 2: goes to the Bitcoin Reserve. And the upside of that
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  Speaker 2: is is if you say, well, I'm tired of my
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  Speaker 2: tax dollars being wasted on XYZ and you think those
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  Speaker 2: things shouldn't be wasted on, if you put it into
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  Speaker 2: the Strategic Bitcoin Reserve, it doesn't even get spent. It
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  Speaker 2: gets held. That's what the executive order did, So it
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  Speaker 2: kind of fires the executive order in that sense.
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  Speaker 1: Well, I always mean crypto is kind of weird because
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  Speaker 1: it's always expressed in terms of dollars, which is our
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  Speaker 1: fiat currency, and yet using bitcoin in little fiat currency
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  Speaker 1: seems a mechanism to lead toward the demise of the
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  Speaker 1: fiat currency because it is going to be used as
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  Speaker 1: an alternative form. As you pointed out, it doesn't it
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  Speaker 1: isn't centralized in any given country. Uh it is. It
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  Speaker 1: exists independently and free of you know, any regulatory control
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  Speaker 1: or government control anyhow. I mean, I like the freedom
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  Speaker 1: associated with it. But if it becomes a more stable
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  Speaker 1: form of paying for things, then you moving away from
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  Speaker 1: the dollar, which has some I would I would think
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  Speaker 1: some pretty serious implications for the future of America's fiat currency.
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  Speaker 2: Well, there are futures. There are serious implications for the
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  Speaker 2: future of the dollar period.
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  Speaker 1: I know that, and that's part of what that's part.
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  Speaker 2: Of what the that's part of what the logic was
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  Speaker 2: for the creators or creator of bitcoin a pseudonym of
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  Speaker 2: Satoshi nakamotos So we don't know if there's one person
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  Speaker 2: or multiple people, or who did it. It's still a mystery.
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  Speaker 2: But in two thousand and nine, there's this white paper.
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  Speaker 2: You can read it at bitcoin dot org. It's a
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  Speaker 2: short paper, but it explains the logic of a permissionless
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  Speaker 2: system separated from any government, and it establishes trust. It's
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  Speaker 2: a different computing architecture, blockchain, so you can go way
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  Speaker 2: down into this and at the end of the day,
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  Speaker 2: it's like, well, you can go way down into the Internet.
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  Speaker 2: You don't need to learn that there's a seven layer
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  Speaker 2: protocol and how IP addresses work and everything to enjoy
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  Speaker 2: using the Internet. And you don't have to do that
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  Speaker 2: to enjoy using bitcoin either or other things. But that's
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  Speaker 2: the problem, right is we're experiencing in affordability like housing.
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  Speaker 2: If you own the same house that you owned fifteen
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  Speaker 2: years ago, it's probably worth double what you paid for
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  Speaker 2: it fifteen years ago. And even if you didn't do anything,
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  Speaker 2: you didn't fix anything, you got the same water heater,
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  Speaker 2: same furnace, same roof, everything, and it's worth double. They're like,
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  Speaker 2: how is that? Well, your money got destroyed. We measure
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  Speaker 2: things in dollars because that's our currency, but the value
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  Speaker 2: of it is getting crushed. That's what inflation does. And
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  Speaker 2: inflation really is a tax. I mean, if Congress passed
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  Speaker 2: a set of laws that said, you know, we're just
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  Speaker 2: going to take groceries up about thirty percent over the
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  Speaker 2: next five years, I mean, they would fire everybody. So
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  Speaker 2: they didn't do that. What they did is they give
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  Speaker 2: two trillion dollar death sits every year, plus a whole
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  Speaker 2: lot of troiads during COVID, and it newked the value
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  Speaker 2: of your money. It is essentially the same kind of tax,
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  Speaker 2: but it's even more dishonest than a tax in a
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  Speaker 2: lot of ways, so it's terrible. And look at inflation.
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  Speaker 2: If you've got assets, if you've got a house already,
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  Speaker 2: and you have retirement savings and four to h one
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  Speaker 2: k's and those things, you're looking at your portfolio and
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  Speaker 2: your value going well, this isn't too bad. But if
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  Speaker 2: you're still just like graduating college, coming out starting out
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  Speaker 2: in life, you can't afford anything because you didn't have
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  Speaker 2: any assets to get in late. And that's it grows
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  Speaker 2: the wealth cap. The money is getting destroyed. And because
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  Speaker 2: the money was getting destroyed back when they were doing
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  Speaker 2: quantitative easing in the OEITO nine financial crisis, that was
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  Speaker 2: sort of the inspiration behind bitcoin.
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  Speaker 1: I understand that and real briefly in terms of you know,
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  Speaker 1: types of cryptocurrency, I mean you started out by acknowledging
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  Speaker 1: Bitcoin is pretty much the first. It's the most widely known,
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  Speaker 1: obviously the most valuable among all the various cryptocurrencies, But
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  Speaker 1: that volatility that I've seen in the market. You start
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  Speaker 1: out it's five hundred dollars. Originally it's one hundred thousand dollars.
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  Speaker 1: Now you know, a month ago, and of course I'm
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  Speaker 1: using random figures pulled sphincter from sphincter, but it was
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  Speaker 1: worth twenty thousand dollars, and then next it jumps data
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  Speaker 1: fifty thousand dollars. There seems to be so much weird
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  Speaker 1: volatility in the crypto itself. I guess I kind of wonder,
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  Speaker 1: how do you what's it worth? I mean, is it
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  Speaker 1: worth what it's worth the moment you say pay your
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  Speaker 1: tax bill?
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  Speaker 2: Yeah, that's how that's how would be valued, so that
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  Speaker 2: you know, if you pay your taxes, you know, today
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  Speaker 2: i'd be about ninety seven thousand dollars, but if you
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  Speaker 2: paid it last week, two weeks ago, it would have
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  Speaker 2: been like eighty seven thousand dollars. So that's the kind
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  Speaker 2: of relativity you get after. Part of that's because we
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  Speaker 2: haven't created good regulations in the United States, and there's
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  Speaker 2: probably a fair bit of market manipulation, so you don't
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  Speaker 2: have the same kinds of controls over this that you
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  Speaker 2: would on the stock market. But that's led to other
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  Speaker 2: innovations like stable coins, so those are measured in dollars
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  Speaker 2: and instead of being backed by nothing but math, they're
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  Speaker 2: backed by treasury deposits in the bank. Or the one
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  Speaker 2: I like the most is started by a guy from
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  Speaker 2: Cleveland to Paxos Gold. So Chad Cascarilla has created this company, Paxos,
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  Speaker 2: and they've got an ounce of gold and vaults that
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  Speaker 2: are audited, not a promise to get some gold, but
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  Speaker 2: real gold sitting in vaults. Unlike Fort Knox. They audit
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  Speaker 2: it and it's tokenized, so the gold doesn't really move,
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  Speaker 2: but like I could move, you know, one ounce worth
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  Speaker 2: of gold to you, and it's essentially here's permissi into
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  Speaker 2: that outs the same way that bitcoin works. And so
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  Speaker 2: you've seen a lot of innovations in the space and
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  Speaker 2: that's that's kind of what drove the craze and crypto.
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  Speaker 1: Fair enough at seven to sixteen, we're going to continue
• 10:12
  Speaker 1: to find out about healthcare reform and taking out the
• 10:16
  Speaker 1: Narco terrorist. Was talking about that earlier in the program.
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  Speaker 1: I also talked about that yesterday with judgennapaulatonmy You Get
• 10:20
  Speaker 1: That podcast fifty five KRCE dot com fifty five KRC
• 10:26
  Speaker 1: detalk station Happy Friday e Brian Thomas with Congress from
• 10:29
  Speaker 1: Warren Davidson, Let's move over to healthcare reform. And I
• 10:31
  Speaker 1: don't call maintaining or even subsidizing insurance premiums to mask
• 10:37
  Speaker 1: the realities of Obamacare a good idea, because like green subsidies,
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  Speaker 1: it hides the actual cost and the government ends up
• 10:44
  Speaker 1: eating the picking up the tab. So premium subsidies, of course,
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  Speaker 1: that led to the shutdown. Are we back to discussing
• 10:52
  Speaker 1: these Congress and Davidson? And are we going to lose
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  Speaker 1: some Republicans to the fear of reality setting in on Obamacare?
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  Speaker 1: What's going on of this one?
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  Speaker 2: Yeah, I mean, look, yeah, that's exactly right. The subsidies
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  Speaker 2: they were added during COVID because they said, well, there's
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  Speaker 2: going to be a pandemic and it's bad, and so
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  Speaker 2: we're gonna we're just gonna have to prop up health
• 11:14
  Speaker 2: insurance companies so they don't raise everybody's premiums. Well, that
• 11:18
  Speaker 2: was a bad idea in the first place. No Republicans
• 11:20
  Speaker 2: voted for that idea. And it's like, if you were
• 11:23
  Speaker 2: going to send money the hospitals and doctors would make
• 11:26
  Speaker 2: sense they're doing the treating or the patience would make sense, right,
• 11:31
  Speaker 2: But why would you give it to the middleman? Like
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  Speaker 2: that would be like the worst idea, and it, as
• 11:37
  Speaker 2: you say, it masks the cost. You just keep dumping
• 11:40
  Speaker 2: cash in there, and it's sort of like protection money
• 11:43
  Speaker 2: protection from who. The insurance companies like, well, you know,
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  Speaker 2: if you guys pay up, I mean, we could hold
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  Speaker 2: the rates down a little bit. Their version of holding
• 11:51
  Speaker 2: rates down. If you've got an insurance on an Obamacare
• 11:54
  Speaker 2: exchange I guarantee over the past several years, you haven't
• 11:57
  Speaker 2: gone well, rates have been under control. You're getting double
• 12:00
  Speaker 2: digit increases, you're still getting claims denied, you're out of pocket.
• 12:03
  Speaker 2: Max is still there, You're still getting ridiculous notifications that
• 12:07
  Speaker 2: oh that was out of network. It's like, isn't the
• 12:08
  Speaker 2: same building. I was in the same room? How is
• 12:10
  Speaker 2: it out of network? So all the frustrations people have
• 12:13
  Speaker 2: with insurance is still there and we haven't fixed it.
• 12:18
  Speaker 2: So it's been like, oh no, no, we fixed it.
• 12:19
  Speaker 2: We sent the subsidies. And that's exactly what will happen
• 12:22
  Speaker 2: if we continue these Instead of having a debate about
• 12:24
  Speaker 2: how would we fix it. And you know President Trump's
• 12:27
  Speaker 2: done that on drug prices, for example, he said, and
• 12:30
  Speaker 2: let's do most favored nation. Like, hey, you still own
• 12:33
  Speaker 2: your company, price however you want. But if you'll sell
• 12:36
  Speaker 2: th zempic to London for you know, eighty bucks, you
• 12:41
  Speaker 2: can't charge an American eight hundred bucks. So whatever you
• 12:45
  Speaker 2: sell it for the best price in the world is
• 12:47
  Speaker 2: in America. You can have higher prices in other countries.
• 12:51
  Speaker 2: That's up to other countries. But if you sell it
• 12:54
  Speaker 2: for one hundred bucks somewhere, you're selling it for one
• 12:56
  Speaker 2: hundred bucks in America. And I honestly think that would
• 12:59
  Speaker 2: be great if we did it for all things like
• 13:01
  Speaker 2: you get your bill and it always says, you know,
• 13:03
  Speaker 2: well it's ten thousand dollars, but since you have you know,
• 13:06
  Speaker 2: Anthem or United or whatever, well one thousand dollars, right
• 13:11
  Speaker 2: you knows a made up number for made up procedure
• 13:14
  Speaker 2: or whatever. But you know, everyone's seen these explanation of benefits.
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  Speaker 2: The reality is, if you work at Procter and Gamble,
• 13:20
  Speaker 2: you've got great health care coverage and PNG has a
• 13:23
  Speaker 2: huge workforce and rightly has a lot of buying power.
• 13:26
  Speaker 2: But if you work at a small business and you
• 13:28
  Speaker 2: got twenty employees and one of the employees gets cancer.
• 13:31
  Speaker 2: They're trying to spread that cost and risk over twenty
• 13:33
  Speaker 2: people instead of the whole state of Ohio. So if
• 13:37
  Speaker 2: you had the hospital provider saying, look, we charge you know,
• 13:40
  Speaker 2: a thousand bucks, whether you're paying cash, whether you work
• 13:43
  Speaker 2: at a small business with twenty people or you work
• 13:46
  Speaker 2: at a big business with two hundred thousand. Around the world,
• 13:50
  Speaker 2: this is the price, same price, whether you've got insurance
• 13:53
  Speaker 2: or you don't have insurance, whether it's this insurance or
• 13:55
  Speaker 2: that insurance, all the insurance companies, we sell it to
• 13:58
  Speaker 2: you for one thousand dollars, and you could pick your
• 14:01
  Speaker 2: own price, but it would be fair if you had
• 14:04
  Speaker 2: a functioning market. That's what would happen in a functioning market.
• 14:06
  Speaker 2: That's the way gas prices work, right. It's not like
• 14:09
  Speaker 2: one guy's going to get, you know, three bucks for
• 14:11
  Speaker 2: a gallon and the guy next door is going to
• 14:13
  Speaker 2: get four bucks for a gallon. It's going to quickly
• 14:16
  Speaker 2: price it pretty close to three bucks. And it's not
• 14:19
  Speaker 2: that you get charged a different price because you pulled
• 14:21
  Speaker 2: up in a buick and this other guy pulled up
• 14:23
  Speaker 2: in a Toyota. Actually, you know, so this is the
• 14:26
  Speaker 2: way healthcare is broken because it doesn't have real market forces,
• 14:29
  Speaker 2: and so if we're not going to do real market forces,
• 14:32
  Speaker 2: we should try to replicate it. And then lastly, what
• 14:34
  Speaker 2: President Trump said is, look, you should send the money
• 14:36
  Speaker 2: to the person. You know, we do it for food stamps,
• 14:39
  Speaker 2: for example. We don't send the money to Kroger. We
• 14:42
  Speaker 2: send the money to the person and they buy what
• 14:45
  Speaker 2: they want. And they've made it legal to buy what
• 14:47
  Speaker 2: you want, so you can't select and pick on your
• 14:49
  Speaker 2: health insurance plans. They've prescribed a set of every plan
• 14:55
  Speaker 2: has to cover X, y Z, and that rose prices
• 14:59
  Speaker 2: because it said every plan has to have all these
• 15:01
  Speaker 2: features on it. Some people don't want to need those features,
• 15:04
  Speaker 2: and that they made it illegal to buy such a product.
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  Speaker 1: Well, okay, Currently there is a Democratic proposal to extend
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  Speaker 1: the healthcare insurance premium subsidies, and that's the one that
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  Speaker 1: we're going to be I guess voting on upcoming Whether
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  Speaker 1: or not you get Republicans capitulating to that insanity remains
• 15:19
  Speaker 1: to be seen. But is there currently an alternative along
• 15:23
  Speaker 1: the lines of the market force proposal you just suggested?
• 15:25
  Speaker 1: Of the Trump suggestion about letting the dollars go to
• 15:28
  Speaker 1: the individual as opposed to the healthcare companies. Have we
• 15:30
  Speaker 1: got something like that teed up and ready to go
• 15:32
  Speaker 1: as a foil to just continuing this nonsense of subsidies.
• 15:38
  Speaker 2: Yeah, that's what they're working on. So there will be
• 15:41
  Speaker 2: a vote in the Senate, because that was the deal
• 15:43
  Speaker 2: that you know, soon reached with Schumer to get the
• 15:48
  Speaker 2: vote to reopen the government. Right, But we didn't agree
• 15:51
  Speaker 2: to anything in the House, right And you know, frankly,
• 15:53
  Speaker 2: for Speaker Johnson, generally the rule is if you can't
• 15:56
  Speaker 2: get fifty percent of Republicans, you're not supposed to put
• 15:59
  Speaker 2: it on the floor. And I don't think there's any
• 16:00
  Speaker 2: chance that he could get fifty percent of Republicans to
• 16:03
  Speaker 2: agree to this idea of just status quo funding for Obamacare. Now,
• 16:08
  Speaker 2: they might put it in there in exchange for market reforms,
• 16:13
  Speaker 2: like Okay, well, it'll take a little bit for these
• 16:15
  Speaker 2: to get implemented. So we'll do another year, maybe two
• 16:19
  Speaker 2: years on the outside of some status quo kind of subsidies.
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  Speaker 2: But we're pivoting towards this more market oriented approach over
• 16:26
  Speaker 2: the next year, maybe over the next two years. So
• 16:29
  Speaker 2: those are the kinds of things. There have been lots
• 16:31
  Speaker 2: of bills for Republicans, we just haven't put them into one.
• 16:33
  Speaker 2: So what I mentioned to you in that little dialogue,
• 16:36
  Speaker 2: there is probably three or four bills of ideas. So
• 16:40
  Speaker 2: we're trying to pick those right now, saying what is
• 16:43
  Speaker 2: going to be the package, how would they interoperate with
• 16:46
  Speaker 2: each other, and can we get that to the floor.
• 16:48
  Speaker 2: Can we do it before Christmas? So those are the
• 16:51
  Speaker 2: kinds of things that are going on back channel right
• 16:53
  Speaker 2: now in order to hopefully a good vote on the floor.
• 16:57
  Speaker 1: Well, we can wait to see what happens, and I
• 16:59
  Speaker 1: can only anticipate what's going to happen in the Senate.
• 17:02
  Speaker 1: It's going to ruin the concept, will undermine the Democrats,
• 17:05
  Speaker 1: you know, dream of medicaid for all, which is of
• 17:09
  Speaker 1: course the Obamacare is the vehicle to bring that reality about.
• 17:12
  Speaker 1: So it ain't going to be smooth sailing regardless, I
• 17:15
  Speaker 1: believe Congressman Warren Davidson. But we'll all be waiting with
• 17:18
  Speaker 1: our popcorn out and wish you the best of luck
• 17:20
  Speaker 1: and bringing about some more sense to them that problem
• 17:23
  Speaker 1: we have with healthcare coverage. These days, Congressman Warren Davidson.
• 17:26
  Speaker 1: I thank you so much for joining the program and
• 17:29
  Speaker 1: appreciate your willingness to come on talk about these issues.
• 17:31
  Speaker 1: I'll look forward to another conversation. Have a wonderful, wonderful
• 17:34
  Speaker 1: week between now and our next talk.
• 17:37
  Speaker 2: Yeah you as well. Brand always an honor. God bless
• 17:39
  Speaker 2: you and all your listeners.
• 17:40
  Speaker 1: Thank you, sir. Seven twenty eight. Right now we're hearing
• 17:42
  Speaker 1: from Senator John