Sec. Janet Yellen on Avoiding “Catastrophe,” & Michael Dell Tells All

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 5 October 2021

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

As the debt ceiling deadline looms, Treasury Secretary Janet Yellen says a failure to suspend or raise it could mean “catastrophic” consequences for the U.S. economy and reputation. If Congress does not find a deal by October 18th, the country will default for the first time. Yellen addresses tax concerns, proposals to avoid default, and the longevity of her successor at the Fed, Jerome Powell. Plus, computing legend Michael Dell discusses his new book, “Play Nice But Win,” and recalls starting Dell 37 years ago from a bathroom, with just $1000. He reveals the real, unglamorous stories behind his success, and what it takes to quietly build an 80 billion dollar brand. In this episode: Janet Yellen, @SecYellen Michael Dell, @MichaelDell Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin

Transcript

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0:00.0	Bring in show music please.
0:03.0	This is Squack Pod. I'm C. NBC producer Zach Valise.
0:09.0	Today on our podcast, two big interviews.
0:12.0	Treasury Secretary Janet Yellen with an urgent warning to raise
0:16.6	the debt limit in the US. It would be catastrophic to not pay the government's bills.
0:23.0	It really undermines confidence in the full faith and credit of the United States.
0:29.0	So will the U.S. fail to pay its bills?
0:31.0	The White House's top economic voice on those two
0:34.4	certainties, debt and taxes.
0:37.0	There's an enormous tax gap in the United States, estimated at $7 trillion
0:42.1	over the next 10 years in terms of a shortfall of
0:47.3	tax collections to what we believe are owed.
0:50.6	It comes from places where the information on income is opaque and can be hidden.
0:57.0	And PC Pioneer Michael Dell, the stories of success and failure that built his $80 billion
1:05.4	brand. The tech leader is out with a new memoir. I wanted to really tell the real
1:10.9	raw stories of what actually happened and not the sort of glamorous
1:15.2	version. It's Tuesday October 5th 2021. Squawk Pod begins right now.
1:32.0	Today on the podcast, Treasury Secretary Janet Yellen, and a dangerous deadline that is fast approaching. The United States will no longer
1:34.6	be able to honor its debts by October 18th and if Congress doesn't agree on a plan
1:39.9	to suspend or raise the ceiling by then, the U.S. could default for the first time ever.
1:45.9	As you'll hear from Secretary Yellen, a default would prompt widespread damage to our own economy,
1:51.5	to people's paychecks, and to the United States reputation.
	...

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