the investment committee is ready to go. halftime report starts right now. welcome. good to have you with us on this wednesday. our investment committee with us today, joe teranova, steve weiss, we begin with the markets where, believe it or not, s&p 500 could hit a new record high maybe today. stocks nearly recouping all of their coronavirus losses steve, it s been quite a remarkable comeback from the depths to banging on the door of records again. it is there was a lot of panic, a lot quickly. and just as quickly we erased it about 40% were financial advisers nobody brought up, that was on the biggest decline. in multiple conversations, nobody brought them up sentiment continues to be positive i think it s appropriate the coronavirus, other pandemics, if corona is even a pandemic, sure, they may be with earnings like united airlines but you have to buy it when it s down not when it start goesing up we have a pretty good runway of this market, another quarter or so bef
their own studies show the main drivers of default are loan devalue, borrower credit score. everything else is literally a rounding error. and so of course, the final dodd-frank rules essentially abandon the things that actually drive default. and endless servicing requirements, again making it near impossible to foreclose. my opinion is the rule increased foreclosures last time around rather than decrease them. and the harder it is and the mission has nothing to do with financial stability. the mission is to use the the regulatory system to force prudent borrows to subsidize imprudent. we all knew the crisis was quite costly. it also will provide a cover for massive expansion and government powers. one minute. i m not even go i think to need that. so i would say and would say avoid financial cryises. i think a repeal is not enough. the presystem was broken. it was flawed. and to me one of the real flaws of dodd-frank is it extends the precrisis system. the theme of dodd-
minerals for firms not only firms getting the actual hard commodities there, but also for firms well down the supply chain, who have no idea where the aluminum in the electronic parts came from. so i think it s telling when a liberal law ultimately convinces the washington post editorial board that it was a bad idea, which they have come out against conflict minerals. it s time to revisit the motion all together of including immaterial disclosures in security laws. both by legislative fiat and by the scc s own power. and republican and democratic chairmen have both been guilty of this. i think it should be a binding constraint on any rule making. and business round table stands for the proposition. how is a mandatory immaterial disclosure going to provide benefit to investors? none. by definition fails cost benefit analysis. we have ways to measure immateriality. methodology that has gotten great in the last ten years. i think it should be a binding constraint, the same way
that we made. among the most contentious issues over the past two years involved the army s restructuring initiative. i understand the army has been put in a difficult position by budget reductions and over the past several years has been exploring a number of option to maximize come pat power while at the same time trying to combat costs. congress has similarly been taking a hard look at this which is why the commission of the structure of the army was established in the ndaa. if confirmed will you comment to thoroughly reviewing the army s aviation restructuring initiative and working closely with congress once the commission report is delivered next year to help us figure out the best path forward on army structure issues? absolutely will and i look forward to reviewing the commission report. and what do you think are the biggest threats that should you be confirmed you ll have to prepare the army to address in the coming decade? i think the army s fundamental missio
in the search bar you want to talk john kasich in the monitor breakfast. we will leave to remark some house financial services committee chair jeb hensarling, expected to talk but it s legislation that would replace the 2010 dodd-frank financial law. this is at the community bankers association summit in washington, d.c.. his remarks live now here on c-span2. i m going to value more than making community banking great again. [applause] and one size fits all. anyway, thank you for doing what you do. thank you for rolling up your sleeves and helping build america s communities. thank you for helping build and capitalize our small businesses. thank you for allowing people to achieve their american dream, regardless of what others might think. i believe community banking is a noble profession, and i thank you for entering it. [applause] just a few months ago we lived under a different administration. i believe an administration that looked upon banking with suspicion or wor