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Allowed to use -- the people who have the power are those who have absolutely no qualms about doing things that are not within the bounds of any law, any process or procedure. >> the inmates are running the asylum. >> thank you. >> i think it's important to remember big picture this is all going to be playing out against the backdrop of a presidential campaign, which is just going to crank up the emotion, the heat, the rhetoric, you know, and to your point, dana, that -- >> let's listen in. >> the speaker-elect kevin mccarthy from california. [ applause ]

Ftx. congress i believe you will see a bipartisan effort to define a digital asset and we have made strides at that this fall with work by maxine waters with mchenry of north carolina to regulate stable coins. >> i want to turn to kevin mccarthy. it's still a lot up in the air for next month when republicans have the majority of the house. mike gallagher of wisconsin said that republicans will get there on kevin mccarthy. what do you think? do you think he can get the 218 votes he needs considering 5 votes said they oppose him? >> kevin mccarthy won a secret ballot in the republican conference...

During that time more influence and more room with those voters than any of those other voices had. he had this unique opportunity to do anything he wanted when he got into the white house. they are gaveling in right now. let's go back in and take in everything that's happening on the floor. >> the speaker-elect, nancy pelosi of the state of california. [ applause ]

To build a better future worthy of their sacrifice. and we must honor and respect the aspirations of our children. elections are about the future and what we do for our children's future. so thank you, all, for making the future better for all of america's children. god bless you! god bless america! thank you all very much. >> i suppose she could be referred to as speaker-elect of the house of representatives. nancy pelosi of california. while i'm sure she didn't mean it this way, she just said let's hear it for preexisting medical conditions. that's a heck of a quote. anyhoo, we'll rush to a ...

Therefore the honorable paul b. ryan having received the majority of votes cast is duly elected as speaker of the house. >> mr. speaker and mr. speaker elect. paul d. ryan of the state of wisconsin. >> thank you. thank you very much. >> welcome back to "hardball." that was the scene earlier today at the u.s. house of representatives where speaker john boehner handed the reins over to paul ryan. here's boehner on the house floor. >> i'm especially grateful to all my constituents.