Treasury Secretary Scott Bessent appears for an interview with Axios co-founder Mike Allen. The wide-ranging conversation covered the U.S. economy, the war in Iran and the Trump administration’s approach to AI.
Secretary Bessent responds to Americans’ frustration with the cost of living; explains why he doesn’t think the AI boom is a repeat of the dot-com bubble and argues that AI leaders warning about losing control should slow down. Bessent also discusses possible U.S-China cooperation on AI risks, Treasury’s economic pressure campaign against Iran, the bond market, Trump Accounts and his clashes inside the administration. WATCH:
Chapters:
0:00 – Cold open
0:24 – Inside Treasury’s Cash Room
1:38 – Unpacking why Americans still feel squeezed
5:21 – Bessent’s economic campaign against Iran
7:35 – Is AI in a bubble?
9:44 – AI risks and the race with China
13:31 – Preparing for an AI shock
15:13 – How far Washington could go regulating AI
19:08 – Will AI create more jobs?
21:15 – “I am the house”: Bessent vs. the bond market
24:15 – When Treasury intervenes in markets
25:35 – Kevin Warsh and the Federal Reserve
28:25 – How a hedge fund manager became a MAGA favorite
30:32 – Running Treasury like a business
32:50 – The case for Trump Accounts
36:02 – “Fired if fired upon”
37:46 – Bessent’s childhood and economic insecurity
40:15 – Being gay and building a Wall Street career
41:44 – His repaired relationship with Elon Musk
I don’t worry about anything because God is in control and all I need to do is have faith and do my best for the things I can control.
Amen Mrs. Sunshine.
God is NOT “in control”. He gave us, made in his image, free will.
Semantics. God is sovereign over all circumstances… God is in control.
Psalm 103:19 captures it well: “The Lord has established his throne in heaven, and his kingdom rules over all.” And Proverbs 19:21: “Many are the plans in a person’s heart, but it is the Lord’s purpose that prevails.”
AMEN
In hermeneutics because in all things, “Context is King”. The scriptures you site are absolutely true. However, those who like to say “God is in control” have a modified concept of control. You are implying that everything that happens is God ordained, and that is absolutely not true. He is not the author of evil, or the myriad of terrible acts an accidents that mame and kill everyday. He said “I put before you life and death, choose life”. As L4Grasshopper alluded, after Adam and Eve sinned, God kicked them out of the garden, and put man in control of his choices, and life, having to deal with satan and evil events all the time. Those are not part of His plan, but they are the result of sin.
God has ultimate control, but unless He intervenes due to prayer, He has given us control. God is in control is used as a cop out for taking responsibility.
You are making quite a few assumptions there. You say “those who like to say ‘God is in control’ have a modified concept of control”. It may be true that some people do indeed have a “modified concept of control”, that doesn’t mean that everyone has the definition of control that you disagree with.
Furthermore, you continue by saying that Mrs Sunshine has an incorrect concept of God’s control. But you actually have no idea what her concept is — you are just assuming.
By assuming what the intended meaning is behind a comment and responding with criticism that may not be warranted, you create an antagonistic encounter. If you want to help people understand the nuances of the concept of God being in control you might want to consider a more neutral and friendly approach.
God is the author of history, the creator of science and mathematics, and the decider of destiny.
The Lord is God. Of course He is in control.
Something has to be done about the Leftist Teachers… along with their Union…. that is brainwashing our youths… and majority of the women. That is a National Security threat and undermines our Population growth and our Freedom…. because the Brainwashed women are installing Communists in Govt’. that then steal our money and launder it to other Leftist Teachers, etc.
True
Big help is to start families and homeschool!!! Helps with the mzlm issue here in the U.S. as well!
Been saying for DECADES that the teachers’ unions are our #1 enemy. Their century long planes to subvert our American traditions, culture and history have massively succeeded.
I’m having a hard time watching this video because of Mike Allen’s constant interruptions, disrespectful and pushy demeanor and repeated attempts to put words in Secretary Bessent’s mouth.
I’ll admit up front I’m not an Axios fan, but Scott Bessent is always worth listening to, no matter how tacky and bush league the interviewer’s approach. He knows how to control the discussion.
Mike Allen seems way out of his depth here.
But Secretary Bessent is wearing my favorite of all his suits, and the matching tie adds a fine monochromatic accent. Gotta love it.
Later….
Made it through the interview, despite my sniveling. lol
Thanks, Sundance.
Axios is fake news.
I really wish Trump would forbid his people to talk to them.
Run them out of business by ignoring them.
Agreed. He just gives them unearned credibility by official appearances on Enemy of The People propaganda media.
Back in 1980 or so, a new channel called CNN started.
There had been only 3 channels back then: ABC, NBC, and CBS .
All three of them refused to acknowledge the existance of CNN and tried to run it out of business
Things were bad for CNN.
UNTIL THE CAVALRY CAME…
PRESIDENT ROALD REAGAN GAVE CNN A PRIVATE INTERVIEW, WITH A FULL VIDEO TOUR OF ALL OF THE ROOMS OF THE WHITEHOUSE
that changed everything.
Reagan made CNN “LEGIT.”
After that, CNN TOOK OFF.
So strange that CNN had almost gone out of business…
AND A REPUBLICAN PRESIDENT SAVED IT.
Thanks. I lived through the Reagan era, but I didn’t know that.
The first time he did it, I would say, “Pardon me, but are you or are you not going to allow me to answer your questions?”
The 2nd time he did it, I would say, “You can either quit being a rude jerk and not interrupt me or we can end this now.”
The 3rd would be the end of the interview – simply stand up and walk away.
“The measure of good manners is how you treat those who don’t have any.”
~unknown
Secretary Bessent has them.
The interviewer does not.
I would have given him one chance.
Then off.
Manners.Maketh Man…
And Woman.
Yep. Just get up and walk out.
3 strikes
I think our public officials are in a bit of a bind in following what us mere peons would do. Rubio has the best finesse I have seen except for POTUS on corralling those who would poke at him.
The instant that jerk said “I won’t bullshit you, and you don’t bullshit me”, I would have stood up and walked out!
Yeah, the interviewer was getting on my nerves as well.
I also found his interviewing style obnoxious and the breaks & snappy music made it almost unwatchable. I only stuck to listen to Mr Bessett.
I know folks praise Treasury Secretary Scott “I am the House” Bessent, but let me a paint a picture of why his attempt to control the largest financial markets in the world (Bonds) and why he will fail.
Remember those old western TV shows, or movies, where a gunslinger challenged another individual to a duel, at high noon? The minute that gunslinger drew a line in the sand, he could not now, back down.
In August, Bessent purchased (Quietly) $6 billion in the long-dated bond buyback program and the yields went up. On 9 September 2026, he did it again, another $6 billion, the yields? Went higher. These yields I’m describing, are the 10 year treasuries and the benchmark that all countries use with their own bonds and are linked to everything we do. As of 29 September, yields just reached above the 2007 high of 5.289%, touching 5.293% and finally on October 1st, those yields reached 5.342%. That 2007 high should act as short term resistance.
For 39 years, since 1981 to 2020, yields have been coming down from its high of 15% in 81. That trend has now been broken to the upside. And Yes, Bessent is correct, the German, Japan, Uk along with each Country in the EU bond markets have all started rising. In fact, almost identical to ours.
The bond markets are the largest trading mechanism (trillions upon trillions) around the globe, larger than any market globally. So $12 billion is like throwing a pea sized pebble into the ocean and asking people if they saw the ripple.
Here we are, a gunslinger drawing the line in the sand, so what happens next? The most likely outcome is the money printing machine will be turned on, diluting our purchasing power even further. What do you think Gold will do? If war were to deepen further, Capital will flee to safety just like any of us would do during a hurricane, a tornado or God forbid, a mass shooter event.
Kevin Warsh, the Fed Chairman, wants no part of QE (Quantitative Easing) so the Treasury stepped in this time but they changed the wording to “Liquidity Support”. It’s what they all do, new words to mask the old ones. Those yields rising against Scott “I am the House” Bessent’s line in the sand is the market accepting his challenge!
How do we get out of this?
Stop these wars immediately! If President Trump claims as he has multiple times, that we’ve already won, GREAT. Wash your hands of it and just pull out and stop all this spending.
Incumbents
lol, since 2015 you are probably the 3rd individual who’s ever noticed that. That’s just funny because I did that on purpose and here we are, 11 years later and now it’s 3. Hahaha
That is easier said than done. Pulling out and leaving a power vacuum would be the worst possible outcome.
There is a bigger picture here and Trump sees it. I’ll trust that he and his administration know the best way to proceed .
hope this link to the tweet/x post is readable, as it is how I see what is happening with the treasury buy-backs, and why Treasury Secretary Bessent will succeed, that is, are economic structure is being refocused, back to basics, and suspect that includes returning to the gold standard. this author explains this process better than I ever could:
if not readable, as it its lengthy, the basic point is that “the plan is to transition from a “fiat” system into an “asset” backed system. and “reducing the long-term debt burden makes any eventual revaluation or backing more feasible . . . so the buy-backs should be seen as a tactical prerequisite.”
back to basics = gold standard, a tangible asset that could (in my mind) equate to the necessary step to be able to get people to accept digital currencies, something that ‘lives in the cloud’ of the internet backed by tangible, exchangable gold is how I see the moves of the Treasury Secretary.
Mike Allen drank too much coffee. He’s hyper.
He’s not only hyper, but highly partisan as all the media are-it’s like throwing fresh meat to jackals when they conduct their “interviews” with members of this Administration.
It is hard to believe that Never-TRUMPER and completely reprehensible Mike Allen is the son of John-Birch Society author Gary Allen, who was among the first to reveal The Deep State in a book called None Dare It Call It Conspiracy.
It seems that sonny boy Mike has father-issues and is trying to undo the efforts of his father to reveal the truth.
Mikey’s disgustingly nasal, George-Plimpton intonation of smugness is a signal of his massive arrogance.
That he is a favorite of Never-TRUMPER and fake Conservative Hugh Hewitt is another signal that he is to be ignored and never trusted.
Mike Allen was very pointed in his questions. We all would have problems with someone asking us a question and in mid answer they are reading their notes for the next gotcha question. Allen continuously interrupted Bessent in mid answer.
Secretary Bessent is an excellent interviewee. This interview was edited by Axios to make Allen look as good as possible. The unedited version might be different.
I disagree with Trump and all the “AI” pampers who say we must win some global competition we don’t even have any burning need or want of. But let’s say these ‘leaders’ know something we don’t and are dragging us along for “for our own good,” where is discussion, debate, solutions that protect our civil rights and liberties from authoritarian impulses to abuse the technology and turn us into a 24/7 dystopian police surveillance state? With no respecting individual, constitutional and God-given inalienable rights, no appeal, just, “AI says so.” We’ve all lived through authoritarian abuses from Scamdemic, many still do, many didn’t live through, many still financially and socially devastated from. Canadian Truckers revealed another way AI can destroy people’s lives. The lawfare Trump, J6’ers went through, AI enhanced. As Larry Ellison declared, “AI cameras will make sure we all ‘behave.'”
Where’s the emphasis on protecting us from AI in abusive authoritarian hands? That induce users to suspend thinking and just obey technology that often gets it wrong? Like police 100% certain a ‘suspect’ who AI misidentifies arresting the wrong person, putting them in jail, costing tens of thousands of dollars to prove their innocence, leaving them empty, hollow, rights and life stolen from them as a result of AI?
Where’s our protections? What if the price of “winning” AI is freedom, liberty, constitutional rights, God-given rights? Is that a price we’re willing to pay without so much as public policy discussion, debate, testimony from all parties? I’m not. Are Treepers?
That certainly is a lot to unpack and I don’t disagree with having debates or the loss of our liberties. I will say, at 13 years old, I virtually raised myself and what I’ve learned is that no matter the individual or government, we all act in our own self-interest.
A.I. Is nothing more than Joseph Shumpeter’s ‘Creative Destruction’. Meaning, it destroys old systems but creates new ones. What A.I. cannot do is go back to a time and recall a memory from its past like we all do. It can only use the data that was input into its system, it has no curiosity, it’s just data.
We lose our liberties because people refuse to understand that all laws have written Statutes and within those Statutes are ‘legally’ defined definitions and why prosecutors run roughshod over the people. So try not to become to bothered by what people present as this the new way of driving everyone crazy. Nothing has changed since the beginning the caveman stepped on this earth.
If you want to understand law, learn from the highest court in the land. They do not have the luxury to say “ Because we said so” they must explain why they opine the way they do. Here’s a link, so pick a year by scrolling down going back to the beginning and take your sweet time while breaking everything down to help it make sense to you. In time, you’ll be reading law like drinking water. Good luck 🧐
https://caselaw.findlaw.com/court/us-supreme-court/years/1862
Thing is, the hearings are not being held. The arguments and concerns I’ve shared are not a part of any official or unofficial debate or concerns expressed by many, much less by any in positions of authority, lawmakers.
The system you describe is failing this test, this significant and life, societal ‘destruction’ public policy issue. It’s been false distractions that are debunked, pushed aside, like environmental, noise, ‘rogue’ AI gone HAL 2000/Terminator destroying mankind. Zero focus on how it the technology is wielded as governance and law. These are not real, compelling concerns.
The real concerns are whose hands are entrusted with it and what limits on the power humans will ‘automate’ authority with. Well, the biggest concern Trump has stated is who ‘wins’ which is whose hands in the China v US sense. But not the Obama v Trump sense. So the US ‘wins.’ But the Obama’s capture and control it, exclusively. To persecute their opponents. Or the JD Vance/Peter Thiel’s ‘win’ and do the Ellison “you will all behave now” thing with it.
There’s no guardrails, no protections for civil liberties, God-given inalienable rights. None. Just, ‘win’ and hope and pray it’s not abused, used as all authoritarians have always dreamed of using the kind of technology.
While I don’t disagree with your characterization of people not becoming informed of the law, it’s so much more than that.
And you can hold your patronizing condescension about learning law to make sense of it with luck and time for somebody else who needs it. I’ve written more law than most lawyers and judges in my life, have spent my time in law libraries reading law and case history, regulations, than pretty much anyone whose not gone to law school. Three decades writing and amending law as a lobbyist working with lawyers and legislators is plenty of learning, thank you very much.
And as to learning from jurists, even SCOTUS justices, pssst – most are blithering idiots and fools. Who got appointed based on who they knew and who they blew. I’d go to two-dozen black-tie fetes, fundraisers, galas, holiday parties a year, with a half-dozen tuxedos in the closet to choose from. And those were generally insufferable egostroke affairs where attendees are sucking up or being sucked up to for some thing or position being sought and offered. Where aspiring young lawyers suck up to the wealthy and powerful, seeking judges to clerk for, politicians and backers to befriend and be named to judegeships through. Not based on smarts and legal acumen, wisdom. Based on being likable and in agreement with. Dumber than doorknobs. But sure likeable.
And I’ve been inside SCOTUS, have met one of the only wise, smart jurists there is in his chambers, where he pulled out the actual Senate confirmation floor vote tally marker that showed who voted for him and who voted against. Never forgetting. I’ve been in the SCOTUS library stacks, played basketball on “the highest court in the land” that sits a few floors above the hearing room.
No, VAIO, you can take that patronizing condescension and shove it where the sun doesnt shine. You have a whole lot to learn, kid.
Beautiful! I’m happy you got to witness all of it first hand as well as living in the real world, (the same place I live). You and I would mostly likely have some outstanding conversations as it’s not often I converse with a person of your experience and expertise.
Oh… how wish I was a kid! If I only knew then what I know now, I would have had a pocket full of bleach wipes to use after shaking hands with all those politicians to clean off all their BS.
The government must have a stake in AI, to do otherwise, is to let other countries forge ahead of our capabilities. But having the AI companies investigate and stay on top of each other is a brilliant solution. They have ultimate motivation and capacity to ensure a level and safe playing field.
AI is not going to eliminate as many jobs as suggested. It will mostly be used to enhance most jobs and allow fewer people to handle a larger workload. Any job that involves human lives needs human supervision. Think of it more like having a brilliant school child who excels at math, science or music. You give them a task within their field of expertise, but you watch because they lack an adult’s judgement capacity – guard rails to ensure the safety of themselves, of others, of the equipment, of the product.
We’ve had a number of spirited discussions regarding Ai and Ai computational centers over the last year, starting in the September time frame of 2025 thru March of this year with a flurry of articles. A lot of questions on the matter and folks on multiple sides of the issue. The surveillance state and use to control the people are just a few of the issues discussed. You can add surveillance in general, such as ALPR and Flock, to the list of things with severe Constitutional issues too.
You can start here and then go use the “older posts” on the bottom of the pages to go back through time to see the various articles.
https://theconservativetreehouse.com/blog/category/big-tech/page/3/
I would have told the hyperactive, sneering, “gotcha” interviewer from the get-go: “If you interrupt me again before I complete my answer to a question, this interview is over.”
Regarding AI or SI, it is far too complicated for any of us to presume knowledge of the benefits or pitfalls of it.
We are wasting our time worrying about consequences that we can do nothing about. As for me, I’m not going to throw gasoline on the fire of fear and speculation.
Good interview