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Biden Applauds DNC Staffers for Democrats' Midterm Victories; Twitter's Cybersecurity Chief Quits s Company's Troubles Mount. Aired 3:30-4p ET

Aired November 10, 2022 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

BORIS SANCHEZ, CNN HOST: While Biden is suggesting that it's worth looking into the billionaires' ties with foreign countries. When we come back.

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[15:35:00]

SANCHEZ: We want to take you straight to a DNC event in Washington, D.C. where President Biden is speaking. Let's listen in.

JOE BIDEN, PRESIDENT OF THE UNITED STATES: ... this is not a political piece. This is to say thank you, thank you, thank you. Most of all, thank you for believing in your country. Thank you for -- no, I really mean it. Thank you for fighting like the devil to make sure that we had a free and a fair election. And you know all those election deniers, so far best of my knowledge, none of them has not said when they lost, they said, we lost. That's a big deal. I really mean it.

You know, Tuesday was a good day for America, a good day for democracy, and it was a strong night for Democrats. For months and months all of you heard from the press and the pundits was that Democrats are facing a disaster. Remember that? And all those polls, all those polls, God love them. You know. Historic losses around the way, a giant red wave. Folks, that didn't happen.

You know, we were talking backstage here before we came out. Each of us crisscrossing the country, all four of us and we were saying we would come back and say, I don't know what they're talking about. No, no, no. I'm serious. The overwhelming response we were getting, and the fact that even those folks who may not like me or may not like somebody, but they agree with other agenda. They thought what we're doing, you know -- by the way, all the Democrats ran on the same agenda without being told.

Look, while votes are being counted -- we don't know the outcome of all the races. Here's what we do know. We lost fewer seats in the House of Representatives of any Democratic president first elected midterms in at least 40 years.

We had the best midterms for governors since 1986. And experts said we couldn't beat the odds, but we did beat the odds. And we did it for one reason. This is not hyperbole, because of you and all of you up in the balcony -- it's hard to see you up in the balcony, but God love you. I really mean it. Because of you. You believed in the system. You believed in the institutions. You fought like hell for it and that's the most important thing that happened in my view in this election.

It was a first national election since January 6th and there were a lot of concerns about whether democracy would meet the test. It did. It did. It did. And I want to compliment all of those mainstream Republicans. I mean it. When they get in, they fought like we usually fight and they -- we got a result and we accepted it. Everybody accepted it.

So, for many of you, you organized. You got the vote out. You volunteered at the polls. Think of all we've heard before this election about all the people being intimidated, all the people being threatened at the polls, all the people who worked the polls. Despite the threats and abuses of too many poll workers on election day -- I should say election officials experiencing of late, you did your job. You fulfilled your duty and showed up. You did what you were supposed to do. And so did the American people.

Look, the American people overwhelmingly supported our agenda. Lowering prescription drug costs, making health care more affordable, rebuilding America, revitalizing manufacturing, taking on the climate crisis and finally, finally making big corporations pay their fair share. Preserving democracy, protecting fundamental rights. This is -- this is -- this is the progress and the programs that we ran on. This is the vote and it showed some real enthusiasm for what we're -- what we're fighting for, and guess what? It matters.

You know, when we came to office, we inherited a nation and a pandemic raging and an economy that was reeling, but we went to work, all of you. And by the way, I know a lot of you just didn't show up on the election day. You have been working the last 25 -- 20 or so months for us, but you went to work building the economy from the bottom up and the middle out. And so, you know, the MAGA Republican trickle-down economic policy we decided didn't work for Americans.

Our economic policies created 10 million new jobs. Unemployment -- unemployment went from 6.4 percent down to 3.7 percent, one of the lowest in 50 years. American manufacturing was surging, with 700 new manufacturing jobs created and many more to come.

And look, as I said all during the campaign, where in the hell is written America can't lead in the world of manufacturing? We are, and we will, and we're going to continue to.

[15:40:00]

Folks, look, just today we learned inflation came down last month. And mainstream economists are saying this is a really positive sign of the resilience of the economic recovery. It's going to take time to get inflation back to normal levels. We can see setbacks along the way. I realize that, but we're laser focused on it. That's why it's so critical for us to pass important legislation this year to lower those costs for families. And I know it's going to take time to implement our entire economic agenda, which we already past -- and for folks to feel it in their day-to-day lives.

But I think folks are going to see it in the next few months, that's what going to -- and I think that's what they voted for. Watch what happens when people see new roads and bridges being built in their towns and they start to see the investments being made in electric rail all across America. Where they're going to -- it's going to take a significant number of vehicles off the road, reducing pollution.

Watch what happens when there's affordable high-speed internet in every home in America. Watch what happens when they realize we meant what we said when lead pipes start being pulled out of schools and daycare centers, homes all across America. Watch what happens in January when seniors with diabetes on Medicare only have to pay 35 bucks a month instead of 400 bucks a month for their insulin.

Watch what happens when big corporations in America start to pay their fair share. And by the way a 15 percent tax, isn't that terrible. You all pay more than that. But in 2020 the 55 largest corporate -- of the 55 -- 55 of the largest corporations in America in 2020 paid zero on $40 million in profits. Those days are over.

And watch what happens when new factories are being built in communities with American workers making the most advanced computer chips in the world, and by the way, that's going to create thousands of good-paying jobs and I mean jobs between $120,000 and $135,000 a year and you don't need a college degree to do them.

Look, you all made this possible, and we're just getting started. We're just getting started. We saw extraordinary results in these midterm elections that no one thought possible. More independents voted for Democrats than Republicans in this election. Young people, you voted in historic numbers again just as you did two years ago. Young people voted to continue addressing the climate crisis, gun violence, personal rights and freedoms, student debt relief, all those things, which you stepped up to do.

As I said, women in America made their voices heard, man. I said last year that one of the most extraordinary things about the Dobbs decision is what was about to challenge American women when the justice said, they have it in their power basically saying let's see what they're going to do. Well, guess what? You all showed up and beat the hell out of them.

Look, I said it then. Those who support ripping away the rights to choose don't have a clue about the power of women in America, but now I think they do. And by the way, no one worked harder to get that message across America than this lady right here.

Look, and I also think the American people sent a message that they want us to work together. I've always done that, and I know I got criticized for it when I ran. I was running for three reasons. One, to restore the soul of America. Two, to build this economy middle out and the bottom up, and thirdly to unite the country. Regardless of what the final tally showed I'm prepared to work with

Republicans. But the American people have made it clear. They expect Republicans to work with me as well. And folks, I'll always be open to any good ideas, whether it's Democratic or Republican to move the country forward. But I've also made it really clear, that if Republicans try to repeal the power, we just gave Medicare to reduce prescription drugs costs, I will veto it. It's not happening.

If Republicans try to walk away from the historic commitment, we just made to deal with the climate crisis, I will not let that happen. If Republicans try to cut Social Security and Medicare, I will not let that happen. And if they try to cut taxes for the super wealthy again, the biggest corporations like they did in the last administration, I will not let that happen either.

Look, as we look at tax cuts, we should be looking at tax cuts for working people and the middle class people, and I'm going to keep the commitment we both made that no one making less than 400 grand a year will ever see a penny in their taxes go up as long as we are in power. And folks, and I love the Republicans talking about big spending Democrats.

[15:45:00]

We're going to keep working and keep the federal deficit low. We cut the deficit in two years by $1 trillion $700 billion. More than ever in all of American history. I don't want to hear the Republicans calling Democrats big spenders. They're -- we're the ones bringing down the deficit. They're the ones that blew it up over four years.

And one more thing. If Republicans pass and I don't think they can do it now, a ban -- a national ban to plan abortion, I will veto it. It's simple. We need to codify Roe v. Wade as the law of the land.

Look, let me close with this. You've all heard me say it before and I'll say it again. I honest to God have never been more optimistic about America's future than today. I'm optimistic for a number of reasons. We're better situated than any nation in the world, any nation in the world to lead the world. We're better positioned than any nation in the world in terms of our economic growth and possibilities and I'm optimistic because of the young people of this nation. You've heard me say it time and again and I meant it. Your generation represents the best educated, the most talented, the least prejudiced generation in the United States of America. I'm not done. And by the way, I wasn't trying to be nice. I was just stating the facts. Just stating the facts.

In 2020, many of you voted for your first time and volunteered in your first elections. Well, look at what you did. When you exercised your power to vote, you elected Kamala Harris, the first woman vice president in American history. And you helped me keep my commitment that I would appoint the first black woman to the Supreme Court, Justice Jackson. And guess what? She's probably the smartest person on the Supreme Court.

And because of your vote this year we're going to keep building the foundation we laid during the first two years. You proved once again on Tuesday that our democracy and our democracy -- our democracy, the power is in the hands of the people. We didn't know -- for real, we the people, it really is truly is in our hands. We set the course for the nation's future. We just have to remember who in God's name we are, and I hope if nothing else happen.

Remember this, there's not a damn thing -- I really mean it from the bottom of my heart -- there's not a damn thing we can't do if we do it together. We are the United States of America. And you made it better. Thank you, thank you, thank you. God bless you all and may God protect our troops. Go get them. We've got a lot of work to do. Thank you, thank you.

SANCHEZ: We've just been listening to -- yes, go ahead Bianna.

BRIANNA GOLODRYGA, CNN HOST: What a difference a week makes. You know, Boris, it was about a week ago that the president was there really trying to rally those DNC staffers who were deflated, and ahead of what they expected to be a red wave. President Biden taking a turn here and saying that he's celebrating voters and really knocking some of those polls because they defied expectations. And he's thanking voters especially young voters, women, who came out. Calling Tuesday, a good day for America, a good day for Democrats.

And that good day really is all about the fact that people accepted the results of the people in this country, and that says something given what we saw in 2020.

Let's go to Arlette Saenz who is with the president. He had pep in his step, Arlette. He said he's willing to work across the aisle, but there are some things that are off limits such as abortion, such as cuts to Medicare and Social Security.

ARLETTE SAENZ, CNN WHITE HOUSE CORRESPONDENT: Yes. President Biden really extended his victory lap today as he thanked these Democratic staffers for the work that they did. Saying not only was it a strong night for democracy, but also showed that democracy is in action. He noted how this is one of the first major elections since that January 6th insurrection and said that there were concerns over how democracy would fare. But he said that it met the test during this election.

Now the president touted some of his Democratic agenda items while also saying that he's willing to work with Republicans. But he's certainly facing a steep hill ahead as Republicans have said they're against many of the president's proposals and also have vowed possibly (INAUDIBLE) to be against his administration.

GOLODRYGA: Boris, did you hear any of that.

[15:50:00]

SANCHEZ: I'm not going to lie. It was hard to hear what Arlette said. But we think you for being there for us. Thank you so much Arlette Saenz live from the DNC event in Washington D.C.

So, we were just mentioning that Twitter's top cybersecurity officer quit today. There's drama plaguing the company that Elon Musk just bought. We're going to talk about it in just minutes. Stay with us.

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[15:55:00]

SANCHEZ: So, Elon Musk takeover of Twitter has been like a soap opera. And in the latest installment Twitter's chief information officer just quit. Lea Kissner turned in her resignation today and then appropriately announced it on Twitter.

GOLODRYGA: She did not say why she stepped down. But her decision followed mounting concerns about the platform's future under its new owner Elon Musk. Sara Fischer is a CNN media analyst and we hope will make sense of all of this for us. Sara, please, every day since Elon Musk has taken over the company has been chaotic. And today is no exception, the cyber chief stepping down. Is there any indication that there is a method to his madness here?

SARA FISCHER, CNN MEDIA ANALYST: Well, I think he's focused on product and nothing else. And that's why people who work in policy, people who work in things like information security, you noted that their chief information security officer had resigned, as of their chief compliance officer. Those types of people are sounding alarms saying you can't just focus on product and not worry about the safety and health of the community.

I think what's next is that Elon Musk is going to have to start to figure out how does he get money into the company? And it's not just going to be a product fix. He has to listen to advertisers concerns. He has to listen to statements from, you know, lawmakers. The FTC called him out today. And so, to figure how can he get Twitter to a place he wants to get it to, without breaking everything in his path.

SANCHEZ: I think that's a real challenge. Right, Sara, because I saw CNN's Donie O'Sullivan today pointed out that there are all these verified fake accounts. There was like a fake Jesus Christ account on Twitter. There was a fake Donald Trump account on Twitter. How does he thread the needle of keeping the social media platform, you know, free and viable and simultaneously fixing it the way that he at least publicly says he intends to?

FISCHER: Yes, so the reason he's trying to get people to pay for verification is because he says that Twitter will only survive in an economic downturn if half its revenue comes from subscriptions and half comes from advertising. But the challenge that you just noted, is that if you allow anyone to pay to get verified, of course there's going to be a lot of spoof accounts, fake accounts, et cetera. And the ones that I'm most worried about are not the fake Jesus' and the fake Donald Trump's. It's people faking local law enforcement, first responders accounts. Those people -- those departments rely on Twitter in emergencies to get communications out to their constituencies. That's going to be a huge problem for Elon Musk.

GOLODRYGA: Regulators warned Elon Musk directly that they are watching him. Specifically, EU regulators there. But what, if any action can and should regulators in the U.S. be doing? FISCHER: Well, the first thing is that Twitter has already agreed to

what's called a consent decree. Meaning that they are going to do certain things to uphold privacy in the U.S. So, the Federal Trade Commission, as it made a statement today, will continue to put pressure on Twitter to adhere to rules around user privacy.

What other lawmakers, it could be members of Congress, et cetera, if can haul Elon Musk in front of Congress, and they can ask him questions about what he plans to do with the business. They could hold hearings. But as far as anything else, I mean, our government pretty much stays out of business with the exception of passing laws.

And so, Elon Musk pretty much does have free reign, unless he triggers so many people in lawmakers in the U.S. and Europe that they decide to start bringing him in for hearings and things like that, you know, in order to enforce rules more.

GOLODRYGA: It'll be something to see him hauled before Congress. That is true. Sara Fischer, thank you.

SANCHEZ: Before we go, a final look at markets as the Dow is surging today following a new report showing that inflation is showing signs of cooling.

GOLODRYGA: CNN's Matt Egan joins us now. So Matt, what are some of the biggest takeaways from that inflation report?

MATT EGAN, CNN REPORTER: Well, clearly, a huge sigh of relief from Wall Street. I think this shows how desperate investors and really all of us are for any sign of improvement on the inflation front. This was a cooler than expected report. 7.7 percent year over year. I mean, this is not a good number but it is certainly a step in the right direction. And it really is set off an earthquake on Wall Street. 1,100 points, 3.6 gain for the Dow. The S&P 500 and the Nasdaq, they're on track for their best day in over two years.

Now I don't think that we should say that, you know, inflation is going away or is healthy by any stretch of the imagination. But I think investors clearly see this as a sign the Fed may be winning a battle in this war against inflation, and that would obviously be good news for all of us.

GOLODRYGA: And this is just one day.

EGAN: It is. Just one day, and just one inflation report. The Fed is going to need to see another inflation report that goes in the right direction and probably more after that before they really stop slamming brakes on the economy.

GOLODRYGA: Hopefully the trend is heading in the right direction. Matt, good to see you, thank you.

SANCHEZ: Well, Bianna, it was a pleasure to join you today. Hopefully -- well, actually we're going to do it again tomorrow. Right?

GOLODRYGA: Should we do it again tomorrow. I was going to say, are you about to tell me something?

[16:00:00]

SANCHEZ: Well, you've got to teach me how to say good afternoon in Russian.

GOLODRYGA: We'll do that after the show.

SANCHEZ: Thanks so much for spending your afternoon with us. CNN special coverage of election night in America continued, begins in just seconds.