2WAY Morning Meeting | September 2, 2025

Episode: Will Biden-Appointed Lisa Cook Be Gone From the Fed By October Due To Mortgage Fraud Accusations?

Overview

Hosted by Mark Halperin, Sean Spicer, and Dan Turtine, this forward-looking weekday gathering simulates the high-level morning meetings of America's TV news execs. The September 2, 2025 episode covers the unfolding mortgage fraud accusations against Fed Governor Lisa Cook, predictions for her future at the Fed, and places the story within a crossfire of news on Washington politics, U.S.-China/India relations, domestic crime policy, and primary election mechanics. Audience participation brings local color and challenges to the analysis.

Key Discussion Points & Insights

1. Lisa Cook and the Fed: Mortgage Fraud Allegations

• Background: Biden-nominated Lisa Cook, a Federal Reserve Governor, faces mounting political and legal pressure after accusations of mortgage fraud; a court hearing the previous week was inconclusive, with further briefings now required.
• Public Case: Bill Pulte, Housing Authority head, calls for her removal and a DOJ investigation, arguing, “it appears that she has committed blatant mortgage fraud…we can’t be having somebody like that in the Federal Reserve.” (27:37)
• Political Dynamics: Both hosts agree Cook is being singled out for legal action due to policy disputes and politics rather than a pattern of prosecution for similar offenses.
• Details of Allegations: Spicer clarifies the mechanics—Cook allegedly claimed investment properties as principal residences multiple times, lowering her mortgage rate illegally: “When you lie on a form…that is mortgage fraud. And she did it three times. Now we have her signature.” (29:01)
• White House Handling: Dan criticizes the administration's process: “they did not give her a chance to explain her side of the story.” (28:25)
• Predictions:
  • Halperin: “Will she be on the Fed by Thanksgiving?” (30:22)
  • Spicer: “No.”
  • Dan: “Yes, but not by the end of the year.” (30:32)
  • Both agree: flawed process by the administration and possible legal delays.

2. Washington’s September Agenda & Political Daybook

• Congress Returns: Congressional activity resumes, pressing issues include Fed nominations, budget showdowns, and looming government shutdown risks.
• Key Events:
  • President to potentially announce renaming the Department of Defense (05:42)
  • “UNGA September 23rd is gonna be important...the APEC meeting in Korea, which is October 31st—that’s where I believe, on the sidelines, Trump and Xi will meet" – Spicer (11:38)
  • Budget negotiations and China relations cited as top priorities by both Dan & Sean.
• Russia/China/India Geopolitics: Ongoing debates about U.S. leverage, sanctions vs. arms, India’s transactional diplomacy, and how alliances shift economic and security calculations.
  • “Everything is so interlinked right now...once you touch one all the others start to move.” – Spicer (14:56)

3. Tariffs, Courts, and Consumer Implications

• Tariff Litigation: Court of Appeals rules President’s tariffs may stand—Supreme Court likely to uphold but stay is in place until October (17:04).
• Legal Arguments: Spicer cautions, "I am not convinced that...conservatives are going to completely all walk in March and step with the President on this one." (18:04)
• Consumer Effects: Immediate supply chain concerns as “DHL and other parcel services are stopping the shipment…all those things...school supplies, widgets, Christmas gifts—are going to potentially have supply chain issues.” – Spicer (19:45)

4. Budget Brinkmanship & Congressional Rules

• Government Shutdown: "Will there be a government shutdown?" – Halperin (20:56)
  • Dan: "Yes."
  • Spicer: Technical/fleeting only, but overall, Halperin and the hosts predict a greater than five-day shutdown this fall.
• Senate Confirmations: Republicans considering a rules change to address confirmation gridlock.
  • “They will change the rules and regret what they've done to some extent.” – Spicer (21:49)
  • Both Dan and Sean agree: a rules change (making batch confirmations easier) is imminent.

5. Urban Crime, Federal Intervention, and Political Optics

• D.C. as a Crime Policy Model: Bipartisan acknowledgement that D.C. crime is down—by aggressive federal intervention (23:25).
  • “Even Mayor Bowser is kind of almost now trying to hug it and say, yeah, it’s great.” – Dan (23:25)
  • “I think it should be held up as an example of what a federal, state, slash city, you know, partnership could look like.” – Spicer (24:00)
• Chicago Debates: Audience member Karen from Chicago paints a vivid picture of local denial among affluent liberals about persistent violent crime in poorer neighborhoods (43:11). She spotlights grassroots figures (“Chicago Flips Red”).
• Critiques & Complexities: Chris Simmons calls out the administration for using security resources to protect affluent/tourist areas while ignoring the roots of urban crime, pushing for more targeted local police support (52:46–54:41).

6. New York Mayor’s Race: High Stakes, Donor Moves

• First signs of major donor activity as rich New Yorkers seek alternatives to front-runner Mondami, with former Gov. Cuomo seen as the only serious threat (25:04).
• “The whole game now is getting Adams and Sliwa out. That’s it. The black community is in charge of Adams and Trump is in charge of Sliwa.” – Dan (26:13)
• “This race is over. Welcome Mayor Mandami.” – Spicer (26:24)

7. Congressional & Senate Election Map

• Redistricting Gains: Consensus (with guest Mike’s input) that Republicans are likely to net 7–13 House seats from upcoming redistricting (32:03).
• Senate Seats: Dan predicts Dems will take only Maine; both agree Georgia is a likely Republican pick-up from Democrats in 2026 (33:45).

8. DNC Calendar and the “Early States” Puzzle

• Hosts debate which states will actually lead the 2028 Democratic primary, given party upheaval and lack of frontrunners.
  • “New Hampshire, Nevada, Michigan.” – Dan’s bet (36:05)
  • “South Carolina, Nevada ... New Hampshire by default.” – Sean (35:50)
• The struggle: “White states are not going to be allowed to go first easily.” – Halperin (37:14)

9. Audience Q&A: Local Voices, Media Critique

• Karen (Chicago): Frustration with Democratic denial of violence, highlights on-the-ground conservative activism (43:11–46:36).
• Mike (Tennessee): Critiques Mark Halperin for not challenging Democratic guests harder, especially regarding media bias and DNC leadership (48:53–52:09).
• Chris Simmons (Georgia/Memphis): Adds policy nuance—in crime, federal presence is symbolic, not targeted to poorest neighborhoods; advocates for deeper community policing and resource alignment (52:31–58:44).

Notable Quotes & Memorable Moments

• On Lisa Cook and Mortgage Fraud:

  • “In the case of Ms. Cook, it appears that she has committed blatant mortgage fraud. And we can't be having somebody like that in the Federal Reserve.”
    – Bill Pulte (27:37)
  • “She blatantly lied by claiming a property a principal residence, which was always intended to be an investment property, a rental property. That is mortgage fraud. And she did it three times. Now we have her signature.”
    – Sean Spicer (29:01)

• On Administration Process:

  • “They did not give her a chance to explain her side of the story. And from a legal sense, keep an eye out for that.”
    – Dan Turtine (28:25)

• On American Foreign Policy Complications:

  • “Everything is so interlinked right now...once you touch one all the others start to move.”
    – Sean Spicer (14:56)

• On Urban Crime Policy:

  • “I think it should be held up as an example of what a federal, state, slash city, you know, partnership could look like.”
    – Sean Spicer on D.C. (24:00)
  • “They [Democrats] have really lost the focus here. Instead of looking at the plight of these people that are afraid to walk out of their house at night, they can’t go to school, they can’t go to grocery stores. It’s really that bad.”
    – Karen (Chicago resident, 44:54)

• On Media & Politics:

  • “There is no, nothing fair and balanced anymore.”
    – Mike (Tennessee, retiree, 51:43)

Timestamps for Important Segments

• [01:31] – Start of substantive show discussion
• [05:42] – Preview of White House political events and key daybook
• [11:38] – Preview: UNGA, APEC, & U.S.-China/India relations
• [17:04] – Detailed tariff litigation analysis
• [23:25] – Urban crime, DC as model, and mayors' dilemmas
• [27:37] – Lisa Cook mortgage fraud: context, allegations, reactions
• [33:45] – 2026 Senate race predictions
• [35:50] – Democratic primary calendar speculation
• [43:11] – Karen calls in from Chicago on crime and political denial
• [48:53] – Mike’s media critique and feedback
• [52:31] – Chris Simmons: complexity of urban crime and community policing
• [60:30] – Preview of upcoming related programming

Conclusion

This episode is a whirlwind tour of September’s “live wires:” the fate of Lisa Cook, how D.C. models federal intervention on crime, how tariffs and court battles affect consumer life, and why elections and party processes are in flux. The hosts spar and collaborate in a distinctly combative, news-hungry, and policy-savvy style, with audience input strengthening the real-world edge. The language throughout is brisk and pointed, with an unapologetic focus on what will drive the day's news—not pundit platitudes or party lines.