Podcast Summary: Squawk Pod

Episode: AT&T CEO John Stankey & Treasury Sec. Bessant

Date: February 13, 2026
Hosts: Joe Kernan, CNBC
Main Guests: Treasury Secretary Scott Bessant & AT&T CEO John Stankey

Overview

This episode brings together major voices from the U.S. government and telecom industry. Joe Kernan interviews Treasury Secretary Scott Bessant on breaking news about Fed nominations, economic conditions, inflation, tariffs, U.S.-China relations, and crypto regulation. Later, AT&T CEO John Stankey joins live from the Pebble Beach Pro-Am to discuss AT&T's strategic shift toward fiber, the future of networking with AI, investor returns, and the company's pandemic-era workplace culture.

Key Segments & Discussion Points

1. Treasury Secretary Scott Bessant: Whistleblower Push and Fed Hearings

[04:31–11:32]

• Whistleblower Incentives for Combating Fraud

  • Announcement of a Treasury initiative to reward whistleblowers (10–30% of fines collected) for reporting waste, fraud, and abuse, starting in Minneapolis.
  • Examples include daycare scams, fake transit companies, and exaggerated claims for government support.
  • "It's kind of like they say at TSA, if you see something, say something. And if you say something... we want to pay for that."
    — Scott Bessant [05:55]

• Fed Nomination News: Warsh Hearings Move Ahead

  • Despite opposition from Senator Tillis, hearings for Kevin Warsh’s Fed Chair confirmation will proceed.
  • Ongoing DOJ investigation into the Fed construction project is discussed; Bessant calls for Senate Banking Committee involvement.
  • "The administration has no influence on what the U.S. attorney for D.C. does... I think what's important... is that we are going to proceed with the hearings."
    — Scott Bessant [08:13]

• Fed’s Independence & Budget Issues

  • Critique of the Fed's budget overruns and “magic money” operations.
  • Reminder of Fed’s large financial losses from poor bond market decisions.
  • "The Fed... does not work on appropriations. They have magic money. So when they go over budget, they just print more money."
    — Bessant [09:50]

2. U.S. Economy, Tariffs, Growth, and Public Perception

[11:32–15:51]

• Tariffs and International Trade

  • Ongoing discussions with U.S. Trade Rep Jamison Greer about possible narrowing/clarification of metal tariffs, with specific mention of their impact on U.S.-EU relations.

• Jobs Data & Disconnect in Public Sentiment

  • Strong jobs report cited: 130k added, more than double expected.
  • Notable reduction in government jobs; shift toward privatization as Trump administration policy.
  • "The economy is taking off... big commitments to these factories are going to be built. First we’ll get construction jobs; then the factory jobs are going to come."
    — Bessant [13:06]

• Deficit & CBO Critique

  • Bessant questions CBO’s pessimistic GDP growth assumptions (~1.7%) and stresses the dynamic impact of tax cuts.
  • "When we have high growth, then the deficit to GDP comes down and that’s how we pay down this debt. ... I’ll take the market over the CBO any day."
    — Bessant [15:51]

3. U.S.-China Relations and Economic Strategy

[17:27–18:27]

• Fair Rivalry, Not Decoupling
  • Bessant reiterates a pragmatic approach: de-risking, not decoupling, from China; intent to reestablish American factory jobs.
  • "We don't want to decouple. We need to de-risk...we want fair trade. ...Since the China shock... free trade was not fair."
    — Bessant [17:50]

4. Productivity, Growth Projections, and the AI Revolution

[18:27–22:45]

• Transformative Potential of Technology

  • Bessant predicts a productivity and investment boom led by technological breakthroughs like AI.
  • Cites historical precedents (e.g., railroads), reflecting cautious optimism.
  • "We could see something that we couldn’t imagine. ...we’re seeing this productivity boom, and most of all, we’re seeing inflation come down, Joe."
    — Bessant [19:16]

• Growth and Inflation Dynamics

  • Argues that private sector growth and deregulation are driving supply and keeping inflation in check.
  • "Growth per se is not inflationary. ...Everything this administration is doing is creating more supply."
    — Bessant [21:15]

5. The Mood of America: Affordability, Stock Market, and Real Wages

[22:45–25:43]

• Persistent Public Skepticism
  • American sentiment still glum despite low unemployment and rising markets; Bessant blames lingering trauma from prior economic instability.
  • Points to tangible improvements in affordability, wage growth, and energy prices.
  • "After you’ve been in a massive auto pileup, you’re a little skittish about driving—and Joe Biden crashed the economy."
    — Bessant [23:37]

6. Policy and Politics: Filibuster, Legislative Priorities, and Crypto

[25:43–28:18]

• Filibuster Debate

  • Bessant and Trump favor ending the Senate filibuster to prevent Democrats from stalling their legislative agenda.
  • "We got to get rid of the filibuster...if you have bad actors in the Prisoner’s Dilemma, which the Democrats are, then you should move first. It's kind of kill or be killed."
    — Bessant [26:29]

• Crypto Regulation

  • U.S. at a crossroads on crypto regulation as the market faces heavy volatility.
  • Bipartisan push for the Clarity Bill; Bessant blames sector resistance for ongoing uncertainty.
  • "Some clarity on the Clarity Bill would give great comfort to the market and we could move forward from there."
    — Bessant [28:38]

7. John Stankey: AT&T’s Future – Fiber, Wireless, & AI

[31:10–44:52]

• AT&T at Pebble Beach: The Golf Connection

  • AT&T’s deep community involvement and 41 years of the Pro-Am.
  • "$250 million of donations to charities..."
    — Stankey [35:06]

• Strategic Shift to Fiber and Integrated Connectivity

  • The “bet” was to return AT&T to its roots, focusing on fiber investment anticipating massive increases in data traffic (from AI, devices, autonomous vehicles, etc.).
  • "We’ve been dramatically higher than our peer group getting ready for this moment. ...It’s all about the amount of fiber we put in the ground."
    — Stankey [36:21]

• Fiber Versus Satellites and Network Integration

  • AT&T’s strategy: fiber is the backbone, with wireless and LEO satellites (via AST Space Mobile) filling in remote gaps.
  • Satellite won’t replace fiber for high-traffic, urban, or complex environments.
  • "I don’t think universally you’re going to ever beat fiber in many places. ...A third of our capital investment goes inside buildings, hospitals, stadiums, universities."
    — Stankey [38:31]

• Shareholder Returns and Capital Expenditure

  • Expected tapering of capex post-2030 after the fiber buildout; focus on consistent investor returns via dividends and buybacks.
  • "After you get all the railroad tracks in, then you run the trains. ...By 2030, we’ll be over most of that, you should see CapEx as a percent of revenue start to tick down."
    — Stankey [39:52]

• AI’s Impact and Regulatory Environment

  • AI is upending operations, strategy, and the pace of change in telecom, but Stankey views it as a major positive for operators who adapt.
  • "The rate and pace at which it’s coming on every aspect of the business...it’s coming like a freight train."
    — Stankey [40:35]
  • Favourable current regulatory and tax landscape—but acknowledges it could change.

• Pandemic Work Culture Backlash

  • Defends company memo requiring return to office.
  • "In my view, it was maybe not fully understood in the context."
    — Stankey [43:58]

Notable Quotes

• Scott Bessant [05:55]:
  "It's kind of like they say at TSA, if you see something, say something. And if you say something and it turns out that you have helped us make a big recovery, we want to pay for that."

• Scott Bessant [23:37]:
  "After you've been in a massive auto pileup, you're a little skittish about driving—and Joe Biden crashed the economy."

• John Stankey [36:21]:
  "We’ve been dramatically higher than our peer group getting ready for this moment. ...It’s all about the amount of fiber we put in the ground."

• John Stankey [40:35]:
  "The rate and pace at which it’s coming on every aspect of the business, whether it’s operational, strategic, societal—it’s coming like a freight train."

• John Stankey [41:06]:
  "If you navigate [AI] well and you make the right decisions, it can do really good things for customers. We’re already seeing that in some ways we’re deploying the technology. It makes us better."

Important Timestamps

• Whistleblower Initiative: 04:31–06:47
• Fed Hearings & DOJ Investigation: 07:23–10:41
• Jobs & Economic Growth: 12:38–14:50
• Deficit & CBO Critique: 15:51–17:27
• U.S.-China Strategy: 17:27–18:27
• Inflation/Growth Dynamics: 19:16–21:15
• Public Mood & Real Wages: 22:45–25:43
• Filibuster Politics: 25:43–28:18
• Crypto Legislation: 28:18–30:43
• AT&T Fiber & Strategy: 31:10–39:52
• AI Impact on Telecom: 40:35–41:44
• Workplace Culture Debate: 43:24–44:41

Tone and Takeaways

• Bessant brought an energetic, unapologetically partisan defense of the Trump administration’s economic policies and ambitions, emphasizing whistleblower protections, accountability at the Fed, deregulation, deficit management, and strong growth projections fueled by tech-driven productivity.
• Stankey displayed pragmatic optimism, focusing on long-term fiber infrastructure, technological adaptation (especially AI), and steady investor returns—with frankness about the realities of executive decision-making and workplace policy.

Listeners will leave this episode with a vivid picture of current economic debates, the Fed’s internal politics, America’s regulatory approach to technology, and AT&T’s strategy for the post-wireless, AI-powered future.