Squawk Pod (11/11/2025) Summary

Episode Title: FDA’s Dr. Makary on Women’s Health & Warren Buffett’s Update
Hosts: Becky Quick, Joe Kernen, Andrew Ross Sorkin
Guests: Dr. Marty Makary (FDA Commissioner), Chris Hughes (Facebook Co-founder), Warren Buffett (topic only)
Main Theme:
This episode centers on the fallout of the historic government shutdown, the FDA’s reversal on hormone replacement therapy warnings, a critical look at Trump administration industrial policy, and a major philanthropic update from Warren Buffett.

Government Shutdown: Senate Passes Bill, Fallout Continues

Key Discussion Points:

• Senate passes a bill (60-40) to reopen the government after the longest shutdown in US history.
  • All Republicans (minus Rand Paul), seven Democrats, and one Independent vote in favor.
  • Bill must still pass the House; subsidies for Obamacare remain a point of negotiation.
• Ongoing issues for federal workers:
  • Many have not been paid since October 1 and face missing further paychecks despite bill passage.
  • Air traffic controllers set to miss paychecks amid critical shortages and mounting delays.
  • Airlines forced to cut flights—a 6% reduction now, expected to reach 10% soon.
• Trump’s controversial remarks on air traffic controllers:
  • Urged them to return to work, threatened pay docking for those absent, dangled $10,000 bonuses for those who stayed.

Notable Quotes:

• "Just because they passed the vote doesn't mean that they automatically get paid. You have to wait for the next pay set." – Becky Quick, [04:14]
• "Tell that to your landlord. Tell that when you can't put food on the table..." – Becky Quick, [07:01]
• "Most of them are the primary breadwinners for their family in air traffic control... I don't think you're not a patriot if you don't show up because of the sacrifices that you may be making." – Becky Quick, [07:30]

Timestamps:

• Shutdown bill vote and details: [02:48]–[04:35]
• Worker hardships, air travel impacts: [04:35]–[08:13]
• Comments on controller pay/bonuses: [06:43]–[07:20]

Tech & Tariffs – Chris Hughes Critiques Trump’s “Rule by Deal” Industrial Policy

Key Discussion Points:

• Chris Hughes argues Trump’s industrial strategy is a “rule by deal” system:
  • Criticizes the case-by-case, opaque allocation of federal resources to companies with political access.
  • Compares this “dealmaking” to criticisms levied at the previous administration, and warns of lack of transparency and accountability.
• Need for a consistent, institutional national industrial strategy:
  • Support for intervention in rare earths/semiconductors, but advocates for clear criteria and missions— not one-off deals.
• Chips Act and challenges:
  • Slowness in executing funds for semiconductor fabs.
• On government support for AI/data centers:
  • Hughes believes with so much private capital, public investment is not needed—risks of a bubble.
• Tariffs and the US car market:
  • Discussion on rising protectionism, Hughes warns broad tariffs make the US less competitive.
  • Targeted tariffs may be justified for national security, but blanket tariffs will hurt consumers.

Notable Quotes:

• “This is rule by deal, and it’s not going very well.” – Chris Hughes, [12:30]
• “We need a comprehensive institutional approach... no transparency, and so far, very little accountability.” – Chris Hughes, [13:12], [14:23]
• "The idea of tariffing so aggressively and so across the board... I think would be a bad thing for consumers." – Chris Hughes, [18:47]
• "People are tired of paying higher and higher prices and the tariffs are only accelerating the price hikes." – Chris Hughes, [19:35]

Timestamps:

• Hughes on Trump’s policies: [11:49]–[14:23]
• Industrial policy and chips: [14:23]–[16:38]
• Govt role in AI/data centers: [16:38]–[18:00]
• Tariffs and auto industry: [18:00]–[19:57]

Women's Health Revolution – Dr. Marty Makary on Hormone Replacement Therapy

Key Discussion Points:

• FDA removing black box warnings from hormone replacement therapy (HRT) for menopause.
  • Dr. Makary frames past warnings as a "real American tragedy."
  • Argues 2002 WHI study that prompted warnings was flawed:
    • Studied older women, already at higher heart risk, and used now-outdated hormone formulations.
  • Subsequent trials found no increase in breast cancer mortality with HRT.
• Profound benefits of HRT when started within 10 years of menopause:
  • Dramatic reductions in heart disease, heart attack deaths, cognitive decline, Alzheimer’s risk, and bone fractures.
• Urges a more nuanced and individual doctor-patient conversation.
• Notes history of neglecting women’s health in medical research and education.

Notable Quotes:

• "No subsequent clinical trial has ever found that hormone replacement therapy increases breast cancer mortality..." – Dr. Marty Makary, [22:44]
• "Arguably, with the exception of antibiotics and vaccines, there may be no medication that can improve the health outcomes of women on a population level more than hormone replacement therapy." – Dr. Marty Makary, [25:39]
• "We're elevating issues of women's health that have been underappreciated, under recognized and underfunded." – Dr. Marty Makary, [26:27]
• "We want women to have the right information... not the fear machine." – Dr. Marty Makary, [27:25]

Timestamps:

• Dr. Makary on historic studies/fears: [21:39]–[24:54]
• Benefits of modern HRT, population health: [24:54]–[26:27]
• Access and removing stigma: [26:27]–[28:06]
• Guidelines, individual risk factors: [28:06]–[30:57]

Warren Buffett Update: Estate Giving and Legacy

Key Discussion Points:

• Buffett, 95, will accelerate disbursing his Berkshire Hathaway shares to his children’s foundations.
  • Purpose: Ensure heirs can manage and give away the estate before needing alternative trustees due to age.
  • Plans to keep A shares until new CEO Greg Abel is well settled.
• Buffett’s emotional Thanksgiving letter:
  • Reflects on valuing kindness and the Golden Rule above all.
  • Says he is prouder of the second half of his life than the first; encourages others to keep learning and growing.

Notable Quotes:

• "Kindness costs you nothing, but it's also priceless. It's the most important thing..." – Warren Buffett (quoted by Becky Quick), [32:00]
• "He’s prouder of the second half of his life than the first half..." – Becky Quick, [32:40]

Timestamps:

• Becky Quick summarizes Buffett’s letter and legacy: [31:10]–[33:32]

Memorable Moments & Tone

• The show balances sharp criticism (Hughes on policy, Dr. Makary on medical dogma) with empathy for real-world impact (federal workers, women’s health).
• Several moments of levity (birthday jokes, pasta tariffs drama), grounding the heavy topics in engaging, everyday language.
• Direct, accessible, and at times, passionate discussion—especially around healthcare access and fairness.

For Listeners:

• This episode delivers deep dives into industrial policy, women's health, and economic fairness, marrying policy critique with personal impact.
• If you want more, check Becky Quick’s recommendation to visit the Berkshire Hathaway site for Warren Buffett’s full letter.