Transcripts For FBC The Intelligence Report With Trish Regan 20171129

Im trish regan. Welcome to the intelligence report. The president is out there selling tax reform in missouri as senators get ready to debate the tax bill in washington. Republicans can only afford to lose two votes on this one but at least seven senators expressed their concerns on the bill. Will they be able to cross the finish line on it . Were asking senator bill cassidy, one of the writers on the tax bill. Plus chilling new details on the north Korean Missile test. We learned that the missile had interest trek yes to hit anywhere in the in the United States trajectory. President trump said the situation will be quote, handled. What does that mean . Major shakeup in the media world. Nbcs matt lauer fired following complaint of inappropriate sexual behavior. We have more on the bombshell allegation and what it means for the today show, a big moneymaker for nbc and comcast. We want to go to jeff flock in missouri where the president is set to deliver a major speech on tax reform. He has the preview. Hey, jeff. Reporter trish, he does have some selling to do here in the showme state though. Some people question with the market doing what it is doing, unemployment with 17year low, 13 states with lowest unemployment they ever had, do we need tax reform . The president will answer that, with prepared remarks from the white house, short time ago, i quote the president from the prepared remarks now, it is not enough for the middle class to keep getting by. We want them getting ahead. This is chance to free the economy and workers from the terrible tax burden in washington, putting pressure on the senate. Now comes the moment of truth. As i said, trish, he hassling to do. 79 of harris poll support tax cuts. When you ask about the republican bill, 54 opposed to that. 75 want the state and local Tax Deduction restored. Well see what the president has to say in just about an hour. Trish thank you very much, jeff, joining me right now Senate Finance committee member, senator bill cassidy. Welcome. Good to have you here. Thanks for having me. Trish is it going to happen . That is the big question . How do you get across the finish line right now . I think it will happen. Those who have been questionable in terms of voting yes, are having their concerns addressed. Were more and more comfortable there will be strong Economic Growth. As gdp rise, tax receipts increase and debt and deficit fall. We think this is a good policy. Trish i like it for the most part, especially on the corporate side. I have concerns on the individual. We can get to that in a minute. But i guess it is just sort of a a matter at this point is there political will to get it done because you have seven people still on the fence right now . What is being done to bring them over . I think those seven people are getting their concerns addressed and im not the one talking with them but the sense i get is that theyre becoming much more comfortable with the policy. Policy changing a little bit to meet their concerns. On other hand, this will stimulate growth. Joint council of taxation, says there will be 1. 9 growth in gdp over 10 years. If we get to 2. 6 , gdp growth grows so much that the tax receipts pay for all this. Reverse perspective, from 1946 to the beginning of obama years, the economy on average grew over 3 . All we have to do is return to the growth before obama, and were in great shape. Trish what about the Obamacare Mandate being repealed . Youre a doctor by background, i believe, senator. What do you think about that and what are the chances that will happen . I think the Obamacare Mandate will be repealed t doesnt work. The obamacare architect, Jonathan Gruber says it does not increase enrollment. Could not find statis can evidence for it. But people that pay it tend to be lower income. 80 of the people who pay the penalty have adjusted gross income of less than 50,000. 25 , or 30 have less than 25,000. It is lower income americans paying a penalty that doesnt increase enrollment because some kraut in washington tells them to. It is why people voted for trump. It is time to get rid of it. Trish is senator collins going to be on board with that . You know the president committed yesterday, and it has been reported that the president would support alexandermurray. That is a way to truly keep premiums down, increase the numbers who have insurance, as opposed toed individual mandate which doesnt work. So i think senator, i cant speak for her, but i think she will be comfortable with that. Trish the president is in missouri today. Senator mccaskill is not expected necessarily to be in favor of this. Is there any chance he may be able to twist her arm or any other democrats for that matter . I sure hope so. We doubled the standard deduction. Most americans, 78 , dont itemize. They take the standard deduction. We increase the number who will have their tax cut and filing simplified. That is good policy. Good policy is good politics, whether youre a republican or a democrat. I hope senator mccaskill will vote for that. Trish will that stick . What is that . Trish salt, state and local Tax Deduction that is concern from some states that have relatively high taxes. One of the suggestions steve forbes, which i think is very good one, senator, well phase it in, gives some states like california, like new york, new jersey, the others the opportunity to vote lawmakers out that are not budget conscious . Im not sure what you mean by budget conscious. What i can say the house had a different provision on salt. It may be the houses provision is incorporated but we have to ask, why does someone in a lowtaxed state like louisiana have to effectively subsidize those in new york and california . Two states which are far richer . Why does someone in arkansas have to subsidize somebody in california and new york . Doesnt make sense f those states want to increase their taxes that is up to them. But why are folks in other states being forced to subsidize . Trish that is exactly what steve forbes is suggesting. In other words, these states have the opportunity, give these states an opportunity to fix themselves by getting certain lawmakers out of office that dont have an appreciation for running a tight ship. Rather than doing it cold turkey . I think keeping feet to fire makes that more likely to happen than a phasein which people always will promise will never happen. So im more in favor of doing it quickly. Trish senator bill cassidy, thank you very much. Good to see you. Thank you. Senate republicans jumping the first hurdle on tax reform after passing the bill yesterday in the Senate Budget committee. The final vote could be as early as today. Lets go to adam shapiro live on capitol hill with the latest. What is the timing on this one, adam . Reporter dont hold your breath because once as were speaking right now, well take a live shot of the senate floor, because theyre debating a motion to get on the bill, which would kick in 20 hours of debate. We get the amendments back and forth until a final vote. If you were going to put honey on when they actually vote, wee, wee hours of friday morning, most likely friday, we could have possible vote on the bill but at issues what will this bill do for the American People and the economy . Of course, depends on what side of the political spectrum you fall on and what you think about this. Listen to what the ranking, or the minority member, this would be charles schumer, the democrat in the senate has to say about the bill. Listen to how orrin hatch responds to senator schumer. This bill could be entitled, the trickledown tax bill. Lets hope and prey, middle class people, when we give most of the breaks to the wealthiest and biggest corporations, that you might get a few crumbs. That is always the claim of the democrats. Its a gift to the socalled rich. Gosh, give me a break. I get so tired of that phony, lousy argument that they make all the time. Reporter trish, if they vote as they are expected to do, motion to approve to get on the bill, that will begin the debate n Perfect World according to sources on capitol hill, republicans say you get a vote in the senate, that approves the tax reform bill on friday t goes to conference committee. They hash out differences between the house and the senate, although they wont be that dramatic by the way, at least according to one source. We could have vote on the final tax reform bill the week of december 18th. Trish well watch it, adam shapiro, thank you very much. I wish folks on the left would get their talking points right, when they go on a giveaway to the rich, technically it really isnt, anybody who is high earner, in high income tax state, they will pay a lot more in taxes. So i wish they would get their talking points straight. Joining me to discuss, Fox News Contributor deroy murdoch, senior fellow at the manhattan ins statute, steve melania. Good to see you both. Deroy, reality if you live in place like new york, california, new jersey, where frankly there is a lot of Economic Growth that is generated, if you make a lot of money in any of these places you will hit with more taxes, not less. So how do they come up with this is for the rich . Remember any tax cut is not giveaway. A smaller grab by the government. Trish very important distinction. Thank you. Money belongs to you, doesnt belong to uncle sam and tax cuts let you whatever your income is keep more of your money and let uncle sam grab less out of your pocket. Trish steve, the big concern, state and local governments are they going, americans will not be able to deduct those parts of their taxes anymore. And it will not cost the overall u. S. Economy anything . No, it wont, but issue is a lot of these governments are not only hightaxed, but highspending. That is why they tax high. Immediately the impact on this will create pressure on these governments to restrain tax increases. We already know in new jersey, for instance, the head of the senate, the democratic head of the senate who is pushing a millionaires tax, now said we have to wait on millionaires tax to see what we do in washington because, it might be too much of a burden. That already tells you what might happen if they get rid of the state and local taxes. Cause and effect kind of thing. Exactly. Trish im worried about the unintended consequences of there being a pullback in spending in some larger, economically successful states because you have high earners being taxed at a high rate. Maybe it will work out because you have the market moving that much higher. So these people will feel more confident about things. You like that, steve . You remember about a pullback, youre talking about a pullback in Government Spending. Why will there be a pullback in Government Spending . If theyre forced to lower their taxes that would mean money stays in trish i dont know. Bill de blasio, as charlie likes to call him, comrade bill, he may not be as willing. To your point, maybe he gets voted out. I call him, bill the bolshevik. Upper west side they have to pay this for a change, they will suddenly become supply side oriented. Trish i love my sister with all her heart. She grew up in new hampshire. There is no income tax. No sales tax. No, it is a pretty good life. By the way they managed to do well with very little. She moved to new york city. She was making more money. She thought it would be great. Looked at her pay stub. Wow. I said, welcome to the land of taxation. In the live free or die state you dont have to deal with this maybe it will people will move to florida or texas, places without income tax if the liberal state legislators dont adjust. Trish provided you can. I think there are still a lot of people but hopefully this forces the issue. I hear you guys on this. In my heart i do to the like the idea of anybody having to subsidize the likes of bill de blasio. Moving to whether or not it really happens, steve, politically it is challenging. You got seven senators out there we heard from senator cassidy, he thinks they will come around. If they dont, whats the risk there for them and frankly for the entire Republican Party . I this one of the reasons it does happen in some form is the risk of failing on this, politically, is much too large. I think after the election, the recent election results, i think Republican Party in general is deciding, they have to deliver something with the presidency and congress in this first year or they are in trouble next year and this is a good opportunity. I think there is plenty of room for compromise in this. It might not make as pure of a tax reform package as we want, but there is enough room to compromise to get this done i think. Trish so you think it can get to the finish line. In terms of timing, deroy, youre very positive, what do you think in way of how long it will take . I agree with what steve says. Failure is not an option. Having blown entire Obamacare Repeal and replace effort. If republicans botch this too, entire gop base will throw up their hands in disgust. Mod rats and independents will say why did we vote republican. Trish everybodys taxes go to 90 . If nancy pelosi gets her way or bernie sanders, you see the republicans get voted out, i think were looking by the way, lets not forget, the pure math on all of this, one of the concerns i have, steve, as much as i do believe you lower taxes you will grow the overall economy, there are realities here we spend a whole lot more than we make and at some something has got to give. That is absolutely true. The deficit is worry of number of senators the problem is this, we came through an era of extraordinarily low growth. As the senator said previous to this, much lower than before. The aim of this bill is to get us back to Economic Growth commensurate with what this country used to have. If we do that we begin to solve a lot of the deficit problems. We also have to restrain spending, and reform entitlements. That is down the road. Trish nobody wants to touch that one by the way. Simple answer to this, penny plan. Reduce spending one penny every year. A dollar this year, 99 cents this year, 98 after that. Seven years, spend 94 cents on dollar. Freeze that 18 of gdp. You basically have balanced budget. This whole thing goes away. That can be done in painless fashion. Trish deroy, dad to see you. Steve, good to see you as well, sir. The bombshell news, nbc fired matt lauer, the cohost of the very lucrative the today show is rocking the media world. Lauer was given his walking papers. The today show a huge moneymaker for comcast. Howie kurtz is here. He has all the latest next. Our recent online sales success seems a little. Strange . Nk na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. Hmph affordable, fast fedex ground. Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile. A new kind of network designed to save you money. Click, call or visit today. Trish major bombshell report from nbc news this morning. Nbc fired the long time the today show host matt lauer for inappropriate behavior. The news left his colleagues pretty emotional. Watch this here. Im heartbroken for matt. He is my dear, dear friend and my partner. He is loved by many, many people here. Im heartbroken for the brave colleagues who came forward to tell her story and any other women who have their own stories to tell. And we are grappling with a dilemma that so many people faced these past few weeks, how do you reconcile your love for someone with the revelation that they have behaved badly . And i dont know the answer to that. Trish nbc news chairman andy lack said the network received a complaint from an employee on monday night. In an email to staff he said, while quote, it is the first complaint about his behavior in over 20 years he has been at nbc news, we were also presented with reason to believe this may not have been a isolated incident. Lauers firing cams after cbs news firing charlie rose. As Garrison Keillor, former host of the prairie home companion on public radio he has been fired over allegations of inappropriate behavior. Joining me mediabuzz host, howie kurtz. Howie, i will start with the media buzz story of matt lauer. You are innocent until proven guilty. They apparently got this complaint on monday night and on Tuesday Morning matt lauer was fired. It wasnt announced until this morning, trish. Yeah about 36 hours, shows you how the pressure that these major News Organizations now feel when there is any suggestion, complaint, allegation of impropriety, particularly with other News Organizations investigating, as was the case with nbc, nbc wanted to get out in front of this story, even though matt lauer is a franchise player on its most lucrative property. Trish they paid him a lot to keep him in the slot because they felt he was pretty important. My question is, did they know more . Why are they saying they had reason to believe this is not an isolated incident . I realize it is speculation but timing was so swift, howie . It seems to be be on accusations by this woman who knew of other women. We have a statement from the womens lawyer, saying, nbc, he is pleased that network moved quickly. The thing trish this, is huge bombshell for many in the News Business know matt lauer, i am kind of stunned. We dont know what happened. This was not disclosed by another News Organization that might have details. We dont donate turf misconduct. We do know it started with nbcs coverage of the 2014 winter olympics. Do we have the statement . I believe we can share it with the viewer. This is the statement from accusers lawyer. I will read it off the screen. Put it up. My clients and i met with representatives, nbc resources and department at 6 00 p. M. , 6 00 p. M. On monday for interview that lasted several hours. Our impression that at this point nbc acted quickly when all companies should when confronted with credible allegations of Sexual Misconduct in the work place. I am encouraged to by nbcs response to date, i am honored by my clients courage to first to raise the complaint without any demands other than the company do the right thing. You know it is important right now that every company do the right thing, every person do the right thing. Its remarkable, and strange to me that you know, people behave in this way, that it is so unacceptable but youre seeing how pervasive it was and is across various industries, media, hollywood, politics, tech, howie, and do you think we have reached a new kind of moment in our culture here in the United States of america where women have said enough, and enough people around women, men included, are recognizing that it has just been too much for too long and things have to change . Oh, its a cultural watershed. I thought we reached a new moment last week when cbs took 24 hours after the Washington Post published its allegations to get rid of charlie rose who is powerful player. New york times, fox news, and now nbc and cbs. This is the postharvey weinstein environment. It is the Postroy Moore environment. The postal franken environment. World of politics, silicon valley, entertainment, media, adjusting to, what many women say should have happened long ago, when allegations are made, they are not swept under the rug, no slap on the wrist, people are being held accountable. Trish we all hope that things really do fundamental change for women going forward. I mean, you know, everyone has been put on notice now this kind of behavior is not acceptable. And there will be consequences. So, you know, we may look back on this particular moment in time, say this was really massive transformation for the cultural work place and thats a good thing. I say this as mother of two daughters as well. Howie, you think there is more to come . Well, you know, constantly hearing, certainly more to come on capitol hill where some members of Congress Facing allegations they havent resigned or allegations of secret settlements not made public. There is more to come on the hill. More to come in politics. Given swiftness, Garrison Keillor fired by minnesota public radio, seems like this is not over. Trish howie kurtz, thank you very much. Dont forget, you can watch howie with more on this, mediabuzz on the fox news channel. 11 00 a. M. Eastern every sunday. Take a look at that, everyone, we tick closer and closer to 24k. We are on 24k watch. Isnt this incredible . You have the president out in missouri talking about tax reform today. Plus janet yellen speaking today. What guidance does she have about future rate cuts and what it will all mean for our economy, for our markets. Well be on it for you next. I will see you here. Insurance company. With new car replacement™, well replace the full value of your car plus depreciation. Liberty mutual insurance. Has been a problem for me. Mouth im also on a lot of medications that dry my mouth. I just drank tons of water all the time. It was never enough. I wasnt sure i was going to be able to continue singing. I saw my dentist. He suggested biotene. It feels refreshing. My mouth felt more lubricated. I use biotene rinse twice a day and then i use the spray throughout the day. It actually saved my career in a way. Biotene really did make a difference. [heartbeat] well, itsonce again. Eason yeah. Lot of Tech Companies are reporting today. And, hows it looking . I dont know. Theres so many opinions out there, its hard to make sense of it all. Well, victor, do you have something for him . Check this out. Td ameritrade aggregates thousands of earnings estimates into a single data point. That way you can keep your eyes on the big picture. Huh. Feel better . Much better. Yeah, me too. Wow, you really did a number on this thing. Sorry about that. Thats alright. I got a box of em. Thousands of opinions. One estimate. The earnings tool from td ameritrade. Trish here we are, 24,000 on the dow. Were climbing back up there. S p a little bit softer. There is a ton of optimism right now, a lot of optimism on the street. It may be in part because of tax reform. It may be in part because of fundamentals are just looking a little bit better. There is overall confidence in the economy. How long will it take to us get to 24,000 . Gdp showing good things. 3. 3 growth in the third quarter. That is the fastest growth rate in three years. President trump thrilled, tweeting out news, saying, quote, economy growing. Excluding hurricane effects. Estimates that real gdp growth would have been 3. 9 in q3. Stock market at a new high. Unemployment at a new low. We are winning. Tax cuts will shift the economy in high gear. Joining me, bullseye brief publisher, author, adam johnson, who had been a big believer in this rally i believe since the night the president was elected. Yeah. Trish you called 23,000. You called 24,000. You are even saying 25,000 is on the way. Yes. Trish as we approach 24 what is driving it . Earnings, employment and tax reform becomes the kicker. President is absolutely right in all the tweets he put out. We vin credible economy right now. 3. 3 is strong. Finally at three handle, trish. Highest percentage of americans working in 20 years. People are working. Theyre spending money. That is good for corporate earnings. That is driving the stock market higher. Tax reform becomes the kicker. Trish what is the kicker if it happens . Tax reform is not built into the market and ill tell you why. If you look at companies with highest effective tax rates they have actually fallen six to 7 over the past month. Which tells you the market thinks tax reform is not happening. I disagree with that. I think it will happen. It will i think add five to 7 to s p 500 earnings. That is probably good for five to 10 rally on stocks. Trish what is really encouraging, adam, it is not necessarily baked in. Yeah. Trish there is a lot of concern hearing fearmongering out there you have to get tax reform through because if it doesnt happen the market will tank. I like to think everybodys invests will do well for the foreseeable future. Youre telling me irrespective of what what with tax refirm, these levels are supported based on overall fundamentals growth . Think about it. We had 9 Earnings Growth in the third quarter. That is pretty darn good. Trish that is good. If you look at the fourth quarter, it is on track to increase 12 . In other words we have accelerating Earnings Growth. Not only do we have growth, the growth is accelerating. That is powerful. The most number of people working, the highest percentage of people working, slice it however you like, people are working, trish. They are spending money. Look what happened over the weekend for the retail sales, one of the best retail seasons we ever seen. A lot of people went on line, they werent in stores. But theyre spending. Hour you do it, they are spending that is good for overall Economic Growth. Sure is. Trish 24,000 happens, when . Today, next hour . If it can happen in the next, 45 minutes i will buy you a coffee after the show. Trish deal. But it will happen, whether today, tomorrow,. Trish adam, good to see you. Check out adams website and blog at bullseye brief. Com. Oil settling down 69 cents on inventory has increased. Cineworld in talks to buy regal. That means they will be able to compete with amc. New study from kinsey automation may wipe out the a third of workforce by 2030, yikes but there is silver lining. The economy will eventually replace the lost jobs. This reminds us we need to think how to approach all these changing times. The report says replacing jobs will be quote, a Marshall Plan size of task as those to be made jobless will need considerable help to shift into a new kind of workforce. North korea launching a missile with the capability to reach anywhere in the United States. 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So, please donate today at cancer. Org and help attack cancer from every angle. Trish north Koreas Nuclear ambitions taking a terrifying turn, everyone, after the rogue nation fires another ballistic missile, its first test in over two months and this one has the capability of to hit anywhere in the United States of america. So what are we going to do about kim jongun . Joining me to discuss, former assistant secretary of defense and senior fellow, center for american progress, larry korb. Good to see you. What do we do . This is now reaching a level no one quite thought we would be at but here we are. How do we fix it . We need to do two things. One you want to put more sanctions on them. The u. N. Is going to do that. The second thing i think you have to do is basically do what secretary of state tillerson says, be willing to negotiate and the chinese are also saying that they would be willing to help us if we negotiate with them, and what we might do is, in return for a freeze on their program, to basically have a freeze in some our exercises, maybe cut them in half. And then recognize the sovereignty of north korea. We have no intention of invading them. So we might as well say we recognize you. Youre an independent state. Trish that is what they want . Yeah. Its irrational but on their point they think were still out to reconquer the korean peninsula. The remember the war never ended. We just have a truce that put as temporary halt there. We need to finalize that. Trish there are those, john bolton included, ambassador bolton, who advocated for rue unification of korean peninsula, this is only way to solve it, get rid of this guy in some way shape are form, or put him off in a corner, have some kind of a regime change, where youre unifying that peninsula. You dont agree with that . No. There is only one problem with that the South Koreans dont want to do that because they know that there will be tens of millions of People Killed there, including some 30,000 americans, if you start a war because of the fact that they have all those artillery pieces right near the demilitarized zone. Trish what do you think he wants, kim jongun . He just wants to be recognized . Do you think he wants more than that though . If he is an ambitious guy wouldnt he want a little more than just, hi, we know youre there and we recognize your independence . Well i think, basically, that is one thing he wants. The other thing to cut back a little bit on the military exercises, so it doesnt look like were getting ready to, you know, to take over the peninsula, and just get them to freeze his capability. The fact that trish havent we tried that before though . The range, means he does have what he need right now. Trish feels like weve been down that path, all right . Going back to the clinton years, going back to the carter years, everybody felt like it would be appeased. We did have a freeze. We talked to them. We claimed that they violated it. The chinese disagreed with us, because whether it was plutonium or whether it was, enriching water, but fact of the matter is, you have a new president there now, and i think it is time to really start doing it. Trish larry, when the president says, were going to take care of it, meaning north korea, what do you think he means by that . I think what he is trying to say is, is going to play good cop, bad cop. In other words, dont mess with me because im willing to take any action but then secretary tillerson behind the scenes is working with the chinese. Trish yeah. And that is a good thing, right . Is china the key . Very definitely. Because of the fact that china does not want to see a war there. They dont want to see a unified korea, you know with, possibly American Forces on their border. Trish no, i cant imagine they do. Anyway, larry, lets hope it works out. I hope so. Good to see you. Trish got to work out. Bitcoin, bitcoin. You havent heard me talk about bitcoin, have you . It is very interesting, because bitcoin is sort of, this is a tech kind of currency. It is like cash on the internet, it is not traceable. And all of sudden it has been surging, soaring above 11,000 just the day after breaching 10,000. It is retreated a little bit. But it has been just incredible to on such a tear. What is it . Number one,. What is the future of bitcoin . And is it hitting a bubble . Well talk all about this very interesting cyber currency next. Trish air force one. The president is touching down in missouri. Promising hardworking people in missouri they will get a tax cut. He is there to push the tax reform agenda. See if he gets senator mccaskill on board. Not clear if that will happen. He is there to promote this agenda. He is seeing tremendous success when he goes out to the crowds to really rally the base. Right now his base rallying around the idea of a tax cut. Lets shift gears right now, talk about something that too much to talk about on the show but it is very, very interesting. That is bitcoin. Bitcoin which is cyber curren is on tear. Trading above after the global credit crisis when a lot of investors began to lose faith in the global system, the global monetary system. We dont know who the single creator is. He goes by alias. No one can confirm his identity. It is very mysterious. You saw the chart. Bitcoin has risen by 1000 , trish. You look today, it did hit the 11,000. If you look at this, it is now worth, one bitcoin, worth more than 7 times an ounce of gold. Trish wow. Reporter youre thinking of gold for centuries as safe haven play. A bitcoin now you could argue, more or less perceived more safe than gold. I want to underline the volatility though. Trish more safe than gold. Reporter not more safe than gold. Theoretically by this mathematician, basically hid the bitcoin all over internet this is wild stuff. You have to go out and mine it. Basically to get the coin. There is only certain amount. Reporter 21 or 22 million. So its a fixed amount. But really the disruption here is that you do not need a bank and you do not need a central government. It is peertopeer. Maybe in the u. S. We have harder time understanding value of this because the u. S. Dollar is backed by the full, faith and credit of u. S. Government, as much as we complain about it daytoday is a very stable system. For example, if you live in venezuela, my guess is, if we were both there you would rather pay me for a good or service via bitcoin than trust the government at this point to manage that currency. In developing countries this makes a lot more sense. I do want to highlight the volatility. Volatility, volatility. Bitcoin has crashed about 80 , more than five times in its history since 2008. So it is extraordinarily volatile. Trish pretty thinlytraded. Not a ton of people buying. Reporter i think what is becoming institutionalized or at very least organized, there is enough investors saying i want to get into this, i want some exposure. The cme, chicago board of exchange, they will begin trading futures contracts based on value of bitcoin. Nasdaq believe it or not will start in the first half of 2018. Cantor fitzgerald as well will be creating future contracts. So it is becoming more accepted. Trish i know some credit carved companies are looking at this as well. Reporter some payments squared, jack dorseys square. Known more for twitter but created the Payments Company square. You can pay for bitcoin on square. Trish button it up with this, it is kind of a cashlike system. It is not easily traceable. Reporter yes. Trish in todays world, everything you do on line, everything you purchase is theoretically traysable with credit card transactions. With bitcoin it would be different. Reporter it is incredibly different. It took so long to adopt it, because people using untraceable bitcoin were criminals. Tracking people with guns and military equipment, a bunch of other things they shouldnt have been. It is becoming more mainstream, exactly. Trish deirdre bolton. Thank you so much. All right, President Trump is arriving in st. Louis, missouriry. You saw moments ago his plane touching down there. He is about to deliver a major address on tax reform. We got it for you. Do not go anywhere. The president is set to speak momentarily. Stay with us. 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No real surprise. Hes obviously very, very popular here, trish. And as a st. Louis native, i can tell you that does not come as a surprise here. And the president is expected a gop tax plan that will, again, im quoting Administration Sources bring the middle class roaring back to life. Now, of course the main topic of discussion here is how do they do that . How can they keep this middle class tax plan to make sure the middle class bince the most . Well, Administration Officials say they can do that because ultimately they will make a number of moves and a number of decisions that will bring down your taxes and bess of all, help business do the most important thing they can do to improve the economy and, of course, that is grow the jobs. Now, speaking of growth, i want to tell you the administration right now certainly celebrating the fact that weve just seen revised gdp numbers up 3. 3 . They say that is Proof Positive if you have found and sensible tax policy, you can do a lot more. In fact, theyve had a number of 5 as a goal out there. I should also point this out too that the administration will tell you, and youre going to hear the president talk about this. If we can get to a place where we can simplify the tax code and ultimately help you as an individual, hey, lessen your taxes and simply file much easier for you and your family, were going to do a lot better job to make sure that you get a chance to keep the money that you earn. Now, i do want to tell you this they do say reduce taxes and simplify the tax code. There are critics out there, trish, and i think this is fair to point out. They say, look, some of these tax cuts actually expire on individuals much sooner than they would expire on the corporations. They say thats a bad deal. And they also say, listen, most of the tax cuts youre talking about will benefit the top 5 of earners, so its not really middle class. Although, i think its also fair to point out that the top 5 of earners pay the lion share of taxes as well. So i think its an interesting conversation when it continues that give and take over on capitol hill no surprise that will continue as the president makes his way here to the show me state. Hes ready to talk taxes and to benefit for the middle class here at the lake Charles Convention center. And, of course, ill have that for you. But for now, back to you. Kevin, i didnt know you were from st. Louis. Yeah. I grew up in colorado, but i was born here in st. Louis. So any time i get a chance to talk cardinal baseball, ill all about it. I know the crowd is talking koolaid, but what about the other folks . Do they like the idea of tax cuts . Listen, they are concerned that any time you talk tax cuts, youre talking about the wealthy. Thats a big concern. Hes going to try to sell them on this idea to make sure its for everybody. Good to see you. Im glad you made it home. We are waiting on. Liz is going to have him any minute. Liz he just landed. Trish, as you saw him, he just touched down, going to get in that limousine after greeting people and waving to some of the crowd here that have gathered in st. Louis, and he will head to the Saint Charles, i believe its the Convention Center. And, of course, he plans once to get there the gop plans to remake the american tax code. Hes scheduled to speak as soon as he gets to that Convention Center. Our cameras are already on location and locked down. We will take you there live. Now, none of the president s tax dreams or promises can be realized without the senate moving forward, and that has not happened just yet. We were told sen