Transcripts For FBC The Intelligence Report With Trish Regan 20171204

Suspect on all of this, was it during his candidacy or was it when he was president elect . Now we know the whole report was very suspect. We know the president instructed with russia while he was president elect. Like we said on friday that is no big deal. Dont you want your president elect making those connections and making sure were doing everything we can from day one when he takes the oval office to be protecting us against the likes of isis . Well have more on this false reporting and why journalists need to be very, very careful before jumping to conclusions. Do you see the effects, sending the stock market down 350. President trump blasting Hillary Clinton for lying to the fbi many, many times, yet, Nothing Happened to her. Meanwhile you have got Michael Flynn, who also lied, and, well he is paying the consequences for that right . So why the double standard . Were on it for you. But first, lets go to adam shapiro, with latest on tax reform. Where are we . Reporter trish, were waiting for the house to actually vote on sending tax reform or members of the house to a conference committee. That will happen around 6 00. Take a look at paul ryan and Mitch Mcconnell because this is really going to fall into their hands, making sure the conference committee, they will pick people who will attend the conference committee, making sure this thing goes off without a hitch because there are differences between both pieces ofc legislation, the tax reform bill ands house bill is different from the tax reform legislation in the senate. Well head to house committee. Here is kevin mccarthy, part of Republican Leadership in the house had to say. Well have a motion to go to conference today. Vote on that tonight. Well name our conferees. The senate will do the same and get to start this week. There are not a lot of differences but well come to Common Ground and get it done. Reporter this at the very top the house bill only had four brackets, was quite simple, different tax rates for the brackets. The senate bill has seven brackets. They will have to work that out. The house bill totally eliminated the alternative minimum tax. The senate bill keeps the alternative minimum tax for individuals but also for corporations although raises the threshold. You have the top rate in the house t was 39. 6 . In the senate it is 38. 5 . Issues of repealing individual mandate in the senate needs to be added to the house. One other thing, whispers on capitol hill, there are negotiations going on behind the restore some state and local Tax Deductions in addition to the property Tax Deduction that the senate would allow the cap of 10,000. What about income . We know that different representatives from places like new york, peter king, for instance, are pushing to see if there could be a portion of income, that could also be maintained going forward. Not necessarily in flux but definitely not 100 agreement just yet. Trish . Trish thanks so much. Adam shapiro. Joining me right now with reaction, bullseye brief founder and author adam johnson and president of jolinsky advisor group, joe jolinsky. Looks like it is getting closer and closer. Yes. Trish it is almost there. But it is not perfect. You sound like the american public. Trish this property tax thing. Yes. Trish is there any chance that they may start to look more aggressively and closely in this in these final different versions of the bill . Because i am concerned that it is going to have an effect on americans and their psychology because it is one thing for the market to be going up. Sure. Trish people want their home values to to up. Ofc course. Trish if you cant deduct property taxes a lot of places see their home values go down. You and me certainly live in a place like that. New york city, new york, connecticut, new jersey, illinois and california. These are the highest state tax states. It is ugly. It is ugly. If we lose that deduction. Trish New Hampshire where i grew up, no state income tax, no sales tax, pretty nice but you know what . They have got property taxes. They have a lot of them. They have to make up the money. Sure. Trish people in New Hampshire not going to deduct the property taxes. People in florida, people in texas, none will be able to deduct their property taxes. Im asking what does that do to real estate in america . Well, youre going to create an arbitrage places you get little deduction or losing deduction like new york state or your New Hampshire where you are not. Well see the senate and house come together. They will effectively figure out, yes they want to get rid of state and local taxes but they increase the threshold on the property taxes from the current 10,000 to slightly higher number. My guess what well ultimately find out that particular bite isnt quite as bad. c trish josh, are you feeling good about this . You know, im almost there. There are days when im totally there. But im almost there. I just, as i nitpick at this, i want it to be better. No, i want it better. I want it better. I want Small Business relief. People in media, finance, my own Small Business, we dont get any tax relief from this. Doctors, dentists. Accounts, this bill, i love the 20 corporate rate, im like you, i think, the getting rid of the property Tax Deduction, one of the things were telling our clients, with, big valued homes in long island, new york, new jersey, sell now, move to florida. Go to New Hampshire. Because, it would be amazing if we saw the real estate billionaire president could cause the next real estate meltdown. No. Trish this is, this is of concern, right . The optics of this do not look good. Let me put it this way, if you are a Real Estate Investor you will be able to deduct your property taxes. You will be able to deduct state and local. By the way, you got a nice big gift in terms of depreciation. You can depreciate the value of youraauuv sooner, faster. So from that standpoint it is all good. If you happen to be person who bought the apartment from Real Estate Investor and look working for a company for a living, taxes are going up. You cant deduct state and local and cant deduct your property taxes. I like what theyre doing on the state and local but is it enough for individuals . I dont think enough to have stimulative effect they want. I think we need to have lower marginal rate like the 33 or even the 28 or 25, they were campaigning on. It will not happen in this bill, at least with the Small Business tax relief, we need to exempt professional service corporations. 50 of all Small Businesses are service corporations, and we dont fet any benefit. People, i mean, i dont want to beat a dead horse, but it is too bad that hang on. Trish market will go up, right, josh . By the way, i brought this point up with a lot of, with a lot of republican folks, they say, it will all be fine because the market is going up. Just invest in equities, all is good. What do you say to that, adam . Does it even out in the end but guess what their portfolios are looking really hot. Effect. I have to comment to joshs thought. Businesses and corporations are getting passthrough. Not true if youre engineer, financial guy, like myself, we get no relief. Yes, you are getting several that is talking point. I read the 487 page amendment. And on the amendment professional service corporations, investment businesses are exempt. Architects, engineers, accountants, dentists, doctors. But i mean that is republican talking point. If youre a plumber or in the trades this bill is awesome. Trish the problem theyre picking winners and losers here. We never like it when the government is out there selecting who wins and who loses. That is a little bit of a challenge. Well trish it could have been better. It will be good for markets, adam. Very good for the markets. I like what is good for the markets. I guess i just wish they had taken it all the way. Maybe that will be next. Trish, you can never get anything you want. That is the horsetrading were seeing right now within the gop. Obviously the dems got none of what they want. As far as leveling Playing Field that is exactly why theyre getting rid of state and local deduction, youre effectively giving residents of new york like me a tax break and they will get rid of that. That isc fair. That is the right thing to do. Trish it is another debate for another time. I hear you. In my heart i agree, i dont like immediate ramifications for the economy. Adam, josh, good to see you, guys. Senate republicans clearing another hurdle getting a finalized tax bill on to President Trumps desk. There is whole lot of work to be done. Main media talking points with a lot of disinformation. Here is a comprehensive fact check and shed light on disagreement we had between adam and josh and that passthrough rate and what it means for services company, our own gerri willis. Yes, trish, it is hard to know who to listen, either who you listen to, that is robbing middle class to pay for tax cuts for ritchie riches or most expensive of expensive tax cut in history that enrich the country in short order. Reality is in between. Lets look at first democrats case for characterizing the bill as unfair to the middle class. In fact, the bill does offer benefits to people with mid to low incomes, including a doubling of the standard deductionc from 13,000 for married couple filers to 24,000. The senate bill doubles Child Tax Credit to 2,000 bucks. Reinstates deductions lost in the house bill for student loan interest. Parents of adopted children and medical expenses. The senate bill also repeals obamacares individual mandate. That is a tax penalty for not having insurance that at a minimum costs 695 bucks, or 2. 5 of income up to 2085. Now to be sure, as democrats say there are benefits for Small Business operators and big companies. The top tax rate for Small Businesses falls from 39. 6 now to below 30 . Corporate tax rates plunge from 35 to 20 . And the senate bill shaves a percentage point from the top individual tax rate taking it to 38. 5 from 39. 6. Also the estate Tax Exemption is boosted, to 11 million. Meanwhile though, the gop has been fond of saying everybody gets a tax break. That is not true either. Wellhealed in blue states who are employees rather than working for themselves will see reduction of key deductions. Noc longer will taxpayers dedut state income taxes. Deduction for property taxes will be limited to 10,000. Trish, all told, there are pinocchios on both sides of the aisle with many of the broad, sweeping characterizations of the plan simply not true. Trish i get it. You keep hearing the left say, oh, this is just, this is nothing but a bill for the rich, for high earners. For a lot of high earners they will wind up paying a lot more because of what you said in terms of property taxes, state, local. So, they need to get talking points straight. They oversimplify this sometimes and that is why we appreciate you digging in, gerri. Thank you very much. Most welcome. Trish joining me to react, even more insight, famed economist and author of the book, the capitalist code, mr. Ben stein. Good to see you, ben. Honor to be here as always. Trish so what do you think . You like, dislike . When i was a child i dont like it. We used to have a game called 52 pickup. You pick up a deck of cards, throw them up in the air, land all over the floor and pick them up, waste a lot of time doing it. What is the point of this bill . Were operating at full employment. Were operating at full industrialc capacity. What is the point of this bill . It makes everything much more complicated and doesnt really add anything to an economy already booming like crazy. The next step in this economy is inflation. And this bill is pushing us towards inflation. And not only that im sorry, you got to me a little sooner than i thought. I was eating delicious dominos pizza. Eating delicious dominos pizza. By the way they never paid me a penny in my life. I dont understand why theyre petting rid of state and local taxes. I just dont understand that. The states need those for education. I dont understand why theyre getting rid of property tax. Homeownership is one of keystones of american life. The house version that gets rid of the aft mt, that is brilliant. The amt is a nightmare. It is devils own instrument. It is a provision from hell. So i would like to see them get rid of that but i dont see what this accomplishes. If we had had no bill at all i think we would be better off than this bill. And by the way, i think it was, i forget who it was, some incredible genius like adam smith said the best tax bill at all is one leaves thingsc as ty are so people can plan around it. Please, please, please, lets everybody now we passed this bill. Going to go through, congratulations mr. Trump. Lets not have anymore tax changes for next 30 years. Trish you make a good point. That is another one of the issues here, right . Theyre talking about delaying the Corporate Tax cuts until 2019. That seems a recipe for making sure corporations hold off on anything they do until 2019. What about 2018 . Trish, corporations are going crazy, spending investing, doing really, really great stuff, hiring people. You know what the big problem in the labor force is . A labor shortage. Not a problem of not enough jobs. Its a problem of not enough workers. Every economist in the world would say, when you have a situation of excess demand for labor, you dont stimulate the demand for labor by lowering taxes. I defy you to find a reputable economist who trish why is there not a up tick in wages . I hear what youre saying but what doesnt make any sense at all wages are not going up. Look back at last three decades we havent seen wages doc anything to outpace even just inflation costs. Why is that . Its a mystery there. Many, things we dont know, that is one of them but probably a lot of demand is being soaked up by china and other far eastern producers of everything. That has something to do with it. We also dont know why the productivity is not increasing the way it should be and way it usually necessary giant, nineyear long recovery. This has been incredible recovery but productivity is hardly gone up at all. We dont know why. What we do know is, at the end of the day there is nothing that to anything very positive coming out of this tax bill except the elimination of the amt. Trish what about lower Corporate Taxes . You cant tell me, ben stein, youre okay with the u. S. Having highest Corporate Tax allin rate in the world . You know what im going to do something none of your guests has ever done before. I will say youre right. I made a mistake. I should have included that. Youre totally right, it is better than so have lower Corporate Tax rate. We should have higher than individual tax rate on very rich people. We have low rate on rich people compared to what we had in thec past. Im older than you. I am hell of a lot older than you. When i was a child, tax rate on rich people was 80 to 90 on margin. Why do question need a lower rate. Trish we dont want to penalize success because that is where he are at country, we want to encourage people. I dont want my grand daughter, very, very sweet 6yearold, i dont want her to having to pay for the extravagance of our generation. Or your generation which is trish entitlement reform. Doesnt mean higher taxes. It may mean not giving somebody benefits . I disagree. I think, look, nobody is getting rich off social security. Very few people are getting rich off medicare or medicaid. I like the idea, very much raising taxes on the very, very rich. Even that is not going to be enough money. Also look, were completely you know it is not going to be enough money all you are you are going to do to have people put their money elsewhere. Why did the economy boost under jfk. Lowered tax rate. I beg your pardon. Trish president reagan as well. I beg your pardon. I beg your pardon. I beg yourc pardon. Jfk did not leave to see that tax bill get passed. Jfk didnt see any of that. We got lowers taxes under lbj. He wanted to lower taxes. The fact the economy boom under reagan, it was recovering from a gigantic recession before he took office. There is no data that shows clearcut there will this be dynamic scoring that the republicans are always talking about, that will push up productivity and Revenue Growth so much that it will offset revenue lost from the taxes. Why are we sabellas say about adding a so blase adding a trillion dollars to the National Debt . That has to be paid some day. Why are we blase about that . Trish dont mean you tax people that earn a lot of money or tax corporations . Why do people want to work every day and try to earn as much money as i can . Trish, trish, youre going to be living very comfortably i suspect. Trish you know i dont mean me personally, ben. Im talking about the american worker, why would anybody want to got to work andc strive and strive and if government takes more and more . Because they will be rich and making great deal of money even with taxes in 80s and 90s, there were rich people being happy being rich. Doesnt matter if you raise tax rate to 50 on very rich people. They will still be rich. They can have all the bentleys they want. That doesnt matter. Sounding more and more like the calfornian sir, you are, i say that with respect. I was out in your state. I love night its a great, great, wonderful state, our taxes are way too high. Theyre insanely high. Trish you said you were okay with higher taxes, ben, right. You will pay 90 , right . I do not pay 90 , maybe at some rates, some parts i do actually pay 90 . Trish forgive me. I have to preempt you with the president right now. He is coming out. Go to hear President Trump there. He is expected to make comments on tax reform. He is out there meating with mormon leaders. Lets listen in to the president of the United States. Thank you to a very special man, orrin hatch, for the introductionc. That was truly a nice introduction. I appreciate it. You are a true fighter, orin, i have to say. Gotten to know him very well. I got to know a lot of people very well. You meet fighters and meet people who you thought were fighters but theyre not so good at fighting. He is a fighter. We hope you continue to serve your state and your country in the senate for a very long time to come. [applause] i want to especially thank you for the tremendous work in ushering massive tax cuts and reform through the senate. Just happened and we have a final step to go. I predict well be very successful. Talking about massive, massive tax cuts. [cheers and applause] tax cuts and reform, but i always mention tax cuts first, because that is what people like to hear. Were one huge step closer to delivering to the American People historic tax relief as giant present for christmas. Roesch i said were bringing christmas back, bigger than ever before . Were bringing christmas back. We say it now with pride. Let me say to all those here today and across the country, Merry Christmas to everybody. [cheers and applause] and happy holidays and great new year. Well have a great, great new year. Joining us in the on this ceremony is tremendous leaders from utah. Including your great senator, mike lee. Where is mike . Come on up here. Get up here, mike. [cheers and applause] he worked along with orin and rest of them. We got it done. My thank you, very much. [applause] want to Say Something . Not every day the president of the United States asks you to take the microphone from him. I want to say, mr. President , thank you for your leadership. Thank you for being here. Thank you for standing with the people of utah. We appreciate it deeply. [cheers and applause]c thank you, mike. I also want to recognize your fantastic representatives who are with us, rob bishop, john curtis, chris stewart, and mia love. Thank you all. Youre here. Thank you. [cheers and applause] thank you. And i have to say, really, talk about a very special guy that i made secretary of the interior. Does he know the interior. He knows it. He loves it. He loves seeing it and riding on it. Ryan zinke, who truly believes in protecting america. He is protecting america. And nobody loves it more. Ryan. [cheers and applause] thank you. Just as protected america as an officer in the legendary seal team six. He is a tough cookie. You have done a great job. Thank you, ryan. Governor gary herbert. Where is gary. Come on, gary, get over here. So they [cheers and applause] your wife, the first lady is fantastic, thank you very much. First lady, thank you, firstc lady. Attorney general sean reyes. Sean, thank you. [cheering] an original supporter of mine. You always remember those original supporters. Greg hughes. Greg . Thank you. [applause] he was an original, right at the beginning, thank you, greg. He had a feeling. Finally i want to recognize the members of the local utah navajo. Thank you very much. Thank you very much. [applause] thank you very much. Really appreciate it. Were profoundly honored by your presence here today and im thrilled to be here with some wonderful friends, so many people that saw something a little special and they said, were with him and im really working hard to put it back and thats what were doing today. This magnificent capital in your incredible state and it is special people in a special state. Thank you very much for being here. I have just come from touring welfare square with senator hatch and some amazing people from thec leadership of the church of jesus christ of the latterday saints. [applause] special. I spent a lot of time with them. I went around the store. I wanted a nice can of tuna fish. [laughter]. And they had plenty. They really help people, incredible. After our visit i can truly say firsthand that utahs awesome Natural Beauty section seeded only bit warmth and grace and hospitality of its citizens. This state has many natural treasures but its greatest treasure by far is its people. [cheers and applause] we will insure the right of the people to live according to the faith in their hearts, which is why we will always protect your religious liberty. [cheers and applause]c and weve been doing that. All of you feel blessed to live among the some of the most glorious natural wonders anywhere in the world. You cherish utahs gleaming rivers and sweeping valleys. You take inspiration from its majestic peaks. And when you look upon its many winding canyons and glowing vistas, you marvel at the beauty of gods great creation. [applause] that is why im here today. Because some people think that the Natural Resources of utah should be controlled by a small handful of very distant bureaucrats located in washington. And guess what . Theyre wrong. [cheers and applause] families and communities of utah know and love this land the best and you know the best how to take carec of your land. You know how to protect it, and you know best how to conserve this land for many, many generations to come. Your timeless bond with the outdoors should not be replaced with the whims of regulators, thousands and thousands of miles away. They dont know your land, and truly they dont care for your land like you do. [applause] but from now on that wont matter. I have come to utah to take a very historic action, to reverse federal overreach and restore the rights of this land to your citizens. [cheering] thank you. Thank you. Thank you. [applause] but before ic began, because i understood how it is, i am a real estate developer. When they Start Talking about millions of acres, i say say it again . Thats a lot. So before i began i met with senator orrin hatch who loves utah and loves the people of atta. I called senator mike lee who loves utah, and loves the people of utah. I called your governor. I called nye original, where he . There he is, i called all of the friends that i have in utah. I said, what do you think . They said, will this be good for our country and will it be good for your state . They said this would be incredible for our country. It will be incredible for utah. Finally you would be giving people back their access to the land they know, to the land they understand, and most importantly, to the land that they love. I also said, will it be at all controversial. 3 p c c they all told me no. [laughter] how did that happen . I dont think it is controversial actually. I think it is so sensible. Therefore, today, on the recommendation of secretary zinke, and wise counsel of senate hatch, senator lee and many others i will sign two president ial proclamations. These actions will modify the National Monuments designations and bears ears and Grand Staircase escalante. [cheers and applause] as many of you know past administrations have severely abused the purpose, spirit and intent of a centuryold law known as the Antiquities Act. This law requires that only the smallest necessary area be set aside for specialc protection s National Monuments. Unfortunately Previous Administrations have ignored the standard, and used the law to lock up hundreds of millions of acres of land and water under strict government control. These abuses of the Antiquities Act give enormous power to faraway bureaucrats at the expense of the people that actually live here, work here, and make this place their home. This is where they raise their children. This is the place they love. For example, the Previous Administration designated more than a half a billion acres of land and water, including bears ears. It did so over the loud objections of the people of this state and their elected representatives. Governor, right . The results have been very sad and very predictable. Here and in other affected states we havec seen harmful ad unnecessary restrictions on hunting, ranching, and responsible economic development. We have seen grazing restrictions prevent ranching families from passing their businesses and beloved heritage on to the children, the children that they love. Weve seen many rural families stopped from enjoying their Outdoor Activities and the the fact that they have done it all their lives made no difference to the bureaucrats in washington. We have seen needed improvements like infrastructure up grades and road maintenance impeded and foreclosed. We have seen how this tragic federal overreach prevents many native americans from having their rightful voice over the sacred land where they practice their most important ancestral and religious traditions. [cheers and applause]c these abuses of the Antiquities Act have not just threatened your local economies, they have threatened your very way of life. They have threatened your hearts our precious National Treasures must be protected and they from now on will be protected. [cheers and applause] the under my administration we will advance that protection through a truly representative process, one that listens to the local communities, that knows the land the best, and that cherishes the land the most. [cheers and applause] with the action im taking today, we will not only give back your voice over the use of this land, we will also restore your access and your enjoyment. Public land will once again be for public use. [cheers and applause]c because we know that people who are free to use their land and enjoy their land are the people most determined to conserve their land. One values the splendor of utah, no matter what, im looking around with mike, and orin and the governor and everybody, and im saying what a beautiful picture it is but no one values the splendor of utah more than you do and no one knows better how to use it. With your help in treating our natural bounty with respect, gratitude and love we will put our nations treasures to great and wonderful use. Families will hike and hunt on land they have known for generations and they will preserve it for generations to come. Cattle will graze along the open range. Sweeping landscapes will inspire Young Americans to dream beyond the horizon, and the world will stand in awec of the artistry d has worked right here in your great state. Together we will usher in a bright new future of wonder and wealth, liberty in law and patriotism and pride all across this great land. Thank you to the wonderful people of utah. May got bless you, and may god bless america. Thank you very much. [applause] thank you very much. [cheers and applause] thank you. Trish youve been watching the president of the United States, donald trump, there speaking in salt lake city, utah. He is out in utah today, hang on. I will now with your representatives sign this very, very important proclamation. Thank you very much, everyone. Thank you. [applause] trish just wanted to stop to see if he had else to say there. Well take a moment to listen to some of the sound as he doms sign this, sometimes you pick up interesting stuff. Lets listen in. Modifying the Grand Staircase Escalante National monument, by the president of the United States and representatives. Thank you very much. [inaudible conversations]. Trish so he is signing this modification to the National Monuments out there in utah, the Grand Staircase monument and bears ears monument. [applause] he said basically is a land grab by the federal government, clinton and obama administrations. Senator orrin hatch had pushed him to take this land back, or give this land back, i should say, rather, to utah, as opposed having it for federal use. You heard him talk about how he felt this was right to give the land back, to the people of utah. Listening in. Modifying the Bears Ears National monument. [cheering]c [applause] four more years. Four more years. Four more years. [applause] give that to mike to hold. Trish in some ways this, basically gets it, the debate, between state and federal government on one hand, get the federal government coming in to try to make the national parks. On other hand state saying that is our land. We can make good use out of that land ourselves. So he is saying look, well give it back to you guys so you guys are in charge of it. So again, the president signing this big order. He is saying that this is a reversal of federal overreach. And, this is an opportunity for the people to have that land as opposed to the national government. We have a whole lot more coming up including tax reform, what it means for this market. The market off the highs of the session, up about 150 points though, nonetheless. Im joined shortly by steve cortez for his reaction to both 3 arpa were seeing in utah as well as his thoughts on tax reform and this market. There you hear it, the signature song in the background at this event in salt lake city. You cant always get what you want. Which he likes. On that note we close this out. I will see you on the other side of this break. Jo President Trump is out in utah where he scaled back federal use of land there for two National Monuments to the tune of a couple million acres. Joining me Fox News Contributor steve cortes. Steve, we heard him briefly next tax reform at the top of that speech. Right. Trish closer and close, but i dont know, this not ability to deduct real estate taxes, i mean that is not just going to hurt high income, or hightaxed states i should say, many of which are blue, it will hit a lot of red states too. Sure. Well, assus g were going to come out with a 10,000 limit, some will be deductible. I hope they keep that in the conference. I think the Bigger Picture here, we need to ignite economic growth. We can focus on there will be winners and losers in any tax bill. That is clear, right. Trish the government is picking them. I dont know if i like that. I dont love them either. There are things i dont like about the bill. I said before on air i dont love this bill but i like this bill. What were doing on business taxes, number one, cutting business taxes dramatically. Number two, allowing repatriation of billions of dollars of profits with companies overseas. Trish you take the good with the bad. I dont have a ton of time with you. Go to something i did over the weekend. I was greatly honored to be out in california with the Reagan Defense forum where i moderated a panel. Were talking about the challenges that the defense indus faces results of all the cutbacks especially in the obama administration, to defense spending. The secretary of the navy, richard spencer, said the threat level is significant. Not just china, but north korea, russia,c china, et cetera. He need more resources. Watch. Right. I dont have the amount of fund i need for the requirements that are being heaped on me. You know it is the old joke, we run out of money we have to think smarter. We really, i we have to become much more innovative to increase capabilities. Trish you know, the problem is, meantime, you get the likes of there spending all kind of money to purchase the best technology. Right. I one person there on the panel who runs the diux which is the governments entity to invest in Silicon Valley Venture Capital industry. He run as 200 million firm. He is up against the likes of a chinese firm out there for a billion dollars and another for 500 million. Theyre throwing money at stuff. I realize were smart. Right. Trish but you also have to be investing in the future here too. Sure. I think, look, the last administration did not invest resources we needed in the military. At the same time was incredibly adventurous with the military intervening all over the world. We need to do the opposite. We need to be restrained forc r intervening and President Trump has. I think it is not only good policy but ethically and morally the right thing to do. We cant put our soldiers, or troops in harms without the best technology and resources so they can fight, win and survive this is absolute necessity. The administration called on congress to remove and end defense sequestration. Congress has not acted on that. I will give congress some credit. I am very tough on them. At least theyre getting taxes done. We have to move quickly and end see question operation. This is dangerous world from isis to north korea. Trish that came up as well. Perhaps a little later in the show well get to them. Steve, point welltaken, thank you very much. Thanks for having me. Trish well be right back. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. 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Trish the president commenting on charges against his former National Security advisor Michael Flynn. He said he feels very bad for the retired general. Abc suspend brian ross because of flawed reporting on Michael Flynn. Sent the dow down 150 points. Bad stuff. President said investors might want to sue abc. People that lost money down 350 points paved on false and dishonest reporting of brail an ross at abc news should considec hiring a lawyer and suing abc for the damages this bad reporting caused many of millions of dollars. Joining me legal analyst, troy slayton. Troy, does abc have any legal liability . Let me preface this, on fridays show i was live in california. First of all i saw this report and immediately said, this doesnt make a lot of sense. In other words, was he candidate trump, directing Michael Flynn to talk to the russians or was he president elect trump directing Michael Flynn to talk to the russians . Because there is a very big distinction, if youre days away from taking office i would think you would want your National Security advisor, having some discussions. So, that was initially what caught my eye on this reporting. But, i want to remind everyone, this is, we all take it, at least i take it, i think everyone here at fox business takes it very, very, very seriously. You triple check, quadruple check your sources before you go with something. Especially knowing you have the ability to affect peoples lives and their invests and their retirement, troy. So, is there any there there in terms of peoples abilityc to o after abc news for this false report, given that some lost money . It seems like it would be highly speculative. There are some factors, there are some things that go into the stock market and the price of every single item on the dow and other indices all over the world. It would just be too speculative to go into court to say because of this one report, this one thing, that that was what caused the entire stock market to tumble, but, yeah, i think abc definitely has a responsibility to get the reporting right. Here they got it wrong. Trish they got it wrong. And he got a months suspension. Without pay. Trish without pay. Yeah, without pay but he will be back on the job. By the way this isnt the first time he has done this. Yeah, a lot of these networks have made mistakes and by making the retraction, it looks like they have done the right thing once they discovered it, but i dont think that abc is going to suffer any successful lawsuits based on that here. Trish maybe have fewer viewersc watching them, because they cant entirely trust reporting and trust is a very big part of this. The media has lost everyones trust. I hope i havent lost my viewers trust. I get it. I understand. When they do things like that, it makes you question their motives. Troy, good to see you again. Appreciate you being on the show. Were taking a quick break. I will be right back. Can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Whcold sore. Et you . Grab lunch . Cold sore. When a cold sore takes over, campho pheniques topical anesthetic plus antimicrobial action soothes pain fast. Whats for dinner . Meat loaf. Camphophenique on, cold sore pain gone. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Markets are doing okay. Off the highs of the session. A big turnaround of course from what we head on friday with the faulty abc news report. That really rattled people quite significantly. As a result of that. We had recovered there is a lot of excitement right now about tax reform actually happening. Are you looking at this. The this morning they put on the cheerleading skirts. Look at this the 300point game chopped in half. As we head into the final hour of trade. What is behind that. And bit point on the other end of this just short of 11,000 per bit coin. The senate and housec the merging of these are two two bills into one that the gop will pass before christmas