Transcripts For FBC After The Bell 20171229

Melissa francis and this is after the bell. Joining us for all the major market milestones, gerri willis from the floor of the New York Stock Exchange, phil flynn in chicago, forbes media chairman steve forbes. Barrons Senior Editor jack hough, financial analyst heather zumarriaga. Gerri, you are up first. Who are this years biggest winners and losers. There is pandemonium down here i barely hear myself think. The winners, boeing, caterpillar apple, and losers ge, we talked a lot about that company. Ibm and exxon. A lot of difficult sectors on winning side and losing side. The winning sector of course as you expect, 37 gain for technology. Those stocks doing really well and really the sector outperforming everybody else. The lagging sector, no surprise, telecom down 5. 7 . Youve seen the companies in this sector, verizon, a number of them are heavy with debt. Theyre constrained by all that they owe. Incredible competition in their sector. So lots of moving parts today, lots of excitement on the last day of trading on the floor of the New York Stock Exchange. David gerri willis, thank you very much. Big year for commodities. Oil settling at highest level since june of 2015. Gold back over 1300. Best year s it been a food end of the year, that 15 in year bad performance for u. S. Dollar. When we talk about oil it is a great story. It is all about global demand. One of the reasons were seeing oil prices really come back at the end of the year because the Global Economy is on fire. It is being led by the United States and that is going on around the world right now. Were seeing supply of oil tighten up at fastest rate in history. Well see a much Tighter Oil Market in the new year. We havent had that for a long time. It is happening for good reasons. It is happening because the Global Economy is doing very well. Gold, silver, platinum, copper, they have a tremendous performance at the end of the year. That too is about a strong global economist. When i look at strong commodities prices im seeing optism in. I am seeing optimism for the new year. A lot of good pay jobs in the new year. David phil, thank you very much. Are ea. Lea here with me is heather zumarriaga and jack hough. There are 70 records for the dow, im surprising there wasnt confetti on the New York Stock Exchange with gerri. How catch credit can you get to President Trump . I didnt expect this quite much of a gain so the size of the gain is surprising. Corporate earnings are growing. How much do i give to the president . He didnt screw up anything important, put that way. This is long recovery, we have dozens and dozens of consecutive job growth. I give him a dash of credit. I expect this continue Going Forward first half of the next year. No reason to bail out of stocks. Prices are elevated, but theyre not crazy and no competition for stocks. None of the other Asset Classes look more attractive. Lea one thing im hearing about could there be a correction early in 2018. Steve you told me it is a good thing when you hear people are worried. Explain that. Emotions are the enemy in the market and when everyone feels the market is going to go up, you know it is not going to do so. When everyone has caution about the market. You see a lot of caution today that is a good sign, you dont have giddiness you normally get at the height of a bull market. The fact that people are cautious is very bullish sign. The fact we have now have low Corporate Tax rate and give more than one dash of credit to President Trump for this. The deregulation movement, i think it is really getting some deep roots in various parts of the government that is longneeded. Burdens as you know, burdens come from regulations. They are a virtual tax. As soon as we get the regulations removed as theyre doing that is give lent of a tax cut. That is also good for the market. Lea good for the market and the american people. What are the drivers heather, in 2018 as we move forward . I think gop tax plan will help earnings expansion across the board. If we see shifts out of technology into financials, more specifically the regional banks perhaps doddfrank reform, 30 of 36 banks being too big to fail may have loser lending standard if we get out from under some of that deregulation and red tape. I think energy also, the Energy Sector as a whole is lagging price of oil holding under 60 a barrel. Lea were talking about north korea and china not enforcing sanctions on north korea, President Trump giving indications he made get tighter with china comes to economics coming in 2018 . We have had anxiety about north korea for a long time. We do have to be careful about trade relations in china. We depend a great deal on them for our growth of u. S. Companies, Companies Like disney and gm and apple. So, we want to do our best to preserve trade relation there is. Lea should be exciting year. Thank you, panel. David waging allout assault against the president s tax law. New York Governor Andrew Cuomo is considering challenging the laws constitutionality and is taking action to help new yorkers avoid a new cap on state and local tax deductions. Fox businesss blake burman in d. C. With the latest. He seems to be at odds with the is on this, blake. Reporter he does, david. Some tax collectors not too far away from you are decided to keep doors open to accommodate last minute rush of homeowners deciding to prepay their 2018 taxes. Montclair county, new jersey, across the river from you at new york, they decided to stay open tomorrow. Here is the issue, new tax code takes place next week. Capses state and local taxes 10,000. Some are loading up deductions this year by prepaying the 2018 tax bill. However, irs says that can only take place if you pay before the calendar year and have 2018 tax bill. Many municipalities that havent made those estimates. Some feel this is headed toward litigation. In interview with New York Times, had democrats worked with republicans on tax bill there would not be severe roll back for deductions, state and local income taxes otherwise known as assault. Quote had they come to me with a bipartisan tax bill i would have gone to mitch and would have gone to other republicans we could have worked something out bipartisan and that could have been either a change to salt or knockout of salt. Now the president said, new yorks leaders were quote very ineffective. I never specifically mentioned Chuck Schumer by name but that was part of the implication. Speaking of new york, their governor who you were talking about, andrew cuomo has been an outspoken critic of this tax bill that will hit the books come monday. He called it unconstitutional because he says it targets blue states whose taxpayers are hit hardest by this 10,000dollar cap. The republican architects of the bill argue that is more than offset by lower rates. David. David blake, thank you very much. Lets go back to the panel. Steve i want to play for what you andrew cuomo said. There is lot to what he said and get your reaction. Play the tape. Im not even sure what they did is legal and constitutional, and thats something were looking at now. What does that mean . Why wouldnt it be legal to change the tax code . You can change the tax code. You cant penalize my state because of its political affiliation. There has never been a double taxation before in the history of the nation. All right, there is a lot david first of all there is lot to unpack there. There has never been doubletationization in the history of the United States. That is just not true. When you, when you tax investment or savings that is double taxation, right . Yes, it is, dividends and the like, absolutely. Even rip van winkle wouldnt have made that mistake, double taxation has been around for 100 years since we had the income tax code. That is one reason why you have all this constant fighting about whether we should even have a Corporate Tax because it does double tax capital. David so when he says it is anticonstitutional, if he is pegging on double taxation he is lost because they have already got double taxation and apparently wouldnt have it if it wasnt constitutional. Let me ask you about what the current tax law does, is that an constitutional at all . Absolutely not the 10,000 cap is for the whole country, not just new york state. And he is just, this is just a ploy. Gotten him a lot of headlines. He is running for president. Surprise, surprise. David absolutely. Heather, the onus is on cuomo and all other governors from high taxed states. That is what they dont like. They have to answer to their taxpayers in their states getting taxed too much. Youre right. If you want to reform tax legislation start at the state and local levels. New york pays some of the highest state taxes. So he may have to lower new yorks state tax. Not just up to the federal government to lower taxes for new york state. If you want to prevent residents from leaving your state to move to lowertaxed states like florida. So he is going to have to take a look in the mirror and work on lowering his own taxes. David jack, i want to move on to something that is very important concern to a lot of people out there, millions of Small Businesses are trying to figure out how the new tax law is going to affect them. There are different tax code, new tax codes, depending on how you define yourself as a Small Business and a lot of lawyers and accountants are having trouble figuring that one out. It will be a bonanza trying to cheat on their taxes in the year ahead, spoiler alert. David or just paying taxes, jack. You have to let me on the comment. David go ahead. He has to stop crying on this issue but he has a valid point. Averager spends 2400 than they receive. Average alabamaian receives 6,000. It is unfair for new york but read the New York Times today, expose about overruns in subway construction in new york, it will make you sick to your stomach. David i dont have to read it. I live it every day. Get lean quit crying. David so much money wasted in city. Mayor glass blast de blasio has increased budget 25 . Everybody wheres is going in subways are dirtier. Run rest on time. More people on the street. The point, taxpayers now in the hightaxed states are wondering where their money is going . Absolutely, david, one piece of history, governor cuomos father, mario cuomo had to cut taxes in the mid 1980s when Ronald Reagan cut the high tax rate from high of 70 to 28 . New york state at least for a while cut their tax rates. By the way Current Governor cuomo has been raising taxes. Now he is going to have to do what his father did, cut them back. That is justice. David let us hope, being taxpayer in new york. Steve, jack, good to see you all. Thank you very much. Have a happy new year. Lea . Lea the state department releasing thousands of workrelated documents from Hillary Clintons top aide huma abedin. They were found on the computer frommer estranged husband anthony weiner. David strange or estranged . Anyway, watchdog was instrumental making sure documents were released to the public. Chris farrell, Investigations Research institute will join us next. Lea he will comment on the president s latest comments on Mueller Investigation and calls of bias and in the department of justice and fbi. Investigation is only good as access to documents and witnesses. We need to interview to anyone with access to information and documents, frankly, jason weve been waiting a long time for it. Is this a phone . Or a little internet machine . 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. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Lea the state Department Just releases documents from huma abedin found on Anthony Weiners documents. There was technical issues after the release we can no longer access these documents. Go to rich edson to break it all down. Rich, what are you hearing . Reporter good afternoon, lea. The issue are the government documents, huma abedins communications within the state department. The state department has to putt online. There as you mentioned is a Technical Glitch slowing up the process here. These were the emails found on Anthony Weiners laptop which created a buzz days before the election in 2016. President talking about the 2016 election and investigation into it, by robert mueller, the special council looking to any type of collusion between the russian government and the campaign. The president denies that in a 30minute interview with the New York Times. He take as pretty soft approach to robert mueller, softer than he has over the past few months earlier, he said to the New York Times, quote, i hope he is going to be fair. I think he is going to be fair. There is no collusion and even if there was, it is not a crime but, there is no collusion. He also pivots to Hillary Clinton and the tens of thousands of emails deleted off her account. New york times reporter asked the president if he believed the Justice Department should again look into the issue with Hillary Clinton. To that the president said, quote, what i have done, i have absolute right to do. What i want to do with the Justice Department but for purposes of hopefully thinking im going to be treated fairly, i have stayed uninvolved with this particular matter. This is an interview the president gave, tweeted a few times today on democrats and republicans getting together hopes for some legislative progress in 2018 but the president also invited some servicemembers from the United States coast guard to come golfing at the Trump International resort, spoke from the 17th hole just a couple hours ago, and opened it up for a fourperson scramble tournament. Thanked members of the coast guard especially for their work in the aftermath of hurricanes in texas and here in florida. Lea, david, back to you. Lea rich edson, happy new year to you. Reporter you as well. David here now to react to the newlyreleased huma abedin documents, chris farrell, Judicial Watch investigator of investigations and research. Chris, gone through a couple, hard to make sense of it because so much is redacted. I saw a couple of interesting headlines. One of which was a document going to the Prime Minister israel. There was probably secret stuff in there, no . You dont have to guess at it. Anything you see on the pages has marginal notation next to it, b1 or any reference to the little acronym or marker, b1, means it is classified information. So it is not even open for debate. It is a fact. The state Department Said it is so. In this case we have yet more classified information, funneled through huma abedin from secretary of state clinton on to her, now i guess estranged husband, the sex offender, anthony weiner. So this is a nightmare with respect to compromise of classified information. Yet another really Grave National security crime that mr. Comey apparently thinks is no big deal. Anthony weiners computer, considering what he was involved with, with that computer, lord knows where else it is or where else it could have gone . Guaranteed. With respect to mrs. Clintons email server, even comey as compromised he is concluded it was very likely, i would say virtually guaranteed any number of Foreign Intelligence Services not just russians and chinese but frankly any firstclass Intelligence Service whether the germans, the israelis japanese david or north koreans. We know they can do a lot of harm on the computer. Any of them would have wanted to know what was going on mrs. Clintons outlaw server. David let me switch if i can what is going on with the trump dossier because there is a lot of questions exactly who paid for it, who shared it with whom. Seems like a group of people at the fbi and Justice Department trying to sell it to all the trump enemies they could find before and after the election. Have you tried to figure out, to follow any email chains regarding the dossier . That is a major subject of one of our investigations but what is apparent senator mccain sent one of his deputies over, a guy by the name of kramer who is being subpoenaed again by the house intelligence committee. It seems mccain was a witting or unwitting accomplice to Russian Active Measures Campaign or influence operation because his deputy, this fellow kramer, came back from london after meeting with Christopher Steele and he went around washington, d. C. , also trying to peddle the same phony dossier. Now you have a dossier put together by an opposition, i like to call them opposition manufacturing, not research group, fusion gps, paid for by Hillary Clinton and the dnc. David right. Then used as leverage to get fisa warrants. David we should mention it was staffed by at least one wife or spouse of somebody working in the Justice Department, bruce ohr. Bruce ohrs wife nellie. David is there any chance, we know congress is getting stonewalled. Youve been putting out your fisa request. Any chance at all that you can get information perhaps that a member of congress couldnt get it, who was sending it or our track record for year, thank goodness we do get the information before congress because we go into u. S. District court and use a federal Legal Process to compel the government to produce these records. We have had great success. We never quit and we never forget. Well continue to press our investigations and our litigation. I have very High Expectations for continued success along those lines. David please bring it here first. Chris fair, we would love to see you what you come up with. You have had a pretty good track record. Happy new year. Happy new year to you. David thank you. Lea attempting to brave the cold. Frigid temperatures are not going anywhere in the northeast and midwest. We have chilling weather coming up for you. President trump warning china, after new reports reveal china was illegally selling oil to north korea. More on what he is threatening to do. Thats next. For 25 years they have played the United States, acting as though theyre concerned saying they dont want north korea to have Nuclear Weapons but not doing what they could do. Yeah, with Liberty Mutual all i needed to do to get an estimate was snap a photo of the damage and voila voila i wish my Insurance Company had that. Wait hold it. Hold it boys. Theres supposed to be three of you. Wheres your brother . Wheres your brother . Hey, wheres charlie . Charlie . you can leave worry behind when liberty stands with you. Liberty stands with you™ Liberty Mutual insurance. David terror on christians in the middle east. In egypt at least nine people were killed in attacks targeting Coptic Christians in cairo with the gunman opening up fire on a church and a shop just south of the capital. No one is taking responsibility as of yet for this recent round of violence. But egyptian authorities are saying they apprehended the attacker and a known jihadist. Islamic state is increasing attacks against egyptian christians for quite some time. Lea . Lea not doing enough. President trump issuing a veiled warning against china for Oil Shipments to north korea, telling the New York Times, oil going into north korea. That wasnt my deal. If they dont help us with north korea i do always what i said i want to do. To help us much more. We have a Nuclear Menace out there which is no good for china. Here is david sears, a retired navy seal. Good to see you, lea. Lea the president said was theft of 350 billion and currency manipulation, but the question is this, does a threat of a trade war with china carry as much weight considering chinas economic prowess and the fact that it could hurt us as well . Im not sure we want to do a trade war with china to go that far. I think you can be, take it more towards counterterrorism efforts. You can be much more targeted what youre doing with china terms of an allout overall trade war, do targeted selective pieces and hurt them a little bit. I want to get your specific insight on the sensors we have around the world because the pictures we have gave us a little glimpse what the intel and different communities can do but as a seal you have unique ability to kind of sensors we put around the world. I know you cant give us details but give us a picture how well we can monitor chinese and offshore facilities . You have incredible monitoring what ships are out there. The problem a lot of those pieces can be turned on and off those monitoring things. They can turn off their ships or beacons that they have, we can lose track of them. Unless youre physically following them there is a lot of shipping traffic out there. It can be difficult to keep track of all of it. Lea there is a lot more than the u. S. Can do just using commercial ships of monitoring as we got a glimpse of those satellite pictures. That is public calling out of china. I want to take a listen so what secretary mattis had to say. Take a listen. I think you will see increased pressure but the form that pressure takes in terms of physical operations is something will be determined by the cognizant governments. Speaking of cognizant governments how important for us to release pictures like this to get support from other countries to help with this issue . It is very important. So this is building the narrative this is how we got the last sanctions through, even china and russia voted for them, right . So you want to build that narrative. You want evidence out there. The things we know through common sense. China is skirting the sanctions. Here you go. Here are the physical pictures. We did the same thing back in iraq against ships that were evading sanctions there and busting the sanctions into basra and iraq. So extremely important for our narrative. Lea south korea is doing something. South korea says it seize ad hong kongflagged ship that is believed to have transferred 600 tons of Refined Petroleum products in october. I ask you, what can be gleaned from this . This is south korea actually being able to take action and international community, the last sanctions said they can go ahead and do this any nation can. They show they will do it. They know it is going on. They will start seizing ships. Telling china and a lot of companies in china, we have to watch what were doing. It will impact us eventually. Lea you and i are both former naval officers so i have to ask you the big question, what can we do out at sea to better enforce sanctions and Better Police the seas . Very difficult to do. There is so much people do not have a good comprehension how much 90 of the trade in the world moves around via ship traffic. It is massive f you look overlays how many shipping lanes, how many ships are out there at one time it is incredible. So it is very difficult. You think were 300 ship navy. We cant cover all of this. So there has to be a coalition of countries doing this. And it is really, a lot of these ports of entry it will occur. Lea china trying to make it harder with reclamation projects in the south china sea. David, happy new years to you. Same to you, lea. David nice to hear a interview with the person that both know what theyre talking about. Lea insight we cant share what is going on. David new rout report from the swamp in washington d. C. Look at benefits federal workers get compared to private sector workers. Fred barnes is here to talk about it. Lea is it too little too late for apple, the company saying sorry for slowing down iphones. Jo breaking news, fox news just learning that republican and Democratic Congressional leaders will meet with the white house on wednesday with legislative director mark short and omb head Mick Mulvaney to avoid a government shut down, immigration and other important issues. Maybe getting off in 2018 on bipartisan foot. Well see. We are going to drain, the, swamp. David turns out the swamp of the federal government goes a lot deeper than most of us thought. Opinion piece from Investor Business Daily the swamp trump is trying to drain is not a swamp but an ocean. It is backed up by states from open the books. Employees of Government Agencies are using those agencies for their own personal gains. Case in point, it costs tax pay arrest Million Dollars a minute to employ the workforce the government discloses, lets bring in fred barnes. He is the executive editor for the weekly standard. Fred, this is a fascinating report. I grew up in d. C. I know how much more government workers usually make than folks in the private sector, but extraordinary figures in this. I wonder if President Trump knew how bad it was. He does now and i dont think he knew how bilge it actually is. In fact, i lived my whole life here, written about the federal government and there are things that i didnt know. David yeah. When you put the military involved in there, it costs just personnel costs Something Like 220 billion a year. David right. With an average salary at minimum salary at most of these agencies, majority of them is 100 to you dollars or more. David lets even go more specifically than that. This is fascinating stat from this report. The number of federal employees making over 190,823 a year, 29,852. Number of u. S. Governors making the same amount, zero. In other words about 30,000 federal employees make more than any governor in the United States. That is more than i think of, more than a lot of members of the house of representatives. Im not sure about senators. But it is an awful lot of money. And ill tell you, i know what President Trump has said. He is going to drain the swamp. Im not optimistic. David he is from the private sector, fred. The fact he wants to apply private sector standards to what the government does. Now, a lot of president s have tried to do it. Yeah. David not many president s came from the private sector. Heres an example of how they dont mesh, the private and public sectors. The average benefits for government workers, specifically days off, they get a total of 43 days off. That translates into 8 1 2 weeks of paid vacations. Now who in the private sector gets eight 1 2 weeks off . I dont. In fact i dont know anybody who does. Besides youre leaving out they get earlier retirements and better pensions. So it is all that to boot. Look, it is, i mean this is a huge problem. It is similar problem in state governments as well. David yeah. Good point. It is humongous here. David let me bring it back to something that people are debating about which is there is split between paul ryan who wants to cut the size of government, focus on entitlements. Mitch mcconnell say, not now. Well deal with that laters, first we have to do infrastructure. Here is something the president could be doing, i think on an agency level. What he could do cut waste and fraud in some of these entitlements. We herd from a gao report there is 60 billion wasted in medicare alone. Medicaid you have 36. 3 billion wasted, either in waste or fraud or combination of the two. You add those together, up to almost 100 billion, if you cut out the waste and fraud. So he may be able to do this without congress. Well, i dont know. It will be awful hard. Remember we had the grace commission. David that is true. We had under president clinton reinventing government. Didnt get anywhere. Zerobased budgeting under jimmy carter. David jimmy carter is not donald trump. They approach things in very different manner. I grant you that. I think he is very serious about this. He means it. But it is going to be awful hard to do. You have to go about it right way. First thing has to happen, get the department heads, they have to get control of the departments. David that is a good point. You really need tough people. Scott pruitt in epa is one. But you cant say that about many of the people who are supposed to head and run these departments. David on other hand, look at what scott pruitt has done in terms of cutting back regulations, 22 removed for every new, it is extraordinary. Fred, look forward to 2018 with you. Happy new year. Happy new year to you, david. Lea how annoying when your iphone wont work right . Apple is apologizing for slowing down older iphones, to they have cut the price replacing batteries for old phones, from 79 to 29. The company admitted slowing dont older phones. People filed lawsuits and the company said to get them to buy newer i phones. David i already bought the new iphone x for my wife. Lea not me. Im sticking with the 7. David i am too, personal phone. The year that was the highlights and lowlights from 2017 and the moments you may have forgetten about. [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. David there is never a shortage of news in 2017. One of the most exciting years in recent memory. So we put together a recap of the biggest moments from the past year. Take a look. Congratulations, mr. President. Together, we will make America Great again. The dow closing above 20,000 just three trading days after President Trumps inauguration. Stocks going stratospheric. 21,000, 22,000. 23,000, 24,000 for the first time in history. We canceled or delayed over 1500 planned regulatory actions, and you see the results when you look at the stock market. America is a sovereign nation and our First Priority is always the safety and security of our citizens. Syrian dictator bashar al as laud, launch ad chemical weapons attack on innocent civilians. Alassad. Tonight i ordered a targeted military strike on the airfield in syria from where the chemical attack was launched. Rocket man is on a Suicide Mission for himself, and for his regime. David north korea fire ad Ballistic Missile off its coast. The missile flew nearly 2800 miles up in the air. That is 10 times higher just for perspective than the nasa space station. That puts all of the mainland u. S. In jeopardy. I am also directing the state department to begin preparation to move the American Embassy from tel aviv so jerusalem. Carnage in las vegas. The biggest mass shooting in modern American History leaving unspeakable scenes of violence in its wake. The mass murder that took place on sunday night fills americas heart with grief. David brutal massacre at a small church in texas. Investigators currently trying to figure out what, if they can, motivated the man behind the deadliest mass shooting in Texas History to plan and execute this horrible crime. Multiple fatalities are being reported after a pickup truck ran into people on the westside highway. This is a bike path in lower manhattan. David a huge shakeup at the white house. Sean spicer is out. Anthony scaramucci is in. Never a dull moment at the white house. Breaking news this afternoon, Controversial Communications director, Anthony Scaramucci removed from his decision after only 10 days on the job the president made decision to fire the former fbi director last tuesday. President over last several months lost confidence in james comey. Robert mueller is leading the special probe. The Deputy Attorney general to head up the investigation into russias involvement in our election and if there were any ties to the trump campaign. David Hurricane Harvey is intensifying. I didnt think it could get much worse. All across houston. All across texas. I thought we would be done by now, but no. David then there is hurricane irma. Have you heard about this one . It is in the atlantic. It is rapidly gaining strength, battering islands with winds up to 185 milesanhour. Melissa irma destroying the caribbean, massive hurricane laying waste to the island of dough minute car, heading to american territories puerto rico and virgin islands. Puerto rico in desfrat need of assistance. Residents dont have power, clean water and cell service and food. Allegations against hollywood make gulls keep rolling in. David hollywood producer Harvey Weinstein given the boot from the Weinstein Company following a allegations of Sexual Assault spanning decades. Appears some people in hollywood circles knew these rumors were circling around. Melissa alarming allegations around senator al franken, that he sexually assaulted radio show host Leeann Tweeden back in 2006. In the coming weeks i will be resigning as a member of the United States senate. David equifax is having a terrible week. Nearly half of americans, 44 of the population could be affected by a cybersecurity attack on equifax. Oh, my god look what you did to him. Melissa video of a man dragged from united flight in Chicago Ohare Airport after four passengers were selected at random to give up seats they had paid for. The Great American Solar Eclipse is here. The coast to coast astronomic event is the first of its kind since 1919. The taking of the judicial oath by the newest member of the United States supreme court, neil gorsuch. David President Trump looking ahead to 2018 after signing the historic tax reform bill into law. We essentially repealed obamacare because we got rid of the individual mandate. From this day forward, its going to be only America First America First [applause] David Christina deserves credit for that. Thanks for putting that together. We had a great stuff. Obviously a lot more stuff. Whenever you do yearend things, why didnt you put anything about deregulation. So watches going on hard to fit in. Lea powerful images, powerful stories and great work from you and melissa. Great team here after the bell. Lea talk about next year, preparing to ring in the new year with freezing temperatures. How cold it will get when the clock strikes midnight. Achoo snap achoo snap achoo achoo snap snap achoo achoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. Lea recordbreaking low temperatures are expected heading into the long weekend and deep freeze isnt thawing anytime soon. With more from the weather center, fox news chief meteorologist rick reichmuth. Rick, what can we expect . We teams from fox business and fox news out there for the new years eve celebration, what should they expect. Find a way to get out of job, call in sick or something so you dont have to go. You should expect more of the same. Everything in a nutshell. These are the temperatures, 2 degrees in minneapolis. At least better down the Southern Tier temporarily. That will not last very long. Right here as colder arielly coming in. Once factoring the wind, 61 in denver. Go to the panhandle of nebraska, you have temperatures below zero. That is very tight gradient. That also means a lot of wind there, that is why it feels so uncomfortable. A clipper system is coming through, bringing more snow. Because it is so cold, all the snow sticks on the roads. Rough commute from the Central Plains to the western great lakes. This across the ohio valley. Were watching a lot more moisture coming across the pacific northwest. Rain and heil every elevation higher elevations. Montana, wyoming, only spot doing well so far this year. Across the northeast that is the clipper system comes through the overnight hours. In parts of ohio valley in towards d. C. Tomorrow. Couple hours of snow across parts of the northeast states. After that, colder air comes in real quickly again. And because of that, that is why it will be so cold for new years eve. Get ready here in times square. 12 degrees, 10 degrees. Windchills below zero. Any way you stack it is is not fun. Actually, lea, dangerous to be out there that long. People need to take all precautions, take it seriously. Lea when does spring start. Thank you, rick. David weve been getting breaking news. Going through the huma abedin emails. There is at least one email our producers found labeled and stamped classified. You may remember Hillary Clinton said nothing she sent out on her personal computer was labeled classified. Not true. That has been disproven by this document dump. Well continue to go through it for the next hour here. Meanwhile . Lea meanwhile the last days of the year, were counting down to 2018 and preparations currently underway for one of the biggest parties in the world right here in new york. . Waiting for 2018, the Times Square Alliance is making sure one of the biggest parties of the year goes off without a hitch. You havent woken up a couple of days late. Handfuls of confetti as part of the annual test ahead of the big night. I wonder what happens if it goes wrong . It falls to the ground . It would not be so exciting. Hey, heres to new beginnings in 2018. Absolutely. Have a wonderful new year. That does it for us, risk reward starts right now. Happy new year. Adam unprecedented new years eve security measures under way as millions of people plan to ring in 2018 in frigid times square. New york city planning tightest new years eve security after terror attacks in the city. Isis now putting out propaganda like this threatening to kill drunk people celebrating new years eve around the world, saying wait for us. Welcome, everybody, im adam shapiro. Risk reward starts right now. [sirens]. Approximately 7 20 this morning we had a terror related incident. A bomb in the s