Transcripts For FBC Mornings With Maria Bartiromo 20180112

Close several dozen sams clubs across the country. Steven mnuchin phrased walmarts use of tax benefit. Walmart is the latest company to make such announcement directly result of the tax cuts act and they join over 130 other Companies Across the nation who have already given such relief. We are now up to over 2 million workers that have seen either special bonuses or additional wages. We have been talking with lots of companies for a long time and we are thrilled with how people are responding. Maria secretary mnuchin delivered good news to American Worker saying we can expect to see the windfall in our paychecks next month. The momentum will not quick, the major indices all closed at another alltime high. Dow industrials, s p and nasdaq in unchartered territory yet again with 205 point rally. Futures indicating the market wills open higher again, the momentum continues this morning, dow industrials expected to be up 100 points as we await for Bank Companies to report earnings, nasdaq up 9 points. Jpmorgan and wells fargo among big names to report, as soon as the numbers hit the tape, we will bring them to you. Jpmorgan and wells fargo each up. Black rock hits the tape as we speak, earnings right there beating estimates, revenue also better than expectations on black rock, the numberses just hitting the tape, better than expected and thats certainly what the sentiment is in terms of leading this market this morning. European markets are also higher, ftse up a quarter of a percent as the dax index in germany and the cac quarante up a third of a percent. In asia overnight, mixed performances at the close. Nikkei average in japan lower but the hang seng up, the other majors also higher fractionally speaking, devastation in california, dozens are still missing this morning, several others are dead including four children after deadly mud slides ravaged the southern part of the state. The latest of desperate search for survivors coming up. The actor slamming bella thorne, why he says her attitude is why people hate celebrities. Ai to take over the roads, details as General Motors plans massive rollout next year of selfdriving cars, by the way, they have no Steering Wheels or pedals, we will check that out and bring it to you. Plus the super model for the super bowl, Cindy Crawford recreates iconic pepsico ad. Joining me Dagen Mcdowell, Brian Brendberg and fox base network Connell Mcshane. Great to see you. Good to be seen. Maria happy friday, everybody. Dagen so much to talk about. Never a dull moment. Maria never, a dull moment. A lot of payday news. A lot of good payday news. Dagen coming up, i will do my nancy pelosi imitation. She always has something to say, thats idiotic. Maria i know. We have to get to that. Lets get to first top story this hour and thats tax reform, fbiate chrysler saying that it would move production from mexico to michigan. It will also pay out 2,000dollar bonuses to some 60,000 u. S. Workers in response to new tax reform law, this move after the countrys largest employer walmart announced it will use some of the savings from the new tax bill to hype wages and bonuses to workers. Hours later that walmart is closing 63 sams clubs some with no advanced notice, you have good news here, Brian Brendberg but sams club also with job cuts. Lets separate the two. The thing i want to say to all those folks out there who have been saying the way you raise wages is by increasing minimum wage, no, the way yaw do it is by growing economy and putting money back in companies of companies that can pass it onto workers. We are seeing it here. This is just the beginning, you will see more of it as the year goes on. The economy has to keep going, thats good news, its laughable watch critics come back against that saying they are only bonuses, 1,000 or 2,000dollar bonuses, thats great news. Walmart Closing Stores on the same day, i have no idea what they are thinking. Dagen can probably describe the reaction of the ceo better than i can, guys, we are trying to get a pr boost, we are trying to help workers, why are we doing this on the same exact day . Maria announcement was same exact day, obviously this has been in the plan, sam stores were going to be closed. Dagen to critics, we report the news, thats the news, the news yesterday morning were the bonuses, the new minimum wage at walmart which, again, 1. 5 million work nester the country, thats why thats so significant. But in terms of the you want me to do my nancy pelosi . Maria did she call it crumbs . Dagen she said the bonuses being paid to workers by the companies, its crumbs, and its pathetic, only to rich elitist with a thousand dollars. To walmart it goes to people that work for 20 years, there are other bonuses of lower amounts, again, a thousand dollars, a thousand dollars to comcast and at t to 300,000 people. I dont know how you could say that that is crumbs to anybody in the country. Maria a lot of money. The other thing, we will have to keep covering this but theoretically is only the start. Jamie dimon pointed it out, this is fine, even if it was crumbs which is not, big deal, a thousand dollar bonuses, lets see what happens after the withholdings change in the first or 15th of february, lets see what happens when the companies have better chance to look at outlooks and at least with Corporate Tax cut should get better longterm so even if this were just crumbs, its still a good start. Dagen just one thing, the wall street journal has a survey of economists that it did and economists credit President Trump as tail win for u. S. Growth. Maria how could you not . Dagen majority of economists have said that he has been somewhat or strongly positive for job creation, gdp growth and stock market. Ly point that out. Even moodies is saying now that predicts Unemployment Rate will be 3 and a half percent. Four Percentage Points than they expected. Again, you list the economy with the tax reform, you have a tighter job market, its not just the bonuses, its the wages going up across the board. Maria of course, we are now up to 135 companies or something. Its really impossible to ignore, the treasury secretary Steven Mnuchin went through saying that taxpayers should start seeing the effects of the tax reform package in their paychecks as soon as next month. The Treasury Department and irs released new withholding guidance that will implement the tax cut and jobs act, this will mean workers and families will receive larger paychecks starting in february. Maria no nobody was expecting that, dagen, thats why i had to puch back yesterday, he kept saying this was going to happen, these companies werent planning on paying a thousand dollar checks. Dagen Unemployment Rate would be higher without tax reform bill. Give him a win. This is a win for the vast majority of americans, theres no other way to look at it. Maria we see pretty good earnings coming out. We know black rock is out, brian, those numbers were better than expected on earnings and revenue lines. What do you think about the bank sector . We have been talking about this quarter as if it doesnt matter this week. I recognize guidance. Its more important. This year even more so. Who cares about the Fourth Quarter. What we really want to know how is the tax package going to impact earnings in 2018 . You have tax package, Companies Paying out bonuses, thats going to trickle down to consumers. Well, how is that going to affect earnings banks . Its true, its going to be messy because of some of the hits they are going to take with tax cut, everybody is excited about 2018 and they know that translates into Bank Earnings because it means lending, means borrowing, m a activity, Investment Banking, these are all good things, they are not looking past the quarter, they are really looking at guidance, they are looking at outlook because they think 2018 could be bigger than expected. Higher Interest Rate environment which is positive for the banks, they are entering a period which would be better for them than the previous one had and black rock looks like it has gotten itself in pretty good start this morning. Maria loan growth is not where we expect it to be, trading and fixed income is not great, having said that, its all priced in. Its what most people are saying. We will see. Its 2018 that people care about. Dagen unless worse than expected, the cfo at jpmorgan projected that it would fall 15 , thats the number to look for. Maria we would see if its 15 or below that. Coming back desperate search for survivors, nearly 50 people missing because of mud slides this as rob robe slams bella thorne. The Cloud Storage companies ipo could be one of the largest of the year, back here. Maria welcome back, a murder suspect shot and killed after ambushing police officers. Cheryl casone with the details now and headlines. Cheryl latebreaking details, maria, 22yearold Jonathan Bennett shot and killed killed n shootout with police in north carolina, accused of killing his girlfriend, the victim also the mother of his twomonthold daughter. One female officer was taken to the hospital after she was shot in the leg. Well, deadly rainstorm that brought powerful mud slides crashing into homes in Southern California is threatening to bring snow, rain to 60 million americans is moving toward new england. The storm is going to continue moving into the ohio valley and new england where theres suspected to be ice, snow can pile up to 6 to 12inches. Thats the forecast. Meanwhile rescue crews in Southern California are still slogging through the mud. At least 43 people are still missing, 17 people confirmed dead including four children. Hundreds of homes have been damaged and officials have expanded the affected area to 30 square miles, the town of montecito under mandatory evacuation order. Rob robe taking to social media to criticized bella thorne after complaining about missing boyfriends concert. Here is what bella thorne tweeted. Im missing my boyfriends first date on his tour. This attitude is why people hate celebrities hollywood, bella, im sorry we are inconvenience, we will try to move our dead quicker. Thorne deleted the tweet. She heard of the news that it was closed because of mud slide, i want to say on twitter theres backlash against her. People are calling her tone deaf, entitled brat. Frequent phrase that is we are seeing and this is why people hate celebrities is the other trending. Maria rob lowe said it perfectly. Nothing else to say. Cheryl rob lowe served them all dinner and not complained about schedules. Dagen it also speaks about millennials, they have to share everything. [laughter] mud slide, they are awful. Just awful. If you dont live in an area realize until you see it on tv, its horrible. Dagen right, these tweets on twitter ought to think about that before cheryl message to 20yearolds everywhere. Maybe keep it to yourself. Count to to 120 before you tweet. Maria understand whats happening. Thank you, cheryl. Take a break, when we come back, the future is now for gm, General Motors make bold announcement saying they could mass produce selfdriving cars without Steering Wheels and without pedals by next year. Blast from the past, Cindy Crawford remaking iconic pepsi app for the big game this year, 26 years later. Running a Small Business is demanding. And thats why Small Business owners need more. Like internet thats up to the challenge. The gigspeed network from comcast business gives you more. With speeds up to 20 times faster than the average. That means powering more devices, more video conferencing, and more downloads in seconds, not minutes. Get fast internet and add phone and tv for only 34. 90 more per month. Comcast is building americas largest gigspeed network to give Small Businesses more. Call 18005016000 today. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. We support our Law Enforcement partners and we are work to go reduce crime and put dangerous offenders behind bars, at the same time we want to ensure that those who enter the Justice System are able to contribute to their communities after they leave prison which is one of many very difficult subjects. We have a great interest in helping them turn their lives around, get a Second Chance and make our community safe. Maria that was President Trump delivering strong message on plans to reform the criminal Justice System. Joining us right now from washington freedom partners chairman and Industry Council mark, thanks so much for joining us. Thanks for having me, maria. Maria what are the next steps, i guess, characterize where we are in terms of what the president has done with with regard to criminal Justice Reform . I think this was in some ways, hopefully a game changer and the remarks you just heard from the president are spot on. This is an issue Prison Reform where theres a lot of support both on the left and the right and what it will do is hopefully as he said break this cycle of recidivism and incarceration and poverty and what its focused on is people coming out better in prison than they did went in, you that through jobs, vocational jobs and therapy and other treatments and what its done in the states that have done this like texas its been remarkable that in texas in the last ten years now because of criminal Justice Reform and Prison Reform, theyve closed down 8 prisons. Maria wow. At the same time they have saved billions of dollars and crime rates are at historic lows, what this show ifs you give someone a Second Chance its good its good policy, fiscally sound. What is there not to like about fiscally sound mark . I see numbers where we spend Something Like three times per capita on prisons, on the correctional system compared to education, whats the most important step we can take in terms of bringing the costs down, just specifically on costs, whats the most important step we can take . I think we need to follow what the states have done which is look at from a Public Safety perspective, make sure that those who are danger to society are put in prison but there are a lot of people who wont benefit from prison and its extremely expensive to put someone in prison, try to find way to keep people out so if they need Mental Health treatment or they need drug rehab or whatever it might be and then with those who are in prison, make sure there are programs in there where they become better over time, the reentry process should begin day one of your prison process, it shouldnt begin 30 days before youre coming out and thats in everybodys interest, this is one of those issues, if we get this right like the states have, states like texas, South Carolina and georgia in particularly, this is going to be great for society, its going to keep communities safer, its going to keep Law Enforcement safer. Law enforcement really faces all the brunt of this, if you look at recidivism, they have to deal with this all of the time, so to the extent we can get the policy right and treat people with dignity and respect and make it about rehabilitation and redemption and not just about warehousing, we will save a lot of money in the long run and hopefully we can reverse this trend of constant incarceration and its one of these issues whatever you think of people who go to prison, 95 plus percent are coming out. Its in our interest to make sure they come out better than they went in. Really quickly, you talk about the reentry process which is the key here, most of that happening 30 to 60 days before somebody gets out of prison but what youre saying that has to happen on day one, what does that change look like, what are states doing to make that work . What they are doing is focusing on the individual and prioritizing and trying to make sure whatever it is that led someone to go to prison, if you dont know how to read or right, if you have a Mental Health issue, if you have a drug addiction, whatever it is, focus on that, dont just lock them up and throw away the key because youre not really throwing away the key when they all come out. Its activity that a lot of states have taken, different vocational training, educational programs, things of that nature, outside groups like prison fellowship and others that come in and do fellowship and entrepreneur programs that help inmates focus skills, a lot of them have great marketing skills, particularly if youre talking about people caught up in the drug trade trying to focus that to a legal perfection in a positive profession, just really focused on that instead of keeping people in prison cell all day. Dagen what about working with private sector and companies at the state level, Corrections Institution to make sure that these people have jobs and have access to jobs, again, thats a huge head win for them when they get out of jail . Its all about jobs and, you know, industries where i work, lucky to work we have been hiring people, we dont make someone declare at the beginning to have process whether or not they have a criminal record and thats worked for us, we have hired many people with criminal records over the years. Ive been the company 23 years, we do background check, we will always prioritize safety within our workplace but what we have learned people with criminal records, a lot of them hungry and humble and everybody makes mistakes, any of us could have been caught up in the system, its a winwin proposition, for us as global employer, we do not want to exclude onethird of the workforce, thats what it would be, thats how Many Americans one in three have a criminal record, so we just try to hire the best people period whether they have criminal record or not. Maria all right, we will leave it there, mark, great stuff, thank you for joining us. Thanks for having me. Mark holden there. Protests in iran sparked by Investment Scheme that allegedly defrauded people. Drop box reportedly filing confidentially to go public. Cloud storage companys ipo could be one of the biggest of 18. Back in a minute. The day after chemo might mean a trip back to the doctors office, just for a shot. 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Welcome back, thanks for joining us, i am maria bairoma and it is january 12th. 6 30 on the east coast, financial earnings in focus, black rock reporting betterthanexpected for good results raising its dividend, assets under management hitting 6. 29 trillion at the end of 2017, black rock, more on the Federal Reserve Balance Sheet, all eyes on jpmorgan and wells fargo reporting ahead of the opening bell, we will bring you the numbers, we expect loan growth under pressure and training to be under pressure. But jamie diamond predicted a good year when i spoke to him. Industrials expected to open better than 100 points. The major indices closed at record highs yesterday with the dow, nasdaq and s p in uncharted territory yet again. Reaction overseas, look at the european indices, higher across the board, the s p up a 12 45 , the cac quarante in paris up one third of 1 , asia mixed performances at the close mostly hire, nikkei average down a 12 45 overnight, it is decision day, donald trump making his call on whether to extend sanctions relief to tehran. It comes with new details on the violent protests this morning, wall street journal reporting investors fueled the demonstrations, General Motors taking out two mainstays from its cars, the panel and the Steering Wheel, details on the self driving car plans coming up this morning. Is the ipo market back . Dropbox filing to go public. A lot of people expect the ipo market and amend a market to heat up in 2018. Supermodel Cindy Crawford reinventing a classic. Maria she is recreating her iconic Super Bowl Ad coming up in a couple weeks. The top story this halfhour, immigration, talks between the white house and Bipartisan Group of lawmakers are modeled following Donald Trumps question why america would admit people from temporary protected status nations and african nations into the visa lottery system. The commanderinchief said why are we having all these people from expletive countries come here . White House Press Secretary Sarah Huckabee sanders weighed in on this, nancy pelosi marked the lack of diversity. There has not been a deal reached yet but we think we can get there and we are focused on trying to make sure that happens, the president has been clear what his priorities are. You open a hamburger stand, understanding the issues, the ability to translate policies in the lives of people, the sensitivity even in the wording is really important. Maria joining us this chief of staff under president obama and former commerce secretary under president clinton bill daily, good to see you, thanks for joining us, never a dull moment. Does this get in the way of getting a deal done, and the issues at hand like Immigration Reform package . No doubt they do. You cannot dismiss the president s comments as explosive as they were in the middle of a negotiation session. The president the other day called the bipartisan meeting at the white house, did a good job of expressing he wanted to be for whatever they wanted to be, love and other problems. In some ways as best he can and empathy for the difficulty not only daca people in the us but the issue of immigration. At a moment there seem to be among some bipartisans and agreement on a deal, i dont know what the negotiating strategy is when there seems to have been progress, to walk in and blow the thing up. Maria even when most participants in the room have said in the past, he felt that way. We put billions of dollars on that border. It is difficult, and activist on the other side, comprehensive Immigration Reform package that doesnt agree security must be at the top of it whether it is a wall or some other form, Sarah Sanders spoke about a broader solution out of the border. It is not just a wall, the president made it about the wall. On the daca issue the president s decision to repeal what obama did that created the crisis for those 800,000 people today. It was not a crisis until the president decided to repeal what obama did. And they caused the crisis. Maria it does go both ways. Calling the tax plan armageddon and she said 5 white guys are running the tax plan, they should open a hamburger stand. No question our politics has become course and the rhetoric, the commanderinchief, the president , the person who is the leader of the country in the world talks about people from other parts of the world in such a derisive and racist way, that resonates. You go to africa where china is investing tremendous resources, political resources to move africans. We have men and women in the military, men and women in the private sector around the world and we are insulting the commanderinchief, the president , not some politician at a lower level, people from other parts of the world, that affect our country and possibly affect our men and women in the military. Maria there is the comment, offthecuff comment and this policy, policies are very different, you look at the tough talk with north korea, look at the situation right now with isis and iran, the iran nuclear deal, the president will extend sanctions relief to the country. And according to the wall street journal, the spark behind the protest in iran is due to financial firms, are you surprised . What has taken place . There is a yearning when you consider how young the population is for more freedoms. They have become empowered, a tremendous addition, they lived under authoritarian religious government for 40 years so i think there is a yearning by young people to change the system. We have seen this in history and we ought to encourage that. Maria he has formed an alliance with the crown prince and the king of saudi arabia and they are doing this corruption crackdown and seems to have empowered others in the middle east. You cannot separate the person who is the leader of the united states, the leader of the free world and how he is viewed, you cant think there is a total wall between that and the policy, the policies about immigration and what he stands for gets clouded enormously by the rhetoric he used last night. You wonder what is his motivation when you see him speak like that and people already interpret as being difficult on these countries so i think it is unrealistic to think you can switch this light off and deal with policy and separate the rhetoric and say that people get insulted, they dont necessarily get a business deal when the president used to do business deal, walk this out, dont worry about that. A lot of people dont respond to that. There is something beyond that, this is personal and dont expect me to do what you need to do after you treat me this way. Maria you went to dollars with president clinton in 2000. What is your take on donald trump taking a huge policy of people, six cabinet secretaries with a big presence in this gathering of Global Leaders . World leaders show up, president clinton, the last year xi jinping, what is the point of this . Wealthy fatcats, anyone who qualifies, what is the message he is telling the world, we believe in trade, if you listen to these, they are different than the message donald trump has delivered in the us. Maria why wouldnt he go where there are other major world leaders, he needs many of these leaders in his fight against north korea and isis, why not go to bilateral meetings . He can go anywhere in the world or meet and talk to anyone in the world, he doesnt need to talk to name the leader of the world you want to talk to and a 5 or 10 minutes, a little room off the side. Maria i was speaking to a leading investment guy, what i am hearing our leaders in europe, thinking how they are locate money because of the us tax plan, we have been sending this money here, we are going to redirect and send money to the us because of the tax plan for the president is trying to export his Economic Policy with this tax plan by speaking to the rest of the world so that International Money comes from the us and it seems to be working. It is good for the president , any president to speak to the world about the us economic strength, political strength, our values, and i dont think there is negative other than time or effort and image of a president who holds himself out with a bunch of fatcats. Maria we will see about that. It is great to see you, always a pleasure. A busy earnings, jpmorgan bracing for 2 billion hit because of tax reform, citigroup announced a big hit and we will give you the numbers, and Cindy Crawford remixer 1992. Its time for sleep numbers lowest prices of the season on the only bed that adjusts on both sides to your ideal comfort your sleep number setting. And snoring . Does your bed do that . Its the lowest prices of the season on the queen c4 mattress with adjustable comfort on both sides. Now only 1199, save 400. Plus, 36 month financing available. Ends monday. Visit sleepnumber. Com for a store near you. Jpmorgan, largest bank, how do you characterize what you are seeing . Clearly accelerating, household incomes, wages, jobs. 20 corporate rate, close to 40 , a big deal. In the short run, decreasing wages. Over time that retain capital used, higher wages, competition and overtime very good for america. The most important thing about the tax plan is it puts American Pharmaceutical Companies on an even Playing Field and administration through Scott Gottlieb to get products to people who need them quicker. Maria you were in the middle of this controversy over the epipen. It wasnt so much epipen and the dollar amount but the system. Taken down overnight, amazon changed business . I think amazon figured out how to change it. It is difficult, we need to disruption in the system. Talk about the venture business, i have no idea, a 10 billion market a 100 billion market but i can tell you student loans, parenting, these are trillion dollar markets today ripe for disruption. Maria will the president get the democrats to agree to 18 billion for the wall . The President Campaign strongly on a border wall, he was elected president. It is incumbent on congress to get that done. Cant blame anybody for coming to the greatest country on earth but there is a right way and wrong way, you have to do the right way, you cant be part of the greatest country on earth and not respected law, cant have it both ways, this president has made it clear. Maria what about a ruling from the california judge stay in the president cannot stop the Dreamer Program when this is continuing to be debated. The ninth circuit is consumed by liberal leftwing judges in san francisco, overruled by higher courts as they were the travel ban, we expect the same scenario, this is a distraction, looking for a solution. Put politics aside and solve this problem for the american people. Maria kodak announcing a block chain initiative. It is a flat fee, great headline. If you get into the details i have a lot of questions. It Company Changed its name. It is ridiculous they change their name to a bit coin related block chain but it is different. This is based on something real. Maria let me ask about bit coin. We see which i regret making. The block chain is real, but coin is what the government feels about bit coin gets really bad. Im not interested in that much. Maria young people are into bit coin. A genius, it went way up. Maria General Motors is unveiling a car that will change the way we drive, Cheryl Casone with details. Cheryl the chevy cruz, something is missing, Steering Wheel and pedal. The first car to eliminate these. Also controls rehearing and visually impaired drivers, gm waiting to deploy the car on the National Transportation Highway Safety administration. Shares of gm are up over the last year of trading. Dropbox filed to go public, one of the largest tech ipos this year. Valued at 10 billion based on venturecapital fundraising, hundreds of millions of people do use drop box, the offering expected in the next few months. Finally, remember this super bowl pepsi commercial from 1992 . In love with you oh oh Cindy Crawford is back, returning to her pepsi commercial past, the 51yearold model will debut a recreation of the unforgettable add at the super bowl during the game called this is the pepsi. It features her ratingyearold son Presley Walker gerber, part of the Pepsi Generation Campaign because they have been around 120 years. Her daughter is turning herself, and she was on the cover. Maria i love that commercial. I would have liked to talk about that but we need to talk about breaking news. Stock is down on these numbers a fraction but they are better than expected. Earnings at one dollar and 76 and to share versus the estimate of 169, revenue at 25 billion better than the estimate of 25. 1 billion. As you mentioned earlier, banks are entering a period of greatness, you have higher rates coming on and a better economy. Interesting to watch for the entire season and we dont have the release from jpmorgan at our fingertips, any reason the stock kicks down a bit, one thing to watch, the stock market in general has run up so much, do we see a little selling as they report earnings including banks, that will depend on their outlook, we talked about this throwaway quarter, look at the 1time charges because top and bottom of the most recent quarter these numbers look solid. Maria putting in the impact of the tax plan at 2. 4 billion, we expect the company to take a hit as they write down certain assets talking about 2. 4 billion. They want to get a tax deduction, there will be a kitchen sink quarter why you are seeing a fragile move down but if you look at the outlook in 2018 there is so much to be bullish about i dont think the effect of the taxcut are building yet. Stocks move up again. Maria this will turn. Dagen expectation was up to 2 billion so you get 2. 4 billion, we should explain these charges are related to changing the value of the banks deferred tax assets, something they have to do ahead of implementing tax reform. As well as deemed repatriation of any earnings sitting overseas reflecting that in this quarter. It is 400 million more than you expect to see but have to throw that in because they want to get the tax benefit before moving lower rates. Even if we dont get one it will be a buying opportunity. Maria the Investment Banking revenue is a myth but we were expecting it has been a slow year in terms of deals and Capital Markets business is one area that is a far scratch, down 25,000 and trading is lower. That speaks to different issues. I said that with Jpmorgan Chase ceo jamie diamond in a foxbusiness exclusive and we talked regulation and profitability and growth for the banks. No question i will talk banks, regulation was a fiction in society and it got worse and worse. And other industries, i speak to friends in media, my name, telecom, they benefit. We havent seen it yet because new people put it in place but the American Public should think of this as fast bureaucracy which is like sand in the engine and to reduce that, not rollback regulations, not go back to the good old times, we need to protect consumers but bureaucracy is bureaucracy. Maria are you more poised to use extra savings to the tax plan and this rollback and regulations to increase dividends, to buy back stocks, create new jobs, what are you most poised to do . Dividends will go up like it always has to be steady and secure and stuff like that. The primary thing Jpmorgan Chase is to grow. That is why we are here. Investing communities, countries, going to new countries around the world, opening more branches. Maria you saw growth the First Quarter, the earnings were better than expected at one dollar and 76 at a share on revenue of 12. 5 billion, better than the revenue estimate of 21 billion. What i love about the regulation comment is i speak to my friends in media, telecom, they have seen a lot of impact from the regulatory environment, not the banks yet. That long runway of what is to come as they tweak the banking world. Jamie diamond is better than anyone else about talking about the effect of regulation and Small Business, and he knows when they get freed up that translates down the road into earnings from jpmorgan because now they are lending, expending jpmorgan to be part of that story. Wanting donald trump talked about in the wall street journal, with the other things, the transcript is regulation and as a throwaway comment we are going to do something that we may do something about doddfrank next. He was foreshadowing the next move as he was trumpeting up the move on regulation saying we might do this next. Dagen changes to the Community Reinvestment act where the wall street journal was reporting on today not just doddfrank but Bank Regulation falls in the hands of the Federal Reserve and a new chief of the Federal Reserve coming in. Will it be a more friendly environment to Financial Institutions . Maria a new regulator of the fed. Dan tarullo was the thorn in the side of all the banks, he wanted to make it tougher, raise more capital, they dont want him to go frankly. Bottom line, we will see more change Going Forward but earlier, the fact that the banks are entering a period of higher Interest Rates, lower regulation and better economy, a good period for the banks. We will take a break. When we come back allow one luxury carmaker is heating of the retail market, its fight for market share right here. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largest Financial Markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Welcome back good friday morning everyone. It is friday january 12 your top stories right now. Financial earnings at focus this morning. Jp morgan and the earnings and revenue topped expectations. They put the next net impact at two and half billion dollars for the quarter. We break down the numbers coming up this morning. More American Workers are reaping the benefits of the historic overhaul of taxes. It will pay out 2,000 bonuses the automaker is also investing in the u. S. With heavy duty truck production. They celebrate the recent moves by companies. In terms of the bonus that Corporate America receives versus what theyre giving to put the schmooze on. We had one of the highest tax rates in the world. This is really a revolutionary process. We thought it would be great for the economy and we are thrilled with the number of companies we see reacting. See mech you see nancy pelosi continuing to call this armageddon. They deliver good news to the American Worker. Another major rally with the major indices closing alltime highs. Dow industrial up 205point yesterday. The rally continues to this morning. Up of a hundred points on the dow jones industrial. Take a look at europe this morning. The ft 100 in the dax index up a quarter of a . In asia overnight. The major indices in asia were higher. The stock right now down about 4 . Theyre hitting the brakes. The Ride Sharing Service used for to hide from authorities. The details on the companys new beard and hopes will brew up new writers. Goodbye chicken. All of the stories coming up this friday morning. Dagen mcdowell great to see everybody this morning. Nancy pelosi revealing her elitism in the bubble that she lives in referring to a thousand dollars and i even understand how you say that. It was a moment of honesty about how she actually thinks about her constituents it. Its quite frankly a bunch of billionaires. She is not looking them in the eye. She is waving to them behind tinted glass. The top story right now on wall street. Just reported fourthquarter numbers. They generated 25 and half billion dollars in revenue. They are bracing for an earnings hit after a tax reform bill. Five of the nations largest banks are expected to report 31 billion in losses total due to special charges they will take. They are going to be writing down certain assets this year as opposed to next year. It will likely benefit over the long run. Christopher, good to see you this morning. Pink you for joining us. Characterizing what you are expecting. As it relates to the tax package we think there will be noise. I think the market will see right through that. The good news is that credit costs are low revenue should be growing faster than expenses. Particularly as businesses now have clarity over the tax bill and really a lot of the uncertainty of the last six months is behind us. We all assume we know whats can happen. Whether its j. P. Morgan or other banks. The environment is going to improve in the future. We self to be on our toes. Is or anything that surprise you in this report or if not something you would specifically be looking for and the other banks that could surprise us with these particular reports. I think the pace of loan growth gets better as the year unfolds. It tends to be slow in january and february and becomes stronger in march and april. The First Quarter loan numbers may not be that exciting to most investors. My experience has been that the they have much stronger secondquarter results. That is offset by higher margin. The higher Interest Rates in the quarter. They are still very tame in the industry. I think we think it increases for the industry. We are going to be talking about higher Interest Rates and inflation in the coming year. We will be talking about this in the next six months. Give the tax cuts coming into next year. That creates some of the inflation pressures. Some stronger earnings come into the coming to the credit card business. Do see it accelerating and 200018. It will only get better which is very good for a lot of banks that do that. The credit cycle could be very bright in 2015. 200018 as we get beyond the financial crisis its a very healthy time for banks. I think they are only going to build capital and had stocks back. Or continue to reinvest through m a. Jamie said in terms of using the money that they could pay out bonuses. He will announce that at some point he seemed more poised to do Something Like helping a Small Business as opposed to giving out a thousand dollar checks. Its about reinvesting in the business. Its a similar announcement that you heard from boeing in addition to giving employees and making sure that they have that. Weve clearly and 2018 the Net Effective tax rate and it plummets. That is a huge benefit to all of the Financial Institutions. What are you expecting in terms of 2018. That we should be focused on in terms of the banks and in general. For the last couple of years banks have been slowly but surely getting operating costs down. We think that will continue to fall. We will have a very important year to drop the expense ratios. That is very productive for the bottom line. We also think the credit cost should be low and that banks have an opportunity to continue to return capital to shareholders. I think you could do m a share buybacks and cash dividends. Into cash dividends. They seem increasingly interested to me. And even though the Investment Banking revenue was down a lot of people were expecting Investment Banking revenue to go way up in 18 as we see more deals. If you were considering a deal youre probably going to do a deal now with the better profitability story. Turning to capitol hill this morning we have a new twist in the battle over Immigration Reform to tell you about. Kevin, good morning to you. Clearly the president s comments yesterday that were creating a firestorm a lot of people would as they each try to get the fake the fate. They are americans they say. The House Minority leader raised a lot of eyebrows yesterday when he said this about the men involved in the negotiation. That comment drew a sharp review he said this. That comment is offensive. All of this of course back and drop stuff compared to what he would have at the white house yesterday. Why are we having all of these people come here. Immigrants from countries across the globe especially those they should be welcomed and celebrated not to meet. I imagine we will be talking about that comment all throughout the day. The president is tweeting this morning he just tweeted this on immigration. A big step backwards. From high crime countries which are doing badly. A meritbased system. I want safety and security for our people i want to stop the massive inflow of drugs. It looks like more is to come as soon as he finishes the streets. Hes trying to make it about americas a system. The charges of racism and that moves the situation back. The senate plan 1. 6 billion was owed towards a fence and that. They are presenting 1. 6. They continue to say that the wall is not going to be effective. That the president wants 18 billion. The acting director. They sure do. Why the move could deal a major blow to business. Get your bit coin together for a bucket of chicken. How do you win at business . Stay at la quinta. Where were changing with stylish makeovers. Then at your next meeting, set your seat height to its maximum level. Bravo, tall meeting man. Start winning today. Book now at lq. 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The most common side effect is bone and muscle ache. So why go back there . If youd rather be home, ask your doctor about Neulasta Onpro. Welcome back facebook making some major changes to its new speed. This is interesting facebook said you will soon see more status updates from friends and family. The company is thinking about users while being and he writes about it on a facebook post. Im changing the goal i give our product team from focus on helping you find relative content to helping you find more meaningful social interaction. The shares on facebook our lowered by more than 4 and in the premarket. When that they rated outside of the united states. I will use in spring of 2015. Hong kong, paris and brussels. Meanwhile the rival is teaming up for that Chicago Company their own brand of beer. It features a Discount Code. In chicago. If they accept bit coin in canada. The offer is only good for delivery. We didnt know exactly what it was. Up 27 percent. We do not know what is in the herbs and spices into the chicken anyway. You could earn bit coin by eating chicken. Its probably a good idea. There they are trying to attract millenials. Your chicken is not very good if you have to do that. Maybe thats whats next. Fly in the find the not so friendly skies. The most nerveracking careers of 2018. We have that listed next. All in record territory this morning. How long can this market boom to continue. 103 points higher right now. Welcome back President Trump just finished the tweet on negotiations. The bipartisan docket deal. Daca was a big step backwards. Chain migration were made worst. They will force it take large number of people to high crime countries. They will help take this country to the next level. I want to stop the massive inflow of drugs. Because of the democrats not being interested in light and safety. They will threaten shutdown but what theyre really doing is shutting down our military at a time we need it most. Get smart make America Great again. Obviously these conversations are happening they need to make decisions on capital. The trump rally continues this morning. Not only in america but in their employees in particular. Raising the goal for stocks. We are substantially breaking that. The new number is 30,000. Return to that number go up its on jobs. Keith, good to see you. I want to get to that dow 30,000, in a minute. One of the things that is driving this market is the fundamental backdrop. What you see from your standpoint. The tax reform is a big deal. Its can add at least 10 per share to s p earnings. They could be as high as 60 yearly for year up. That does it matter what it does matter because this momentum going to 2018. And we think we can start the year off very strong. Three quarters of a row. Everybody said that couldnt be done. We have a chance to be north of 3 in the First Quarter. He really did not want to give President Trump any credit for the rally set for 2018 he is expected 11 profit growth. 23 earnings growth. We havent seen that 3 growth in the quarter. Its been a very long time. Because of the bonuses we are seeing. The talk about how businesses might be reinvesting here in 2018 what kind of fundamental growth might you see because of the changes said the tax code that we head in 2017. I think there will be a lot of good things happening because of that. That is good to be a nice tail went again of the economy. After the election the ceo confidence surge. It normally peaks coming out of recession because youre at the Inflection Point we have a lot of runway. We are in the ninth year of an economic expansion and were just now seen ceo confidence spiking. It will drive potentially some more m a. In terms of risk the wall street journal laid out the three. The Federal Reserve been a major risk of. There is always a risk. Those i would agree with. We need to keep a very close eye on inflation. What allows us expansion to go on for as long as it dids inflation has been very contained. Inflation will go up this year. The two could go that way. We dont think our base case is that inflation doesnt get out of hand. With to keep an eye on productivity. Its labor growth we will see maybe 1 and you can see some cyclical uptick. But the real driver it would be productivity. If we continue to see an upsurge in productivity these will it will go for many years. We havent seen that kind of productivity growth that we want to see. It has been one of the worst five year of the carter administration. Interestingly though. In 1982. Over the next two decades with the catalyst being a deposit policies and went from half of 1 to three and half of 1 . If you see the upsurge in productivity it bodes well for the economy and the markets and it could be an extended. Of time from here. We like the u. S. But we like the developed economies even more. Bank of america u. S. Trust. It will take a break and be right back. It could drive up rent prices across the country. They double as a pregnancy test. Waitll you see this. [music] and i can do it with whats already within me. Because my body can still make its own insulin. And onceweekly trulicity activates my body to release it. Trulicity is not insulin. It comes in a onceweekly, truly easytouse pen. It works 24 7, and you dont have to see or handle a needle. Trulicity is a onceweekly injectable medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. It should not be the first medicine to treat diabetes or for people with type 1 diabetes or diabetic ketoacidosis. Do not take trulicity if you have a personal or Family History of medullary thyroid cancer, if you have multiple endocrine neoplasia syndrome type 2, or if youre allergic to trulicity. 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The latest reviews. The lowest prices. Yeah, i got some financialbody guidance a while ago. Howd that go . He kept spelling my name with an i but its bryan with a y. yeah, since birth. That drives me crazy. Yes. Its on all your email. Yes. They should know this . Yeah. The guy was my brotherinlaw. Thats ridiculous. Well, i happen to know some people. Do they listen . What . Theyre amazing listeners. Nice. Guidance from professionals who take their time to get to know you. Welcome back good friday morning everyone. It is friday, january 12. Your top stories right now 7 30 a. M. East coast. That is setting the tone for another rally in stock. Reporting better than expected results. To the tune of 2. 4 billion. The stock initially traded down but has used course and is now up one half of 1 . We have the rally that we are expecting although this is just off of the highs of the morning. After reaching alltime highs yesterday. The s p and the nasdaq also trading. Futures taking a cue from the banking numbers. Take a look at yesterdays clothes were all of the major indices hit uncharted territory. The markets are up across the board this morning. We are off of the highs of the morning. In asia overnight mixed performances. The other majors traded up. Which profession is the most stressful. Broadcasters top the top ten. Teens are putting laundry pods in their mouth as part of a dangerous new online challenge. We will tell you the ridiculousness of it coming. Ikea has a new offer. That could release that. While the restaurant is getting into delivery all of that coming up this morning. President trump just tweeted about the reported language they use. The language used by me at the daca meeting was tough but this was not language used. It was a outlandish proposal made. A big setback for daca. The president seems to be explaining it this morning and is tweets. Is he denying it . He said the really tough thing was the deal. Sarah sanders did not deny. Nobody denied at the white house yesterday. He is making a point that it was really the daca deal and i was brought to the table. We will keep talking about that and try to understand the president s tweets. The new law is expected to hit all access a business when it takes total effect. The real straight dash make the Real Estate Industry has been waiting with anticipation. Good to see you sir. Thank you so much for joining us. One of the big takeaways from the tax plan that we spoke about quite a bit on this program is the fact that we make very will see an exodus out of high tax states because of losing the deduction. You believe it will be a big move. That is correct. On the commercial side this cloud of uncertainty that has held the market back since the president took office has not been lifted. A lot of investors have been waiting to hear about tax reform in the final form. They are required to digest what this means. The provisions that are most important and most importantly the lowering of the taxes for passthrough and to tease we make up the vast majority of commercial real estate ownership. On the housing front because of the fact that the housing deduction has been lowered and you have standard deduction that now may commit convince lowerpriced homeowners not itemize you will see lower demand in our estimates which then turns more consumers into rentals and they had been one of the strongest portion of the Real Estate Market over the last five years. You think real estate prices go down in apartments go up . I dont know if prices will go down there so demographic for job creation. I dont think it is going to result in a market downturn or decline but it certainly is going to soften the pace and put more people into rentals and those will be positively affected. What about other parts of the country. Do you see a move in there and a more clear uptick in real estate prices. Where do you see those possibilities. The states with income tax and higher levels of income taxes in higher housing prices are more negative and affected. Those are also job leaders. Reach with education institutions that bring in capital on a long a lot of it will that migrate there. It is the broader impact of the positive impact of tax reform for real estate in general that will create more capital flows. They happen to be the states with lower income taxes. Therefore there is more value to be gained. They are looking on as higher yield. And looking to take advantage of the arbitrary if you will come in out, not of the lowerpriced markets. To use that earlier point. Question about a possible exit us. Where are you on that. From bind to renting or will be see some of that either in residential or commercial or a lot of that. A lot of people just saying hey im out of here. Im moving. I think it is more of a deepening. Then it is an exodus. They have other drivers and generators of jobs in demand for real estate that are not to go away. This is more of a deepening factor that an exodus. According to a report out last week. It dropped 27 percent in the Fourth Quarter. In comparison to the prior year. The Housing Market in general nationwide has been a very robust recovery. 6 price gains. Its been a very robust recovery mainly because the overbuilding of houses and condos has not been happening. There is a supply shortage. Is a very hot years and then some pullback years. In some of the higher beta markets. In general both the supply side is in place. Through more corporate investment. In the expectation is the market in general will benefit from all of this. Youve a reduction in the amount of money you can take off in taxes on mortgage interest reduction. Three quarters of a Million Dollars. It could hit real estate in new york city in particular. And then also incentive to live elsewhere. You can only write often state and local taxes 10,000. How will it not hurt real estate here. In the high beta markets. In the as a whole point about driving more people into renting. Your point is very will taken. So i guess you would expect rent then to go up . We are expecting it to go up. I think it will take some time to work its way into the market. We are seeing so much investor interest but everyone is digesting all of this. We are sort of on that the same page. Thank you so much. An urgent morning over the tied pod challenge. Its sparking concern among doctors. The restaurant believes it will lower in new customers with delivery. [music] ill be your honeybee. To their breeding grounds. Except for these two fellows. This time next year, were gonna be sitting on an egg. I think were getting close make a uturn. Uturn . Recalculating. Man, we are never gonna breed. Just give it a second. You will arrive in 92 days. Nah, nuhuh. Nope, nope, nope. You know who im gonna follow . My instincts. As long as gps can still get you lost, you can count on geico saving folks money. Im breeding, man. Fifteen minutes could save you fifteen percent or more on car insurance. Welcome back and knew a new survey raking the most and least stressful jobs. I think that is number one in might just be. The annual list is out. This is from career cast. Audiologists came in as the third least stressful job. 76,000 hairstylist is least stressful job. Diagnostic medical sonography here are the most stressful. It pays an annual salary of about a hundred 5,000 and up. Fighters healing dash make feeling the heat. Averaging about 40,000 right now. The most stressful job of the year enlisted military personnel. As you mentioned rod casters did make the top ten. We are in second place. Its probably not so true. It kind of stressed me out watching these videos. There is a warning to parents about this new thing that teenagers are doing. Theyre posting videos of themselves eating the larger laundry detergent. Anyway they are really worried about this. Even a small amount of this detergent can cause diarrhea, vomiting breathing difficulties. If youre going to do it how stupid are we. They thought it was a good idea. You will love this. Pregnant mothers can now peon and ikea ad you get a Discount Code for a new crib that ikea sells. Now i am stressed. You can pay for it with bit coin. I want to know what you think about that. Where the last two people. So hooters the restaurant is in a find out if their food is attractive as the waitresses. They will be expanding food delivery service. They are hoping that it will attract customers who say they are too embarrassed to go inside of a hooters. Those are all the headlines. Cheryl is can ask connell and brian what they thought about it. Thats why. Is a new restaurant chain . You wanted to be. You wish it would stay there. It has some womans hair. [music] alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. I had severe fatigue, became diagnosed with hodgkins lymphoma. He was a good candidate for immune therapy, which is allowing his immune system to attack the tumor. Learn more at cancercenter. Com retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Welcome back. A retail apocalypse. Some of the iconic american retailers have been shutting stores. But other brands are opening stores. The Canada Based Company opened in the First Flagship cover any. Store. Moose knuckles. Noah, good to see you. What is the secret sauce here. So many of your competitors are actually cutting back and Closing Stores. I think the store closures that you are seen are stores that are operating at the lower level of retail. They are not so much luxury and higher end brands. I dont know that we are seeing that. I know youre very patriotic. In your very much looking at this company as canada and people love canada. How to explain that to me. How do you sell the brand of canada as part of the brand of moose knuckles. People want to be a part of the story. Canada is a very authentic place. Weve authentic people and its a real story and i think that the brands out there that are doing well today are brands that trade on authenticity. And also our product. By the way another competitor of ours and public and went very well. It went public last year. If youre planning to go public as well. We love canada. They blazed a great trail for us. Right now we are really having fun doing what were doing. We want to dilute our brand physician inner distribution the way we do things we are disk and just a kind of stick with what were doing. And what metrics you are looking at. And how you are expecting this. Eight years ago this brand have four coats and our entire year it was 350 coats. Today we are all over the world only about 20 of the businesses in canada. It is going phenomenally well. We are looking to continue that. What has been your experience in terms of Online Shopping give a your sense of the amazon effect. Our retailers are actually doing very well. With their e, presence of our brand. Its going well. Our business is going gangbusters across all levels. Were really really having a good time. Ive been in the coat business a long time. This product is the best built coat in the market and we take it very seriously. People want to be part of the fun story. Its a great coat because we use great materials in we use highly skilled people in canada to make most of our products. Its great to see you. Thank you so much. We will be watching the developments. Move over mayweather. Connor mcgregor as a new match of the century. Hi sweetie. Door buzzer hi. Smells really good. Thank you. More pasta. Hey guys. Hey how are you . You bring the wine girl. Some would shy away from throwing a big party in a small space. Guys, its a lot of food. But tonight, youre going to make the most of every square foot. With blue apron, any night is a chance to see what cooking can do. Takata it is friday january 12, your top stories right now 8 00 a. M. On the east coast. Financial earnings in focus in morning names reporting Fourth Quarter j. P. Morgan topped expectations cone put net impact of the tax reform at 2 1 2 billion dollars, in the Fourth Quarter, tax reform windfall more American Workers reaping the benefits of President Trumps overhaul Fiat Chrysler latest announcing it will pay out 2000 dollar bonuses to nearly 60,000 u. S. Workers also investing in usa to move heavyduty trucks production from mexico to michigan, as treasury secretary mnuchin deliberatived more good news for the American Worker. Treasurer department and irs reid released new withholding guidance this is that workers and families will receive larger paychecks starting in february. More on big win for paycheck coming up optimism to more on wall street indices closed alltime highs again, we are talking about, close to 80 new highs, since the president took office. Dow industrials yesterday up 200 points, today, the momentum continues futures indicating a about 100 points on dow 6 points higher on nasdaq in europe this morning, the major indices higher as well although here we are looking another a situation where we are off of the best levels of the morning, about partly euro trading up multiyear high against dollar german chancellor Angela Merkel made progress for a Coalition Government in, asia overnight, mixed performances to look japan under pressure majors up fractionally overnight. Devastation in california dozens missing several dead including four children after mudslide ravaged the southern part of the state. Reality check with rob lowe slamming oaks over insensitive reaction to mudslides her attitude he says is why why people hit a celebrities. Atoy take over gm plans massive rollout selfdriving cars no Steering Wheels and no pedals, more of over mayweathermcgregor funny next component facing off with billionaire refreshard branson from latest look at those, all those stories coming this up morning joining me to talk about it Dagen Mcdowell, king of College Economics professor brian, and Fox Business Network Connell Mcshane good to see you. Mcgregor looks like let himself go since mayweather fight just saming. Richard brasson . Dagen Richard Branson is Richard Branson a side note a man who when he shows up for a tv appearance like by himself wondering around outside one dahllof to see a billionaire like that. Taking off the shirt this is a something, wells fargo records earnings in the Fourth Quarter numbers just hitting the tape earnings betterthanexpected but revenue, is really mixed, to slight miss, fractional earnings came in 1. 16 a share versus 1. 06 revenue comes in 22. 05 billion versus estimate of 22. 35 billion, the stock is is moving lower fractionally right here, because of this revenue miss and, of course, we know dagen, that wells fargo had, quite the year, in the last 12 months. Dagen but still a company stepping up, to recontribudistr. I dont want to say a or there away for financials but, again, they are going to be hit to the earnings because of the impact from the trooem in j. P. Morgan case was more than expected, the top end of that was expected to be two billion dollars for j. P. Morgan hit tan because of the tax reform the changes made in the Fourth Quarter, it was 2. 4 billion and trading revenue at j. P. Morgan, by the way, fell more than expected fell 34 in most recent quarter, expectations from the cfo she said in december supposed to be closer to 15 . Why so many people are saying forget about Fourth Quarter numbers. Dagen 80. Maria they dont matter what matters impact to company for 2018. Forget Fourth Quarter numbers dont forget about story Going Forward especially with tax adjustments. Wells fargo one of the companies we mentioned because, it really does a lot of pay effective high effective rate so that is the company a bank that can benefit already paying in 30s, you know. Maria we want to look at tax reform impact, certainly the number of Companies Giving out bonuses growing americans should see more money next month we told i the list keeps growing, blake burman live at the white house right now with the latest there, blake, good morning for you the. Reporter irs Treasury Department releasing tax tables a deadline february 15 to sort out payroll treasury secretary Steve Mnuchin sighing should mean 90 should see takehome pay, spree of starting next month, now as far as the implementation goes this is described as a three phased process will take place over the current year, and mnuchin told me this is not being hurried. In no way this was rushed to try to get this out there for absolutely not. I mean we update withholding tables every year there is more work our ont is to will get people money quickly as ethic 90 of people will see changes. The fed bonuses from corporations to employees because of revamped tax code continues, chrysler Fiat Chrysler announcing 2000 dollar bonuses the 60,000 u. S. Employees walmart saying bonuses handed out up to 1,000 as there are would increase minimum wage for their employees to 11 dollars, however, the top democrat in the house nancy pelosi did not appear impressed with all going on across the country, she describing this as insignificant. In terms of of the bonus that Corporate America received versus the crumbs they are giving to workers to kind of put the schmooze on is so pathetic, it is so pathetic. Reporter maria some trying to contend administration is trying to juice up tax as we approach midterm mnuchin was asked about that called that a quote ridiculous charge. Maria thank you so much blake burman the latest there, meanwhile, immigration tax reform todrawing board pushed by group of senators rejected by wisely president set out a series of tweets socalled bipartisan daca deal, presented yesterday to myself, and group of republican Senators Congress mep step backwards wall was not properly funded chain lottery worse usa forced to take large numbers of people from high crime ups countries doing badly i want a merit based system of he immigration people will help take our country to next level i want safety and security for our people he writes i want to stop massive inflow of drugs i want to fund our military, not do a dem did he fund. Daca has at an a big step backyards dems threaten shut down what they are really doing is shutting down our military the president writes this morning at a time we need it most, get smart make America Great again. Former special assistant to President Trump former press second to Vice President pence, and manageing partner mark penn good to see you. Thank you for joining us. Good morning, wloet me kick off with you what do you make of this president with tweets, seemed to be trying to explain the conversation that took place about immigration meeting yesterday when he is criticized for language he used. President has been very clear what he expects in immigration deal he wants to shut down chain migration, and the lotteriy system go to merit based people coming in based on who they are skills that they bring rather than just where they happen to come from. And so this is where this is where we are there is negotiations going on, i think the president has been very clear does want to do somebodying for the daca recipients, but he also wants to take a look at broader immigration issues, including securing our border and building the wall. Mark penn, you know, you could talk about the language being used, but you also have to look at the policies, and a number of democratic former president s Senators Congressman said the same thing that we need structure when it could emphasis to immigration we need border secured, but now because this donald trump wants the border wall they are singing a different tune. The president was on offense now on defense, probably very just apologize for what he said to haitians those in affordable care. Over the line democrats going to be emboldened calling high crime areas looks more code word for racism i think has fallen into trap if he doesnt get out of it i think more of a stalemate today than last week. Wasnt main call both sides you heard nancy pelosi calling tax plan armageddon pathetic what is pathetic about employees everywhere going to be 1,000 dollars 2000 dollar checks. That is where the president the republicans i think, were gaining points tax reform is going into effect, on kind of a stock market is up, the economy is looking good, if the president didnt wake up with think the country would feel better than they do when he does. Mark what about that, in the president s tweets this morning, he seems to be i dont know, is he denying it that he said it or comments that from president immigrants from hatedi avenuecan currency. Why having all people from [bleep] countries coming here denying in a tweet here is what he said the language used by me at the daca meeting was tough but this was not the language used. Whacht was really tough was the outlandish proposal made big setback for daca mark. Right the president says that he used tough talk, he is known to do in many president s have done, and used salt. Dagen language going back for decades Nixon Johnson many others that is nothing new he speaks frankly plainly, what he is making the point here. He is focused on a merit based system, and not a geographically based system you get to come into our country just based on where you live he wants to take a look and find out who you are, what do you offering to society how can you help make America Great again, and that is where that is the focus where he has on immigration. Mark is there anything wrong with that really. Whether salty slang locker room talk not the way to it was an policy he has to recognize, that he should have apologize for comments remember 70 to 80 , want dacas to stay here americans favor this policy using it a wedge to get more Border Security americans will favor, reallyout to apologize then get back to politics. What about the idea that our military has been to let slammed by sequester and the fact you talk to general jack keane on our program yesterday, fourstar general says 50 of our navy planes are not even flyable yet the democrats refuse to put appropriate amount of money into the military. Well, look that is a fight worth having i think weve got to get on to budget. This is all the same fight. All same fight, but he now on defense on immigration, he is not going to get a resolution, i think going to have to let daca go, the democrats are going to have hashedened line today on this, on. What do you mean let daca go. Has i think to prove daca get less than he would have he is on defensive 70 or 80 will support a claim daca bill the bill he wont give has a lot support tangled into the budget most americans dont want daca tied into the budget they want to solve immigration problems separately from budge then solve the budge. He wants daca he said he wants daca solution but wants to border wall too. Remember his right now there is a federal injunction you dant win with daca nay democrats with an sit on it. Could have lost leverage there switching gears on controversy surrounding if ibi handling of russia probe in interview with the wall street journal yesterday President Trump said fbi agent once involved in russia probably committed trees anz, referring to peteder strok i want to believe the path through out there is no way elected i am afraid cannot take that risk like insurance part time in unlikely event you die before 40 president speculating referring to Andrew Mccabe most i think this is a who they are talking about acting director of fbi after jim comey was fired President Trump calling for investigations to quickly finish proekz mark your thoughts quick. Well i am not a lawyer but sounds talking about insurance policies and backup plans to overturn the will of the voter, and the and the election, that sounds pretty treasonous to me, and so i think the president the justice department, and fbi need to take a series look, into this investigation and i think we are seeing that taking place on capitol hill. Mark penn i dont think any question collusion at top of the fbi with hillary clinton, i mean come on you got all technicalities between peteder strok and mistress. Working foring fusion gps people are putting dots together they used this dossier was not verified, as justification to wiretap trump tower. On this one, i think that tweet is one of the most damaging things i have ever seen from o someone in the government, every level i dont understand how he is still employed by fwhi i dont understand how criminal investigation was not o bone opened to all of this to me hugely damaging to confidence in the fbi two are having an affair, using official government channels for personal communications, that alone would have made them a security threat. If they have insurance what is insurance policy russia probe. Look, i think, damaging, i think. In trouble you think. I think he is in big trouble i think the president on this one is on pretty fairground. Great to see you we will be right back. Heres a question. With smart, revolutionary Hearing Aid Technology available right now, why does it take most of us 7 years when we know we have hearing loss to actually do something about it . Will you continue to feel left out. To constantly ask people to repeat themselves. 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The hundreds of homes have also been damaging, officials have now expanded the affected area to 30 square miles, montecito under mandatory evacuation order. Actor rob lowe a local there, called out fellow actor thorn after she complained about missing boyfriend concert because of road closures due to mud supplied he tweeted to Santa Barbara missing my boyfriends first date on tour, well lowe responded on instagram saying this attitude like people hate celebrities hollywood i am sorry you were ininventoriesed we will try to move out of our bed quicker. She dreetd the tweet sent another one heard of news one because of mudslides 20 years old, so you know young, maybe can figure out twitter, all right closing the energy focus run for the last two decades, the 89yearold manager, citing his deteriorateing health and performance as reasons for closing in post says quote i properties on volatility and energy stays, but for me personally trading oil is not as intriguing as once was, also listed ranch in texas for sale asking 250 Million Dollars. A billionaire ceo into sir Richard Branson with usc champ manager mcgregor in Dublin Ireland branson posted video on instagram it has been viewed 1. 5 million times. We should say the fighter made a post of his own, writing branson is not a knight on this soil. Funny. I mean they dont normally take shirts off to do this by the way. Most ceos dont, you know. General rule. I think you know what, branson and jeff bezos should do a post yes, right. Yes, my, sorry. 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There are Treatment Options that can help. My visitors should be the ones i want to see. But we did in fact break 25,000 very substantially break it easily i guess new number 30,000 it means every time you see that number up on wall street it means jobs. Itself dow 30,000 really on the horizon. To look at this morning futures indicating momentum continues as earnings from the Banking Sector drive markets this morning, both Jpmorgan Chase and block rock topped expectations with numbers wells fargo this morning mixed after revenue miss as you can see the stocks right now mixed Jpmorgan Chase down a percent, wells fargo down 1 and a third blackrock shares up better than 2 joining us right now, editor and publish dennis, great to see you welcome. Maria thank you a long time you and i go back a long way. Maria sure do i know being for a long time you have have been studying this market looking at technical issuess where you see market given great work in the past . Well i tell you first of all, price earnings multiples are extremely exaggerated price to value multiples exextremely exaggerated psychology extremely exaggerated i found the market overbought a long period of time monster it has been a bull market continues to be a bull market you can write down will continue to be a bull market, until it will stops we are at that point, we are where it is just i mean what more can one say has been an amazing move thus far best one can way one day we will walk in, the dow will be down two or 300 or 400 points it wont rally and that will mark the top, but until then, every rally has been taking us to new highs every low at at higher levels each of them time he fundamentals maybe exaggeratored will continue what can one say. Stocks going up until they go down you are right, it is it has been one after another amazing to come in morning see it dennis we had a conversation from one of the earlier guests bring it will up with you as well that can we be in environment where we have higher, yields rates and higher stocks, and can the two coexistence if so how long how do you see that playing out. Two can coexistence we have seen plenty of times Interest Rates have gone higher and so too have stock prices, they they dont have to move in contravention in convention but can do both over different periods of time, not unusual to see Interest Rates rise stock prices to go higher we are in that environment, the economy is doing well, and that is going to drive Interest Rates higher for the for the next several years i think, we may well see stock prices continue, it is shocking surprises people surprised me every time you try to take the other side of the market say it is too high, it goes right in your face continues to go up. Dagen every time dennis it is Dagen Mcdowell every time the 10year yield crossed 2 1 22. 6 percent was buying opportunity in treasury since 2008, but how high is too high give us a number. On the 10year yield where that would be a negative for the stock market. I think dagen first of all, i look forward to my beloved nc state playing your beloved waning forest in the not too disant future once above 3 1 2 on 10 year will make things far more ten owous dangerous can we take 10 year 203 1 2 next two or at least years, of course, we can, you have to remember i can remember trading the bond market long bond 14 and a quarter percent coupon nothing surprises me having been in market as long as i have been. Maria 3 1 2 , in the next three, three years, i mean does the fed blow it this upcoming year talking about four Interest Rate hikes talking about unwinding Balance Sheet 50 billion dollars a month, can they snap this recovery right in its tracks and because stocks to follow an economy . Maria they will if they allow yield kifsh to move in inversion overnight fed funds rate above the two year if they allow overnight fed funds rate to 5 and 10 hope the fed has learned a lessons of the past when it allows the the yield curve to mover to inversion that recessions follow bear markets are hard upon lets hope they lender that lesson we dont see inverted yield curve i dont think this is a going to happen. Maria sounds like you would put new money to work in this markets right here. No what i will tell you any two or 300 point break after on slow volume on lesser volume that takes a proing tracted two or threeies to evolve i would would i buy stocks this morning not with my money not with yours still a bill clintul bull market wait corrections wait till you see one volume less than it has been then a buyer would i buy this morning no, not at all. Maria good surprise would you buy laggard like energy. Yeah, one has to gen what energy one wants to be involved in would i buy a driller no a refiner probably, would i buy natural gas probably apply that those make sense, if you are going to be a blooifr of energy take a look at trusts yields 12r50rdly hi 62, 63 dollars, the trusts probably make most sense. Come back soon, please. Thank you. Thanks for having me on. Coming up the crackdown in saudi arabia, latest authorities reportedly transfer detainees including princess alwaleed bin from ritzcarlton innee ad to high security prison the latest next with a special guest facebook making major changes to feed how social media giant trying to toster meaningful interactions with users. nadia white the moment a fish is pulled out from the water, its a race against time. And keeping it in the right conditions is the best way to get that fish to your plate safely. dane chauvel sometimes the product arrives, and the cold chain has been interrupted, and we need to be able to identify where in the cold chain that occurred. tom villa we took our world class network, and we developed devices to track environmental conditions. This device allows people to understand whats happening with the location, but also if its too hot, if its too cold, if its been dropped. Its completely unique. dennis woloshuck if you have a sensor that can keep track of your product, it keeps everybody kind of honest that way. Who knew a tiny sensor could help keep the food chain safe . He gets the best deal on the Perfect Hotel by using. Tripadvisor thats because tripadvisor lets you start your trip on the right foot. By comparing prices from over 200 booking sites to find the right hotel for you at the lowest price. Saving you up to 30 youll be bathing in savings tripadvisor. Check the latest reviews and lowest prices. Im Maria Bartiromo friday, january 12 top stories right now 8 30 a. M. On the east coast. Breaking news on economy, we just got readings on retail sales Consumer Prices retail sale up 4 10 of a percent last month very much in line with expectations, the compromiser price income tax up 1 10 of a percent compared to 2 10 of a percent reaction on news is still strong, we have not seen a major move from these futures, where we continue to see stocks trading. Unchartered territory dow industrials expected to open up 100 points, as Fourth Quarter season has been kicked off with major banks this morning all major average bannings reported better than expected earnings there was a revenue miss at wells fargo, the stock mixed to look at union indices a recordsetter yesterday on wall street, the ft 100 cac quarante higher the dax index mass trade down by a fraction, as the euro, traidz up, it is up versus dollar this morning in asia overnight mixed performances take a look japan down, but the other major higher driving action earnings from financial serz Jpmorgan Chase blackrock betterthan expected results, Fourth Quarter from wells fargo, mixed the stock as you see there, are mixed right now, the tax reform benefit going right to the american people, more Companies Announced plans, to give out bonuses to employees including, Fiat Chrysler, house 3450ir7b9 leader nancy pelosi however, continues to try to throw coldwater on these payouts listen to this. In terms of the bonus that Corporate America receives, versus the crumbs, that they are giving to workers to kind of put the schmooze on is so pathetic. It is so pathetic i think it is insignificant. Insignificant 1,000 dollars more coming up, being facebook making changes to the news feed what to expect if you log into the site General Motors taking out main staiz pedals and Steering Wheel details on selfdriving car plans, coming up, then the comic book universe can marvell at this. Tell me something. The third world country. I asked black panther a major milestone before hitting theatres victory for the film coming up this morning all that coming up this morning stay with us on that, but as first, this top story, saudi arabia yint anticorruption corruption transferred Prince Alwaleed Bin Talal remajor did he contain forest Ritzcarlton Hotel to high security prison nearly 60 detainees apparently moved told we want to bring in advisory to Prince Alwaleed Bin Talal chairman of holds. Good to have you on the program. I know that you have revived prince alwaleed on Investment Decisions also the french government have been very active in middle east and europe what do you make of this in the corruption sweep. I the companies i think very important to understand what is happening in saudi. When you take a step back of crackdown you see Global Vision of the content, i think it was maybe for saudi arabia to have such a young leader that the leadership of the country and that he is taking a lot of challenges right in saudi right now military, the economy front on social front, and he has worked you know the last two years, to on plan vision 2030, to meet the challenges and to fix the issues that he has identified i think the corruption is huge issue in saudi arabia. It has never been publicly i think good thing to notify i think the he message nobody above the law very important message, to send to the saudi people to the saudi to investors, the concern that you know most people have right now, in the u. S. In france, about is that this message should be in saudi arabia you have rule of law nobody above the rule is very important to design, and to present it to to make the security wise, about. Prince alwaleed, has been in prison now a long time, and there have been others that, have been released, people are not asking the question he what did prince alwaleed do did he support Muslim Brotherhood terrorism what did prince alwaleed do what can you tell us. I revived from a french president on the government of the when you look at story between princess alwaleed want to build a saudi and we were happy to identify the best and not as strict as today the best to team up with. French government. You put that partnership together, but caution prince alwaleed is a name that we all know western people have dealt with him, he has been a partner with bill gates with ceos we want to know yes is still in jail what he did. I dont know the only thing i can tell you is that identified him because he was with testifying women rights extremely patriotic to saudi arabia, he was at the largest investor in saudi arabia. But mbs calling the corruption crackdown is that the way you see it a corruption backdown. I think so i look at the i listen to saudi i follow news, and i you know i am very capable about other news most is alwaleed saying i am not going to agree that i am cup cup corrupt will stay in prison. I think going on very difficult for anybody to comment on what is going on, and two people have been released and free innocent, so i think we should let you know the the going on respect the saudi authorities. Have you spoken with prince alwaleed. Once yes. How is he doing. Good, he is good. What did he say. He doesnt say much he is just in with president even two years ago, conference was presenting him future or saudi arabia. Do you expect to give up part of fortune to get out. I dont know charges. That is what were trying to figure out whats charges. I dont know the charges i dont know what the process, behind behind it. I think, i think he is being treated very well. I think he has access to kind of we reported they moved him from ritz carlton to high security prison. You know, i i dont know that is not official and i cant comment on things on. You are not sure about that. No, no, no. Have you spoken with prince alwaleeds family. No, no, no. I very much focused after this saudi French Investment Fund very much focused thoughts on u. S. Relations that had honor to meet last in july we agreed to bring more and more u. S. Companies in saudi arabia and the concern that french of the u. S. And this is already you know, i think it is very important for saudi arabia but i support that i will you know, that i will value for all partners, in the companies, to show due process behind all this i i think i have met him very smart, leader, and i think going to do it, and i think you know, everybody should be realized what is happening things are not out of control. It is it is really you know under control with all of the parties. I think you make a good point saudis with a noted to take oil Company Public saudi aramco deal going to be big london wants deal hong kong wants deal, short list for public about debut what are the ramifications of that deal given what is going on right now . Well, that is a good point, i think i think this will be a critical year for saudi arabia. I mean, we will have the aramco very exciting for most investors, most i mean as part of overall change i interviewed crown prince his Royal Highness incoming king of saudi arabia i interviewed him in october he basically said look, we are doing this corruption crackdown we want to live like normal people here is what he said. We want to live a normal life. A life that translates our moderate religion costumes coexist live with world contribute development of our country and the world this is something that have a steps that taken that we have taken in the past that are clear i believe we will eradicate the rest of extremism very soon i dont think this is a real challenge because we represent moderate change and principles of islam and we have the right the right is on our side. This is a huge statement, a huge statement that the incoming king of saudi arabia said. Yes, it was a historical statement i was there everybody, it was a day kind of of the it with a as historical moement i think what is doing right now, maybe the most important thing in the saudi more than history a reverse of the revolution in iran taking us 100 years ahead i think very important for saudi arabia to have such such a leader such a spokesman. What are your expectations for prince alwaleed . You know, i know him, i trust him i think his country comes first, so i think he is going to lead that and going to negotiate with the with people in the commission, he has been extremely for country two two years ago to now i think will continue to be, he is very loyal to his country to his family. And you know i dont know, i dont know what what will happen but i only hope that the country everybody to good to have you on program. Thank you. Thank you so much for speaking out, adviser to prince alwaleed and others, in saudi arabia, among other countries we will be right back, stay with us. Whose fleece was white as snow. But after an electrical fire from faulty wiring, marys vintage clothing and designer shoe collection were ruined. Luckily, the Geico Insurance agency had recently helped mary with renters insurance, and she got a totally fab replacement wardrobe at bloomingdales. Mary was inspired to start her own fashion line, exclusively for little lambs. Visit geico. Com and see how affordable renters insurance can be. Detain detainer. Maria welcome back facebook shares falling after company chaerngs news feed Lauren Simonetti on floor of the, no, no this morning, good morning. Hey Maria Facebook getting warm and fuzzy again going to prioritize what your plans and family have to say at the expense of what companies and publications have to post, that could mean a loss of advertising dollars why stock is down almost 5 , as i speak. Also take a look at gen General Motors no hands they are filed a petition, about with department of transportation, for a selfdriving car with no Steering Wheel and no pedals, coming to you in 2019. Gentleman that is incredible i mean like not a car it is just a machine. Doing it as a way to prevent car crashes, forever so they think the technology is so good we will be safe on roads have a lot more time to go on facebook i supposed to. Cool stuff lauren thank you looking at pretty good open on wall street many u. S. Companies stepping up to the plate, in the wake of the tax cuts, passing benefits along to employees, and form of bonuses wage increases House Minority leader nancy pelosi had to say about that. In terms of of the bonus that Corporate America receives, versus crumbs giving to workers to kind of put the schmooze on is so pathetic. Pathetic . Stuart varney weighs in Varney Company, crumbs. Look if you are worth tens of millions of dollars, and nancy pelosi is worth tens of millions of dollars has a lot of california reowns stock in apple facebook she and us have have a vineyard if you have got that kind of money, yeah, a thousand dollar bonus is indeed a pathetic crumb. I dont think so i think even millionaires this can a thousands is a thousands a lot of money it is a lie. I think it looks totally out of touch. I mean nancy pelosi obviously has no idea what it means have to say a walmart worker who gets 9 dollar to 11 dollar jump in income, or wages, and she has no idea what it means to somebody who works Fiat Chrysler getting 2000 dollar bonus has no idea. She is out of touch. You know this is not your Democrat Party of your fathers eraor my grandfathers era it changed this is elite looking down on rest of us. My goodness. You wonder if voters lash out come november, lies, or whether the obstruction and hands and feet are positive for them. I think the democrats are going to make trump the issue, and i think republicans are going to make pelosi an out of touch issue. I snow you have more in 10 minutes see you stop of the hour Varney Company 9 a. M. Here is President Trump tweeting about reported language in immigration meeting never said anything derogatory about haitians other than haiti is obviously a very poor troubled country, never said take them out made up by the dems i have a wonderful relationship with haitians probably should record future meetings. Back in a minute. Ress is only . Plus 36 month financing. Ends monday. Visit sleepnumber. Com for a store near you. I. Prilosec otc 7 years ago,my doctor recommended. 5 years ago, last week. 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Last night it is so charming whimsical always goes into theatres this weekend made 120 Million Dollars, abroad. A feelgood movie. Feelgood remove 20, 30 Million Dollars high end this weekend probably not top. The pricing star wars. Doing well, it is who knew . Marvell black panther movie breaking records hotel anticipated i got to get your take presales in last 24 hours, more than any other remove. Chad, yeah, you want to try to get tickets you cant get tickets, a lot of anticipation breaking all sorts of records right now. I love it, looks good the marvell universe giving black widow stand alone remove sans say overdue how do you think the stacks up compared to the other films. I think will do well compared to wonder woman d. C. Fwlim marvell did great job with stand alone characters taking a lot of to movies tirs female will be in 2019, captain marvell the second one, so will be great. Is this sort of the stand alone black widow, answer to wonder woman how we should look at that. Yes, but a Long Time Coming i think so we will see how it goes. So i mean it is supposed to rain, supposed to be a pretty the movies. I see the post go see post opens nationwide probably one of the most relevant movies of the year. You are right a lot of levels. Katherine graham we will see about that good to see you, we will be right back. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade door buzzer hi. Smells really good. Thank you. More pasta. Hey guys. Hey how are you . You bring the wine girl. Some would shy away from throwing a big party in a small space. Guys, its a lot of food. But tonight, youre going to make the most of every square foot. With blue apron, any night is a chance to see what cooking can do. I was wondering if an electric toothbrusthan a manual. S better and my hygienist says it does but theyre not all the same. Who knew . I had no idea. So she said, look for one thats shaped like a dental tool with a round brush head. Go pro with oralb. Oralbs rounded brush head surrounds each tooth to gently remove more plaque. And unlike sonicare, oralb is the only electric toothbrush brand accepted by the American Dental Association for its effectiveness and safety. My mouth feels so clean. Ill only use an oralb. Oralb. Brush like a pro. Maria great show, everybody, good to see you. Good stuff. Great to be here. Maria bartiromo, great interview. Maria these comments a 1,000 bonus is not a crumb to either you or i. Maria no. Stuart, take it away. Stuart its not to me either, by the way. Thanks, maria. Were running out of superlatives for this market rally. Fantastic, explosive. All true. Let me say it again, you have never seen anything like this, you are watching financial history. Good friday morning, everyone. Is it like the dot. Com bubble . No, that was narrowly based. This rally has spread across almost every sector. We may now be in the explosive phase of thal ily. That would certainly be true of this year, 2018. We crossed 25,000 last week, and we are now on 26,000 watch. Look at this, up 200