Transcripts For FBC Cavuto Coast To Coast 20180124

Revenue abroad is translated back, it is translated into more dollars, but, but, longer term could be a problem with more currencies, digital or otherwise. Eventually it may clip us. Were on top of some white house developments. We might hear from the president of the United States. Remember he is heading off to davos. So when he does, and outlines some plans, he is formizing a lot of ambassador assignments right now. I dont know whether they give them press passes or what. Bottom line, that is what were waiting on. Later on today he will meet with the nations mayors. He will be a busy guy. Of course theyre trying to say now that the government is back in business we think get back to business, resolve all this immigration kerfuffle, sooner rather than later. That well get into is looking a little bit dicey. Meantime, more companies sharing the their riches, their tax cut riches. Starbucks latest to say it is going to be sharing wits workers, not only bonuses or maybe cheap coffee but at the very least continuing a trend now that has benefited 3 1 2 million u. S. Workers at likes of disney, verizon, jpmorgan, i could go on and on. The now the budget director Mick Mulvaney was saying, tax reform is the gift that keeps giving. Take a look. Apparent with Ronald Reagan, his tax cuts, both of them, the early 80s, the one in 86, with real reform were ripped by the media, but people saw their paychecks and the sentiment changed. Do you expect the same thing to happen with your tax cuts . Not just that. I mean, look, we didnt even expect the christmas bonuses that went out. We didnt expect minimum wage increases from large employers across the country. That was even more than we expected. We think we underpromised on tax reform and impacts we could have in the economy. Neil that is very important distinction here. As optimistic as the administration and other republicans were about the tax cuts, whether youre for or against them, of course we said on the very same show were disproportionally advantageous to companies with the belief companies would plow it into the stock, raise dividend, buyback shares, all which theyre free to do, because they enjoyed a curse of riches whatever you want to talk about, not only sharply lower rate, one time forgiveness rates to take trillions off abroad, immediate expensing, you dont have to dillydally and wait for, they are sitting on pile of money. Some dont know what to do with it. Theyre sharing the bounty, even in the case of utilities with customers, offering 5 rebates on utility bills. I could to on and on. Why should i here. If this is the case, could this be like Ronald Reagan tax cuts panned in the media generation ago, when people started seeing cuts themselves, and fallout for those cuts themselves, all of sudden things changed. Connell mcshane, campus reform. Org media director cabot phillips. Love that name. Call her liberal commentate . I call her slightly left of center commentator. That is fair. Neil danielle mcglock lynn, from brooklyn. The new zealand accent kind of helped. Give me your thoughts. I think there are many left of center, whatever, who are a little surprised by these companies and what theyre doing. Are you . Yes, i am. I think the point made earlier that the administration is surprised by Mick Mulvaney is also true. I they have democrats will not be able to attack this in any way with people seeing money in their pockets. It is the economy stupid. Neil more money than we thought would be in their pockets. Yes, absolutely. Best thing were seeing systemic changes in organization. Starbucks, for example, paid parental leave, sick leave, some things on going as onetime bonus that may or may not show up next year. Some of the people left of politics are people carrying out, whether jamie dimon at jpmorgan chase. Howard schultz is politically involved, former ceo of starbucks, Kevin Johnson in there right now. But they are looking at this, i think we hit it a number of times, they say we can do everything. There is nothing wrong with buying back your own stock. In fact it is often helpful to the stock market. There is nothing wrong with bringing back money from overseas. We saw what apple did. You can do all of those things and give your employees a raise. What is 100 million to starbucks. They start doing things once all the savings are in. They can afford to do a little bit of everything. Were seeing it day in, day out. Neil to Connells Point about Companies Run by traditional democrats, even Goldman Sachs Ceo Lloyd Blankfein on the wires today talking about how donald trump has been very good for the economy, whether you like the president , dislike the president , fan of tax cuts or not, all of these guys are a fan of money, theyre making it hand over fist and sharing the wealth. We need to see a lot more companies doing that, even with good number who are, but what do you i can in of all that . Interesting how the left for years is fighting government to force minimum wage up. All the left are realizing all the to raises to rise elect republican president. Allowing government to get out of the way of businesses. Neil some were factored in, 18 states are rolling them n a lot easier to absorb in this environment. How the left is pretty quiet on tax reform. For nancy pelosi to say it was arm ma dead done. T was 1000 cut for most people. If the left continues to attack tax reform, they will lose credibility with the midterms coming up. More and more people are sieving positive impact from the legislation. Neil they are saying, one thing ive noticed, i talked to democratic senator from maryland, truth be told, not as nearly as Many Americans you think are getting corporate bonuses. There is some truth to that but i think i suspect more will. I think democrats underappreciated this. As did a lot of republicans. How this sorts out by november, is anyones guess, but what do you think . One thing democrats go about are on the deficit. There is huge effects on deficit, time and Time Beginning polling across, doesnt matter president ial race or dog catcher, americans are not really thinking about he have did deficits. Are you sure . Neil reporting from a condition nell. Americans dont really vote on deficit or dont vote on debt. By the way were generating revenues we potentially could from that, you might pay and then some. And we may. We may. We will see, right . A bit of a roll of the dice but we will see. Politics of this are upside down on economics if you think about it. The other big story today is the comments that mnuchin made overseas in davos, talking about the weak dollar. Other story of the week, tariffs, with the president put in place. The president gets hit from wall street journal editorial page. Can donald trump stand prosperity . These are positions you wouldnt normally expect from republicans. Neil the position which is pretty protectionist on this, could collapse whatever progress. That he will get attacked from democrats normally maybe the ones pushing for those types of policies versus now getting praise from democrats for pushing tax reform policies. Neil if you think about it, he is triggering what could be a trade war. Chinese were already talking about titfortat response to his slapping this higher tax, tariff, if you will on solar panels. South koreans very angry about going after their washers and dryers, et cetera, that is the starting point. Could the president so stomp out his own good message. Will this come come to fruition or President Trump driving the populist base with all these things. Neil what happens if we get a 50 tariff on washing machine from south korea . That could happen sn,oo right. It doesnt hel consumers. It is not goi toe positive. Consumers will be t ones realizing, wait a second it sounds good toay America First comes t making these produs. Wait a second i want optio. Neil the president wants you to buy from a u. S. Manufacturer, whirlpool. I think government mandating that will not be a popular thing for a lot of conservatives how it affects them going to the supermarket. Most traditional republican message on economics that tariff is tax on consumers. The consumers end up picking it up. To your point about washing machines coming overseas from samsung or lg, if youre paying 600 bucks for one now, put a tariff on its, for the first million plus that come in, youre paying 700 some odd dollars. Then after that neil do you still want that . Do you still want it when the tariff goes up and youre paying 900. This is supposedly. Neil cabots view you have doubts that it will materialize the threat will do the job. I think this is what the the will see how it play with the base before he pushes anything out there. He did push the tariffs. Those are happening. The argument is it short term. Neil do we know it is happening . I think he signed it yesterday. Those start to go no effect but they would be short term. Idea you phase it out over time. You would hope and hope to incentivize these other companies, lgs and samsung to make more appliances here which many are already. They wouldnt be subject to the tariffs. Try to level the playing field. Neil what do you think . I think there bigger problem here. I totally take the point tariffs are passed on consumers. The president s view of trade and he walked away from tpp, talking about walking away from nafta right, can be problematic for american manufacturers and consumers. Justin trudeau is neil i thought democrats didnt care about trade. I take that point. Hillary clinton they vacillated whether trade deals are good or bad. Farmers love the trade deals. Manufacturers love the trade deals. They want to have free flow of goods and services in and out of our borders that is the challenging thing i think. Neil it is upside down world, isnt it guys . Thank you very much. The other thing upside down, beware promises of a politician. Chuck schumer said border wall funding he was keen on, well he is not keen on anymore. A lot of republicans are apoplectic but they have reversed positions. Its a mess. Adam shapiro on capitol hill. Hey, adam. Reporter that is food way to describe it. Fox has video from cspan in 1990 senator schumer was talking about benefits after marriedbased immigration system. Talk about the negotiations on the senate side are in play for some kind of immigration deal that would include a daca deal. In the house, mark meadows and Freedom Caucus are calling for paul ryan to bring to the floor for a vote the goodlatte bill which is very, very streamlined but very strong stance for immigration rerecall to. Here is what President Trump tweeted this morning about where we stand in the senate on negotiations. He said, quote, crying Chuck Schumer fully understands especially after his humiliating defeat that if there is no wall, there is no daca. We must have safety and security together with the a Strong Military for our great people. Schumer on the floor of the senate this morning actually talked about the fact they do believe they can get to a daca deal even though he rescinded his offer for border wall financing. Kirstjen nielsen, Homeland Security secretary, is in davos, switzerland and Maria Bartiromo spoke to her about senator schumer changing his position in the negotiation. Here is what the secretary said. I cant think why he changed his tune. Its a bit confusing to me as well. He voted for the secure fence act in the past as many democrats. It is bipartisan issue. It is a clear need in our country. Agreed to it. One of the before pillars for discussion. Hopefully we come back to move forward in our discussions. Reporter moving forward will be difficult even if the Senate Passes something. The version in the house would only give daca people a temporary status here in the United States, renewable every three years. In the senate what theyre talking about is some kind of citizenship. So you saw the secretary in davos. Theyre digging out of 14 inches of snow. In capitol hill theyre dig out of 14 inches but it aint snow. Back to you. Neil that is very good. Adam shapiro on capitol hill. Right around the corner from where he is right now will president of the United States be next week for the state of the Union Address. No doubt this will come up. No doubt they will not be a heck of a lot closer for daca immigration deal. President outlining agenda, no doubt mentioning tax cuts and payoff were getting from a lot of companies, latest from disney. Democratic ceos and like were sharing the wealth. Were not red or blue. Were green. Not saying that literally. Well cover the state of the Union Address and we in washington for the big event 8 00 through 11, however long it takes. Stocks well off the highs from earlier on. Did this talk embraced by no less an that the treasury secretary of the United States that we welcome and are pretty fine with the weakening dollar . Weaken those gains . After this. With expedia, one click gives you access to discounts on thousands of hotels, cars and things to do. Like the Fairmont Mayakoba for 59 off. Everything you need to go. Expedia. Everything you need to go. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Neil all right. Charlie gasparino and i were just, just now talking about the dollar, the index itself, tracks all the currencies. Lowest in a few years. Treasury secretary Steve Mnuchin started all this rolling, a weaker dollar is actually good for the u. S. Technically what he is referring to are Large Multinational Companies that benefit from a weaker dollar when that does happen but to structure it as a policy we would recommend, some people say that might be a leap too far. Well get a sense where the president stand if he wants to bring this up when he goes to davos tonight. He will be there bright and early tomorrow morning. Blake burman is there with the very latest what kind of reaction it is all getting. Blake . Port pour neil, normally the tradition of treasury secretary to uphold a strong dollar. Steve mnuchin said during his confirmmation testimony. On the ground here he said a weaker dollar might not be such a bad thing after all. This is the comment right here, that is gaining all the attention led to the chart you popped up on the screen. Mnuchin saying the dollar quote, where it is in the short term is not a concern for us at all. A weaker dollar is good for us as it relates to trade and opportunities. Mnuchin also said more actions on trade, speaking of that, are to come and a couple cabinet members also on the ground here in davos as well, kind of weighed in today, backing up administrations current tough stance on all of this. For example, the commerce secretary, wilbur ross said following today, quote, trade wars are fought every single day. The difference is, u. S. Troops are now coming to the ramparts. This is the Energy Secretary rick perry on set with Maria Bartiromo earlier this morning. This is a president that says look, i get it about competition but youre going to compete fairly and youre going to compete on a level playing field. Reporter pretty large footprint neil in davos, you add up cabinet members, half disease or so, Senior Administration officials, 12 to 15 members from the Trump Administration here in switzerland. Leaves tomorrow night. Handful of bilateral meets. That big speech friday morning well hear his economic philosophy and economic policies. As they try to sell a whole host of issues here including the tax bill. Neil blake burman, from davos. You should be over there. I took it out of where i wanted it to be warm i go to milkin. Beverly hills. Neil sure poconos. Women on the beach. Versus davos. Although i did meet swiss miss one year it is a family show. Talk about the dollar thing. Weve before conning this way too long. Benefits of having weak dollar. Short term benefits. Neil but it is quite another for a u. S. Prominent official to essentially endorse that . Well well see if he carries through the Trump Administration, particularly on trade on their protectionist, sort of protectionist plank donald trump ran on, so far on trade it has been all talk but very little action. Talk about unwinding nafta or changing vast parts of nafta. They havent done it. Neil you dont think i hope they dont. Neil agree. Very dangerous. One thing could prevent the rally from keeping on is protectionism where we start slapping certain products with tariffs. China starts doing it. It is a trade war. Inflation spikes. You have to raise interest rates. That will snuff out the rally. This is how economics work. Lets be real clear, what does it mean to have a weaker dollar . It costs less dollars to buy a yen, right . If, it makes our imports, it makes us, we export more, import less, im getting a little confused here. But same token when the dollar is cheaper, that prevents other countries from investing in the u. S. Right, because they get less of their currency back. That is the problem. Neil if youre a superpower you want to be premier currency. There aring bragging rights. Some in canada, read the Canadian Press, theyre concerned the president might step back from nafta. In mexico they are. In europe, theyre looking forward to hear what he says on issues in davos. Is retreating or agitating because if he is and is keen on that he could risk undoing everything he is getting from these tax cuts . Not only the economy, japan wants to invest here. Foreign Companies Come here, they have plants all oaf the place. If you weaken the dollar, when they unwind profits they get less profits because dollar is weaker, you have to convert it into the yen or, what is the chinese currency . The renminbi. I know i neil now all of sudden everything changes. It changes. Lets see if he carries through. I doubt he will go full bore into this. I just think wilbur ross, last thing i read about wilbur, i love, he was falling asleep during meetings. Neil 81 years old. I know. I like him. Neil would fall asleep here never. You fall asleep. Neil yes i do. All of america. All of america. You know what i like . I love it when my twitter patrols say we turned the channel when you come on neil apparently they dont. I notice ratings they go up. Why is that . Neil i dont know. Why is ralph saying you have to go. Neil a lot of antiitalianism. Why is ralph wrapping me right now. Neil he has a headset, plugged into nothing. He is from Staten Island. Neil nothing wrong with Staten Island. That is what they say in Staten Island. Neil there goes the Staten Island demographic. Thank you, my friend. Sometimes when people get richer, depend who they are, you know, i dont know but this guy got a lot richer, and im saying it couldnt happen to a better guy but im telling you got 1. 5 billion bucks. This guy used live in his car penniless. Used to get liquor to get the free chips on the side. Look at him now. So he could get home safely. My dad says our insurance doesnt have that. Dont worry i know what a lug wrench is, dad. Is this a lug wrench . Maybe . You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Neil all right. It was an eyepopping deal. Bacardi buying patron for 4. 1 billion. Patrons cofounder john paul dejoria. Was penniless. Living out of his car. Ashamed to tell anyone. That was then. Now good to see you. My pleasure. America still works. Neil was this deal cooked up regardless of the tax thing . Tax thing had nothing to do with it. Doesnt affect us at all because were privatelyheld. Not at all. It was going on eight months. Kept it a secret during that time. A lot of due diligence. Neil youre on the bacardi board, right. No, im on the board of patron. But bacardis vice chairman. Neil on your board. He owned a minority portion of patron. Neil what made you let go besides the dollar figure. We took it from nothing to one of the largest brand in the world sold, we did what we can do. At this particular point im having a blast. All the events we go you. Into charity a good way. Here is what i thought. A great time to sell. Made a bunch money. More important i remain chairman emeritus forever. I get patron for less rest of my life. I show up at major events. It is my baby. Im very proud of it. Lets me go on to do other things, even more important for patron and our legacy. They promised to run the company same way i do, about the environment. No one is being fired. They care about our people. I hope they make it a 10 or 20 billiondollar company in the future. I have great pride. They are good people. I thought best people to do it. Frees me up a little bit to do other fun things. Im working on giant project right now. I am a little more in philanthropy. Neil you are still in Paul Mitchell hair product. Im always in Paul Mitchell. Hairdressers will always be there. They change the world. They are the answer to have a good hair day to most of our worlds problems. Our students make that sure. So im still involved. Neil if they are not having a good hair day they drink your liquor let me get a sense what is happening now. Sure. Neil all the companies sharing the loot with the tax cut loot and left of Center Democrats whether at disney or starbucks. Right. Neil are offering bonuses anywhere 500, 1000, 2500. Were up to almost 4 million americans benefiting. It works. Best pieces of news i heard from davos, ceo of dow chemical said were hiring because of this tax deal, thousands of people. We dont have enough people. Theyre not qualified. Were going to start a major Training Program to qualify them. We cant find them in the United States. Were bringing them in. Were importing people in. We need more people. We have major Training Program going on for thousands of people. Thats jobs. Neil what do you think of the president s stance on all of that stuff . Once again i dont quite agree with the president s demeanor. I have been very vocal on that. Neil you have. Some of the things he is doing with all due respect work. Oh, my gosh it works. And some good things. Neil are you surprised by the degree to which companies are ponying up the dough . My view on this, john paul, whether you like the tax cuts, i did think theyre disproportionately weighted to companies, whether that is your cup of tea or not, that is such a curse of riches how liberals view it, that now they have more money to spend than they know. Not your kind of money but a lot more and they are sharing the loot beyond just shareholders. They have more money than i have, my god, tons of it but they are and i talk neil youre one of the richest people on the planet, young man. I talk to a lot of corporate heads. Neil do you keep track of that . I had nothing, i was penniless, i am now elite group of billionaires . No, sir. I was very happy when i was able to start a company an feed myself and put gas . My car and not lose sleepless nights not being able to pay the bills. So i went over that a long time ago. I appreciate what is happening now. There are more wonderful things i can do with it. Neil but your instincts didnt change. When youre down and out, kicked out of your place, someone elses car, had to put water in every four hours. Yep. Neil my only thought was survival. That is correct, sir. Neil not changed the way you think. Not at all. That is the first thought how do you get away. Now i do it in bigger scale, in austin texas, where i live, we have mobile loafs and fishes. We built homes for 250 people live under bridges. This is the permanent home. No drinking no drugs, no fighting. Gardens to work in, give them their own dignity now. Neil youre warren buffett, bill and Melinda Gates route, give it all away . Not giving away. Investing in the future. Neil leaving any for your family . Of course. Im leaving plenty foy my family, but while im alive neil were they okay, sat down here is what you are going to do. My daughter said it best, we have great jobs now. What is it like to be daughter of a billionaire. That is wonderful. My dad is the same guy. By the way it is his money, not ours. Were building our little fortunes. Neil not billion dollar fortunes . No. But they may. You can never can tell, my kids, all four of them, do things to make the world a better place to live. Im a pretty proud pop. Neil you should be. You are the real deal. You give back a good deal. I wonder joking with you, not entirely joking, billionaires get a bad rap for being selfish, greedy mowing gus, they dont share the loot, your story could tell them. They have to know it neil but conversely there are a lot of poor people, far, far from billionaires who have that cynical view, but what do you say . I say to them, go online to get it, good fortune, the movie. Story of homeless, being fired, everything coming. Ive been in frivolous law cases before. They say what is billionaire john paul. Why is that. Because youre discourage people, dont go in his favor, he is billionaire. No. American dream is to be able to your life own a house, be homeless, being a millionaire one day, american dream, people forget that. So i was homeless and i did it and other people can do it too around the world. You have to believe in yourself around make the finest thing out there and neil youre a very good person. It will assume im doing a commercial for you, but my rap against this president , i think he is brilliant businessman, great economic sense, what to do, he stomps on his own message and not good with his own people. I will hear from the people saying youre a nevertrumper, i always try to be a good human being. Always try to be a good human being. I think a lot of times his demeanor and tone, sense of loyalty to his own people comes back to bite his heiny. Well help change that i have someone delivering to him, the good fortune, the documentary. Hand delivering to the president. Just take hour 1 2 out of your life, donald, youre great what you do, still be great, donald, but just watch this, donald. Neil do you think he will . They said he will watch it. Because he will understand who it came from and meaning behind it. Neil have you met him, talked to him. I met him. Ran across him is a couple times in the last five years. Chatted with him just a little bit. Not really neil does he have something, when he says the media really does hate me . Well, donald, it is what you say. Neil doesnt help. Perhaps, people sometimes are offended by something somebody says that puts somebody else down. It is old good rule. If you cant Say Something good, dont say it. Keep your values, mr. President. Keep your values. Keep what you want to do, you dont have to put other people down to do it. Neil brief as it was, a lot of people got very stubborn in their positions. You have done some different business. Oh, yeah. Neil how do you handle that sort of thing . More to the point, you got a deal wasnt going your way or transactions didnt go your way, customer didnt go your way, rare in your career im sure it happened, how do you right things after that, ill will, tension . That is where he are on capitol hill. It should have been done before, could still be done, get everybody in the room, with a great hairstyle. Neil see you there with Paul Mitchell product. Have a shot of patron tequila. Neil president doesnt drink. That is okay. He could have orange juice, orange juice very good for you. Talk about what can we do for we the people. Go back to independence. It is we the people of United States of america, guys leave politics aside. Leave the next election aside which most politicians think about, lets talk about we the people. There is no cameras. Lets be on the ground level. Dont be so stuck up you have to stick by your party. How about sticking by yourself for a change . Lets talk about we the people. Neil when youre in a group of people who dont know who you are or someone who, i know you run into social situations someone would argue with you and all, the temptation has been do you know who this guy is, referring to you, and you never say anything, you never say a word. No. Because im just me. Were no different. I had a few extra breaks in my life. Were all good human beings. Spirits in a great body with great places to go. I have my ups and downs, my disappointments, my loves lost, my loves gained so many things happen in life. Were all the same. Whether youre homeless or succeeded financial ally in any other area were all the same, we have to remember that everything we do, everything that happens to everybody else on that planet affects us one way or the other, no matter how you look at it, it goes down the line there. If we help everybody out, everybody has a great way of life. We all have the chance to do the same thing. We do. Neil youre getting a tax cut, right . I neil will you be affected. On this i wont be because of capital gains. Neil not just this deal but general rich guys, the rap is you disproportionately benefit because of your wealth. Two mers of my level. You lose a lot of writeoffs which is just fine. When youre on this level you make enough for me, that extra tax cut going into charity, helps somebody out that needs something a little better. Im inundated with stuff. I do so much stuff i can honestly say, guys im doing this stuff now but most of the money putting away a year. Already earmarked where it is going to go. Neil real quickly, my producers are probably going crazy, there group of billionaires or successful money types who you dont like, or that you dont feel share those kind of values . Yes there are a few of them. But neil want to share any names . No with all due respect, there are so many more that really care and really irshare bringing the world along. They have to know that the giving pledge is great example. I would say giving pledge maybe one or two people want to be a member, very wealthy neil giving pledge, give it away. But the majority of them are doing it right now these are about, the gates, buffetts, go on and on with the great people. People just dont know about it. They have to know about what were doing. We the people, we all know that, were all giving back now. We are making a big change. No disrespect to our government but we are making a big change in business for all the good fortune we receive. Were sharinging. Neil you are. More common than it is not common. John paul dejoria, when i heard he got even richer on this deal, my reaction, at least it happened to the right guy. Will take credit and not announce to the world. Me i would have my name in neon lights. More after this. Ooooooh snap every truck guy has their own way of conveying powerful. Yeeaaahhh boy. Kind of looks like a monster coming to eat ya. Holy smokes. That is awesome. Strong. You got the basic, and you got the beefy. I just think it looks mean. Incredible. No way. Start your year off strong a new chevy truck. Get a total value of over 9,600 on this silverado all star when you finance with gm financial. Find new roads at your local chevy dealer. 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. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Neil new york city mayor bill de blasio will not be meeting with the president at the white house, some two dozen mayors across the country slated to meet with the president. He is citing this departments of justice threat to subpoena 23 jurisdiction cities to offer sanctuary policies to protect illegals within their midst and will on the home front. Congressman lee zeldin, what do you make of that . Mayor would be certainly better advised representing his city to go down to the white house. He could have his political disagreements with President Trump. We have important laws that are on the books. It is actually in the interests of protecting our country that we want to have consistency across our country. We want state and local governments working with the federal government like we do with Homeland Security and counterintelligence with all those Homeland Security concerns, that also applies to people who enter our country improperly and might have competing vision how to move forward. Might be better to talk about as opposed to boycotting. Neil what he is saying in his tweet, congressman, the department of justice decided to renew racist assault on immigration communities. Doesnt make us safer and violates americas core values. Upping ante, a number about cities are, states like california effectively become sanctuary states, states like new jersey considering it. Where is all in going . I think its a desire on the state and local democrats looking to 2020, looking for path of viability, getting the democratic nomination being able to run fence the president. Meantime there is a time for government and a time for politics. Right now this is a time for governing. The policies need to understand, reality after the love threats we face, not all, a lot of threats within our own borders are threats posed by people not in our country legally. It is every level of government working together. It is government working together, different Law Enforcement agencies working together. Not calling each other names. If it happens we have specific threat at moment of time, looking for 25yearold middle east male one day, that is not a racist policy. There might be intelligence that is what were looking for. We cant call our names to do our jobs what in washington is our first and foremost, only constitutional duty which is to protect our national security. Neil congressman, i do want to jump to what is happening now. These fbi messages, the peter strzok exchanges, where thousands of their email messages, we dont know the exact number, disappeared over a crucial period looking into this whole russian link potential or whatever, into the election, what have you, what do you make of that, they just up and disappear . I think it is unbelievable that the texts would actually be lost. I dont believe it. I also think that it is impossible that those texts wouldnt have really Important Information that should be known, whether it is, further effort with the cell carriers, forensic exam of the phones themselves. Maybe they are in the possession of the inspector general. The memo that was sent to congress was a bizarrelyworded memo. It was this trying to make sense what they were trying to communicate to congress but we cant just, anyone shouldnt brief these texts are actually lost. I believe they could be obtained and they will have Important Information and as we connect more and more dots the way the Clinton Probe ended and the way the trump russian probe began well need this information because we clearly have, a deputy head of counterintelligence at the fbi with his mistress, another married person who was connected to the fbi, connected to the mueller investigation, and with all the pieces regarding you could go back to a meeting on the tarmac between lynch and comey. Comey unilaterally vindicating, exonerating Hillary Clinton of the way that you had grossly negligent changed to extremely careless, now theres a probe into apparently this secret society. I look forward to learning more about that. All this information that is coming out, that doesnt even include by the way the classified information i cant get into on air. As more dots are connected, it seems like that is really where the crime and misconduct may have been committed instead of what theyre looking into under trump russia. Neil congressman, thank you very much. Also on the breaking news, we appreciate it sir. Thank you. Neil, want to bring your attention to the dow talks and dollar, talk of treasury secretary Steve Mnuchin talking it down, has no problem with the dollar getting lower, but at threeyear low. Something is going on with Technology Stocks here, i dont know what. They were leading the selloff as they were leaning the runup. Well have more after this. 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. Com neil we talk about something going on in Technology Stocks. But before that, google trying to sort of make sure it has its bases covered and influence intact certainly in washington spends more than any other company i guess when doing just that Deirdre Bolton follows that closely. What do they do . They spent 18 million for google. That is a record. Google is not alone, all these Tech Companies together, apple, amazon, facebook, google, together spent 50 million last year. Neil what do they want . They take congressman out to lunch, out to dinner. They have a point of view that suits their business. If i were a lobbiest, i would invite you out as congressman. We would have lunch. I would present my company as point of view. Maybe why you should loosen the regulation a little bit. Maybe why you should look at this issue or that issue. Because at the end of the day because it will help my bottom line. All these companies see it as spending money on the congressman, wining an dining building relationships. Neil a the lo of them rounding error on a rounding error. The change we see now, most of the time these were defense companies. These are interest additional sectors. The big money coming from tech, shouldnt surprise, a, these companies are growing like gangbusters. B, they are in more parts of our lives. We have to look at amazon purchase of whole foods. Now you have a tech company, owning a Grocery Store or grocery chain. Just points out how ubiquitous how Tech Companies are in our lives. They have the money and certainly are spending it. Google in particular, immigration, tax reform, antitrust, online advertising, these are just some of the topics when they are taking people out to lunch this is what theyre talking about, theyre getting their point across. Neil you want to be in the table. Yes you do. Deirdre, thank you very much. Were barely budging on the dow right now. Could you say it is the dollar. Could you say it is Technology Stocks. You could say a lot of things and never be wrong because guesses never fail. Well have more after this, the dow in and out of 26,260. . Neil all right, its the gift that keeps on giving and the president certainly likes, it touting tremendous investments. The latest of which were hearing from tax recipients like starbucks, hoping to increase wages and perks for 150,000 workers. Grants of 500 to 2,000 for everyone from employees of a certain date and time with the company and managers. Then you have the same going on at disney, promising bonuses to 125,000 employees. Royal caribbean hoping to do the same. Jpmorgan, all companies by leftleaning ceos, not that that should make a difference, but it is what it is. But again, jpmorgan is a 20 billion investment over the next few years, that the tax cuts according to jamie dimon could amount to 4 growth as soon as this year. So for the president , a little bit of bragging rights he will no doubt bring to davos and remind counterparts, share the loot and do more of that in your countries, lee carter, and rachel bade. What do you make of that argument and especially these companies doing this . Yeah, republicans are absolutely very heartened by what theyre seeing in terms of companying growing wages, increasing benefits. This is going to be a big pillar for their Midterm Election campaigns. Republicans came out of camp david a couple of weeks ago, the president , speaker paul ryan, Majority Leader Mitch Mcconnell deciding tax reform was a big part of 2018 in term of messaging. Off of the starbucks news, for example, speaker ryan has a press release out. Majority whip Steve Scalise is talking about it, the president is talking about it. If they can message this, they could potentially save majorities in congress. Now the midterms, of course, are a very long way away, a lot can happen between now and then, but there is evidence this is helping them, tax reform proposal they passed in december is increasing in popularity, weve seen. There was a politico poll just a couple of weeks ago that showed that as i look down for a minute, the popularity went from 42 agree and 39 disagree that it was a good bill, to 45 and 34 . So republicans are getting a boost. Neil interesting. We know, lee, thats the history of tax cuts. Under whom they start. That theres some anxiety ahead of them or Mainstream Media criticism, and then people see them or hear about them or feel good when they get the type of news youre getting from these companies. What do you think how that factors into the midterms . I think its going play a big role. If you interview or poll the American People right now. 7 in 10 are optimistic about the economy and financial future. Thats a long way away from where we were a couple years ago. Its absolutely astonishing, when you look at over 250 million in bonuses paid out. 2. 3 billion total by all american companies. 250 million by starbucks alone. Youre looking at big increases, people havent filed taxes and seen different money in their pocket. So at the same time, people are optimistic, and then you look at what the democrats are messaging and what is nancy pelosi saying criticizing the tax bill. Shes saying this is crumbs. The democrats are out of touch with the American People right now. They need to empathize and understand whats most important to them. When the pocketbook speaks and the democrats belittle the American People and talk down to them, its going to hurt them in 2018. Theres a long way to go until the midterms come, anything and everything can happen as weve seen, but i think the republicans have an edge because of the optimism that people are feeling financially. Neil well see, rachel, one thing that could do this is the president s tough trade stance, might be welcomed by americans feeling gouged by cheaper solar panels dumped on the part of the chinese or cheaper washers dumped on the part of the South Koreans but could escalate. A trade war could happen and if you read the Canadian Press talking about the president mixing nafta, i dont know how far this goes, if theyre worried about it, its going far enough. What do you think . Republicans have requested to sit down and speak with the president specifically about trade. There are conservatives on the hill worried that these tariffs, this might be the first of a trend in terms of putting tariffs on other countries. Totally blowing up nafta, and basically republicans are worried that the cost of this is going to be passed onto the consumer. Yes, maybe manufacturers are going to benefit, in fact, there were a lot of american manufacturers who are going to benefit. But do the companies pass this onto the cost of americans . They add it onto the price of the products and republicans are worried that americans are going to see increase prices on various products and could blame them because of a trade war. I think right now thats why you are seeing them talk more about tax reform. They definitely feel more comfortable about that. On the midterms, i want to say one more thing about this, basically historically, democrats have the wind at their backs right now. Neil right. That is because a president typically in his first Midterm Election loses two dozen house seats. If that happens, right now or this coming fall, that means republicans in the house will lose their majority. Neil it would take two dozen to do that. Lee, i could see republicans losing some seats in the house. I dont think it will be the two dozen though, maybe because of this, or maybe because of developments we have yet to see. Whats your own forecast for the end of the year . I think republicans are going lose seats. You know nine seats are up in california alone. California is likely going to lean towards the democrats. On the other hand, the republicans are really now the party of the hardworking classes of america, and thats something totally different than before. So anything can happen. I dont think that i think that a lot of people are overly confident that the democrats are going to take things back, but the democrats are the party thats right. The problem is the democrats are the party that is judging most americans saying we can save you from yourself. Republicans are saying we can give you the tools to empower yourself. If you were in that position, which message resonates more strongly with you . The democrats have to get act together and show they have empathy for the American People and programs help them more than the republicans are, especially because the republicanss plans are putting money into the pocketbooks of hardworking americans right now. Neil thats the argument theyre making and democrats are not making, im not saying its tilted to the rich or that. May the better party or pr win. Ladies, thank you both, very much. We told you mayor bill de blasio of new york is not going to the mayors meeting at the white house with the president later on today. He cited this Justice Department crackdown on socalled sanctuary cities which new york is probably the most prominent in the country. But we are getting reaction now from the White House Deputy press secretary Lindsay Walters saying i wont read it all. We are disappointed that a number of mayors have chosen to make a political stunt instead of participating in important discussion with the president. President trump is committed to tackling the challenges facing this country, looking forward to visiting with a large Bipartisan Group of mayors that represent both rural and urban municipalities. Cheaply among those not attending, mayor bill de blasio. Senator jerry moran joins us from the Senate Appropriations committee member. Much to talk to you about, but your reaction to this. A number of city mayors are saying this expanded crackdown on the part of the department of justice to go after sanctuary cities is one more reason not to go. What do you think . Well, i dont think its a reason not to go, and i think sanctuary cities need to comply with the laws of the United States. There cant be havens which the law is not enforced, which certain cities take different approaches to enforcement, and you know, one of the problems as we discovered in immigration is once an individual is picked up, someone here illegally, they are not deported, theyre not required to leave the country in sufficient numbers, so the sanctuary cities play into that circumstance. Weve had a lot of conversation about the borders, and about a border wall, but in reality, many people come here illegally, overstay their visas and find a haven which the law is not enforced, stay in the United States, and so theres another aspect of this. But as far as sitting down with the president , this is a country which we can have disagreements. We can be on all sides of the political spectrum, but nothing bad can come from having a conversation, and we need to work together, not pull ourselves apart. Neil this is an interesting weak to test that theme, as you know, senator, since this does indirectly relate to Immigration Reform, daca extension and Chuck Schumer has taken back that commitment to look into or open to looking into funding for a wall, for example. Now no. So where is this going . Well, i think that we end up with the very basics in a daca fix, and that involves something similar to what the current law is providing certainty, current regulations were providing certainty, who are here and in return or in addition to that, Border Security so we dont have more of these circumstances in the future, and i dont think that senator schumer, the democratic leader, can take that off the table, he can say that, but certainly Border Security is going to be a component of any agreement that addresses or solves the issue with daca. Neil all right, thank you very much. By the way, in a couple of weeks, could we be looking at another shutdown . What do you think . I dont think so. We have a lot of work to do, and those conversations certainly are taking place, government is operating, and i think theres certainly a lesson that has been learned, republicans discovered this i think in the times of the Affordable Care act, obamacare. Democrats discovered it in the last week. Financial budget appropriations issues need to be resolved among themselves and extraneous matters that are tried to which you use leverage, Government Shutdown is leverage, just dont work with the American People. Senator, thank you, very, very much. Good seeing you. Youre welcome. Neil you are wondering why the dow has set up selling. Talk about the dollar, i notice in the likes of intel and apple and google and going outside the dow, the hightech names are taking it on the chin. Of course, they do a lot of business abroad. It could be a factor, they run up so far, so fast. Obviously giveback is in order. It has accelerated the dow down 70 point. The nasdaq well off levels. Dominated in the tech names. Stay with us, you are watching coasttocoast, you are watching fbn. Achoo snap achoo snap achoo achoo snap snap achoo achoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. And made it liberating. We took safe and made it daring. We took intelligent, and made it utterly irresistible. We took the most advanced eclass ever and made the most exciting eclass ever. The 2018 eclass coupe and sedan. Lease the e300 sedan for 569 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Neil all right, a quick peek here, down about 55 points on the dow. The nasdaq looking at intraday high literally more than an hour and a half ago, reversing. Technology names dominated. I continue does seem to be acrosstheboard analogy of selloff influencing dow and other players including ibm and cisco. Apple, microsoft, intuit. Facebook, qualcomm. Whos who of tech clan. These are the same issues running up far and fast. You could assign a lot of this to the dollar and a lot of the companies do a lot abroad. Thinking is would they be hurt by declining dollar, just the opposite. The stuff they take into this country could be affected as a result of that, too. But be that as it may, this selloff in the group that has been the leader in and out of this, you know, you think about it. Nine year long bull market. If you had to put a single group that kind of led the charge throughout, it would be the Technology Group and certainly over the last year or so over the trump presidency. Weve got scott martin. John layfield, scott whats going on here . This is one of the fearsome areas that the market is looking at with respect to the tariff talk that is back on the table. The market had the similar reaction when the border adjustment tax was in play and looks like the market is starting to extrapolate this beyond the solar panels beyond the washing machines, full disclosure, we own a samsung washing machine, thank goodness we bought it in 2017, great product. Extrapolating between the International Components subject to tariff or tariff war with other countries. So to me its the market overreacting to what i think President Trump is saying is maybe the big talk, small stick with regard how hes progressing with this thing. I dont think its much to worry about long term. Neil i dont want to assign more to this than worth the attention. Looking at the 75point selloff or so right now. It is all the more noteworthy given we are up 150 points. Carol, your thoughts on this and the dollar thing that got talked about today when weve seen to embrace or the secretary of treasury Steve Mnuchin said a weak dollar policy. What do you think of that . I think weve forgotten that volatility is a norm in the market. This is something we should be seeing. I actually applaud the fact were starting to see a little volatility. So i certainly dont think it is anything to panic about. But i do echo some of scotts comments and concerns that this talk about America First. We have to make sure whether its trump or mnuchin or cohen or whoever is creating the policy is focused on incentives and not disincentives. We have seen obviously great reaction for the Corporate Tax cuts and the repatriation, but when you start getting into taxes and penalties, it doesnt work. We saw that under bush with steel. Saw it under obama with tiring, that cost a lot of jobs and had a negative impact on the economy. So hopefully that talk will turn around because its certainly not a good thing for the market or for the economy. Neil a trade war would not be a good thing, John Layfield especially if this thing with china and south korea escalates, the Canadian Press, the mexican press, they seem to be fearing that, are you . I agree with scott. The scariest thing with President Trump on the campaign trail which we were hoping was rhetoric is the adjustment tax dropped to pay for the wall. Talks to dropping out of nafta, the tpp, which we did and other tariffs in place. And were start willing to see the tariffs in place and the escalation is the worries. Its not that big of worry for the solar industry, its going to cost jobs, large scale solar installations, only 3 total home installation because 95 of the panels are taken overseas but 30 of the costs are from panels but a slippery slope. It was on 20,000 products in the 30s. No comparison right now but the slippery slope is what people worry about. Neil people say that triggered the depression. Scott martin, there are types in these type of moments people either run with it and escalate the selling or theres a pavlovian response to dive in and buy the dip. What do you tell your clients . Were the pavlovian experience, i guess, neil. Were diving in, and carols right. Its funny, you guys forget, people probably dont notice or forgot how easy of a ride 2017 was. There was eight days in 2017 where the s p 500 moved up or down 1 . Can you believe that . In typical markets thats in the 30s or 40s as far as number of days. Carol is right. Volatility is definitely back in the markets in 2018, thats good for those that have held cash because if you have cash sitting on the sidelines, you have to hold your nose and dive in when the markets drop. Neil carol the underpinnings, the market is bullish, what companies are doing, still very bullish. Lot of bonuses going around, a lot of stock gifts and grants to workers going around. You have someone like Goldman Sachs Ceo Lloyd Blankfein crediting the president for this improvement in the economy, his counterpart Morgan Stanley jamie dimon talking about 4 economic pop this year. What do you think . Yeah, im a contrarian, im uncomfortable when i dont have anything bad to say or any sort of concerns. So this is one of those times when im oo another than the tariff talk shaking mid had. We have an unusual situation great across the board where we have growth, we have growth not just in the u. S. But on a global basis. We have low inflation, we have low interest rates. Even if the fed does three or four raises, were not at a level where it should impact markets or the economy. Were in a really good position, and the only thing that i dont like about it, i cant figure out what i dont like about it. Neil interesting, john, layfield, i want to get your thoughts on jean paul was talking become the billionaire, saying in this environment, he welcomes companies sharing the loot from the tax cuts. React to this. What do you think of the president s stance on all that stuff . Well, you know, once again i dont quite agree with the president s demeanor, and ive been very vocal on that. Neil yeah, have you. Some of the things hes doing with, all due respect, work my gosh. It works. And some good things. Neil all right, talking about the personal style of the president versus his economic policies, doesnt think he always says the right things but seems to be saying hes doing the right things. What do you make of that . He is. The companies are doing the right thing as well. Who cares if its a marketing ploy or not. Theyre doing the right things for employees. The employees getting thousand dollar bonuses. This is significant money for the employees. I dont think the tax cuts fully factored into earnings estimates. Its projected banks going up 20 . We dont know that yet, analysts have not come out with that yet, banks are up 10 . We should see a leg up from the earnings estimates and companies doing a right thing which is a positive. Theres negative and polarizing things about the president , this is something that is good and very good of the companies. Neil you know, a lot of things that could affect the markets going forward. Black swan developments, unexpected developments. Talked about trade. If it gets to be a trade war, i think thats unlikely. But that just the moment at which gravity would have to take hold and obviously 5 correction which will be deemed healthy is in order. What would bring that on . I mean outside developments is one thing, just sheer, you know, gravity is probably another. What is it for you . Its time, neil. You know, and its time from the standpoint of the market has been going along on this very nice quiet peaceful walk as i mentioned, how low volatility has been, as carol said earlier in the last 12 to 18 months, time is running out with respect to that market cycle. To your point, it doesnt mean that the market needs to have a down year, it just means that you have a few more bumps and bruises and ups and downs this year. If youre sitting at home being like what does it mean for me. You need to check asset allocation, you need to have things in the portfolio that may act contrary to uproaring bull market so that if you do have the volatile days like were having today and maybe tomorrow, next week and so forth, you have things that will soften the blows of a down day that has been largely upward sloping market. Neil guys, thank you all very, very much. Following other news developments beside the market. I do not want to overstate the market, it looks more impressive, the selloff from where we were, the 150point gain. I thought in context. Want to pass along this meeting of mayors the president is planning on. More and more are not looking like theyre showing up and not just bill de blasio over this crackdown on sanctuary cities. Now the man who runs the u. S. Conference of mayors, president Mitch Landrieu saying much of same, hes not showing up, now in this day is not a good time to be showing up in the middle of all of that. Well have more after this. Hi, im joan lunden with a place for mom every day we hear from families who partnered with a Senior Living advisor from a place for mom to help find the Perfect Place for their mom or dad thank you so much for your assistance in helping us find a place. Mom feels safe and comfortable and has met many wonderful residence and staffers. Thank you for helping our family find our father a new home. We especially appreciate the information about the va aid and attendance program. I feel i found the right place. A perfect fit. You were my angel and helped guide me every step of the way thank you. The Senior Living advisors at a place for mom partner with thousands of families every month, listening and offering local knowledge and advice to help find the best Senior Living communities across the country and it wont cost you a cent. This is a free service. Call today. A place for mom. You know your family. We know Senior Living. Together well make the right choice. Neil all right, it might be the big show that no one shows up for. Two key mayor, including one who runs this whole group thats planning to meet with the president today, saying theyre not going to meet there. Neither is bill de blasio in new york over the Justice Departments recent decision to crack down on sanctuary cities. I need to get a legal sense whats at stake and fortunately judge Andrew Napolitano is here to help me with that. Theyre not going to this event because of this move. Is what justice is doing an illegal move . Its always better to talk than have a confrontation in the streets or the courtroom. Disappointed that the mayor of los angeles, san francisco, new york is not going. But they make their own choices. Neil and the meeting is still scheduled . Correct, correct. What the president is attempting to do is to talk local authorities into cooperating with i. C. E. Where are the immigrants . You guys that are undocumented. You guys know the neighbor thes better than we do. So under the law, can the feds compel local police and local government to help them enforce federal law . The answer is clearly no. They cant stop or interfere with federal enforcement but cannot be commandeered which is the supreme courts expression for taking away from other jobs and put in the service of the feds. Cant do it. Neil all right, if you can help me with the difference here. Okay. Neil im at i. C. E. And im going into track down a criminal i suspect is being hidden within new york city. How far can i go . So you say to local authorities. And illegal, i should point out. You say to local authorities, help us, they can refuse. You say to local authorities where is he . They dont have to answer. If local authorities harbor him, technical phrase meaning hide him and keep him away from the feds, that would be a felony on the part of a local authority. So they have to be careful how far they go. They cant be forced to cooperate. They cant be forced to spend money or resources, they cant be forced to answer questions, but they also cant actively frustrate what the feds are doing. That would be obstructing a federal government function, and anybody that does that, even under color of authority could be prosecuted. Neil could you have aid and is it legal to withhold aid to your city or state . Only under the following circumstance if at the time the aid was offered. Mayor de blasio, there is 100 million for new police cars or computers in Public School classrooms, but as a condition of the 100 million, you agree that your government will help i. C. E. And he accepts the money . He has a contract and hes required to help i. C. E. Hell accept the money because the states and locals are so cash strapped, they never reject the money, but without that string attached, there is no way to force them to comply, and the money spent on the last year of the obama administration, which did not attach the thou shalt help i. C. E. String. Neil you can lie about help, right . You can say they got the money. You had a good analogy in the break here. Theyre over there and theyre over there. That would be obstruction of justice, if you send i. C. E. On a wild goose chase. Neil you could come back and say i didnt know. Its a question who would judge or jury believes. The act of frustration of federal Law Enforcement is itself a crime. The passive looking the other way to federal Law Enforcement is not a crime. Neil you dont mind me switching gears a little bit. Wants to talk to the president , already talked to bob mueller. Where is all this going. The special counsel bob mueller is probably looking at obstruction of justice. Heres an example jim comey, lay off of mike flynn because the fbi has more issues of bank robbers and mobsters and terrorists and your resources are spread thin. Perfectly within the president s authority. Hey, jim comey, lay off of mike flynn im worried about what he might tell me about me and my soninlaw . That would be interference with prosecution for corrupt person. Neil he wouldnt say, that would he . He might not say it but think it and say it to somebody else. President can direct the director of the fbi. If the public is corrupt, the president s behavior is arguably, arguably obstruction of justice. You are also a very good lawyer, if you were advising the president of the United States and your legal team is told mueller wants to talk to you, sir, what would you say . Run from it. Its an extremely dangerous environment. Theres an old oneliner that criminal defense lawyers use, dont talk to a guy that owns a grand jury, he owns the grand jury, he controls the grand jury. Hes not there to be mr. Nice guy. Hes there to see if he can trick, trap or stump the president. The president is a smart guy and has high opinion of his ability to deal with others. He sometimes uses more words than necessary, trying to be diplomatic here. That would be grist for bob muellers mill. He couldnt possibly know, the president couldnt possibly know as much about the case as mueller, his prosecutors and his fbi agents do, and he may stumble into area where he contradicts himself, contradicts others and they could charge him with lying. Remember hes not under oath. Hes not before a grand jury, but a simple lie told in that environment like mike flynn, general flynn and gorge papadopoulos can result in lying to federal authorities in official investigation. Neil weve had 15 authorities, maybe more that are talked to, do you get a since this could be wrapping up or no . I dont, i dont think its wrapping up. The president s lawyers told him in the summer its over by thanksgiving, its now january. I think its going to continue to go on and some of the things that the House Intelligence Committee has unearthed about this will likely extend it as well. I dont think the president will shorten it. Now i know his personality. I know he is determined to talk to bob mueller. Thinks he can talk mueller into focuseg efforts elsewhere. Dont think that way. Its a very dangerous environment. Stay away from it. That would be my advice and probably the advice of a majority of lawyers. Some would say you have nothing to hide, go there, you made promises that youre going to go to the public, go there, i mean talk to bob mueller, stick with those promises, but i think its too fraught with danger for him to go there. Neil words from a very smart man. See what happens. Neil fewer than 5 of the applicants . [laughter] in that group, fewer than 5 make it big in life. He did. Im just telling you. It was 5 worth of people who didnt get it. [ laughter ] more after this. My mother is loving it. Neil exactly. Building a website in under an hour is easy with gocentral. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Neil we always do, this we always are late why. Is that . Never tire of the analogy between teenage triplets and congress. The same mentality on a lot of things. What this is exposing, the appropriations, the spending process is broken. Thats boring to folks but really is whats driving all of this and why we go from precipice to precipice, the senate cannot pass an appropriations bill. A single bill. Theyre supposed to pass 12 every single year. If they dont want to change the 60 vote rule, defining a lot of that. They can make the senators talk a filibuster. Neil but were going to be late on this again, might come up on the White House Briefing. Omb director Mick Mulvaney telling me its the process that is delayed, cobbled together to get you to something the next day, that it hurts, the budget is in doubt and spending is in doubt, what do you think about it . What he is saying is the way we go about this is whats so silly. Both parties. You say what . Hes right. The practices that govern the spending policy and practices in Congress Really havent sent law passed in 1974. 44 years of budget policy and congress trying pass the bills and clearly hasnt worked. Since that bill was passed. Congress completed its job on the spending bills only four times in that time. Clearly something thats wrong here. The 1974 budget act invested a lot of power in the budget itself, and a lot has changed since then, mostly because the budget itself doesnt get done on time, if it gets done at all. We saw this when Senate Democrats controlled the budget committee. They didnt bother writing a budget, no surprise the appropriations process didnt get done. The budget committees are supposed to write budgets, those pass through congress and the appropriations committees pass 12 different appropriations bills. House has a better track record of doing this than the senate. Of course it started last september. Neil it is ridiculous too, to your point, i know its a convoluted process, but we demand it of publicly traded companies, demand it of companies that get taxpayers funds, we demanded a far smaller enterprise. This is the United States government were talking about, that you have obligation of folks paying the bills to give a round about idea where the money is going . Absolutely. Its a massive undertaking, one trillion here, two trillion there, couple trillion dollars and youre talking real money. We need practices that increase accountability. There are a number of budget and spending reforms proposed in the house and the spending budget committees. Today in the Senate Budget committee, there was a hearing with the cbo director keith hall, the third such meeting since chairman enzi took over the panel. There had been a hearing with the cbo for about 30 years, weve got a lot of work to do when it comes to increasing accountability where the numbers and money are going. We need members of congress if theyre going to be able to get spending under control to have a clear picture what the spending even is. Neil to your point, anything last minute, you learn that from college or before, usually pay dearly for it. So whatever. Of course, you were a great student. I was a student would and like all members of congress to be one as well. Neil i had a feeling. Mattie dupler, senior fellow, allaround smarty pants. Awaiting a White House Briefing, awaiting reaction to a couple of big mayors saying we dont want to be part of the u. S. Conference of mayors gathering because we dont like what the Justice Department did to crack down on sanctuary cities like ours. After this. My names dustinhey, dustin. Grab a seat. Woman okay. Moderator nice to meet you. Have you ever had car trouble in a place like this . roaring of truck yes and it was like the worst experience of my life. Seven lanes of traffic and i was in the second lane. When i get into my car, i want to know that its going to get me from point a to point b. Well, then i have some good news. Chevy is the only brand to receive j. D. Power dependability awards for cars, trucks and suvs two years in a row. Woman wait laughing i definitely feel like im in a dependable vehicle right now. Woman 2 i want a chevy now. Woman 3 i know . Reporter welcome back to cavuto coasttocoast, im Nicole Petallides live from the new york stock exchange. A look at General Electric. This is one name weighing on the Dow Jones Industrial average, down about 2. 6 at 16. 45. Down about 45 and this year 2017 under pressure, down about 3 . This week trying to hold onto a gain. Came out with quarterly numbers, revenue and operating profit plunged year over year. Company has been restructuring and in addition to that noted that the u. S. Securities regulators are probing massive insurance charge that was recently taken by the company which reported a 10 billion loss in the latest quarter. Then moving onto Tech Companies. A different story here. Youre seeing the names, facebook, amazon, netflix, google, microsoft, i see facebook and amazon turn into the red but all of which have had a great run in 017 continue to do so in 2018 all hit alltime highs today. Different picture for technology from General Electric which over the last couple of years has been losing ground. Neil . Neil nicole, thank you very much, Nicole Petallides with the dow barely budging, up 11 point. Starbucks, in case you are keeping track of this thing as we wait for White House Briefing. Were going to share the loot, some of the tax cut loot, perks for 150,000 workers and not just talking discount coffee cards, up to 2,000 for employees, managers, that sort of thing. Charlie gasparino on the trend picking up steam here, that is the one thing that the administration wants to keep reminding folks about. Its a shame they have to keep reminding the media this. Listen, im no trumpkin. You and i have pointed out his problems, particularly temperament problems. His economic policies are pretty damn good, and not all of them, but a lot of them are, and thats neil a lot of Companies Led by leftleaning ceos. Tim cook at apple, no conservative. Neil you know jamie dimon . Jamie is moderate, it depends on the topic. No fan of obama. He thought obamas regulatory onslaught on banks was misguided and hurt the economy. Neil now hes saying the economy could grow to 4 next year. Jamie understands simple notion. This is a no bull you didnt say what i thought, did you . A no b. S. Guy. He is saying president obama, President Trump who i did not vote for, which he probably didnt. I wasnt in the voting booth with him. Hes run a pretty good economy, laid off the regulations on businesses, we can now lend more to Small Businesses which will improve the economy. Hes cut our taxes which means we can hire our people. Neil most of the runup was prethe tax cut thing. Neil he believes once these things take hold there is corporate earnings are going to go up. Heres the fly in the ointment which i tell people to be careful, trump is talking protectionism, wilbur ross is in davos when hes not falling asleep, hes talking about trade wars. That is something the charge is that wilbur ross, the commerce secretary falls asleep at cabinet meetings. That is something that could really hurt the economy. Neil falling asleep . That, too. Maybe he should fall asleep more and talk less about protectionism. Protectionism could hurt the economy because if you basically start slapping tariffs on chinese goods, theyre going to do the same us to, thats a trade war and doesnt help either country. Neil im getting the thinks the white house is saying threaten, dont do it, you might get something. You are playing with fire. The other thing is the strong dollar notion or the weak dollar notion. Foreign Companies Open up factories. If it takes say they make 10. If it takes if they get less money back, if it takes more dollars to get a yen or foreign currency, when the dollar is weaker, that depresses their profits. When they have to repatriate the money. If thats going to happen, theyre going to invest less than our country. Maybe it sounds good in the shortterm that we keep the dollar depressed, foreign goods are more expensive, right . Because it take more dollars to buy a yen, to buy a japanese product, but long term, it never really works. Neil superpower shouldnt rest, i understand the argument, shouldnt rest its argument on a weaker currency, goosing things. No. Neil you want a strong dollar. You want people to want you want the japanese, the chinese and everybody else to invest in our country on the washing machines, south korea, the solar panels from china. Could it spread from that . Depends what the countries do. Our relationships with the countries from a trade standpoint are very complicated. This doesnt affect one product. Also, you know, we i think where it gets problematic, we compose a lot of parts here with foreign parts, so theyre manufactured here. Neil not black and white. And u. S. Worker that puts it together. That is where it gets, if you start raising tariffs in the products, thats where it becomes a problem. The journal had a good editorial on this. This is not something you want to screw with. Now, maybe this is a dog whistle to protect the nationalist, populist part who elected him and his base and hes going to do this stuff around the edges. Neil democrats like it, too. Some do. Neil some do . Some do. Im just saying if you want one thing that could snuff out this rally, its this sort of stuff, the protectionism stuff. Neil all right. Are you ready to wash your mouth out with soap . You cant say that on the air . Neil no, you cant not. Didnt the president they about certain countries . Neil all right, the White House Briefing will begin momentarily. 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,. Neil all right, we are awaiting the White House Briefing. A couple of developments. Certainly on going gift that keeps giving the tax cuts, or certainly the way administration will present it. Starbucks the latest to share the loot with its works, thousands of them. Big powwow at white house with conference of mayors. Two dozen mayors from around the country. In the middle of that the Justice Department starts to crack down on sanctuary cities in demonstrable ways, or even states like california to shield such workers in their midst. That prompted new york mayor bill de blasio and chairman of the conference of mayors to skip out on todays meeting. Other cost follow. I have no idea. That will no doubt come up as well in the middle of this time, theyre trying to negotiate some sort of a daca deal, Immigration Reform deal. No doubt sanctuary cities would be part of that, still might be in less than two weeks they have to cobble that together. Well see if they sort that out. As reminder well look at all of this, something the president will say, not just details we get from Sarah Sanders but the president himself in the state of the Union Address slated for next tuesday, 8 00 p. M. We pick up the baton with coverage on this fine channel that goes right through 11 00 p. M. Ahead of that, a special live show, cavuto live on fox news. Hand canning what is at stake for president and everyone else. Then you have davos. The president heading off to davos i believe after those big powwows bright and early. Trish regan, to you. Trish were going later than 11. I will thereby from 11 to 12. Continue analysis all night long live from fox business. Breaking today, everyone, President Trump pushing ahead with his America First policy as he gets ready to go to davos that america will no longer be involved in bad trade deals that will hurt american workers. Well hear from the white house on the whole America First agenda. Im trish regan. Welcome to the intelligence report, everyone. The markets have been all over the place here today. Stocks, currently at least on the dow, a little bit