Even though the early read on futures is that they are poised to rebound but much will really depend on what the president of the United States has to say. Welcome everybody to Fox Business Networks coverage of the president s first state of the Union Address when he addresses the body back in february last year, it was to a joint session of congress not deemed a state of the union. The state of the union by the way the president will remind folks is in better shape than when he took office. He is also saying that im going to extend an open hand to work with members of both parties, democrats and republicans to protect our citizens of every background, color and creed. That is code for a immigration bill that he thinks will work and down the road for infrastructure that both parties with find Common Ground and big goals for a president with his sights on a very busy new year and the question then is how much this will propel that lets go to blake burman at the white house. Blake . Hi there, neil. The white house released tonight you just went through some of it expect the president to call this a new american moment saying that there has never been a better time to live the American Dream than right now. You can expect the president to tap the new tax bill that has gone into law this year, his signature legislative achievement talk about the economy as well but there are two especially important issues here in washington Going Forward that the president will address as well and that is infrastructure and immigration and to the former the president will say and im asking both parties to coming together to give us the safe, fast, reliable and modern infrastructure our economy needs and our people deserve. The president has also talked about the need to cut down the permitting process to which he will say america is a nation of builders. Weve built the Empire State Building in just one year. Isnt it a disgrace that it can now take 10 years just to get a permit approved for a simple road . The president will also telegraph that he wants to get a deal done on immigration, saying tonight i amex tending an open hand to work with members of both parties, democrats and republicans to protect our citizens of every background, color and creed. This speech in about an hour and 10 minutes or so from now we expect the president to leave the white house here shortly. Neil . Neil all right thank you very much blake well be going back to you as the night allows. Mick mulvaney joins us the white house budget director the back drop for todays speech was a backup in the stock market today , a big followup about 363 points, worst day weve seen in about seven months here futures are rebounding a little bit here obviously though stepping back from the sell off here the markets are up since the president s inauguration dating back to his election so sir thanks for taking the time. Neil good to be here. Neil i had colleagues on both sides of the aisle today talking to me, sir about well dont stress the markets too much, you never know anything could happen what do you think . I think the markets go up and down on a daily basis but over the course of time you seen this market is only headed one direction since the president took over. Yeah we lost 260 points today but we did about the same back in may and no one remembers that now because its been solid since then so yes theres going to be shortterm decreases in the markets thats the way they work , but we think we really have made fundamental changes to the American Economy in terms of what we done with taxes what weve done with deregulation that have long term positive impacts to the markets and ability for most folks to make money, for corporations to do well for people to do well and thats what youll hear about tonight from the president. Neil director just to be clear, still 100 points here and there, 363 points for today but youre quite right the markets have appreciated quite a bit under this president. Ironically the one thing thats getting in his way and could be a good thing but hire Interest Rates in reflection of an improving economy. You worry about that when you crunch the numbers and have to factor in the cost of a lot of stuff with higher rates . Well certainly because the cost of money which is what interest is which is most concerning to me as my role because borrowing costs go up and youre sitting on 20 trillion in debt you can do the math its simple. It gets really expensive to sit on that much debt for a long period of time when Interest Rates go up. That being said i would be much more concerned if Interest Rates are being driven up by shocks to the system something happening outside the country or outside the economy. If they are going up because the economy is doing well thats the sort of good news we can deal with. Neil you know director much has been made of the tax cuts and democrats and steny hoyer said well its not paid for its a little odd the concern for building up debt didnt see that appreciatable prior but leaving that aside are you surprised because we touched on it before about all these companies that one after another several more today that are indicating because of the tax cuts theyre sharing the bounty with their workers. Now, nancy pelosi comes along calls that chump change, in the scheme of things and that they could give a lot more. What do you say to that . Id love to be able to tell you we knew that was going to happen but to be perfectly honest i think it surprised us it was even that quick and that large and thats great news. As to mrs. Pelosis comments i would love for somebody to ask her if she thought it would be chump change i think her words were crumbs if this was a government check going out and my guess is if it was a thousand dollar check going out to families under a Democrat Administration she would be the first to curl about it. Shes not upset about the amount of money. Shes upset about why the money is flowing as it is and where its coming from. Its coming from the private sector and not from the government thats undermines a basic democrat progressive principle. They dont know what to do with it, capitalism works and they really struggle with that and thats why you see pelosi grasping at these bizarre references to yups when you talk about thousands of dollars for american families. Neil you know a lot of people talk about paying for the tax cuts they ignore paying for the other 10 trillion in spending thats added on but leaving that aside, is it your sense and you crunch the numbers better than anyone that when this corporate is considered and all the way its being paid forward by one company after another that these could be paid for, sooner rather than later. Yeah, in fact if you go back to the analysis that the council of economic advisors had done, they said look we think this translates into a 4000 per household gain, you get a thousand dollars in the first 30 days, thats a pretty big chunk of that so were very cautiously optimistic that weve under promised and we hope to overdeliver. The long term benefits the American Economy again when we talked during the tax bill about 1 additional growth every year leading to 2. 5 trillion additional revenues the real numbers actually 3. 26. You can imagine that, a one point percent increase in gdp over 10 years is 3. 26 trillion of additional revenue to the government savings to the treasury over the course of the 10 year window thats tremendous potential we unleash and we think would take big steps towards unleashing with our tax plan and deregulation policy. Neil and it doesnt factor in as you said early on what these corporations are doing. Switching gears the president is supposed to touch on infrastructure and back in the days of kong reon watching every penny you might have looked to something that called for 200 million worth of federal money commitment up front. I dont know where that is going to come from. I know that its supposed to be leveraged off for private enterprise to kick in and help out but a lot of your more conservative colleagues on the hill from your days working there are saying wait a minute. This has potential boone dog written all over it. Sure and if it was 200 billion of spending or 200 billion of infrastructure that raises a giant red flag for me but what youll hear the president talk about tonight and more about in the coming days as we add flesh to the bones of the infrastructure idea is taking that 200 billion which was in my budget last year is in the budget again this year and leveraging that to a trillion, trillion and a half through some very creative financing. Give the president credit. Bringing people in from the private sector has really given us insights into leveraging government dollars that weve not seen before. Youll see some of the most creative financing tools youve ever seen from the federal government so i get it im concerned about the deficit. I hope thats my job the reason the president put me here but you tell me i can spend 200 billion worth of Government Funds and get 1. 5 or 1. 7 worth of new infrastructure that gets my attention. Neil that is if you get others on board to use that leverage right . It is but i mean other countries do it. I know everybody is going to say oh, all you want to do is gut the environmental protections and build roads and swamps but we will point to examples, canada for instance, australia, more restrictive environmental rules than we have but they can get stuff built in two years where it takes us ten. We do not have to lower our standards all we have to do is be smarter and if we do that, not only do we leverage up the new money, but we get a chance to take the money already out there and put it on the ground faster, so again, its a comprehensive immigration plan youll know more about it next couple weeks and more tonight. Im sorry but theyre in the background yelling on another channel. Neil i hate when that happens, real quickly are you open to a higher federal gas tax . Im sorry say that again please . Neil are you open to a higher federal gas tax . Yeah i dont think youll see that as part of our proposal. Neil really, okay well thats short and sweet. Thank you very very much, secretary very good seeing white house budget director joining us from the capitol. The president is making his way to the capitol from the white house. Its a pretty short hop from pennsylvania avenue so get down there. We have a lot more could come up here including the fall out from what the president is due to announce tonight not only the immigration stuff but talk separately that in the senate theres a gang of 22 working on alternative solution to that. Im not kidding you, they expect to hammer out an accord that will at least be outlined by the president calling for the eventual legalization of 1 point million illegal socalled daca the children of those who came here illegallyly but the president will demand something in return that wall, the funding for the wall, a clear message to Chuck Schumer who put it on the table and took it off the table. Chuck put it back on the table. More from our nations capitol as president done and j. Trump commits his first state of the Union Address. Stay with us. Its easy to think that all Money Managers are pretty much the same. But while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. This new day. Looks nothing like yesterday. Roads nowhere to be found. And its exactly what youre looking for. 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. Neil the ratings havent moved on this and im wondering why, that is. I think people need to see it and the more they see the direct benefit the more they dont care what some of these other Media Outlets said. They can see it for themselves they need that to happen for things to change. Neil all right that was a few hours ago with Governor Scott walker. You know and thinking two things occurred to me hes very optimistic this will turn things around for the president explain ing the benefits of the tax cut and Everything Else help his poll numbers and i think it was two degrees warmer a few hours ago right . Its like really freezing right now but im not one to complain and certainly not to my friend lou dobbs whose cozy in a new york studio where the heat is controlled lou, how you doing . Lou oh, im doing great. Neil you know, lou its interesting but it has been remarkable with the tax cuts you and i can remember even with the reagan ones and the bush jr. Ones they come out the gate universally by the media and people see them, experience them and look at the paychecks and they start liking them and people change their mind. But walker is convinced its going to save the day for republicans in the midterms. What do you think . Lou well it certainly will contribute to the success of the republicans if theyre to have it at the midterms and there are a host of issues that could overwhelm the republicans but in terms of tax reform this withholding period now is coming up in february. People are going to be feeling those checks in their pockets and their accounts. Its going t make a difference. Its palpable and real and not just a story being told by the National Media about what is coming to them. Theyre going to actually have response and thats going to make a lot of people very happy so i think the governor is absolutely right about that part of it. In terms of the effect turning around the president , i think the president s numbers are already turning. The most recent fox news poll 45 approval rating. This despite being bombarded daily, hourly by the National Media, this president to be at 45 ive got to tell you in my opinion two things. One is hes got to be one of the strongest guys in the country to withstand all of that and secondly, for his numbers to be this high despite that bombard ment, that assault, 24 7 360 degrees, i think tells you what will happen when the National Media starts to see whats really happening as a result of his policies. Neil well im sure that youre right on that. Let me ask you though one of the things ive discovered even in the white house where theyre very confident and are saying as Mick Mulvaney just did that these tax cuts are the gift that keeps giving and paying it forward, even they didnt expect the degree to which corporations are sharing the wealth and they recognize the trap that democrat s may have unintentionally set for themselves by the nancy pelosi with the chump change or whatever you want to call it thousand dollars or whatever, before the individual rate cuts even kick in. Lou i think the republicans may have been clever in this led by the white house in not even responding to the democrats as they attack the tax cut. Think about this. Its a middle class tax cut. Its a tax cut for Small Businesses. Certainly for corporate america, its a 40 reduction in taxes but the truth of the matter is, it is being shared and distributed across all of the rates and for them to go after this tax cut, the folks in the white house had to be just cheering and hoping no one was paying attention to their reaction because the democrats have been utterly foolish. I mean, the democrats are being moronic on a number of issues but on this one, on the economy on middle class tax cuts Small Business tax cuts where jobs are created . I cant think of a more exhilarating example of brain fail. Neil you know, a lot today in the market you and i know in percentage terms its been a fraction overwhelming 45 plus gains weve seen in the dow and is and et cetera, but many market analysts have told me that it is always nerve racking for a president to keep quoting the market. Ronald reagan was spooked by it. You know a number of president s just dont like to get caught in that because they know their comments are replayed again and again should the market turn south or have a crash. What are your thoughts on that . Lou well i think donald trump of all president s should be the last person to ever care about his comments being are you gurney tated in the media because hes going to be that way almost no matter what and for him to ignore 8 trillion added to our equity markets, i mean, how could he not brag just a little bit about that. Neil well hes bragged more than a little. A little more than a little. Lou purposely understated just to offset. But i hear its an amazing performance as you know. Neil lou thank you very much in joy your warm studio. Neil persevere my friend. Neil how lou dobbs our star. Just to let you know the futures that you just saw were moving up a little bit and optimism the president will outline an agenda on which he believes he can get democratic help and of course this being the Midterm Election, a lot easier said than done most of the time the future is up now about 22 points we had about a 363 point hit in the dow over the last couple of days, little bit more than 1. 25 . So in the scheme of things, not much but again they dont want to see that keep generating. Well have more from our nations capitol after this. 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. Fidelity. Coaching means making tough choices. Jim youre in but when you have high Blood Pressure and need Cold Medicine that works fast, the choice is simple. 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I needthats whenvice foi remembered that my exex exboyfriend actually went to law school, so i called him. He didnt call me back if your exex exboyfriend isnt a lawyer, call legalzoom and well connect you with an attorney. Legalzoom. Where life meets legal. Neil all right, i want to show you the motorcade i was showing before was that of the first lady leaving shes leaving a little bit ahead of her husband what am i looking at guys the white house . So now were waiting for the president he will depart soon. She has an exceptionally large delegation sitting with her in the house gallery well get into who those guests are momentarily the president will be following up and leaving in a matter of minutes were told. The good thing about being one of the first ladies of the United States you never have to worry about traffic that is one of the key perks of the job of a lot of former president s miss it when theyre out of office that well they have to wait in traffic but not while they have that job. Congresswoman christine joins us of the fine state of south dakota. Congresswoman were hearing ahead of the big event tonight that the president is going to talk about making overtures to democrats on immigration, on infrastructure. What kind of reception from your colleagues do you think hes going to get . Well neil you were talking about traffic if you move to south dakota you dont have traffic in south dakota either so ill recruit everybody to come there we dont worry about that but tonight im not sure how the democrats receive the president s message. Hes going to offer to work with them in fact he already has when he put forward a plan on immigration for them to consider they just want to have partisan and not come up with solutions. I expect this president to talk about his successes but also to talk about what priorities he will have in 2018. I hope democrats come ready and willing to listen and to be apart of solving some of the biggest problems this country faces. Neil you know, some of them seem so insurmountable though, congresswoman. I know you know youre fairly recent to this whole drama here but it amazes me that now theyre kicking around another continuing resolution this is the fourth or fifth just to get us through this next hump however long it lasts. Whats wrong, whats going on here . Ill remind you neil the house passed all of our appropriations bills. Neil youre right. We passed our budget, we sent everything to the senate. Theres no reason to be in this situation. We fully funded the president s wall. We fully funded our military. The priorities of this country have been addressed by the house so the fact were in another cr situation is not one i want to be in and not the way to govern. Neil but the senate does have that 60 vote requirement, the president has said drop it make it a simple majority other senators come back as you know congresswoman i know but they say well, be careful what you wish for mr. President because the democrats take over this place you wont get anything. Well theyre not getting anything done if theyre waiting for 60 votes thats the problem is if you have the majority it should mean something so i tend to agree with the president. Im not one who wants to tell the senators how to do their job but i do agree with the president that we have a responsibility to govern. The house has done so, so im hopeful we can get a funding bill that takes care of this countrys challenges and make sure were taking care of our National Security issues and building that wall. Neil in the meantime many colleagues are leaving their positions some of the ones who have been around a while, new jersey is one of them, the appropriations chairman whose leaving in the face of what could had been a very tough race hes a 32nd prominent republican to do so and finding replacements for a lot of these guys who leave is proving difficult for republicans. Whats going on . You know, i just think that a lot of republicans this last year and in 2018 are going to have the opportunity to see a lot of their priorities signed into law. This president has been, you know, willing to take on those tough issues. We did tax reform that hasnt been done in 31 years. Were going to do infrastructure were making sure were dealing with this countrys challenges for a lot of members of congress they recognize this country wants citizen legislators who come serve for a period of time and give the opportunity for new people to step up and to be part of the solution, so i dont see it as a bad situation. I see it as turnover being a good thing and bringing fresh ideas. I dont think all the best ideas come out of washington d. C. You know weve got to get new fresh blood in here to bring life back moo this place to get people who really want to address our problems. Neil finally and i know you have to go congresswoman but the president is expected to outline this infrastructure plan that will call for some federal money up front deleverage this private enterprise. One of the ideas i heard kicked around even though the budget director denied it was the higher tax in the federal gasoline tax in other words the hike he said no. What do you say . Its not something im in favor of. We dont need to raise taxes on people especially after we work so hard to let them keep a little extra money in their pockets. The people of south dakota pay double the National Average on energy costs because in our state its cold in the winter and hot in the summer its a long ways to drive anywhere so theres other solutions we can put on the table and i think one of the solutions is a bill that i have that helps us rectify how we collect sales tax across this country, so im looking at solutions that level the Playing Field for main street businesses to help our local folks that setup shop and employ workers and create growth. Those are ideas that im willing to talk about. Im not willing to talk about increasing taxes on every day hard working americans. Neil interesting. All right thats two no votes from two very prominent republicans. Congresswoman thank you very very much. Thank you, neil have a great night. Neil you too. All right waiting for the president of the United States to leave. Youd think he will be address ing in less than a half an hour, his wife is already there he can take his time. They cleared pennsylvania avenue thats what i can tell you. They do that when youre the president of the United States. Well have more after this. My experience with usaa has been excellent. They always refer to me as master sergeant. They really appreciate the military family, and it really shows. Weve got auto insurance, homeowners insurance. Had an accident with a vehicle, i actually called usaa before we called the police. Usaa was there handson very quick very prompt. I feel like were being handled as people that actually have a genuine need. Were the webber family and we are usaa members for life. Usaa, get your insurance quote today. Run your business at cloud speed. And do more with systems you have in place. The ibm cloud. The cloud for business. Yours. Neil all right taking you to the house right now where you can see all the key members are coming in most of the senators corey booker there new jersey who might be eying a white house runoff his own the Vice President arrived a couple of minutes ago up at the if you will behind the president with Speaker Paul Ryan and if you just look at this, the drama this type of a night its an iconic image of the parties and some of the other members make their way down in order of seniority were told but oftentimes it doesnt fall exactly lick that but the white house, the president set to leave very shortly. His wife is already at the capitol but you might notice a few empty seats tonight, about 13 of them to be exact thats how many Democratic House members will not be attending tonights event for a variety of reasons. Connell mcshane has some reasons why. Connell . Yeah its one of those nights meal to your point that its a special place and i was here last year for the president s joint session speech to be after here after the first state of the union the Vice President having a calm chat as im sure you saw him walk in with the Senate Majority leader mitch mcconnell. On the democratic side you mentioned senator booker whose seen walk by our position where were standing three or four times into the chamber and back talking to anybody who wants to have a conversation and thats kind of the way this night goes and were getting to the point where the highest of the dig any tar its are arriving with just about all members of the senate having made their way at least to the door of the chamber about to go in soon to be followed closely we suspect by members of the Supreme Court. We did see the newest justice of the Supreme Court here at the capitol a short time ago neil gorsuch not accompanied by other members or other justices which was kind of interesting, so well see how things develop. I think one of the things to watch for is the level of protest we see from the democrat s. Of course we know a number of them are already by costing by not showing up. Theres been some anticipation there maybe some other form of protest on the floor whether its verbal or not remains to be seen. Certainly something in the form of clothing is always a possibility that people were talking about earlier, so they were getting now closer to the stage neil where the speaker of the house paul ryan will gavel things to order and next thing you know the sargent at arms will be announcing the president of the United States but certainly the mood, the atmosphere picked up. I know speaker ryan when he first came by our position really had a hop to his step saying hello to the reporters and a lot of energy as he was entering the chambers so were getting close. Neil all right buddy thank you very much Connell Mcshane joined now by bill richardson, the former new mexico governor, quite the resume. Governor good to have you. How do you think that looks, for whatever reason if you opt out out of attending one of these events . They all have im sure their reasons, but that doesnt look good does it . Well, you know, i attended 13 as a member of congress and a couple more as a cabinet member. I think the state of the union is a great example of american democracy. I nevada would boycott. They have their own reasons. Congressman john lewis is one on civil rights grounds. I personally feel that one should always honor american democracy, be bipartisan. The state of the union is a great example where a president can appeal that the other party and find ways that you can Work Together and i hope thats what happens tonight. Look theres going to be hissing , some kind of protest, that always happens no matter whose president but my hope is that its a unifying state of the union and i hope the president reaches out to democrats to people that disagree with him thats my hope neil do you get a sense that with the infrastructure push the president will make tonight he can do that without advocating for a hike in the federal gas tax . Every democrat i talk to, sir, says no. Every republican so far i talked to tonight says yeah, he can go ahead with a plan like that without hiking the federal gas tax. What do you think . Well, unlike immigration, National Security issues, i think infrastructure is the one area where there can be Common Ground. If you have a combination of federal funds with state funds, with also the private sector, Public Private partnerships, i think that we would have an economy that could sustain a deal like that. I think theres a great opportunity if the president is ready on federal funding to put down some money from the federal government, incentivize it with the private sector, incentivize it through tax incentives. I think its a very possible compromise and we do need a new electric grid modernized. We need bridges. We need roads. We need an infrastructure that is going to restore i think americas Physical Plant which has been neglected for years, and i dont even think you need a gas tax, neil. I think you can do it with creative financial partnerships. Neil the relationships and the illwill are legendary and not unique to this president they seem to have gone on for quite some time when you worked for bill clinton im sure you remember some episodes, so can the two parties Work Together especially now with this big agenda slated and of all things a Midterm Election year that could get very nasty. Well i think a lot is up to the president. Look the burden is also on the democrats. I think the big issue is going to be immigration, neil and i worry that the president is going to turn to his base in citied of a sensible immigration plan that says okay, we do a dreamers deal in exchange for border security, and then move on to other issues that perhaps on the immigration front there can be Common Ground. I, for instance think that this issue of the chain migration, i think we want to keep families, keep the system the way it is but maybe there is a Common Ground. On this visa lottery maybe there is Common Ground, but not find the dreamers as bargaining chips not say to the dreamers theres 800,000 of them, neil. A lot of them are soldiers, theyre teachers, they abide by the law, they pay taxes. Neil no doubt but do you think they should be used in a government break down and a Government Shutdown . Well, i think i would have stood behind the dreamers. I think there is a way you could have avoided the government shut down merging other issues but i think whats important is the president , if he touts an immigration compromise tonight, then he sticks with it because what happens neil is he goes back to his base. His base gets mad at him on immigration. No youve got to keep the dream ers out. Youve got to build the wall. I think a sensible conversation neil same with the base on the other side right. Youve got to stick by the dream ers. Well find Common Ground and its really the president runs the government right now. Hes the leader of the government. The tone and the policies he sets are going to be key and i want him to succeed, but he makes it difficult, [laughter] neil well you know it takes two to make it difficult like this bill richardson, thank you sir always a pleasure. Were getting a little bit more word as theyre getting things ready the Vice President speaker outlining the course of events whats going to happen and much has been made of the fact that the president and first lady are traveling separately to this event here and more than a few media types have made note of it now were hearing from the first ladys spokesperson, an explanation of sorts that mrs. Trump is honoring her guests for the true heros they are in addition to holding a white house reception and photo opportunity with their friends and family she accompanied them to the capitol, i guess they mean leaving a little bit early the first lady and mrs. Pence are hosting a more intimate meet and greet to engage with them on a personal level before the speech so nothing unusual going on. Other first ladies have had such gatherings of their own, sitting with them in the gallery this one were told might have been a bit more involved and hence, the first lady and the second ladys interest in personally having a reception and meet and greet before they sit with the first lady. Thats where theyre coming from well have more after this. Its easy to think that all Money Managers are pretty much the same. But while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. 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This never ceases to amaze me and ive covered this but the idea of just getting there whenever you want, because you know theyre waiting for you and theyve cleared traffic and the president is set to go in what is a speech were told without applause could go about an hour, we dont know exactly how long but we do know hes going to outline an agenda that will be very big on progress that hes already made and more to the point progress said he hopes to make. Ed rensy is the former mcdonalds usa ceo and he will be talking those tax cuts a great deal and those companies that have been paying it forward mcdonalds included a host of others that have been sharing the bounty with their workers democrats come out to say well they could afford to share more. One of the things that you always get is that enough so as the president makes his way here he is going to be running into the predictable response among many on the left none of whom voted for these tax cuts that they benefited only rich friends what do you say . Well i think its nonsense. There are a lot of hard working people out there in america that havent had a wage increase in three decades, two decades and when youre correct for inflation and i think its wonderful these companies are making a statement that says our employees are very important asset to our business and we want to take care of them. Small businesses are now giving healthcare and they couldnt afford it before. I think its a terrific thing. Im glad he go it and glad these companies are doing it and makes me feel good about our Free Enterprise system. Neil are you surprised that the tax cuts and the positive news from that, is beginning to, but that maybe its going to take longer than prior president ial tax cuts have seen . Well, you know, the government bureaucracy in d. C. Never fails to amaze me and how slow they can do everything. I think its going to get baked into the whole system and take a little bit of time but better late than never. Its about time and i think hes doing the right thing. He made a promise to america to the voters that he was going to make America Great again and bring everybody along and i think hes working very hard to get that done. Not always with a lot of support from his detractors. Neil yeah and being a Midterm Election year maybe all the more resistance to his call for unity and bipartisan ship in that regard he could have Common Ground certainly on a immigration plan and infrastructure plan both seem to have bipartisan support on the surface but this has been a year so far where give and take is kind of hard to see. Do you see it happening . Well, ill tell you what i see. I see a bunch of people in washington d. C. That are elitist and power hungry and their number one priority is raise money and get reelected at all cost. You hear people say the most outrageous things constantly. Its like the 13 that are not coming to the state of the union tonight. This is democracy at its finest. Everybody should participate. If you dispose then you better propose not to be there is a slap in the face at every citizen in this country. I dont care what theyre protesting. Theres ways to protest that are sensible with dignity and trust and honesty and with intelligent by dialogue. These grandstanding plays these folks put up is inat the account ever and makes everybody angry. The very people that say they want to bring this country together are the ones that slam the sledgehammer in first. Neil you know ed today id be remiss if i didnt mention a big sell off we had a big 363 point hit indart on top of yesterdays 170 point hit and many are getting nervous saying oh, my gosh whats going to happen now. Are you worried . No not at all. Lets go back to where we started the year and a half ago to where we are today and how much is the market up in that 18 months versus the little bit its down today. Neil so you dont lock at this as the beginning of some severe correction . No ill tell you what im belly to belly with people on main street every day because of the Restaurant Business and i was with a fellow here in florida the other day. His family owns five or six restaurants, italian and seafood restaurants and he said theyve never been more optimistic about the future than they are right now. Their sales are up high midteens. Their profitability is up. Theyre giving their employees more wages. You know when you see that kind of optimism on main street, wall street will take care of itself. Theres a lot of Technical Trading going on people are taking money off the table. The stock market is up and down every day but over the last 75 years its up. Neil are you surprised you talk about companies as we wait for the various dignitaries to be allowed in followed by the president of the United States that so Many Companies are not only sharing the wealth with their workers but either increase increasing their minimum wage or making other commitments like an unplanned pay it forward. Well, i dont know how you would characterize it. I know this. Were headed for a labor shortage in this country and if youve got good talented people, you better caress them like a fine garden, grow them, mentor them give them Financial Stability they need because employees are your most important asset and to train them and develop them and reward them with pay is very very important and ill tell you the Hospitality Industry is going to need all the people they can get as we go forward because theres going to be a shortage of workers. Neil indeed thats one of their big worries right now is just finding the workers. Ed rensi, thank you very very much my friend. Youre looking in the well of the United States house of representatives, this is the venue which we see president ial addresses, iconic branches of government coming together here. You just saw the justices of the Supreme Court and soon youll see the joint chiefs of staff and all of their key members, the leading opposition figures and the Party Employee in power figures, the Vice President has arrived, his wife and Melania Trump all entertaining a very large group they wanted to have a private event with before the start of this which they are saying explains the first lady leaving ahead of her husband, and some are wagging at that one wondering what was going on but their explanation as we wait for the president. Its a one hour speech were told and hes going to outline a fairly aggressive agenda. Five big points but two getting some attention is what he plans to go on it infrastructure and immigration measure in which he hopes to have bipartisan support we will have continuing coverage minutes away from the president of the United States. Stay with us. What did you have in mind . I dont know. 4. 95 per trade . 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Both sides showing some decorum, shall we say, for a change. For a little while. Well see how it goes. Occasionally youll get applause on one side and not the other. This is part of our nation. Its part of what we are, who we are, and this has gone on since the beginning. George washington when he gave his first tenminute state of the Union Address. I covered that one. Little known secret. Kennedy, those who refuse to stand and applaud, those who cant miss the opportunity to applaud, it gives you an early