Transcripts For FBC Mornings With Maria Bartiromo 20180207

Territory for the year. The features are telling a different story. Loss on the dow futures this morning. Again, volatility in the bull market coming on the nineyear anniversary next month we will ask the question. The economy still strong. The atlanta fed reserve to lower their firstquarter gdp forecast to 4 . That is down from 524 last week. In europe, stocks are heading higher. The flood of gains across the board. Asia overnight stocks mostly lower. The kospi and south korea the worst performer there. The nikkei managing to eke out a small gain. The budget battles looming. Small banks tomorrow night to keep the government running as the house stopgap spending bill to fight now turns to the senate where immigration remains a positive issue. President trump waiting for the white house yesterday. If we dont change it, lets have a shutdown. We will do is will do a shutdown as we do for our country. I would love to see a shutdown if we dont get this stuff taken care of. Train to the latest the immigration battle ahead. Steve wynn is out. Details as the billionaire mogul steps down as ceo of this Company Following misconduct. To infinity and beyond. Three, two, one. Company launching the most powerful rockets and the Apollo Mission sending the tesla roadster into orbit as well. More in the giant leap for the space race ahead. Plus, winter is coming to a galaxy far, far away. From espn the star wars, disney earnings. The new details on the streaming service behind game of thrones. All that and so much more this morning. Lealeah gabriels here. Fox news contributor and ceo and former Economic Advisor, president obama rival fans via fiery strategists on duvall. Good morning to everybody. This is when im very happy we have some age on the panel, myself included because we remember what this volatility looks like. It now, i think i was in middleschool. Lets be honest. Outside of the. Com bubble and the asia crisis and the elite recession weve been on a three decade one directional ride. We havent seen a 1200. Swing i cant remember. It turns out the stock market goes down sometimes. This should be a wakeup call for investors. What are you having your portfolio . People already got a wakeup call. Well talk about that with people betting unstable market had a couple of them shutting down yesterday. Not just individuals. The smartest minds come in the smartest guys and gals in the room was in money a lot of computers involved. The algorithms have changed how the work is being done. Dagen will talk about it all this morning. White house director of legislative affairs mark short. New york congressman tom sauve, Claudia Tenney on the left in the right. We will have them on together. The media center john kennedy and former george w. Bush chief of staff Business Roundtable president and ceo josh holden. You dont want to miss any of those guys. Wall street bouncing back from u. S. Markets rally to regain half the losses from the day before when stocks took the largest plunge in 6. 5 years. That is the percentage losses on the doubt that ended the attending the daily pick eight to 567 points after closing down 1100 points on monday. Features right now showing losses across the board. 243 points on the dow futures despite the turbulence treasury secretary steve 79 saying the markets are very well. We are very focused on the longterm Economic Growth and we believe the policies weve enacted including tax reform are very positive for longterm Economic Growth. We are already beginning to see that in corporate investments back into the United States and the impact on corporate earnings. As he sat come in the stock market is up significantly over 30 since President Trump was elected. We are monitoring the stock markets functioning very well and we continue to believe in the longterm impact of the stock market. Your take on what secretary mnuchin is fading. But its volatility going to threaten this market . They still have a shot at proving it but last year there were eight days there we saw the move of 1 plus or minus on the s p 500. We usually see 50 of those. When you have a year like that come in the next going to have more volatility. People should buckle in and get ready for that. Dagen what i was referencing us a sense of calm leads to overconfidence among individual investors and professional investors that people kind of become delusional about their ability and you had all these bets on stable markets, inverse volatility. Exchange traded Retail Products which closed down to investors after they lost most of their money late monday. Again, these losses, the tide goes out and you see the seminaked. I wont comment on the swimming, but i will say we realize Financial Engineering doesnt always work. Sometimes the pendulum goes too far each way to have this type of things. My concerns are twofold. The administration is talking way too much about the stock market. President trump should take a lot of credit for the rally, but to talk about literally every day is not the gauge of the economy we should be using as the nation does mean that own stocks. Ive been saying that since he took office. Thats where he took it from. Secondly, i know as the oldest one on this desk, i have not been in the market that weve seen this type of backup in raids inflation feeling protectionist environment on one side and the other side decent growth, the tax cut almost like its on quantitative easing and lastly good corporate profits. Dagen is going to win . Ive been concerned about Interest Rates moving up since the end of last year, but with inflation now with wages at close to 3 , and which is in the most recent months. The growth is still very muted inflation still muted and all the signs in the market for them is part say that the economy is okay, not great. First of all, they will win shortterm because the tax reform is going to be a sugar candy for corporate growth and youll see the shortterm buybacks, dividends for a minute dvd. Longterm People Project to back up a reason would start getting 3. 5, 4 , you will see a shift is from equity to fixed income. Riskfree returns will start to look good versus a market thats been pretty buoyant. One thing i do have is experience, 30 years. It sounds like you are calling longerterm for a bear market in stocks and bonds. Weve had a full market since the early 80s. I would say a bear market, but the bears will beat the bulls come late 18, early made team in this nervousness we are going to do better. Wages will do better. The labor force is starting to tighten. And we have a whole new fad environment coming in. Its going to depend largely on inflation and Interest Rates as well. Inflation is striven by the wage number. If we get product dvd, which it seems like we should get better productivity, the inflation wall, and a highspeed manner sort of expected in the market right now. Any concerns about the impact to the economy because of tax reform if defendants of tightening of Monetary Policy because of inflation a summer talking about right now . Their Balance Sheet is arty down 4 trillion. The question is wicked for instead of 300 things change as they cool down the economy, do you have any concerns over the tax cuts and how that might have an impact on the deficit and debt . I do. Yes im a progrowth democrat, but im fiscally pretty hawkish in the sense that every picture revenue neutral i believe in the paygo system. My view is although i was supportive of tax reform, wouldve looked dagen so you were concerned so you were also concerned with the National Debt doubled . Absolutely. Dagen can you tell him not as his Economic Advisor . You know ive been with you for a decade, so the answer is yes. Listen, one of his economic adviser, very clear we want the tax to fund with a 20 for manufacturing. We will also have a Republican Senate and house. Had to be revenue natural. I was the only dialogue we had was revenue natural. Corporate tax reforms are a good thing. Im not going to push back on that. We have not been an environment with raising rates, high debt, fiscal deficit and a basket for the stock market. Dagen i agree with you where we have such easy money for so long that we are entering this unprecedented era where the fed has to unwind, were the easy money starts disappearing if youre just beginning to see the risky, even idiotic bets people to because everything was going up in lockstep. The atlanta Federal Reserve atlanta Federal Reserve has lowered its firstquarter gdp forecast to 4 from 554 what it released last week. The change in the space of a week or would you make of it . Related to six investments. Consumption is still good at 3 . 320 in the Fourth Quarter. Lets be honest, when was the last time we saw 4 gdp . The atlanta fed has been pretty decent with accuracy for the initial estimate of gdp. We should ring the bell if we have 4 gdp. Dagen thank you every or getting that 4 in part because of tax reform. There we go. We all agree. Again, i said this repeatedly, but like you saw all the speculation going on in the bitcoin, speculating on stable low volatility markets and you get a snap back and see what risk people are taking. This clearly is not over. Coming up, losing win. Stepping down from his own company after being accused of misconduct allegations. What this means for the future of the global empire. That is ahead. Five, four, three, two, one. Dagen roaring towards a new chapter in the American Space race. Elon musk falcon heavy makes history, but he doesnt lose his sense of humor. We will explain after this. Hold together. A little to the left. 1, 2, 3, push easy easy easy horn honking alright alright weve all got places to go weve all got places to go Washington Crossing the delaware turnpike . Surprising. Whats not surprising . How much money sean saved by switching to geico. Big man with a horn. Fifteen minutes could save you fifteen percent or more. A trip back to the dthe doctors office, mean just for a shot. But why go back there, when you can stay home with Neulasta Onpro . Strong chemo can put you at risk of serious infection. Neulasta helps reduce infection risk by boosting your white blood cell count, which strengthens your immune system. In a key study, neulasta reduced the risk of infection from 17 to 1 , a 94 decrease. Applied the day of chemo, Neulasta Onpro is designed to deliver neulasta the next day. Neulasta is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta if youre allergic to neulasta or Neupogen Filgrastim . 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Volatility came back with a vengeance in the question remains how long will it last. What kind of wild swings in the market and what kind of losses and do some people lose confidence in their trading ability. In the meantime, steve lind resigning as chairman and ceo. Cheryl casone has more details. Thats right. Dagen, good morning. Steve wynns resignation is Effective Immediately after misconduct allegations against the las vegas billionaire. Number one and claimed he harassed or assaulted them. One led to 1,575,000,000 settlement. He denies allegations but in the premarket this stock is down 1. 5 . Again, steve when resignation Effective Immediately. Also watching shares of snapped this morning. This stock storing in the premarket at 23 , almost 24 . Reporting betterthanexpected Quarterly Results after the bell after the stocks back above the 17 ipo price with the revenue soaring 70 a year ago. A sharp increase in daily active users. This morning earnings from hasbro and michael kors 20 of the Parent Company Fox Business Network reporting after the validator today and we will hear from tesla later today as well. Higher revenue of their model s. , model x in their model three vehicles. Tesla shares however with Earnings Report with a lower come a little a quarter . Lets stay with top spot anyone musk. He made news by launching the World Biggest rocket. Three, two, one. [cheers and applause] Spacex Falcon heavy launched yesterday to the delight of employees. The 235 rocket featured 27 engines, three boosters and cost about a billion dollars to build. The two reusable side boosters did side boosters a big comeback landed at the same time. I was flawless. This saves you money and space travel. This is neat. A tesla roadster on board and they put basically a space guy in the drivers seat. The pictures have been amazing. The roaster has announced exceeded the orbit. For any look at the roadster, they are going to find us on the circuit board. Medan earth by humans. We will see if the travel guide makes than alien friends always out there. Out of the nasa nerd when i was growing a. This is one of those things that couldve been massive success or a massive scale and what a massive success it was. It was just spectacular. Really this car is space trash lets admit it. The first thing we see heading out into space, it is to see a cruising around. Dagen and also the fact you have private industry stepping up. The government has pulled away. I can just tell you pilots that are drug company in washington were so pumped it was literally like shut down and i think they were waiting for two hours as well. They were just so fired up. Watching the landing was awesome as well. Theyre not holding your breath and hoping it will all work out. A good point about how innovation will change in how defense used to lead innovation and out industries leading innovation in the early shows were our country can go and work in developing the future. Dagen inspiring kids everywhere, including disney. From far far away, there earnings straight ahead. Liberty mutual stood with me when this guy got a flat tire in the middle of the night. Hold on dad. Liberty did what . Yeah, Liberty Mutual 24hour roadside assistance helped him to fix his flat 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. Soi want you to pick a newr truck for your mom or dad, knowing that they could possibly pass it down to you one day. Oh. Cool. But before you decide, you should know that chevy silverados are the most dependable, longest lasting fullsize pickups on the road. Which means that ford f150s are not. giggles which truck would you pick . The chevy. There you go. Boom. That was obvious. Plus it looks cooler. No doubt about it. Now they know what to get me. The entire Community Came whtogether as a whole. T, it was such an overwhelming response to help others. No one thought that they were going to do this before it happened and everyone just did it. I think thats the way that human nature should be looked at. Ill stand by you. Ill stand by you. Wont let nobody hurt you. Ill stand by you. Dagen disney ceo bob eiger revealing the streaming Service Later this spring as disney reports firstquarter earnings. Lauren simonetti has all the details. What a reporter. Unexpected profits by taking a look here you can see revenue 15. 35 billion in the last quarter that actually miss expect nations than they did take a onetime benefit related to the new tax law. 1. 6 billion there. Nonetheless, look at the share price reaction right now. Shares are up to. 2 at 108 to 50 in the premarket. Look at many of these users with revenue for this segment, you can see the studio immediate units for sure the next patient but they did the big strength in the theme parks. Goes to show your customers are still willing to pay skyhigh prices for tickets. By the way of price increase for Theme Park Tickets in the coming week. The higher hotel prices consumers are willing to spend this for entertainment. Speaking of, we do have news for espn. Espn plus their new streaming service or is going to cost 4, 99 cents a month. By as an Addon Service used further redesign the u. S. App that will give you life programming not available on the current channels. And then reach out. That his game of thrones from hbo. The mastermind behind series is teaming up to produce, are you ready, a new star wars series. We dont know how many movies, but it will be separate from the Star Wars Franchise you see. Two iconic blockbuster is getting together. This is good stuff. Disney also sad that have preticket sales for one of their new marvel movies, black panthers, biggest ive ever seen for a superhero franchise. Going all in. This just goes to the quality of corporate earnings coming out yesterday. They really solid reporting now seeing stocks go up on the day the market is down. Trying to the names trade on the underlying fundamentals of the economy. The fundamentals of the market are Strong Enough so we are seeing in this report. Dagen the members of the administration for us to talk about, essentially bragging repeatedly about the stock market coming out. Even Vice President for us to talk about it. I havent mentioned your patriots loss. Are you excited about game of thrones . I didnt want to rub it in. Im so bummed that the last fusion. Can you explain to me, i know youre huge in the star wars. What is the matchup going to look like . I dont know, maybe john snow fighting darth vader. Who knows what is going to happen. What could have so many Different Things going on. Hbo mergers at disney. Should netflix be worried . The new streaming services coming out at some point there will be cheaper than netflix and disney has its amazing content and pulled so much of it. Everyone has enough money theyre all playing for content. A very interesting year to come. I think its going to be really popular because it does people picking and choosing of what they want to see. They really want to pick their teams and watch the game. Dagen i streamed the super bowl youre really killing me right now. Dagen is Crystal Clear watching the speech reacts. Im going to take my five super bowls and im okay with that. Ive heard a lot of Patriots Fans say that. Do you want your team in us . I went to penn, but in a staunch patriot sky and they came up short. Yes, they did. Coming up, tougher sanctions yet. Vice president mike pence to north korea if the country doesnt end its nuclear ambition. By facebooks chief operating officer Sheryl Sandberg says the Vice President first novel about social gatherings with women and alcohol is a huge setback to all women in the workforce. If youve been diagnosed with cancer, searching for answers may feel overwhelming. So start your search with our teams of specialists at Cancer Treatment centers of america. The evolution of cancer care is here. Learn more at cancercenter. Com experts sometimes, they just drop in. Obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Big thinking in the finger lakes is pushing the new new york forward. Were the number one dairy and apple producers in the eastern United States supported by innovative packaging that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov good morning im Dagen Mcdowell in for Maria Bartiromo. Your top stories at 6 30 a. M. Eastern. Another wild day on wall street. In trading yesterday. The major market gauges finishing the session in the green. Full utility so reign supreme. Sarah huckabee is sanders said the administration is not worried. The economy is incredibly strong right now. The focus continues to be on the longterm economic set up. We actually had increasing wages for american workers. Stability hard to find. Losses across the board there. Although the biggest winner at the moment. In asia overnight markets mostly lower. They managed to eke out a small gain. Losing more than 2 . A strong warning for north korea. It will impose of the toughest ever sanctions on the country. Joel sandberg calling for fairness when it comes to the role. The Vice President wont go to dinner by himself without his wife. The america source of innovation. Diversity of opinion. With the new studies showing that conservatives feel out of place as Silicon Valley. Now to the latest on wall street. Futures reporting to the decline. After swinging wildly between gains and losses yesterday. Hitting the bond market. The yields today will take a look at where yields are. We have the yield on the ten year hit a fouryear high it was 2. 85 percent. In the face of the stock volatility. Wells fargo Investment Institution president. My is your take on the climate of fixed income and stock markets. The recent correction had both correlated. We broke that a little bit. You have volatility push monday push money into bonds. I actually think the bond market has handled this correction very well. Youve not seen a spill over as the traditional safe havens. The yields, the new gap outage. This is a lot like the equity markets catching a bad bout of this flu. How do you see tax reform playing into Interest Rates and inflation. The way it is structured it seems to be supplyside in that Way Companies are investing in cap acts which will help increase productivity. Do you agree with that assessment. I think inflation will trend mildly higher. The wage information to your point is actually a good thing. They are just increasing the unit labor costs. We dont expect a lot of inflation to tick higher. But mild inflation is actually a very healthy thing. I will point, do you think rates have to back up to to see a shift from equities back to fix income. I think 3 is a psychological level right now. It starts to squeeze Profit Margins at that point. Three at a quarter and three and a half. Today it still favors equities over a fixed income. How is that possible with the economy growing as strongly as it is. And certainly in the First Quarter. I do think you will see stronger growth. We look at the mouth of amount of supply issuance. You have. Its this will be the false narrative that they had have forever. Higher growth has to equal higher rates almost immediately. And it may equal them in the intermediate term but in 2018 we dont see a big spike up in rates. So you will say invested in equities for the rest of the year. What do you like . We like healthcare. Three of those for being more procyclical for better growth and better economic environment. In financials just to name one benefit of the lit regulation coming out of washington. I want to talk about what weve seen with the bets that were placed on the stable markets. The bet against volatility over the last couple of years and the losses that were abruptly and surprisingly exposed just in the last couple of days. One in particular is a wellknown product. They in the sense shut down. In trading. It was really late monday. When you have such lucid Monetary Policy money is flooding the market anywhere and everywhere. Youre just beginning to see the overconfidence and the kind of bets that not just individuals took. You find out who is naked only when the tide goes out. Two points there from the institutional side. You are exactly right. It is a little complex but you have this risk. He and macro cta funds. The overweight risk assets. As soon as volatility spikes those algorithms has to have those assets. The individual when you see this kind of volatility it can damage psyche. We walked in with the best earnings expectations for the whole year. February has been all about one of what the fed goes too far what if inflation becomes problematic. What would change your mind. Is there any kind of marker that youre looking for. Inflation is the primary marker. The core inflation as a whole. Its still at one and half to 1. 6 . I said that yesterday. Maybe all of that cheap money from Central Banks they actually start going out and spending it. When mom and dad and brother and sister out there in the country the volatility continues throughout 18. Certainly on a relative basis. You cant bet on stable markets at least in some of these exchange products. Not that extreme low the extreme lower volatility that we have. Darrell, thank you so much. Sheryl sandberg in the neck against the president. Silicon valley seeker uncovered. The client for conservatives in the tech business. [music] quinta. Where were changing with contemporary makeovers. Then, use the ultimate power handshake, the upper hander with a double palm grab. Who has the upper hand now . Start winning today. Book now at lq. Com. I accept i dont i even accept i i used thave a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. But no matter where i ride, i go for my best. So if theres Something Better than warfarin, ill go for that too. Eliquis. Eliquis reduced the risk of stroke better than warfarin, plus had less major bleeding than warfarin. Eliquis had both. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily. And it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Im still going for my best. And for eliquis. Ask your doctor about eliquis. Welcome back taking a quick look at dow futures right now. Vice president mike pence will off the lows of the morning so far. I think it is safe to say we should prepare ourselves for wild swings like we saw yesterday where again it ended the day at 567 points. But it was down but it was down more than a thousand early on. Still we talk about bikes president Vice President mike pence. He continued to put pressure on north korea. Pence stopped in tokyo. He regenerated washington stance that all options are on the table to deal with north korea. I am announcing today that the United States of america well soon unveil the toughest ground of economic sanctions for north korea ever. Until it abandons the nuclear and Ballistic Program once and for all. On friday despite the tough rhetoric he has stopped short of rolling out a meeting with the north korean officials while he is there. He is sending his younger sister to south korea for the lot winter olympics. The 30yearold plans to attend the Opening Ceremony on friday. She was blacklisted last year by the u. S. Treasury department. Vice president pens wont be having dinner alone in Vice President pence will be having dinner alone with women. He has set in the past he wont attend an event with alcohol there without his wife by his side. She thinks this hurts their growth in the workplace because of missed opportunities and of course the cofounder of the organization. If men follow the mike pence rule should apply to everyone not just to women. Half of a male manager say they are uncomfortable participating in basic activities she saying this is gonna hurt it. Most male senior managers our men. If you get take away that opportunity that oneonone networking if you cant go to lunch as a ceo. Then no one should go to lunch with the ceo. Make it real for everybody. I think one of the unfortunate responses to the movement has been that men do feel like they cant go to lunch with females that they work with. This is something i saw anna post tail hook navy. There was the sphere from men to get close to them to spend time with them. I do think it is damaging to women when they want to move up and they need mentors in any workplace whether its Corporate America or military. I think this type of idea out certainly is understandable from a christian marriage perspective and money to protect your relationship but its hurtful for people in the workplace. To adopt that rule across American Culture particularly in business is wrong. You ran a business i am completely supportive. You cannot have an environment where you say you are comfortable with one gender and not the other. He should keep this type of use to himself. They are suing the company for discriminating against white male conservatives making it into something. A revealing new look as how some conservative employees and how they really feel. As we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. It can detect a threat using ai, and respond 60 times faster. It lets you know where your data lives, down to the very server. It keeps your insights from prying eyes, so theyre used by no one else but you. It is. The cloud. The ibm cloud. The cloud thats designed for your data. Ai ready. Secure to the core. The ibm cloud is the cloud for smarter business. A new survey can planes that conservatives are filling out a place in Silicon Valley. Joining me now as garrett johnson. The Lincoln Network cofounder. Garrett your company put together this survey. Tell us about it. When an issue becomes a national conversation. Unfortunately there was no data. As they relate to gender in ethnicity. There is an assumption that things are bad that are on the right of the surface. It suggests that it is indeed the case. As probably worse than anybody thought. When you say bias against. What are you actually meaning. In addition to the raw data that we collected from a little under 400 people we also collected comments. One person said that he was targeted by his manager because he was a delegate to the republican convention. The manager tried to get him fired. And was able to take that to be peace within the country. There was no repercussions. If some people who say that they avoided going to work the day after the election because they knew that anti trump sentiment would be so strong and obnoxious that they did not want to tolerate it. Either targeting feeling comfortable at work. There is a notion that you should bring your whole self to work. Thats not really the case if you think a certain way. When you talk about the postelection sentiment and how they thought it was there. I think that Silicon Valley is consistent with trends throughout the country but you have to think about the echo chambers that these Tech Companies have created with their technology. They have enhanced the tribal is asian of our country with the platforms that they created in technology is most consumed in tech hubs. Is more intense. As Employee Base ages is this going to change which is something robert brought up. That is not data that we collected. And only focus on Silicon Valley. We will do one later this year that will touch other tech hubs and hopefully gather that data. They hang on for another while wild ride in these markets. The next hour mornings with maria. Make its own insulin. And i take trulicity once a week to activate my body to release it, like its supposed to. Trulicity is not insulin. It comes in a onceweekly, truly easytouse pen. The pen where you dont have to see or handle a needle. And it works 24 7. Trulicity is a onceweekly injectable medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. It should not be the first medicine to treat diabetes, or for people with type 1 diabetes or diabetic ketoacidosis. Do not take trulicity if you have a personal or Family History of medullary thyroid cancer, if you have multiple endocrine neoplasia syndrome type 2, or if youre allergic to trulicity. Stop trulicity and call your doctor right away if you have a lump or swelling in your neck, severe stomach pain, or symptoms like itching, rash, or trouble breathing. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases your risk for low blood sugar. Common side effects include nausea, diarrhea, vomiting, decreased appetite, and indigestion. Some side effects can lead to dehydration, which may worsen kidney problems. To help lower my a1c i choose trulicity to activate my within. Ask your doctor if onceweekly trulicity is right for you. On the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. And snoring . Does your bed do that . Right now during the ultimate sleep number event, save 50 on the ultimate limited edition bed with adjustable comfort on both sides. Ends soon. Visit sleepnumber. Com for a store near you. Dagen , good morning im your top stories at 7 00 a. M. Eastern. Volatility slamming wall street. Investors in for a wild ride yesterday. The dow did finish up 567 points. But it was down. There was a 1200 point range during the same trading day. As of yesterdays close, all three major market gauges are back in positive territory for the year but not the dow transports and not small cap stocks, we should point out. Lets take a look at the futures. Were showing losses across the board but they are mild compared to what we saw just one hour ago. The dow futures were down more than 200 points. Again, what does this volatility do to shake out the speculators who piled into the market and played some wonky bets in the last couple years. The atlanta Federal Reserve lowered the First Quarter gdp forecast. We were talking about a 5. 4 last year. Now they think the you economy wileconomy willgrow at 4 . In europe stocks are moving higher but theyre warm, shall we say. We have gains across the board. Thin asia, overnight, stocks mostly lower. South korea is down more than 2 . Budget battle looming. Lawmakers have until tomorrow night to reach an agreement to keep the federal government running, as the house passes a stopgap spending bill. The fight turns to the senate where immigration remains a top issue. Speaker of the house paul ryan weighed in on the possibility of a shutdown. The only reason we do not have a full budget agreement is because democrats continue to hold funding for our government hostage on an unrelated issue. They must stop using our troops as pawns in a game of politics. I urge the Senate Democrats to stop their filibuster and provide our men and women in uniform the resources they need, the support they need. Dagen the immigration debate is in full swing amid tragedy in indiana. The latest as the illegal immigrant suspected of killing Edwin Jackson is charged. Plus, a butch hel bushel of her apple as the company says it could offer rebate for customers who paid full price for battery replacement. They arreplacement. More details on that ahead. And is the crypto crash fully upon us . Why one firm is warning that the days are numbered for several digital currencies. And here with me to break it down this morning, lea leah gabl he ran a giant wall street bank, robert wolf and Investment Strategy lindsey bell. You still beat long stocks, dont you. You worry about Interest Rates, inflation, deficits, debt, but not yet. I missed the whole run. If i was going to make a bet, i would bet stocks do better for the first half of 2018. But then which b i would be nerr the back half. Dagen you didnt think congress would get tax reform done. You didnt think they would come together to get it done. Ive been wrong once in the last 30 years. Dagen again, short run, you worry longer run. I worry longer run. I think backup rates will shift assets. Were going to have a bac backf rates. Dagen mark short is here, and louisiana senator, john kennedy and former chief of staff under president bush, josh bolton and fox news senior judicial analyst judge Andrew Napolitano as well as Stuart Varney. You dont want to miss it. Looking at futures, we have losses across the board. The dow futures are down 46 points. Stocks rebounded yesterday after the biggest selloff in more than six years durin years. The dow finished the day up on monday, 200, 2. 3 higher. That was a gain of 567 points. Joining us now to weigh in, new york congresswoman claudia teny and new york congressman tom slaza. Good to see you both. Congresswoman teny swazy. Dagen i said it right . It was close. Dagen your reaction on these markets. I would argue that the president of your party put you in a tough bind where now youre going to get asked about the stock market. I dont think so, to be honest with you. The stock market is not the only determination of whats going on in the marketplace. I in fact sold a bunch of things last week because i had a bunch of things to pay off. After christmas and all those things, i sold some stuff. What you had yesterday was a bargain hunters market. And all of a sudden the stocks rebounded. When you look at the Interest Rates, a little bit of adjustment in the Interest Rates, a new fed chairman, that makes a difference. The growth from the tax cuts and jobs act its certainly important. I might cite an industry, the Tax Foundation stated that new york will be one of the biggest growth states because of the tax cuts and jobs act. I think its interesting to see how this plays out over the next few months. Dagen do you agree with your fellow congressman from the state of new york, but also have you been hearing from any of your constituents, given just what happened in the market the last few days or really in the last week or so . People are worried about the effect of the tax plan, because in my part of the state were going to be hit very hard by the elimination of the state and local Tax Deduction and the tax plan actually increased the deficit significantly by about 1. 5 trillion. In addition, theres talk of a new infrastructure plan which will increase the debt even further. Theres a plan of the c. R. That will be coming up that will increase the debt even further. All these things together increase the debt that may have an impact on actually stimulating the economy in a way but it will cause Interest Rates to go up. When Interest Rates go up, our debt service goes up because of the huge deficits in the federal government. That could be whats scaring the marketplace. Right now, deficits are a big concern to the marketplace. Dagen were you worried about the denthe debt doubling under president obama. Were you worried about it then . That was over eight years. I that was the privat was inr at the time. I wasnt paying quite as close attention at the time. The debt that doubled during that time was because of the stimulus package, to try to force the economy to grow. The economy has been growing since president Obamas Administration and now its the trump administration. Its been growing and the concern is that by adding debt at this time, were going to hyperinflate the market and get it moving too frothy and that scares people that our deficits are going to grow and thats why were seeing l volatilit volatie marketplace. Dagen i want to point out that the house did pass another stopgap spending bill yesterday. It funds the government through march 23rd and now goes to the senate. The leaders are really theres some issue with the defense part of the stopgap that was passed by the house, what happens with that vote. The senate is working on a twoyear budget deal. President trump is throwing an immigration grenade into the budget talks, saying hes prepared to shut down the government if congress doesnt pass Border Security measures. Listen to this and ill get the reaction. If we dont change the legislation, if we dont get rid of the loopholes, there are many gang members that we dont even mention, if we dont change it, lets have a shutdown. Well do a shutdown. We have to shut it down because the democrats dont want safety. They dont want to take care of our military. Then shut it down. Well go with another shutdown. Dagen congresswoman teny, is that helpful . Let me Say Something about mr. Swazys comments. The democrats are all of a sudden newfound deficit talks. They cared about stimulus that didnt spur the comply to the levels oeconomy to thelevels of. Were predicting bigger growth in spite of what the stock market is doing. I wouldnt give credit to president obama for this. This is clearly the enthusiasm from businesses knowing theyre not going to get suckerpunched by government. So tom and i know what its like to live and work in new york stay. But on the president s side, the president s a negotiator. He wants us to act on this. He had a very, very generous offer during the state of the union on immigration which really shouldnt be impacting what were doing with the continuing resolution. And im concerned about our military. My sons an active duty marine. We are giving less predictable funding to our military which puts them at risk and also puts our countrys security at risk. Im concerned about that. But as far as the immigration package, really what the president has offered are very similar to things that Chuck Schumer, nancy pelosi maybe not nancy pelosi, senator feinstein have voted on many times in the past and have supported. Those are things weve got to look to. We have time with daca. I think lets sit down in a bipartisan way and come up with a solution. Dagen thats whats going on with the top senators pursuing the twoyear budget deal, separating for now stalled immigration fight and actually increasing spending 80 billion a year on defense and the nondefense side as well which is what the democrats have pushed for. So thats an increase of 143 billion a year in spending on defense and nondefense. If youre worried about the debt and deficits, how do you get behind that . Thats something im thinking about right now. Im very interested in us working together to try to come up with a plan to keep the government moving forward. People that are concerned about defense in the military, secretary ma madis was testifyig in the committee yesterday and talking about how dangerous the continuing resolutions are and we need longterm Spending Plans to help the military and to help every department that we have throughout the federal government. So im interested in a bipartisan plan. Im also concerned about the fact that were increasing the deficit. Talk about newfound democrats, republicans, were all in this together. Republicans and democrats, different people from each party have paid attention to deficits for a long time. Other people have not paid attention to it. Im concerned that as we increase the deficit, were going to see an impact on our Interest Rates and thats going to cause even more debt for the federal government. I work in a group called the problem solvers. We talked over and over again about how we want to have plans working together but increasing the deficit is one of the worst things we can do. Dagen how does it help with nancy pelosi, the congresswoman calling thousand dollar bonuses pathetic crumbs. Do you think 1,000 to one of your constituents is crumbs . I absolutely dont think thats the case. I think that the idea was that it was a small percentage was going to lower income people. In america, theres 105 million fulltime jobs. 59 Million People make less than 50,000 a year. 86 Million People make less than 75,000 a year. So 1,000 is a big impact on a lot of families especially the folks that are making 50,000 a year, 75,000 a year. Dagen im the child of Small Business owners who were never helped by the government and to say 1,000, which where i grew up can feed a family of four for a month, i just found that to be completely deaf. I want to move on, congresswoman teny, to President Trump facing backlash over what the white house says was a joke he made on monday. The president was slamming democrats for not standing and applauding during his first state of the union address. So watch this. They were like deaf and unamerican, unamerican somebody said treasonous. I guess why not. Can we call that treason . Why not . Dagen i know what treason is because Maria Bartiromo gave me a pocket constitution for christmas. Its article 3, section 3 of our constitution. So the definition of treason is very specific. You said, congresswoman teny, that democrats might not be treasonous but they might be unamerican. I said them not standing for families who had their children murdered by ms13, not standing for our flag, not standing for god, not standing for all the things we stand for as americans, i think the president has a point there. I certainly dont support that he said treasonous. I think he said it as a joke. The democrats are trying to raise money, claiming i said democrats are unamerican. Of course thats not true. Many of my supporters are democrats. The issue is this, why wouldnt they stand for things that are common sense. I looked back at the old reels of obamas state of the union addresses, when he talked about americanism and unity, the republicans stood on their feet and cleveland for that. There were chances for the democrats to stand. Dagen mr. Swazy you get 10 seconds to respond. So quickly. People are sick and tired of the politics back and forth. They want us to get things done. Democrats, republicans, we need to Work Together to solve problems. People are sick of the personal stuff. All this talk about treason, talking about shutting down government, its irresponsible. Dagen thank you. Weve got to go. Oh theres one. Manatees in novelty ts . Surprising. Whats come at me bro . Its something you say to a friend. Whats not surprising . How much money matt saved by switching to geico. Fifteen minutes could save you fifteen percent or more. They appear out of nowhere. My secret visitors. Hallucinations and delusions. The unknown parts of living with parkinsons. What plots they unfold, but only in my mind. Over 50 of people with parkinsons will experience hallucinations or delusions during the course of their disease. If your loved one is experiencing these symptoms, talk to your parkinsons specialist. There are Treatment Options that can help. My visitors should be the ones i want to see. My visitors should be the ones so, howell. Going . We had a vacation early in our marriage that kinda put us in a hole. Go someplace exotic . Yeah, bermuda. A hospital in bermuda. A hospital in bermuda. What . What happened . I got a little overconfident on a moped. Even with insurance, we had to dip into our 401 k so it set us back a little bit. Sometimes you dont have a choice. But it doesnt mean you cant get back on track. Great. Yeah, great. Id like to go back to bermuda. I hear its nice. Yeah, id like to see it. No judgment. Just guidance. Td ameritrade. Dagen investors bracing for another crazy ride on wall street. Take a look at the futures right now. 92 point loss on the dow. The futures were off by more than 200 points early in the session. Again, a return to volatility in this market where the markets had been so stable, very few wild swings. The dow was up for 10 months in a row, in clouding january, inc. Weve been on a rocket ship high. A powerful winter storm pounding about 20 states. We have the details. A massive storm, its moving from texas to maine. Its going to bring heavy snow to ne new england, a mix of snow and freezing rain to the northeast and midatlantic regions and ice and rain to the midwest and southeast. About 800 flights have been canceled so far today, more than 100 of them at Newark Liberty International Airport in the new york area. The illegal immigrant suspected of killing Indianapolis Colts player Edwin Jackson while driving drunk faces federal immigration charges. Manuel zavala charged with illegally reentering the United States for a second time after he was deported in 2007 and 2009. Police say jackson and jeffrey monroe, an uber driver, died early sunday morning as they were standing on the side of i70 in indiana. He is not the only illegal immigrant to keeps coming back to the us. One mexican has managed to get deported 44 times in 15 years. He has managed to sneak back across the border at least that many times. The runner up was ousted 40 times from the United States between 2001 to 2015. A lot of crossing. Dagen coming up, fake dirt for the dossier. New details on the clinton associate who may have sent allegations to the author of the antitrump dossier. And how Goldman Sachs reportedly wants to cash in on expensive iphones. Its time for the ultimate sleep number event on the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. Does your bed do that . Right now, our queen c2 mattress is only 699, save 200. Ends soon. Visit sleepnumber. Com for a store near you. Stay with me, mr. Parker. When a critical patient is far from the hospital, the hospital must come to the patient. Stay with me, mr. Parker. The at t network is helping First Responders connect with medical teams in near real time. Stay with me, mr. Parker. Saving time when it matters most. Stay with me, mrs. Parker. Thats the power of and. Today, innovation in the finger lakes is helping build the new new york. Once home to the worlds image center, new york state is now a leader in optics, photonics and imaging. Fueled by strong university partnerships, providing the worlds best talent. And supported with Workforce Development to create even more opportunities. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Dagen welcome back. New retch revelations this morning about the antitrump dossier. According to trey gowdy, a Clinton Family confidant may have played a key role in feeding information to Christopher Steele, the former british spy who compiled the document in the weeks leading up to the election. Heres what congressman gowdy had to say last night. When you hear who the source or one of the sources of the information is, youre going to think i heard that name somewhere before. Where could it have been . The domestic source. Im trying to think how secretary clinton defined him. I think she said he was an old friend who emailed her from time to time. Rosenthal . That would be really warm. Dagen joining us this morning is fox news senior judicial analyst judge Andrew Napolitano. Lay it out for us . My thoughts is that trey gowdy is that he is an honest, decent guy. You cant look at raw intelligence because you have a top secret security clearance and selectively release parts of it and retain parts of it to produce a political narrative which is basically what he was doing with martha. Martha did an absolute a plus job of interviewing him. Hes not taking seriously his top secret security clearance, he thinks he can selectively release things. Dagen what about what he disclosed. An unclassified version was released of this letter that was sent to the justice department, urging criminal investigation into Christopher Steele for lying to the fbi. It also revealed Additional Information that was provided to steele. We knew it went to him initially because from a friend of the clintons. Im also a fan and a friend of chris grassily. This is why Christopher Steele will not be prosecuted. He was an fbi asset for many years, perhaps while he was also an agent. Think about this. You have a british spy who is also spying for the americans. What do the british call that . Espionage. The last thing they want is to put him in a criminal courtroom where hell say heres what the americans told me, heres what the british told me. We have a group called the five eyes. Countries in the world that we regularly exchange intel with, and theyre our friends, great britain, new zealand, canada, australia and the United States. In return for that, we have an agreement. We will not solicit or recruit agents from one of the others. Guess what the fbi did . Recruited chris steele and violated the agreement and exposed chris steele to criminal prosecution. Dagen to get back to the dossier. The dossier based on the memo weve seen that was released by devin nunes, based on Additional Information from the likes of senator chuck grassily, the dossier was funded by the democrats. Chris christie was being fed information by at least one clinton associate. It was cuffed t used to get a wt through the fisa court oven an american citizen. Ill withhold judgment on that until i see it. It shouldnt come out, but maybe it was ill. I want to see everything that was presented to the fisa court. Theyre a weird court. They meet in secret. The judges are not allowed to take notes or pens or papers out of the building. You introduce a document into a real court, someone will challenge that document. In fisa its only the government lawyers. Its up to the judge to challenge the document. Dagen the question is whether that was a point of reference or one of many points of reference. I think as a former case officer, work trained by the cia, i can tell you when you put together a dossier that is essentially opposition research, you cant call this intelligence. This is opposition research. It depends on what else was presented to the fisa court. We dont know that. Im going to give you a soft wall. I thinball. One, do you think the nunes memo should have been released . Do you think the democratic memo should be released . Do you think this opens a pandoras box for future memos . Yes to all of the above. Do you think it should have been released . If it wasnt released, we wouldnt be going down the warrant hole. Once it comes out, you have a republican version, a four page summary version of hundreds of pages of intel some of which trey gowdy teased about. There will be a democratic version that will come to a different conclusion. The American People are not children. We should be entitled to see the raw intel. The Intelligence Committee would go through the roof if the raw intel is revealed. Dagen to many it looks like a because of power by the fbi and the justice department. It shouldnt be a surprise that they abused power. Dagen we have more breaking news this morning. The fbi texting saga continues. Fox news has new information after reviewing unseen text between peter strauk and his mistress, lisa page. He called some, quote, ignorant hill billies. In another text, page told struk in september of 2016 that, quote, potus wants to know everything that were doing. Senate investigators told fox news, and thats potus, president obama, told fox news that the last mess a an is messg questions about president obamas involvedment in the clinton situation. There are Strong Political opinions. Theyre entitled to political opinions. They say negative things about groups of people because of their origin, which is dumb. But theyre entitled to be dumb. Dagen peter struck worked on the clinton investigation and worked on the mueller team until he got kicked to Human Resources because mueller found out about it. And also brought back the comey, clinton investigation that the democrats were not happy with. Its a lot of he said, she said. Theres thousands of texts. Were watching three of them right now. Theres a Strong Political opinion. If decisions are made for political, not bone fide Law Enforcement reasons, that is wrong and it can constitute misconduct in office. But words alone dont constitute misconduct. Dagen i wonder if well ever goat the bottom of it. Its a rabbit hole as john roberts said and they keep multiplying. Dagen thank you, judge Andrew Napolitano. See, balance, right here. Love you, dagen da i lov. Dagen i love you back. I love that laugh especially. Coming up, volatility rocking wall street. Futures pointing to another roller coaster day. And bolting on the colts, while patriots offensive coordinator Josh Mcdaniels turned down the indianapolis head coaching gig a after the Team Announced his hiring. How do you win at business . Stay at laquinta. Where were changing with contemporary makeovers. Then, use the ultimate power handshake, the upper hander with a double palm grab. Who has the upper hand now . Start winning today. Book now at lq. Com. 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. Dagen welcome back. Im Dagen Mcdowell in for Maria Bartiromo. Your top stories at 7 30 a. M. Eastern. The do dow was up yesterday, adg 567 points. The major market gauges finished the session in the green and the dow s p and nasdaq are all back in positive territory for the year. Despite the volatility, treasury secretary steven minutian isnt worried. The stock market is up significantly, over 30 since President Trump was elected. Were monitoring the stock markets. Theyre functioning very well. We continue to believe in the longterm impact of the stock market. Dagen check on the action this morning. We have an 83 point loss on the dow futures. They were down more than 200 points when we started the show at 6 00 a. M. Eastern. We have losses on the s p and nasdaq as well. In europe, we have buying to report in england, france and germany. Take a look at the green across the screen. In asia, overnight markets mostly lower. And were watching bitcoin and cryptocurrencies. Bitcoin rebounding this morning. One wall street firm warns that cryptocurrencies will crash to zero. More on that ahead. And Goldman Sachs taking another bet on the consumer. The bank is said to be looking to finance iphones. It comes as some iphone users may be getting a rebate on replacement batteries. Gronk robbed. We have the 911 call that the star tightened hopes will catch the suspect who broke into his home during the super bowl. Now to the latest on wall street. Volatile swings slamming stocks yesterday, also on monday. White House Press Secretary sarah Huckabee Sanders weighing in on the wild ride from capitol hill. The economy is incredibly strong right now. The president s focus continues to be on the longterm economic fundamentals, which like i just said, are very strong in this country. Were better off today than theithanwhere we were when the t took office. We have increasing wages for american workers. Theres nothing thats taken place over the last couple days in our economy thats fundamentally different than it was two weeks ago. Dagen this morning we have losses to report. 88 point loss on the dow futures, off the low to the morning. Joining me now is white house director of legislative affairs mark short. Mark, the president , because he tweeted and talked about the recordbreaking run on the stock market so much, has put all of you folks working at the white house in a pickle in the sense that youre forced to talk about the stock market when in past administrations you could talk about the economy but generally stayed away from daytoday, week to week, month to month swings in stocks. I guess the way we look at it is the markets are up over 30 as you heard the secretary say since election day, over 7 trillion in asset value added to individuals portfolios since election day. The reality is unemployments at a 17 year low. The economy is going strong. This sort of growth triggers inflation expectations. I think what youre seeing is a reaction from the market to the expectations of higher inflation. Thats not necessarily bad thing when you consider the wages have been stuck and stagnant for so long, particularly throughout the obama years and people are seeing higher wages today. So theres just market recalibration going on. The fundamentals of the economy remain strong. Dagen ill point out the atlanta fed adjusted the Growth Expectation down to 4 . Thats still a very strong growth number. During the obama years it averaged 1. 8 gdp growth. I think well take a 4 growth. Dagen some people are calling for 4 growth for the whole year. Jamie diamond said that to Maria Bartiromo. Do you guys back away from talking about the stock market. Have you talked to the president about lets stick to the economy, lets stick to the wage growth, lets stick to how people feel at home and their pocketbooks being more full because of the tax reform rather than talking about a market that coulthatcould be in for greater, certainly in the coming years. I think thats fair. We would expect higher volatility throughout this year. But at the same time, i think the president s proud of the gains and the turnaround in the market, just as hes excited about the turnaround for main street americans too. When they see 4. 1 unemployment, thats a 17 year low. When you see the economy growing, the last couple quarters averaging 3 , significantly better than 1. 8 than during the eight years of the obama administration, hes going to talk about all of those successes di. Dagen weve been talking about volatility. A lot of investors, even Retail Investors have been betting on stable markets or getting against volatility the last kim years. Couple of years. With some of the Exchange Traded products, a couple major ones, one that shut down on tuesday because essentially all the money in them, a few billion dollars was wiped out late on monday. It kind of begs the question of how will Retail Investors did they know what was going on . How are those things alads to ao exist if theyre so volatile. Is that something you think security regulators should look at . I think the company has a great team at the treasury and s. E. C. That looks at that. Im not expecting any legislation on that front. Sure, theres continued oversight of that. But if theres a greater volatility this year, i think the reality is that the fundamentals remain strong. The president has continued to roll back the regulatory front. Hes going to continue to make sure theres tax relief provided to the American People and we hope the economy continues to grow the way it has been. Dagen lets talk about capitol hill. Theres a budget battle to talk about. The government if they cant come to an agreement will shut down at midnight on friday morning. The house approved a stopgap spend bilspending bill yesterda. Branchinbran theyretheyretryie immigration fun fight from the funding bill. President trump said this at the white house yesterday. If we dont change it, lets sh a shutdown. Well do a shutdown. Its worth it for our country. Id love to see a shut down if we dont get this stuff taken care of. Dagen what do you expect a budget outcome to be, mark and will the president , would he get behind the spending bill thats being put together in the senate if it separates immigration from it . Its a good question. A couple things there. One, keep in mind the president campaigned on rebuilding the military. The budget deal we expect to be announced as soon as today i think will provide the deliverance on the president s commitment to rebuild the military. Youll see significant reinvestment there. Thats one of the priorities that he said. I do not expect a shutdown right now. I think what the president s looking to is the budget cap deal put in place higher caps on defense spending that will allow the bill to be written that will come to the president s desk at the end of march for spending on 2018. What essaying is the same pledge what hes saying is he expects congress to driver on thdeliver onthe promise for bor. He said hes okay taking the extra step. Were not expecting a shutdown this week. Were expecting a budget cap deal to be in place. We expect it to be a victory on the president s commitment to rebuild the military. Dagen the two year deal these being pursued by senators, military spending comes in at 629 billion a year, above the amount that the president put in his Budget Proposal to Congress Last year. It also increased nondefense spending. Combined, 80 billion extra for defense, 63 billion extra for nondefense, coming in at 143 billion. If somebody is worried about debt deficits and higher inflation, are you okay with that . There are concerns about the deficit spending on this front. Let me go back to the premise of your question. Secretary madis also said he wants to see the numbers stick to the National Defense authorization act, that had it at the 629 number, bringing it up to 700 billion for the year. Thats the number the secretary asked for. I think regarding the deficit, keep in mind youll see the president put forward a budget. That will cut spending when he comes forward next week. The challenge will be, its just like last year, the president put forward a budget that balanced in 10 years. Yet congress dismissed it. We do have serious concerns about the deficit and we do think that congress should do a stronger job of being responsible to taxpayers in curing the deficits. Dagen are we going to get some big infrastructure announcement on monday . Youre going to see the infrastructure announcement rolled out and were expecting it on monday. The president spoke about it some in the state of the union. We expect that youll see greater detail of the plans coming forward on monday. Dagen mark, good to see you. Thank you so much. Mark short from the white house. Coming up, a super bowl title not the only thing Rob Gronkowski was robbed of. Youll hear the patriot superstars frantic 911 call after thieves broke into his home and stole guns and safes. Plus, Goldman Sachs eyein eyeing apple. The bank wants to cash in on some iphone customers. Run your business at cloud speed. And do more with systems you have in place. The ibm cloud. The cloud for smarter business. The ibm cloud. Each day our planet awakens but with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. Something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. Dagen get ready for another wild ride on wall street. Take a look at how futures are trading right now. Dow futures are down just 45 points, a major bounceback after lots of volatility yesterday, after the worst percentage loss on monday since august of 2011. The dow traded in a 1200 point range yesterday. It closed up 567 points. Dow futures were down 200 points at 6 00 a. M. Now theyre holding steady. Goldman sachs is looking to help people buy their next iphone and other apple gadgets. We have details on this. The wall street journal reported that Goldman Sachs is in talks with apple to finance customers purchases of products. They would get a loan from goldman instead of using a credit card which can charge a high Interest Rate. You spoke with the ceo of citizens financial last month whose bank already offers low interest loans for the iphone. Heres what he said. Apple has an upgrade program for their phones. We provide the installment credit for apples customers. We set the credit box in conjunction with apple. Its a nice program. Apple has very high standards in terms of the Customer Experience in their stores. We have very limited time to make the credit decision. But weve been i think living up to their standards. Well, meanwhile, apple says it sees Strong Demand for replacement iphone batteries and it may send consumers rebates who paid the full price for a new bra battery. Apple came under fire for using software to slow down phones. The stock is up about 20 over the past year. Were getting to hear the 911 call patriots tightened Rob Gronkowski made to Police Moments after realizing his house had been robbed. Hello, this isnt is an emergency. This is Rob Gronkowski. While i was gone, my whole house got robbed while i was on the super bowl trip. I just got back. That super bowl trip, you know where i played, neighbors noticed his gate was left open during the super bowl. They didnt call police about it. According to a dispatch, multiple safes and possible guns may have been taken from his house. Anheres some other news from te pats. Josh mcdaniels will return to his assistant coaching job with the new england patriots, despite the fact he agreed to take the head coaching gig for the colts in indianapolis. The colts released a statement. I, it says although were surprised and disappointed, were going to resume our head coaching search immediately and find the right fit to lead the team and organization on and off the field. The colts deleted this tweet introducing mcdaniels as the teams new head coach. This is a big surprise, dagen, because this took the colts offguard. Word is that the pats sweetened the deal for mcdaniels to stay as of fencas ofas coordinator. Dagen the trinity of craft, belichek, brady, is it breaking apart . Theres a high likelihood you could see him become the head coach in 2019 or 2020 when belichek becomes gm or retires. Dagen thats a positive story about your patriots. Coming up, crypto criticism, why one banking giant is warning clients to expect the worst from digital currencies, like bitcoin. 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. On the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. And snoring . Does your bed do that . Right now during the ultimate sleep number event, save 50 on the ultimate limited edition bed with adjustable comfort on both sides. Ends soon. Visit sleepnumber. Com for a store near you. Dagen avoiding the crypto crash, bitcoin prices up this morning. Take a look at how bitcoin is trading, up 833, this comes as a new report from Goldman Sachs warns investors most cryptocurrencies could soon lose all their value. Joining us a Senior Market strategist, philip striebel. Is the end near for cryptocurrencies, do you think . I think bitcoin prices will continue to travel lower. This is something people are missing here many bitcoin is a product thats created. Its solving complex algorithms, balancing a ledger and youre benefited a bitcoin or partial bitcoin. Those bitcoins, it takes one computer an entire year to create one. They cost about 2,000 to 3,000 to run that computer there. This is a similar product thats like corn or soybeans, something thats planted, takes a year and it grows and matures into a product here. If you look at bitcoin, if it takes 2,000 to 3,000 to produce one, theres no reason why it should be trading at 8, 1 10, 20,000. Youll have people that will hedge their forward production, theyll sell those futures contracts and it will drive the price down. You shouldnt trade at a multiple of 10. It shouldnt cost 2,000 to make it and the product is trading at 20,000. Corn is at 3. 50. It doesnt trade at 35. Farmers hedge that. They sell the product and thats what compresses the prices together. Dagen corn, the competitor to corn is corn. The competitor to soybeans is soybeans. Theres other competitors to bitcoin. I watched the trading of cryptocurrencies by bartenders and average folks around the globe and have people trying to tell me they have some sort of trading strategy for this. I think that this is evidence of a mania, of a bubble, andic iti think its showing up in the stock market. Youre a believer in the technology. Im a believer in the block chain technology. Im a believer that crypto is an asset class. Whether bitcoin is the end all is to be determined. I think things like ripple and etherium, those with an underlying platform, ive invested in too. If you have an underlying block chain and underlying technological platforms, these are real asset classes. I think bitcoin is going to have volatility but it will be the one that people are using to buy those assets. Dagen people have been using it like theyre betting on coin tosses. Theres somebody on the other side of that trade they dont even know who theyre betting against. Theyre not thinking like rob hrobert. Its like catching knives. If you dont know what youre investing in, its going down. Dagen youve got 10 seconds, phil. Something interesting is that your State Farm Insurance policy will state now that bitcoins and cryptocurrencies are not covered on your Homeowners Insurance if youre house burns down. Dagen thank you so much, phil. Well be right back. Dagen i am Dagen Mcdowell for Maria Bartiromo. Wednesday, february 7 your top stories 8 00 a. M. Eastern. Wild swings on wall street 567point gain yesterday, but, again, the range of swings up 1200 1200 points on tuesday investors in for the volatile ride yesterday, and maybe today, take a look at how futures are trading right now. We had a more than 200point loss on dow futures starting to show 6 00 a. M. , now down just 70 points, but, again, volatility is back after people got used to calm markets dow s p, nasdaq start today up for the year not the same story for the trans ports and small caps. The atlanta Federal Reserve has lowered its First Quarter gdp forecast from 5. 4 we reported that last week, now down to 4 , so far. In europe stocks heading higher across the board the biggest winner there being ftse 100 england up he more than 1 . In asia overnight, stocks mostly lower, the nikkei eking out a small gain kospi in south korea, worst performer failing more than 2 , budget battles looming, lawmakers have until tomorrow night to reach an agreement to keep the federal government running the house already passing a stopgap spend heing bill now the fight turns to the senate how senate will vote on that and immigration is still a top issue there. White house director of legislative favors marc short weighed in on that debate last hour. We are expecting Congress Deliver own prols we made on campaign that we would invest in Border Security is going to hold congress feet to the fire if not delivering on Border Security he says he is okay taking extra step we are not expecting a shutdown this week we expect a deal is to be in place to rebuild military. The latest on that battle, and the immigration fight ahead, steve wynn out the details as billionaire mogul stepped down as ceo of Company Following Sexual Misconduct allegations, calling for fairness to pence rile Vice President wont eat alone with woman out than wife wont attend very alcohol is served without his wife, says womens careers are ultimately hurt by this. Spacex taking it to infiniti and beyond 3, 2, 1 [cheers and applause]. Company you launching most powerful rocket since the Apollo Mission, sending a test roadster into orbit more on giant leap for the private space race ahead to break it down news correspondent leah again grem fox news krshlt 32 advisory founder ceo former Economic Advisory to president obama will ro earth wolff, lindsey bell i think you were called tolerable this morning mr. Wolff, how about that. I i am not making it up. This has been a finish morning, so i dont i see you guys getting tweets saying old i lot of seeing you on i am waiting for one for me. Joy to be with you more than tolerable a joy. The volatility that we saw in the market, massive selloff on monday biggest point decline in the history of the dow but also biggest percentage decline in since 2011 it is important to have somebody with experience here that is no knock on age i mean that from bottom of my heart. Really young on wall street 21, when i left at 50 felt like i had three greet great decades. Tell people, some guests later this hour i want your thoughts. I was a going to say. Yeah last few days, felt like things that mr. Wolf and i have experienced, covering the markets involved in markets so many years joining the conversation, this morning, louisiana senator john kennedy former chief of staff under president george w. Bush Business Roundtable, he ceo josh bolten hort of Varney Company Stuart Varney dont miss it wall street bouncing back again, the kind of wild swings that we have seen in the market, many people have bet billions of dollars, on stable markets, the last year or two, was a big winning bet some made 800 , betting against volatility but came back, you had a couple of these Exchange Traded products wiped out closed, for good on tuesday. Now to you what were you going to say. I mean listen, we have spoken a lot since you know the lehman crisis where i spent you know a few days at the fed there. This is not that type of crisis this is not where on a one directional down trade everyone should be nervous that type where contagion coming this is a opposite you have a balancing equation right now between the bears and you bulls we spoke about between a regulating raising rate environment versus very good corporate earnings and growth the question is who wins, and we have not seen a rising rate environment for decades when i started in 80s we were 12 we have been one directional, you know for three decades, so at the end of the day we will be in an environment where we are not sure who is going to win it feels to me that short term short term because of he tax reform corporate profits in Global Growth will outperform for the equity market versus a rising rate environment how it feels but there is going to be incredible volatility. I agree with that what i will say going back to your initial point about this isnt Lehman Brothers days, we have Credit Availability actually spreads on 10 and year improved several trading days a good sign, and the inversion of the yielded curve is a huge implication for us going into a recession. A huge sign. Where shorter term rates are higher than longer term because people are betting, basically buying longer term debt thinking there is going to be some sort of calamity in economy. A key indicator. But so can better economy can rising wages still drive this market higher in coming year. I think so we saw last couple days this market is a very ask it ebbish market going to be watching inflation the 10 year watching wage data wage data that we got, on friday was good 2. 9 but i mean, when we are in a boom times, that wage growth is more like 3 1 2, 4 . One thing that is really different versus you know, other volatile times what leah was talking earlier about the whole idea of algorithmic programmatic trading not based on experience there is no human touch to it the pendulum swings farther each way. This is i want to get to kevin, this is something we have known about though remember flash crash 2010, why 15 minute halts on stocks put in place nothing new you had to expect it people got conned thinking volatility would never come back everything goes one direction i can bet on bitcoin i can get on stable stock market i can bet on anything everything nothing goes down. Not like this but the president has he thinks m, the great stock market at least 25 times just in the month of january. I and i will just tell you it is oi i know that is not giej for the economy that we actually usually look at, we look at many other gages and we should give him credit economy is doing well, but i think using the stock market as that key indicator, is not the best way. I am he i said that from i think the day that he took office. Now even before, i said you try to take credit for the recordbreaking reason i in the stock market, on the way up and you are going to own it way down i do think the president talking about it so much, even to the troops during his thanksgiving message that he puts all the people at white house in a position where now they have got to talk about it. Guess on program whether sarah Huckabee Sanders, about treasury secretary treasury secretary i understand he talks about the stability of the markets to make sure the markets are functioning properly that is something the treasury secretary would talk about but in terms of these now trying to pivot back to talking economy it is going to be hard i want to get to budget issue, because lawmakers are skramgdz to avoid a Government Shutdown set for tomorrow night, tomorrow at midnight, President Trump shut government down over demands for Border Security kevin covering from white house, and has very latest, hey. Reporter good morning to you always nice to see you now the conventional wisdom in washington is something will the get done, before friday midnight but to get to that cr continuing resolution to give government open and funded, there are a lot of people who are concerned that probably going to have to deal with most contentious issue quite sometime in washington you know what i am talking about Daca Dreamers most of all, it is Border Security, the president making it very plain yesterday, that look this is something that has got to be solved, he wants it figured out, now. Now that is despite threat of a democratic led shutdown of the government. I would love to see a shutdown if we dont get this stufftain care of we have to strength borders not by a little bit but by a lot we are so far behind the time, by the way, the world is you laughing at us they cant believe these policies they dont have it. I could name 15 right now no other country in the world has what we have. And, we are going to get it stopped if we have to shut it down because the democrats dont want safety and unrelated still resulted dont want to take care of our military then shut it down. We will go with another shutdown. You understand what they are doing here right he is basically saying is you will be on the side of taking nonresidents aliens, people here illegally, versus picking to be on side of the American People, that is the strategy here. But i should also tell you dagen on capitol hill all is not lost say me. Mcconnell schumer. I am optimistic soon we will reach an agreement, i have discussed out lines with caucus that i think we are very happy with, and hopefully the republicans are and and then we can uh get something really good done. Lets be honest a lot of this is jesting for public consumption i dont think doubt we will see something before friday midnight watching carefully from perch i promise that truck about to drive right by far enough way that i am safe back to you. You know what i fever most koev kevin leave blowers the worst thing on the plant scary than chain saw. True story. So loud, so annoying great to see you, from the white house, for us. Quick on this budget deal, here is what bothers me about the republicans, show me spending restraints because again this deal that the senators are putting through 80 billion dollars a year more in defense spending, about nondefense spending increasing by 63 billion dollars a year then going to about talking infrastructure. That is the problem cant get it passed without getting democrat support and democrats wont support it unless they get some sort of a match to the increasing defense spending. Right . A few things. That is not in common, that you have Discretionary Spending and nondiscretionary go up equally. Number two. Dagen that is the problem number two the republicans have al been a paygo, okay, party, now all of a sudden they are no longer fiscal budget control secret i am not talking about military. Were talking about nondiscretionary as you know mccaskill went on floor said pass all spending for military true or not true. Is she a somewhat. Yes. It didnt get passed we can talk partisan politics all that we are all supportive of the military my point persistent Republican Party always fiscal hawks we have a trilliondollar deficit from tax reform. Democrats have always wanted to spend everybody elses money and not give it back to is, not give us tax cuts, now all of a sudden, they are worried about the sky failing because the budget deficit. How about we all agree we should not have a Government Shutdown. I think everyone does agree. The military doesnt get paid, that is what shameful. Only one not saying that President Trump i think the reason he is saying it what he is saying is because he is appealing to base. Hyperbole. Immigration. Lets be clear a Government Shutdown costs over a billion dollars a day, the last one, that is not a good thing for anybody. I am not supportive of a tax attaching daca to Government Shutdown one is budgetariry we. I just want restraints can we show it . Can we see it . More ahead. , oh shrieks in terror heavy breathing and snorting no, no. The running of the bulldogs . Surprising. Whats not surprising . How much money aleia saved by switching to geico. Fifteen minutes could save you fifteen percent or more. Dagen welcome back, steve wynn resigning chairman and ceo of wynn resorts cheryl casone. Cheryl resort president wynns resignation Effective Immediately comes after Sexual Misconduct acreages women claimed one case led to 7. 5milliondollar segment, wynn he shares of the company off in premarket was down earlier stock to watch today. Well facebook executive taking issue with mike pences rule about being around women has a personal rule common among a lot of an jell cals, doesnt allow him alone with women wont attend event with alcohol without his wife by his side, cheryl thinks this hurts growth in the workplace midopportunity to neck with women, facebook and cofounder says if men followed mike pence rule should apply to everybody not just women you meity revolutions showed uncomfortable with women. Guest of honor at the bastille parade last july so much wants a similar parade perhaps pennsylvania avenue to celebrate 4th of july, trump is asking Defense Department to show off military power it is confirmed talking about it options put on table this is something last time a full military parade in d. C. Was after engulf war 1 cost he throw out the what is this going to cost. A parade to celebrate troops defense, our country, is wonderful, but we as a country are so above these parades you see from other countries, where they need to put on display weapons show what they have, and if this in any way smell of that type of parade i think will be resent by troops because we are above that. President trump may ride in one tank. Did you make that up. I did. Oh, my god that worked very well for that was not that worked so well for mick dukakis, basically ended president ial run i want to point you got me there. So but one thing if that happens, that you say the military wouldnt like it, it would look like the soviet union in north korea, the appearance. Unnecessary looks silly i think something to celebrate troops is one thing to celebrate country something, but if we start making this look like a big display like we see north korea, silly unnecessary, we as can i are above it. Wouldnt you rather have 20 Million Dollars put towards new aircraft a new tank. Plane. I mean, parade. I will say i think that we should thank those who have served and do serve, who basically are protecting our freedom we say with land of the free because we are the home of the brave we need to thank these individuals every single day thank you for your service. Thank you for saying that, thank them all who serve families of those who serve, by showing them off not making them jump through you know whats to put on a parade. I have my bag right here made by spouses of people of men and women who are serving in happy show woundeded warriors ill a big spore give 20 million to Wounded Warriors tons of ways to give money. Parades around the world as you see vessels around the world, supporting our country. Coming up the trickledown effect of President Trumps tax plan how cutting Corporate Taxes could help millions american workers. Houston we have liftoff more incredible video from spacex rocket launch straight ahead. Big thinking in the finger lakes is pushing the new new york forward. Were the number one dairy and apple producers in the eastern United States supported by innovative packaging that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov ythen you turn 40 ande everything goes. Tell me about it. You know, its made me think, im closer to my retirement days than i am my college days. Hm. Im thinking. Will i have enough . Should i change something . Well, youre asking the right questions. I just want to know, am i gonna be okay . I know people who specialize in am i going to be okay. I like that. You may need glasses though. Yeah. Schedule a complimentary goal Planning Session today with td ameritrade. Husband shes asleep . Wife yes. Husband lets do this. You may be new parents. But youre determined to feel like your old selves again. [cell phone rings] [baby crying] with blue apron, any night is a chance to see what cooking can do. We use so why do we pay touters thave a phone connected. When were already paying for internet . Shouldnt it all just be one thing . Thats why Xfinity Mobile comes with your internet. You can get 5 lines of talk and text included at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And now, get a 200 prepaid card when you buy an iphone. Its a new kind of network designed to save you money. Call, visit, or go to xfnitymobile. Com. Dagen investing in america, a new blog post titled americas worker the wins from Corporate Tax reform hits against critics say new tax law only benefits corporations. It reads in part, companies will also use some of the gains from tax reform to return capital to investors, money returned to shareholders of any kind recirculates throughout economy with helping finance new startups reinvested in growing sectors of the economy some saved to increase future consumption the writer of blog post former chief of staff under president bush 43 Business Roundtable president ceo josh bolten irpreaching to the choir right here i have been saying that i understand the tax reform works both for individuals and corporations, are we hearing enough of that from members of the Republican Party . And those very lawmakers really pushing back, on the rhetoric from likes of nancy pelosi . Yeah i hope so. First of all, thanks for having me this morning to talk about this. But i hope we are hearing it from the members who supported this tax bill they have a lot to be proud of. It is not just the the dividends Share Buy Back tax reform may release the important part benches going directly to workers as a result of extra cash companies, have even more important than that is the investments those korps companies all over america are going to be able to do right here in america, as a a result of the more competitive tax code. Dagen i just want to point out were looking at vast list of companies. That are returning some of the tax savings to workers whether in thousand dollar bonuses chip chip polt aye will reinvestiture more benefits workers get one time bonuses up to 1,000 dollars to hourly and salaried workers about Life Insurance short Term Disability insurance for hourly Restaurant Managers this is just to naming a few. But to look at a thousand dollars in this country say it is pathetic crumbs, josh, i dont i dont i know that that does not resonate with American People i have said this, aare people saying i wish nancy pelosi had hands on this money instead of me . Yeah i hope they are, and comments like that i think just reflected a fundamental misunderstanding of what tax reform was likely to bring. And the evidence is now overwhelming. At the Business Roundtable alone we represent 200 of americas biggest corporations. We have members of our organization alone have already announced over 7 hundred Million Dollars in bonuses to employees lots of wage increases 4 o 1k enhancements substantial benefits for the workers of all those corporations, and that is just in the first six weeks after the enact of tax reform, i think there is a lot more to come in this economy, in terms of shortterm benefits more importantly long term k he competitiveness. Are you concerned about tax reform part of the reason we are going to have higher inflation, you talk about wage growth. But wage growth is part of the inflation equation you wind up with higher Interest Rates that is certainly last week was a big concern for the stock market with that wage growth number from employment report. Yeah, that could have been a part of what what is roiled markets last few days an expectation now of some Inflationary Pressure from wage increases. But look that is that is thats wasnt the purpose of tax reform it is not really going to be the effect. What everybody cross all political persuasions has been looking for us real wage increases for american workers. Tax reform is going to unleash a lot of that, and overly that is a huge benefit to the american economy. Josh really good to see you. Thank you for being here as always. Thank you. Josh bolten, we will see you very soon to broke futures trading like this, right now, to look dow down more than 200 points, when we started this show 6 00 a. M. Eastern, down 87 points right now, wild swings on wall street we will watch that, as the day movers on, plus tesla revving up to Fourth Quarter earnings after the bell we break down the numbers ahead. They dont dance no friends of mine we can go if we want to, the day after chemo might mean a trip back to the doctors office, just for a shot. But why go back there, when you can stay home, with Neulasta Onpro . 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Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Maria bartiromo wednesday, february 7 top stories 8 32 a. M. Eastern wild day on wall street dow swiped more than 1,000 points on 1200 points in fact, from loss to highs in yesterdays session, ending the day up 56 points, big bounceback, from that kind of epic loss on monday. The major market gages finishing yesterday in green, and the dow s p and nasdaq all back in positive territory. For the year. Checking action this morning futures are off a little bit, dow futures down 98 points, off more than 200 early in those morning about 6 00 a. M. When we started this program mornings with maria but again this is the issue, volatility is back, people have become very complacent were not used to wild swings over in europe, gains across the board to speak of, the biggest gainer there being the ftse 100 england up more than 1 , in asia markets mostly lower, heavy selling to report on the kospi in south korea down more than 2 . Steve wynn resigning from Namesake Company leaving amid allegations of swal misconduct Stuart Varney take. One senator unveiling legislation to cut back on government waste details ahead, investors eyeing earnings, of course, back to fundamentals tesla gearing up to report after the closing bell, the numbers that you need to watch, ahead. And going to a place where there are no , 2, 1 [cheers and applause] [cheers and applause] dagen might not be roads there but that didnt top elon musk from spending a tesla into space, more on the launch later this hour, under pressure well off lows of the morning we are what are the traders on wall street saying about this have crazy ride we have seen really last week Nicole Petallides on floor of the new york stock exchange, nicole . Good morning dagen obviously we have seen choppy action, no doubt about that, even this morning as you have been covering there throughout the morning we have seen it down as much as close to 00 on futures, now down un 300 now down 100 traders are talking about heavy volume that we saw yesterday. So there has been a lot of action and talking about people who were trying to get if there were outages from ameritrade fidelity trying to navigate this market whether or not bottom in a topic of conversation. Yesterday we had automobile second largestpoint swing in history day before the biggest ever, so the question is whether or not the bottom is in and yesterday, 75 they said likely in, back to you. Dagen thank you for that Nicole Petallides new york stock exchange. Turning to the shutdown showdown, a bipartisan budget deal in the works, Senate Majority leader Mitch Mcconnell minor leader Chuck Schumer saying close to finalizing a budget to boost military and nondefense spending reportedly total 143 billion dollars makes no mention of immigration likely tabling that debate for now. The republican leader and i have been working together quite productively. Of course, there is still some outstanding issues to be resolved. But we are closer to an agreement than we have ever been. C once we have established that government is going to be open, when needs to happen by february 8th, we will then go forward with an immigration debate. Dagen joining us now is louisiana senator john kennedy this plan comes as house approved a stopgap spend heing bill to Fund Government through amateur 2 wh amateur what do you think, i like the house deal i havent seen the details of the leadership proposal on they say they are close, i have been hearing that four months ive got to see it to believe it. I think if they make a deal, it will be twoyear deal, and surprise, surprise going to increase spending. I just got to see how much, and where they are going to spend the money. And how much is going to add to the he deficit, and you can put me down as doubtful i am not saying i am not going to vote for it but every time there is a budget deal, it always includes bigger numbers not smaller numbers, and while you and i are talking today, since we have been talking we have already borrowed a milliondollar we have borrowed a Million Dollars a minute to operate the federal government, 1. 4 billion dollars a day. Senator, i appreciate your concern for the spending there, and we need to cut back on some costs but isnt it two year deal better than another cr to just take us out another six weeks by the time we get to march fiscal year only 6 monies left problem with cr continuing resolution dagen there is no certainty, and it does hurt our military. Because they cant plan. And i do support more spending for military, every senator republican and democrat has seen the classified information they cant talk about it, but they know we need more spending for the military i got to see how much of waste i have got to eat in order to help our military. And i cant make that determination till i see the numbers. Senator this is Leah Gabrielle nice to see you nice to see you leah. Sounds like not very high on what you examine coming your way you he acknowledge a cr is a terrible solution for what we have going on what are you proposing . Well, what i am proposing is that we get serious about properly understood ifing our military funding our military, serious about living within needs nobody around here except some folks in the house and few senators are talking about how we can spend less. How do you propose getting that done . Well let me give you an example i will introducing a bill with tom carper has a fancy title, but i call it the stop paying dead people act, the federal government is paying i think between 10 and 20 billion dollars a year to dead people and they are cashing the checks. Obviously there is fraud, i mean in some states, dead people can vote, but cashing a check is a little bit too much. I will give you an example over threeyear period a auditors found the federal government sent out one billion dollars in forei farm payments to dead farlers another case 5year period federal government paid 6 hundred Million Dollars in federal pension checks to dead retirees. The checks are being cashed, you know what is being done about it . Nothing the, zero,nada i am going to let robert wolf ask you i think everybody is for getting rid of waste, fraud paying dead people but few billion dollars a year is a drop in the doggone bucket in terms of what we spend just on listen the interest on National Debt in a year are two is going to top what we spend on military robert. Senator kenley i want to shift quickly seems like continuing resolution two year budget deal with respect to senate seems like there is not going to be a Government Shutdown so i want to therefore segue to daca a really big gate for 800 how to immigrants waiting to see what happens to them, just to be clear you know i am a supporter to protect the dreamers, and so i am curious where you are going to march 5 how do you see outcome for individuals . Well, number one a lot of meetings being held groups of senators are talking. But what counts is 60 votes, there are several plans, on the table right now, every single one held together with spit. The only way to find out where everybody stands is to vote. And what i expect senator mcconnell to do put some sort of instrument bill on interior let us start debating it i amemorabiliaing it im much less sanguine we will get 60 votes to do something meaningful our democratic friends want amnesty and frankly nothing else. I want to solve the problem, i want to be here talking about another daca immigrant amnesty issue five or 10 years from now. Senator that is one of the reasons they are including the people never signed up for daca including white house including that in that 1. 8 Million People would be given a pass to citizenship do you oppose any path to shcitizenship whatever. Here is the problem weve got immigration laws about half of our Public Officials dont agree with them so they dont enforce them. I give you ask sanctuary subcommittees as exhibit number one we need to agree on a set of laws and enforce the damn things like every other country does just also aity is not going to solve this problem. To shift we know what is coming up march 5, about not going to be a broadbased immigration bill passed by as we know march 5. We dont know that excuse me we dont know that we can start debating immigration bill next week, and come out with a comprehensive bill we have 60 votes i dont think we will but we could lets agree the likelihood is in likely, march 5 comes and we have the situation with the dreamers, where do you think it will what will happen on you march 5 . What is your expectation . Well, if we dont do anything by march 5 up to the president. Because he controls the enforcement of deportation, he sets deportation senator. Lets point out Daca Recipients that is held up in courts, so there is this feeling, in washington, that they can drag their feet, and wait on dealing with this because the court has said that the order to end daca that their basically put a stop to it, at least in for at least temporarily. Very good upon the i can just tell you categorical unequivocally i dont want any doubt about where i stand i am not going to vote for amnesty unless i get a full bill that solves the problem. You are going to ask me what that is i have got my own ideas, i am not so arrogant that i think only my ideas will work but i am not just going to vote for amnesty kick this problem down the road i want to solve it. Good to see you but everybody who you are in at the in the senate house with, you are kicking that debt problem down the road going to blow up in everybodys face that is my predictions. Amen amen sister, amen. We will be right back. 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. I can understand why not . But you know we have gone a long way with this i am not i am not creativing the women who come forward. I am saying weve got to settle down a little here because maybe, in some cases, some engine just. Not just men unkofshl women very uncomfortable with that story told about a comedian about date on a bad date, again people careers lives destroyed in instances by based on one headlined never reading allegations i think that there is definitely brewing discomfort among men and women about how allegations are aired. No good answers here. No, period. Non. We do want women to be heard, too. We do, absolutely we do, yes. You are the best, starts in exactly 10 minutes there you go, monday through friday stuart all over this market, it is going to be incredible coverage as every day, Stuart Varney 9 00 a. M. Eastern, spacex successfully launching falcon heavy rocket a tesla roadster into outer space more video that is out of this world, next. Volatile markets. Something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. [cheers and applause] to quote robert wolf so cool, liftoff spacex successfully launching rocket yesterday capable lifting up to 140,000 pounds, and now holds title of worlds most powerful rocket how will elon musk auto companion take off tesla to report fourthquarter results after the bell expected to post a loss 3. 10 a share revenue on revenue 3. 28 billion dollars, joining us now, art investor analyst, what are your expectations for tesla. I think most investors are worried about the model 3 production ramp cash burn. But from our perspective, i know, people are comparing tesla to traditional auto companies, an Autonomous Car company once that switch is flipped, and cars that are already on road today become fully autonomous together to become revenue generatoringsets from that he perspective we are happy tesla is spending money to get off the ground we think that opportunity is huge globally market for autoimmunes driving autonomous taxis could be 10 trillion dollars. They have competition in the space, waymo, lyft a slew how sure are you they are getting there first the winners in this race. They do have competitions with a tesla has is scale every car on road is basically like a minir and d center dpath data at a tesla uses to train, its autonomous driving algorithms no aurt maker has been able to do this pu tesla years ahead of areas we heard mgm Earnings Call 100 cars on road tesla that is thousands of cars think about that what it is capable of. Being Old School Wall street gi what point do you get nervous about cash burn, what this is much more like almost a biotech. The cash burn has been getting worse each quarter, yes, yes, so to give you an idea of roughly what we expect earnings from vehicles right now, each car is generating 3,000 dollars worth of earnings here tesla we think once you turn autonomous net present value over 80,000 per vehicle, and you know were happy they are spending money i think we would be happy if they raised another 20 billion dollars to get off the ground. You get tesla in space ceo elon musk founder of the company busy with other pursuits including spacex concerned. A valid point, you know i think elon musk is amazing person capable of making impossible possible, and so you know while no one achieved this feat yet i wouldnt put it past him. Thank you so much. Final thoughts when we come back. Gives you access to discounts on thousands of hotels, cars and things to do. Like the papaya playa project for 49 off. Everything you need to go. Expedia. With ai that sees threats coming. The ibm cloud. The cloud for smarter business. The ibm cloud. This is where i trade and manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Dagen final thoughts, lindsey . Get ready for political uncertain. Congrats to the eagles, ive already moved to the celtics. Dagen i would too, lea. You can see our ships on parade, soldiers, airmen, marines around the world, he wants to spend time with his family on july 4th, not in a parade. Dagen i say to democrats stop talking down the economy and rooting down fall for the markets, bad for them. Stuart, over to you. Stuart i will take it, dagen, thank you very much, indeed. It is not over but is it coming down a bit . Okay, im on dangerous ground, do i understand that but here we go. Good morning, everyone, when our team was arriving in the studio earlier this morning looked like the tow was going to be 2 or maybe 300 points as it has for two days. Look at it now, we will be down but the swings dont appear to be quite so sharp. Again, we dont know how the market is going to close and we may well see the volatility pick up again, but as of now, things are looking a little more shall we say normal. Yes, im on very dangerous grou