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Rest of washington, so therefore, all of the nuances on foreign policy, all the diplomatic protocol, all the hand holding you have to do sometimes with senatorsand people on capitol hill, all of that would be something that scaramucci just hasnt been steeped in for his entire career, and thats why i think you might be seeing some of the sort of anxious tone of that email that i just read you a few moments ago from some of those folks. Eamon, thanks we appreciate it i know we will be back to you. We dripped into power lunch. Our thanks to our friends for letting us do that mike, thanks for being here. See you soon guys, i will hand it off to you now. I know you will continue to follow what is a developing story for the rest of this day we are leaving it on screen so you can see heres whats on the menu. More of that bombshell, major shakeup at the white house nbc reports press Secretary Sean Spicer is reportedly out he quit. Wall street veteran Anthony Scaramucci expected to be named White House Communications director the fallout straight ahead secret protectionism the u. S. Has rejected an historic historically high number of foreign deals lately is chinas buying spree at risk under this Trump Administration . They say a home is only worth what someone is willing to pay. Well, that price tag just hit its highest level in history power lunch starts right now welcome to power lunch. Im Tyler Mathison the major averages in the red, the dow and s p 500 on track for their biggest daily losses in two weeks. Nasdaq on track to break a tensession winning streak still, the s p and nasdaq are both positive for the week, by the way. One of the biggest drags of course, we were talking about it all day, general electric, the stock falling to its lowest level since october 2015 on the back of its latest earnings reports. Whats working on this down day . Capital one is etrade and moodys, the biggest winners right now. Melissa . We begin this hour in washington, d. C. That major shakeup at the white house. Sean spicer resigning as White House Press secretary. A press briefing set for the next hour. Eamon javers has more on this breaking story reporter the question at the top of that press briefing at the top of 2 00 p. M. Here in washington, d. C. Is going to be is sean spicers departure from this white house the end of it or are we witnessing the beginning of a larger purge of Trump Administration staffers. There are a number of staffers inside this administration who are very close to sean spicer. We will see if anybody else departs throughout the course of this afternoon we are waiting for Sarah Huckabee sanders, deputy press secretary, who with sean spicers departure would presumably be in line for the number one slot, most visible slot in the press office here at the white house to brief reporters. That we are told will be on camera which is rare recently, and we are expecting we will get some answers to what exactly Anthony Scaramuccis job at this white house will be. We are told that it is Communications Director. That is traditionally an offcamera job that oversees the press secretary and the overall press operation in order to Keep Communications flowing from the white house to the wider world about what the white houses message and agenda is. It is a sophisticated nuanced position but does involve the basic brass tacks of answering reporters questions and knowing the Washington Press corps i want to give you an email i just got from a source close to the White House Press operation, that is the current and perhaps outgoing press operation, who emailed me moments ago and said this is a joke trump wanted scaramucci on television as a surrogate for the white house and wanted to give him more of a formal title. There was simply no understanding by the president that the Communications Director title comes with lots of responsibilities, not just going on television. So some real criticism here by people close to this White House Press shop who are saying the president simply has misunderstood whats happening here, theres confusion as to why sean spicer had to resign, why he is being forced out and what Anthony Scaramuccis role is going to be we expect within the next hour to get some answers to some of those questions, but as of now, its all more or less up in the air. So dramatic afternoon here at the white house. In terms of within the white house, what fissures are forming with President Trump deciding to go with scaramucci and spicer deciding to resign spicer was very closely aligned to Reince Priebus, correct reporter sure. Absolutely you know the old expression, when you go into a job you have somebody who is your advocate in that job i think the advocate for scaramucci would have been donald trump himself this is somebody who has known scaramucci for a long time scaramucci is bright, very successful in business, very aggressive and very loyal to donald trump all of those are qualities that would appeal to the president , especially a president who is looking to make a change here and get into a more successful mode who feels like his administrations been taking a lot of incoming fire that he feels is undeserved. I think you look at sort of trump and scaramucci on one side of the ledger, then on the other side of the ledger in terms of the power equation inside this white house, i think you would have to put bannon and priebus, the president ial adviser, steve bannon and Reince Priebus, chief of staff, along with sean spicer, who has just been recently ousted as people who would have been uncomfortable, concerned or flat out opposed to this move by the president but when you are Anthony Scaramucci and you have the president advocating for you, thats a winner in any white house. Where does the family fall on this where is ivanka, where is Jared Kushner on this . I assume they were consulted i assume they favored it reporter i would imagine that is correct. I would imagine that scaramucci has relationships there. I cant tell you for certain at this hour. I can tell you that laura trump has been here in the white house today, i spotted her in the west wing omarosa has been making the rounds i asked her whats going on. She gave me the lips zipped symbol and moved on, wouldnt answer any questions i can tell you david bossie, former Trump Campaign official, has been brought back in he was here at the white house earlier today. He wouldnt tell me his views of whats going on, either. Lot of tight lips here at the white house this afternoon as everybody tries to figure out what the new lay of the political land is. Thanks very much, eamon lets get more reaction to the big news out of the white house with another guy who is very connected, michael leallen of axios. His daily email always filled with lots and lots of stuff. Mike, what do you know well, this was high drama in the west wing. The president being rolling his top adviser. At 4 30 p. M. Yesterday, Anthony Scaramucci, mucc as hes known to so many viewers and his friends, he went into the white house, into the oval office, it was him, the president and ivanka trump, and he talked about what he would do as Communications Director and the president liked what he heard. The president liked him as a fighter on tv. He loved that scaramucci would go on as kind of a brawler as your viewers know from having seen him so many times hes comfortable on the tube and the president really liked that. He was saying to other people in the room why isnt that guy on my staff thenyou have this twist where after cnn retracted a story linking scaramucci to the russia investigation and resulting in the resignation of three cnn journalists, around the west wing that was like a holiday they loved that. So that only raised scaramuccis standing in the president s mind then 10 00 a. M. Today, you have bannon, priebus, sean, in the oval office objecting to this, trying to stop or delay this, thinking that scaramucci would just be on tv, when as eamon was just pointing out its usually a different job. The president saying no, this is my west wing, i want this person, im going to do it on my terms, the way i want. Thats why seans departure was described to us as a source close to him as the last straw sean spicer carried so much water for this white house, put up with so much, saying this is the limit. You answered the question i was about to interrupt you with. Scaramucci has been trying to get a job in this administration for a very very long time. I saw him just before the inauguration he thought he was moving into the white house within days and it didnt happen it was priebus and bannon, who did not want him there this was finally the move that overcame all those hurdles coming from them, correct . Yes, exactly right. This is a house of cards moment. Right after that climactic meeting in the oval office, there was word for word almost verbatim reporting of what just happened, sean spicer went out and met with the whole press and Communications Team, about 40 people, Reince Priebus, Anthony Scaramucci at his side they introduced scaramucci and he said, sean spicer said a lot of you are hearing the news, i want you to hear it directly from us. Sean spicer praised scaramucci, said hes a fighter, can do a great job. Everyone applauded scaramucci but then spicer said, according to this remarkable reporting by Jonathan Swan of axios, spicer said i want you all to be the first to hear that i told the president that im going to step down but that im going to be very involved in the transition to make sure anthony can be very successful sean said he wanted to give him a clean slate and then everyone in the room applauded spicer so lets rewind just a little bit. Its your understanding that mr. Priebus and mr. Bannon opposed this exactly they opposed it and they had opposed bringing him into the white house at earlier times as well, according to many reports, correct no. Thats exactly right last night when axios learned this was going to happen, and people in the west wing were telling us theres going to be an effort to stop this, derail it, to tell the president this isnt going to work, and we know that around there, President Trump gets his way he was intent on doing this. It was as certain to happen as but who is likely to be the press secretary . Or will it be anthony . Who isthe person who will be dealing day to day with the press, whether doing the briefings or not yeah. We dont know the answer to that i can tell you that the spicer decision probably took them somewhat off guard, because one of the reasons that he was still on the job is that they hadnt found someone else he would be the first to tell you, its been reported spicer was helping to look for his successor. The president would love [ inaudible ], it was sort of his first choice they havent been able to find that person. As eamon suggested at the top, Sarah Huckabee sanders, who the president liked doing that job, she will be the acting and perhaps the replacement. But thats part of this drama, that theres no one lined up this all happened so quickly the scaramucci decision taking so many of the top advisers by surprise its not just that they were against it its that it was sprung on them late last night when reporters started to ask them about it what are the Ripple Effects within the white house from this move on the part of President Trump . Nbc newss katy tur and Stephanie Ruehl are saying sources told them that bannon told mu credicc over my dead bol he get the job thats pretty clear in terms of where they stand on this yet hes gotten the job. Yes, thats right so we were asking on cnbc yesterday, would the attorney general be able to say can Reince Priebus stay after this i think he will because i dont think theres someone to move into that job either the job insecurity these people have, there are not the usual line of people at the door to take these jobs. Heres a twist that will interest your viewers. If you are a corporation, if you are a government thats under investigation, especially under criminal investigation like this Robert Mueller probe thats going on, you usually want to keep people close. You want to keep people on the inside thats another reason the shakeup that kept it look like Charlie Brown and the football, kept looking like it was going to happen based on the president s comments and questions to the many people he consults by telephone. One of the reasons that shakeup hasnt happened is keeping it inside these people are now all witnesses to what happened this is another reason that spicer suddenly on the outside is going to cause some heartburn and why i can see them trying to keep others inside steve bannon, who the president really think he will be forced to sign a nondisclosure agreement or anything like that . Will he be able to talk all he likes . Spicer i think the president had people in the Campaign Sign them i believe in the government they were not going to be able to sean as a speaker, as a writer, will suddenly be popular thats why people wondered so long why is he taking what hes taking every day why is it that bannon doesnt like scaramucci . Is it his nationalist position he dont like bankers . Mucc ran a hedge fund, fund of funds, or is it he talks about putting a forehandle on taxing the rich does he think this plays against what the president was supposed to be about . They are both Goldman Sachs alumni, interestingly. No, thats right. Thats right i dont know the roots of it often these things are personal. There may well be a mix of the personal and the issues. I can tell you that in a specific case what steve bannon was saying today, he was basing it on the job, that Anthony Scaramucci doesnt know congress, doesnt know the mechanics and logistics of media, that the president liked him on tv, he likes that hes a tough tv presence. But can he do all these other functions of the job with the title Communications Director. That was part of sean spicers objection, according to a source close to him source close to spicer who told me this was the last straw for spicer, said that basically sean was going to wind up doing a lot of the duties of the Communications Director. Hes sort of wearing both of the hats now since the last Communications Director left a few weeks ago, that sean would be serving as press secretary in this weird situation where he either cant or wont frequently go on camera then he would be the quasiCommunications Director taking responsibilities for that, so whatever the sort of personal or illogical background to this, youre right, theres a ton of history among all these people, whatever that is, they were saying this particular role is what they were hanging the hat on that he wasnt qualified for this specific job. I think that they introduced him and the way your viewers know is a selfmade person, hes very successful it was reported he sold his firm for around 100 million, hes one of the more comfortable people to go into this west wing and after seeing him on cable news all these mornings and evenings, now that hes, besides the president , the face of the west wing and it speaks to the president s file, the way he rolled his top advisers to bring him in and the fact he wants that pugilistic presence he wants that tough fighter, scrapper presence on tv. Thats when the president likes. We know how much tv he watches, including cnbc he saw it, he said i want that and he got it. Yep thanks so much for the insiders look there happy weekend to you all. You know, Anthony Scaramucci was brought into the cnbc fold when he bought a bunch of Hedge Fund Assets from citigroup in 2010 to form Skybridge Capital he was actually a phonein on the fast money Halftime Report within power lunch. That was the first time or one of the very first times he had ever appeared on cnbc, when he made that deal i remember that phone call very clearly because i thought for a guy whose first interview this was, he was the ultimate salesman thats exactly what he is today. Very polished performer mike allen raised an interesting point. This is a complicated job. Hes never done anything like this how ready is he to take on all the complexities of it i have no doubt he can perform in front of a camera brilliantly and that he is just the kind of guy that trump wants not only because hes a fighter and battler, but because hes cut from the same successful businessman cloth that trump is and oh, by the way, hes a bloody goo glookidlooking guo they have similar styles for sure hes run a business. I know being White House Communications director is very very different than running a fund of funds. But you do have to manage people you do have to delegate. You have to sell you have to, i mean, hes going to what was it, the conference, quite successful and enduring property he built from basically nothing. Several of us, not i, have participated in it over the years. Yeah, theres no doubt hes a builder and a very good communicator i wonder if certain things now come back to haunt him he sold to h a, chinese firm he put that russia thing aside but now are they too close to the chinese. Which was one of the concerns early on when as you pointed out, many people expected him to have a position in the administration at an early stage, which he did not get for reasons that bear in part at least on that. All right. Again, we are expecting a press briefing with Sarah Sanders 2 00 p. M. Eastern time itegs. Asooasy it live sn bin back in two minutes. When this bell rings. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largest Financial Markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Thats the power of and. Breaking news in the past hour, as you may well know by now. A major shakeup at the white house. Sean spicer resigning as the White House Press secretary. A press briefing set for the next hour with all the issues in d. C. What are investors to do jeff kline, chief Global Investment strategist with Charles Schwab and Portfolio Manager at federated investors doesnt take much to get me excited. Pronouncing your name right. That makes two of us. Lot of opera in washington this past week been a lot of opera the past six months on the hierarchy of things investors need to Pay Attention to, where does this rate not very highly, at least not right now. Politics nudge markets one way or another from one day to the next, but the underlying trend is firmly rooted in earnings of course, next week is the peak week for earning seasons 180 s p 500 Companies Report make this the second best quarter in five years for earnings thats important with valuations this high. This issue with the white house could make come back next month weechlt ha we have a nafta meeting next month, potential for north korea missile strike this could be an issue with geopolitical and trade issues coming up next month right now, its all about earnings i will quit while im ahead and call you steve from now on how can i make money between now and year end setting aside the political risks and so on and so forth . What are your best ideas to help me get a little more wealthy between now and year end sure. Well, we really like financials. Thats probably our area of highest conviction everyone knows that higher Interest Rates or Interest Rate hikes arehelping the Net Interest Margin and legal costs are coming down. But what i dont think people realize is the financials y useo be dividend darlings names on some of these are approaching 2 we think they will become attractive because they are antibond proxies. As dividend funds look for the ability to perform well in a rising rate environment, bank of america or Morgan Stanley becomes attractive we think it could help the sector rerate. A big theme this year has been to say that u. S. Equities are a little bit stretched and to go look at europe, but look at what happened in terms of europe today we got the euro dollar at twoyear highs and saw the dax see its worst decline. Is it time to rethink that allocation to europe with the euro so high and strong . I think there is some risk to europe this year we are actually under weight europe relative to the u. S. Going into the second half the reason is we like classic growth sectors people often ask where do you find value its not in value stocks its actually in Growth Stocks like tech and health care. They have been leaders and continue to lead the u. S. Is over weight in health care and tech versus the rest of the world. That may really help in the second half even with a stable dollar have you tyou have the same t steve . We do, but we would like to see the successful digestion of some removal of stimulus we havent seen that yet here in the u. S. , the first couple times we tried to take away the stimulus, there was a little bit of a hiccup so what we like is valuations were chief coming into the year. We like that the euro was cheaper earlier. We think political risks are somewhat off the table we would agree we think cyclical value in the u. S. Represents some of the best opportunity over the short run jeff, you are talking about your preference for technology as well as health care and of course, within health care, biotech has really been roaring in 2017. Are you concerned that for these particular pockets of the market, lots of other people are looking there for growth as well and valuations may in fact be stretched especially as we are entering a huge week for earnings we have a lot of the Major Tech Companies like facebook set to report yeah, earnings have to deliver. There are someworries about maybe some bubbles, maybe froth in the market in some areas. You mention bide ed biotech internet retailers may fit the bill as well the difference between limited areas of the market and the big bubbles in technology in the 90s or housing stocks in the 2000s is those two bubbles became imbedded in the overall economy and took down markets beyond those limited industries that investors were focused on i think even if we did see a pullback in some of the fang stocks or biotech it wouldnt have the same spillover or negative Ripple Effect we might have seen in housing or tech just hasnt been imbedded that deeply in the overall economy. Thanks very much, jeff and steve. The phrase of the day, successful digestion of some removal of stimulus. Im taking that into the weekend. Thank you very much take care. We are awaiting the White House Press briefing we will show you the live picture right now. Following the Announcement Press Secretary Sean Spicer has resigned weech wl inito u vesied weilbrg tyoli when it happens. So you miss the big city . I dont miss much. Definitely not the traffic. Excuse me, doctor. The genomic data came in. Thank you. You can do that kind of analysis . Yeah, watson. I can quickly analyze millions of clinical and scientific reports to help you tailor Treatment Options for the patients genomic profile. You can do that . Even way out here . Yes. Even way out here. Thank you so much. Thank you so were a go . Yes we got a yes what does that mean for purchasing . Purchase. Lets do this. Got it. Book the flights hai si si ya ya ya what does that mean for us . We can get stuff. Whats it mean for shipping . Ship the goods. Youre a go you got the green light. That means go oh, yeah. Start saying yes to your companys best ideas. Were gonna hit our launch date scream thank you goodbye let us help with money and knowhow, so you can get business done. American express open. Im sue herera heres your cnbc news update at this hour. As we have been telling you, nbc news reporting that White House Press Secretary Sean Spicer is resigning his position after he vehemently objected to the expected appointment of Anthony Scaramucci as the new White House Communications director. There will be an open White House Briefing at 2 00 p. M. Eastern time and you can see it right here on cnbc we will carry it live. Amazon is trying to boost its catalog by telling tens of thousands of marketplace sellers in the u. S. That it will buy their inventory at full retail price and then sell them to consumers across the globe thats according to an email sent to sellers and obtained by cnbc samsung is expected to unveil its newest phone next month. The company has sent out the invites for an event on august 23rd that event will likely bring with it the galaxy note 8 phone which is expect ted to have a 63 inch screen and rear dual cameras. A man in Southern India played the guitar in the operating room to give doctors constant feedback as they operated on his brain to treat a rare neurological disorder he suffered from musicians dystonia which causes involuntary and painful muscle spasms unbelievable amazing he was conscious, obviously, while he was doing that. He was. Because they wanted feedback to the surgeons its still pretty amazing. Do we know whether the surgery was successful as i understand it, it was. Hes playing very nicely there. There we go oh, god its not uncommon to have the person conscious during brain surgery in order to make sure the person retains function. Exactly right doesnt sound like hes playing led zeppelin the observation of the year all right thank you, sue you got it, guys. Besides press Secretary Sean Spicer resigning we are also learning a secret u. S. Government panel called the committee on Foreign Investment has put the brakes on at least nine deals between foreign buyers and u. S. Companies this year, an historically high number this time of year could be theres a lot of roadblocks in chinas overseas buying spree is the practice justified or is it some form of secret protectionism . Joining us to discuss is david dollar, senior fellow at brookings institution, previously the u. S. Treasury economic emissary to china, spent time in beijing as World Bank Director for china. Great to have you here we dont know the nationalities of the companies that have been turned down in these nine purchases according to the reuters story but its very clear whoever leaked this to them was trying to make the point that china was facing a tougher time this year what do you make of this decision to say no to so many deals so far this year i think it makes sense. I think the Committee Works quite well at protecting the United States on National Security issues. Nine es a pris a pretty small nr last year a total of about nine deals were stopped if you look back over a couple years, they do report on these Committee Decisions a few years later so we know about 20 of their deliberations concern chinese companies. We dont know that for this year but thats probably a pretty good estimate. Looks like they may be looking at as many as 250 deals this year so perhaps 50 of those are coming from china if treehe rec pattern holds. We do have to protect our National Security. Chinese firms are trying to buy some of the high tech gems of the u. S. Economy and semiconductors and Artificial Intelligence and frontier areas, so the committees there to look at these transactions and decide if they provide a real challenge to u. S. National security. Is there any chance, though, one of the great complaints about china from u. S. Ceos is lack of reciprocity. Chinese firms in general, if theres no National Security issue, are allowed to do and buy whatever they want like any other foreign company, and yet it doesnt work the other way. Is it possible this is being used as a methodology to say we want reciprocity with you guys i think reciprocity is an important issue. But my experience in the treasury is that the committee does look pretty narrowly at National Security issues so they have agreed to various transactions we loallowed a chinese firm to u a big agricultural chemical company, or smithfield we are still very open its possible under the Trump Administration they are bringing in some other considerations i think in general its looking pretty closely at National Security then you raise the important issue of reciprocity this Chinese Investment wave into the u. S. Is really enormous Chinese Investment is growing very rapidly u. S. Firms by and large cannot invest in china. Most of the sectors that were interested in are still closed to Foreign Investment. Who is on the committee or the panel and how do they get the jobs so its chaired by the treasury secretary officially. Lot of the key work is done by an assistant secretary of treasury that post actually hasnt been filled yet this this administration there are 17 u. S. Agencies department of defense, intelligence community, also commerce and state department. You can imagine the discussions. Youve got treasury and state, they want to keep the United States open and they want this to be a fair process defense and the intelligence communities, they have legitimate worries about China Building up its capabilities they are looking very tough at these kind of transactions the relevant secretaries of those departments or assistant secretaries officially its the secretaries but in practice, its deputy secretary or assistant secretary. David, its tough for a Chinese Company to invest here in the United States because of National Security concerns do we run the risk of perhaps turning that chinese money away to other countries germany, for instance, has seen a huge increase in Foreign Direct Investment by the chinese. Right but germany now is getting worried about these National Security issues for germany so they are actually developing a process, all of europe is looking at our process and trying to think of ways to do something similar. Theres a huge wave of Chinese Investment coming in so up til now, whatever we are doing, we are still very open. Its been growing, its been doubling and tripling over the last few years, and theres more Chinese Investment coming into the u. S. , vastly more, than there is u. S. Investment going into china this is really an unfair playing field. We have a couple anchors here who only halfjokingly wanted Smithfield Foods being bought because they wanted bacon, an american product thanks for joining us. Good to talk to you we are awaiting the White House Press briefing at the top of the hour. It should be an interesting one. Following the Announcement Press Secretary Sean Spicer has resigned we will bring that briefing to you. It will be one that is on camera live a new report meantime says its possible to get 3 gdp growth. With all the drama in d. C. How can we possibly get anything done that would take us there . Thats next. [ crickets chirping ] [ light music playing ] youve wished upon it all year, and now its finally here. The mercedesbenz summer event is back, with incredible offers on the mercedesbenz youve always longed for. But hurry, these shooting stars fly by fast. Lease the c300 for 399 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. To keep our Community Safe. Before you do any project big or small, pg e will come out and mark your gas and electric lines so you dont hit them when you dig. Call 811 before you dig, and make sure that you and your neighbors are safe. 811 is available to any business our or homeownerfe. To make sure that you identify where your utilities are if you are gonna do any kind of excavation no matter how small or large before you dig, call 811. Keep yourself safe. President trump thinks the u. S. Could get to 3 Economic Growth relatively easily we are awaiting the White House Press briefing on a day where sean spicer, the press secretary, resigned. I dont think 3 Economic Growth is going to come up in this press briefing for some reason. By the way, a number of economists, i dont know whether i would include steve or ron i play one on tv. We are going to knock this one around a little bit. Doug, are you with us . Welcome. Yes, i am great to have you with us, as always how can we get to 3 Economic Growth, particularly in a context where the administration seems to be careening toward entropy . Showoff i think there are two different questions. One is can you get the u. S. To 3 growth. I think the answer to that question is yes. It will be very hard, require a lot of discipline and several changes in direction of policy the second question is, is it likely that this administration, this congress, will get us to 3 growth i say the evidence is pointing against that at the moment not enough is getting done not all the things they want to do will have us grow faster. There is so much discipline right now. As we see while we wait for the 2 wheth 00 p. M. News confer theres complete control of the message thats going on right now. If we got tax cuts it would help but i dont think, larry and i debated this many times, i dont think this is the single biggest solution to our growth problems. We have a productivity problem, we have a problem that surrounds infrastructure that would enhance productivity, allow new technologies to grow faster. We just arent there if you believe that gdp growth is, economists believe this, productivity plus population growth, we arent getting much population growth so we have to improve productivity, lot of people believe rolling back the Regulatory Burden that has been so dramatically increased in the last eight years can help increase productivity. The first thing before that is this idea that we have had a decline in Capital Spending. No longer putting the tools in the hands of the workers that allow them to be efficient then you say well, what is the reason for that. People say higher taxes, too much regulation are among those reasons. The question to me becomes how much can we expect to get out of these policies its a massive argument over the magnitude of the effects the Administration Needs a percentage point out of productivity to get to their 3 and janet yellen said this and doug may be on board with this, which is if you do a policy that gets you a couple tenths on productivity, thats a big win thats a huge win. Getting a percentage point out of productivity out of the oil tanker thats the u. S. Economy is a big ask i think you have that exactly right. If you look at the lowhanging fruit to have faster growth, it is raising the growth rate of the population labor force thats immigration policy. The administration is clearly not there. Now you go to the hard stuff theres no lowhanging fruit we are basically at full employment you have to get Capital Expenditures up, you have to have innovation, infrastructure, tax reform, Regulatory Reform, you probably have to have a better social safety net that doesnt discourage work. I think you can probably get half a percentage point out of tax reform and some Regulatory Reform but you really have to march to get the other half a percentage point i want to make a political point which is a little outside my area of expertise which is this one is that on my travels back and forth to washington, what i heard is that what you think is going on inside the white house is worse than it appears and yet, it appears as if the treasury is gearing up and ready to do a tax reform package in ways that are far ahead of where i think many people think they are, which is they are already making plans to make this happen i dont know that they have the package all together so entropy im not sure if careening towards entropy is possible. But it was a good phrase its an interesting thought here that Capital Spending is such a part of it but i would think businesses pulled back on Capital Spending because they dont think the growth is there and they want to see growth in order to have to do the Capital Spending its a chicken egg before we get, we just want to share a tweet sean spicer just tweeted about 13 seconds ago. He says its been an honor and a privilege to serve potus, donald trump, and this amazing country. I will continue my service through august and of course, this as we are awaiting the press briefing which will be an oncamera press briefing on this day in which sean spicer has resigned if hes going to serve through august, maybe he shows daup up today at that podium. No indication right now if he will thats the latest tweet from sean spicer. Sorry to interrupt you were saying . I would say two things. Number one, i hear the same thing about a very disciplined process for the house, the senate and the white house to be on track to do tax reform. I want to emphasize theres a big difference between a revenue neutral tax reform and tax cuts. One of the things im concerned about at least is that we have a fundamentally unsustainable budget situation sailing into a sovereign debt crisis is not a progrowth strategy. So anything that both improves incentives to invest, innovate and growing the u. S. And does not exacerbate that, it will be way more powerful than cutting tax rates. They abandoned comprehensive tax reform as a policy strategy here and instead, as larry kudlow suggested, they are going just for the cuts. The cuts under budget reconciliation have to sunset in ten years. So its not a permanent fix to the tax code not as powerful to gdp . It could be powerful in the short run but not the long run theres a paper which has two parts to it. All potential fed officials said you can get to 3 growth through trump policies but they make the point that these guys just made which is a little bit of a shot across the bow if you get there with higher deficits you essentially negate the positive effects of these progrowth policies if you boost deficit. Theres a bit of a yes, we can do this and its a good idea but dont do it this way and not at this time. One more point. Im now officially old i remember 86 what happened after 86 is we ran what seemed like big deficits at the time i was at the white house in 1989 everyone was scrambling to deal with these deficits. The first thing that happens in that environment is you open up the tax code and get more revenue and the integrity of any tax reform you have done gets unwound very fast. If you are going to create deficits doing tax reform, you will sow the seeds for its own destruction. Its a bad idea. Doug, thank you very much i think most, many of us actually were there in 1986. I know i was you were you were i remember it, too so consider yourself among good company, doug. Okay great we are just marking time until we get our entitlements. Keep waiting. We are awaiting the White House Press briefing at the top of the hour following the announcement that press Secretary Sean Spicer has resigned however, there are reports he will stay on until august. He actually tweeted he will stay on until august. Hes not taking a recess we will bring this event to you live when it happens supposedly at 2 00 and the wolf huffed and puffed. Like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. It can be hard to get air out, which can make it hard to get air in. So i talked to my doctor. She said. Symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. Medicines like formoterol increase the risk of death from asthma problems. Symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. You should tell your doctor if you have a heart condition or high Blood Pressure before taking it. Symbicort could mean a day with better breathing. Watch out, piggies child giggles symbicort. Breathe better starting within 5 minutes. Get symbicort free for up to one year. Visit saveonsymbicort. Com today to learn more. Welcome back we are still waiting for that Live Press Briefing at the white house. We are told it will start at 2 00 p. M sometimes they are a little bit late we will watch. We are curious to see who comes out. We are told Sarah Sanders but at the same time sean spicer tweeted out hes not leaving until august maybe he will do it today. It would certainly be interesting. We will carry it for you live. Meantime lets show you whats going on with the bond market firmer bond prices today, buying across the entire curve. Ten year yield that the tv is in front of us is 2. 2 . God, it is been tight of 2. 4 or 2. 2 and if you bought and sold each of those in fluctuations points press Secretary Sean Spicer as resigned dont move, we have more power lunch ahead i put everything into my business. And i had all these points from my chase ink card. So i bought ingredients, utensils, even made custom donut cutters. Wow all with points. Thats how i created the ripple the doughnut in a doughnut in a doughnut. Suddenly its everywhere. I mean, it really took off. What will you create with your points . Learn more about the ink business preferred card. What will you create with your points . Hthis bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade press secretary white house immu communication director tweeted this, it is been an honest and privilege to serve pot serve potserve potu serve potus donald trump we are wondering if he will come out today even though we are told that Sarah Sanders will be the one at the post. The White House Communication Center is a familiar face for those who watch cnbc take a listen of the 2010 town hall the question that i ask sir and something that i really lean towards and a lot of my friends. I represent the wall Street Community, i certainly think that main street and wall street are connected and if we are going to heal the society and make the economy better, how are we going to work towards that healing wall street and main street Anthony Scarramucci have been noted and an active republican fundraiser behind of mitt romney and jeb bush before he found his man. Well, he would not be unlike many republicans who picked nearly any other guy before trump and then he won. The nature of calling this really under scores what he brings to the white house and thats his connection to wall street he said hes the voice of wall street and hes connect and a self made god like donald trump. Hes a successful guy like donald trump and thats why the president and him got on so well and how he landed this job this is another voice entering the white house from the wall Street Community this is an interesting dynamic he likes successful people he does i dont mean that in any way of an understandable way and wilbur ross, a successful man in his own rights mr. Ross was a strong supporter of mr. Scaramucci. There is this years of criticisms that too many people from goldman sacshs. Who this actually helps advance the tax reform or tax cut. You have somebody else thats out spoken on this particular issue in the white house with the president s ear and thats what wall street in the market would hope for and to battle against what are the typical tax reforms, etcetera, scaramucci is really good on television oh, he is, articulate and force fu forceful guy thats one o f the reasons donald trump likes him hes a good communicator well take a quick break as we i wait the white houses press briefing it wilbe a ltll ite more interesting than most, i suspect. Well be right back. Its all yours. Wow record time. At cognizant, were helping todays leading Life Sciences companies go beyond developing prescriptions to offering subscriptions with personalized, realtime advice for lifelong, healthy living. Honey . You almost done . Nope. Get ready, because were helping leading Companies Lead with digital. Thank you very mu. Breaking news at this hour following the announcement of sean spicer has resigned well bring you the press briefing as you see the network corresponden correspondents is doing a stand up in the white houses press room well talk out how this drama plays out with susie welch it is good to have you with us lets talk about what you can observe from your perch about management style of this White House Administration it is at the least it seems to me i me i mproversional. I dont think he has the philosophy of management and he does not have and did not think of the first appoint of being mike chief of staff kind of thing. Hes a retroactive guy i think it is interesting that hes going to have scarramucci there with him because thats a choice that so you know a fella you noel wrote a book called straight from the gut. It is about managing and his style of doing so. What are the dangers as you manage from the gut as mr. Trump maybe prone to do. It is he goes straight from the gut and i think we have seen the results of that. Thats what we are looking at right now of a person who sort of, you know, swings when somebody swings at him although i would add that it is not just retroactive, it is proacti proactive, which is pretty much of what management is. Thats problematic because you can support Donald Trumps policy and his probusiness stance which i think is a good thing and how you get things done through management and thats the problem we got another heat going on right now suzy, what do you mak of the way of course, it does not surprise any of us and i love this idea of scarramucci coming in because hes got one important advantage coming in. Hes like reporters who are covering him than sean spicer and i think hes more relatable and sean spicer is going to start a fight behind the podium and scarramucci has more experience and credible. It is interesting we have president s who are relatively more button down and discipline and some president s like president clinton suffered from lapses of discipline whether it is personal discipline or managerial discipline is a good thing and i think if you are the president of the United States or a ceo of an organization, discipline is imperative people have to have consistency and in particular of the Business Community would like consistency right now. And so there are definitely moments where you got to be retroactive and you are running a large, either a Large Company or running, you know a company or country and sometimes you have to react. Everything cannot be a reaction. You have to have this forward planning suzy, you know whats interesting of this situation . We asked of how the president manage sean spicer but how well does he manage bannon or Jared Kushner . Can that alienated fashion ever come back to regain the trust of the ceo of the presence . You raise a good point. We talk about the team of rival and it is the idea of being able to manage people who disagree with each other and disadprgree with you it is important to have people who disagree with each other and around you it takes a real Expert Leader and takes a personal with thoughtfulness and discipline to manage that, thats what i think is lacking here. We got to the cage fight from all the reports going on inside the white house, i dont know, and the feeling of those were involved of washington fight and most are enjoying it and thats the way they operate and i dont know how sustainable that is some actually encourage it and create it and leak it themselves we intuitively think we know what the white houses press secretary is supposed to be or do, if you are hired for the job and run the advertisements what would you describe it as and whats the skills set thats necessary . I think scarramucci has one of that skills set is reporters have to like you it cannot be advisarial and of sean spicer, it is just hatred. You have to have there is an adversary relationship already and to have somebody in that role who can at least have a respect from the press is number one. That credibility, thats going to be in my mind a welcome site. Suzy, dont move, we want to add in another voice, ron christie you had been at the white house and the reports of the chaos at the white house were greatly exaggerated and get connected of whats going on in washington. What can you tell us of the situation today and what observations do you have in white staff is in turmoil, the president brought someone in whos a loyalist and someone when he feels comfortable with just in a way i would not hire someone thats in the finance department coming into in charge how to communicate not only internally but externally and the people around the world. The idea that this is going to add more turmoil what does a communication director do and whom does he oversees or sees for my four years at the white house, we had karen bush, she was in charge of the whole entire white house operations of the radio outlets and all televisions and all of the print operations around the country. But, they also sell reports to the chief of staff you have to have a solid relationship with the chief of staff and articulate whats our message today and next week. The bushs administration, we try to put in three months increment. Running someone that has not run kbhun occasi communications in the white house is a foolish move. You need to see someone who knows how to do it exactly and has a Good Relationship with the chief of staff we know reliance practicalie Anthony Scarramucci is quite bad. I dont think mr. Scarramucci is going to stay tat white houses Communication Press is too long i dont think there will be too far of coming. Steve bannon was not happy of the appointment of scarramucci, does that mean that bannon is out . It does not that bannon is out, it certainly means that all president s have the opportunity to surround himself of who he feels comfortable with this is going to make a bad situation worse. Suzy, you yjust heard of what ron said, how do you make it work when the chief of staff or director may not be on the same page, senior mr. Bannon may have some rivalry and you got an attorney general who the president criticized publicly during the week and assistant attorney general is the same and fdi is criticized. How do you make it all work. The only way you make is work is you have a bunch of people around you who loves a fight i think this is his way and he does not have another way, this is his way of managing. I dont know we are going to see the amount of people leaving and i dont know how scarramucci stay or not stay the problem is mrs. No ability plan the only way that it works is keep people in there and love this way and having momentum and well see what the voters think about it a year or a year and a half ron, you heard that this is a guy thats energyiized by a fight so hes staffing people who are energized for a fight. I think thats great but this is about governing the country and i dont think the president wants their president to be combcom combative. So this president more than ever needs strong people around him and people who are in a position like we had, no mr. President , it is not good for you to do that, i suggest you take a different tactic this in fighting business is a destructive to the president s image. We hear reports and treasury staffed up that they are ready to go. Can other things happen while all of this is going on in the white house . They can, the president has to be the one picking up the bones and run with it. We see the president issued of his vague statement of health form you got to roll in your sleeves and you got to get in the room with these Congress Members and say here is my reform and here is what i am womening illing tod compromise the president got to get in there and engage members fch if he does not do it with tax refor reforms, thats in serious apparel of getting done before the Council Adjourns and to do that work that you are describing, there is no time because you are talking to lawyers which what is happening now. I am sure their days are filled up with conversations with lawyers and putting out the crisis of many of your own making the number of republicans, i feel people are becoming exhausted and just not voters. People both the house and senate are exhausted of this. It can be harder and harder to get any kind of legislation. All right, suzy and ron, thank you. Thats a live picture of the White House Briefing room and well go to it as soon as the press briefing bebegan well focus on whats big for the weekend. Lets bring in our cole smeed and jebt gentlemen, it is great to have you with us. Whats going on in dc of the impact of the markets. You see the dollar and the dollar lost more than a percent and we got bonds up by 2 on the week is there an impact here or washington look, the biggest concerns is what it is going to do does it add a confusion or pose out a tax thats not reform but real tax cuts and the tax initiatives. Again, i mentioned it before and i think the streets in general is looking at to give dc a pass on taxes until First Quarter of next year. We have taken out of our base case scenario. I look at it and find it absolutely, the confusion and the message, you know is concerning and the market did take down a little bit earnings are the most important thing right now and thats what we are focusing on next week as far as the dollar is concerned, i dont see the dollar has as beg ig of an impa whether it is in europe or the u. S. Thats going to set off in fluctuations cole, i want to bring out a tip, it says congratulations to my friend scarramucci, shows the picture of two of them david mentioning this could push out tax reform and the flip side, hes a wall street guy and protax cuts and the president , could this be a good thing to wall street that hes the new communication director how can the markets and the interim push the higher multiples and tax reforms is the way for him to think about that. The irony is the thing that benefits and brought index the most are companies dont benefit from tax reforms if there is anything, there is more excitement in the market that we had two or three years ago. The president coming into office and help bring Business Ideas that the streets have light but this is not a broad market going on so there is a lot of problems going on for the pass of index to coles point, next week is a big week of the power house of the market and biotech and next week we are getting facebook and google and work, where do you look at in terms of your area of concern . Amazon. Amazon, yes i think it is going to blow i think it is going to be an incredible number and netflix type of moment or amazon i dont think the spender is going to be as great as they anticipate or expecting, more importantly street numbers are too low. If you remember last year, they spent a lot on their Fulfillment Center and doubling their content in investment. The operating income that i think the streets are looking for some where around 550 million and that could be aggressively moving up and closer to a billion and you will see the stocks rip as far as google and facebook is concerned, facebook does a good job managing and i dont see a lot of fluctuation there in price. And as far as google, it is not a number game right now and people are focused on that next week is the most important week of the summer because so many earnings are coming out whachlt a, what are u watching for use yesterday of a perfect picture of some of the things going on in the market, you had bruce advocating that shares need to be shut down and hes a large shareholder in the company and at the same time, you have Eddie Lambert announcing ken mo more is going to get sold in amazon it highlights where the risks are. People are willing to bid up those kinds of things regardless of the economics, even if they blew their numbers out, it is still little economic base here is the fun part i sit ten blocks from their office right now in Seattle Washington we got retailer from the name of nordstrom three blocks away. They think it is totally ridiculous and theyll take their company private. We agree with them but we know we dont sit in the majority of investors in that which we love. David in terms of biotech, which one are you looking for next and often times even though there is stand out story, real specific story stock, the group usually trades together. Yeah, it is not necessarily just the earnings right now and a larger happening it is predicated on the m a. The set up for bolting on some sort of growth to help defranchising if you will. Thats the real focus. The m a has not happened aggressively and fastest as people expected. It is not as much earnings as it is for a lot of these bigger cap ones as it is the message for m a and a strategic and initiative on the rise which there needs to be for a lot of the bigger guys. I think their prime is moving higher it looks from the perspective and it is really starting to break out and it continues yeah, it is a 5 gain david and cole, thanks to you. Thanks so much. We are waiting for the white hou houses briefing it is scheduled at 2 00 p. M. , it is not unusual to be late. Well take qck bak a auirend take you to the break room as soon as it begins. This came right as a surprise, john there is a lot of speculations about how long sean spicer would remain in the white house just like speculations of how long priebus will remain in the white house. Those two things could be related because sean is such an ally of Reince Priebus everything is unusual of donald trump magnified attention to sean spicer. Some people assert that he maybe the most famous of white houses secretary. What if this say of anything of mr. Priebus and mr. Bannon, the reports are neither of them favor this move and neither of them are close to scarramucci. Donald trump has signalled for a long time that hes satisfied with many elements of his team it is been different elements of his time Reince Priebus is someone coming out from the republican establishment, hes been vulnerable with the president whos then committed of shaking up of the way things have been done there is more speculations there is now report and scarramucci tweeted out he will be on tv tonight with sean spicer and Reince Priebus. On hannity. Yes thats a noble thing for the staff to do both of the current and out going staff. It is generous of sean spicer to do that. It is a rough day throughout the west wing and nobody quite knows not at least of which because of that New York Times interview the other day about where this white house and the administration are headed. Communication directors a often behind the scene this is Sarah Sanders, lets go to her, john, forgive me slow news day quiet crowd good afternoon to mark the last day of made in america week, the president will welcome survivors of the attack of pearl harbor and their families events focusing on the product goods bearing the highest esteem of made in america. Truest is coming out of our country is our brave men and women. The president signed an executi executive this order commissio commissions, marking the First Time Since president eisenhower that an american investing in the United States Defense Industrial base. President trump is committed in maintaining the supply chains and robust work force. That week there will be highlighting and veterans and First Responders keeping the Community Safe everyday and the boys and girls growing up to be the next generations of american leaders. I am on the topic of voting to reauthorize department of the Homeland Security for the first time the Homeland Security authorization act authorizes as u. S. Immigration for discuss some a Custom Enforcement for the first time this bill reflects the president s strong commitment to ensuring the progress continues. Also, on the hill, of course, Senate Republicans this week continues to work towards our shared goals of shaving the American People from the disaster of obamacare. Earlier this afternoon, Vice President pence and secretary of health and services doctor tom price hosted representatives from several grass roots of organizations calling on the senate to take action on health c. A. R. E. Legislation as a president has said in action is simply not an action these roots want lawmakers to know that their members want them to follow through to the American People. Finally, i like to read a statement from the president on the resignation of press secretary of sean spicer i am grateful for seans work on behalf of the administration and the American People. I wish him to continue success as he moves onto pursue activities just look at his Great Television rating. He will serve there august and the president appointed ant nye scarramucci. Anthony is a person that i have Great Respect for and he will be an important addition to this administration hes been a great supporter and now help implement key aspects to our agenda. We have accomplished so much and we have been given credit for to little the good news is the people get it even if the media does not. I would like to bring in anthony to say a few words and take a few questions and i will answer any follow questions thank you. I will be very brief. Sar rah sanders is going to the press secretary so you can congratulate me after. Congratulations a couple of statements and the first thing i want to say is thank sean spicer and not only on behalf of myself and the American People and the president , hes a true military serviceman and hes got a great family and hes done an amazing job. This is a difficult situation to be in and i applaud his efforts and i love the guy and i wish him well as it relates to me, i am going to spend a couple of weeks getting to know the people here and i am going to be as coordinated as i can with the people inside the west wing. I want to talk about that quickly. Reince priebus and i have been personal friends for six years we are a little bit like brothers, rerouwe rough each otp once in a while. Hes a dear friend and brought me into the political system after the romneys campaign, i invited Reince Priebus on and so what i want you guys to know is my first call this morning, i met with him before we sat in the oval office and we are committed as True Professionals and the process of getting the administration i will say it in the transition or up here i think there is at times a disconnect between the way we see the president and how much we love the president and the way some of you may perhaps see the president and i see the American People probably see the president the way i do we want to get the message out there and use a wall street expression, there maybe a spread of how we are doing and how well some of you guys think we are doing and well work hard on getting that spread. I will take questions. I will get through as many people as i can. T number one, the president is being his own, are you expecting to get this white house back on track . The white house is on track and i think we are doing a good job. We have a whole list of things and i did not want to come out here with a list of accomplishments and start a whole advertisement. I think we are doing an amazing job. The president is always going to be the president , i was in the oval office with him and we are talking about him letting him be himself and express his identity hes got some of the best political instincts in the world and he started his political two years and two months ago and hes done a phenomenal job for the American People. The people that i grew up with, they so identify with the president and they love him so we are going to get that message out my second question. I want to get to everybody. Can you speak to how you plan, you are a business guy and how do you plan to handle any potential conflict of interest and walk us through what the president said and when he was here it is not fair for me to go in the exact conversations because i want to keep those conversations between me and him private. We talked a little bit about the white house and we talked about our personal relationship. And then when he extended the offer to me, i would do it because i want to serve the president. One of the things is that i have a lot of members serving in the military i did not serve, it is one of the regrets for my life and this is an opportunity to serve the country. I love the president and i love the country. Look at my Life Experience, it is an honor to be here and in terms of my business conference my start date is a couple of week so it is a 100 totally clean. The white house does not see any problems with it when you are bringing American Business people into the administration had some level of success in society, they have to un unto toupt you want to serve the country so you have to get rid of all your assets i am willing to do that because i love this country. Anthony, you have been watching this white house some what outside and you have your own perspective as what you have seen not quite as candid as you though what is the first thing you are going to change and try to write this shift and put it on again, i take issue with that this ship is going in the right direction. I think we got to radio signal the direction very clearly i like the team, let me rephrase that, i love the team. What good entrepreneurs do is they start today and go through the process. If you want to eat an elephant, you have to eat it one bite at a time and sarah and i are going to do that together. Let me get to everybody. Did you have hesitation taking this job knowing that it may cause some frictions and may lead to sean leaving and the two are at least some what coincidental did you have any hesitation of how you will relate to the rest of the white house staff if you came in. I am a business person, what happens in business a lot of times is that you have some rotation in personnel as you are making changes and life time choice that is people are making i would love to have sean here for me as it relate to him is speaking of volume of who he is as a human being and team pl player his attitude is, anthony is coming in and let me clear the slate for him. This is the white house and we are serving the president and i want to make sure that our culture is that we put the president s agenda first which is perfect for the American People and we serve his interests. We have a little bit of interests inside the white house and we can all live with that. I am a business person and i am used to deal with frictions. Was it zdisappointed that yo did not land the post from the get go as an entrepreneur you have to be accustoms to setbacks which i have written about i wrote a best selling book, if you dont believe me, you can come in my basement and i will show you every copy. I am honest of the mistakes i made and setbacks. Was i disappointed yes. I am loyal to the president and i love the mission that the president has since the early days o f the campaign when i went to these rallies and i saw the love that the people had for the president and i grew up in the middle class and so there is a struggle out there t president saw that before i did, i wish i can tell you that i saw it before him but he taught it to me i want to be here to make things better for the American People anthony i will try to get to everybody. Sean told others that the president needed a clean slate how does that work with the white house going in right direction and how bad dly does h president need to win on healthcare right now we are micro managing the cycle of the news i see him in operation over the last 20 plus years the president has really good karma. The world turns back to him. Hes a genuinely a wonderful human being and i think as members of congress get to know him better and get comfortable with him theyre going to let him lead them to the right things for the American People. I think well get healthcare done and tax reform done well work very, very hard to make it happen will you commit holding live commitment press meetings . If she commits to full camera and makeup i am here to answer as many questions as possible. And the answer is we may, i have to talk to the president with that i like consulting with the president before i make decisions like that. Okay, john. I know you are one of the president s strongest supporters, did he know what you said about him in 2015 he brings it up every 15 second i was an unexperienced and supported another candidate so i said that about him. If you are president listening, i apologize for the 50th times that you are saying it that was three minutes of my life and hes never forgotten it and you never forgotten it i hope at some day mr. President that you will forget it. Lets go to the next question there is a question of credibility, some things thats been said in this room may i ask you what i ask sean spicer in his first day. Is it your commitment to the best of your ability to give Accurate Information and the truth. I sort of feel like i dont have to answer that question i hope you can feel it from me and my body language and thats the kind of person that i am to do the best i can. You mentioned your relationship with Reince Priebus, was he involved in offering you this position and consulted by the president ahead of time . Yes, he was consulted and involved in t involved there is a lot of speculations of the press and timing and so forth. I am here to tell you that we are a team some of the stuff is unnecessary to go into the grandular details because it is like a book when you are wearing a Police Camera when you are having a conversation. I dont think thats fair to the president. I am a team player, i believe you have to subordinate yourself to the greater good of the team. If teammates dont have disagreements of certain things then theyre not going to get to the championship you got to get together and mix it up a little bit from time to time i have no problem mixing up with these guys i love these guys and i respect these guys is it perfect every single day tell me whose life is perfect every single day here is the commitment that i am making to you and i am here to serve him and people inside. Sarah are you going to admit that of the regular televised briefings and having a transparent relationship with the press . And again, i obvious liam committed to being transparent because i am standing here but i would like to talk it over with the president and we have a new press secretary and i would lik to talk it with her. I would get back to you on that. I want to answer every question. Do you feel he was feeling exposed and he did not have people coming. I dont think so. So one of things that i am doing today is that i sort of did not have my White House Council briefing before i have this press. I want to limit my remarks the president is the most competitive person i have met. I have seen this guy threw a dead spiral through a tire hes stand ing in the keys and dont see this guy is ever under siege, hes a competitive person there is a lot of in come ing in the white house, the president is a winner and what we are going to do is do a lot of winning. In terms of the relationship of press operation has had, we knew that hes calling outlets of fake news and errors thats corrected and using that as an example, is that the kind of relationship that you want with Media Outlets . Again, i want to speak for myself right now it is my first day on the job and i got to get familiar with everybody and direction from the president. I have a personal your News Organization and i thought i handle well. You guys said something about me thats unfair and untrue and you retracted and i accepted the apology immediately. For me, i have never been a journalist but i have played a journalist for fox business, i have empathy for journalists in terms of sometimes theyll get the story wrong. I sort of dont like the fake news and if you said to me there is some media biassed out there and want me to be as candid as i would like to be, it feels like a little bit of media bias, i hope we can deescalate that and turn it around and let the message of the president get out there. I am really trying to get to everybody. The president is known of his own spokesperson that was clearly a challenge that sean spicer had how do you plan to navigate that here is what i would say. Again, i thought sean spicer did a really good job. Hes a haverticulate person he has 30 years of communications i imagine that there are people here excited when he landed on his job and he will be effective of where he goes and i am frankly hoping to learn from him as well as sarah and other people [ inaudible again, he was a name brand and back in the day and i was 31 i met him a few times and we got closer during the mitt romneys campaign and we did a couple of fundraisers. And so i think i dont think i would be standing here if i did not have a Good Relationship with the president i am going to do the best that i can with my heart and soul of this job [ inaudible there is speculations the things i am talking specifically is that we are staying. There is some speculations on that i spoke to both of them, i go back a long way with them. Theyre two phenomenal people. As it relates to two other people in the shop, i got to know them. Sean was incredibly gracious a few hours ago and we sat to him and Reince Priebus was gracious and i spoke to them as well, i got to get to know the people and hopefully theyll like me and theyll want to stay well see what happens well make it a front place. Are you willing to discuss of the activities in this press room thats a good question but it is inappropriate for me to answer that question right now so i have to get back to you on that i got to get some president from general mcmaster and the president. I am going to do everything i can to get to every person in this room. Are the president trying to have a conference withes in t ue future i will talk to him the president is phenomenal with the press and hes a great communicator he won this election, i used to know the man a lot better when i was in the campaign and during the transition, i think we spent 60 of the money and we had onethird of the personnel, we won the president because of donald trump, hes unbelieverabunbelieveable politician well make sure it will happen i dont know what point it is going to be because i have to talk to him anthony i am going to get to i am going to do very best to get to everybody. Over here first. You seem like a saavy person and you said that the white house is a difficult place how are you going to handle a couple things. When did i say that let me be specific. It is a difficult place because it is a little cramped in there. You got a lot of reporters from International News agencies and it is a difficult place you are trying to gate job done but you are sitting inside of a fish bowl and so thats what i mean when it is a difficult place i dont mean it is difficult place to work in terms of the people you find a lot of things getting reported about and that creates a lot of attention and anxiety i am going to work on my peers here because we all genuinely like each other. How are you going to handle when a crisis happening and you put out a sophisticated message at night and the president tweeting Something Different are you willing to say that you make a missaktake i am not going to answer that because it is a hypothetical here is what i am going to tell you. The president is an effective communicator i think hes got 113 million followers a day and so to me, i think it is very effective use of reaching American Public directly and so listen, i welcome him to do that and it is important for him to express his identity when i am with him and i travel around the country and people love him why is his message different than what you put out. It is a hypothetical and it is fair for me to answer that, i dont know what the tweet is and how do you answer that you learn that in law school to not answer that. Would he believe that on camera would be beneficial he has not expressed that to me so i cannot answer that question honestly. As much as the wants to be i am here to serve him his message out to the American People will be as much or as little as he wants to be he did give me the order and i report directly to him and do my best to serve him so as much or little as what he wants. Your relationship of the chief of staff is he your boss or do you error dire report directly to the president. I am going to let Reince Priebus answer that, i can speak of my management style i have been on wall street for 29 years, nobody work for me but people work with me. I think if you do that, it is empowering to people of collaboration. I have no problem working for Reince Priebus, the president says i report to him directly. You will be surprised of the relationship that i have with Reince Priebus and the closeness that we have in working to serve the president. Hes the chief of staff and so it would be foolish of me not to communicate with him and relate to him of everything that i am doing. Anthony would you standby some of the factual claims thats contested and made by the administration of 3 million votes cast of the president. Do you follow those things so a little bit of an in fair question because i am not up to speed of all of that okay, if the president says t me do more research on it, and my guess is theres probably some level of truth. What weve found sometimes, the president says stuff, some of you guys in the media think its not true and its turns out closer to the truth than people think and let me do more homework on that and im feeling the hook here. I want is it okay to answer a few more questions let me get to blake first. Thank you congrats on the new job. Are you really congratulating me on the job . Its a new job, congrats. Youve gone through your past, law school, business, finance, but youve never held a communicationstype role what would you say to your critics who say hes never done anything like this and this is the white house . Secondly, if you can just lay out kind of why you wanted the job, and, thirdly, before you go, why you chose immediately right off the bat sarah to be the press secretary. I want to start with sarah first, okay. The president loves sarah. He thinks shes doing a phenomenal job i agree with him i think Reince Priebus and other members of the staff agree, and im super proud to work with her, and i think shes going to be phenomenal as a press secretary. As it relates to me, i think youll find in my background and my career i have a lot of communications experience, and i spent a lot of time on television spent a lot of time shaping the message for my old firm, my predecessor firm, and so time will tell, but heres something i will tell you about myself theres a lot of stuff that i dont know so ill lean on people like sarah and other people to help me be the best that i can possibly be ill take one last question. Take this question right here. Im getting the hook to follow up on what blake was asking you two questions. Because of your legal background and the fact that you mentioned the white House Counsel, can you explain to us what role as someone who has been trained in the law that you plan to play in communications, interacting with the president s legal team good question. And secondly can i add on most analysts who have ever looked at White House Communications have in academia or historians have said that when a president says that he has Communications Problems, what he has is usually policy and political problems youre arguing that were not understanding in the United States how much the president should be appreciated and how much you love him, but can you describe to us how much you think that it goes beyond that concept and that the president has political and policy problems okay. Lets start with the first question and just repeat the first question again legal, youre going to interact with the president s legal team in what way . Im close personal friends with jay sekulow and have a relationship with john dowd and im going to work with them and other people to make sure were on message and handling ourselves in the most appropriate way possible thats the best i can say about that and the then the follow on was Communications Problems versus policy and polical problems and at way you be see that in the context of that. Long ago Teddy Roosevelt said that the presidency is a bully pulpit and that the president has a great gift and hes able to control the news cycle and able to control the messaging, and so i think if we get super coordinated around here with the president and we go back to what he did, some of the great successes that he had on the campaign and transition and even in the presidency frankly is delivering that message directly to the American People, and so to me i think the policies are fantastic. I think hes done a phenomenal job. I think sarah read something that i totally believe is hes doing a phenomenal job and we just need to get it out there a little more aggressively ive got to go. Ill take one more. Right there. Thank you very much youve talked several times about your relationship with Reince Priebus and hope hicks and some of the rest of the Communications Staff can you talk about your relationship with steve bannon hes said to have strong objections about you taking this job as well. Yeah. And then i have one other thing. Im on the record, you know, ive been interviewed about steve. Hes one of the smartest people that i know. I think that he was instrumental in helping us win the election hes got a strong personality. I have a strong personality. We didnt really overlap at Goldman Sachs but both worked there for a period of time, and there was something great about that culture back in yesteryear, maybe its true today. Ive been out of goldman for 21, 22 years, but there were two great things about that culture. The first thing was that you subordinated yourself to the team, even if you had disagreements, and the second thing was that the Legendary John weinberg, who is now deceased, once said some people grow other people swell okay thats a great line to think about yourself, and for me, i want to keep my head in the game and i want to keep my ego low and i want to work with steve bannon as closely as i possibly can. I have a huge amount of respect for him. Sarah says i can keep going. You said you said that you dont need to right the ship, that you guys are doing great work, but the president has a 38. 8 Approval Rating in his Second Quarter thats historically low. What are you going to do to change that . Thats actually a really good question these polls are moving targets and we all know from statistics, taken plenty of statistics courses. Sometimes the polls can be wrong. Thats the average. Were going to use gallups averages but we were using averages during the campaign and people said we were going to lose and we ended up winning so what i would say about polls they are a barometric pressure reading for right now today and the American People are playing a long game and i think they really, really love the president and if you look at the individual state polls the guy is doing phenomenally well its indicating to me at least personally that the president is really well loved. There seems to be a disconnection in terms of some of the things that are going on and we want to connect that, sarah and i best of our capability and people feel great about what hes doing. I feel great about what hes doing maybe you i dont know you, but i want the American People in general to feel great about what hes doing. As long as she says i can keep going ill keep going. Go ahead. Thank you, anthony. Different reports about general mcmaster having disagreements on policy over russia can you say that there will be no other highprofile resignations or exits from the white house staff. Again, another hypothetical i cannot answer that one way or the other, although i have enormous amount of respect for general mcmaster, i just dont know the situation im not going to answer it because i dont know. You said youre going to work with the legal team in messaging as it relates to russia. I didnt say that no, i specifically said that i havent been briefed yet by the white House Counsel about what is appropriate to talk about in this podium so, therefore, i dont want to take any questions related to russia. Well, id like to ask you though if is the strategy that seems to be coming from this white house now in going after Robert Muellers credibility the right one . Again, thats sort of in that zip code of, you know, like the legal team and not in my sarah or my zip code so i want to stay away from the question. It is a messaging question. Its actually very complicated and i dont want to bore all the people with the legal details related to it, but i think its important for me on my first day standing up here that i dont go in that direction so im not going to answer that question not because im not trying to be forthcoming but i think theres legalities there i dont want to touch. My question is im going to take this question first, ill take you, i promise communication is the key and president is a great communicator how important is relations between the president and the press, and do you think how is he going to change and how much he has a trust in the White House Press . Im a super optimistic guy. Too short to seat glass anything other than half full im a super optimistic guy the president will have a phenomenal relationship with the press. Well get there together. Larry speaks who once stood up there said dont tell us how to stage the news and we wont tell you how to report the news. Do you think that thats an accurate reflection of what your alls job is . Larry speaks said dont tell us to stable the news and we wont tell you how to report the news do you think thats an accurate reflection of our relationship. Were in a different world. I have an enormous amount of respect for press secretary speaks but when he was standing at this podium it was a very, very different world each one of us right now has a sound studio, recording studio, a movie studio, a Television Studio right in the palm of our hands so we could stage things and its going to be read certain ways, may not be read other ways, but sarah and i are going to work on reaching as many people as we possibly can for todays era, and so maybe he was accurate in the 1980s, but sarah and i will think of something cute to say once we start working together she wants to give me the hook. Its been tweeted for its impossible for this Communications Team to know whats in his head at every moment. Yeah. How are you going to make shower that youre on the same page as this president what have you said to him about the need to know what hes thinking and where he stands as it relates to policy listen, i know im not going to speak on behalf of the president. I have a close relationship with him. Sarah has a close relationship with him and i think its super important for him to let him express his personality. Its been a very successful Life Experience for President Trump to be President Trump. And so lets limb do that, and let me just finish, and, you know, lets see where the chips fall and when something happens that you dont like or youll take youll take to me and sarah. Do you plan to meet with him every day and do you have Oval Office Prim lengths . Do i plan to meet with him every day and listen, i dont want to im not one of these people that need to have unnecessary face time with the president , okay, but i do have oval Office Privileges if thats what youre talking about, and i do have the opportunity to mee

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