Transcripts For FBC After The Bell 20170301

Melissa im melissa francis. This after the bell. Lets get right to lori rothman watching all of the action on the floor of the New York Stock Exchange. And, lori, a lot of stocks hitting brand new record highs. Who are todays biggest winners . More than i certainly can count, thats for sure, melissa. Lets get right to it. Todays winner powering the dow past 21,000. Jpmorgan up 3. 6 . American express, boeing, travelers, defense spending, trumps speech digging in on the things he said out in the campaign. Infrastructure stocks in particular. Taking offer today, on trumps pledge for one trillion dollars infrastructure spending. The top two benefiting from betterthanexpected earnings. So those two companies, like at diecom up 18 . Look at facebook shares hitting alltime high. Dycom. This is important, were expecting snapchat to officially the price the ipo debut on wall street tomorrow. You have to interpret this gain of 1 1 2 on facebook, again a alltime high. Not a lot of concern among investors or Tech Industry for a lot of competition. Maybe competition between snapchat and facebook, maybe not such a bad thing. Back to you. Melissa there you go, lori. Thank you so much. David . David President Trump touting his plan to slash taxes with treasury secretary Steve Mnuchin backing him up, this time with a lot more conviction. Take a listen. It will be a big, big cut. At the same time, we will provide massive tax relief for the middle class. Our objective is to pass tax reform by the august recess and i think that is a very aggressive timetable but realistic, something the president and i are very committed to doing. So by august, voted, done, agreed . An signed . Melissa whoo david very specific numbe dan mitchell of cato institute, Adam Lashinsky of Fortune Magazine and Recon Capital Partners cio kevin kelly. Good to see you all. Let me go first to dan. This is quite a message that you can do both obamacare and repeal and reform and replace, and, have a tax cut by august. What needs to be done to get that done inside of the beltway, dan . The number one thing they have to figure out is this Controversial Border adjustment provision in the house bill. That is not in trumps plan. A lot of senators dont like it. A lot of the American Business community doesnt like it. But its very attractive to House Republicans because it is a trillion dollars of revenue that theyre using to finance a lot of the good tax cuts in their plan. So somehow you have to make all these pieces fit together. Theyre not there yet. David dan, just with you for a second, dont they believe that there is something to very active situation happening once tax cuts come down, you may have a revival of the con me we havent seen in years, therefore it would generate more revenue . There is no question. If we could get the corporate rate down to 15 or 20 and some provisions like expensing it would be great for the economys longrun efficiency and competitiveness of the u. S. Economy. It has to happen if trump wants to be successful i think. David not everybody is a believer, kevin. Yesterday we had jamie dimon pouring water on the parade saying well not get tax cuts until 2018. Who do you believe, mnuchin or jamie dimon . I was on a show earlier having a hard time make it complicated. Get taxes done. Dont include the border adjustment tax. Take the corporate rate down to 20 . Lower personal income tax rate. If you want to get more complicated do that later. David kevin, i love you, youre not answering, who do you believe jamie dimon i believe jamie dimon because nothing gets done in washington quickly or fast enough. You have too many lawyers and lobbiests with their hands out there. David i vote for jamie dimon. Adam lashinsky, who are you voting for . I do as well. There is a substantive issue here regarding this isnt just not what is right for the economy or what economists think. This is a political issue and it is not just jamie dimon who will say this not going to happen as quickly as you might think. Its a lot of House Republicans who say this will not happen as quickly as you think. That is because the administration is not going after entitlements at the same time. There are a lot of people david market believes the president and treasury secretary for this day anyway. Well have to wait and see. Were going to come back in just a minute. Melissa. Melissa art art of the deal, baby. Riding enthusiasm after most tweeted president ial address ever. President trump is back in business and so is blake burman live at the white house with the latest. Blake what is the vibe like there, today . Reporter it is, melissa trying to get bigticket items president talked about, repealing and replacing obamacare, tax reform, infrastructure spending, spending on veterans. There is a budget they have to roll out here the all of that trying to get it enacted. So to that end, Republican Leadership here at the white house on this day meeting with the president and his top advisors. Among those here at the white house, house speak are paul ryan, Senate Majority leader mitch mcconnell, Kevin Mccarthy number two in the house, just to name a few as they sit down to try to enact only their agenda can but the president s agenda. By the way White House Press Secretary Sean Spicer was asked earlier today at the white house if they feel just what happened on wall street that you guys were talking about was a direct link or noto the president s speech last night . Spicer didnt want to get mixed up in the market movements as he said whether or not there was a direct link from last night to today. However, he did say most certainly they feel that what the president s been doing here over the last two months is indeed directly related to the runup in the market. Here is what he said, quoting the press secretary, he says, quote, there is a renewed sense of confidence in the country, the agenda, the desire to hire, grow and expand in the united states. I only see that as positive sign, not just for the market but for our entire economy. Melissa, back to you. Melissa blake, thank you so much. Treasury secretary Steve Mnuchin also telling fox business, one trillion dollar infrastructure plan is going to create a new america. This year for the trillion dollars . Absolutely. Where will that money come from . Well the trillion dollars, it will be a combination of a public and private partnership. It doesnt necessarily mean it will be a trillion dollars off the governments Balance Sheet but the president is determined that we are going to do an infrastructure plan that will be very significant, one of the most significant weve ever seen. And were going to rebill america. Melissa kevin, i know investors. That is music to their ears. There are people who are out there would love invest in Public Private partnership in order to do infrastructure. Do you think it can work . I think it can work. You see who he is surrounding himself. You have smartest minds to figure out how it will work. Wilbur ross talked about this how it could be revenue neutral and generate revenue for the country. I think investors are excited about that. Theyre more excited about the president getting confidence of the congress in through the speech last night. So i think the rally had to do with now he is able to show leadership skills, willing to follow him and businesses are excited about that. Not only infrastructure plan but the he deregulation that he talked about within each agency. Melissa yeah. Dan, this approach to infrastructure where you get private money involved, has been successful in other places. There are roads in virginia like this, to roads. How hard is it . Look at europe. Dont just look at a few state roads in america. In europe, for instance, most airports are privatelyowned and maintained. Theyre so much better than american airports. So the real key, try to get the government out of the way so the private sector can come in with a lot more efficiency than if you just have the federal government build bridges to nowhere or Something Like that. Melissa adam, amen. What do you think about that . Well there obviously will be a lot of support for this in the markets and i think there will be bipartisan support in congress doing Something Like this but i will return to something i said earlier, someone will have to pay for all of it, including the government part, and there are element in the Republican Party in particular who will be hopping mad if this means raising Government Spending without the, without taxes to support it. Melissa dan . I think that is a key thing. If this is just an obamastyle pork barrel stimulus when the dust settles, youre going to have a lot of angry republicans who think theyre supposed to be in favor of small government and the constitution. Melissa all great points. David . David there is a lot of hope in the market about all this, a lot of hope about one company in particular. Wall street journal and reuters now reporting snap, the Parent Company of snapchat, will price their initial Public Offering at 17 a share, valuing the company at 24 billion. Raising a lot of questions whether the substance will match the hype. Melissa right. David mashable chief correspondent Lance Ulanoff joins us. Lance, is this Company Really doing something so completely different from what all the other social Media Companies are doing that it deserves all that attention and all that money . No, it is not doing something completely different obviously. They have instagram, facebook breathing down their necks, basically recreating everything they do over and over again. Snapchat, snap, has the eyeballs and as audience of 18 to 34yearolds. 15million users. And 158 million users. This devoted to this. They live their lives on this platform. They share their lives on this platform. As long as snapchat and chat as company keep them engaged with new features and filters and lenses it will continue to grow, may be the thing. David exactly what theyre doing with the new glasses which is the most obvious example of a new product they have. Is that sort of thing going to work . Well, i dont know. Not that spectacles are acquired taste. Not something you wear out and everybody will be, those are cool sunglasses, they look like Something Else. They have a spinning light where you take a picture of people. They appeal to a certain set of users. But not all snapchat users are picking these things up. What it indicates is interesting innovation. They have an entire division devoted to research and building new products and they will continue to do that. We her recently maybe theyre even working on a drone. Dont forget what evan spiegel said, theyre a Camera Company which i think is so interesting. David Adam Lashinsky, youre out there, you know this market very well. 17 a share. That would be 24 billion that is a lot of money for one company. But sometimes weve seen the stock price pop in value, particularly when the market is as hot as it is right now. It very well could pop in value tomorrow because there have been so few of these tech ipos. So both retail and professional investors will be potentially will be very excited about it. But this is a very dangerous situation. I have no doubt there is a business at snapchat. Unquestionably. By the way. I think there is a business at twitter. The key question will be, how good is the business . More like twitter, with slowing user growth and they dont have great user growth or is it more like facebook . David one thing determines how it is is the leader. We know there have been questions about the twitter leader in the past. Facebook clearly has a leader who is like steve jobs, a real forward of this thinking guy who knew how to take the company where the technology would allow him to take it and where his mind, no other person on earth had the ideas zuckerberg did. Does it have that kind of leadership . Does snap have the leadership that could take it forward . The short answer is we dont know, and in fact we didnt know when zuckerberg was 26 either. Facebook didnt do welafter the ipo. Evan spiegel looks very promising but he is not battle tested. David lance, i know some of the original investors of facebook. Milner had 10 at some point. He said there was Something Different about zuckerberg. Uri knew all the people involved in social media. He said this leadership would make the company something. That is why he bought into it at the right point. He made billions as a result. Does snap have that kind of a leadership . I agree with adam it is very difficult to say whether adam spiegel is same kind of leader. He has high degree of control, voting interest over the stockholders or the board. That will be really important. He wants to maintain control. Something very important to remember about facebook, when it went public it was mostly a desktop operation. The eyeballs on desktop. Advertisers on desktop. It knew it had to make the shift to mobile. There was a big question mark whether or not it could do it. Very true. Very good point. It has done it in spades. Its a juggernaut on the mobile side. Thats where it makes most of its money. This is the kind of thing, what happens after they go public and how do they respond to the pressure especially when they find the market is changed and they have to change. Melissa lance, it is melissa francis, i want to jump in for a second. We were all talking about these different messengers where you sent somebody a message and it disappeared at beginning of week, based on the sean spicer story. He had been looking on peoples phones for confide and named a bunch apps not all of us were familiar with. I talked to other people, im off whatsapp, doing this one because it destroys. My point being there is a new Messenger Service every five minutes. Somebody gets sick of the ol one. What is popular today is not popular tomorrow. Facebook had the staying power. What is special about snapchat . Ou make such an excellent point. Snapchats audience their user base are the most fickle base. They are teens, will march en masse whatever it cool or hip. Whether viber or lyne or any tools where they have their social conversations in private, not have their parents looking over their shoulder. Theyre where the cool kids are. If snapchat is ever seen as something no longer cool, becomes their parent platform theyre gone. Melissa parents, oh. David what might happen with the economy and how snap might be an indicator what might happen in the economy. In the 1980 as, dan, we had extraordinary explosion of technology. It was really technological revolution, based on freedom and free market policies put in place by Ronald Reagan. Could we have the same kind of explosion we had in the 1908 80s is doing here. Melissa thats a great point. We could but consider the dangerousness of this point. What were seeing now is oldfashioned irrational exuberance. What if there is a bubble because of all the easy money policies we had from others and central banks. David dan, they are tightening. They say they will be raising rates. If we have this much of a bubble and tighten a little bit, there might be a lot of room for things to go down. I think trump is play agrisky game saying look at stock market, look at the stock market. That must mean my policies are good. What happens if there is a bit of a bubble, not just trump did something bad. We had eight years of easy money . David okay. Lets sit back to be cautious. David remind, everybody, melissa, 18 month Ronald Reagan had before the market began to take off, before the economy began to take off. Took 18 month before the tax cuts actually kicked in. So we may have a little pullback as dan was suggesting but then it was katybarthedoor and we had seven, eight, nine years of solid growth. Melissa especially based on what we heard today from Steve Mnuchin. If they really get out there and get it done by the august recess. That makes all the difference. David i believe Steve Mnuchin. Melissa we appreciate your time. Major rally on wall street. The dow closing up more than 300 point. Well take you back to the floor of the New York Stock Exchange for more what you can expect tomorrow. David what exciting days these are. Plus repealing and replacing obamacare. The president backing a Health Care Tax credit but not all republicans are on board and Republican Leadership needs every single one of their votes. California congressman Tom Mcclintock how all of this gets done. Melissa President Trump delivering what many call his best speech ever. Even Mainstream Media giving him kudos. That has some democrats seeing red. Town halls guy benson weighs in next. Were one people with one destiny. We all bleed the same blood. We all salute the same Great American flag. And we all are made by the same god. [applause] melissa changing the tone in washington. From now on america will be many powered by our aspirations, not burdened by our fears. Inspired by the future, not bound by failures of the past, and guided by a vision not blinded by our doubts. Melissa President Trump sending a message of uppity during his joint speech to congress. Even the Mainstream Media is praising him. The New York Times writing, quote, trump in optimistic address asks congress to end trivial fights. Business insider writing quote, trumps speech to congress brings America First to washington. So will the optimism last . Here is guy benson, town hall. Com Political Editor and Fox News Contributor t was so interesting to watch that last night. By the end, when you saw democrats and storm out, and you saw the group that was wearing all white, turn and leave, it suddenly looked like sour grapes. That ithe way to turn the page. Now what . What do you think . Well a couple of things, first of all it was in my view the best speech he has given as a political figure. I think expectations were so low. A lot of that is the medias fault. He came out and it was a home run. He delivered. I could quibble with some of the policies in there. Melissa right. Overall he was president ial. He was very clear. It was stirring at times. The moment with the widow, oh, my goodness, right . Melissa that was amazing. I think, melissa, the key is here is part a expectations game and left and media has been bad managing this. All the coverage on most of the other networks and New York Times, washington post, this is a train wreck. He is is a total disaster, anything right, hair on fire, resist. Millions of americans tune in, watch the speech, that is pretty good, that is normal. I like this stuff. It backfires you will. All the craziness and tis tear yaw backfires on him. He did that. His speechwriter did that. Melissa seems like he is setting up to do same thing on policy for example coming out on immigration, perhaps softening conceding some of the things the left was really hysterical b whether you hear about things he will change, not naming syria specifically, giving on some of the stuff they were upset about. Does he then win because they look like, well you cant, were not going to let him win . If theyre still mad, they look like theyre not even rational any longer . Yeah. Melissa can it work on policy what happened last night . I think partially left. He is putting a Certain Group of democrats, particularly in the senate in a vice and turning the screws. Because well keep talking about the statistic because it matters, next year there is a midterm election. 10 Senate Democrats up for reelection from states that trump won. Melissa yep. Five of them he won by 19 points or more. Ere will they be on some policy issues. Melissa we have to jump. Guy benson, thank you so much. David keeping america safe. President trump vowing to protect our nation from terrorism. It is words that he used getting all of the attention. Lt. General thomas mcinerney, about why that is so important. And even though their dentures look clean, in reality theyre not. If a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. Thats why dentists recommend cleaning with polident everyday. Polidents unique micro clean formula works in just 3 minutes, killing 99. 99 of odor causing bacteria. For a cleaner, fresher, brighter denture every day. David folks, listen very carefully of the words you are about to hear have never been said by a president speaking before congress until last night. Our obligation is to serve, protect and defend the citizens of the united states. Were also taking strong measures to protect our nation from radicalslamic terrorism. [applause] david could have put a period after each one of those words, radical, islamic, terrorism. Here now is lt. General thomas mcinerney, fox news military analyst. How important, general, is it that he spelled out those three words . It was extremely important, david. We have been fighting this war for 15 plus years, and were obviously not doing the right things. We now have a president that identify the threat, knows what to call them, puts the responsibility on islam and the muslims to solve that problem. Specifically not going to. David specifically how general, should it change or will it change our military strategy . Well, first of all, by identifying we in strategy put the burden on Muslim States and leadership to fix that problem. Where are the fought was out of mecca and medina that attack the west are unholy warriors and will for live in their damnation . They have that in their odd why. They know how to ideology. They know how to fix it. We do not. By saying this youre putting responsibility where it belongs, david. David lets say on that point in a moment. In world war ii the imperial japanese, part of our military strategy was developed around the fact that they had a radical interpretation of buddhism. Shin toe buddhism. That really informed our military strategy and led to us winning that war in the pacific. It was focusing on that kind of religion they had that changed our military strategy. Let us know, for example, unless we used the bomb, we were going to have to invade a lose a million men, right . Exactly. We understood and we had a strategy that could cope with the threat we were facing because we ideified th threat just as you highlighted. David im not saying we use the nuclear bomb. I dont want to get that out on the website but the fact if we do, as you say, talk to all of the islamic nations surrounding the areas that are infected by this disease of radical islamic terrorism. Have them put pressure on, we did that kind of armtwisting particularly when we were in japan after the war. That is it what mcarthur did, right . He was brilliant at it. That is why japan is the way she is today, because we went right at the ideology. That is what weve not done because we had not had a president who has the courage and understanding to do what President Trump did last night. David lt. General mcinerney, wonderful to have you on, sir, thank you very much. Appreciate it. Thanks, david. Melissa so the president is working to unite a divided country but some democrats are still a bit skeptical to say the least. David ill say. Plus, snap, the Parent Company of snapchat, expected to reveal its ipo pricing any moment now. Well also get the scoop on their snap spectacles. We sent our producers out. They have very interesting stuff coming in on that. It is all coming up. What would you say if i told you i was filming you right now with my sunglasses . I would say that is pretty awesome . That is awesome. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. David no, we dont want to stop at all. We dont have to. The stocks soaring today. The dow up over 300 points, tying the fastest 1000 point gain in all of history. All the major averages closing at new highs. Teddy weisberg at the stock exchange. Big day with snaps ipo tomorrow. The price well get today. Teddy, first of all, the rally, does it have legs . Well it certainly has had legs, david. If you go back to the election which was clearly a gamechanger as far as the stock market is concerned. David i want you toook for war,y friend. Im looking forward and i ink the lines of lst resistance are higher. In terms of today i suspect we got a lot of shorts trapped pretty good. I think a lot of people sold stocks going into last nights speech, not expecting the outcome. I think a lot drove today was shortcovering. Perhaps if you were a technician a little bit of a blowoff on the up move. Of course we dont know what the short term is, i suspect maybe todays rally was better selling opportunity than a buying opportunity. David im not a technician. I dont think most of the people watching are technicians. They want to know if they have any cash on the sidelines do they go allin right now . I would say if you have cash on the sidelines, wait for the next selloff. It is out there somewhere. I would absolutely buy stocks on any kind of weakness, wait for the selloff. Teddy weisberg, wonderful to see you my friend. Thanks very much. Thank you, david. David melissa. Melissa hatched from reality Senate Minority leader Charles Schumer said President Trumps wellreceived speech means nothing. It really doesnt matter what he said. This is like the campaign. He says one thing but as he positive earns it is another. Melissa wah, wah. We have hadley heat manning and capri cafaro, former democratic minority leader of state of ohio. Melissa hadley, this is the danger. He goes out gives a speech. People like Marc Thiessen who was the lead writer on bunch of these speeches, was never trump, this is one of the best speeches he ever heard in a state of the union. If you come out and trash it, you kind of sound like sour grapes, no . Well, first of all, the criticism that is politician might say one thing and do Something Else that is not new for President Trump. That unfortunately the case on both sides of the aisle in many cases but when it comes to being detached to reality, there are millions of americans who feel that the Previous Administration didnt understand the rea alty of their life, their concerns, their policy preferences and they will be relieved to finally hear a president address those things. There is bigger concern here, americans blue or red have been detaching from each others realities. We have divided country. Not just in terms of political polarization, look geographically the counties trump won. Seeing Rural America a lot more conservative, urban america a lot more liberal. Choices where we live or what kind of job we pursue or where to send our kids to school, were becoming unfortunately insulated from one anothers lives. Lets hope the lawmakers can understand the reality of america can be different from persontoperson. We have to find policies that work for us all. Melissa capri, are you wearing white in solidity with the women . No. I actually i was wearing blue earlier this morning. Melissa you look fabulous. I wanted to make sure. No it has nothing to do with the solidarity thing. Melissa let me ask you, if the criticism is he says one thing and does another, the criticism before this was that what he was saying was awful, that his rhetoric was something that was going to divide the country. If he followed through on that he would wreck the nation. Now he comes back in different direction, what democrats said they wanted, then he is criticized for that. You start to, you know, stop listening to people who say things like that and are just never happy. I hear what youre saying, melissa. I think issue here that democrats are kind of, you know, boxed into a corner frankly because President Trump presented a lot of policy issues , granted some in more detail than others. You talk about things like infrastructure investment, making sure the middle class is not left behind, message of unity and strength in all of these things, these are things that the Democratic Party has at least tried to hold on to as part of their messages. Frankly they lost it to donald trump over the last 18 to 24 months. Melissa yeah. What are the democrat to do at this point because they are relying on an implosion of donald trump in order to be victorious in the midterm elections in 2018. Melissa hadley, speaking of strategy, so with the immigration plan for example, he comes out and issues the executive order. Democrats jump on very specific things in here, there. Now were hearing he will change the specific things they were yelling about. So if they still oppose it, is that a good or bad strategy for democrats . Well, it depends on what their goal is. If their goal is to get public support or longterm political strategy or really want to affect the policies implemented because President Trump wrote the art of the deal. I believes he subscribes to negotiation tactic, you make a big opening bid. Lay everything you want on the table. You may not get everything you asked for but you get more than you would otherwise. That is the case with the travel ban. Melissa last word real quick, capri. What do you think democrat should do here . Depends on the content of the travel ban. We need to pick and choose battles wisely. There will be matters that will be concerning we need to push back on, areas we can Work Together we shouldnt pick petty fights because we want the nation to succeed. Melissa ladies appreciate your time. David i could only count one democrat in the chamber who was willing at least stand up for the president on certain things, let alone applaud for him. It will be hard to get any kind of consensus together at all inside of the beltway. Melissa we will see, we will see. David urging congress to get to wo. President trump calling action in our nations capitol as more americans are growing concerned about the plans to repeal and replace obamacare. Next republican congressman Tom Mcclintock sounding off on how the gop is planning to get together and get things done. To think about. 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Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis treats dvt and pe blood clots. Plus had less major bleeding. Both made eliquis the right treatment for me. Ask your doctor if switching to eliquis is right for you. Lower than td ameritrade, schwab, and etrade. You realize the smartest investing idea, isnt just what you invest in, but who you invest with. But who you invest with. Just like the people every business is different. But every one of those businesses will need legal help as they age and grow. Whether it be with customer contracts, agreements to lease a space or protecting your work. Legalzooms network of attorneys can help you, every step of the way. So you can focus on what you do and well handle the legal stuff that comes up along the way. Legalzoom. Legal help is here. Melissa breaking news right now. Fox business now confirming that snap, the Parent Company of snap chat, will price its ipo at 17 a share. That is above its projected price range. Snapchat is a mobile app that lets you take pictures, a video and send disappearing messages to your smartphone. Fox businesss Cheryl Casone is at the companys headquarters with the latest on the ipo. Reporter seven teen bucks a share, that put as big pay day for the founders of the company. Evan spiegel, bobby murphy, 28 years old. They founded snapchat in venice beach, california. Initially called it a different name, pictaboo. Instant pictures you could share and get rid of. From 2011 to 2017 you have a couple of billionaires on your hand. During the road show there was a lot of question about many soft financials of snapchat, in particular daily active users. Snapchat as theyre going public tomorrow morning on the New York Stock Exchange, they have 158 million active registered users. At the time when facebook went public, 483 million active users. That is a jump. There is concern Facebookowned Instagram is taking a little bit of a share from snapchat. That is one of the questions as the stock trades throughout tomorrow and where it opens and where it ends. But we have that number. This company is still losing money, guys, 500 million in anall losses yesterday. There is the structure of the company. Here we are in venice beach. This is two of the Main Buildings. What they have done, instead of having one Main Building they have spread out offices throughout venice beach. There have been protesters here. Yesterday we expect a much bigger crowd of protesters tomorrow. They dont like what snapchat is doing to the community here at venice beach. That is another story we follow tomorrow on fox business. 1859 employees, guys. Those employees will be very, very wealt as tomorro i leave you with this, something to consider. Evan spiegel is going to have controlling interest in this company. He is not giving up any control, if you buy snapchat shares tomorrow you have no voting power that is one then some of the analysts are talking to us about today. Melissa everything you listed was so compelling about the company, from not making money to the videos were watching. I must be getting old, i dont know why that is great but cheryl, anyway, thank you. Reporter no. Melissa today is a big day but will it be spectacular . Snap recently introduced their hardware spectacles that take 10 second clips that send directly to the snap app on your phone. I mean it is just exactly what everyone needs, right . David yeah, right. 10 seconds, film in 10 seconds. Our producers took to the streets to see what people really think about the company and their new video sunglasses. Take a listen. Do you know why im wearing sunglasses in the rain . I have no idea. But i assume it has something to do with snapchat. Because youre really cool. Are those snapchat sunglasses . What if i told you my glasses were i am inning you right now. Now that i see the light going on, yeah. Im not really offended by it. That is pretty cool. That is pretty cool. I would say that is pretty awesome. Would you buy them . How much . 130. 130 bucks . Probably. Melissa and lance is back with us. And lance, im filming you filming me, filming you, all to what end, i have no idea. Looks good on you. Melissa why is this desirable . Why do you need this . That is enough. Put them on top of yours. Go ahead. The idea of life casting is not new. There is a whole lot you can do with snapchat spectacles. If youre cooking al you can show people how to do it. You can capture more than up to 10 seconds. Can snap 30 seconds increments. Press three times. It doesnt go out into the world and goes to your memory and put it out there. You can he had it arrows apwords to it. So its a creative tool. If you do remember google tried to do something melissa i do remember that. With google glass but they looked ridiculous. This doesnt look quite as ridiculous, symmetrical maybe kind of cool, might appeal to their core audience. Melissa lance, when we watch the videos in cheryls segment before that, they were showing people, with buckets coming over their head and crazy rainbows, strikes me that is amusing for three seconds. Doesnt that get old almost instantly . There is why theyre new filters. Golike the dog and vomiting rainbow. There is ad strategy. There are sponsored filters. Youll see them whether they relate to the harry potter franchise or fritolay, Something Like that. Melissa we have to run. David were making a lot of fun. The point is dont we wish we got in at facebook with their ipo. Then again there is twitter. Melissa thank you so much. Thank you so much. David repeal and replace obamacare, the president backing a Health Care Tax credit but not all republicans are on board. California congressman Tom Mcclintock joining us next. We should help americans purchase their own coverage through the use of tax credits and expanded Health Savings accounts, but it must be the plan they want, not the plan forced on them by hour government. [applause] david binge bingo. President trump announcing a plan to keep pretax dollars in the way you think is best. Sounds textbook free market. Some republicans call it entitlement program. How is spending your own hardearned money the way you want an entitlement . Republican representative from california Tom Mcclintock joins us to weigh in. Can you explain that, congressman . I can not understand why some republicans would call this an entitlement . I cant either. The fact eight years discussions replacing obamacare, tax credits and expansion of hsa have been integral part of t replacement plan to insure as we open up this market, awe encouge a wide range of choices for consumers, to select a plan that best meets their own family as needs, they can own and take from job to job, they have to have the tax support to assure every family has the plans in the financial david bottom line, congressman, an entitlement is something you get from the government, not something that you earn. This is, your own money. You have earned that money. So you should be able to spend it the way you want on health care or anything else . Exactly right and as the president said, the question is whether it will be your choice or imposed upon you by the government. In order to make that choice you have to have a healthy competitive market. That is always part of the plan. It always been envisioned that, hsas would be expanded and tax credits would be there help support it. David Health Savings accounts, we have only 30 seconds. We had a lot of breaking news. What do we do with the recalcitrant republicans not going along calling this entitlement . Will the president call them out by name and beat them down until they accept this or what . I dont know. I remember churchhill pointed out democracy is occasional necessity of deaferring opinions of others. Benjamin frankly told the Constitutional Convention doubt a little of our own infallibility. That is advice we need to take when we put the package together. There is no excuse for failure. We have to succeed. David i like the way you button that up with history. Thank you very much, representative Tom Mcclintock. Great to have you on, sir appreciate it. Great to be on. Melissa fox business crushing the competition and cnbc was left with no choice but to report on it apparently. David sad. This is the silverado special edition. This is one gorgeous truck. Oh, did i say theres only one special edition . Because, actually theres five. Ooohh aaaahh uh hooooly mackerel. Wow. Nice. Strength and style. Its truck month. Get 0 financing for 60 months plus find your tag and get 5500 on select Chevy Silverado pickups when you finance with gm financial. Find new roads at your local chevy dealer. Melissa fox bismarcking five months in a row we have crushed the competition. Not that we care or are counting. David our friends at cnbc wanted to congratulate us so they posted the story of our victory on their own website. Thank you for watching us. The lack of economic balance of which unemployment is pat once the result and the symptom. As i will discuss with the congress during the coming months. Our men from fighting alongside our nations allies because they know as we do that the aggression in russia is part of the russian dictatorship to take over the world. Each date crises multiply. Each day their solution grows more difficult. Each day we grow nearer the hour