Transcripts For FBC Cavuto Coast To Coast 20170517

The academy, your coast guard commanders will explain their vision, and then they will trust you to get the job done. Just like i as your president will also trust you toc get the job done. Its amazing to think of the adventures that are about to begin for you. Across the country this month millions of other students are graduating high school, college. Many others are wondering, just what am i going to do . Theyre saying to themselves, what are they going to do. You know what youre going to do many, many students graduating from college right now saying what am i going to do . Where am i going to work you . Know it. You picked a food one by the way. You picked a beautiful one, a good one. Were really proud to have you, i can tell you. [applause] years from now some of them may look back and ask themselves whether they have made the right choice, whether they made the most of the opportunities they have been given. In the coast guard you will face many challenges and many threats but one thing you will never have to face is that question of what will i do . When you look back, you wont doubt. You know exactly how you spent your time saving lives. I look at your admirals, i look at general kelly, i look at some of the great people in service and i want to tell you, theyre excited about life. They love what they do. They love the country. They love protecting our country and they love what they do, is that right . Good. I didnt think anyone was going to say no. That would have ruined our speech, right . Theyre great people. You always know just what youll be, the leaders and officers of the United States coast guard. [applause] and when they see your unform, everyone in the world will know exactly what that means. What standard, and really if you think of it, when you talk about the great sailors and the great sailors of the world, we have them. But what stranded sailor doesnt feel relief when those red racing stripes break the horizon . What drifting soul at sea with only a short time left to live doesnt rejoice at the sound of those chopper blades overhead coming back and coming down to rescue them from death . What poisonpeddling drugrunner, the scourge of our country, doesnt tremble with are fear when the might of the coast guard comes bearing down on them . In each case we know the reason. Americas lifesaving service is on the way. The coast guard is truly vital to the United States armed forces and truly vital to our great country. [applause] out of the five branches of our Armed Services its only the coast guard that has the power to break through 21 feet of rocksolid arctic ice, right . Youre the only ones. And im proud to say under my administration as you just heard well build the first new heavy icebreakers the United States has seen in over 40 years. Were going to build many of them. [applause] ee th. The coast guard stands watch at our ports, patrols our waterways and protects our infrastructure. You defend america in a world of massive and very grave threats. Soon, some of you will be leading boards of suspicious vessels, searching for the most Deadly Weapons and detaining criminals to keep our people safe. Others of you will work with partners in scores of countries around the globe bringing in the full power of the United States coast guard, right up to those distant shores. And some of those shores are very far away. To secure our borders, from drug cartels, human smugglers and terror threats, coast guard cutters, patrol more than 1500 miles below our southern border. A lot of people didnt know that. When enormous pride hits your hearts, you realize that it is with this great skill and tremendous speed our coast guard men and women interdict dangerous criminals and billions and billions of dollars worth of illegal narcotics every single year. Your helicopters launch from the decks of World Class National security cutters and they chase drug smugs lettersing smugglers far in excess of 50 knots. At high seas and high speeds, our incredible coast guard snipers take aim atmugglers enginesey. Time af take out the motors on the first shot. They dont like wasting the bullets, right . They actually dont. [applause] your slice through roaring storms and pouring rain and crashing waves is a place where few other people will ever venture. Exciting, exciting, but you have to have it in your heart. You have to love it and you love it. In the coast guard you dont run from danger, you chase it. And you are deployed in support of operations in theaters of conflict all around the world, but not only do you defend american security, you also protect american prosperity. Its a mission that goes back to the earliest days of the revenue cutter service, you read about that and studied that. Today the coast guard helps keep our waters open for americans to do business. It keeps our rivers flowing with commerce. And it keeps our ports churning with american exports. You help billions and billions of dollars of goods to navigate our country every day. You are the only federal presence on our inland waterways. You police the arteries we need to rebuild this country, and to bring prosperity back to our heartland. And we are becoming very, veryc prosperous again. You can see that. Think of the Glorious Mission that awaits. You will secure our harbors, our waterways and our borders. You will partner with our allies to advance our security interests at home and abroad. You will pursue the terrorists, you will stop the drug smugglers, and you will seeing to keep out all who would do harm to our country. All who can never ever love our country. Together we have the same mission, and your he deinvestigation and dedication your devotion and dedication makes me truly proud to be your commanderinchief. [applause] thank you. I want to take this opportunity to give you some advice. Over the course of your life you will find that things are not always fair. You will find that things happen to you that you do not deserve and that are not always warranted but you have to put your head down and fight, fight, fight. [applause] never, ever, ever give up. Things will work out just fine. Look at the way i have been treated lately. [laughter] especially by the media. No politician in history, and i say this with great surety, has been treated worse or more unfairly. You cant let them get you down. You cant let the critics and the naysayers get in the way of your dreams. [cheers and applause] i guess thats why i won, thank you. I guess thats why we won. Adversity makes you stronger. Dont give in, dont back down, and never stop doing what you know is right. Nothing worth doing ever, ever, ever came easy, and the more righteous your fight, the more opposition that you will face. I have accomplished a tremendous amount of in a very short time as president. Jobs are pouring back into our country, a brand new Supreme Court justice who is going to be fantastic for 45 years. [applause] a historic investment in our military. Border crossings, thank you, to our general, are down more than 70 inust a short period of time, a total record by the way by a lot. [applause] weve saved the second amendment. Expanded service for our veterans. We are going to take our veterans like they have never been taken care of before. [cheers and applause] i have loosened up the strangling environmental chains wrapped around our country and our economy, chains to sight that you couldnt do anything. That jobs were going down. We were losing business. Were loosening it up. We have begun plans and preparations for the border wall which is going along very, very well. Were working on major tax cuts for all. We are going to give you the largest tax cut in history of our country if we get it the way we want it, and were going to give you major tax reform. [applause] and were also getting closer and closer, day by day, to Great Health Care for our citizens. [applause] and we are the something the stage right now for many, many more things to come. And the people understand what im doing. That is the most important thing. I didnt get elected to serve the washington media or the special interests. I got elected to serve the forgotten men and women of our country and thats what im doin. [cheers d applause] i will never stop fighting f you and i will never stop fighting for the American People. As you leave this academy to embark on your exciting new voyage, i am heading on a very crucial journey as well. In a few days i will make my trip abroad as president , with the safety, security and interests of the American People as my priority, i will strengthen old friendships and will seek new partners. But partners who also help us, not partners who take and take and take. Partners who help and partners who help pay for whatever we are doing and all of the good were doing for them, which is something that a lot of people have not gotten used to and they just cant get used to it. I say, get used to it, folks. Ill ask them to unite for a future of peace and opposition for our peoples and the peoples of the world. First in saudi arabia where i will speak with Muslim Leaders and challenge them to fight hatred and extremism, and embrace a peaceful future for their faith. And tyreooki very much forwar to hearing what we, as your representative, we have to say. We have to stop radical islamic terrorism. [applause] then in israel i will reaffirm our Unbreakable Alliance with the jewishc state. In rome, i will talk with pope francis about the contributions of christian teachings to the world. Finally i will attend the nato summit in brussels and the g7 in sicily to promote security, prosperity around peace all over the world. I will meet scores of leaders and honor the holiest sites of these three great religions. And everywhere i go i will carry the inspiration i take from each day, from your courage and determination to do whatever is required, save, and protect american lives. And protect american lives. We want security. Youre going to give us security. [applause] in just one example we see how priceless that gift of life is to the people you touch every day. A few years ago a coast guard helicopter and rescue swimmer took off in the direction of three terrified fishermen who clung to their sinking and burning vessel. That day our coast guard heros did their jobs well. They flew over the sea, despite emendous dange and extended a helping hand at the moment it was most urgently needed. It was very little time left. But that is not the most remarkable part of that story. As one coast guard swimmer put it, you do that stuff all the time. You do it every hour of the day. Something is happening all the time with the United States coast guard. You do an amazing job. A remarkable thing happened with that rescue, but when you think of it, you do those rescues all the time. There the vietnamese fishing captain grabbed the swimmers hand and looked at the coast guard rescuer in the eyes and i was asking god to please let me live, i need to see my kids. Please god, let me see my kids. Then god sent me you. That is what he said. [applause] to every new officer and to every new coast guard member here today, or out protecting life around the world on some of the roughest waters anywhere, you truly are doing gods work. What a greatful heart you husband all have. It is with my very grateful heart and americas cheers for the coast guard and america cheers for you often that we wish you good luck. As your commanderinchief, i thank you, i salute you, and i once again congratulate the coast guard class of 2017. God bless, you, god bless the coast guard, and god bless the United States of america. Thank you very much. Thank you. [applause] neil youve been listening to President Trump addressing the u. S. Coast Guard Academy in new london, connecticut. This is a popular venue for president s. Many have gone there, some more than once. Lyndon johnson, Ronald Reagan, bill clinton twice, george w. Bush, twice. Barack obama twice. This president choosing this venue the day after all this uproar and what he knew and what he shared and whether or not he was trying to push the fbi director to lighten up on any investigations involving his former National Security advisor. He also wanted to say there that reminder to cadets there look, i deal with problems as well. I deal with the media. And he didnt point out though, he will not let anything get in the way of his job and his goals including the taxcut package he has been working on with congress and the health care rework that republicans have worked on. Whether that was supposed to contain the selloff that had been ensuing since we first got word of developments that some called nixonian and watergatelike, some getting ahead of themselves, the market down appreciate hably down 258 points. There are other factors behind this, not least of which concerns for President Trump, whether were looking at a bummer summer as one analyst told me earlier today, complete with impeachment hearings and the like. A lot of folks could get ahead of themselves here. Suffice it, very few gainers on wall street and a lot of losers. 25, 26 of the components are down and down appreciately. Financial stocks leading the way. Goldman sachs, Morgan Stanley take them out of the equation this would be relatively contained selloff but i stress it is not. Bond market enjoying a flight to quality here but some of the laggards you can see largely in the financial arena disproportionally weighing on this selloff. The dollar is down again as those eninvestors abroad seem to be weighing what could be a summer of just distractions here in the United States but distractions that the president promises will not get in the way of doing what he wants to do. So how doable is all of this . We have former Goldman Sachs senior partner peter keirnen, market analyst, christine short, independent womens forum, gillian melcher. Peter, on those goals still doable and the timeline is still feasible . The market is always a battle between sentiment and valuation. Right now people are questioning the timetable. I always felt august was ambitious but sometime . The fall was reasonable. Well see. The market is not great valuing these kinds of delays but it doesnt feel good particularly when e phrase i thought was sort of losing its steam has regained energy, that is neutrality in terms of impact on taxes. That worries me. Neil what if it is pushed back beyond this year . Some are saying, christine, the first thing well see is people realizing tax cuts maybe dont happen this year . If it is pushed to next year, i cant see it happening next year. Maybe that is what the market is fearing but what do you think . Yeah, i think that is what youre seeing in futures today. It is interesting me it took look, took this long to see investors kind of back up a bit and show there are actually risks out there. Look at the vix for the last two weeks, weve been seeing it at alltime lows. Today were finally seeing a spike in the fear index. Shows investors will not wait around for this already, mnuchin backed up from the august timeline. Sort of hopefully by the end of the year. I think the longest this takes more investors expect out of a tax reform package. We know Health Care Reform has to back that up so we have the capital to back that tax cut. Neil they are not giving up on it, julie, but we do know gary cohn and treasury secretary Steve Mnuchin are on capitol hill as we speak. Yes. Neil we heard from Speaker Paul Ryan says kind of full team ahead, im paraphrasing here with an agenda they still think it is doable, get that sort thing thugh the house, getting it through the senate might be whole another battle. Absolutely. With the Political Drama unfolding that further complicates. Were dealing with a president who has done really well, asking unilaterally, appoint a Supreme Court justice, environmental regulation like he said. Neil starts unilaterally but he has to get votes. He has to work with otherc people. That is where this is falling apart. This president will be judged more on results he delivers more than any other president. Were seeing imover promising and underdeliverring. This is difficult thing for the gop to rally around. Neil we mentioned about the runup in the markets prior to, certainly post the election, that this could be the anomaly, this reaction or fears he is in trouble or his agenda is in trouble is overdone, what do you think . I hope that is the case. When you see stocks, bonds and the dollar all going down the same time that moons correlations have gone out the window. I actually take some comfort for that. That means everybody in every market saying this doesnt look very pretty. The fact is the market is no good delivering votes of no confidence. They dont really value collusion. They dont parsing through obstruction of justice. Once the market gets away from that kind of negative sentiment they will turn to more classic valuations. They will look, for example, what astonishing strong collar we have, extrordinary great earnings but Revenue Growth at 8 . Neil does it justify this market at these levels . The people call this priced to perfection, 22, 23 times that fools pretty lofty. Neil even thousand with this beating down today. Were down 1 . Ts nothing. Neil were leading with so you can kind humor us with it. There have been many days we were down more than that in the past. Neil very true. The fact were in the early innings trying to figure out how dire this is. I take some comfort the fact that everybody is bailing. That tells me we may hit a point of inflection, thats it me weve capitulated. I dont think were there yet. Neil peter and i were talking in the green room before the show, i dont know how you guys feel, equally if not telling factor for the were comments Mitch Mcconnell said, whatever we he do on tax cuts they better be revenue neutral. That change ad a perception, that you know, President Trump famously told the economist, you have to prime the pump. You have to go ahead and goose the economy before you see the revenues for that. And heres the leader of the senate saying no, no, right out the gate these better be revenue neutral, by definition means theyre not going to be maybe substantial tax cuts, right . Am i interpreting that . Yeah. You brought up a great point, we had a great earnings season. Neil peter brought up a great point. I meant peter. I glanced over you bring up great points too, neil. Bottom line has grown 13 . That is the be growth number weve seen since 2011. Look markets really do trade on earnings, they get bogged down by some of this news. It is important to Pay Attention to fundamentals. Back half of the year is looking strong. Were expecting 10 growth. Neil maybe you dont need tax cuts. But corporations are kind of banking on these even though were neil jamie dimon certainly wants, his comments seem to indicate that. They want that. Theyre expecting this. They have been putting into guidance. Theyre seeing stronger numbers but year ago numbers were not great. I interested to see if corporations or analysts draw down the back half of 2017 because of this. It is interesting, revenue neutrality almost creates a math problem you cant solve. If you look what the impact, for instance of lowering the Corporate Tax rate to 15 that will be 400 billion a year of Economic Growth has to come from somewhere. I dont see that kind of growth on the horizon of the so if that is the hostage that theyre going to take is revenue neutrality in terms of taxes neil you dont subscribe to that. I dont think you can do anything near 15 Corporate Tax rates. And anything near some of the individual tax rates were talking about if were going to be haded held hostage what the cbo determines is revenue neutrality. That doesnt work. Neil by definition its a tame tax cut. Fits attacd to your view and youre worried thatould mean the secret weapon were talking about here that would help corporations might not. Im actually kind of glad were bringing this up. I do think cutting Government Spending is really important. Im saying this as millenial. Tax cuts are great, but if we dont cut spending as i age i will be hit with and he enormous bill colliding into me. That is not reassuring to me as a young voter. Neil i dont find it toot on just shunnable. Fair enough. Im i find it in his speech these would be the biggest tax cuts ever if we get what we want but that is a big if. Neil very tough for a unpopular president , for the timebeing unpopular to deliver the goods. Charlie gasparino is in las vegas at this salt conference. Charlie, we were sort of texting each other on the notion how doable all there is if you have a president under fire even from his own party some concern he could be damaged goods. We might be overstating that but would that hurt that agenda and push it back . I think anything pushed back to next year aint happening . Listen there is half glass empty and glass half filled here. Republicans control congress. There is unanimity on need for tax cuts. You do tax cuts, some serious regulatory reform. If you can get that through, republican majority, house and senate, you know markets will come back. The economy will be okay. Neil is that harder . In this environment is that harder . I dont know. Here is what we dont know about the political situation in washington. How many republicans are throwing in the towel on him right now . You see people waiver. You see john mccain out there talking about this latest neil scope of watergate. Watergatelike. I dont know. It is very hard to tell. Remember what they did, remember when clinton first lewinsky stuff first hit it, was very dire. People thought it was over for clinton and he smartly bought some time and played it out and rode, basically survived. Neil the big difference, the underlying economy was sound. Richard nixon wasnt so fortunate in summer of 73. No. That is the point, i made that point with you. Neil absolutely. Peter, we no for the summer of 73, talk of hearings and watergate hearings, we have a chart of this, drip, drip, it really hit. It didnt help matters any that the macro environment, oil which you alluded to in the past wasnt very supportive. But a president can dodge a lot of trouble if he has got the wind at his back of a good economy. Rising tide all that since were talking guard. The problem if you look at both nixon and clinton, if you bought stock on the day that they were impeached, you would have done very well. You would have made money because the market knows that once you get on to somebody new, the market is appreciatingtive of the strength of our economy and ability to outlive foibles of whatever neil point of Impeachment Vote . Impeachment vote. You know andrew johnson, you and i know we were covering. Neil dont rub it in. You also would have seen a gain because the market believes neil you wouldnt let this to be a factor for you . Im not too worried about this. What i would say the market does not parse through these things very carefully. They will have big moves like this that sort of say were not happy. But longterm they cant hold a vote of no confidence because they cant value it. You know, neil, the real question is this, how much of gdp gets, how much of our gdp does not grow, how much of the market gets shaved down if gdp doesnt grow based on the Corporate Tax cuts . Thats a big number. The Corporate Tax cuts should add a significant amount to gdp. If that does not happen, you have to price that into stocks. The question will that happen or not . I think there is still a 50 50 chance it will happen. Republicans are looking at themselves right now saying this, neil, we need to save the party. Donald trump is crazy. He does some stupid things, but how do we save the party. Neil the party is getting this agenda through. Thats it. Neil christie, if you had been hearing noise to peters point around bill clinton and eventual impeachment you would never bought amazon, right . You would have sat it out but look whatc you missed. Right, interesting think about potential impeachment and how volatile stocks would be on the back of that. Maybe they wouldnt. Maybe a pence presidency would bring stability. Neil is that what it is doing . Career politician, maybe he would be more focused and investors would have a little bit of solace in that. Lack of taking responsibility for blaming it on the media that is not helpful. They have certainly been sensational, certainly after this president day one, if you dont want it printed dont let it happen. Neil i dont feel love for donald trump. Well have more right after this. At crowne plaza we know Business Travel isnt just business. Theres this. a bit of this. Why not . Your hotel should make it easy to do all the things you do. Which is what we do. Crowne plaza. Were all business, mostly. Thereit comes to technology, about my Small Business so when i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Charles you knew this was a matter of time. They asked fbi director james comey in open an closed sessions asking for more info from acting director mccabe. No word whether they will follow on that. Intelligence committee asked for comey to testify in closeddoor hearing. He would prefer it be an open venue. They gave him the option. Also, weve got former United States ambassador for special Political Affairs at the united nations, ambassador stewart holiday. Good to have you. Where do you think this is all going with the president s first trip abroad as president . This will obviously drag behind him everywhere he goes but how big of a deal is this going to be globally, do you think . Well i think for the countries he is visiting we have these very important relationships with saudi arabia, of course with israel and he will be visiting the pope as well. This was a wellthought out trip in terms of this message of trying to focus on these big civilization issues, focus on islamic extremism and so forth. I think it is not going to overshadow the trip in terms of what these countries seek, what they want, but they have to be concerd about whether the president s hands will be tied, whether he can fulfill his commitments . What will he bring that in effect will be followed through on in coming months if were distracted like you say a bummer summer . Neil ambassador, maybe you can help me with the history part of this, but president s who are unpopular, do they have a tough time when they go abroad to g7 summit or nato summit where theyre all there together . Normally i can remember Ronald Reagan soaring in the polls, more people gravitate to you when youre doing okay. Fewer when youre not. I think even of john kennedy after the success and how he handled the cuban missile crisis, totally different reaction to him abroad, particularly in germany and berliner speech. Right. Neil what do you make of that . I think it used to be that president s would actually go abroad to elevate their stature. You look at Richard Nixon at height of watergate issue going to egypt. Neil yeah. Lbj after he announced in the wake of, the vietnam war, you know, turmoil that he was going to travel around the world. In fact he took a trip entirely aroundat world, visited many countries. I think president s get a certain amount of sustenance and reaffirmmation in these trips. Really it is the opportunity for them to change the channel. The real question if there will be bombshells, sort of real time unfolding . I dont know what the timing of Senate Intelligence or House Intelligence Committee hearings are. But if those hearings are hello during the trip that could be very problematic. Neil this is maybe not the direct question to an ambassador to soil himself in political matters but do you think that a number of democrats have been insisting they want hearings, on and on . One republican blasted, youre trying to run out the clock, youre pushing back tax cuts and health care, all about torpedoing the trump agenda and it will work because if you are pushing it back into next year that makes it much tougher for republicans to do . They dont have a lot of wiggle room in the senate. We mentioned earlier on the show, senator john mccain, Lindsey Graham among early critics to say this concerns us. Where there is that little wiggle room to get that done on a simple majority, does that imperil the trump agenda period . Neil it could but, i dont think thats why theyre doing it. Obviously that is incidental benefit for them politically speaking but you have to look back at view of President Trump by these people over a long period of time. It has been very consistent. He is not fit for office. He is unpresident ial, all of these things. This is very consistent, now they have a little thread to pull on here but i would have said if this opportunity, if the legislative agenda wasnt even on the horizon they would be taking their opportunity to you know, try to take him down as well. I think that is why it is important to look at the center, to look at people, you know he, i guess you could say senator mcconnell is sort of in the center, senator mccain and others, look at people who when they start saying things are, the people who are listened to because theyre not senator schumer with all due respect who is coming out, wouldnt miss an opportunity to criticize the president. Neil yeah, right now, if youre hanging your hopes on impeachmen really fbis director word or notes versus what the president said, he said, he said, you will need something more to build that. Maybe they have that, maybe in time they get that were not there yet. Ambassador, thanks so much. Thanks a lot, neil. Neil lets look at what is happening at the corner of wall and broad. A lot of this is on the belief the fear, whether youre republican or democrat, youre losing green and losing the hope of seeing more green in terms of tax savings this year. That has been pushed off. Not everyone buys that. Speaker paul ryan saying our agenda is still on. We will want to hear from james comey. Obviously were concerned. We want to know more about what is going on but were not out to hurt trump and no one should be out to hurt trump. So it goes, after this. Whether youre after supreme performance. Advanced intelligence. Or breathtaking style. Theres a cclass just for you. 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Coast Guard Academy in new london, connecticut, to remind those in the audience, particularly young graduating cadets, look, ive been having some battles of my own here in the media. Slamming the media and where it is going from here in this nonstop attack he says. It isnt fair, isnt remotely balanced or even worse than what happened to Richard Nixon. Bill, is he right . No, i dont think so. He is in fact right that he has had a lot of negative press but it is the wrong approach to attack the media, to go after them and to bring attention to it. He ought to stick to the facts. He ought to defend himself without getting combative. Neil he was doing that, katie for much of the speech talking about obviously the long tradition of the coast guard and, the history of that fine place beginning with Alexander Hamilton who founded it, but when he gets into the media attacks he is serving them up to go after him again, isnt he . Absolutely. I think commencement speeches are the wrong place for politics even if you are being treated unfairly. I think it is unfortunate, the president , thcombanneder in chief chose that venue to again make this complaint against the media. Look, the president needs to decide if he likes attention, whether it is negative or positive attention, or if he just wants positive attention. If he wants the focus to be on his agenda, he cant keep fueling the fire, going after the media acting like theyre going to change. Their job is to hold them accountable. They have been unfair, published things that are not true, but for him to continue to get distracted, but fulfilling number of hiring positions in Government Agencies to stop the leaks is only distraction to the agenda, only hurtful in terms of longterm goals of the white house. Neil bill, one thing i found intriguing president did not forget about that agenda. He used this speech as well to remind folks in the audience there, those watching on tv, hey, im still going full steam ahead with the tax cut thing, health care thing, ease up on regulation thing. So i guess for those who were interpreting this as a sign that might be stymied, it might very well be, but as he sees it, not. It did little to move the markets one way or the other. They were down and stayed down. What do you make of that . He has the responsibility to keep moving forward with his agenda but if he thinks he can counterprogram against the crises or ignore it will go away, that will not work. They need to address the crises fully still doing the job of the president. Neil do you find it, quickly, katie, doing that whole thing, at this point the fbi directors word or memo versus the president . He said, he said kind of thing . Critics want to compare this to watergate they will need something more substantive, they dont have it yet . I think they will need more evidence. It is right when the Oversight Committee chairman says if youre goingo cite a memo as solid evidence that the presint of the United States obstructed justice as theyre saying, you better produce the misdemeanor mow. We havent seen a physical copy of that. So i think congress is doing their job to defend the white house in substantive way in terms of asking for proof. But in terms of the what the white house can do, i think that they can focus on stopping the leaks that are coming out of their offices because that is really the main problem theyre dealing with. Neil guys, thank you both. Getting still more breaking news on this a source close to general flynn, former National Security advisor are saying that he never spoke to the president about ending or influencing investigations of one way or another. The president , again, the gist of this dustup with the fbi is that he asked comey to lighten up on general flynn and that is what prompted the memo. He is denying it. The president is denying it. Already the Senate Intelligence committee wants to see comey and the acting fbi director up on capitol hill to speak with them. Markets are tanking on this but not all markets. Look at flight to quality being enjoyed in the bond market right now. Interest rates are coming down, safe haven in the time being with people thinking at the very least we have a slowdown coming, or just a good place to park cash what youre nervous. More after this. To Energy Infrastructure mlps . To energy think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the pspectus carefully at alfunds. Com amlp abreak through your allergies. . Try new Flonase Sensimist allergy relief instead of allergy pills. Its more complete allergy relief in a gentle mist experience youll barely feel. Using unique mistpro technology, new Flonase Sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms. Most allergy pills only block one. And six is greater than one. The friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise neil all right. Donald trump did take time today speaking in new london to talk a little bit about his gameplan and that is ahead of his foreign trip that he is still wog ha to get a tax plan done, a heth care plan done, that his agenda hasnt stopped even those who support him at very least it has been stymied or slowed or maybe delayed. Former investment banker carl roth to pick through this im glad you are coming because jamie dimon are among those at Jpmorgan Chase he still supports that agenda, and that was taken as vote of faith at least from the financial community. Those stocks among those leading on the downside here but what do you make of that . I think jamie is a perfect example of somebody who is very savvy and understands that for the financials to continue to grow we need to have Economic Growth. They certainly need Interest Rates to continue to rise. On the political side they need things like doddfrank to maybe be pulled back a little bit and Something Like key provisions of glasssteagall dont get reinstated so we have a big call to break you the banks again. Neil all that stuff you wish for, he wishes for is in peril . I dont think its in peril at this point in time and i think that jamies vote of confidence certainly is the right thing to do because he understands that somebody like President Trump really rewards people who are loyal and sometimes can be quite vindictive to those who are no longer loyal. I think he is putting out that vote of confidence and actually reupping and doubling down on the fact he thinks that is an opportunity. Neil carol, thank you. Breaking news here. We can tell you the dow down 240 points off its worst levels. predictable. The comfort in knowing where things are headed. Because as we live longer. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. Neil all right, earlier you look for support that the president is still enjoying on the hill today, Speaker Paul Ryan among them saying in earlier remarks to the press. He has full confidence in the president and his agenda but we must follow the facts wherever they lead on this particular issue whether he was strong arming then fbi director james comey into going light on investigations into his intelligence director general flynn. In the meantime here, the agenda for donald trump and the agenda for republicans so near and dear to them could be called into question, theyre doing their darndest to have that from happening. Adam shapiro on the issue. Reporter tomorrow is the allimportant house ways and means hearing, the first hearing on tax reform at 10 00 a. M. , and fox business from a source close to the house ways and Means Committee obtained the witness list, people who are job creators of several sizes and understand the need for progrowth tax reform. Let me tell you whos testifying. John stevens from at t, the Senior Executive Vice President and chief financial officer, at t, 200,000 employees. Zackary model the chief alignment officer. 80 employees. He was Obama Administration appotee to the commerce department. And davis far, chairman and ceo. 80,000 employees, and then steven ratner, a familiar face in washington. He is the chairman of willett advisers. Fox business has confirmed the witness list for this important meeting. You know, members of the trump administration, republicans on capitol hill continue to work on the agenda despite the headline distractions over former fbi director jim comey and russia. Now the moderate Republican Tuesday Group are finishing a meeting right now with treasury secretary Steven Mnuchin and economic adviser gary cohn, and again, there is the tax hearing tomorrow in the house ways and Means Committee. House Speaker Paul Ryan says members of Congress Must push forward because opportunities like tax reform come around once in a generation. Theres been a lot of reporting lately. I think that requires close examination. Let me tell you what i told our members just this morning. We need the facts. It is obvious there are some people out there who want to harm the president. Were going to walk and chew gum at the same time. Keep doing our jobs, keep passing our bills, advancing our reforms we were elected to advance while we do all the other things within our responsibility. Reporter so the chairman of the house ways and Means Committee kevin brady is still crafting tax reform legislation. Sources close to all of this say theyre trying to get in sync with the administration. Theres a lot to work out. What you hear paul ryan say is that 80 of the legislation crafted but 20 they need to come together, for instance, tax rates. The administration wants 15 . Some on capitol hill said maybe 20 Corporate Tax rate. Back to you. Neil you got Mitch Mcconnell saying whatever you do, its got to be revenue neutral. A lot of confusion. Adam, thank you very much. My friend. Adam shapiro. The battle whether this is a legal mess for the president of the United States comes down to his word versus the former fbi directors word there. Were only two of them in the private dining room in the white house, and in that room that james comey said the president urged him to lay off, essentially general flynn. President said that never happened. Its a he said he said thing. Whats the fallout . For the time being, blake burman on that. Reporter remarkable to follow this on this day, essentially there has been silence from the white house as it relates to the fallout. They put out the initial Statement Last night saying the New York Times article, the conversation detailed was not a truthful or accurate portrayal. Since then, nothing else forward, no direct on camera comments from the president. He hasnt taken to twitter as well. However, just a little while ago, and you probably saw the comments live, the president seemed to allude to all of the negative headlines coming out his way, and he had t another message as it relates to the dia. This was his speech in which he talked about life lessons hes learned. He talked to the graduates of the United States coast Guard Academy in connecticut and said fight, fight, fight and took the opportunity to go after the media. Listen. No politician in history, and i say this with great surety, has been treated worse or more unfairly. You cant let them get you down. You cant let the critics and the naysayers get in the way of your dreams. Adversity makes you stronger. Dont give in. Dont back down. And never stop doing what you know is right. Reporter that speech there, coming in the context of this New York Times story. Up on capitol hill, lawmakers, democrats and republicans alike are asking for these memos to be produced and the top democrat on the senate, chuck schumer, had this message today for President Trump. Prove it. The president says what comey said was wrong. Prove it. Its easy to prove. As long as there are tapes or transcripts of what happened. Reporter as it relates to jim comey, the Senate Intelligence committee announced that they want a briefing from jim comey, behind closed doors and in public. That request has been officially made as you know. Comey was expected to testify behind closed doors this week, that appearance was canceled. Neil . Neil blake, when schumer said its easy to prove as long as there are tapes. E are no tapes, that was the president bluffing and the zinging director comey, there wouldnt be, you know, transcripts or records or writeouts of a private dinner conversation, would there . Reporter it is just believed that these two were in the room. I asked the White House Press Secretary Sean Spicer about it. Keep in mind, theres a couple different events with comey. There was the january 27 dinner, when i asked sean spicer about it whether or not it was just those two in the room. He told me i assume so. The New York Times article about a february 14 conversation here at the white house between the two, and we also know that jim comey here at the white house march 24. Theres three documented times of jim comey at the white house engaged with President Trump. When you talk about tapes, transcripts and the like, you potentially have several instances where it may or may not be the case. Neil yeah, hard to prove either way in that case. All right, blake burman, thank you very much. In the meantime, the stock Market Selling off on this right from the getgo in the futures and saw this translate early in asian trading and our own markets. 24 of the dow components are down led by the likes of Goldman Sachs and Jpmorgan Chase. They are disproportionate share of this selloff here, but again, as bad as this looks, a little north of a percent, it could be a heck of a lot worse. To Nicole Petallides on the floor of the New York Stock Exchange on what exactly is driving this move. What do you have for us, nicole . Reporter theres this feeling obviously the correlation between wall street and washington. Theyre worried about the trump agenda, health care, tax cuts and all that goes onto pause for the in a moment light of the latest headlines that weve seen as washington now focuses on dealing with the current issues. That being said, i will say the traders are taking this in stride. Dont forget the nasdaq hit a record yesterday. Many of the stocks have soared since the election, a little breather is absolutely fine for this group. But what happens Going Forward . That being said, you see the stocks dragging on the dow. You mentioned Goldman Sachs and jpmorgan financials are getting hit hard. Apple, boeing, 3m, also the laggards there. Theyre accounting for over half of the dows drop as well. The vix fear gauge which has been somewhat stagnant was at 93 lose. 1993 lows recently is surgg, 26 . Were seeing everybody running to gold and treasuries just for the safe haven trade and also comparison everybody is looking back to the early 1970s and watergate. You can see there when the dow went from roughly 1050 to 6 and change, a 40 loss over a couple of years, and were showing that to give you Historical Perspective but in no way saying that is whats happening now. On the contrary neil, as you talk to the traders, theyre saying look, weve seen a very stagnant market. Move of half of one percent in 15 days. We havent seen that since 1969. Were near the record. A breathe ser just fine. Its what happens Going Forward. For right now, theyre taking it in stride. Neil nicole, thank you very much. Nicole petallides. Republicans have expressed concerns about this and whether it could get much more worrisome for donald trump and republicans in the aggregate. John mccain said this has the scope and feel of a watergate, im paraphrasing there, but the first republican has raised the possibility of impeachment for donald trump is congressman justin demosh of michigan. Donald trump figured in and went back and said that was appalling. Anyway, he was saying on the latest report when asked by the hill, a major read of things on capitol hill that if the details in that memo, the comey memo said that that the president was strong arming him to go light on Michael Flynn, he said that would merit impeachment if that is true, but everybody gets a fair trial, talking about congressman amosh and added its pretty clear that i have more confidence in director comey. A lot of people interpreted that as the first crack in the republican armor against the president of the United States. Congressman doug collins is with the House Republican conference. He is their vice chair. Hes a bigwig. Congressman, what do you think about what your colleague was saying there. They have a history of bad blood, i understand. That but seems to be saying there could be there there, and if there is, impeachment isnt a crazy prospect. Come on. My colleague can say what he wants to say. In this case, my question comes back to different questions. If comey felt like he was strong armed or pressured why didnt he Say Something then. Hes never had a problem in the past few years of being vocal and inserting himself in areas he felt uncomfortable. He felt he had obligation and integrity to do that. If he felt undue pressure from the president , why didnt he bring forward to the acting attorney general or the attorney general to say im not comfortable here, heres something thats happened they think needs to be addressed. Neil how do we know he didnt, he was just fired, and youre rit about the timing of that, rather curious how this all comes out now, but do you think that it seems to be congressman one guys word against another, and hard as it is to prove in either case, then you need more, you need more supporting evidence, more cavalier approach as the president has taken. Where do you see this going . Some of your republican colleagues are worried that at the very least its going stymie, stall your agenda. Youve heard all of that. What do you think of that . You have Oversight Committee in the house asked for the documents. I believe in asking for the documents. I agree with the speaker, lets track this, part of congress row. I serve on the Judiciary Committee we have direct oversight over the attorney general and the Justice Department and the fbi. Im hoping that chairman goodlatte will be a part of the process Going Forward. Theres a lot of hoopla trying to disrupt, if i was the democrats, i would be very upset that everything that you try to do in the past Previous Administration, that most of the americans didnt like by proof of the election process in the house and the senate, were getting back to what the American People want, Less Government involvement, tax reform, Health Care Reform, focused on that agenda. Rest of the talking heads they want to take down and make the president be deflective of Something Else. Were saying were looking into everything that may have come up in the situation. But were going waland chew gum at the same time but make sure were doing a positive agenda for any of my colleagues or anybody else, the best way to be is on offense. Were going to be on offense saying these are the things we promised and follow through on the promise. Thats what gets us back on track and lets these things go. Well track them go, investigate them, five different investigations into russia. What we need now is continue to do what we had need do is provide the business relief, the tax reform and make sure our agenda is positive and the American People respond to that. Neil are you troubled, your support not withstanding that very few republicans have come out with boisterous support. You are quite right where speaker ryan said well take this where it goes, he has full confidence in President Trump, whenever this leads, well go. He add we want to hear from director comey, in other words, that he is fully supportive of Jason Chaffetz efforts and others to have committee hear and the like that could be a huge distraction whether you find them justified or not, and get in the way of that agenda is important to you. I think when we look at this all along. Ive always been a strong proponent of freerange parenting of the government. Congress has oversight role in the white house and no matter whos leading on capitol hill, we have the responsibility for oversight. That is part of our job. To simply begin to believe, and my hope is members wont buy into the narrative, we simply become paralyzed. Weve been given a generational chance to talk about the things weve been dealing with for seven years, talking about repealing and replacing obamacare, talked about tax reform, talked about regulatory relief which we have done, we continue to get the issues when wee been aomplishing ings, my hope isell focus on looking forward do, what we need to do but were not a binary chose, we can do both at the same time, i encourage democrats across the aisle, and i encourage democrats look, you wont want things to change based on what you ran on. The American People want an agenda that works for them. Are you worried that this does drag on into the summer, colleagues have expressed concern that the president , theres no discipline at the white house, they need order, needs to fire staff, needs to do something, and he doesnt listen to people, he wont take their advice. John sculley, the former apple chairman says he needs a coo, chief operating officer, someone who can instill discipline much as howard baker tried to fill that role. And im just wondering, can he . I think he can. Look at the speech he just gave and talk about overcoming. Were talking about a man who grew up, followed the vision, made that vision happen. Weve seen every administration, the differences of getting settled in fast, making sure everything works. Getting the transition of the Old Administration out, the new administration. In thats delayed by the senate because they drug their feet on the cabinet secretary appointments and others. Weve seen distractions but i can only control what we can control. Doing things on capitol hill, move things to the president s desk and encouraging the president to be a part of that, which he has been, by giving input and focus on the things that got him elected. When that happens, theyll always be detractors, people who want to take the president down. We choose to operate neil should he fire some people . Especially of a certain age, young age, younger than me, might not recall that he came into the Reagan Administration as a former Senate Republican leader to instill discipline and get order back in the reagan white house, and it worked. Those are the things that the president himself is going to have to look at this. I think hes expressed frustration. Well see what he does in his decisions, and well see. Does that need to happen . I think the focus needs to be there and they need to focus on the things that got them there. If they would do, that thats the message that would resonate with the American People. Neil congressman, thank you for taking the time. Appreciate it. Neil, always good to see you. Same here. Id be remiss and i mentioned this earlier with my guest, just as potentially damaging for investors was the flippant comment last night by Mitch Mcconnell, the Senate Republican leader who says whatever tax cuts they ultimately come up with better be revenue neutral. Now that might make good mathematical sense, you dont want to worsen the deficits, the trigger phrase, they cant be too big, you cant have that big a tax cut. Its not going to be the largest tax cut in american history, by definition, it couldnt be if you dont want to exacerbate the deficits early on. The president saying he told the economist in an interview, i want to prime the pump. He wants to risk going into deficits early to bring the revenue later on. The man in the senate says revenue neutral right away. That in effect, after this. My business was built with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Which adds fuel to my bottom line. Whats in your wallet . Neil all right, you heard a lot of back and forth about impeachment. Is this going to be another watergate . Is this president experiencing something we havent seen since the summer of 73 and protected hearings that dominate the summer. Back at that time dominated a huge selloff that lingered to 1974, ultimately to Richard Nixons resignation. We might want to go slow here. This all comes down to director comey and this is coming up from a memo that said the New York Times that he wrote after a oneonone meeting, a dinner with the president of the United States urging him, supposedly to go slow on taking any action against the president s national secury adviser Michael Flynn. Now, again, barring any tapes or anything else that were not aware of, thats going to be the president s word against him. In Richard Nixons case, tapes emerged, that were damning evidence then for Richard Nixon. What about now . To Rebecca Heinrichs and former fbi analyst fred fleitz. Its dangerous to use the watergate analogy, theyre already using it. But in this case, it would be hard to prove in either gentlemans case, wouldnt it . I think thats exactly right. You know, neil, im suspicious about this memo. If this was so serious, why didnt comey file some type of complaint with the white house or with the Justice Department . And if hes writing memos on things he was told while in office, i think the senate should ask for copies of memos concerning hillary clinton, why he didnt prosecute the clinton foundation. Why he didnt recommend prosecution over the email server. Lets get them all to the senate. Neil you have to question the timing of all, this rebecca. He was fired just last week, and lo and behold this leaks out. Fuels suspicions that maybe the fbi in general was leak out stuff that would be damaging to donald trump. We wont know. But what are your thoughts on where all of this is going . I dont think theres enough there there, you said its going to be mr. Comeys word against the president s at this point, i think the president , rather than constantly responding to a lot of the reporting coming out or the reporting thats reliant upon anonymous sourcing, he needs to truly go on the offensive with agenda the this point. You mentioned timing, i think the timing is very interesting that we hathe washington postpiece thatamout sa that that the president leaked classified information to the russians, h. R. Mcmaster, the National Security adviser said that was absolutely not true. All of this comes right before the president is set to go on the fivecountry tour friday, he needs to be focused on that carrying message there, and i think he needs to ignore the noise happening at home at the Mainstream Media. Neil easier said than done, fred, at this stage. The president is going to be away from the american media. Hes going to have an opportunity to i think make some significant achievements in Foreign Policy with israel and with saudi arabia. The president needs this right now, and im confident with his advisers hes going achieve some of these things. Neil rebeccah, do you see a connection between the media at home and the media abroad . I guess it depends, but it always seems that its just a magnification of whatever the media is saying about a president in this country. Jfk was popular in this country, goes to germany and he was a rock star times ten. Ronald reagan never had a wonderful relationship with the media but very popular. The media noted when he traveled abroad, very, very popular. Im wondering if donald trump isnt hugely popular with the press, thats always been the case, is he going to be spared with a foreign media that has never been a fan of his to begin with . Exactly right. We have Mainstream Media unlike in a Previous Administration which carried the water for the administrations water week have ben rhodes where the media repeated everything they wanted. Neil good point. The media turning over every single rock, reporting things before they have credible and meaty evidence and thats the situation here and, you know, reporters are sometimes, they can be lazy and report what everybody else reported doing the homework themselves. I think were going to see that reflected in the international media. I will say this, the president has a powerful message hes been repeating since the campaign trail which is american strength is back and hes going to carry that message, i think, he needs do that in saudi arabia, going to give the speech to the arab world, very different than president obamas apology tour he gave in cairo. Hes going to give inspirational but tough talk according to National Security adviser mcmaster, that is going to be powerful to get the administration back on message and ignore the media, ignore the noise. Neil foreign trips can do that. Thank you very much. The dow down 262 points. The only place the money is going is into bonds. A couple of interpretations of that. I dont buy the slowdown argument, the economy is chugging along just fine. Just a safe place to park cash. Thats not indictment of the economy or recovery as much as it is, got to put the money somewhere, underneath our mattress, the tbills, bonds will d after this. I needed something more to help control my type 2 diabetes. My a1c wasnt were it needed to be. So i liked when my doctor told me that i may reach my blood sugar and a1c goals by activating whats within me with onceweekly trulicity. Trulicity is not insulin. It helps activate my body to do what its suppose to do, release its own insulin. I take it once a week, and it works 24 7. It comes in an easytouse pen and i may even lose a little weight. Trulicity is a onceweekly injectable prescription medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. Trulicity is not insulin. 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Ask your doctor about onceweekly trulicity. Looking from a fresh perspective can make allhe difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Neil weve been sneaking up on our bills here. Americas debt is back to record levels after nearly a decade. Total u. S. Household debt, 12. 73 trillion. That is up from a year ago. Some interpret that bullishly, to say theyre confident and buying accordingly, some say you have to pay it back so it will bite your hieny. I think the former because that is how i roll, america. Stocks are down amid fears that the Administration Agenda is stymied slowed, delayed, stopped, whatever words you want to use here. Atlanta fed raising Second Quarter gdp to 1. 1 . Heather are, you worried that agenda is at best delayed . The agenda has not affected markets in a negative way thus far. Perhaps is the straw that broke the camels back, the investigations as well as russia. The markets are saying despite all the debacles tax reform may not get passed. Technology as well as financials are leading us lower today. The dow down 269 right now. Neil what if were missing something here, not that you guys are, maybe that i am, that given that gd can p report in excess of 4 or could be, theyre always wrong i understand, we might not need tax cuts as badly . Always welcome them, always want them, people prefer paying less taxes than more, but that would be good news for the economy and these markets Going Forward . It would, but the markets have been trading because were anticipating a better tax environment and because were anticipating regulatory reforms in the administration. Dont forget that is why the market is up as far as it is. Perhaps ahead of its skis. Were seeing that today. If we see that the vix is dead. Volatility is dead. That was the time to buy volatility. Neil interesting. I think a number of reasons that the market has still remained steady. It has been the big sister to the little brother who is crazy in washington, because, of those reforms that were looking for. Earnings have been good last quarter or two and they are anticipated to continue. The in addition to that a lot of investors purchasing has become passive that means they have been using technologies in order to buyithout looking. That lends itself to more stability for these markets. Neil there are few stocks. The supply has gone down. It doesnt take a whole lot more demand to do that. Go ahead, heather. You look at atlanta fed, 4 for the Second Quarter. That is unbelievable. Neil you dont buy it . No. First quarter gdp,. 7 of a 1 . We blame it on the weather, too hot, too cold now, it is just right. I cant buy a 4 gdp unless we get an enormous up tick in auto sales as well as Consumer Spending and i dont see that right now. Neil i was looking at this as well. What if hypothetically, im not saying it is justified. If this plays out the summer of 73 the last time we had a constitutional crisis, i think that is even over the stating things right now, but a summer of hearings and back and forth, how would that go for the markets . As it has gone so far. All eyes have been on what has been going on in this administration from the getgo. It has been driving every headline and market has been steadily pumping away in the background and not created any kind of waves. I think if we continue to have, i really think, market has a lot to do with trump and questions youre talking abo, neil. People starting to say, hey, if there is trouble like that, does that mean the agenda is on hold for another year . So there will be a lot of disappointment about tax reform and regulatory reform. Neil heather, Interest Rates have been coming down. Flight to quality may be Something Else or ominous read, they see a slowdown coming, do you . Flight to quality, flight to safety. The u. S. May be the best place to put your money, you referenced there is nowhere else to go. With a 10year at 2. 24 , 2. 23 now today. That is anomic. Neil yeah. That is in terms of growth in the economy. Not showing inflation. Were not getting wage growth. It could be impact of people really want to buy the u. S. Treasury in terms of safety but i think it might be more than that the bond vigilantes may have it right this time, may be telltaling sign that markets may be headed for a correction here, at least a pause, or use this as an excuse to do it. Ladies thank you both, very, very much. Very good stuff. Not a good stuff at corner of wall and broad with the selloff. It is dominated by financials even though 26 of the dow 30 components down. Disproportionate selloff with the likes of Goldman Sachs and Jpmorgan Chase, bank of america, some of these others is really tilting this dramatically to the downside. We still have a selloff, but those guys a big reason for the is a reverse of that and it is happening. More after this. We need the facts. It is obvious people out there wan to harm the president. Well walk and chew gum at the same time. Well keep doing our jobs passing our bills and do reforms we were elected to pass and while the other things under our responsibility. Well give you the largest tax cut in the history of our country if we get it the way we want it, and were going to give you major tax reform and were also getting closer and closer, day by day to Great Health Care for our citizens. Weve been talking about repealing and replacing obamacare. We talked about tax reform. We talked about regulatory relief which weve done. What is amazing we continue to get the kind of issues when weve been accomplishing things. My focus look what we need to do, were not a binary choice. We dont have to do one or the other. Neil keeping issue they will still have a agenda they continue to pound. Adam shapiro is reporting that treasury secretary Steve Mnuchin and gary cohn who runs the National Economic council had a private meeting with the Senate Finance committee to discuss tax reform. Republicans and democrats were at the meeting. Still hope they could cobble something together that will have democratic support as well. Does this represent a significant turning point despite all the hoopla and attention you heard about this comey dustup, whether we have a constitutional crisis or another watergate coming . To turning point usa founder, charlie kirk, red alert founder, angela morbido. Angela, to you, first time i can see that where democrats were and are involved in the tax process. Maybe i missed something that seems fairly significant. Right. Well, you know President Trump really needs to pull this off. So far his accomplishments as president pretty much stack up to appointing neil gorsuch to the Supreme Court and getting border crossings to decrease. He started on health care. He started on tax breaks. If he wants to change the story you now he needs to get those through. Its a great sign reaching across the aisle to work with democrats on a tax plan that will give people, especially young people a break. Neil im wondering whether that is a since sear effort . I dont doubt a few democrats want to do something on this but the whole party and leadership focused on one hearing after another. It could be a like a watergate summer of 73 what do you think, charlie . Im worried about it. Look, our yen generation has to pay for all this nonsense. You and i talked about this a lot, neil. Who is talking about the debt. Were 20 trillion underwater . Who will pay for it . Millenials. Not to mention student loan debt. Economy is getting better. I will say this President Trumps accomplishments are lot more than neil gorsuch and border crossings. He has allstar cabinet, gone through massive deregulation, but real change has to happen legislatively. Personally im pretty worried that well have months of hearings about stuff that doesnt pertain to the majority of the population or the population doesnt care about it. When i go to College Campuses go to young people, im really worried about russias potential involvement. That is bunch of nonsense. They want to go to work, have a student loan payment plan that works and government working for them. I think the rest is political grandstanding. I hope that could get fixes but under the current trajectory doesnt look like it. Neil young voters, angela are not republican not across the board. Are they focused on tax cut agenda or regulatory relief . Appears on the surface not to be but i could be wrong . Absolutely. The tax code affects everyone. But the gop will have a branding problem. Neil young people are suspicious you say . Exactly. Look at all people under age 30 in america, identified at republicans at the very end of 2015, 23 of those people have since left the party. Theyre gone. Gop needs to win them back. So, you might think that hearings are nonsense. You might think theyre a waste of time. Millions of americans dont. That is why we have all the he said versus he sd what was going on in the meeting with the russians because no one else was in the room where it happened. This is happening because people dont trust the government and people dont trust the media. And if we trusted either one of those things, we wouldnt be at this crisis point but right now were at a breaking point where no one knows which side to trust. Neil yeah. Or which is more common to trust none of them. So President Trump needs to start makingood on his promises to restore public trust. Were a generation of scepticses. Theyre ace lot of work to be done. Neil so youre young and you whine. Im kidding. Great job, both of you i appreciate it. Thank you. In the meantime, this is fascinating. You have the powers that be in washington saying get ready for a long, hot, potentially hearingfilled summer but it is quite different when it is ben bernanke, former fed head hinting that. That is called breaking news. The person who did it is liz claman on that after this. Welcome to holiday inn thank you wait, i have something for you making every stay a special stay. Holiday inn, smiles ahead. Whether for big meetings or little getaways, member always save more at holidayinn. Com i ale that ah, that 100k is notwell, a 103fortune. Yeah, 103. Well, let me ask you guys. How long did it take you two to save that . A long time. Then its a fortune. Well, im sure you talk to people all the time who think 100k is just pocket change. Right now were just talking to you. I told you we had a fortune. Yes, you did. Getting closer to your investment goals starts with a conversation. Schedule a complimentary goal Planning Session today. Neil seems like everyone has had their chance to weigh in on the latest controversies surrounding President Trump but when it is the former head of the Federal Reserve well, you take notice and so did liz claman out there at the salt conference in las vegas where ben bernanke just wrapped up some remarks. What was he saying . Liz i have to tell you, so i was coming from a workout, it was early, it was before the markets opened he began to make the comments. I dodged in here, i sat down, the place was jampacked, were at the salt conference here in las vegas. By the way eric schmidt is speaking right now of google but im telling you he started in a very calm way to say pretty dramatic things, neil. Let me get these quotes directly for you. The former head of the Federal Reserve said there is reasonable concern that fings of jim comey and Michael Flynn will interfere with President Trumps tax and infrastructure agenda. He did not anticipate how the russia situation would have caused this much uncertainty and, he reaches back to november, shortly after the election and said, you know, i saw a couple of things, i thought, maybe this might be different and maybe the trade situation or where donald trump stands on trade might be an issue, he doesnt see that as an issue. He now sees the russia situation precisely what the markets are worried about at the very moment. He also said the markets are very blase how they interpret risk until the last second before it is almost too late. I wouldnt put that in context at the moment. Yes the dow is down 1 1 3 . He says donald trump is way more moderate on trade. He says that is a good thing. He says the world is doing a lot better, a lot better, but the u. S. Banking system is stable. Neil, he was quite clear, if not extremely calm when he said it, he does not expect to see tax reform or infrastructure this year. So everyone was on the edge of their seats. Neil so, what he was essentially saying, washington cant walk and chew gum at same time, that famous line, even though Speaker Paul Ryan said, yeah well do this and see where this goes with investigations. If Jason Chaffetz wants to get document and all of that, so be it, it wont get in the way of what were trying to do on taxes and health care. Bernanke sms tsay i have my doubts about that . Well, you were going in and out. I dont quite have the right audio for the moment. But ill say this, neil. When you have, this is a hedge fund crowd. This is a very wealthy, sort of, dont let the government get involved in what im doing kind of crowd and they were jampacked listening, and precisely to your point, theyre concerned but ben bernanke really calmed the crowd by saying, relax about the banking system. Were actually in a good position. He also said, neil, this jumped up at everybody, he does not think glasssteagall, depression era rule should come back for the banks. But as it pertains to President Trump, now i can hear you, remember it was george bush who appointed ben bernanke, a republican, but you never heard ben bernanke speak this honestly before, at least i certainly havent, and he says he believes this russia situation will hold back the important things i know our viewers really want to see. Neil wow. Real quickly, the most important question of all is charlie gasparino. Is he doing any work at all there, anything resome blink work . Not at all. Not at all. He was sitting there with his fannie pack on by the pool, talking to attractive people. I really im running in sweatpants to hear bernanke. But were going to have more at 3 00 p. M. Eastern on countdown. He made a lot more news. Im talking to people here who were pretty stunned by some of these comments. Neil liz claman, looking forward to that a little over an hour from now. To lizs point, markets still skiddish about this, down 271 points. This is sort of a oneday phenomenon, markets are overreacting this is something that pushes back, something these markets have been climbing on since donald trump was elected, like comprehensive taxcut package, it does not appear to be happening, after this. . Neil all right, were near session lows, we are, closing in on 300point loss. Were getting more from adam shapiro with the meeting with the Senate Finance committee, apparently democrats are saying we want to see more of a middleclass tax cut, the administration has to detail more of the bullet points than it hasnd productive tax rerm starts with not making it pt of reconciliation vote, they dont want a simple majority to decide this but come up with Something Big if everyone gets involved. That would require 60 votes in the senate and get the party going. That would get things delayed more. Well see. Trish regan to take it to the next hour. Trish hey there, neil. President trump out swinging saying no politician in history has been treated worse or more unfairly than him by the media. This is the president s first comment since new allegations surfaced he may have asked james comey tend to the investigation into mike flynn. The white house is pushing back saying this is absolutely, positively false, investors, i guess theyre not sure what to think. A market off nearly 300 points amid the turmoil, the chaos, the circus act in washington. Down 282 on the dow. More on all of it. Im trish regan, welcome everyone, to the intelligence report. Democrats and the liberal media