Million people, gives them a tax credit, it gives greater choice. In one of the issues i have with a lot of the models is they are static. They talk about this prong only. I think when you look at the subsidy and the cost of a current plan right now without looking at prong two and three and how those will additionally drive down costs, that its not a fair analysis where the plans going, but theres no question that right now there is you know, i detailed it to jim. We have a system that mandates that people buy Health Insurance under penalty of law, and its not working, and so the question is what can we do instead and what can we replace that with that gives people greater choice and lower costs. Of course people are going to choose in a free society to not purchase something. We live in a country of 320 Million People. You cant force a product or good down a free society. If you give a quality product that serves their needs that they have at a time at a price they can afford, there is a greater likelihood on a greater economic model that suggests that will work. Its frankly economics 101 and basic common sense that dictat the more competition in the system the greater likelihood of more and more americans Getting Health Care is something that is easy. John . Reporter thanks a lot, sean. Want to ask you about the American Health care act. I want to see if you have an answer to a question that i asked yesterday, that is one that you did not know the answer to, whether or not there were repercussions for violations at the fiveyear lobby ban. Im sorry, i do owe you an explanation, i will check and get back to you. Reporter you used language similar to language that House Speaker paul ryan used about why republicans should support this legislation. You talked about this binary choice, its either this particular legislation or its obamacare. Right. Reporter you have republicans in control of the house and the senate, you have President Trump in the white house why. Do they have to go on this particular bill, why cant they negotiate for the Freedom Caucus may think is a better piece of investigation in. To get back to a question that major asked. At the end of the day, whatever it is, has to get to at least 218 votes. You want the greatest number of votes as possible, but you need to get 218 and in the case of the senate under reconciliation, only 50 votes. Thats your floor. And i think that what you need to do is to get enough members coalescing around key principles to get to you that floor. You can go as high as 435 in terms of the ceiling. Im not sure well hit that. The floor is going to coalesce the greatest numbers of Members Around a bill that gets to you 218. Well continue to work with them, provide ideas and input and regardless what caucus or faction you are part of. If you have an idea that can enhance this bill and make it more patientcentric, were all for it. Thats a process, and i think speaker ryan has been talking about this since 2010. A lot of ideas, a lot of debate and issues put forward into how to craft this. So this has been something in the works for 7 years in terms of getting members, at least in the republican conference, to coalesce around principles and ideas and solutions to make this a more patientcentric thing. Francesca . Reporter two quick clarifications and one other thing. Sounded like you were asking paul ryan about phases two and three, phase two would be regulatory members that the president and secretary price would be in charge of. When can we expect to see a list of those from the white house . I will ask secretary price. He mentioned it to talk about the score that his office will be working on that. Id be glad to see if we have a timeline on that and follow up with you on that. Reporter also it sounded like the white house is confident you will get to 60 votes on those things and the measures that the conservatives are asking for. Is the white house confident about the 60 votes . Yes. Reporter and final thing is also on health care as well. Yesterday secretary price said that he wasnt saying to disregard the cbo report completely, but that sounds like that is what the administration is urging and what youre urging from the podium, you said that the cbo is consistently wrong and question the credibility. No, no, no, just to be clear. Cbo is a budget office. They look at impacts on the federal budget. That is why they were created and thats what they do, and i think to look at them in terms of budget numbers is one thing, thats the job. On thespect ofudget impact, it talks about how well we currently see a 25 increase in premiums this year under obamacare and the individual market. It markedly shows under the current American Health care act we have 10 decline in premium. Where i think the cbo has gone the it wrong and not a question of what we characterize it, its a fact. The cbo when it tried to project people and coverage was over 50 wrong the last time, and the point were trying to make is when you look at their record and you say the last time they did this they were off by more than 50 . They projected 24 Million People would be covered by obamacare and the exchanges in 2016. In fact, that number was initially 10. 4 and its dropping. So the question that you have to ask yourself is if you are using that as a gauge to determine your vote, you need to question whether or not they do counting people like they do counting numbers. On the budget thing, thats what their wheel house is for, they look at budgetary impact on things. When they have come to counting people, theyve been wrong and vastly so. Its important for people to understand the context which the numbers are given to you. Thats something they want to make sure. Jordan . Reporter sean, i asked yesterday about the president s response to tim kaine. Do you have anything on that . I think the president believes that this is not a point of view that he shares. He believes hes the president for all americans, and so ill leave it at that. Jim. Reporter a report surfaced friday that the president will support primary challengers to conservative lawmakers who dont support the final version of the American Health care act. Can you confirm that report, and if its true, you can offer insight into what the president is looking for in congressional candidates in 2018. Im not going to i dont have anything for you on that. Veronica . Reporter sean, its ronnica. Fix it now and get it done. Does the president believe he was surveilled through microwaves and television . I will just say the president has tweeted about this, hes clear there was surveillance conducted during the 2016 election, and wait for the conclusion of that. There is sound evidence that the microwave is not a sound way of surveilling someone, that was cleaned up, it was made in jest. Put that to rest. Reporter second question, you said the cob should be abolished, you had harsh words, do you think the cob should be abolished . Cbo, i got it wrong with you, now cbo was established in the budget act of 1974, its up to the house and the senate to decide whether or not they want to go through. This they have omb, we have cbo, im not going to get into the business of who should keep the house. Reporter i want to clarify, you can stand here today and say that the president will keep his promise of insurance for everybody . I think the president s goal is to make insurance available to everybody, yes, thats what he intends to do. That is the goal of this is to make sure every american has the choice and a plan they can afford and have the choice to buy. Thats not what they have now. Reporter sean, thank you very much, what is the white houses view on reports that bloomberg that Jared Kushners family spent half a billion dollars from a real estate deal which is linked to the Chinese Government or has been linked to the Chinese Government in the past . Id refer you to the Kushner Companies to talk about that entity. Jared went to extraordinary lengths and provide documentation on this. Though hes not taking a salary here, he went to extraordinary lengths to make sure he deconflicted himself and worked through the office of government ethics. Reporter is jared working on preparations for xi jinpings visit to maralago . Im sure hes involved in a lot of stuff. I dont know whos specifically involved in the visit. Reporter you said the president still stands by making sure insurance can be afforded by everyone. What is your specific response to the cbos estimate someone 60 years old making 26,000. Under current law, they would shell out 1700 in a premium but under the change, the premium would go from 1700 to 14,600. Whats the message to a person who faces that prospect . I will go to the fact that i dont think the analysis takes into consideration the choice they have. Part of the problem now, steve is that a 54yearold doesnt need certain things. They dont need maternity care, they dont need medical services that are provided to them by the government product that is forced down them right now. Number one, you have a product that is served up to older americans, middleaged americans or younger americans that doesnt fit where theyre in life and the services they need, and so number one, having more choice and the ability to tailor a plan towards the needs that an individual has depending on stage of life, whether its an individual or family, number one. Number two, that they dont have competition, so when you combine both of those things together, that number goes way down. And the third is that they can have whatever subsidy they want now, but on the exchange in many cases they get a subsidy that has a high deductible so they have a card but not care. That is not an apples to apples way to examine the current plan. Thats where this all comes down to. Reporter is the message wait until phase two and three come in and have Something Better . Its not just wait. You have to looked at total istwhat were doing to understand what were planning. A 54yearold doesnt have choice, buying a plan they dont want or need for the most part and as a subsidy not giving them the ability to go see the doctors that they need to because their deductible is off the chart. Thats one thing thats missing in discussions. You can have a premium per month but if your deductible is skyrocketing, then, again, you might be able to get an appointment but not getting care, sharon . Reporter cheryl, thanks. Im not good at this side. Go this side. Reporter the report is coming out thursday, how detailed is that going to be, agency levels . What programs are going to be eliminateed . Ill let director mulvaney, theyll start background briefings for you all. Theyll walk through different aspects of the budget. I dont want to get ahead of him on this. So lets figure out where we go first on this with what he has, and then well have a full presentation on thursday. Gabby . Reporter did you say infrastructure plan is part of that . No, that is separate. Reporter two questions, the first one, the president wanted a Signature Campaign promise was to pursue h1b visa reforms and april 1st getting new applications, can we expect to see more movement before then . Thats a good question. Weve talked about immigration in the past. I think there was an entire comprehensive process looked at in terms of how were preventing ilLegal Immigration and then what were doing about Legal Immigration whether its h1b or k1 or others in the system. There is an entire look that is taken with respect to the visa program and we will have more for you as we get through the system. Thank you guys very much, were headed off to detroit and nashville tomorrow. If youre not on the trip. We look forward to i hope everyone wears green on thursday and friday. A double shot at it this year because of the visit. Thank you, stay safe on the roads. Liz breaking news, as sean spicer was peppered with questions about the viability of the Gop Health Plan during the White House Press briefing, he just said the plan is going to be in discussions to be amended in the house before it gets to the senate. He is also saying, look, absolutely, it gives more choice to oefrp insurance plans but the breaking news is there may be a tiny crack in the ice there with the house before it gets to the senators but we have this breaking news, republicans and democrats on the senate side might be coming together on the plan. New york senator Chuck Schumer just spoke with reporters and he wants a public option in the Health Care Plan to encourage more competition in the market, this as Senate Majority leader Mitch Mcconnell said the house gop plan is to open amendment once it gets to the senate. Lets decipher all of this, lets bring in Dennis Kucinich and Pete Hoekstra on whether a tiny ray of light might be coming through the crack of ice. Congressman hoekstra, decipher the code between the two senators. Could we see positive negotiation . I think you can. I was reading and following it this morning. Theyre saying theres a quote, unquote in technical terms major managers amendment that will be made when the bill comes to the house floor probably next week. What is that . Negotiations that Republican House members have agreed on, they will put into the bill before they send it to the senate, and i always did expect somewhere along the line democrats and republicans would come together to move this bill forward. Thats good for the american people, and you know, what it signals is were going to have a longterm fix for health care, not something that changes every time we change administrations. Liz congressman kucinich, what provision would you demand to see as a democrat, if you were still in the house, within this plan . As you see, we have senator schumer saying at least put in a government choice, that single option as part of the panoply of what could be offered . Well, to have a public option is something that should have happened under president obama. He didnt want that and the Insurance Companies didnt want it. Lets get real about whats happening here. This is a plan that its a new for profit plan, the obama plan was an old for profit plan. Less people will be covered, the premiums will be higher. People 50 to 64 will see costs go up five times as compared to younger insurance policyholders. The Insurance Companies are making out like bandits, going to have fees reduced by 145 billion. Stocks are going up because now if anybody doesnt have insurance under the new plans, you dont have insurance, you pay a penalty to the insurance company. The hospital stocks were showing are definitely going down. While Health Insurance stocks may be down today. We have shown them since the election, weve shown since obamacare and they are up anywhere from 400 to 500 , but let me just push back a little bit on that, congressman, because, look, there are phases to this, and within face two phase three, thats when the republicans say we would start to see the ability to buy insurance, look, when you have a 529 plan. If i like idahos plan because its better, im allowed to choose that. With insurance, you havent been allowed to do that. Wont that bring more competitn and ing the price down . Insurance Companies Make money not providing health care, no matter where theyre located. Liz well, congressman hoekstra, im laughing because im not a fan of Insurance Companies, i think they use us all as atms and benefit. Premiums rose under obamacare, but boy were they rising before obamacare. What do we need toy. This plan congressman hoekstra . Because the medicaid portion is causing consternation, 30 states including both michigan and ohio opted to expand medicaid for their poorer citizens. This plan scales it back. I think youre going to have a problem once you give the individual a government benefit, its hard to take away from them. The bottom line is what the republican plan is going to do and i hope democrats come on board and putting in a partial public option may be the way to do it to increase competition, but what competition is going to give us, its going to give us and its going to give consumers choices, its going to improve our delivery system, its going to bring efficiencies into the marketplace, the choice is do you want something that consumers are making a choice for quality and efficiency or do you want the government make decisions. Liz okay, you let them have the choice, im all about the free market and choice, youve got younger people who think theyre invincible. They will not pay for coverage. No penalty for coverage because this gets rid of all the penalties. Lot of people say is a good thing, but theyll still get sick. Some will still get sick and show up on hospital doorsteps at most expensive and worst point. Congressman kucinich do you see anything in the bill that avoids that . Frankly in my view as the person who helped right hr 676 medicare for all. Free ideological principles are incompatible with a healthare system which would take care of the american people. Sorry. Liz congressman hoekstra . You raise a credible point for those who not have coverage. If you start creating the plans, younger people are going to most likely pick lower costs, low benefit plans. Liz or none at all. Or potentially none at all. And at the hospitals theyre going to have the coverage demanded. Somewhere you have to put together a subsidy to recognize that does happen. Liz you and i are going to pay for the sick people. We will pay for it, yes, yes. Liz i dont like that. I dont either. Pay for us when were sick. Liz maybe in phases two and three they figure this out. The breaking news, there may be wiggle room as senator mcconnell and senator schumer are saying, well, maybe we can work on this. We shall see. Great to see you both. Thank you so much. Former congressman Dennis Kucinich and Pete Hoekstra. Tune in tomorrow for maria bartiromos interview with House Speaker paul ryan working very hard it push this bill, 8 30 a. M. Eastern. What will he have to say about the medicaid shrinkage as its known as the moment . Dow industrials down 37 point. Not such a bad day on the markets ahead of the fed announcement tomorrow. About 100 chance theyre going to raise rates by a tiny quarter point. The dow stands at 20,843. Up next, the blizzard is a dud if youre in new york, but horrific if youre in connecticut. The real numbers. The latest updated numbers on Flight Cancellations and more, when we come back. Can i get some help. Watch his head. Im so happy. Whatever they went through, they went through together. Welcome guys. Life well planned. See what a Raymond James Financial Advisor can do for you. Liz weve got breaking news right now. Were getting latest numbers flights grounded as a blizzard slams into the northeast. Dangerous winds, driving snow. Up to two feet of snow in some places, connecticut specifically. Heres the number, 8981 flights have been canceled, this according to flightaware. When all said and done will be 9,000 u. S. Flights through wednesday will have been canceled. That leaves travelers stranded for days at airports. Businesses shut down an thousands of schools closed as this thing works its way through. Lets back it up a few days. The storm gained tiger strength over illinois. Check out the nightmare scene from last night t involves 35 cars in chicago in a massive pileup due to icy road conditions. Firefighters rushed to the scene where seven people are still hospitalized at this hour. By the time it got to new york city, adam shapiro, it wasnt a tiger t was more like a mud hen, which is a moon chicken. Reporter you could call it that. It is pretty darn cold, i tell you, 27 degrees in the shade. Liz cold is different reporter cold is different. The snow is not so bad. The trucks are plowing sixth avenue. New york city, limited subways. Anything underground is running, but above track theyre not running yet. Metronorth, the train line takes you north to connecticut no trains. Two feet of snow in connecticut. Amtrak, there is no Train Service from new york city north to boston of the that is canceled. You can go south modified trains. I want to show you something, we keep talking about numbers about delays. Look at this house. This is upstate new york on lake ontario. And it has been so cold up state, that this house is covered in 7 00 inches, it is frozen solid. People thought this was fake. That is is legitimate. Liz oh, my. Reporter see that in cuyahoga county, any day of the year. Liz yeah. Reporter upstate new york, cold weather. They live with it. New york city, we dodged a bullet. This snow will be gone in couple days. Liz waves came up pelting the house, it looks like a ice cream gingerbread house. Unbelievable. Reporter yes. Liz in the end, adam, this was a dud, im sorry. Everybody flipped out of their mind. Reporter youre warm inside after studio. That is easy for you to say. Liz i know. Okay. I will give you that. Adam, thanyou very much, adam shapiro. Braving the cold but not too much snow at the moment but look, the predictions were so bad that winter storm stella really wreaked havoc on the new york stock exchange. A lot of people decided to work from home or not trade at all. They have seen volume levels 20 below average. We have this big story today, oil tanking for multiple days, hitting three month lows, nicole that is pretty stunning considering that brings down entire energy index. No doubt all 10 sectors are lower and the worst of the bunch is energy. Seven days in a row of losses for oil itself. Oil closed 47. 72, 3 1 2month low. It is longest losing streak weve seen in 14 month. Concerns about oversupply, liz, despite the fact that opec has had production cuts. Dont forget were producing it right here in the u. S. There is oil intraday. Big peck ture you saw energy names, marathon, transocean, devon, chesapeake, they came under pressure weighing on the s p 500. Everybody is in a wait and see mode for tomorrow on fed day. I will tell you most of these traders are taking Hotels Tonight while many of them, while the city is up and running hustle and bustle, getting out of the city, some trains and buses and such are still jammed up. Back to you. Liz nicole, thank you very much. If temperatures drops what is on the ground turns to ice. Im sorry i missed you putting the salt down. You bought the salt. Liz i bought organic salt that doesnt hurt my dogs paws. I dont know if it works but listen, im going with it. Thanks, nicole. Closing bell closes in 30 minutes. We still have gainers. Among them, walt disney among the leaders because the entertainment giant is getting an upgrade. Based on blockbuster line up of coming attractions with the opening of the beauty and the beast movie. A lot of people are intrigued by this. The longer contrail with frozen and indiana jones. The stock hitting a new alltime high. There it is 11 2 bucks. First brexit and now grexit. Tresemme theresa may, getting ready but could cot land be in the way . Scotland. He is here to tell us if there is a showdown. Hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here, were here, and weve got your back. Legalzoom. Legal help is here. Legal help is here. Why pause a spontaneous moment . 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Liz want you to take a look at the british pound at 1. 2157. It is just off its eightweek lows here. It started tanking this morning. This as we await, here is the breaking news, were awaiting the queens signature on the First Official step the uk will take to begin, dont call them Divorce Proceedings, Divorce Proceedings from the european ion but could scotland, known to have bravehearts, all through the country, throw a wretch into Prime Minister theresa mays plans . Political fisticuffs between may and scotlands minister nicholas sturgeon abound. We have him here to tell us about the ramifications. The former uk ambassador not only to the u. S. But france and turkey. By the way, sir peter, i was just reading only the turkish lira has performed worse than the uk pound this year. They had an attempted coup. The pound is not doing well at the moment. What is going on here . That parliament officially gave theresa may what she wanted, ability to Institute Article 50, the first step to extricate yourself from the European Union or something nicholas sturgeon of scotland said this morning before the vote . We had both. The Prime Minister was very pleased she managed to get the law through that allows the beginning of article 50 negotiations. Very difficult path through parliament and fought off amendments and it was ready to give the signature to the queen. Nicholas surge gone lob as brick through 10 downing street. We end up with a bit of a shock. This caused a twoweek delay in the opening of formal negotiations of article 50 with the European Union. Wasnt white what was expected. Theresa may did get what she wanted but she wont be now going to the European Council with a request to leave before couple weeks. Liz the brick, the proverbial brick nicholas sturgeon through through the window at 10 downing i like how you put that. We had a referendum and everybody voted against independence. She wants to have a second one now because she believes many of her constituents want to stay in the European Union and they might this time vote for independence. What say you . Will they vote for independence if given the chance . Well shes got a bit of a point although the last referendum among Scottish Independence which was lost by a margin of 10 point was just a few years ago. It was once in a generational opportunity for the scotts to determine their future, nicholas sturgeon number of other people say well, the referendum for the uk to leave the European Union changes the whole game. And since 62 of scotts voted to stay in the European Union, even if 52 of the brits as a whole voted to leave, we would like to have another crack at determining our future. Liz okay. But of course there is a bit of politics involved here. She has moved very quickly, more quickly than people expected, partly because she wants to get ahead of the political game and because she has a lot of people who joined her Political Party since the last referendum on Scottish Independence. Some of them even since the referendum on the uk leaving the European Union. She has got to make sure she is on the front foot. Liz what does this all really mean . Because look the stay camp, you were among them, did have a lot of concerns. Look the other side would call it fearmongering, forecasting disaster, but the ftse 100 the brittish version of the dow 30 has actually done quite well since june 23rd. We can show it to you. It looks pretty strong. There were multiple moves to the upside. Were up 16 percent since then. And then im wondering if partly that happened because President Trump said he would be happy to strike a bilateral trade bill keeping the uk stable. What do you forecast for trade relations between the u. S. And the uk . Well, i cant actually see your screen or you, so i hope you can see me. I can see you. Okay. Liz you look great by the way. [laughter]. Arent you kind. I think that President Trumps intervention in this debate by saying im brexiteer, by the way i believe in giving the United Kingdom a nice freetrade agreement after you leave the European Union, it did help the debate. It certainly given theresa may support which is important in the politics of all of this. But what i would say, in my opinion, youre quite right to say i somebody voted to stay in the European Union i think were still in the a bit of a phony war. We havent triggered the nondivorce Divorce Proceedings as you called them. At the moment market is doing quite well, exports, held up. The impact of 15 to 20 drop on sterling hurt exports on longer term, on supply chain, on other nary peoples holidays abroad and all that kind of stuff. Inflation, and impact of some of loss of business which will result our not being in the European Union market are tax receipts. I personally worry in a few months time, once the negotiations start, once the numbers start feeding through into the system well see the british economy begin a bit of traction and some very good numbers, surprisingly good numbers which weve had the since the referendum since last june. I hope im wrong. Liz weve got to run but will the queen put her signature to say yes . The queen doesnt have any choice. She signs everything into law which house of commons or parliament collectively votes for british law. Liz then she will have finger sandwiches. Good to see you. Thanks for having me. Liz we have breaking news here. Live pictures from capitol hill, President Trumps nominee for u. S. Trade representative, speaking of trade, Robert Lighthiser is facing the Senate Finance committee at the very moment. This is sort of the procedure before procedure, before he gets to whether he is confirmed. Now as americas trade rep he would be the countrys chief trade competitor. He would be the one to put the hammer down on trade deals that the president is looking to smash and reform, including he is expected to take a hardline on trade with china as well. We have words and breaking news of this. He says his view of china they have manipulated their currency in the past. It is unclear if theyre manipulating currency now and he is making comment about canada too because softwood lumber trade is in dispute at the moment. In just minutes were going to be talking to an expert on canadian retailers. What is this all going to mean for them as one of the biggest, hudsons bay, wants to swallow Neiman Marcus the luxury retailer. All that and more coming up. Meantime the Dow Jones Industrials off the lows of the session, but still down 41 points. Appears pink granny wigs and rainbow tongs may not be enough for Silicon Valley ipo to bring in cash and investment. It is on track for the fifth loss in a row, especially when it sees Charlie Gasparino wearing ray bans like that. I dont look much better. Why a wall street report has snap sinking to new lows since the ipo. Talk about, this is rough week for billionaire investor people love to hate and people love to watch. Valeants error is costing him billions. The herbalife fight that wont go away, courtesy of fellow activist carl icahn. Charlie is about to break it next. Dont go away yes . Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. it just feels like anything is possible here in upstate new york. at corning, i test smart glass that goes all over the world. But theres no place le home. Theres always someindifferent to do like skiing in the winter, jet skiing in the summer. We can do everything. New york state is filled with bright minds like samanthas. To find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. And if you have more than one Liberty Mutual policy, you qualify for a multipolicy discount, saving you money on your car and home coverage. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Liz breaking news. Here as a market alert. Look at google. Google just head another alltime high. It is at 866. 64, up just a quarter of a percent. Still that is good enough for the high. I see announcement it introduced a feature to share money through a gmail app on android phones that will do it for you. On the other side of this, we have the ipo honeymoon apparently over for snap. It has been a little under two weeks since Ceo Evan Spiegel proudly strode the nyse floor on the day his stock debuted, popped up 44 to more than 21 is dollars. Today fall to a new low, after emarketer, the company that looks at this thing, slashed the 2017 ad outlook for the disappearing message app by 132 million. According to the forecast, it is sharing too much revenue with the partners of the pessimism showing up in todays trading action as you can see. It is down 3 1 2 . You have to keep in mind, from the fall of grace over the past, it is still above its ipo price which was 17. It is on track for its fourth straight down day but listen, underwriters will soon weigh in. 12 more days theyre allowed to talk. They have a blackout period for the first 25 days. The minute they again, these are the guys that will start blabbing or 17 or 18. Liz 17 was the ipo price. But the guys right now, they have a blackout. They cant make comment. Right. Ipo 7. Liz of course im right. Im liz. See if im right on baby buffett, bill ackman as he is known, having one of the worst weeks of one of his entire career. Not only dizzy his rival thumb his nose at the Hedge Fund Manager but upping his stake in ackmanbattered herbalife, but the billionaire investor dumped, had to dump his entire valeant stake taking a loss of 4 billion. Which forced the stock of the Canadian Pharmaceutical to the lowest level since may of. A lot of people on wall street have been he predicting bill ackman from pershing square, if you take the last three years, or last two years out of the equation, maybe the most, one of the better investors out there. By the way three years ago he was featured on the cover of all these business magazines as being the man crushing it in the hedge fund industry. Liz one year he was on fortune or forbes, baby buffett. The last two years have not been kind to bill ackman. What a lot of people on wall street are saying he will have to change his controversial investment style which is essentially, big, concentrated bets in certain companies, either long and short. Long he did, was long valeant as you know that is the one he was long. Liz rode it down. Rode it down. Short, herbalife. He basically said this thing is ponzi, pyramid scheme. It will to to zero. Herbalife is far from zero. The talk he will change his investment style to be much more pragmatic and maybe more of a lynn until investment model in terms of producing more straightforward returns. Sources inside of ackmans camp, no way. He is not changing. He has 11 billion under management. You will not see a different bill ackman in the years ahead. The question becomes can a bill ackman that is not different survive in this hedge fun business . A lot of hedge Fund Money Goes if there now, if there are some individuals, rich people, people, or if you can buy a hedge fund through, Anthony Scaramuccis formerly of skybridge, like a fund of funds, a lot of money comes through pension funds, teacher endowments. Teacher Retirement Funds they put money in hedge funds. They want much more stable returns. So the question is, can he survive in that environment . It is an open question on wall street. He thinks he can. There is one thing that is interesting right now going on wall street, liz. There is a debate about the hedge fund business. It involves donald trump. Will trump in bringing back, loosening regulation, trading regulations basically talking about lower dollar to increase a lot of other reasons but does sort of the controversy surrounding donald trump and the volatility he adds into the market, will that be a net positive for hedge fund and people like ackman where they can actually come back an rebuild their businesses . That is an open question. I dont know but ill tell you i think one of the reasons why the chinese bought Anthony Scaramuccis fund to funds business for such a high premium, because they believe that not just that anthony has access to the white house, that volatility is coming back and they will be able to make some money in the business. Liz thank you, charlie, has been ahead of this. He called it. But cool enough to say, not say i told you so. I didnt say i told you so. Liz you could though. Charlie gasparino, thank you so much. As the chinese buy up hedge funds here are the canadians buying up our retailers . Dow jones industrials down 39 points. The story of ageold hudsons bay possibly swallowing Neiman Marcus liz hudsons bay famous for decidedly simple, six and eight of pointblankket is hot as a blowtorch. They are in talks to purchase struggling Neiman Marcus. It announced it is blowing off ipo plans considering options including a sale. Hudsons bay monsterous appetite bought retailer saks and lord taylor. Reports they are interested in macys. Is this a sign canadian retailers are dominating their american counterparts who are in an ice page . She has major understanding of all a the players. The quiet canadians kicking u. S. Retailers showing life and growth . It is unbelievable but actually very true. Two things are going on right now. One, hudsons bay realizes the American Consumer and shoppers all over the world are shopping differently. They have the infrastructure in order to go ahead and acquire these ancient retailers for example, saks fifth avenue and Neiman Marcus and bring them into 2017. So if you think about it, look at Neiman Marcuss samestore sales, they were down 6. 8 . Revenue was down 6. 1 . People are not shopping the way we used to anymore. We go online. Hudsons bay wants to bring them into the light i guess i should say. Also the chairman, executive chairman of hudsons bay is a real estate magnate. This is also a potential real estate play on their part. Neiman marcus owns a lot of stores. There are a lot of anchor stores, especially texas, san antonio, other places in dallas. Theyre looking to possibly offload those an generate revenue for Neiman Marcus. It hasnt since the acquisition in 2013, they havent really recovered from their ebitda. They have been five billion dollars in debt. Liz i was just going to say, amazon is being blamed for killing a lot of brickandmortar stores. Almost sounds like hudsons bay has the ability to have a great online presence. I love how you called Neiman Marcus ancient because hudsons bay has been around since the 18th century. They were trading their blankets for beaver pelts. That is unbelievable. What does it say that a canadian retailer is able to heat things up and purchase big u. S. Luxury chains . In the end is this a downward death spiral for u. S. Brickandmortar retailers . I tried to be a little bit more optimistic than a downward death spiral but it toys your point it is true. We saw macys offload a bunch of stores as were seeing sears offheloading a bunch stores the past couple month. Hudsons bay has the foresight to bring the stores into 2017, in the digital age. [closing bell rings] youre the best in all of this. There is the closing bell. Fed day decision. You have got to be here in the 3 00 to see how the markets close. David and melissa. It is yours. Melissa stocks sliding into the close. The dow ending down for the second straight day. The s p and nasdaq in the red as well. Im melissa francis, im david asman. So glad you could join us today. This is after the bell. We got you covered in the market but first here is what else we have for you at this hour. The white house slamming the congressional budget offices report on the new Health Care Plan arguing estimates how many people will be insured are as wrong now as they were for obamacare. President trump is right now talking with House Speaker paul ryan and majority leader kevin carthy about a this. Mewhile nservatives in the house are still hoing out for major changes in the plan
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