our companies so they can compete and thrive anywhere and with anyone. it will be a big, big cut. at the same time, we will provide massive tax relief for the middle class. i want to bring in david stockman. you got to talk to david to understand this. he s the former director of the office of management and budget under president ronald reagan. he s the author of trumped: the nation on a brink and how to bring it back. you were the omb director in 1981. you helped craft what was called, some of you will remember, the economic recovery tax act of 1981. it was one of two major tax cuts passed by president reagan. widely credited with creating endless prosperity. so, tax cuts created prosperity in america. trump says so. you did it. what s wrong with this plan? because in is 36 years later. this is not the second coming of ronald reagan. he inherited a clean balance
just exposing people to more costs is going to reduce spending. jacob, we could talk about this for a very long time and i know collectively we will be able to because you know so much about it. jacob hacker, professor of political science at jail yale university. big promises. president trump calling for tax cuts and a major increase in defense spending and many cuts to federal agencies. how does it add up? president reagan s office of management and budget joins me next. uh, yeah. it s over, larry. what is? the whole wheelie thing. what do you mean? i just got this baby to get around the plant floor. right, but now ge technology monitors every machine. yeah, it brings massive amounts of information right to you. so you don t need that. well, it makes me look young and uh. with it. time to move on. oh i ll move on.
keel keep an ear on what happened in that meeting. kelly o donnell at the white house. joined by nbc news presidential history, michael, ann geren and elise jordan, former adviser for senator rand paul s presidential campaign. welcome to all of you. michael, let me start with you. i want to play for you a few of president trump s themes last night. and then with your historical perspective, i want to find out which you think is the most realistic or likely to get done? we will soon begin the construction of a great, great wall along our southern border. we re also taking great measure to protect our nation from radical islamic terrorism. i believe real and positive immigration reform is possible. the time has come for a new program of national rebuilding. tonight i am also calling on
moscow for a two hour special exploring president trump s complex dynamic with vladimir putin. don t miss the trump putin power play right here on msnbc. up next, the trump effect. how the markets are reacting to the president s address to congress. you re watching msnbc. will your business be ready when growth presents itself? american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at open.com. find out how american exprno one burns on my watch! try alka seltzer heartburn relief chews. they work fast and don t taste chalky. mmmmm.amazing. i have heartburn. alka seltzer heartburn relief chews.
8th. a record. just about three minutes until the closing bell. not as high as it sbeen, 300 points higher stephanie rule is with me now. stephanie,eople want to know what to make of this market. frothy, dangerous, should they be in, out, i know you can t give that advice. what do you tell people? it almost seems both. yes, if you look at president trump s policies and he was laying them out again last night to deregulate, cut taxes, and really he stuck to the i ve got big ideas. what it seemed like the market liked was his tone. and the fact that he s got big messages and he s going to let the other guys do the work. the question is, is he going to be able to execute cutting taxes and deregulation? a lot of business guys go down to washington and it s where big good pragmatic ideas go to die. no kidding. i want to bring in robert schiller from yale university. with his own version of the price to earnings ratio which