happening in the marketplace. if you haven t noticed yet, borrowing costs are rising. that might translate into savings rates going higher. but we haven t seen it yet. a lot of those jitters are working their way through the markets right now. with that massive move you saw down last week the s&p 5$500 shaved almost $1 trillion in market cap off. to put it in broader context, the market is still up so far in 2018. and obviously it s been up all of 2017 as well. so not alarmist just yet. it does call into question whether or not the stock market can sustain the kind of positive momentum we ve seen over the course of the last 12 months plus. could this be a sign the markets are now realizing that tax cuts aren t free? they affect our debt and when people get more concerned about how that could impact us, it affects the markets. because you re not seeing corporate bonds get more expensive. it s treasuries. yes, you make a great point here.
possible because he s pressured by his party to be so conservative. you ll be led by the base and pundits that listen to say anything you do that is true to your values is going to be popular. i think republicans when it comes to state backlash in states and what happens electorally they would like it to be the wisconsin recall. push through everything and see scott walker wong and democrats would point to the states that swung republicans, unions got back off the map and won and took them to look at sp-5 in ohio in 2011 that union bill was overturned by the voters. if you are the base you work that hard. in north carolina if you re art pope and spent lots of money to make sure art pope is like the koch brother of north carolina. now the state budget director which is a convenience. we ll see who becomes cbo to director if republicans take the senate. it make ace lot of sense for the base to do that but the democrats have the same problem. look, what happened to all the blue do
that creates new industries. scott brown of massachusetts suggested a dilemma for democrats who liked the idea but would like to maintain ownership of piece of the president s jobs plan. chris? chris: mike, thanks. democrats are hoping to gain momentum from a vote in ohio. doug mckelway reports on effort to repeal controversial new law. seven months ago, the republican controlled legislature passed a sweeping overhaul to have employees repay collective healthcare cost. they re facing potential backlash. union supporters gathered 1.3 million signatures on petition to vote down sp-5. we have people on doors, knocking on doors and making phone calls how unfair it is. a no vote would mean repeal
that creates new industries. scott brown of massachusetts suggested a dilemma for democrats who liked the idea but would like to maintain ownership of piece of the president s jobs plan. chris? chris: mike, thanks. democrats are hoping to gain momentum from a vote in ohio. doug mckelway reports on effort to repeal controversial new law. seven months ago, the republican controlled legislature passed a sweeping overhaul to have employees repay collective healthcare cost. they re facing potential backlash. union supporters gathered 1.3 million signatures on petition to vote down sp-5. we have people on doors, knocking on doors and making phone calls how unfair it is. a no vote would mean repeal
recall sp-5. what s sb-5? what is it? this is the bill that kasich put in there that took away public bargaining, collective bargaining for public employees. including cops, including firemen, and teachers, and everybody else. i want him to fight. i don t want him to back up anymore. you know what, stare these people down. i think we can beat them. you know what, maybe we ve got to go to 12, take them on. we re either going to win or lose. you can t keep backing up. and there s no appeasing these people. there s no middle ground. he learned that. he learned that there s no middle ground. he says, he ll give me a billion in revenue or whatever and i ll do there s no middle ground. they ve all signed that thing. they don t want to negotiate. they say, our way or the highway. and he s got to say, okay. that s the way it is. then that s my way, too. you re saying that the president may be stymied on policies to create more jobs but that he can still do more on the bully pulpit? i