Power launch starts now. Yeah, despite the dow being down a couple of points, another record day they have added value in your money. Inside the markets theres some big movers out there twitter on face for its best day since june still down 50 plus percent since going public what a comeback. Up 13 this year shares of ethan allen down about 4 saying business was hurt by all the hurricanes retail remains wrinkled. Losing half its value after warning on profits and getting two downgrades and breaking news equifax shares taking another dip. Taking down of one of its web pages on reports of another hack well have more on this developing story straight ahead. All right thank you very much. We begin this hour in d. C. President trump couldnt get any help from congress on health care now he is using his executive powers the power of the pen to make big changes to obamacare reporter thats right. The president frustrated up on capitol hill so hes taking some limited, unilateral action on health care signing this executive order that the white house says is all about choice and getting more access to health care for millions of americans. Critics say it could raise prices for the sickest among us in terms of health care because it could take the youngest and healthiest people out of broader pool here is what the president had to say about it earlier today. Change aimed at creating more and lower prices for millions of americans. The competition will be staggering Insurance Companies will be fighting to get every Single Person signed up youll be hopefully negotiating, negotiating, and youll get such low prices for such great care reporter the president expected to nominate Kirsten Nielsen as his pick. Hes known as the chief of staff chief of staff we expect the announcement to be made later this afternoon. The president has been tweeted about puerto rico. The president saying we cannot keep fema, military and First Respond who are have been amazing under the most difficult circumstances in puerto rico for ever democrats have criticized the tweet saying the president should keep fema there as long as it takes to do the job in puerto rico thats been so badly hit. A lot swirling around this white house. We expect the press secretary Sarah Huckabee sanders will get questions on all those topics in about half an hours time. Another big issue in washington its topic number one, tax reform paul ryan addressing that earlier today. The speaker has a new tlehre for his fellow members of congress get tax reform done quickly or say sayonara to your vacation. Half this country is living paycheck to paycheck if that means we have to stay here till christmas to give them the relief they deserve, then tough, well do that it is crunch time for the gop. He will inveil specific details of the plan very soon after a budget is passed ryan said he wants to send the tax bill to the senate in november the Upper Chamber will want to leave its own mark on any legislation and some senators are already getting a little feisty Chuck Grassley tweeted this your tax cut will not be the largest in the history of the country. He said he did his own Fact Checking on some of the president s remarks. He did follow up with a tweet saying he supports the big six frame work ryan said hes been frustrated that the house keeps passing legislation only to see it stall later on in the senate hes hoping that history doesnt repeat itself with this tax bill back over to you guys. Thank you very much here is the multibillion dollar question will President Trumps tax reform plan lead to higher Economic Growth and higher wages . Lets call this larry versus larry. Earlier i had Larry Summers explain why he thinks the numbers do not add up. If somebody would like to present a calculation suggesting that if we give up a trillion dollars of tax revenue to corporations in Corporate Tax cutting that will produce a trillions additional payroll an say where those jobs are going to come from, that would be a very important and useful analysis theres a lot of economists who study these questions over a very long time and thats not been their conclusion. Joining us exclusively on power hundred lunch is larry liy i dont think Larry Summers accept it. He said well study. I think its a bet between you and the ether right now. Why are you so confident that you would put up that kind of money that this could work this is a very, very powerful tax bill the first thing that it does is it allows businesses to write off the cost of their investment when they actually do the investing. Right now they have to shell out the money and have to wait several years to get the Tax Deduction for it this lowers the user cost of capital. Theres plenty of evidence that when you lower the user cost of Capital Investment goes up its like having a sale in a store. When you cut prices, investment goes up. I think its pretty clear its going to happen. One could expect to see substantial acceleration and Economic Growth from the investment each worker will have more machines to work with and real wages are going to rise. I would estimate, for example, in the first few years, youll see real growth rise to about 3, 3. 25 and level off after a few years at around 2. 5 larry, the economy is already growing. If im reading your bet correctly you say the gdp will grow faster in trumps first term than under obama. Its already growing faster. Who can forget in 2009 the economy was in a recession that feels like a layup bet. Real wages are growing faster than they have before you lay on a tax cut. If wages are increasing and wealth is increasing as the stock market rises, thats happening already any way. Let me finish my thought im not disputing that the tax cut might increase the rate of growth of all of these things but im saying they are already in place, largely. Thank god on november 9th, Business Sentiment soars. They broke down the survey response before the election rul. Looked like october. November, december of january they surged. The same thing is true because theres a lot of expectations out here that something is going to happen. If this tax bill doesnt pass, im concerned that the higher Consumer Confidence numbers we saw that the higher Small Business confidence that we saw from the nfib will not be validated. Thats a problem i think its important that you tell people. We now have have to deliver on that promise if we dont, were not going to get the growth also you can exclude 2009 if you want or include it when you start at the bottom of the deep recession have budget deficits that are over 5 of gdp for eight years you can only get 2 growth youre doing something wrong the period im talking about were going to be reversing the money supply growth. I would say on the other hand my side of the bet has to swim uphill against Monetary Policy no this is not a lay up bet. The fact is the tax bill is a powerful bill as is deregulation thats why were going to have faster growth. Any economist who studies these matters knows that this is going to be a very good bill for Economic Growth, for wages and as you said, when the wages go up, were going to get first reduction since the 1960s. Larry, i would imagine there are plenty of other people willing to take the other side of the bet if you looked hard enough in terms that the wages will rise, is this based on what we have seen in the past in terms of past economic cycles. Whats happened when you add that ability to deduct right away and lower the Corporate Tax rate some are struggling with the notion that corporations will a automatically use the savings to hire more people and increase wages. Well, the last time we did this, actually, which is pass a capital cost reducing, supply side, if you will, tax cut at full employment was 1964 it was called the kennedy tax cut. We brought down the corporate rate we sharply cut the top rate of personal income tax. The result was a very rapid expansion in labor share of the economic pie that same set of circumstances is now in place today. We are at full employment, roughly and so theres not a lot of spare workers out there the only way they will get the factories to do the investing is by bidding for them. Its new businesses that explore new market niches, figure out a way to do things that are already being done by legacy firms but more cheaply thats how they survive. We had a 70 reduction in productivity its aimed to restore productivity and fix the problems that we now have. I want to throw out one last point. Right now firms 23 in germany its 35 here if i have a german subsidiary, they over invoice their american sub si subsidiary for what they ship them this bill ends that because the incentusecentive to do it is no. All of that is going to disappear. Its not going to be the corporations are going to pay less taxes they are now going to pay tacxe they are paying to germany to uncle sam instead. Thats a win win darn you for bringing logic and emotional reasoning into the argument tax is an argument of passion, not logic and emotion. Theyre going to lose thank you news alert in the bond market 30 year bond s up for action. Rick is tracking the action. The last of 56 billion in coupon supply is 12 billion. We just auctioned off a 29year ten month reopen 30year bonds the grade, a minus these are stellar numbers. The yields 2. 87. Well below the one issued mark was trading which was anywhere from 287. 5 to 288 started trading wild at the end of the session there 10. 6 direct. Thats a whopper dealers take 26. 6 a minus. Supply is done the only thing thats a little odd is whether it was ppi hot or these auctions over. The market is hardly moved with respect to yields. Back to you. Thank you equifax shares taking a hit. Reports of another hack attack on its website more on this developing story is next directv has been rated 1 in Customer Satisfaction over cable for 17 years running. But some people still like cable. Just like some people like banging their head on a low ceiling. Drinking spoiled milk. Camping in poison ivy. Getting a papercut. And having their arm trapped in a vending machine. But for everyone else, theres directv. For 1 rated Customer Satisfaction over cable switch to directv. Call 1800directv. Right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Shares of equifax taking a hit on news of another hack attack josh joining us now with more. It does sound like more potential news for equifax here. Take a look at the stock chart the stock down more than 2 right now on these headlines that are just crossing that the company may have suffered another breach we have a statement from the company. Equifax telling cnbc were aware of the situation identified on the equifax. Com website in the Credit Report assistance link. Our i. T. And security teams are looking into this matter and out of an abundance of caution have temporarily taking this page offline. Sounds like it has to do with the companys customer help pages. Hackers were trying to trick or fool people into installing these fraudulent, adobe flash updates. Its the latest bad news for the company. It follows the massive breach where 150 Million People had Sensitive Information compromised. You had the chief executive going to capitol hill trying to explain what happened. The company parting ways with the chief executive. Thank you very much let eetsli lin lets bring in the equifax analysis thanks so much for joining us. My pleasure this looks terrible. It looks like the company has no handle on securing its website for customers. Some of the challenges the company is having on daytoday basis inform the longer form investment view. Were still of the mind, they do not. This is just the latest headline this week theres been a slew of headlines concerning equifax that drivers license data for 11 million americans have been compromised as part of that original hack. Also news that 15 million uk customers were attacked. A representative is introductioning a bill today that would require the three credit firms to move away from Social Security numbers. I understand youre saying to look at the fundamentals you have to do that but in terms of regulatory risk, the more these headlines come out and the more people get angry, seems like the more reason regulators go hard. The risk exists has it gotten greater since the first time youre on which was the postbreach low when the stock was trading at 90. You were on power lunch that day. Has the risk of increased regulation grown since then . I think the risk that would impact the Business Model has receded. If you go back and review the testimony before congress that the formger ceo made it seemed that even some of his detractors acknowledged how important the bureaus are and how central they are to Consumer Credit eco system. I wouldnt be surprised as per the proposed legislation as ive seen in the house if there were more federal oversight of the bureaus, i think in some ways they might welcome a more uniform regulatory frame work but i think the structural risk, if anything, is receded a little bit. As distasteful as the story is, as much as people may dislike or hate equifax, are these companies so entrenched theres nothing anybody can do about it any way and theres no way a new competitor can come in they have a mote that nobody can cross. I agree entirely. Id go so far as to say it would be so disadvantageous to everybody who needs access to credit its simply a nonstarter. As far as competitive entrance, this is an oligopoly theres a deep mote around the businesses as far as actually regulating the use of the data or regulating the companys abilities to resell data i think the probability of such an outcome. The stock is 108 now. Where is it in six months . My target prices is 110 its made a big move off recent lows i would say its based on a buy rating its going to be higher. Thank you thank you jpmorgan and citigroup falling. Can you bank on the banks this earning season well discuss that one next. At ally, we offer a credit card with unlimited cash back. But if thats not enough, we offer a 10 deposit bonus into an ally account. And if thats not enough to help you save, we could help you cut the cord. Thats right. Cancel it. What about my reality shows . Ok, if thats not enough, well give you reality. This is too real maybe a comedy . Alright, how about a comedian . Arsenio . Aint nothing funny about laundry well do anything, seriously anything, to help your money grow. People just walking in my house. Ally. Do it right. Shares of jpmorgan and citigroup down a percent now what seems to be pressuring the stock is continuing to climb in trading revenue. Jason, great to have you with us trading revenues came in line with what the ceos guides about a month ago. Is it a matter of sell a news event. The stocks ran up into earnings and they will take profits i think thats part of it both citi and jpmorgan participated in that Loan Loss Provisions were a little higher than expected. In an environment or credit quality its been so benign for so long. I think speaking investors expect losses to pick up its off of a very historically low base but should we expect that perhaps consumers will be having difficulty and can we extrapolate that at all to some of the other stocks out there. Youve seen active credit card growth youre seeing losses go up and banks having put up reserves i think part of this is normal seasoning. These loss rates are not alarming we think consumers are shape wage trends have been fine youre seeing a slight up tick its still one of the most profitable businesses the banks have which of these children do you love the most . I have two sons i love them both equally i love these two equally as well youd be perfectly putting incremental 10,000 in either you wouldnt go 8,000 in one and 12,000 in another necessarily . Next week or two with bank stocks on earnings is hard to predict. When we look out the next year or so were still constructive on the large cat banks we think Interest Rates would grinds higher. The economy will grow and participate with that. We think this roll back is real particularly add new people in the administration get confirmed. Jamie dimon said hes not going to talk about bitcoin anymore. How do you look at bitcoin in trading in terms of banks . There was a bitcoin in block Chain Conference just this week. Probably the first major bank to do so. We think it has the potential to be very additive to the banks and more broadly technology will be a continued game changer. They look for technology in Revenue Sources in addition to not only saving on the expense side but becoming more efficient. Technology is real i think that block chain will be across multiple parts of what banks do all right thank you. Shares of dominos down big today after earnings has the pizza trade faded. Facebook under fire. Cheryl sandberg goes to washington to try to make things right. Details of the d. C. Trip is coming up. A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley some things are simply impossible to ignore. The strikingly designed lexus nx turbo and hybrid. The suv that dares to go beyond utility.