Transcripts For CNBC Fast Money Halftime Report 20171220 : c

It did pass overwhelmingly yesterday 227203. Were expect probably a similar outcome today. Well keep our eye on everything happening in washington, d. C oh, by the way, the president is expected to speak later this afternoon. We may actually hear from him momentarily as well. Our Mission Today is dwight simple, to figure out what all of this means to your money and what may happen in the months ahead. At least one key person weighing in on that question today, council of economics chair gary cohn who said this earlier if you look and what the tax plan is going to do, i dont think thats factored in you can take an interesting basket of hightech stocks and lowtech stocks, and they are not doing what you think they are doing. You would think that the high tax stocks would be outperforming the low tax stocks its not happening, so i think theres a lot more momentum in the stock market. Doc, gary cohn said its not priced in. A lot more momentum. The question i posed yesterday, right, that to dubravko when hes on the set and i said i dont think its being priced in enough yet do you think so . I think he was saying a tenth, maybe two, so i dont think thats enough. I think mr. Cohn is like that were more likely to see people adjusting based on what they see out of this particular in particular when we start to see boards with pressure on them, scott, to bring money back, the repatriation part and the 14 tax on that, not just the 21 tax on corporations, but the repatriation part of it. Yeah. I think thats the part they are not pricing in enough. You get a god idea on how Corporate America is thinking about all of this today from the comments of fred smith, the ceo of fedex on the call they raised their guidance he was very optimistic and encouraged he said about the tax cuts and the legislation and what all of that will mean for his bottom line as well as others yeah. Well, look, im glad we can put the priced in debate to bed now because the event is here and we had a major run up in the market of the last two weeks as the event was getting close to happening which tells you that all this year it really wasnt priced in. All right. On that note lets go down and listen to president trump. Okay. Thank you very much. I appreciate everybody being here Cabinet Meeting. And this looks like it will probably be our last Cabinet Meeting until the new year but who knows. You never know what happens with Cabinet Meetings weve had some really great and productive ones, and this will be one of celebration because of what took place last night we had an historic victory for the American People. It will go through final passage today in the house then the congressmen and women and the senate will be coming over, the republican senate. Unfortunately, the democrats dont like to see tax cutting. They like to see tax increases, and they like to complain, but they dont get it done, unfortunately. But they complain a lot. So were going to have the republican senators come over. Were going to have the republican members of the house come over, and we ear going to have a News Conference and people are starting to see how great this historic victory was. The passage of the massive tax cuts and reform, thats a lot of reform in there, and the tax cuts supercede and i say very specifically use the word tax cuts for 34 years they have been trying to do this, and they havent, and they used the word reform well, there is reform, but i said were going to be talking about tax cuts the heart of our bill is a tremendous amount of relief for the middle class, including a doubling of the Child Tax Credit and the nearly doubling of the standard deduction thats going to be tremendous to people they are going to start seeing the results in february. This bill means more take home pay. It will be an Incredible Christmas gift for hardworking americans. I said i wanted to have it done before christmas we got it done i want to thank all of the leaders and i want to thank Mitch Mcconnell and paul ryan and so many other people, and well go through the official ceremony in a little while when they come over to the white house, but youve had we have tremendous amount of talent in the house, a tremendous amount of talent in the senate, i can tell you that, and they love this country the bill also includes a new family tax credit for dependants it makes the vast majority of family farms and Small Businesses exempt from the estate tax the estate tax was killing the farmers. They were forced to sell farms at Bargain Basement prices they dont have to do that anymore, and it brings overseas corporate profits back to the United States. Our plan also lowers the tax on American Business from 35 all the way down to 21 . Thats probably the biggest factor in this plan. Weve become competitive all over the world our Companies Wont be leaving our country any longer because our tax burden is so high, because now were down towards the lower end of the spectrum as opposed to being the highest we were the highest. And its really above all else its a jobs bill because these corporations that are already coming into the country, but they are going to start pouring into the country its about jobs, and they will build some really Great Companies and a lot of jobs. Weve already created over 2 million jobs since the owe lefnlgts the stock market, as you see, its at an alltime high yet again i think thats 86 times since i got elected, 16 times were at an alltime high unemployment is at a 17year low. Weve liberated the American Economy from washington overreach and cutting 22 regulations for every new regulation the most in history by far weve cut hundreds and hundreds of regulations allowing people to have their businesses, work their businesses and hire people and we still have plenty of regulation, dont worry. We have plenty of regulation regulation is not the worst thing, but overregulation is stifling in our country. Couldnt do anything weve unleashed military might on isis and today the coalition to defeat isis has recaptured nearly 100 of the territory once held by the terrorists in iraq and syria well be finished pretty soon with the isis situation in those two countries and were making it very difficult for them to come here, believe me. Were fighting it very hard, Homeland Security and our great military were restoring Immigration Enforcement at levels that our country has never seen before and taken the fights to the criminal gangs like ms13 where we are decimating those animals. They are animals what they do is horrible horrible, and were making the immigration system work for americans, but were cleaning out towns of thats msthrown gangsters. Thats why were calling on congress to fund the border wall which were getting very closed to were working on that. We have a great wall and put up, as you know, six different varieties of wall. We want to be able to see through and have help from the Border Patrol and i. C. E. Agents. Were getting their input on the wall and who knows better than them we want vision and want to see through who is on the other side of the wall and we have some wonderful prototypes that have been put up. Well be building the wall and doing lots of other things well very importantly funding and closing the loopholes that undermine our enforcement, and we will get rid of chain migration and the visa Lottery Program. We have a Lottery Program where we take in a lottery people from other countries and in some places we are bringing in some very bad, bad people and through chain migration and through the lottery, the man that ran over people on the west side highway in manhattan a month ago, two months ago, he came in through the visa lottery we dont want this group of people anymore people met him in the neighborhood they all said he was horrible. Nasty, mean. Wouldnt talk to people. They could see it coming they could actually see it coming when they went back to the area where he lived. They could see it coming they said whats he doing here well, when we take people that are lottery, they are not putting their best people in the lottery. Its common sense. They are saying lets take our best people and lets put them into the lottery so that we can send them over to the United States no they put their worst people into the lottery and thats what we get in many cases. So thats not requesting to be happening anymore. Were going to end it. Were ending the lottery and were ending the chain migration where in his case they say he might have had up to 24 people come in with him indirectly aunts, uncles, cousins, grandfathers, grandmothers, and they come in because one guy get in and then you bring the whole family, and and not a lot of jobs there either. I want to tell you not a lot of working jobs. Were rebuilding our nation. Were rebuilding our confidence, and were standing in the world as a different country were being respected again. Today the entire world can see that america is coming back and america is coming back rapidly and strongly they see that with whats going on economically. This is even before the tax the tax cuts have been approved, and i have to say that a lot of people thought that the tax cuts have been approve. I heard a couple of our folks steve and gary and a few others this morning, and they are thinking that the market hasnt fully digested what they have got here i dont think the market has even begun to realize how good these are, for instance, like full expensing and other things. We have things in there that are so incredible. One of the great things is bringing back perhaps 4 trillion back into our country, 4 trillion of money we couldnt get back because of our tax code and because of regulation. We were unable that money can now flow back into our country and produce jobs and go into our companies where they want to spend it. They want to spend the money here they werent allowed to. Americans are filled with excitement for the future, optimism like they havent seen. Youve seen all the charts, and enthusiasm for the incredible possibilities that lie ahead for our country. At this wonderful time its a blessed season and we have a blessed country. Were renewing our bonds of loyalty to each other and to this nation. This nation is a nation with tremendous spirit again. You can see that Housing Confidence is the highest its been in many years. Just came out. Many manufacturing, the highest level of confidence that they have had since they started doing it many years ago, and business that has the highest level confidence, so were doing a lot of things, so well be meeting again. The cabinet will be meeting again shortly, but we have done a job like no administration has done we get the final passage, and were waiting for that final passage. As you know we do have to go through one more vote in the house and thats being done virtually as we speak, so when thats done, you add all of that to what weve done in terms of regulatory and in terms of military, weve as you know, were going 700 billion for military were rebuilding the military. We cannot have a weak military in time and age so were rebuilding our military and when you add it all up together and then you add two things, the individual mandate is being repealed when the individual mandate is being repealed, that means obamacare is being repealed because they get their money from the individual mandate, so the individual mandate is being repealed, so in this bill not only do we have massive tax cuts and tax reform, we have essentially repealed obamacare well come up with something that will be much better whether its block grants or whether its taking what we have and doing something terrific, but obamacare has been repealed in this bill we didnt want to bring it up. I told people specifically be quiet with the Fake News Media because i dont want them talking too much about it because i didnt know how people now that its approved, i can say the individual mandate on health care, where you had to pay not to have insurance, okay. Think of that. You paid not to have insurance the individual mandate has been repealed the other one is anwar, so a friend of mine who is in the oil business said i cant believe it anwar. They have been trying to get it for 40 years, 40 years, and i didnt know that we have anwar and will still drilling in anwar, the largest oil reserve in the world that for 40 years america was unable to touch it will be one of our biggest oil reserves its one of the biggest in the world. Puts us in a level that were not even at now, and were doing very well in terms of, as you know, energy, but anwar by itself would be a big bill, but thats when it hit me. When he said, you know, they have been trying to get that, the bushes, everybody, all the way back to reagan rage abe tri reagan tried to get it, bush tried to get it, they couldnt get it passed. That just happens to be here, and we did that at the request of the two great senators from the state of alaska which is a very special place, but i will tell you anwar is a big, big deal its not ever mentioned by the press, and that was fine until now. Now you can mention, it so were going to have Tremendous Energy coming out of that part of the world and people have wanted to do it for who year40 years now im going to ask ben carson, you can do the good solid prayer ben, well ask you to say grace. Thank you. Our kind father in heaven, were so thankful for the opportunities and the freedom that youve granted us in this country. We thank you for a president and for cabinet members who are courageous, who are willing to face the winds of controversy in order to provide a Better Future for those who come behind us were thankful for the unity in congress that has presented an opportunity for our economy to expand so that we can fight the corrosive debt that has been destroying our future, and we hope that that unity will spread even beyond party lines so that people recognize that we have a nation that is worth saving and rec noise that nations divided against themselves cannot stand. In this time of discord, distrust and dishonesty, we ask that you would give us a spirit of gratitude, compassion and common sense and give us the wisdom to be able to guide this great nation and the future we ask in the name of the father, the sop and the holy spirit, amen amen. Thank you, ben. Beautiful. Thank you very much. Mike would you like to say a few words. Well, i appreciate it, mr. President. As i told you last night shortly after the senate vote, i know i speak on behalf of the entire cabinet and millions of americans when i say congratulations and thank you. Thank you for seeing through the course of this year an agenda that truly is restoring this country. You described it very good from the outset weve been rebuilding our military and putting the safety and the security of the American People first. Youve restored american credibility on the world stage were standing with our allies were standing up to our enemies, but you promised economic renewal at home you said we could make this economy great again and you promised to roll back regulations and you signed more bills rolling back federal red tape than any president in American History youve unleashed American Energy youve spurred an optimism in this country thats setting records. But you promised the American People in the campaign a year ago that you would deliver historic tax cuts and it would be a middle class miracle in just a short period of time and that promise will be fulfilled and i just and im deeply humbled as your Vice President to be here because of your leadership and because of the strong support and leadership in the congress of the United States youre delivering on that middle class miracle. Youre actually got the congress to do as you said what they couldnt do with anwar for 40 years. Youve gotten the congress to do with tax cuts for working families and American Businesses what they havent been able to do for 31 years, and you got congress to do what they couldnt do for seven years in repealing the individual mandate in obamacare i know you would have me also acknowledge people around this table, mr. President i want to thank the leaders in congress once again for their partnership in this. I want to thank your Outstanding Team your secretary of the treasury Steve Mnuchin and for ivanka tramp and gary cohn and all the members of this cabinet who helped drive your Vision Forward over the past six months after you laid out that vision for tax reform but mostly, mr. President , ill end where i began and just tell you i want to thank you, mr. President. I want to thank you for speaking on behalf of and fighting every day for the forgotten men and women of america because of your determination, because of your leadership, the forgotten men and women of america are forgotten no mar, and we are making America Great again. Thank you. Thank you, mr. President , and god bless you. I appreciate that very much i also want to thank all of the members of the cabinet, and i think we have a fantastic team, and next year were going to go on to some really Amazing Things were going to were making ourselves very strong again, right, general we are, sir. Not so happy that first week when i met him he was saying its really depleted well, were building it up rapidly and well be at a level like never before, but the members of the cabinet, youve been outstanding i like the message that nikki sent yesterday at the united nations. For all of these nations that take our money and then they vote against ups at the Mission Today<\/a> is dwight simple, to figure out what all of this means to your money and what may happen in the months ahead. At least one key person weighing in on that question today, council of economics chair gary cohn who said this earlier if you look and what the tax plan is going to do, i dont think thats factored in you can take an interesting basket of hightech stocks and lowtech stocks, and they are not doing what you think they are doing. You would think that the high tax stocks would be outperforming the low tax stocks its not happening, so i think theres a lot more momentum in the stock market. Doc, gary cohn said its not priced in. A lot more momentum. The question i posed yesterday, right, that to dubravko when hes on the set and i said i dont think its being priced in enough yet do you think so . I think he was saying a tenth, maybe two, so i dont think thats enough. I think mr. Cohn is like that were more likely to see people adjusting based on what they see out of this particular in particular when we start to see boards with pressure on them, scott, to bring money back, the repatriation part and the 14 tax on that, not just the 21 tax on corporations, but the repatriation part of it. Yeah. I think thats the part they are not pricing in enough. You get a god idea on how Corporate America<\/a> is thinking about all of this today from the comments of fred smith, the ceo of fedex on the call they raised their guidance he was very optimistic and encouraged he said about the tax cuts and the legislation and what all of that will mean for his bottom line as well as others yeah. Well, look, im glad we can put the priced in debate to bed now because the event is here and we had a major run up in the market of the last two weeks as the event was getting close to happening which tells you that all this year it really wasnt priced in. All right. On that note lets go down and listen to president trump. Okay. Thank you very much. I appreciate everybody being here Cabinet Meeting<\/a>. And this looks like it will probably be our last Cabinet Meeting<\/a> until the new year but who knows. You never know what happens with Cabinet Meeting<\/a>s weve had some really great and productive ones, and this will be one of celebration because of what took place last night we had an historic victory for the American People<\/a>. It will go through final passage today in the house then the congressmen and women and the senate will be coming over, the republican senate. Unfortunately, the democrats dont like to see tax cutting. They like to see tax increases, and they like to complain, but they dont get it done, unfortunately. But they complain a lot. So were going to have the republican senators come over. Were going to have the republican members of the house come over, and we ear going to have a News Conference<\/a> and people are starting to see how great this historic victory was. The passage of the massive tax cuts and reform, thats a lot of reform in there, and the tax cuts supercede and i say very specifically use the word tax cuts for 34 years they have been trying to do this, and they havent, and they used the word reform well, there is reform, but i said were going to be talking about tax cuts the heart of our bill is a tremendous amount of relief for the middle class, including a doubling of the Child Tax Credit<\/a> and the nearly doubling of the standard deduction thats going to be tremendous to people they are going to start seeing the results in february. This bill means more take home pay. It will be an Incredible Christmas<\/a> gift for hardworking americans. I said i wanted to have it done before christmas we got it done i want to thank all of the leaders and i want to thank Mitch Mcconnell<\/a> and paul ryan and so many other people, and well go through the official ceremony in a little while when they come over to the white house, but youve had we have tremendous amount of talent in the house, a tremendous amount of talent in the senate, i can tell you that, and they love this country the bill also includes a new family tax credit for dependants it makes the vast majority of family farms and Small Businesses<\/a> exempt from the estate tax the estate tax was killing the farmers. They were forced to sell farms at Bargain Basement<\/a> prices they dont have to do that anymore, and it brings overseas corporate profits back to the United States<\/a>. Our plan also lowers the tax on American Business<\/a> from 35 all the way down to 21 . Thats probably the biggest factor in this plan. Weve become competitive all over the world our Companies Wont<\/a> be leaving our country any longer because our tax burden is so high, because now were down towards the lower end of the spectrum as opposed to being the highest we were the highest. And its really above all else its a jobs bill because these corporations that are already coming into the country, but they are going to start pouring into the country its about jobs, and they will build some really Great Companies<\/a> and a lot of jobs. Weve already created over 2 million jobs since the owe lefnlgts the stock market, as you see, its at an alltime high yet again i think thats 86 times since i got elected, 16 times were at an alltime high unemployment is at a 17year low. Weve liberated the American Economy<\/a> from washington overreach and cutting 22 regulations for every new regulation the most in history by far weve cut hundreds and hundreds of regulations allowing people to have their businesses, work their businesses and hire people and we still have plenty of regulation, dont worry. We have plenty of regulation regulation is not the worst thing, but overregulation is stifling in our country. Couldnt do anything weve unleashed military might on isis and today the coalition to defeat isis has recaptured nearly 100 of the territory once held by the terrorists in iraq and syria well be finished pretty soon with the isis situation in those two countries and were making it very difficult for them to come here, believe me. Were fighting it very hard, Homeland Security<\/a> and our great military were restoring Immigration Enforcement<\/a> at levels that our country has never seen before and taken the fights to the criminal gangs like ms13 where we are decimating those animals. They are animals what they do is horrible horrible, and were making the immigration system work for americans, but were cleaning out towns of thats msthrown gangsters. Thats why were calling on congress to fund the border wall which were getting very closed to were working on that. We have a great wall and put up, as you know, six different varieties of wall. We want to be able to see through and have help from the Border Patrol<\/a> and i. C. E. Agents. Were getting their input on the wall and who knows better than them we want vision and want to see through who is on the other side of the wall and we have some wonderful prototypes that have been put up. Well be building the wall and doing lots of other things well very importantly funding and closing the loopholes that undermine our enforcement, and we will get rid of chain migration and the visa Lottery Program<\/a>. We have a Lottery Program<\/a> where we take in a lottery people from other countries and in some places we are bringing in some very bad, bad people and through chain migration and through the lottery, the man that ran over people on the west side highway in manhattan a month ago, two months ago, he came in through the visa lottery we dont want this group of people anymore people met him in the neighborhood they all said he was horrible. Nasty, mean. Wouldnt talk to people. They could see it coming they could actually see it coming when they went back to the area where he lived. They could see it coming they said whats he doing here well, when we take people that are lottery, they are not putting their best people in the lottery. Its common sense. They are saying lets take our best people and lets put them into the lottery so that we can send them over to the United States<\/a> no they put their worst people into the lottery and thats what we get in many cases. So thats not requesting to be happening anymore. Were going to end it. Were ending the lottery and were ending the chain migration where in his case they say he might have had up to 24 people come in with him indirectly aunts, uncles, cousins, grandfathers, grandmothers, and they come in because one guy get in and then you bring the whole family, and and not a lot of jobs there either. I want to tell you not a lot of working jobs. Were rebuilding our nation. Were rebuilding our confidence, and were standing in the world as a different country were being respected again. Today the entire world can see that america is coming back and america is coming back rapidly and strongly they see that with whats going on economically. This is even before the tax the tax cuts have been approved, and i have to say that a lot of people thought that the tax cuts have been approve. I heard a couple of our folks steve and gary and a few others this morning, and they are thinking that the market hasnt fully digested what they have got here i dont think the market has even begun to realize how good these are, for instance, like full expensing and other things. We have things in there that are so incredible. One of the great things is bringing back perhaps 4 trillion back into our country, 4 trillion of money we couldnt get back because of our tax code and because of regulation. We were unable that money can now flow back into our country and produce jobs and go into our companies where they want to spend it. They want to spend the money here they werent allowed to. Americans are filled with excitement for the future, optimism like they havent seen. Youve seen all the charts, and enthusiasm for the incredible possibilities that lie ahead for our country. At this wonderful time its a blessed season and we have a blessed country. Were renewing our bonds of loyalty to each other and to this nation. This nation is a nation with tremendous spirit again. You can see that Housing Confidence<\/a> is the highest its been in many years. Just came out. Many manufacturing, the highest level of confidence that they have had since they started doing it many years ago, and business that has the highest level confidence, so were doing a lot of things, so well be meeting again. The cabinet will be meeting again shortly, but we have done a job like no administration has done we get the final passage, and were waiting for that final passage. As you know we do have to go through one more vote in the house and thats being done virtually as we speak, so when thats done, you add all of that to what weve done in terms of regulatory and in terms of military, weve as you know, were going 700 billion for military were rebuilding the military. We cannot have a weak military in time and age so were rebuilding our military and when you add it all up together and then you add two things, the individual mandate is being repealed when the individual mandate is being repealed, that means obamacare is being repealed because they get their money from the individual mandate, so the individual mandate is being repealed, so in this bill not only do we have massive tax cuts and tax reform, we have essentially repealed obamacare well come up with something that will be much better whether its block grants or whether its taking what we have and doing something terrific, but obamacare has been repealed in this bill we didnt want to bring it up. I told people specifically be quiet with the Fake News Media<\/a> because i dont want them talking too much about it because i didnt know how people now that its approved, i can say the individual mandate on health care, where you had to pay not to have insurance, okay. Think of that. You paid not to have insurance the individual mandate has been repealed the other one is anwar, so a friend of mine who is in the oil business said i cant believe it anwar. They have been trying to get it for 40 years, 40 years, and i didnt know that we have anwar and will still drilling in anwar, the largest oil reserve in the world that for 40 years america was unable to touch it will be one of our biggest oil reserves its one of the biggest in the world. Puts us in a level that were not even at now, and were doing very well in terms of, as you know, energy, but anwar by itself would be a big bill, but thats when it hit me. When he said, you know, they have been trying to get that, the bushes, everybody, all the way back to reagan rage abe tri reagan tried to get it, bush tried to get it, they couldnt get it passed. That just happens to be here, and we did that at the request of the two great senators from the state of alaska which is a very special place, but i will tell you anwar is a big, big deal its not ever mentioned by the press, and that was fine until now. Now you can mention, it so were going to have Tremendous Energy<\/a> coming out of that part of the world and people have wanted to do it for who year40 years now im going to ask ben carson, you can do the good solid prayer ben, well ask you to say grace. Thank you. Our kind father in heaven, were so thankful for the opportunities and the freedom that youve granted us in this country. We thank you for a president and for cabinet members who are courageous, who are willing to face the winds of controversy in order to provide a Better Future<\/a> for those who come behind us were thankful for the unity in congress that has presented an opportunity for our economy to expand so that we can fight the corrosive debt that has been destroying our future, and we hope that that unity will spread even beyond party lines so that people recognize that we have a nation that is worth saving and rec noise that nations divided against themselves cannot stand. In this time of discord, distrust and dishonesty, we ask that you would give us a spirit of gratitude, compassion and common sense and give us the wisdom to be able to guide this great nation and the future we ask in the name of the father, the sop and the holy spirit, amen amen. Thank you, ben. Beautiful. Thank you very much. Mike would you like to say a few words. Well, i appreciate it, mr. President. As i told you last night shortly after the senate vote, i know i speak on behalf of the entire cabinet and millions of americans when i say congratulations and thank you. Thank you for seeing through the course of this year an agenda that truly is restoring this country. You described it very good from the outset weve been rebuilding our military and putting the safety and the security of the American People<\/a> first. Youve restored american credibility on the world stage were standing with our allies were standing up to our enemies, but you promised economic renewal at home you said we could make this economy great again and you promised to roll back regulations and you signed more bills rolling back federal red tape than any president in American History<\/a> youve unleashed American Energy<\/a> youve spurred an optimism in this country thats setting records. But you promised the American People<\/a> in the campaign a year ago that you would deliver historic tax cuts and it would be a middle class miracle in just a short period of time and that promise will be fulfilled and i just and im deeply humbled as your Vice President<\/a> to be here because of your leadership and because of the strong support and leadership in the congress of the United States<\/a> youre delivering on that middle class miracle. Youre actually got the congress to do as you said what they couldnt do with anwar for 40 years. Youve gotten the congress to do with tax cuts for working families and American Business<\/a>es what they havent been able to do for 31 years, and you got congress to do what they couldnt do for seven years in repealing the individual mandate in obamacare i know you would have me also acknowledge people around this table, mr. President i want to thank the leaders in congress once again for their partnership in this. I want to thank your Outstanding Team<\/a> your secretary of the treasury Steve Mnuchin<\/a> and for ivanka tramp and gary cohn and all the members of this cabinet who helped drive your Vision Forward<\/a> over the past six months after you laid out that vision for tax reform but mostly, mr. President , ill end where i began and just tell you i want to thank you, mr. President. I want to thank you for speaking on behalf of and fighting every day for the forgotten men and women of america because of your determination, because of your leadership, the forgotten men and women of america are forgotten no mar, and we are making America Great<\/a> again. Thank you. Thank you, mr. President , and god bless you. I appreciate that very much i also want to thank all of the members of the cabinet, and i think we have a fantastic team, and next year were going to go on to some really Amazing Things<\/a> were going to were making ourselves very strong again, right, general we are, sir. Not so happy that first week when i met him he was saying its really depleted well, were building it up rapidly and well be at a level like never before, but the members of the cabinet, youve been outstanding i like the message that nikki sent yesterday at the united nations. For all of these nations that take our money and then they vote against ups at the Security Council<\/a> or they vote against us potentially at the assembly, they take hundreds of millions of dollars and even billions of dollars and then they vote against us well, were watching those votes. Let them vote against us well save a lot we dont care, but this isnt like it used to be you vote against us and pay them hundreds of millions of dollars and nobody knows what they are doing. Nikki, that was the right message and ive had a lot of good comment on it, believe me people are tired of the United States<\/a>, the people that live here, our great citizens that love this country, they are tired of this country being taken advantage of, and were not going to be taken advantage of any longer. Thank you very much. Thank you haul very much thank you. Appreciate it. Mr. President , how will the tax plan cost you a fortune . How will the tax plan cost you a fortune, mr. President thank you very much, everybody. Thanks, everyone. That is the president of the United States<\/a> in his final Cabinet Meeting<\/a> of 2017 declaring victory on taxes, calling it an historic victory i said we were going to have it done, said the president , before christmas. We got it done he mentioned the stock market once again hitting a record high mentioned steve and gary, mnuchin and cohn i think the market hasnt fully digested what weve got here eamon javers watching it all unfold eamon, this was a president soaking up a muchneeded victory. The president very much in a good mood today, ticking through a list of accomplishments for 201. This is the big capstone, the big legislative victory that this white house has been looking for, and they will have it today they can move forward to 2018, and they have got a long list of agenda items for next year as well a little bit off message though, the president was, when he talked about the Corporate Tax<\/a> rate coming down to 21 , being the biggest factor in the tax plan thats something that they have not wanted to emphasize in the messaging around this. They wanted to suggest that this is mostly for the middle class the president there very much touting that decline in the Corporate Tax<\/a> rate also the president saying essentially that they have repealed obamacare by getting rid of the individual mandate. Said we didnt want to talk about it very much, wanted to be quiet about it, but he said by repealing the individual mandate, obamacare has been repealed, and you can remember, of course, that the white house was unable to legislatively repeal obamacare in its entirety earlier this year. That was an enormous frustration for this president today though hes taking credit for all but repealing obamacare, at least by getting rid of that individual mandate, so the president has a lot to look forward to here, and he used that word of celebration i can tell you there is a celebratory mood here at the white house. They are in very good spirits here trying to work out a couple of details bow logistically and technically and also in terms of the Public Relations<\/a> surrounding this they dont know exactly when the president is going to actually sign this tax bill once its been passed. There are some technical procedural issues around that. It could have to wait until january or maybe the president would sign it in private in maralago next week when hes down there over christmas break. The other question here is what coined of events will we see we think that the president is going to do an event at 3 00 p. M. Today here at the white house in which hell speak publicly about all of this he might sign the bill privately in maralago and have another event in january to do the official tax signing even though the bill would have been signed by him in florida. The optics of signing a bill like this in the lavish surroundings of maralago are not something the white house necessarily wants to embrace, right, so how they handle all that is still very much a moving target how they handle the actual signing of this is a moving target as well, but we will see the president again today, and you can expect to hear more of the same today the president views this as a very big win for him in 2017 scott . No doubt. Eamon, thanks so much. Eamon javers, north lawn of the white house for us lets bring all of this back to the market, rick sapperstein with us today. Steve mnuchin and gary cohn, the head of the economic council, if they are correct and this is not being factored fully into the market what does that mean for stocks stocks continue to go higher. Were in the midst of a globalized synchronized recovery, and theres opportunity right now in small caps, but biggest concern that i have is where is the bond market in all of this is the bond market just hibernating and were having a rising stock market and no movement in bond prices . Well, youre getting a little bit of movement. Yesterday was the first time, so, look, i think maintain full positions, small caps have a tremendous underpricing relative to large caps, right, and if you go back 15 years and look at the average pe and compare with the small and the mid caps, they are identical right now, and small will benefit from tax reform lower tax rates. They are not subject to a lot of the Interest Deductibility<\/a> phaseouts so i would focus on an opportunity right now. You expect the stock market to go higher over the next 12 months. Yes. From earnings, tax reform, global synchronized recovery, and if we get an infrastructure bill, that can also add more to it. So that seems to be the prevailing thought, right . Tony dwyer raises his price target, right on the verge of raising his s p target to 3100 and wants to wait until pen is on paper for the president but the writing is on the wall, so to speak tobias leskwi Tobias Levkovich<\/a> raised his and put whatever multiple you want on top of that the highest targets on the street are about 3000. Yes. Are we right . Pretty aggressive. Or are we getting ahead of ourselves . I think a little ahead of ourselves. Were now in phase three first phase, is there a tax bill and it will happen and phase two is who benefits . If youre a highpaying company you benefit. Thats easiy almost no matter what tax payer you are youre going to benefit if youre a company. I understand, but it varies we think this is phase three where theres not going to be a revel Playing Field<\/a> in terms of who really keeps the money that they save. If youre an airline maybe youre going to price it all away if youre a retailer you might not keep any of that benefit so i think its northern to differentiate, and its also very important to recognize as josh just said, you know, weve had this big run in the last few weeks. Its not as if its totally unnoticed by the market that there was going to be a tax bill passed actually gary cohn speaking out of both sides of his mouth which if youve been walking politics this year shouldnt shock anyone he actually said i think six weeks ago that the market is already expecting this tax reform and not quite a threat but mentioned something where if this doesnt happen it could be a negative market event. Now hes saying its not priced in, so basically people can say whatever they want about how much it is or is not priced in, and i think you made the argument that its not priced in. But or the last two weeks weve certainly gone a long way towards pricing it in. Ive made the argument all year there was more to come if this got closer to reality because of how far away it was in the spring and summer and they kept pushing back the date and now its here and well see if its a sell the news. You know, i dont know that i dont know that and to kari owes point this is a universal great thing for every stock. I dont think thats the case. It will be sector by sector and company by company not suggesting its a negative we may have pulled forward some of to 18 eats growth of the markets into this year theres no way to know. Unless you think, jimmy, that the market has risen because more than anything of whats been taking place in the economy and this global synchronized recovery that rich has mentioned and have spoken about on numerous occasions and now the real burst will happen because of this tax package. Well, i think it has risen for all of the above, not just one thing. The global sink noised economic recovery, the profits and tax reform, et cetera. I found this debate where we will end 2018 is slightly amusing. First off. It depends on 2019 earnings. Were talking about where the s p 500 is today right now in relative to 2018 earnings. That will change when we get to 2018 the end of 2018. Well be looking at 2019 why do i bring this up because everybody has got to have an end of year target and i dont think that we will go through 2018 without seeing a point in time where the s p 500 is below where itclosed december 31st. Thats not tremendously provocative. Let me be clear. Im not even calling for a correction, certainly not calling for a bear market, but i think that volatility as low as it is will end for any of a number of reasons. We can say, scott, because of everything that weve talked about is priced in weve also debated this the last couple of weeks that some people, a lot of people, frankly, did not sell in the last few monies because they knew they could bridge over to 2018 and get lower tax rates and at the very least take advantage of this neverending rise through the end of to 18. Maybe youll get selling and the muted reaction and pullback here and there is because of some selling of some big winners in tech and elsewhere and poem are looking to deploy capital and industrials and companies that are going to spend money, huge sums of money on Capital Equipment<\/a> i go back to fred smith. I think they are the most profound comments that weve gotten yet on what truly this means to the economy and then thus the stock market of a guy whose Company Beats<\/a> and they raise their guidance is so optimistic about what this is going to mean. Any reason to think anything but the kind of thing. Went up all year without tax reform. And the economy is doing well. So thats the point so it has nothing to do with it. Hes raising his guidance in part because of what the tax plan is going to mean whether you want to believe it or not. Its not about believing it. It is in some resglekts what if he raised his guidance and cited Something Else<\/a> other than a tax cut . What if he raised his guidance which he could have said, hey, gdps around the world with grow, costs are still low and were in a really good scenario without inflation, with Economic Growth<\/a> and with accelerating Economic Growth<\/a> in a lot of places. Its all part of the same its a global business. This is a good question will it continue ive said this before. I think most people agree that the only thing that will really derail this is if you have a growth scare, either in economic prospects or meaningfully in profits. Lets think about the Fourth Quarter<\/a> earnings season which well start in a few weeks this is an opportunity frankly for companies to kitchen sink and throw any charges in there that they just want to get off their books because they can cover it with any positive verbiage about what the tax reform will do for the year ahead. Let me ask you this does it make any difference whatsoever whether a company uses the money that they expect to get as a result of this tax cut, whether they pay down debt, whether they buy new equipment, whether they buy back their stock . All of that is it not positive for each individual company and thus their share price over the next 12 months minimum. Its all in that positive, but we havent ever role recognized the possible Multiplier Effect<\/a> of repatriation and immediate expensing of Capital Expenditures<\/a> the Multiplier Effect<\/a> on that in terms of labor, additional gdp growth could be exceptionally powerful so were talking about is it is tax reform in the market or not . I dont see anyone that want to lose the optionality of additional growth, additional ben fritz tax reform right now you going to go buy bonds . Bonds and Interest Rates<\/a> will be going up, so really investors should maintain positions in the market. Lets say that Multiplier Effect<\/a> is 10 to s p earnings in calendar 2018. Right. Or even at the most optimal lets say its 170, all right, fine, so reernlgs fine, and i agree with you, by the way, the Multiplier Effect<\/a>. God forget we get a cap x boom, i agree, totally agree with you however, theres no law on the books, and i think you would agree that says that we have to get that 10 in earnings and maintain the 20 times multiple that were paying. We may deside, because of what jim cited, hey, look, commodity costs creeping up, labor costs creeping up, Profit Margins<\/a> falling off a little bit we may decide that, yes, its great that we got that extra 10 in s p earnings and all of the great things came true but we really only want to pay 19 times. Or 18 times. Thats not helpful for forward share prices in 2018 and thats a reasonable point, right . Yeah. Totally. If rate stay low relative to what this plan could mean, ive been, you know, speaking with people who say, okay, as i said before, and some of the forecasts that are being upped are based on is 50 some odd dollars and then the only real question is what multiple you want to put on that and what you can get in the market. You have to be skeptical with someone and cant say we have 150 or put that 2 is multiple on you have to keep considering that there are things that happen out of the blue oil prices are 63. What if they want to 90, to 80 i would think that fred smith would feel a little differently if the price of oil went up 35 . Whats realistic . Is that realistic . No. I dont think its unrealistic. Its a commodity. Why isnt it realistic because of fracking and how fast excuse me, what it realistic for oil to drop from 100 to 20 because of fracking, exactly the same reason. What is that a consensus call that oil could go down by 4 5 inside of a year consensus is one thing. Possibility is what youre arguing though, possibility. Hat 100 if someone came along and one person in the world did, if a money manager came along and said my investment thesis for this year is we lose 4 5 in the price of crude, a, would you have said, impossible. B, you would have said if that happens global depression. A, it happened and b gas good for economy. Managed to float around not great for earnings and the s p. Its a commodity i hate when people said impossible. If i told you the economy is going to continue to improvement the fed, though it may hike three times next year, whatever, is still going to be easy along with other Central Banks<\/a> and oh, by the way youre going to get a huge Corporate Tax<\/a> cut, youre telling me that is any way neglect tough for the stock market well, look, the stock market make that argument for me because i cant see it. Im making it for you im making it for you. I think its good for the economy, but the economy and the stock market are roughly tethered together. They do not move in lockstep and you could end up in a scenario where this works out to be better in 2018 for the economy than it is for publicly traded equities for all of the reasons i cited starting with Profit Margins<\/a> and ending with concerns over where we are in the Business Cycle<\/a> people looking at the narrowing yield curve and say maybe this thing isnt going to 22 times, you know, s p 2019 numbers, so its not that i think that its bad. I think its great if it puts people to work, im happy to see it. Didnt work in the 2000s decade. Fine, lets try it again maybe well get a different result but it doesnt mean were getting more multiple expansion in stocks and that were going to reprice this whole thing all over again in the next 12 months. Are you then advising people to take them out of the market now because of how great the year has been . No, but for the second year in a row were underweight large cam u. S. Stocks and overweight equities around the world. Worked out well this year, doing it again next year. Were just the opposite. Okay. The multiple spread youre probably basing your Investment Decision<\/a> on the multiple spread between euro stocks and s p. No, we use trend also. So theres normally a two multiple spread between euro stocks and the s p. I dont think they should be at the same level. But the combination of both sectors is radically different. Thats an old story eamericaning markets are now 30 technology i understand what youre saying. Why own emerging markets when youve got great opportunities back home, because of the discount emerging markets have outperformed u. S. Stocks by 11 over the last lets call it since february 2016 so almost two years. Historically regimes wem outperforms the u. S. , its like 300 theres a lot of room for outperformance in em visavis s p. A lot of room, years maybe. On a riskadjusted basis. Yeah. Its a 14 cape versus a 27 cape, on a riskadjusted basis, em should be bigger than the market weight that the world currently carries it at. You cant possibly deny that we have lack of transparency, less liquidity, its commoditybased, and when were locking at the opportunity no one would kenai this. Let him finish. You started off talking about multiple expansion in the u. S. , okay. Well, we had it. We have it. But we dont need more multiple expansion because were going to have earnings grow every quarter throughout 2018. Right. So if we sell it 20 times forward and we have high earnings, estimates are going to 145 on s p towards the end of this year, we can stay at 20 times because the benefits of repatriation and immediate expensing continue for years were first going to get a surge in more employment. Why do we deserve to stay at 20 times i guess what im sayingsy agree with your Prime Minister<\/a> on the Economic Impact<\/a> as well as what it can mean for us in earnings, but why do you think 20 times is gifted to us and that we get to keep it . I dont know that thats historically accurate that because we start the year at 20 times we get to hold on to it. Josh is making a point that you can have other Asset Classes<\/a> other than the u. S. And feel positive about them. He may feel for his clients and just looking at the type of metrics heouses that other markets im curious what you think about the multiple i will do we get 20 times throughout the course of 2018 just because were there now because investors dont want to give up on the optionality of the largest economy in the world moving from the highest Corporate Tax<\/a> rate to the lowest of the g7. We can talk about the benefits of that. Analysts can factor it into earnings, but no one really knows. So you are overweight, youre saying, the most expensive large stock market in the world. Yes. But its going from the highest tax rate to the lowest in the g7. Theres going to be amazing transformation that could occur. I hope youre right because, frankly, there is a feed through globally if Something Like<\/a> what you are suggesting really takes place in the United States<\/a>, and europe is not the only game in town for international investing. I think there are big markets all over the world very, very cheap relative to where we are today. You can also have a view that you think whoever, you, the general person out there, thinks that this tax plan is the worst thing they have ever seen and targeting the wrong place whatsoever and still come to the realization that its because of whats going to happen in Corporate America<\/a> that its good for the stock market. Half the country is saying that. They have been fed crap about what is real ney this bill when they feel it for real, they will half the country will not hate it. Ill put that one on the board with you. I think they hate it philosophically but they dont say this is going to be bad for stocks part of the reason they hate it because it will be mostly good for stocks and wont be good for frankly the people who have missed out on the recovery because they dont already own stocks. Ive been talking to big investors saying you could have had the corporate rate come down to 25 . Shower. That would still have been a tremendous boon for Corporate America<\/a>. It would have. And make up the difference elsewhere in areas that the critics are saying doesnt necessarily target the way it should. Target. Us as individuals, judge. Thats not crap. Thats not crap we as individuals pay more than the corporates have paid in tax. We can all look it up on the various tax blogs and so forth, but its not that corporations carry the load for taxes in this country. But if we put a carrot in front instead of a stick as far as how they are treated in this country, perhaps not as many jobs go overseas, as have gone overseas. I think thats an absolutely reasonable point, and i think the most important point that im taking away from what you had to say and i totally agree with it, repatriation might not be priced in, and thats why its surprising today that all the f. A. N. G. Down. None down more than 1 , not a big deal, just up day, but im actually surprised i dont think that the ability for Technology Companies<\/a> to bring money here, hire more people here, is as appreciated as it should be. I think repatriation maybe is my favorite part of the bill. Agree, my favorite part, too. Full expensing is right up there as well because a lot of that money that is being repatriated is going to be spent not just on buybacks in my opinion but on the full expensing side where they can take that. Interestingly my biggest concern of whats going on is its success, and jim mentioned it about creating inflation. Were going to have a 1. 5 trillion budget deficit and have to issue more debt and rates could choke off a more active fed as a result of that is the Lee Cooperman<\/a> danger comment that he made to us ten days ago. And heres another danger, you know well be talking about that in a week or two. The Infrastructure Spending<\/a> bill if all of us were around the table and said lets do the right thing for the economy, the right thing for the economy, not what gets us reelected. Out let this tax bill come in, have its effect in 2018 and do what its going to do to the stock market and 18 months when the Business Cycle<\/a> does Jerome Powell<\/a> say, okay, they got the biggest tax cut in 0 something years, congratulations. Now they got an infrastructure bill through congress, does powell sit there and take trumps calls when trump says dont you dare raise that damn rate because you know thats the next call coming in. Once hes confirmed he cant be removed. I dont think so. They will go back to talking about the dual mandate and well start getting inflation to get tightening well see three or four next year. Hand over to dom chu for an update on a story we reported earlier. This is about chipotle. We told you about the reports of a possible foodborne illness report out of los angeles for chipotle shares are down about 2 off their session lows chipotle has issued a statement about the incident they say that they take any report of illness very seriously. They are aware of a few reports about this particular chipotle in the los angeles area. They have not been able to substantiate the claims with customers directly themselves. They do, however, have a matter of policy to investigate these things fully they are aware that some of the employees at that chipotle are ill. Those employees are being held out of work as a precaution, but they also note that california is in the midst of a widespread influenza issue. The cdc website confirms, that so all of these are the statements that chipotle is there giving us with regard to those reports of foodborne illness in los angeles back over to. Dom chu with the latest well follow that story as well in the hours ahead more breaking news regarding bitcoin and for that we go to bob pisani downtown at the New York Stock Exchange<\/a>. What will do you have for us the Parent Company<\/a> of the New York Stock Exchange<\/a> has filed for a bitcoin etf and the exchange proposes to list the pro shares bitcoin etf and the pro shares short bitcoin etf, the investment objective of the funds to seek results that both for a single day and over time correspond to the performance of lead month Bitcoin Futures<\/a> contracts listed and traded on either the Cboe Futures Exchange<\/a> or the cme they havent specified which one here now the s. E. C. Previously denied bitcoin etfs including a etf tied to futures on the ground that bitcoin was unregulated and on an etf tied to futures, it was turned down in that Bitcoin Futures<\/a> did not yet economist and now that they are listed those applications are now being refile. So this is, scott, another big move in making bitcoin, lets say, a little more respectable they are not regulating bitcoin. The futures market are regulated so they are arguing that they should approve the product ive reached out for comment but havent heard back yet pro shares is very well known for its suite of long and short product, leverage and inversed etfs, and one cant help but wonder these approved sometimes down the road will have two times leverage or two times inverse leverage of Bitcoin Futures<\/a>. All right, bob, thank you. Bob pisani from the New York Stock Exchange<\/a>. Are you advicing any of your clients to put any of their network in bitcoin. No. Why not. We just its scared of it, dont get it . We like cash flow and we like assets we understand were not suggesting that they dont do it but its not part of our allocation. Are you fielding a lot of calls regarding it not many. You cant i cant do it and neither can you. Yeah. You would be in an s. E. C. Audit within six months. Absolutely cannot do it, even if you wanted to. But with what bob pisani has just addressed, the ceo over at i. C. E. Which owns the New York Stock Exchange<\/a> is spot won this because he didnt want to jump on with both feet with the futures when they came on and futures, i love them, but they are only this much of the market and etf and several etfs obviously van wolfswinkelvoss etfs as well as pro shares etf, they are much more widespread than these gentlemen. You had to think that this was coming as well. You have a quick thought . You can play it by owning cme. Thats another its a stock we own, and they are in the bitcoin business. The u. S. Ten your is hitting its highest level, the yield is since march. Jackie deangelis and the futures now crew standing by for more of an interesting story over the last couple of days. Thats right, and good afternoon to you, scott. The yield on the tenyear treasury rising to its highest level since march. Jeff kilberg, lets go to you. Closing in just off the session highs. What are you making of this move broke out of the range and certainly this is based upon the confidence of this historic tax reform coming through. For a long time quantitative easing or Monetary Policy<\/a> has been pumping up growth and expectation and now we have fiscal policy to help the expectation of growth and expectations for 2018. But if equities decide to pull become the first part of january, they will come and boy treasuries like they already have. What are the measures for buying the tenyear futures . We started this year at 2. 45 and were at 2. 48 right now. Im looking at the tenyear, 123. 10, a little bit of support but 123. 100 is a bigger number theres a little caution to see what the euphoric result of this tax plan will mean i think investors will be very cautious and not get out of all of their bonds. Back with the live show hat 1 00 p. M. Eastern time on cnbc. Com scott. A big call on the banks is next plus, jon is tracking a bullish options move in a mining stock already up 25 in a month. Yes, bitcoinmining stock. Big news on broadcast as well first of all, the s p sector eck. Muted day on the s p on a big day in d. C. For taxes. More halftime after this see thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade<\/a>, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade<\/a> financials this year getting more bullish on that sector today. He raises his price target on every name within his list except for one so, he raises and lets talk big, global banks. Bank of america, goldman and Morgan Stanley<\/a> is it time to be more bullish on the bank stock i think for any of us to be more bullish than we are on the banks right here, Interest Rates<\/a> are back up, too, as the future guys are just talking about. We are back up to 248. Roughly where we began the year and the rates coming out of next year and slow, i think the only thing that we all agreed on this year. Like i dont think that anyone on the desk other than maybe guests id say the majority of the year, the banks didnt do anything, right . They got a nice bump after the election and then consolidation. If you had a breakout if youre not responding to that breakout, i dont know now is it i focus on schwab a lot on the show because i genuinely think that if all the things that were thinking that are going to come from the tax cut happen, it will be a much bigger boom to companies in wealth management, Asset Management<\/a> and lending in the brokerage sense than it would be it will be great for all the banks. I own some of them i want to focus on the broker dealers and the Asset Managers<\/a> and schwab emplifies what it means to have trillions of dollars generating almost nothing and then all of a sudden that picture changes that is one that i think has a lot of upside, maybe not the most but like a safe price you can own. What about you, rich . He goes higher on all the global banks and he keeps tha sate street the same and keeps the earning estimates unchanged there. The story is clear in the eyes of mike mayo and where he sees this picture going. This is an Industry Group<\/a> that you dont need tax reform to have the benefit. You will get tax reform benefit and overweight stocks and concerned about rising rates and you can be overweight banks. That whole sector were overweight including the brokerages and regulatory relief is occurring reduce stress tests. I think the benefits are born out in the next two years. What do you do with the insurance stocks here . We dont have any we own burke and looking into the reinsurers because the cycle will much improve going forward. Exactly we want to jump down to who follows the money for us on capitol hill with this have the votes, once again, to pass. Thats right, scott republicans do have 218 votes, but it will not be official until that gavel comes down and when it does, this will be a historic moment for republicans. This is the second time theyve voted on it, but, nevertheless, it is a major legislative victory for the gop and, now, all that is left is for the president to sign this bill and ill watch closely for when that moment actually comes. We do expect to hear from president trump, once again. You saw him in thecabinet room earlier and something of a ceremony, a victory ceremony later this afternoon thank you very much. Do have unusual activity. Got several of them fast and furious just like this vote take a look at cvs to start with cbs right at the money calls right in the last hour and a half aggressively buying those at the money calls that expire this friday again, deep end of the pool because this is something thats going to happen or not happen. Its a bet for this week there were rumors out there, i dont need to pass them along about somebody trying to acquire cbs but activities in the options that backed it up. Fcx, this one has had just a fabulous month and a half, two months its not been so bad for the year, but really been taken off on the ideas of this instructure bills and these bills were aggressive thz longer dated and very aggressive in all three games. Be anywhere from just a few days in the case of cbs to several months in the case of the others let me ask you a question this way as you look ahead to 2018 and been quiet over there. So, speak up the one sector that is going to do better than all the others next year is going to be what . I do want an industry sector i have to answer the question differently. Look, look, seriously. This is serious. This is serious. Value versus growth this year the russell 1,000 growth has outperformed the russell 1,000 value by 17 Percentage Points<\/a>. I dont care what you think about value. You want to think like im the crazy old uncle that comes down from the attic and tells you that price matters 17 Percentage Points<\/a> is crazy. It reverses partially in 2018. Josh, same question to you. We like things and i dont think this will be controversial. We like things that respond when people start to be concerned about inflation for the first time in ten years. So, we are looking at things that are commodity related tips will become a bigger part of our fixed allocation for sure that is already in the works and then i think its worth pointing out did not have a great year. They were up 5 . A lot of the reason they were held back because of rising rate concerns and may get a few more next year. But i think those stocks are now price names. A better inflation hedge than gold or common stocks and some really great areas that are not manhattan commercial real estate or malls i think theyre worth a lot. Its official, the house has passed the tax bill. President expected to sign it. When and where and we do expect to hear from president trump, once again, this afternoon and we do expect to be a victory ceremony there it is. The totals are in. It has passed, once again. So, its going to be official. Lets price it in all over again. 500 dow points. We dont have that many points give us your sector that you think will do best next year ill stick with infrastructure i talked about freeport because of that activity but weve seen u. S. Steel, a number of those. Thats where i am. Ill say industrials in part because a lot of mid and small cap industrials in that group. Theyre targets for private equity firms that have hundreds of thousands of dollars and i think they can do well with the tax benefit. Banks is the obvious one, but the less obvious one are smaller sized Defense Companies<\/a> due to additional consolidation in that industry we have less than a minute and 45 second or so. Final trades lot of ideas out there the other iphone manufacturers. A great opportunity on average two years ago, we had an 11 selloff to start off the year in 2016 dont be shocked if that happens early next year. You do not have to be 120 loan stocks right now no matter how good it feels. Production of titanium and so forth. Trox im on that one. Midsingle organic grower small cap Building Products<\/a> company. Good stuff. Great having you here. Thanks for watching. Big day for the market american tax code in 30 years. Has officials casting vote and whats added and what it really means for your money reaching out from every angle. Record highs and now that its here and the top economic adviser says no. Well debate that. And bringing the house down. The Housing Market<\/a> well go inside the numbers straight ahead power lunch starts right now","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia902203.us.archive.org\/10\/items\/CNBC_20171220_170000_Fast_Money_Halftime_Report\/CNBC_20171220_170000_Fast_Money_Halftime_Report.thumbs\/CNBC_20171220_170000_Fast_Money_Halftime_Report_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240630T12:35:10+00:00"}