Transcripts For FBC After The Bell 20171208 : comparemela.co

As it he had hads into the fine heads into the final weekend. Southern california described as a war zone. Multiple wildfires roaring through the state. Destructive flames, forcing evacuation of 230,000 people, reducing hundreds of homes to ashes and torching 80,000acres of prime land. How emergency crews battle blazes as conditions are worsening all over the state. Melissa back to the markets. The dow ending the day with its 65th record close, 65 records. David wow. Melissa Nicole Petallides is on the floor of the New York Stock Exchange. Nicole, what are they talking about down there, as if i doesnt know, another record . Yeah. It is nice to be able to say it, right . 65, 66, 70. Truth of the matter people still feel optimistic. We have better than expected jobs report today of 2 28,000 jobs added. Also seeing wage growth. That gave a boost to the markets. Hence we have record close for dow and s p 500. One trader said its a runaway train. Theyre feeling pretty great. Well watch for the fed next week. We had a lot of winners for the week. Dow and s p are higher to the week. The nasdaq did not squeeze it out. Everyone talking about bitcoin. We talked about what a crazy thing bitcoin is. Obviously the cryptocurrency but the big deal on sunday, it is really going to the cboe, Global Markets exchange, futures contracts but they have heavy margins on it and requirements for quote collateral. If youre dabbling in bitcoin. It went up to 15,000, 19,000, 16,000. It dropped almost 20 in one trading day. It is for very volatile. Not for the faint of heart. Well follow that story. A lot of names on the dow that hit alltime highs. Boeing, travelers, nike, caterpillar, just to name a few. It was a great week on wall street. Melissa it was a great week. Time to party. Will you see at the z100 jing bell ball . I would love to go. Melissa im totally going. David . David strong jobs data, fueling market gains. Labor market better than expected jobs report showing signs of a strengthening economy, u. S. Adding 22thousand new jobs in november. Unemployment rate at 17year low. We have paul alvarez and jack hough, barrons senior managing director, michelle gerard, and i have to admit, a good friend. Michelle, two million jobs have been created since donald trump was elected yet somebody else wants to take the credit for it. Play the sound bite and get your reaction. Play the bite. As we took these actions we saw the u. S. Economy grow consist 10ly. We saw the longest streak of job creation in American History by far, a streak that still continues by the way. Thanks, obama. [applause] david thanks, obama, michelle. Does he deserve any credit . The economy no question was doing, in the sense of with the performance coming into 2017, before the election i was concerned, businesses were pulling back. They cut back on business investment. It looked like the Employment Situation was also going to be slowing, in the wake of the elections because businesses all of sudden became much more optimistic about the outlook they began spending on equipment. The pace of hiring picked up. We came into the year thinking you would be lucky to average 150,000 a month. Were close to averaging 170,000 a month. That is optimism businesses felt under President Trump. David paul, what do you think . I think weve seen more same of jobs growth, more of the same, unemployment rate, more of the same of Labor Participation rate, and to me the story is wage growth or certainly lack thereof. No bitcoin experience on wage growth. As we approach full unemployment you will see pressure put on wage growth which could lead to additional inflation risk. David well, jack, that is the point. This is a great selling point for president on tax cuts, look as good as things have been with the market and job growth and so forth, we still havent had wage increase with unemployment so low, and companies expand to get tax break and spend more money for people. Tons of excess capital and all the chance to expand if they want to. I want to give the president credit here. We have 86 straight months of job creation in america. I want to give trump credit for 11 of those. In fairness, david, were still operating under a budget and tax code that we had under obama. We really have to wait until next year. David i know. Give the president credit for 11 months. David change the tax code. Melissa speaking of which, talk about that, averting a government shutdown. House republicans passing a short term spending plan to fund the government for two weeks, shifting focus back where it belongs to tax reform. David yes. Melissa blake burman live at the white house with the latest. Reporter hi, there, melissa. The president earlier today signed the government funding bill, which punts the whole issue back to would weeks to december 22nd. Politically allows republicans to do, focus all next week their efforts on tax reform. To that end, i am told that President Trump is likely to make his Closing Argument on taxes at some point during the neck week. A lot of work remains up on capitol hill among republican negotiators to mesh together the house and senate bills. Among key issues that still remain outstanding for example, how to pass tax throughs, whether the amt will stay and go. How to alleviate some concerns still involved with the state and local Tax Deduction that will be potentially no more. To that end earlier today, gary cohn told Stuart Varney the Conference Committee doing work and have likely first and only public hearing next week is taking tweaks potentially on salt. The Conference Committee in the house and senate is working on delivering fixes for the salt states. They have, they have the ability, if you drop the top rate, the president will be supportive of that. Reporter dave and melissa, when you look at schedule going forward, here is how it could play out, some indications that were getting. The Conference Committee next week. Potentially a bill getting to the president the following monday or tuesday, which could be december 18th or december 19th i stress could. One Senior Administration official say they feel they are very wellpositioned to stick to the timeline they are pushing several months, having tax reform legislation to the president by christmas. Back to you. Melissa they better. They better. Blake, thank you so much. Go back to paul, jack and michelle. Paul, i want to start with you, because your expertise is setting up companies to benefit from tax policy and tax changes, quantifying that. Yep. Melissa what part of this are you most focused on . What part of the deal needs to be in there . What is the most important thing . There is lot of moving parts obviously to tax reform. To me the most important part is the risk of additional stimulus on top of what we just talked about on the jobs report, with increased Inflationary Pressure. Listen if you cut Corporate Tax rates, presumably that is going to pure job creation. More job creation in already full employment environment puts increased pressure on wages. Therefore it causes increased Inflationary Pressure which could cause the fed to react in more than cautious manner going forward. We have a boom and bust cycle. Melissa youre, wait, arguing against tax cuts for corporations . No, im arguing about the risk. That is the one of most important things. Melissa what is most important things in the tax code that need there to be make the change and in order to see growth and are you buying Inflationary Pressure people are selling . No. I think importantly, on the inflation front, really important to understand this kind of stimulus, which increases economys productive capabilities is not inflationary. It may, and should, if productivity rises mean that companies are willing to pay more for workers. Wages can go up but because these companies are able to get more out of their workers, it doesnt necessarily mean there is margin compression that they have to raise prices. I think jay powell, the new fed chair, i would suspect other new members of Federal Reserve board that the president will appoint are going to have this same view, that the fed doesnt necessarily have to see increased inflation risk as a result of these tax cuts. Melissa i mean it sounds like good organic growth. Wages are the things that have been lagging. Paul, that is what you said in the last round. Jack what is your take . If you really want to get stimulus out of this, stop stuffing money into trumps pockets in both hands, return more to the middle class. Melissa what . What . Let me give you a stock tip, for the past month there has been rotation into value stocks. We havent seen that in years. Value stocks are more domestic in their operations. They have higher tax rates. Theyre bigger beneficiaries from the Corporate Tax breaks. That is where investors should be looking. Melissa how is trump stuffing money into his own pockets . Where do you see that . The last return, granted it was lot of years ago, hasnt shown in some sometime, 85 of money he paid came from amt, alternative minimum tax. They make that go away. Trump is giving Christmas Present to himself on this one. Melissa do you want to respond to that one, michelle . Is that how you see the tax cut. Hey, i dont love aspects of the individual tax plan. What i am, when you asked earlier what is the most important thing, getting the Corporate Tax cut, getting the rate for passthroughs down, and accelerated depreciation is real kicker here. I think that which spurs investment is really going to be critical for the growth impact in 2018. Melissa i think every rich person in new york will pay more tax result of this tax code. I dont know. Paul, what do you think, last word on that . No i agree. All the rich people, i mean, getting hosed, getting hosed. Guys, thank you. David thank you. Tax foundation, Tax Foundation found that 85 of americans are getting a tax break as a result of the senate plan and the people who arent are the rich people. Melissa yeah. There you go. David open for negotiations . Just one day after saying war with u. S. Is inevitable, north korea signaling it might be ready to come to the table for direct talks with the u. S. What is going on . The latest on the nuclear standoff. Melissa plus day of rage protests turning deadly. Violence erupts in the west bank after President Trumps decision to recognize jerusalem as israels capital. What we know now as an emergency meetings is being held at the u. N. David President Trump is going to head to florida later this hour. What to expect from the president s make America Great again rally tonight. A live report from pensacola you dont wan to miss coming next. Youre sending about half a gallon of gasoline up in the air. That amounts, over the course of the week, to about 10 pounds of carbon dioxide. Growth is good, but when it starts impacting our quality of air and quality of life, thats a problem. So forwardthinking cities like sacramento are investing in streets that are smarter and greener. The solution was right under our feet. Asphalt. Or to be more precise, intelligent asphalt. By embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. That data runs across our network and we use it to optimize the timing of lights, so that traffic flows easier and travel times are shorter. Who knew asphalt could help save the environment . Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile. A new kind of network designed to save you money. Click, call or visit today. David President Trump leaving d. C. In a few moments to head to pensacola, florida, where he has a large rally. Hill very vaughn in pensacola. A few days ago you were covering fires in california but now youre in pensacola. What do you expect tonight . Reporter cold and windy here not what you expect in florida. Hundreds of people lined up, and president s trump expected here in hours. The big question, is roy moore showing up tonight. But his Campaign Said he is not. They encouraged their supporters to come here and listen to President Trump speak. There are handful of alabama supporters voters and roy moore supporters. Look at this line, and it is cold. People are lined up. The big other thing to note here, pensacola, florida, and mobile, alabama, the third biggest city in alabama, they share a media market. So President Trumps appearance here is almost like going to the stump in mobile because local tv is going walltowall with his remarks tonight. Campaigning here instead, lets trump reach out to grassroots voters in alabama and still stay arms length away from candidate roy moore. The real clear politics average has moore up a little over two points. Any rester to rally the loyal alabama base here, could help boost turnout on election day which is expected to be just as cold and snowy. Now roy moores opponent doug jones has been the subject of some attacks from trump on twitter. Trump called him a pelosischumer puppet, saying he will block his agenda. That is key because 62 of alabamaians voted for that agenda in 2016 and trump is saying he need that Republican Senate seat to get his agenda through. So, a lot of people from all over the south here, today, including neighboring state of alabama. David . David it is going to be a squeaker on tuesday. But well rev up for the rally tonight. Thank you very much, hillary vaughn, appreciate it. Melissa here ahead of tonights big rally, bree peyton from the federalist. What do you make of all this . I think we can expect to see a bump in the polls in favor of roy moore as a result of Donald Trumps rally. As hillary said this is pensacola shares a heed media market with the largest media market in alabama. His pushing for roy moore there definitely helps. We can expect to see that coming out today. Melissa do you think roy moore will come on the stage while doing this . So unlike President Trump not to go allin on something. He is already accepted the Political Risk of associating himself with someone who is carrying so much baggage. There is kind of no point not going that last step . Yeah i guess i dont really see the Political Risk at this point. He is already endorsed him on twitter and said repeatedly people should vote for him. At this point the senate is very close, there is a very tight margin. So this seat is politically important, right . Melissa yeah. What is honestly the most annoying thing out of this whole entire news story and the whole story watch democrats act like they have the moral high ground in this situation because they expelled a couple of creepy democratic congressman and senators from districted and states totally safe. Just looking at them act like, oh we got rid of a couple guys that were creepy. Were the moral high ground in this scenario is really i think tone deaf. Melissa let me take the flip side of that argument for the sake of being the devils advocate. When you have roy moore, a lot of his positions are very extreme on all kind of things, whether it is samesex marriage or, i mean, the entire agenda, there is a lot there. So it, it is in addition to these charges of late, do republicans risk this becomes the face of the Republican Party and turns off younger conservatives . Yeah. I mean i dont think so. I mean, you know, personally im someone who supports less government. I wouldnt vote for roy moore personally. Melissa right. But i do definitely think that republicans are just sick of sending republicans to washington and them not delivering on their promises. I think at this point, listen we need that seat. So that way the republicans deliver on all the promises that they have a hard time keeping up with and delivering. So i dont really see this as something that would maybe turn off younger conservatives. I think younger conservatives are resultoriented and resultminded. So i think at this point it is like voting of lesser or two evils. You either get the seat or you dont, as sad as that is. Melissa it is math. A lot of people looked at president ial that way who didnt necessarily like either candidate or think either candidate was someone they would want to marry or, was somebody they would feel comfortable with in their family necessarily or whatever, but they voted based on their issues and where they were on the issues. They were like this person is more likely to advocate for what i want, even if maybe they didnt conduct the personal life the way i would have in both cases . Yeah, youre exactly right. At this point, it is a choice between roy moore who accused of really doing terrible things and has a track record of trying to expand the role of government and not being the most conservative person on the planet and saying a lot of crazy things. Melissa right. Or doug jones, who wants to get rid of all restrictions on abortion and repeal the hyde amendment, right . Melissa yeah. So if youre evangelical voter looking between these two coast choices and its a tough choice. At end of the day it comes down to the seat and holding the majority in the senate and i think a lot of people are looking at that and looking at pure numbers basis alone. I think Nicole Petallides<\/a> is on the floor of the New York Stock Exchange<\/a>. Nicole, what are they talking about down there, as if i doesnt know, another record . Yeah. It is nice to be able to say it, right . 65, 66, 70. Truth of the matter people still feel optimistic. We have better than expected jobs report today of 2 28,000 jobs added. Also seeing wage growth. That gave a boost to the markets. Hence we have record close for dow and s p 500. One trader said its a runaway train. Theyre feeling pretty great. Well watch for the fed next week. We had a lot of winners for the week. Dow and s p are higher to the week. The nasdaq did not squeeze it out. Everyone talking about bitcoin. We talked about what a crazy thing bitcoin is. Obviously the cryptocurrency but the big deal on sunday, it is really going to the cboe, Global Markets<\/a> exchange, futures contracts but they have heavy margins on it and requirements for quote collateral. If youre dabbling in bitcoin. It went up to 15,000, 19,000, 16,000. It dropped almost 20 in one trading day. It is for very volatile. Not for the faint of heart. Well follow that story. A lot of names on the dow that hit alltime highs. Boeing, travelers, nike, caterpillar, just to name a few. It was a great week on wall street. Melissa it was a great week. Time to party. Will you see at the z100 jing bell ball . I would love to go. Melissa im totally going. David . David strong jobs data, fueling market gains. Labor market better than expected jobs report showing signs of a strengthening economy, u. S. Adding 22thousand new jobs in november. Unemployment rate at 17year low. We have paul alvarez and jack hough, barrons senior managing director, michelle gerard, and i have to admit, a good friend. Michelle, two million jobs have been created since donald trump was elected yet somebody else wants to take the credit for it. Play the sound bite and get your reaction. Play the bite. As we took these actions we saw the u. S. Economy grow consist 10ly. We saw the longest streak of job creation in American History<\/a> by far, a streak that still continues by the way. Thanks, obama. [applause] david thanks, obama, michelle. Does he deserve any credit . The economy no question was doing, in the sense of with the performance coming into 2017, before the election i was concerned, businesses were pulling back. They cut back on business investment. It looked like the Employment Situation<\/a> was also going to be slowing, in the wake of the elections because businesses all of sudden became much more optimistic about the outlook they began spending on equipment. The pace of hiring picked up. We came into the year thinking you would be lucky to average 150,000 a month. Were close to averaging 170,000 a month. That is optimism businesses felt under President Trump<\/a>. David paul, what do you think . I think weve seen more same of jobs growth, more of the same, unemployment rate, more of the same of Labor Participation<\/a> rate, and to me the story is wage growth or certainly lack thereof. No bitcoin experience on wage growth. As we approach full unemployment you will see pressure put on wage growth which could lead to additional inflation risk. David well, jack, that is the point. This is a great selling point for president on tax cuts, look as good as things have been with the market and job growth and so forth, we still havent had wage increase with unemployment so low, and companies expand to get tax break and spend more money for people. Tons of excess capital and all the chance to expand if they want to. I want to give the president credit here. We have 86 straight months of job creation in america. I want to give trump credit for 11 of those. In fairness, david, were still operating under a budget and tax code that we had under obama. We really have to wait until next year. David i know. Give the president credit for 11 months. David change the tax code. Melissa speaking of which, talk about that, averting a government shutdown. House republicans passing a short term spending plan to fund the government for two weeks, shifting focus back where it belongs to tax reform. David yes. Melissa blake burman live at the white house with the latest. Reporter hi, there, melissa. The president earlier today signed the government funding bill, which punts the whole issue back to would weeks to december 22nd. Politically allows republicans to do, focus all next week their efforts on tax reform. To that end, i am told that President Trump<\/a> is likely to make his Closing Argument<\/a> on taxes at some point during the neck week. A lot of work remains up on capitol hill among republican negotiators to mesh together the house and senate bills. Among key issues that still remain outstanding for example, how to pass tax throughs, whether the amt will stay and go. How to alleviate some concerns still involved with the state and local Tax Deduction<\/a> that will be potentially no more. To that end earlier today, gary cohn told Stuart Varney<\/a> the Conference Committee<\/a> doing work and have likely first and only public hearing next week is taking tweaks potentially on salt. The Conference Committee<\/a> in the house and senate is working on delivering fixes for the salt states. They have, they have the ability, if you drop the top rate, the president will be supportive of that. Reporter dave and melissa, when you look at schedule going forward, here is how it could play out, some indications that were getting. The Conference Committee<\/a> next week. Potentially a bill getting to the president the following monday or tuesday, which could be december 18th or december 19th i stress could. One Senior Administration<\/a> official say they feel they are very wellpositioned to stick to the timeline they are pushing several months, having tax reform legislation to the president by christmas. Back to you. Melissa they better. They better. Blake, thank you so much. Go back to paul, jack and michelle. Paul, i want to start with you, because your expertise is setting up companies to benefit from tax policy and tax changes, quantifying that. Yep. Melissa what part of this are you most focused on . What part of the deal needs to be in there . What is the most important thing . There is lot of moving parts obviously to tax reform. To me the most important part is the risk of additional stimulus on top of what we just talked about on the jobs report, with increased Inflationary Pressure<\/a>. Listen if you cut Corporate Tax<\/a> rates, presumably that is going to pure job creation. More job creation in already full employment environment puts increased pressure on wages. Therefore it causes increased Inflationary Pressure<\/a> which could cause the fed to react in more than cautious manner going forward. We have a boom and bust cycle. Melissa youre, wait, arguing against tax cuts for corporations . No, im arguing about the risk. That is the one of most important things. Melissa what is most important things in the tax code that need there to be make the change and in order to see growth and are you buying Inflationary Pressure<\/a> people are selling . No. I think importantly, on the inflation front, really important to understand this kind of stimulus, which increases economys productive capabilities is not inflationary. It may, and should, if productivity rises mean that companies are willing to pay more for workers. Wages can go up but because these companies are able to get more out of their workers, it doesnt necessarily mean there is margin compression that they have to raise prices. I think jay powell, the new fed chair, i would suspect other new members of Federal Reserve<\/a> board that the president will appoint are going to have this same view, that the fed doesnt necessarily have to see increased inflation risk as a result of these tax cuts. Melissa i mean it sounds like good organic growth. Wages are the things that have been lagging. Paul, that is what you said in the last round. Jack what is your take . If you really want to get stimulus out of this, stop stuffing money into trumps pockets in both hands, return more to the middle class. Melissa what . What . Let me give you a stock tip, for the past month there has been rotation into value stocks. We havent seen that in years. Value stocks are more domestic in their operations. They have higher tax rates. Theyre bigger beneficiaries from the Corporate Tax<\/a> breaks. That is where investors should be looking. Melissa how is trump stuffing money into his own pockets . Where do you see that . The last return, granted it was lot of years ago, hasnt shown in some sometime, 85 of money he paid came from amt, alternative minimum tax. They make that go away. Trump is giving Christmas Present<\/a> to himself on this one. Melissa do you want to respond to that one, michelle . Is that how you see the tax cut. Hey, i dont love aspects of the individual tax plan. What i am, when you asked earlier what is the most important thing, getting the Corporate Tax<\/a> cut, getting the rate for passthroughs down, and accelerated depreciation is real kicker here. I think that which spurs investment is really going to be critical for the growth impact in 2018. Melissa i think every rich person in new york will pay more tax result of this tax code. I dont know. Paul, what do you think, last word on that . No i agree. All the rich people, i mean, getting hosed, getting hosed. Guys, thank you. David thank you. Tax foundation, Tax Foundation<\/a> found that 85 of americans are getting a tax break as a result of the senate plan and the people who arent are the rich people. Melissa yeah. There you go. David open for negotiations . Just one day after saying war with u. S. Is inevitable, north korea signaling it might be ready to come to the table for direct talks with the u. S. What is going on . The latest on the nuclear standoff. Melissa plus day of rage protests turning deadly. Violence erupts in the west bank after President Trump<\/a>s decision to recognize jerusalem as israels capital. What we know now as an emergency meetings is being held at the u. N. David President Trump<\/a> is going to head to florida later this hour. What to expect from the president s make America Great<\/a> again rally tonight. A live report from pensacola you dont wan to miss coming next. Youre sending about half a gallon of gasoline up in the air. That amounts, over the course of the week, to about 10 pounds of carbon dioxide. Growth is good, but when it starts impacting our quality of air and quality of life, thats a problem. So forwardthinking cities like sacramento are investing in streets that are smarter and greener. The solution was right under our feet. Asphalt. Or to be more precise, intelligent asphalt. By embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. That data runs across our network and we use it to optimize the timing of lights, so that traffic flows easier and travel times are shorter. Who knew asphalt could help save the environment . Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile<\/a> comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile<\/a>. A new kind of network designed to save you money. Click, call or visit today. David President Trump<\/a> leaving d. C. In a few moments to head to pensacola, florida, where he has a large rally. Hill very vaughn in pensacola. A few days ago you were covering fires in california but now youre in pensacola. What do you expect tonight . Reporter cold and windy here not what you expect in florida. Hundreds of people lined up, and president s trump expected here in hours. The big question, is roy moore showing up tonight. But his Campaign Said<\/a> he is not. They encouraged their supporters to come here and listen to President Trump<\/a> speak. There are handful of alabama supporters voters and roy moore supporters. Look at this line, and it is cold. People are lined up. The big other thing to note here, pensacola, florida, and mobile, alabama, the third biggest city in alabama, they share a media market. So President Trump<\/a>s appearance here is almost like going to the stump in mobile because local tv is going walltowall with his remarks tonight. Campaigning here instead, lets trump reach out to grassroots voters in alabama and still stay arms length away from candidate roy moore. The real clear politics average has moore up a little over two points. Any rester to rally the loyal alabama base here, could help boost turnout on election day which is expected to be just as cold and snowy. Now roy moores opponent doug jones has been the subject of some attacks from trump on twitter. Trump called him a pelosischumer puppet, saying he will block his agenda. That is key because 62 of alabamaians voted for that agenda in 2016 and trump is saying he need that Republican Senate<\/a> seat to get his agenda through. So, a lot of people from all over the south here, today, including neighboring state of alabama. David . David it is going to be a squeaker on tuesday. But well rev up for the rally tonight. Thank you very much, hillary vaughn, appreciate it. Melissa here ahead of tonights big rally, bree peyton from the federalist. What do you make of all this . I think we can expect to see a bump in the polls in favor of roy moore as a result of Donald Trumps<\/a> rally. As hillary said this is pensacola shares a heed media market with the largest media market in alabama. His pushing for roy moore there definitely helps. We can expect to see that coming out today. Melissa do you think roy moore will come on the stage while doing this . So unlike President Trump<\/a> not to go allin on something. He is already accepted the Political Risk<\/a> of associating himself with someone who is carrying so much baggage. There is kind of no point not going that last step . Yeah i guess i dont really see the Political Risk<\/a> at this point. He is already endorsed him on twitter and said repeatedly people should vote for him. At this point the senate is very close, there is a very tight margin. So this seat is politically important, right . Melissa yeah. What is honestly the most annoying thing out of this whole entire news story and the whole story watch democrats act like they have the moral high ground in this situation because they expelled a couple of creepy democratic congressman and senators from districted and states totally safe. Just looking at them act like, oh we got rid of a couple guys that were creepy. Were the moral high ground in this scenario is really i think tone deaf. Melissa let me take the flip side of that argument for the sake of being the devils advocate. When you have roy moore, a lot of his positions are very extreme on all kind of things, whether it is samesex marriage or, i mean, the entire agenda, there is a lot there. So it, it is in addition to these charges of late, do republicans risk this becomes the face of the Republican Party<\/a> and turns off younger conservatives . Yeah. I mean i dont think so. I mean, you know, personally im someone who supports less government. I wouldnt vote for roy moore personally. Melissa right. But i do definitely think that republicans are just sick of sending republicans to washington and them not delivering on their promises. I think at this point, listen we need that seat. So that way the republicans deliver on all the promises that they have a hard time keeping up with and delivering. So i dont really see this as something that would maybe turn off younger conservatives. I think younger conservatives are resultoriented and resultminded. So i think at this point it is like voting of lesser or two evils. You either get the seat or you dont, as sad as that is. Melissa it is math. A lot of people looked at president ial that way who didnt necessarily like either candidate or think either candidate was someone they would want to marry or, was somebody they would feel comfortable with in their family necessarily or whatever, but they voted based on their issues and where they were on the issues. They were like this person is more likely to advocate for what i want, even if maybe they didnt conduct the personal life the way i would have in both cases . Yeah, youre exactly right. At this point, it is a choice between roy moore who accused of really doing terrible things and has a track record of trying to expand the role of government and not being the most conservative person on the planet and saying a lot of crazy things. Melissa right. Or doug jones, who wants to get rid of all restrictions on abortion and repeal the hyde amendment, right . Melissa yeah. So if youre evangelical voter looking between these two coast choices and its a tough choice. At end of the day it comes down to the seat and holding the majority in the senate and i think a lot of people are looking at that and looking at pure numbers basis alone. I think Donald Trumps<\/a> presence certainly does help. He is pointing out that fact as well, right . Look, we need the seat. We barely got the tax plan passed. You lose the seat, other things we promised, tried to deliver may or may not happen. Melissa you summarized it perfectly. Well leave it there, bre. Thank you. David state of emergency. Massive wildfires still raging through southern california, forcing thousands literally to run for their lifts. Well take you live to california coming up. Also harrassment allegations hitting the hill. Will this impact the president s agenda . How . The very latest from our own chad pergram on capitol hill next. A real babysitter instead of your brother. Hey. Oh. Thats my robe. Is it . You could save seven hundred eighty two dollars when liberty stands with you. Liberty mutual insurance. Melissa three congressman out in one week following resignations from representatives john conyers, al franken, and trent franks of arizona now stepping down, after admitting to discussing surrogates with female staffers. I still dont understand that one. The republican congressman just releasing the following statement. Last night my wife was admitted to the hospital in washington, d. C. , due to an ongoing ailment. After discussing options with my family, we came to the conclusion, that the best thing for our family now, would be for me to tender my previous resignation effective today. An ethics investigation is now expanding into representative blake farenthold. The texas republican is accused of paying a sexual harrassment settlement using taxpayer money. Although a lot of them are accused that. David millions of dollars in that program. Here now is chad pergram, fox news capital hole senior producer. Chad what a week. Talk about melodrama inset of the beltway. You have congressman announcing theyre resigning. There must be other news about to drop. Have you heard anything in the scuttlebutt about that . Everybody in the capitol is on tenterhooks because they just dont know. You can man there are rumors and innuendo swirling all over the capitol. This is pretty busy news period on on capitol hill. They just passed spending bill. That will keep the government open two weeks. Those are not the primary stories in washington. David chad, face it, i know you are a nerdy guy like i am. We love the numbers and number crunching, but sex sells, as salacious as a lot of details are, that is what everybody, that is what the rumor mill talks about. That is what keeps it going. Right. It might also affect the vote count here. David how so . Look at interpret franks. He resigned today. When they passed that bill in the house of representatives yesterday to keep the government open they did it with enough freight on the republican side of the aisle. They didnt need to go to democrats. That is usually case on those types of bills. They did it with a margin of two. That would drop the margin to one. That shows you how different it is. We dont know who will be in the senate next week, roy moore or doug jones. That could affect things when it comes to vote count on tax reform. David absolutely. Everything is right on the margin. So critical to follow the story. We dont know about al franken, when will he actually resign . David he never specified when he plans on resigning. Are we closer to knowing that . No were not. I had one member of the minnesota delegation tell me they were concerned, wait a minute if roy moore is elected, i will leave the senate when roy moore leaves the senate, creating this moral trouble gel in the United States<\/a> senate. There have been other members who found themselves in sex scandals who said they were going to resign and did not resign. I looked to 2007, larry craig, the republican senator from idaho caught in a sex sting with Police Officers<\/a> in the minneapolisst. Paul bathroom. He said he would step aside and he didnt. You have had it done another way, david wu, democratic congressman from oregon said he would stick around until they finished debt ceiling. David i think there was a movie once about a party that nobody would leave. I think that is what get inside the beltway. So many perks you dont want to leave. Finally to ask about the al franken thing it, moved so fast, it was like a Snowball Effect<\/a> toward middle of the week. Clearly there is an attempt it going on to prepare themselves in case roy moore is elected, they can say with relatively clean conscience, at least al franken isnt here anymore. Is that what it was about . There were two things that was clear to me, al franken was not out of the wood even prior to wednesday. First of all i got email from sunday night from former female franken staffers, said they stand behind al franken. I thought to myself, you dont put out statements like that, they have been doing this past couple weeks if you think your former boss is on fine ground and will not have to go away, number two . Number two, the fact later in the day on wednesday after franken announced he would, they called on him to resign, mazey her rohn know, democratic short from hawaii, she prepared her statement in case there was another shoe to drop with al franken. People were expecting things to happen. David there were president ial ambitions in the mix. There is so much to talk about, chad. You must be having a great time there in the beltway. Not getting too much sleep. David not too much sleep. The milk blood that runs in your veins. Thank you. David chad pergram, thanks for joining us. Thanks for having me. Melissa day of rage turns deadly as violence spreads across the middle east. The u. N. Security council is meeting to discuss the increasingly tense situation. Is north korea feeling a change of heart . It may be ready to negotiate as the u. S. And its allies grapple with the nuclear standoff. Gordon change is next to break it all down. 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> david we have breaking stock news. Pepsico will transfer stock listing from the New York Stock Exchange<\/a> to the nasdaq. The move is going to be effective on december 19th after the market close. The stock will continue trading under the ticker symbol, pep or pep. Melissa. Melissa Nuclear Crisis<\/a> reaching a Tipping Point<\/a> as north korea may be ready to come to the negotiating table. Russian foreign minister Sergey Lavrov<\/a> telling Rex Tillerson<\/a> that the rogue regime is open to direct stockstalks with the United States<\/a>. Here is gordon chang, author of, nuclear showdown, north korea takes on the world. Gordon, what do you think about this . Sergey lavrov coming over. Everybody knows him now, Rex Tillerson<\/a> counter part in russia, passing this message along. Were willing to give you this special message from russia. What do you make of that . It would be great if it is true that North Koreans<\/a> feel they need a to talk to us. But it is pretty unlikely. Russians are trying to bowl sister their position. They have been always on the sidelines of this position. Now theyre moving to center stage, making chinese look bad, saying oh, North Koreans<\/a> want to talk. What well do, yeah, well be willing to talk but only in for the cree is willing to come to the stable coming to the table to give up nuclear arms. That is our position all along. Melissa right. Essentially the North Koreans<\/a> will not be willing to do that. When this whole thing fizzles out the russians will blame us. Over the last month or so the russians have been unrelentingly blaming United States<\/a> for everything that goes wrong. Even for some things that dont. Who listen to them . Who believes them . They could blame anybody for anything . Who listens . Yeah, that is a great question because the russians have really undermined their own legitimacy for a very long time. The theyre trying to destablize this whole process. They have been putting out disinformation. Last week, sputnik, the Russian News Agency<\/a> says north korea is willing to come to the table, even not being recognized as a Nuclear Weapons<\/a> state. That is stunning, for all alongs for years, pongyang has been saying you have to recognize we have a legitimate right to nukes before we even sit down to talk to you. Melissa right. It is pretty unlikely pongyang has changed its position. Melissa nobody is taking that report seriously either . Sounds like we havent really made any progress . I dont think weve made progress at this point of the at some point president choice because his sanctions will be effective cutting off money to the North Koreans<\/a> but were not at that point. I dont think the North Koreans<\/a> fundamentally changed their position. That is what russians are trying to convince us. All of sudden, out of the blue, without any warning the North Koreans<\/a> are willing to come to talks and they will change all of their longheld positions. This just doesnt make sense, melissa. Melissa yeah. There isnt any indication though that secretary of state Rex Tillerson<\/a> would fall for it. I dont think so because the u. S. Has very, very longestablished positions. Were willing to talk to the North Koreans<\/a> but only if theyre willing to meet their obligations they have agreed to in the past. Were not willing to throw those out and start all over again. That is the right position. So i dont think tillerson will fall for this. Melissa no. Do you see the chinese making any move away from the North Koreans<\/a> or in support of a situation that wouldnt lead to a nuclear war . You know, beijing has done a little bit in response to President Trump<\/a>s pressure but theyre starting to get a little bit irritated. Were starting to see this in number of things they have been saying and doing recently. I think china over the last week or so is not going in the right direction. It is really up to our president to push them back on the right road. Melissa wow. Gordon chang, always terrific breaking down what is going on, we appreciate it. Thanks, melissa. Another hot spot in the world. Day of rage in the middle east. Violence erupting in the palestinian territories of west bank and gaza strip with at least one person dead after President Trump<\/a> announcing that the u. S. Would be moving its embassy from tel aviv to to israels capital of jerusalem. U. N. Holding emergency meeting regarding announcement. Lear from the u. N. , is laura engle. Not a lot of friend of israel in the u. N. , laura. Reporter thats right. It has been pretty intense day here at the u. N. Over half of the Security Council<\/a> members called for this emergency meeting today, including its four western european members as well as egypts. All of them critical of President Trump<\/a>s announcement this week. Now lets get into what happened today. The Security Council<\/a> chamber as you mention was pretty lonely place to be an american and israeli today but nikki haley, ambassador to the United Nations<\/a> said the president s announcement was to help advance the cause of peace, insisting that the u. S. Is maintaining its position to do just that. To achieve peace in the middle east and address the strong criticism by taking a swipe at the u. N. Itself. The u. N. Has done much more damage to the prospects for middle east peace than to advance them. We will not be a party to that. The United States<\/a> no longer stands by when israel is unfairly attacked in the United Nations<\/a>. And the United States<\/a> will not be lectured to by countries that lack any credibility when it comes to treating both israelis and palestinians fairly. Reporter the Palestinian Ambassador<\/a> condemned the move by President Trump<\/a> and demanded he rescind it immediately. Ambassador mansour adding that the u. S. Undermined its own leadership with this. I have often lamented this impunity but not often enough addressed the enabling of these claims that has led to the grave reality we now face. Complicity must be recognized. The u. S. Decision to reward israelis impunity undermines essentially this qualifies its leadership role to seek peace in the region. Reporter the ambassador adding there could be a draft resolution to try to actually block what President Trump<\/a> did this week. David laura, thank you very much. Melissa . Melissa breaking news. Macys announcing executive chairman Terry Lundgren<\/a> will retire from the board of directors effective january 31st, 2018. The board has appointed jeff janet the ceo since march to additional role of chairman. David President Trump<\/a> is taking another working weekend, heading down to pensacola, florida, any moment to push his agenda forward. He will leave joint andrews base shortly. Well take you there live. Melissa plus wildfires in california spreading as hundreds of homes and buildings have already burned to the ground. We have a live update from al california after the break. We couldnt be more grateful. Our hearts go out to all of those that lost homes. I believe we have lost over 200 homes just in ventura. Melissa a dire situation that is only getting worse. Six wildfires are now blazing across southern california. So far more than 200,000 people have been evacuated from their homes. At least 500 structures have been destroyed. Fox news correspondent adam housley on the scene with the latest . Reporter were in north san diego county. This fire broke out 24 hours ago. It blew through here behind me and unfortunately burned down this home. As you can see fire crews are going through watering down as much as they can. Winds are expected to some back here in north san diego county. This is oceanside fire department. You see this all across southern california. Winds forecast with with avenge against. If something is tinder dry or still burning and blow it off into the distance and start another fire. Meantime we have a live look for you from the thomas fire. It is two hours north of us in ventura. That is where we were last couple days. That fire continues to burn. Massive fire burning, well over 100,000 acres and several hundred homes. More than 400 structures burned down by the fire alone which began monday afternoon. It was stoked by winds as well. Up there we saw the same type of scene. Down here you see it, firefighters doing what they can to make sure no hot spots, anything, any little tinder piece of wood or whatever it may be can spark a fire up the hillside. There are homes at top of this ridge behind hire. As you can see, what theyre doing right now, across this whole area, where you look there are more than 1000 firefighters. The idea, next two days with very low humidity try to keep this down, hope nothing else breaks out because, melissa, as you know, things burn very quick down here. There has been no rain since the heavy rain we had last winter. A lot of fuel and a lot of places that can burn. Melissa. Melissa i grew up all around there. I know how the firebreaks out in blazes and jumps roads. Goes unpredictable directions. It is terrifying, adam. Thank you. David trouble in paradise. Trouble at cnn they issue ad correction after miss reporting key details alleging conducts between donald trump, jr. And wikileaks of the Networks Communications<\/a> team, tweeting out im quoting here, cnns initial reporting of the date on an email sent to members of the Trump Campaign<\/a> about wikileaks documents which was confirmed by two sources to cnn was incorrect. We have an updated our story to include the correct date, and present the proper context for the timing of the email. Melissa hmmm. David now the timing is important because the real date of the email was actually after the wikileaks documents were made public on the internet. It made it seem like they were offering donald trump, jr. , some kind of inside exclusive which was not the case. Melissa interesting. The push for tax reform continues, but cot Corporate Tax<\/a> rate prevent congress from getting a bill across the finish line . Thats next. David plus as we have been covering throughout the show, President Trump<\/a> is just about ready to Board Air Force<\/a> one. There you see marine one. It is coming in for a landing at joint base andrews. They will get on air force one to go to pensacola, florida, and get involved in the Roy Moore Campaign<\/a> a little more. Well cover that live as soon as the president takes off. Of whats happening right now . Were facing 20 billion security events every day. Ddos campaigns, ransomware, malware attacks. Actually, we just handled all the priority threats. You did that . We did that. Really. We analyzed millions of articles and reports. We can identify threats 50 faster. You can do that . We can do that. Then do that. Can we do that . We can do that. Looking from a fresh perspective can make all the difference. Can we do that . It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management<\/a> firms in the country. Discover how we can help find your unlock. David live shot of marine one. We believe the one president is in. They have two or three helicopters going out at sail time. He arriving at joint base andrews on his way to pensacola. He is heading to florida for a make America Great<\/a> again rally. The audience is going to want to hear of course, about that big beautiful tax cut. Gop lawmakers reportedly considering increase in Corporate Tax<\/a> rate from the proposed 20 what the president wants up to 22 . My next guest argues two points make a world of difference. Michael mchugh, head of President Trump<\/a>s transition team. There is reason why the president wanted to stay at 20 , right. Absolutely. Both the house and senate got to 20 . This week unfortunately were hearing rumblings might to from 20 to 22 . There are plenty of dials that can be turned to raise revenue. Im arguing this is probably not the best dial to turn. If were looking to improve economic growth. David there is nothing about the corporate rate. The senate plan delays it until 19. If you delay a tax cut, you delay economic recovery or boost the economy gets, right . Right. Well see what comes out of conference. But im not the most opposed to oneyear delay in the Corporate Tax<\/a>. David really . Really. David like before we saw a delay in the 1981 reagan tax cut that helped to lead us into a recession that lasted for about 19 months, and we didnt come out of that recession until the tax cuts kicked in. So weve seen what happens with the delay before and it aint pretty. You could also argue if the business is looking at 35 tax rate next year with 100 expensing and enhanced he depreciation you will put all of your investment into next year, 2018 and push off profits until 2019. David i got to tell you, not only then we saw it happen under george w. Bush and the other problem is simplification. The president s himself and folks touted ram in spring and summer t would be a much more simpler tax code which we all desire to make it easier for everybody. Ronald reagan did same thing. Let me play a little cut how he sold simplification for the American Public<\/a> in his tax plan. Play the bite. Great. The present tax system has 14 rates ranging from 11 to 50 . We would take a giant step towards an ideal system by replacing all that with a simple threebracket system. David so simple, so clear. He brought the American People<\/a> with him to support those tax cuts. You cant do that if you keep the same number of brackets which the senate plan does . Thats right. Again well see what comes out of conference, but i do want to point out the increased standard deduction is huge for simplification, by having 24,000 standard deduction, only 5 of taxpayers item idessing. That is huge for simplification. We is underestimate that. David by the way there, is the president walking down steps of marine one. Marines come to a sharp salute. President get as handshake from one of the generals accompanying him on that trip. There is a lot of military foals go on these trips. Sometimes the president says a word or two. It doesnt look as though he will do it. He gives a cursory glance to the press, gives them a little wave. That is about it. Michael, do you think as a result of conference between the house and senate we will have shrinkage in number of brackets . I will leave that up to the conferees to decide, i have got to but looking at the corporate rate i really hope we keep it at 20 , that we can turn dials elsewhere the tax writers in the house and senate are smart to find areas where they find extra 100, 200 billion of revenue theyre looking for this weekend. David the president give as final wave as he steps into air force one on way to pensacola for big rally in florida, which is same media market as Roy Moore Campaign<\/a>. Since youre an economist, youre spared from talking about politics for that particular race. Michael, have a great weekend. You too, david. David melissa. Melissa well be right back. El el news anchor 2 all lanes on highway 50 remain closed at this hour. news anchor 3 the stats are in and this city leads. For every hour that youre idling in your car, youre sending about half a gallon of gasoline up in the air. That amounts, over the course of the week, to about 10 pounds of carbon dioxide. Growth is good, but when it starts impacting our quality of air and quality of life, thats a problem. So forwardthinking cities like sacramento are investing in streets that are smarter and greener. The solution was right under our feet. Asphalt. Or to be more precise, intelligent asphalt. By embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to study and analyze the flow of traffic. Then, we will take all of that data and we use it to optimize the timing of lights, so that traffic flows easier and travel times are shorter. And sacramento is just the beginning. With advances in cameras, sensors, and network speeds, we have the ability to make cities smarter, and happier. What excites me about this technology is that were using some of the most cuttingedge machinelearning, and ai, to help solve the most fundamental challenges that cities face around the world. Who knew asphalt could help save the environment . lani and the possibilities are endless. Melissa President Trump<\/a> just boarding air force one, the commanderinchief will soon be on his way to pensacola, florida for the big rally tonight. David fox business is going to be bringing the president s speech to you live and it all begins at 8 00 p. M. Eastern, this is a speech you dont want to miss, he will probably talk about roy moore and a lot of other things including taxes. Melissa i hope so. Before we go we want to wish a very happy birthday to an american hero, a world war ii veteran, ted sapanski turned 102 years old today. David tell me this guy doesnt look a day over 70. He looks great. And rick sent in his picture, his son, is very proud as well he should be of his father. Ted, happy birthday and many many thanks for your service. Melissa absolutely. Happy friday to you. Well see you back here on monday. Risk rewards starts now. Look at what President Trump<\/a> has done. I can go on for a while here. Weve had two consecutive quarters of over 3 gdp. Were going to have a Third Quarter<\/a> of over 3 gdp. Look at what weve done in manufacturing. Weve created since President Trump<\/a> got elected 16,000 manufacturing jobs people are bullish on the economy and excited about whats going on here. Were down to 2. 6 manufacturing unemployment, 4. 1 unemployment here. The nfib came out with their numbers the other day on how excited their Business Owners<\/a> are to hire people over 50 of them are hiring people and cant find people in the workforce","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia800407.us.archive.org\/3\/items\/FBC_20171208_210000_After_the_Bell\/FBC_20171208_210000_After_the_Bell.thumbs\/FBC_20171208_210000_After_the_Bell_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240630T12:35:10+00:00"}