Final version this week. Key aspect to tell you about. The Corporate Tax rate 21 . The president had been pushing for. The top individual rate will be lowered from 39. 6 to 37 could eliminate a mound of state and local Tax Deductions are remaining. The alternative minimum to go with the corporations that remains for individuals at a much higher threshold. Ovonic your individual mandate gets repealed. The bill set to be voted on early next week. Some republicans trying to insert lastminute changes to win their vote could this be explained by doug jones over controversial republican roy moore will cut the gop majority 5149 in the senate. Time is that the absence forgetting the bill to the president just before christmas. The Federal Reserve announced in wednesday it will be raising Interest Rates the third time this year lifting rates by a quarter of a point. Janet yellen holding our last meeting said she expects the jobs market economy to continue strengthening over the coming few months. Good news in a tall push stocks higher this week with all the major indices finishing in the green. Investors witnessing history this week with the launch of the worlds firstever Bitcoin Futures exchange that went live sunday, last sunday at the cb o. Surging better than 18,000 on its first day of trading. All the way up to 18,000. Talking about 20,000 right now. Well be speaking shortly the two men behind the change, tyler and cameron winklevoss. Fox business parent company, and the all stock deal worth an estimated 52. 4 billion. Disney will be acquiring fox movie studio as well as the Cable Network fx and national geographic. Also get substantial stakes in who would guide. I asked Rupert Murdoch on a morning show, mornings with maria, why he fell in the entertainment business now. We see that the way people watch the networks, the individual programs and youve got a certain time, the end of the week it will have doubled. The end of the month redoubled again. Maria especially the netflix of the world spend upwards of alien and the seven commit 10 billion original content. Federal reserve raising rates expect it. Janet yellen caution investors on inflation despite the strong economy. Jim grant is here, editor of grants Interest Rate observer joins us right now. Great to be here. Thank you for joining us this morning. Interest rates this week and as we are talking about this great economy can you look at the tenure and should take longer rare rates are so low and the Interest Rate observer titled the latest case of the 0 jump on handle. First of all, i think the most consequential prices and capitalism kind of future cash flows are very sensitive prices may happen to be under the thumb and government authorities and the bank of japan and of course to my mind the three now is the European Central bank. These raids in europe are extraordinary. I observe Interest Rates for a living. We all have to have some job. I thought i had seen it all. Theres something called telecom, which as you might surmise that the Telecom Business and it has speculative grade that to be sure of, but still junk and outstanding for the year 2022 123 and meals, not quite Investment Grade securities are less than 1 . 0 is the way you begin to describe, but bear in mind the rate of inflation which doesnt explain why your 2 . So the yields are less than the expected rate of inflation in Central Banks to impose in the gives you no question against the credit risk inherent in a low rate of security. These are purely uneconomic yield and they are the world is so europe is 3000 miles of salt water away. However, through the agency of arbitrage and that these rates are to a degree everyones rate. So they really feel great. So its fabulous. Maria bartiromo come you should know she is an author as well as a tv personality and your excellent wall street journal column, but one of the darkening clouds i submit is the distortion by the central bank specifically central bank. In what you referred to i point out right now to synchronize Global Growth story. They are predicting 4 growth next year and when you look at where Interest Rates are, we have equity valuations the second highest by the late 1990s. Weve had graveyard quiet and volatility, Perfect Peace and quiet, which measures the stock market. Every day except weekends and maybe well get around to fixing not. So graveyard volatility and depression level Interest Rates. By some measures, the sovereign debt yields are the lowest in like six or seven years. Maria jim great to see you. Happy new year. Jim graham. Dont go anywhere. My interview with cameron and Tyler Winklevoss is next. [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. Maria welcome back. The winklevoss transduced to be synonymous with facebook not in a market after missing 11 billion in their face looks at him in their facebook sentiment they invested in bitcoin in 2013 now claiming to be the worlds first bitcoin billionaires. They would not tell me how much they all and at first on fox interview i asked them about their new Bitcoin Futures exchange at the cboe cboe and what it means moving forward. This is the firstever Bitcoin Futures trading right now this morning on the futures exchange. So it is important because to this point is basically been a stock market, so this is the first time people can express easily a short position on bitcoin. So that will create a truly twosided market, which should reduce volatility in the long term and also increase price discovery and just make it easier for institutions and individuals to gain access and exposure to bitcoin with the contract he does it is cached scheduled to come by with cash and schedule adding cash. You dont have to actually deal with bitcoin but you can get the investment exposure to it. Just another Financial Product an easier way to get access. Maria certainly more liquidity. You made the point on the morning show people can put their money where their mouths are because youve got people like jamie dimon calling bitcoin a fraud. We think its a fraud, go ashore at. Weve been working hard to give jamie dimon a fraud too short a client bitcoin cadena says they fraud or a bubble you can bet against it. Yeah, talk is cheap than on his right now you can actually, like cameron said, bet, like him inside, dead against us. We encourage jamie dimon to personally bet against this, take jp morgans balance sheet. We will see what happens. But now they can do it instead of throwing stones. Maria tyler coming by to explain this because people are wondering what bitcoin is backed by. The dollar is backed by the full faith of the treasury and the u. S. Government. What is bitcoin backside . The mac great question. We think of bitcoin is gold. Some people point to an intrinsic bow you a bold but that doesnt explain the value. An unexplained 10 from a 15 of the valley of gold. Gold has value because we all agree it has value as well except gold and it has a collective acceptance and value that way. Bitcoin in addition to being increasingly accepted around the world and more people come into the system by the day has the Mining Network which is one of the largest in the world backed by cryptography. A lot of people look at the u. S. Dollar or government backed currencies and say a the government has counterparty rest. The average lifespan of a currency is roughly 27 years. Look no further than the zimbabwe dollar. They have a trillion dollars bill. The history of most currency is really terrible and so yes im a living in the u. S. But look at the u. S. Dollar and say what is wrong with that but in reality, most currency is out there fail. Maria so how many bitcoin to you both on . Cannot we are not counting that right now. We are just to talk about the bitcoin contract. We may discuss that later at some point. Maria look, this past week and opens the thousand dollar stake, 1000 contracts traded in the first hour. Ill call tapping because the volatility in the website crashed on less than 24 hours. We know the currency has risen 1500 this year. 2000 this year. Maybe bitcoin is real, but is it a bubble . Its a great question. People use the word hobbled and this is basically bitcoins 20th bubble. We came in five years ago. At 30, 100, 500, 1000. Now were at a bubble of 17,000. Gold has been a bubble for thousands of years. But the bubble framework is really not correct to put against bitcoin. When you think of a company in their stock price, if they produce x amount of your one year and a say in the next year in the stock price goes up and the economic productivity hasnt changed, we see that company is overvalued. It is not a company. It is a network in the value of networks is and squared. The amount of users is end. If im the only person in the world u. S. A. Phone is not really valuable i cant call you. If you buy a phone, you actually increase the value of my phone inadvertently or not even knowing because now it is useful. Same thing with a social network. The first person on facebook lonely place, not much to do. All of a sudden 100 people you can share stories and pictures. Maria thats a good analogy. A billion people at the billion square. That all of a sudden the value gets exponentially greater and that is how we value bitcoin. Money is a network. People believe in the u. S. Dollar it has more value. People believed in bitcoin it has value. People believe in gold has value and thats a linear increase by definition the more people that get into bitcoin it makes it more valuable. When we take frameworks to bitcoin, it is misguided because it is a network. It is not a company. Maria we will be back with more from the winklevoss brothers when wall street week continues. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Welcome back to wall street week and more on the interview with the winklevoss twins. Maria have you sold any bitcoin so far . We purchased tickets to space a couple years ago and we clearly overpaid for that. But look, we believe longterm there is still a long way for bitcoin value to go from here. We think it is gold to plano and his distracting gold which is a 6 trillion market cap. If you look today at 300 alien dollars, it looks like its certainly appreciated quite a bit in the past year. We have been saying for the past five years when bitcoin was a 1 billion market cap, the better gold if you look at the properties of gold, and like scarcity, divisibility, portability, bitcoin equals or surpasses gold across each categories. For example, gold is scarce, bitcoin is actually fixed at 21 million traded divisible into 100 million pieces. Its hard to cut up bars of gold and they are hard to move. They are not nearly as portable. Part of this i think is a generational thing. I hate to say that. If you talk to millennial circuits on the street, they dont want hardware. They want software. They get bitcoin, no explanation necessary. They dont talk about wanting to wear bitcoin or why isnt it shinier. They live in a digital world. They live in a 24 7 world. They are connected all the time and bitcoin is money built for the internet that moves like information and email and everything else. Gold is the old world. It had a place. Its had a great 3000 year run and bitcoin has only been here for 10 years, but its cutting them quite a bit. Thats absolutely right. Taking a break from the real world used to be how things were. Now people take a break from the online world and step into the real world, the right back for like 10 minutes, that they live most of their lives in a digital world. Maria are you surprised at this incredible success . You are early believers, but wow. When we first found bitcoin or came across it, came across a comment sounds at a huge idea, kind of crazy. It is not crazy to be very skeptical and say this is either like huge for total back in 2012, but kept learning, kept asking questions, ticketing incredible answers back. I just couldnt see how this could work or wouldnt work. Maybe that is what makes us a little bit different in the way we think about things or we are kind of optimist i wanted deeper in look for that thing. We obviously get really passionate about it. We really couldnt see why we wouldnt be sitting here today five years ago when we wouldnt be sitting here today talking about this conversation. That was sort of our thinking the whole time. We thought it was a binary outcome, zero or as large as gold for even bigger. Maybe we see the world differently and one of the few that talk the way but i think its not really a surprise we are here today. The other thing thats interesting is we dont think this is by any means the finish line. We think this is the bottom of the first inning. Bitcoin world is a huge step your Gemini Trust Company was a huge step two years ago for the new york state to charter a Trust Company in our space, but there is so much more to do insight to build out the ecosystem and build more sophisticated Financial Products, but also a lot of work to do in crypto currencies big problems with Different Technology and so we are super excited because this is definitely the starting gun in a way for us than all the sudden the finish line. Maria my thanks to cameron and tyler no matter how the markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. Copdso to breathe better,athe. I go with anoro. Go your own way copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. These may worsen with anoro. Call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. Ask your doctor about anoro. Go your own way get your first prescription free at anoro. Com. It feels good to be back. Maria welcome back a welcome back a big market event coming next week that could impact your money. Earlier in the week the very latest numbers on the Housing Market as well as the Housing Market index, existing home sales, on the docket. Later in the way, the latest on new home sales and the shf a house price index. Also the very latest on some important Market Movers like the gdp. Two straight quarters of 3 growth. Durable goods orders a market that mover. Income and consumer segment in the week i had. A few good names reporting earnings. The latest quarterly numbers from fedex, bed bath and beyond, general mills, black berry, nike, rite aid. Next week on wall street wall street week, very good notion, my special guest in an environment where Leonardo Da Vinci painting is going for 450 billion. We went to find out what is going on in the art market. Ill see you on sundays for sunday morning futures like 10 00 a. M. Eastern on the fox news channel. Thats it for us. Have a great weekend, everybody. Ill see you again next time. Im bob massi. 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