Process of trying to repeal a big part of the obamacare. But its without the full support of republicans. Why not everyone is onboard and the plan to change that . Plus another tense moment promised prompting the u. S. Navy destroyer to fire warning shots at iranian ships. Details on this and how an agreement from donald trump and the navy may keep this from happening in the future. David. David were going to get back to that that in a moment. But first the nasdaq may be closing at a new high but dow is retreating even further from 20k. Sinking in the final minutes of trading. Ibm, exxon, nike all big traders on the dow. Lori, youre watching some other big names as well today. But first, phil flynn where the cme saw nearly a 4 drop in oil today. Having a big effect on stocks. Go ahead, phil. It really is. Its weighing on the entire complex today and you can blame oil prices for the dow probably not hitting 20,000 today. And a lot of it is about iraqi oil production. Weve got a report over the weekend that in december, they exported a record amount of oil of over 3. 5 Million Barrels of oil. And even though iraq is coming out saying, listen, were still going to adhere to production cuts, a lot of the traders are not believing it. That really started the ball rolling to the downside. We also had these concerns coming out of china with this currency correction that weve seen right now. They seem to stop the outflow. Theres concern that a stronger dollar versus the chinese currency will make it harder for china to import oil, so thats been a negative. But gold is up big today on the weak dollar. Back to you. Melissa all right, phil, thank you. Lori, retail continues to tumble. Who are the names that youre watching right now . Well, well, everyone disorder and really punished Urban Outfitters today and despite holiday sales, youre seeing margin compression. So that was considered a warning and shares were down as much as 6 . Will close here off about 2 . And that really weighed on the sector. Sears down almost 5 . That coming on the back of last week; right . Macys and sears announcing store closures. So really, it has been an ongoing theme here with just amazon. Com online sales really cannibalizing the brick and mortars. The trump works is looking to take a closer look at the at t and time warner proposed deal and a concern of concentration of power, the trump adviser and do oppose this bill. And happy anniversary, iphone. Ten years ago today steve jobs introduced to to what became apples most successful product. Shares are up 900 . The suppliers the apple iphone suppliers not too shabby. Up 290 in the last ten years. Back to you. Melissa all right, lori, thank you. David well, former treasure sector Larry Summers cant seem to get onboard with president elect donald trump saying setting the stage for the next financial crisis. Joining me now is jonathan and Fox News Contributor and james of the wall street journal. Well, james, what seems to bother Larry Summers. Remember, he was treasury secretary with bill clinton. Is that the regulations, the deregulation policies that are coming from president elect trump are going to create financial ruin. Lets just play a sound byte of what he said. Who wants to go back to the era of predatory lending . Who wants to go back to an era of vastly overlevered banks . David incredible thing, james, is that that era was ushered in by bill clinton and Larry Summers. I mean, hes denouncing not to mention the current secretary jack lou, the treasury secretary who packaged bad loans for city. Yeah. When Larry Summers talks about creating the conditions for the next financial crisis, he certainly knows the territory. You go back to the 1990s when he was a treasury sitting on any efforts to reform fannie mae and freddie mac. Remember, the Clinton Administration was driving up their Affordable Housing goals. That meant they started buying a lot of really shotty loans subprime and so, yeah, i dont think hes necessarily the most credible witness on this. And as i look at the trump team, my concern is theyre not going to go far enough deregulating the financial sector. You look at who he has picked versus some of the other Senior Administrative slots, a lot of Goldman Sachs guys. David yeah. Not really known for revolutionary thinking. David but, jonathan, i want to go back to the hypocrisy. I dont want to go into psychobabble but theres a psychological term projection. You project on others what you have isnt that whats going on with Larry Summers . Indeed, david. Its bewildering me. In fact, now is the time for republicans to deregulate. To practice what theyve been preaching for so long. Every time you see markets deregulated, you see them less expensive and more productive. And theres this alphabet soup whether its box or the scc orphany and freddie, which james mentioned. Theres a great opportunity for trump to have a real long lasting implication and effect if he can come through and actually deregulate some of this alphabet soup, especially in financial services. Melissa well, america working again. President elect trump praising ford and fiat tweeting quote its finally happening. Fiat chrysler Just Announced plans to invest a billion dollars in michigan, adding 2,000 jobs. This after ford said last week that it will expand in michigan and u. S. Instead of building a billiondollar plant in mexico. Thank you, ford and fiat chrysler. James, well start with you. You know, the other five says this is all hype. You know, these are factories that would have been here anyway and the companies or the news we knew about and the companies are just bringing to try to get credit. What do you think . Well, i think if this can be if thats all it is, and we dont go forward to some kind of border tax punishing people for so you went overseas, i think thats the best case scenario. I think the deal here probably for the Trump Administration in detroit is that they make more of an effort to build cars here, and he gives them relief on fuel mileage standards. And really, if you look at a lot of the mexican plants, its building cars that a lot of these companies in many cases dont want to build anyway. Theyre not making a lot of money. On them. Theyre forced to comply with government dictates on mileage. So i think thats the deal that would be coming with the Trump Administration. Melissa jonathan, theres also something very different about the tone here. I mean, the last administration it was sort of like professor or father. I know whats best for you. I know whats best for the economy. Here it is. And this tone is sort of like lets make a deal. I mean, you could say positive and negative things about both; right . I mean how i dont think its much different at all actually. This is central planning, a different form of central planning. And if you want the east german, then you continue on this road that, unfortunately, i think donald trump is on of waking up every day and coming up with a brandnew idea of how he can Fix Companies that are doing whether its apple or American Car Companies doing quite well without him. The role of government is not to do deals, its to protect rights and now, guys, theres even these apps that will send you alerts when donald trump is tweeting about your stock. That means these are risk markets. Melissa interesting perspective. Okay. David well, i would say General Motors so far seems to have figured out pretty well how to play this game. Shes a trump adviser and unlike the other companies, the gm actually builds a lot of their really profitable vehicles down there too. Melissa there you go. David. David all right. Well, speaking of Auto Industry leaders, once challenging donald on his idea of a big border tax, well, now theyre trying to work with the president elect, at least for now. But not all are onboard. Fox business jeff flock is live in the auto show in detroit, michigan. You found one who is not onboard, jeff. Yeah, i think if youre a u. S. Automaker like mary barra and mark fields, you dont want to tick off the incoming president. But if you work for a Company Based overseas, youre more likely to say what you think, which is i think tax is a bad idea, border tax is a bad idea and thats what the ceo of toyota told us in an exclusive interview here on the fox business network. For the industry. There are some industries that benefit, the Automotive Industry definitely does not. Its going to raise prices, which likely will shrink the industry, it will lower demand, and it will cost jobs. Thats i think in fairness to what a lot of people think. You know, surge i dont today in addition to saying, yeah, were going to bring jobs back and invest in the u. S. , you put a tax at the border, im trying to build jeeps them and send them overseas and if you put a tax here, theyre going to tax me there, its going to screw that up building cars in the u. S. So it was almost forgotten all the cool cars at the show this year. We have talked so much about trump and trade policy. That is a vw microbus. Probably like the one, david, you took to woodstock. David i was going to say it looks just like an updated version of a 60s van. Oh, i like the color. Its electric. Its electric, though. Melissa thats a lot of fun. I want to see more pictures. David thank you. Were going to avoid the pictures of me in one of those things. Thats a history i rather forget. Jeff flock, good to see you, my friend. Melissa. Melissa yet another scandal rocking the va. This times millions of dollars down the drain. The results of a new report. David and more news descending from the golden elevators of trump tower is the deal maker in chief secures another pledge for thousands of more jobs right here in america, adding a familiar face to his team. Melissa and its a crucial week for the incoming Trump Administration to kick off a flurry of confirmation hearings for the president elect cabinet in waiting with democrats looking to put up a fight. But were not doing this for sport. Democrats feel very strongly that pushing for a thorough and thoughtful vetting process is the right thing to do. Wow, x1 has netflix . Hey, drop a beat. Show me orange is the new black wait, no, bloodline how about bojack, luke cage oh, dj tanner maybe show me lilyhammer stranger things, marseille, the fall in the same place as my basketball . Narcos, fearless, cooked the crown, marco polo, lost and found grace and frankie, hemlock grove, season one of. show me house of cards. Finally, you can now find all of netflix in the same place as all your other entertainment. On xfinity x1. Anything with a screen is a tv. Stream 130 live channels. Plus 40,000 on demand tv shows and movies, all on the go. You can even download from your x1 dvr and watch it offline. Only xfinity gives you more to stream to any screen. Download the xfinity tv app today. David we have some breaking political news. Fox confirming that speaker of the house paul ryan is going to be meeting tonight with top officials from president elect Trumps Administration and discuss the speaker socalled better way policy agenda. Its going to be tackling the big challenges facing americans, his words. White house chief of staff reince priebus, Jarod Kushner and gary who will head to president elect National Economic council also expected to be in attendance. Melissa. Melissa in a revolving door, Connell Mcshane is at trump tower with the latest. Connell, where did your earmuffs go . I saw those last hour, i thought they were fantastic. Well, i didnt think i looked that tough wearing but the point about jack, hes a big deal in international business, hes the head of alibaba, this giant company that has been compared to amazon, compared to ebay over the years, he says he has plans to help create a million jobs over the course of five years. Basically by connecting u. S. Companies to china. Alibaba tweeted after the meeting between mr. Trump, alibaba wants to create u. S. Jobs by helping u. S. Small businesses and farmers sell to chinas 300 million strong middle class. He added these comments. You just know what happened with fiat where theyre going to build a massive plant in the United States in michigan, and were very happy and jack and i are going to do mr. Trump was asked about today had to do with his soninlaw Jarod Kushner. Now, weve confirmed at fox mr. Kushner does, in fact, plan to take a job at the Trump White House as a senior adviser. What trump will say, though, is that he will talk more about it at his News Conference in new york. Kushner is expected to take that job, he stepped down fromye way . Melissa not i. I mean, i dont have a pair. I would love a pair but apparently only you are good enough, connell. So put those on right away because it is freezing cold out there. David freezing. Melissa absolutely. Stay warm. David lets talk about Jarod Kushner and others here now, red alert politics senior contributor jessica, democratic strategist. First of all, there are a lot of business interests that Jarod Kushner has all over the world, mostly dealing with real estate, some that could be seen as conflict of interest. Hes already announced one of those, 7 billiondollar building that he partly owned and was kind of we developing with the help of a chinese company, hes going to drop that. But he has so many interest kind of like donald trump himself. I think its going to be virtually impossible to avoid all conflicts of interest, dont you . No. I disagree with that. And, by the way, im in sunny l. A. So i dont need earmuffs. Its sunny here. But i dont think so. I think jarod has been focusing on removing any potential conflicts that he has had since president elect became president elect. We saw that in his news publication when they were talking about the potential of him actually being part of the administration. In addition to that fact, the trump Senior Source of the Trump Transition Team told me that theyve kind of vetted him out. So theyve had their lawyers look over the resources of what he has had to ensure. David and, jessica, he will be working for the white house. Hes not going to be a cabinet appointment. That makes a big difference legally it doesnt . It does, although we have nepotism laws, and well see how this plays out. David hold on a second. We have nepotism laws. Did that stop Hillary Clinton for working for her husband bill back in the days when she was promoting the Health Care Law . Wait im sorry. Hillary working for bill clinton when she was secretary of state. David Hillary Clinton was working for bill clinton creating Health Care Law of her own back in the 1990s, she created a task force and what happened. Thats a first. That was under the offices the first ladys office. That had nothing to do working for bill clinton. David the white house in any way; right . Its a totally different scenario, and you also began this segment saying it would be impossible. Really . Hes not going to be developing a Health Care Law. He wants to reinvent the Gop Health Care wheel. I am more than happy to hear it. But thats not what Jarod Kushner is doing here, and you began the segment saying it would be nearly impossible to do that and even though we know donald trump cant do it and Jarod Kushner cant do it. This is exactly what people were afraid of and, yes, donald trump has a more confusing Balance Sheet than anyone weve ever david by the way, there are plenty of other ways in which democratic administrations have used in fact, hillary was talking about having bill clinton her husband being economics if she were president. Youre right about that. David but Jeff Sessions, now, because of harry reid and him pushing through this thing where all sauche majority not a super majority to pass somebody in your cabinet, does he face any real opposition . I mean, democrats can scream all they want, but theyre not going to prevent him from becoming attorney general, are they . No. Theyre not going to be able to prevent them, especially when we look at the committee and the makeup of it and no republican has descended from confirming him. But this is the truth of the matter here, and i think jessica will agree with me on this. The left has become so enraged by anybody that donald trump nominates. If he decided to nominate jesus christ, they would find a reason to reject jesus christ and this is a guy who died for our sins. So i think its problematic on many levels when were looking at things in which jeff session has done because theres been a lot of talk of racist and all of this other stuff. But he voted for the Voting Rights act. David do you find anything racist in Jeff Sessions whether in the man or in what he has done . Well, i dont know him personally. But from what i have read and people i have talked to, they believe he is not racist. David okay. Jessica, what about you . There are people on both sides of the fence here, and i think he was trying to get me to say antichristmas, and im leaving it. But i think i love christmas. Miss it already. You didnt get me a gift, jessica. David anything about sessions thats racist in your mind . Well, in my mind, listen, i dont like calling people a