That there could be debate over mike pompeo at cia. A lot of people looking at that, saying what does that mean, how does that compare to prior administrations. It is actually in line, with most cases, we have about a handful of cabinet members approved and ready to go as president of the United States takes office. Usually two weeks more than half the cabinet is in place. By three weeks the entire cabinet but that is not a foregone conclusion. The institutions of course remain in place. That is the crucial issue here. How all of this is weighing on stocks . Nah, not one way or the other. Most say this is going to plan. They dont see any cabinet nominations imperiled as a result. Nothing to imperil stocks. Stuart pointed this out, if it looked like, for example, mnuchin would not get the treasury post, then all bets are off here because the expectation is that all of these key positions will be approved and their nominees confirmed. But that is not a given. Again in the case of mr. Mnuchin and his wall street guys, his Goldman Sachs guys, and how we handle Housing Loans and the like, they will make a great deal of that, just as they have been making a great deal of his investments. This is the richest cabinet that has ever assumed office. On paper it will dwarf any other cabinet in american history. Whether that was good or a bad thing it, wasnt a bad thing under john kennedy who had richest before this one, was it a good or bad thing, roosevelt who was rich in inflation terms. This cabinet will be populated up to five billionaire if you include the president elect. So much going on, read on this, telling them they have. Nicole petallides, fbn am cohost and down on the floor of the new york stock exchange. Nicole, any jarring developments any one of cabinet picks not looking approved or likely all bets off, what are you hearing . That would be a headlinedriven market. Things are going as planned but democrats are trying to grill mnuchin and also perry as well but things are going pretty much as planned. You see a relatively quiet market. Everybody talks about dow 20,000, then they started to say it will be after the confirmation hearings, after the inauguration and after president elect donald trump becomes president well see the market take a breather and move forward. The overall feeling on wall street watching mnuchin newspaper, theyre very impressed with him. He is very serious. He had direct answers. He is very accommodative, pleasant, polite trying to go step by step anticipating the questions. He also made a few things where he said he would support changing tax laws to make them more effective. Dont forget in his new role as treasury secretary, he would be shaping legislation for tax purposes. This is why it is so key. Markets are pretty tepid right now, down 36, neil. Neil alex, some other developments might have slowed down this 20,000 rally as we discussed in the past. Markets had run very far and fast since Donald Trumps election and some pause to be more than expected, but is this what you expected . Were stuck in a sideways trade. Since thanksgiving weve all nated, one week down, one week up. That hasnt happened 50 years like what weve seen. Market is waiting for some sort of a catalyst or crisis to make a move one direction or another. It is good tv. I think he is very solid candidate but dont think he will drive the market. Were in holding pattern. It seems like this is long, long time. Neil dan, developments have come up given pause to the capitalist crowd, yourself included what a Trump Administration could bring, including the talk he would be open to tariffs as sort of like a premove on the part of countries that he thinks do not trade fairly with us. Whether there is any truth to that, it comes on heals of him jawboning countries that he thinks fairly disproportionately manufacture goods abroad. Do you think that offsets whatever progress could be made on lower taxes and all of that . Neil, i think a trade war is a problem. If you want to have trade wars for companies manufacturing in the United States, history has shown that is very dangerous to an economy. All depends what level the tariffs are and what other negotiations are going on. As far as the tax code is with this, i was listening to mnuchin all morning. I think he is terrific. I want to switch to that the way the tax code is set up is going to lower taxes for the middle class. Keep taxes basically the same for the upper class. But i just dont think between trade wars, lowering taxes and having Government Debt at levels it is, that it will really help the stock markets. I think equity markets at this point are quite concerned. Positioning in the futures markets are very bearish for the dow joins industrial average and the russell 2000. Neil it is always in the eye of the beholder. Left of your screen, president elect arrived in washington. He is a little less than 24 hours away from being sworn in as president. Of course there is routine to this. An event has been going on Lincoln Memorial. Voices of the people event. Wreathlaying ceremony for the president elect at Arlington National cemetery. Hopes to make 4 00, 5 00 p. M. Eastern time today, a celebration. Make America Great again celebration at the Lincoln Memorial, where of course he will be the guest of honor. Were following all the developments very, very closely. Nicole, as we watch all of this and see what has happened, this really represents a remarkable development, does it not . If you think of 68 congressman, all democrats who are not going to be going to the inauguration, and yet this quadrennial event continues without them, it is incredible to step back and see what has happened here, isnt it . It really if you were never interested in politics ever before, youre interested in it now because everybody seems to have an opinion, and were seeing things unprecedented with boycotting and protests and you have obviously congressman say theyre not going to arrive. A lot of senators will be there. We had the heartfelt note from bush 41 saying that, you know, he supports donald trump and how he can help in the transition Going Forward. So i thought that was really nice. Big picture it is very troublesome to be an american, regardless of who so going into that commanderinchief role and really see so much turmoil in our nation, what a divisive situation were in and donald trump has over and over and said it to himself, his staff, to put it out there he is for all americans. It will be time to prove it. It will be difficult to change the ideas some people already have, preconceived notions. For example, to bring it right back to mnuchin, they were saying to him, wasnt your firm a foreclosure machine . No, it was not a foreclosure machine. In fact, it was a modification of loan machine. So i dont make money on foreclosures. I tried to make modifications on loans for peoples homes for over 100,000 people. Tried to make it better for them. Just the perception sometimes. But now theyre really going to have to put it front and center and try to bring together america. Neil it is interesting, alan knuckman, to nicole point, some marvel this will be heavy business cabinet and business titans, who will be running key departments. Some people harold that. Some of the democratic questioners today get nervous about that markets obviously like market guys in there but not all the time. What is your read given the fact that these are all guys esconsed in money and money, do the markets bidding or markets bid up. What do you think . Im not so sure. Issue was crisis of confidence. That is all the change, confidence came back. People have the optimism. Fundamentally, we have plans right now. See if the plans can be executed. Well have to wait and see how this develops. What i want to not forget, our focus needs to be on earnings. Earnings are looking for Second Quarter in a row of growth. That is what truly drives the stock market. That is truly much a positive. Neil on the left of your screen as alan was speaking there, the president elect arrived in washington. It is city he will become the most powerful man in the free world. That is little more than 24 hours away. One of the things that has happened as well, there is a rush to get his cabinet secretary appointees, get their confirmation hearings, sort of sped up a little bit, and maybe get some votes in. The earliest indications we have as mr. Trump arrives is that, most likely early approvals would be for general james mattis for the defense department. Mike pompeo head homeland security. Mitch mcconnell leads the senate, with the numbers. Knows the body as well. Chuck schumer can only envision james mattis and john kelly a yea vote at this point. Continues with mike pom pay yo. Pompeo. Dan shaffer, if we have only two cabinet picks approved at time donald trump is sworn in, that would be a bad thing for the markets . It would be, kind of historical precedent here but what do you think . Would be a bad thing. What i notice in all the hearings, neil, the senators dont really understand business. I clearly saw that this morning with mnuchin in front of the senate. They were asking questions about the tax code that mnuchin knows, he could do it with his eyes closed. Theyre complaining that he used the tax code to make money or whatever he did. This is going to be the clash. That is the concern that i would have or the markets would have is that president elect trump has got all of these ideas. He is bringing in these billionaires or very wealthy Business People and the, old guard, or the swamp as you want to say in washington, dont even understand it because theyre fulltime politicians and they have been in business or may have not been in business for many years. So what im concerned about, were going to see the clash between the old political stream in washington and fighting against trump. Neil were seeing that right now. I dont want to jump on you, my friend that happened in the mnuchin hearings and escalating. Lets dip in if we can. When we met, and i have a lot of respect, as you as a senator to hear your issues. Now i did tell you, i did acknowledge that you sent me the letter. I was advised by the staff that the appropriate thing was for me to come here and answer questions, or meet with all of you independently, and answer questions that you have. And if i dont satisfy that, you have the ability to submit questions afterwards which i will respond to. When i came to your office i told you that. And i said, that i would spend as much time with you as you wanted answering those questions. That they were quite significant. Because i knew they were complicated. So i did tell you, although i wouldnt respond to them in writing at that point, that i did understand your questions and i wanted to address them. Senator thune. Thank you, mr. Chairman. Mr. Mnuchin, welcome. Weve had in the last eight years we havent had a single year where the growth rate exceeded 3 . Neil we were monitoring this closely. Aggressive back and forth with Steve Mnuchin and ties to the business community, more particularly when he was overseeing lending, that he foreclosed on widows and orphans, that sort of stuff. You heard this again and again. He would argue he was following federal edict and laws, and talk to hud, eventually taken over by ben carson, should he be approved, there are laws in place over what banks and institutions, what federal financing agencies will underwrite, indymac, some of the others and he was following a rules. A lot of democratic questioners, said yeah, in so doing, you threw out someone from a home because of 29cent underpayment or mispayment, to try to make the guy look like ebenezer scrooge. This happened on both right and the left. He saying the following the law, letter of the law, if he were to become treasury secretary around work with colleagues in the cabinet and those agencies which oversee this sort of thing which would be hud, to find humanfriendly ways to go about this business. He will be the target of that. Whether he profited off the housing morass, this come up again and again with mr. Mnuchin, in the midst of the meltdown, he disproportionately profited off of that, at time we the economy, enriched him several immeasureably. Eye of the beholder and political party, trump family descending their own plane which will be air force one come tomorrow. Here, see the formal inauguration of their dad, something that seemed unthinkable when donald trump first entered this race and joined by former Arizona Governor jan brewer here, who saw this, back in february much 2016, governor where you were one of the earliest, socalled establishment figures to say, i like this guy. Now here is donald trump own the verge of becoming president of the United States. What do you think . It is so exciting, and atmosphere out theren d. C. Today and last night, euphoria everywhere. Everybody is really pumped up change is on its way. Neil what do you think, governor, of all these 68, by last count, congressman and women who are not attending the inauguration . I think it is disgusting and disturbing. Were all americans, were having inaugural for america. It would seem to me that they would be there to see that peaceful transfer of power. I just, it is just so disappointing to me and to others. It is disrespectful for one thing. I cant understand it. Neil you know, you and i have gotten into this before, these events, inaugurations, its as much to honor the institution of the presidency than the president. People always snap pictures in front of the white house, not so much because who is in the white house but it is the white house. Weve all taken pictures in front of the white house for years and years and years. Youre absolutely right. Why we have have people out there, that want to participate in america, when they say are american, it just blows my mind. Neil donald trump, melania trump. This is a full turn of events from something that seemed unthinkable, i always remember when he descended that escalator at the trump tower, a lot of people think this is rather curious. Here he is descending, descending steps from a plane that will soon be air force one, that will soon be recognizing, of course any plane with the president travels in will be air force one. But all the stuff that accompanies being president of the United States, and it will be trump this morning. All of this will kick off tomorrow. He will meet with the president of the United States and his wife with the famous tea at the white house. How do you think, governor, this is all going, besides these 68 or so democrats who arent going . The obamas themselves have been very gracious. That keeps with hess tore call precedent. Do you see that continuing . There will always be a rocky road moving forward, but hopefully, at least allow to us have one day all together, collectively. Everybody is not going to agree, but donald trump is going to make this a huge difference in america. I believe, and i believe from the beginning, that he will bring our country together. He will be good for america. He will secure our borders. He will bring back the economy. He will lower our taxes. I am just so pumped up about tomorrow, to see this change taking place. Neil as a governor in your own right, people watch you very closely, when you first stepped into office, you were like energizer bunny, right . Appearances count for a lot. Getting a lot done, with the fdr days we tracked the first 100 days, right . Now seems like we track the first 100 hours. There is talk he will sign a lot of executive orders essentially undoing Barack Obamas executive orders. What do you expect to see, what should we see . Im looking forward to see some executive orders enacted by president obama unconstitutionally in my opinion. Neil ones particularly . Daca, dapa. Got people in america outraged, see that changed and i hope he issues executive orders under new power of our country. Im anxiously awaiting for all of this to take place tomorrow. Which direction are we going to go. Donald trump will deliver the goods. He will make America Great again. Neil there are a lot of High Expectations for him. A lot of people said they will challenge him. Challenge the policies. Use the fact going in, he is a controversial figure. That he doesnt have high Approval Ratings of other president s coming in. We should point out normally those that dont, of course his are especially low given the nature of this campaign, end up being pretty effective president s. Leading that aside, how do you think he works with the other side, especially democrats or who dont much like him personally. And feel, you know, he is going to be very tough to work with . What does he do . Mr. Trump, our president elect trump is willing to work with whoever can work with him and together make America Great again. We had so Much Division in our country last eight years. It has been absolutely downhill, so divided. So divided. In politics, you have to make compromise. You have to make things work. Neil do you think he will be a compromiser in that sense, governor . I dont think neatly fits into a republican label or democratic label, which probably explains his election . That he seems pragmatic. Some expressed concern in the business community, we like idea of cutting taxes and regulations but we dont like he polices where we hire our people or dont hire our people . How do you think all that will work out . The last case, that it is going to work out. I haveaithn it. People want change and people that he will do what he promised to do. That. Neil that shot of you pointing your finger at president barack obama. You didnt have a scared bone in your body. Tweeting out trumps last day in office and real donald trump securing our borders tomorrow. A lot of people arent familiar. That is rare for someone, most people are in awe of the president. Republican or democrat, what went on there . I went there very respectfully to meet him. He was coming into town. And i went there respectfully. I wrote him a note. We got into the situation of securing my border. And he just doesnt think that it was necessary, and he talked to me like i was a child, like i didnt know what i was talking about. And by god, it was his job, it was his job. Neil youre pointing back to him at that picture, sue, so show that again. What were you saying to him at that poin