The consensus on wall street is this report wasnt bad enough to dissuade the Federal Reserve from hiking Interest Rates later this month. Markets mostly shrugging off that jobs number, the dow, nasdaq and s p touching alltime highs friday, closing firmly in the green for the second straight week. Another headline catching investor attention this week would be President Trump pulling out of the paris climate agreement, arguing that it hurts the u. S. Economy. The deal is a pact between almost 200 nations to reduce Greenhouse Gas emissions in an effort to fight climate change, but the president says too much of the onus is on america. It is worth noting that on thursday, when he made that announcement, all three of the major stock indices rallied to close at alltime highs. Back over to you. Maria thank you, connell. President trump returning from First International trip to a sea of uncertainty, tax reform, health care are all in limbo as investigations dominate d. C. Joining me is home depot cofounder ken langone. Thank you for joining us. Ken thank you for having me, maria. Maria as a businessman, obviously, you operate in business and you know you cant spend too much. Youve got to make sure to pay debts. Youve got to make sure to create jobs. Whats the state of washington today . Ken chaotic. Maria thats what it sounds like. Ken every place you look, chaotic. The wheels have come off. Maria why . Ken i understand the democrats being obstructio i understand the democrats seeking identity. Right now they want to be relevant. Best way they can be relevant in their minds, i dont agree with it, is to be an obstructionist. We stopped this, we stopped that, we stopped. That the republicans, on the other hand, have skin in the game. If we dont get some significant acts, things done, well lose control of the house next year. I think that statement will be safe largely because they have more seats up than we do, and theyre more vulnerable than we are. Maria thats the point, if they dont get something done, they lose seats in the house, fine. Ken control. Maria control of the house. But what about the economy . If we dont see tax reform getting done, bigger implications than the guys losing control of the house. Ken look, you go back to the Campaign Last year, a lot of noise was made about tax reform, about the horrendous nature of health care in america today, the Affordable Care act, immigration issues, the environment. You got deliver on something. The American People last november, in my mind, did very dramatic thing. They elected a man who the republicans didnt want, the democrats didnt want, the media, god forbid, the media went full force. What the media is doing to establish relevance because what happened last november was the public said to hell with you, media. Im voting the way i want to vote, and they were shocked. Its that simple. Maria well, the media really does not like President Trump. Ken they hate him they hate him you look at cnn, the msnbc. Ken bob woodward, look what bob woodward said about the way the media is acting now. Where is the objectivity . I havent seen one headline on the front page. When i read the New York Times which is less frequent than i used, to the headlines on the front are more rather an objective statement of fact, theyre subjective. Maria nasty. Ken like the editorial page. Maria youre right. What do you think is going to happen . I had ron desantis on from the freedom caucus, congressman desantis on friday, last week, he said were going to get tax reform done. Do you believe it . Do you think well get tax reform done . And what are the implications of it. Ken theyre going to claim to get tax reform done. Maria maybe tax cuts. Ken the opportunity to do something meaningful, that could be a sea change, theyre going to blow it. And this is a great opportunity, and lets start with where we need to address first in my opinion, the little guy. Forget about me. Maria the Small Business owner . Ken the Small Business owner. Maria and the individual. Ken the individual last november said hey, guys, dont forget me, im voting a certain and they did. The thing i dont understand about our politicians, maria, people dont understand that the public has spoken loud and clear. This was a major, major cataclysmic event. Maria which is why its a head scratcher to see Chuck Schumer and the democrats pushing back and being obstructionist. Theyre saying no, america, you voted for something but were not going to participate. Ken the democrats are seeking relevance, they want to still be relevant. I dont think theyre doing it the right way,ing and the American People are going to see through it all. But that doesnt help the plight of the American People. Maria ask but tax reform, you have been vocal on this. You think a border adjustment tax is a good idea. Ken if they implement a border adjustment tax where it phases in, i think its a wonderful idea, and im saying this as a retailer. I think all my brethren in the retail business, if they look hard, every time you can put more money in our customers pockets and in the case of home depot, any time we put more money in the envelopes of our associates, we win. Maria what about the automakers who say, look, ive got components across the border six, seven times. If you have a certain component that goes in the chair, but the seat is made in mexico, the driver seat is made in mexico, send the components to mexico and bring back the seat into the car. How about that . The automakers are saying a border adjustment tax is going to be too confusing. Ken i plead guilty, it goes across the border at a certain value, then it comes back at a higher value because they add something to it, that difference, to me, would be where there will be a border adjustment. Maria theyll adjust it. Ken im saying where theres a will, theres a way. Right now weve got kids spitting at each other in washington. Two kids spitting at each other in the play yard. Maria how did this happen . They used to go to coffee together, they used to talk policy offline. It happened on both sides. Ken it happened when they realized they could manipulate the American People. 7 00, Election Night last year, who the hell would have thought donald trump would be president morning. Nited states the nex guess what . He did, and the russians didnt do it. Maria ken, a lot of great insights from you. Stay with us. We want to see where you see growth in the economy right now. Ken langone invests his capital. Well find out where. We have a lot more discuss. Wall street week is coming back. Announcer ken langone is still an investor. Where is he seeing money make are allergies holding you back . Break through your allergies. Try new Flonase Sensimist allergy relief instead of allergy pills. 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Where are his opportunities right now . The private company, family office, quasi family office, tell us what youre invested at. Where do you see growth in the economy right now . Ken let me give you something generally first. I wish i was 21 again. I think the opportunities in america in the next 25 years, no matter how hard our politicians try to screw it up, the opportunities are phenomenal. So where am i investing . I love the Public Storage business. Why . Older people are downsizing. They got to store stuff. Younger people are in starter apartments where they havent got enough closet space, theyre storing stuff. Its a momandpop business. Maria a practical business, sounds boring. Ken i love boring businesses. Love boring businesses. Maria okay,kay. Ken 83 of themre independently owned. Theres a great opportunity. I love low Income Housing because theres a great need there, and i think can you do it in a way thats good for the tenant and very good for the investor. Medical devices. Were very excited about. Maria thats also a trend on wellness and living longer and getting new knees and hip replacement, et cetera. Ken for example, ill give you a for instance. Im investing in a Company Called orthosensor. They have a device when the surgeon finishes doing your knee, before he sewed up the wound, they put this device in and it assures the doctor of alignment. Youd be amazed the number of knee replacements that have to be redone. Maria wow. Ken who pays nar . Theres a great opportunity because as i look at it, somebodys got to pay for the other operation if its got to be redone. No way you can compensate the patient for the pain that comes with misalignment. Theres a real opportunity. More people are getting new knees, new hips, i havent had anything. Maria you havent had anything. Ken i have a peasants body. Maria you are very active. Ken active and i have good genes, thats a good start. What else do i see . I see great opportunities, appealing and catering to older people, were living longer, were living better quality lives, so anything that relates to helping older people enjoy their last years or their later years, theres a great opportunity there. You know, we slam health care, but guess what . The drug industry, theres got to be a direct correlation between the extension of life now what, 77, 78 . 60 years ago it was 48. Give the drug industry credit for developing important molecules that enhance our ability to live. The fda is not as bureaucratic as we thought. Ken one more thing im excited about. All the other things require legislativac. I hope the president continues to lift the burden of the very unnecessary regulations. Theyre killing us. Maria yeah, thats probably where hes had the most success so far, right . Rolling back regulations. Ken why . Because he can do that. Im signing and thats it. Maria where do you want to see the regulations lowered. You say health care there is onerous regulations. Ken we never want to do anything to harm the public. So any regulation thats designed to make sure we measure twice and cut once regarding do no harm, im for that. But theres a lot of regulation out there thats superfluous, that does nobody good except the guy thats got a job in washington. You realize, for example, with obamacare, we added 68,000 people to the irs to collect the tax money thats coming that came from the new taxes that were levied to pay for obamacare . These people all have to eat. Theres a solution to that as well because people want to work 20 years and retire. You dont replace those jobs. I got to believe when you got hundreds of thousands, probably millions of people working for the government, theres an opportunity to let the clock take care of the problem. Maria right, theres an immigration issue that people say is taking peoples jobs but theres also technology. Ken thats not so. Maria robotics is the issue. Ken the problem is our children are not getting the educations they need to be competitive in a hightech world. I dont want to blame anybody, but we are doing a horrible job in Public Education in america today. We spend more money per student in Public Education than 30 of the most developed countries on earth and in results rank 28th. Maria wow. Should the onus be on government or business in terms of training our people. They had fantastic Training Programs they was so proud to be a part of. Building essential leadership skills and all these classes. Should business be doing more of that to train people to thrive in the new economy . Ken lets go back a step. Business has no control over Public Education. The beginning has got to be give the kids the basic tools. Read, write, count. Im not talking about highfalutin extra calculus superiors, im talking about giving the kids the basic tools that prepare them to go to entry level job. Take home depot. How can we have somebody helping a customer if that associate cant read the directions on the package to help the customer figure out how to do it . Maria you make a great point about Public Education. Stay with us, ken, i want to get to your other massive passion, that is an incredible amount charitable work that ken langone does whether its education or health care. Well talk about that next on wall street week. Stay with us. Announcer hes one of the top philanthropists in the world. Why ken langone does what he does . When wall street week when wall street week returns. S. S. S. S. The bathroom. When things go wrong here, you remember. Quilted northern is designed to work so well, you can forget your bathroom trips. But sir froggy can never forget. I used to be a prince. But no princess would kiss me now. Maria welcome back. President trumps plans for tax reform does not change that you can deduct charitable donations, but that does not mean nonprofits are not concerned. Lowering the top rate to 35 means charities could be on the verge of losing 13 billion a year. Ken langone is well known for his philanthropy, contpations to the Nyu Langone Medical Center and world renowned and saved countless lives. Its not just Nyu Langone Medical Center you spent so much of your time and money but education, which were going to get to. And full disclosure, im on the board of nyu and proud of that. What do you think of the tax plan theyre talking about . Ken i think at the end of the day, theyll leave it alone. The damage that will be done to charities, in my case it doesnt matter. Why . Because the minimal alternative tax, okay . And thats fine. As far as im concerned, take what you want from me, this country has been great to my wife and me and our family. I cant believe all the wonderful opportunities ive had, and i cant believe, thank god the success ive had. My philanthropy is driven from one thing, and thats giving back to those places that were there for me. Nyu, i think all of us that have done well, and some of us who have done extremely well like myself, i think theres a strong moral obligation to make sure that we do our part to give the next kids the same chance that we had. On the other hand, theres so many people, so much hurt in this world, you go im on the board of the Ronald Mcdonald house on the east side. Nine, tenyearold kids struggling to live. How you cannot help them . Jeff of stan and im on the board of the Promise Academy which is the Charter School we run. The kids are blossoming so more. Maria what satisfaction must that give you . Ken more than the value of a stock going up. Maria i understand. Ken you reach a point in life where material things are frankly in the abstract. Okay . But when you can touch a life, when can you say i made a kids life a little better because i wanted to and because i had the ability to do it, and i had the financial wherewithal. Theres no greater glory or satisfaction. I donated money to my high school and they made the Maria Bartiromo broadcast journalism school. Its an allgirls catholic school, they are taking journalism, theyrthriving, nothing has given me so much satisfaction. I want to ask you about nyu langone medical, its gotten top honors. Ken bob grossman, the dean and ceo and his team. Bob has assembled a team of people thats passionate, highly competent and care about the quality of patient care. At the end of the days, thats why youre there. Maria theyve got technology, 3d mammography machines, they use the top technology, has that accelerated the rise at nyu langone. Ken what accelerated the rise is a can do spirit, a recognition of why were there. Whats the goal . The goal is to help people who are hurting and sick and sending them out better and living a better quality of life. Patient care, everything we do should lead to patient care, technology, teaching, research, the whole all the efforts should be the subsidiary to giving the patient a better experience in life, not just with us. Maria you are a class act, ken, thank you for all you do for so many people. On the health care side, the education side, youre making a big difference. Ken thank you. Maria ken langone, cofounder of home depot, honored and thrilled to have you on the program this weekend. Dont go anywhere. More wall street week right after this. Theres nothing traditional about my Small Business. I count on my dell Small Business advisor for tech advice. With one phone call, i get products that suit my needs, and i get back to business. Of being there for my sons winning shot. That was it for me. Thats why im quitting with nicorette. Only nicorette mini has a patented fast dissolving formula. It starts to relieve sudden cravings fast. Every great why needs a great how. Maria welcome back, a look at the market events coming up in the week ahead that could impact your money. Economic data. Factory orders, consumer credit, wholesale trade all out next week, and no earnings of note, the firstquarter earnings turned out good. 15 high or profits, but other news to keep an eye out that could move the markets. The uk is head to the polls in a snap election. Prime minister theresa may widely expected to win, but new polls indicate mays touri party could lead to a hung parliament. James comey is publicly testifying in washington where he is expected to say President Trump asked him to back off of the Michael Flynn investigation. All of the above. Well be watching closely here on the fox business network. Coming up next week on wall street week, blackrock cofounder is my special guest. Join me for ralph next week, the cofounder of blackrock and see you sunday morning at 10 00 a. M. Eastern for sunday morning futures. In two weeks time, taking wall street week on the road. Ill be coming to you from golfs premiere event, the u. S. Open. That will do it for us on wall street week. Thanks so much for joining me. Stay tuned for bob massis property man beginning right now. Im bob massi. For 35 years, ive been practicing law and living in las vegas, ground zero for the american realestate crisis. But it wasnt just vegas that was hit hard. Lives were destroyed from coast to coast as the economy tanked. Now its a different story. The American Dream is back. And nowhere is that more clear than the grand canyon state of arizona. So we headed from the strip to the desert to show you how to explore the new landscape and live the American Dream. Im gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. At the end of the
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