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Since election day. back in 2013, s&p gained 19.24%. so it s not exactly unprecedented. it is extraordinary growth, but we ve seen this in a bull market rally. so that s number one. number two, why would it make sense, if corporate america is doing so well, if the stock market is killing it, why is the next statement we need tax cuts? well, two things. one is, you know, i just checked this the other day. the returns on the dow since the president took since the president was elected back in november, 26%. nasdaq 27%. s&p 21%. historically unprecedented or not, those are incredible returns. on a treasury bond you re getting 2.2, 2.3%. so the returns are great. wall street is obviously excited about something. i think there s three legs to this economic growth stool. one of them is regulatory reform, which the president has been doing on his own. some help from congress, but ....
Far. reporter: routine. routine is the word that jumps out at you when you look this over. you hear other aircraft, you know, mh-370 s put on hold, if you will, as a flight from frankfurt is given priority for ground control. you hear the pilot getting ready for takeoff, the pushback. all these things are recorded here. and you get down to the end of it, which on my copy here is three pages long. you have air traffic control in kuala lumpur at 1:19.24 saying, malaysia 370 contact ho chi minh 1:20.9, goodnight. now, that s the frequency that the plane would contact the ho chi minh city control tower. malaysia 370 replies goodnight malaysian 370. now, some aviation experts, ....
Them, the thank-yous, the good mornings, the good days, all going on, you know, just as normally as you would expect them to. it comes to an end at 1:19.24. air traffic control radios malaysian 370 contact ho chi mi minh, 1:20 decibel nine, goodnight. that s telling him to contact the control tower at 1:20.9. they reply goodnight malaysian 370, and that is the last we heard from that flight. it was bound from beijing. today the search, of course, taking place in the southern reaches of the indian ocean. really, literally, half a world away. and families and everyone here, of course, want to know answers. we ve had so few facts, poppy. this is one of them that we can hold in our hands and look at the transcript. i think the next step would be ....
Are two things here at play. first of all, politically speaking, at the end of december or before everyone goes home for the holidays, i think you ll have an extension of the payroll tax holiday. what we re talking about, really, is a matter of politics rather than a matter of substance. the substance of the matter is, republicans are very much against raising taxes, particularly in a weak economy. for all the reasons that you just outlined, you don t want to hurt those who are helping to create jobs in the united states. what we have here, though, is an entirely different issue. you have a payroll tax holiday. last year, the congress and the president came out with an agreement that said, we are going to divert 2% of the money that you would otherwise be putting away for social security, back into your pockets. that amounted to about $19.24 in everybody s pocketbook, per week. now what we have is a democratic proposal that says, we re going to take 3% out, and not only are we going to ....