tv Bloomberg Markets Americas Bloomberg February 24, 2017 10:00am-11:01am EST
vonnie: we are going to take you from new york to london in the next hour and cover stories out of washington, germany, and japan. breaking u.s. economic data. let's get to the numbers with abigail doolittle. relative to new home sales for the month january, a slight miss. 155,000 new homes in the month consensus, below the survey. the purpose of 3.7% growth over month of investment -- investors surveyed had been looking for bigger growth. there is one bloomberg strategist who is saying that this may suggest that this is trumpmp can't from -- tantrum, that the rate rises taking a toll on the housing
market. the final read for the month of february is 96.3, just above what the survey was calling for. a bit of a read on how americans feel about the trump administration so far. pullbackking at a mild for the dow, s&p 500, and nasdaq. but it doesld, represent the worst slide since the month of the brewery, while the -- month of february, while the dow, it could be the first down day for the dow in 11 days. we look at a two-hr of the -- there's aart the dow, small gain. we see the bearish open. dow trying to climb higher. what stands out over the next two days, dow open higher than into that businesslike, solid manufacturing meeting with president trump yesterday. dow took a lead level, which is a bit unusual.
it will be interesting cpac to see what happens at cpac -- it will be interesting to see what happens at cpac today. turning to some havens, we are looking at another risk-off session. and 30-year rallying three days in a row. dennis back below that psychological mark of 3%. all of this suggests it is a risk-off tone. and finally, three members that we do have. big earnings losers here, including jcpenney, hewlett-packard, herbal life. jcpenney did present a guidance apparently they saw a real setback in the server and storage revenue. ife, assailsal -- sales miss. mark: bit of a defensive stance
today. telecom industry among the only groups rising to david stoxx 600 is down for the third, worst losing streak in a month. earlier we fell by 1.4%. worst daily decline since september. it puts today's declines in perspective. of yesterday, shares down about 4,89%. ritain's biggest taxpayer-owned bank, delayed profitability targets. the lender laid out a plan to cut costs by 2.5 billion pounds over the next four years. shares in rbs down. standard chartered rounding out the big five u.k. lenders over a report this week, shares 544% earlier lower. -- 5.4% earlier lower.
the bank is taking losses on a private equity business that it is shutting down and set efforts to clean up conduct issues affected performance as well. over the last 12 months, this is the best performing major bank in europe. it has risen by 84%. we couldn't finish up today's hit without looking at le spread . not widening. the euro is on track for its third weekly drop in a row. vonnie: i love it -- le spread. let's go to maryland, where president trump is set to speak at the conservative political action conference. kevin cirilli joins me from the conference. last year donald trump pulled out of the last minute and it angered some and very much pleased others. what does that say about the relevance of cpac that he is returning as president? is set tosident trump
address this boisterous crowd at the gaylord convention center in maryland and a couple of minutes. they have closed off the ballroom, which is at capacity here, in anticipation of the speech. he is going to be addressing a crowd of conservatives here that are waiting to hear from them on a host of policy initiatives could yesterday, chief strategist steve bennett and chief of staff reince preibus addressed a joint panel. this comes days after presidents cup will had to capitol hill and make a policy pitch to lawmakers in a joint address to congress. vonnie: what about tensions in the room? is it still a party that is completely adrift or is there some kind of effort to unite this year? kevin: well, there are key differences on a range of policy issues, ranging in particular spending.mic stimulus
there are several conservative, including the president's own budget director, mike mulvaney, who advocated for the tea party faction of the republican party. the president has a task set out for him in that he needs to unify this republican party on economic issues if he wants to get across things like infrastructure and to some extent tax reform. this republican party is divided on the border adjustment tax as well. , kevin, there a sense that activists can embrace the trump vision or not? well, mark, i think what has happened when you think back to the campaign cycle is this was a president who wrote the coattails of the immigration for furor at theration base of the conservative movement and he wrote that all the way to the white house. he is facing key questions from his own party on other issues come in particular russia. the backdrop to this president's
speech comes at a time when there are reports that reince preibus, the chief of staff, personally asked fbi officials to squash down records that there was communication between campaign administration officials with russian intelligenceng against this rep. they argue that the fbi director james comey was the one who reached out to them. later this afternoon, white house press secretary sean spicer is set to take questions from reporters i bet he will field several questions about that. it will be interesting to see whether or not president trump takes that issue on directly in his remark in a few minutes. mark: kevin, tell us about the executive order that president trump will be signing later. kevin: later this afternoon president trump will reportedly sign executive orders ranging on environmental protection and regulatory issues. this comes at a time in which he has signed a host of other executive orders, and everyone is still awaiting next week, in
on thecutive action set middle eastern countries that will work in juxtaposition with the executive orders the ninth district struck down is set to debut. we expect that next week around the same time line as he makes the joint address to congress. vonnie: kellyanne conway did not exactly please many of those in the crowd yesterday by saying he was going to be tpac today. what kind of response do you anticipate the president will get? kevin: i can remember covering cpac for several years and it came in a time of a presidential election and there was jockeying for control of the republican party. that was the dominant storyline we were following. now we are at a different moment for this conservative party, and president trump has to make the case that he is able to ease the concerns of the lawmakers and republicans you are a bit taken aback by the reports about
russia. but he also needs to bring on board that tea party base as he looks to accomplish key parts of his legislative policy agenda, from tax reform to infrastructure spending and repealing replacing key parts of the affordable care act, otherwise known as obamacare. vonnie: kevin cirilli, thank you. interesting to see who turns up, given that it is recess week in washington as well. kevin cirilli, chief washington correspondent for bloomberg news in maryland there. let's check on "first word" is taylor riggs has more cap chemical weapon was used to murder the half-brother of north korean president kim jong-un. the nerve agent was found on the ,ace and eyes of kim jong nam killed in kuala lumpur last week. it is believed that history has one of the largest stockpiles of chemical weapons. in the middle east, iraqi troops have captured more ground from islamic state forces in mosul.
they say they again for control of the airport and occupy parts of the -- western parts of the city. a car bomb in syria is blamed for killing at least 60 people. most of them were civilians returning home to a town that had just been recaptured from islamic state forces. the town had been taken by turkish soldiers and syrian opposition troops. toeurope, top advisers four-right presidential candidate marine le pen have met with international banks and other firms to explain their plans to exit the euro. among the institutions that are quested meetings, blackrock. such meetings are common from ancient parties in france. officials from the national front say this is first time their party has been approached. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. riggs.ylor this is bloomberg. mark: taylor, thank you. coming up, obamacare's
mark: live from london and new york, i am mark barton. vonnie: i am vonnie quinn. this is "bloomberg markets." new details to the republican plan to repeal and replace the affordable care act. at the same time, the health insurance law is enjoying its highest popularity levels since shortly after it was passed in 2010. we want to bring in a health care reporter for bloomberg news . of course, we are keeping our eye on cpac in maryland.
the president is set to take the podium and a little bit. we would like to talk health care before he does. there are plans out there, or bits of plans. anything presentable to congress right now? >> republicans in congress are working to come up with a plan and are running ideas by folks and trying to see what they can come up with. we are the beginning stages of details on what will be a long process. vonnie: what details are receiving? levels, --, income what are the specifics that are actually being worked on? zachary: the republican plan will give tax credits similar to obamacare subsidies to buy health insurance. one of the key differences, they will give everybody a tax credit that it just one age rather than income. under obamacare, poor people get more help get that won't be the case anymore.
one of the big consequences is probably more people are going to be uninsured. we don't know how many or how big the tax credits will be but one thing we do know is that fewer people will have health insurance. mark: how do you explain that if you are a lawmaker? trump promised during the campaign that more people would be covered. that contradicts what he was saying. how do you dot th i am cross the t if you are a republican lawmaker? zachary: that is one of the big issues republicans will confront. thet now they say one of big reasons people will be introduced the individual mandate. the obamacare requirement that people buy health insurance, that will go away. they say that people will have freedom to buy health insurance or not and some choose not to buy it. but this is again for people who don't want to buy this product -- that is how they are talking about it now. we will see how that holds up and coming weeks as we find out how many people the estimates
are that would lose health insurance. mark: how popular is obamacare? polls have been done, zach. visit popular or not? 50%. another has 48% of people liking it. these are the highest numbers it has had since the law was passed and certainly since it went into effect. it shows the states for republicans if they are going to repeal the law. they have a growing number of people who say obamacare is not perfect but it has given me and my friends and family health insurance, they are worried about losing that. vonnie: we are seeing is that town halls across the country, particularly this week because it is recess week for congress. what potential is there for this effort by republicans to overturn what had been a republican plan originally to gain any traction? what are the pharmaceutical company saying, what are insurers saying? zachary: when you look at the town halls, you see a lot of people coming out who are
worried about losing health insurance, and that is one more obstacle. the key is that republicans have campaigned for years and years and years on repealing obamacare. justdea that they would throw their hands up and walk away, i don't think we are anywhere near there yet. there will be a real effort to put legislation out, to pass the legislation. it will go through the house and senate. and then we will see what folks come up with. we are early stages here. vonnie: how much influence does the new hhs secretary, tom price, have over the process? zachary: tom price met with congress last week to start talking about obamacare. what he said at the time is that they want to leave it to congress to come up with a replacement plan. we will see how that plays out as things go forward. the president and tom price from the administration, are probably going to have to get involved to say, look, these are our priorities in health care reform. mark: what is it -- vonnie: sorry, mark. mark: is it likely that what
ultimately replaces obamacare won't be different from the original affordable care act? think in the individual market were people buy health insurance with subsidies, you will see something that looks pretty similar. there may be more flexibility around designs and subsidies will be different. but at the end of the day, it may look to different -- it may not look too different. the big questions that are out there still are on medicaid expansion in the aca. less clear what is going to happen with that. mark: do we have any idea when the gop will introduce this formal bill in the house or senate? is there any idea of the timeframe? zachary: they said they want to introduce a bill in march. we have seen the timeline slipped several times. you have to remember that donald trump and congressional republicans essentially campaigned on the idea that they would repeal obamacare is one of the first acts in office. it is now into february.
they are saying they want is a bill in march. vonnie: what about budget-wise? how will it be paid for? zachary: that is an open question. one of the big issues in repeal is republicans want to review most or all of the taxes. some say all comes some say most. this question about what is a tax. but essentially they want to make paying for this extreme is difficult. vonnie: there will be court cases, i imagine. at what point will be secret cases brought by individuals who lose coverage or by groups or maybe this will we see court cases are individuals who lose coverage or by groups or maybe the aarp? zachary: it's a good question. we will have to see what it does, who is hurt by this. you are right, the aarp is an important group to watch. folks with lower incomes, older people all these constituencies will weigh in. for theit took so long affordable care act to come into widespread use. it seems to be working pretty
-- actually,for think we might be going to maryland. we will have to talk about that question a little bit later on. zachary tracer, health care reporter for bloomberg news. donald trump, president of the united states from taking the podium at cpac. let's listen in. playing]ss the usa" president trump: thank you, everybody. so great to be with you. thank you. great to be back at cpac.
really -- ihave love this place. love you people. thank you. thank you very much. first of all, i want to thank schlapp and his very, very incredible life, and boss, mercedes. who have been fantastic friends and supporters, and so great when i watch them on television defending me. nobody has a chance. i want to thank mat adversities. -- matt and mercedes. ,nd when matt called and asked absolutely i will be there with you. i didn't want him to go against me, because not one you can't beat -- that when you can't beat.
it really is an honor to be here. i wouldn't miss a chance to talk to my friends. these are my friends. [applause] president trump: and we will see you again next year and the year after that. i will be doing this with cpac whenever i can and i will make sure that we are here a lot. if you remember my first major speech -- sit down, everybody. come on. [laughter] president trump: you know the dishonest media, they will say "he didn't get a standing ovation." you know why? because everybody stood and nobody sat. they will say he never got a standing ovation. [applause] president trump: they are the worst.
president trump: so -- sit down. [laughter] president trump: "donald trump did not get a standing ovation." they leave out the part -- they never sat down. they leave that out. you know my first major speech , probably five or six user token first major political speech. and you were there. i love to the people, i love the commotion. and then they did these polls where i went through the roof and i wasn't even running. but it gave me an idea. and i got a little bit concerned when i saw what was happening in the country. and i said let's go to it. it was very exciting.
i walked the stage on cpac. i will never forget it, really. i had very little notes and even less preparation. so when you have practically no notes and no preparation and then you leave and everybody was thrilled, i said, i think i like this business. i would have come last year but i was worried that i would be at that time to controversy over he wanted -- too controversial. we wanted border security, we wanted very, very strong military, we wanted all the things we are going to get, and people considered that controversial, but you didn't considered controversial. [applause] president trump: so i have been with cpac for a long time. all of these years we have been together and now you finally have a president. finally. took you a long time. took you a long time. [applause] president trump: and it is
patriots like you th you want te america great again. [applause] president trump: the media didn't think we would win. right.dits -- you're they had an idea. the pundits didn't think we would win. the consultants that suck up all that money -- oh, they suck it up, they are so good -- [laughter] president trump: they are not good at politics but they are really good at sucking up people's money. especially my opponents', because i kept them down to a minimum. but the consultants didn't think we would win. but they all underestimated the power of the people, you. and the people proved them totally wrong.
and this is so true, and this is what has been happening -- never underestimate the people. never. i don't think it will ever happen again. and i want you all to know that we are fighting the fake news. it's fake, phony, fake. [applause] a few days ago: i called the fake news the enemy of the people, and they are. they are the enemy of the people. sources,hey have no they just make them up when there are none. i saw one story recently where they said "nine people have confirmed." there are no nine people. i don't believe there was one of two people. nine people. and i said, give me a break, because i know the people. i know who they talk to.
there were no nine people. and somebody reads it and they think, oh, nine people, they have nine sources. they make up sources. they are very dishonest people. in fact, in covering my comments, the dishonest media did not explain that i called the fake news the enemy of the people. the fake news. they dropped off the word "fake." and all of a sudden the story became the media is the enemy. they take the word "fake" out. an outline saying, oh no, this is no good -- and now i am saying, oh no, this is no good. this is how they are. i'm not against the media, i am not against the press. i don't mind bad stores if i deserve them. and i love good stories but we won't go -- [laughter] president trump: i don't get too many of them. but i'm only against the fake news media or press. fake, fake.
you have to leave that word. i'm against the people that make up stories and makeup sources. they shouldn't be allowed to use sources unless they use somebody's name. let the name be put out there. let the name be put out. a source says that donald trump is a horrible, horrible human being. let them say it to my face. [applause] be noent trump: let there more sources -- and remember this, and not in all cases -- i had a story written yesterday about me in reuters by a very honorable man, a very fair story. there are great reporters around, there are talented and honest as the day is long. they are great. but there are terrible, dishonest people, and they do a tremendous disservice to our country into our people -- and
to our people. a tremendous disservice. and they shouldn't use sources -- they should put the name of the person -- you will see stories dry up like you have never seen before. bad it iso idea how because if you are not part of the story, and i put myself in your position sometimes, because many of you, you are not part of the story, and if you are not part of the story, then you sort of know if you are part of the story what they are saying is true or not. , and aey make it up makeup is something else, and you saw that before the out wits -- a couple pulls got it right. "los angeles times," they did a great job. shocking, but they did a great job. we had a couple of others that were right. but generally speaking, i can tell you the network -- somebody said "a poll came out," and i said what network is it? and they will say -- let's not even mention names, right?
well, you have a lot of them. the clinton news network is one. [laughter] president trump: totally. take a look, honestly. take a look at their polls the last three years. you think they would fire the pollster, right? after years and years of getting battered -- i mean, who knows? maybe they are just bad at polling. or maybe they are not legit. but it is one or the other. look at how inaccurate -- look at cbs, look at abc also. look at nbc. take a look at some of these polls. they are so bad, so inaccurate. and what that does is it creates a false narrative. it creates this narrative that is just like we are not going to win, and people say "oh, i love trump, but i'm not feeling great today, he can't win, so i will
not going to vote." it creates a whole false deal. and we have to fight it, folks. they are very smart, very cunning, and very dishonest. just to conclude, it is a very sensitive topic, and they get upset when we expose their false stories. they say that we can't criticize their dishonest coverage because of the first amendment. you know, they always bring up the first amendment. and i love the first amendment. nobody loves it better than me. nobody. [applause] president trump: i mean, who uses it more than i do? but the first amendment gives all of us -- it gives it to me, it gives it to you, and gives it to all americans, the right to speak our minds freely. it gives you the right and me the right to criticize fake news and criticize it strongly. [applause]
president trump: and many of these groups are part of the large media corporations that have their own agenda, and it is not your agenda. and it is not the country's agenda. it is their own agenda. they have a professional obligation as numbers of the press to report honestly. but as you saw throughout the entire campaign, and even now, the fake news doesn't tell the truth. doesn't tell the truth. say it in finishing, i doesn't represent the people, they never will represent the people, and we are going to do something about it, because we have to go out and we have to speak our minds and we have to be honest. our victory was a win like nobody has ever seen before. [applause] president trump: and i am here fighting for you and i will
continue to fight for you. winvictory and the was something that really was dedicated to the country and freedom,at believe in security, and the rule of law. our victory -- [applause] victoryt trump: was a and a win for conservative values. [applause] president trump: and our victory was a win for everyone who believes it is time to stand up for america, to stand up for the american worker, and to stand up for the american flag. [applause] yeah, there we: should stand up. come on. there we should stand up.
and by the way, wthere are linex blocks to and i tell you that because you won't read about it. but there are lines that go back six blocks. there is such love in this country for everything we stand for. you saw that on election day. and you are going to see it more and more. so we are all part of this very historic movement, a movement ,he likes of which, actually the world has never seen before. there has never been anything like this. there has been some movements, but never anything like this. there has been movements that petered out, like bernie. petered out. [laughter] president trump: but he was a little rig against him. -- it was a little rig against him. superdelegate, super delegate! she had so many delegates before the thing even started.
not that i'm a fan of bernie, but a lot of birdie people voted bernie people voted for trump because he is right on one issue, trade. our country has been burned on trade issues and we got a lot of support. so actually, i like bernie. [applause] president trump: but i'm here today to tell you what this movement means for the future of the republican party, and the future of america. first, we need to define what this great, great, unprecedented movement is and what it actually represents. the core conviction of our movement is that we are a nation that put and will put its own citizens first. [applause] for to long we: have traded away our jobs to
other countries. so terrible. we have defended other nations' borders while leaving hours wide-open, anybody can come in. >> build the wall! president trump: oh, we are going to build the wall. don't worry about it. we are building the wall. we are building the wall. in fact, it is going to start soon, way ahead of schedule. [applause] president trump: way, way, way ahead of schedule. going to start very soon. general kelly, by the way, has done a fantastic job. fantastic job he has done. [applause] president trump: and remember, we are getting the bad ones out. these are bad dudes. we are getting the bad ones out. ok come we are getting -- if you watch these people, it is like, oh, gee, that is so sad.
we are getting bad people out of this country, whether it is drugs or murder or other things. we are getting bad ones out. those are the ones who go first, and i said it from day one. basically, all i have done is keep my promise. [applause] president trump: we have spent trillions of dollars overseas while allowing our own infrastructure to fall into total disrepair and decay. in the middle east, we have ago, $6s of four weeks trillion. [boos] president trump: think of it. and by the way, the middle east -- i mean, it is not even close -- it is in much worse shape than it was 15 years ago. if our presidents would have gone to the beach for 15 years, we would be in much better shape than we are right now, that i can tell you. [applause]
be a hell of a: lot better. we could have rebuilt our country three times with that money. this is the situation that i inherited. i inherited a mess, believe me. we also [applause] president trump: now, i have been watching, and nobody says it, but obamacare doesn't work. i could say, i could talk -- it doesn't work. and now people are starting to develop -- the people you are watching, they are not you. they are largely -- many of them are the side that lost. you know, they lost the election. like, how many elections do we have to have? they lost the election. but i always say obamacare doesn't work, and these same people to use go were complaining about obamacare.
-- two years ago and year ago were complaining about obamacare could the bottom line we are changing it. we are going to make it much better. we are going to make it less expensive. obamacare covers very few people. and remember, deduct from the number all of the people that had great health care that they loved that was taken away from them. it was taken away from them. [applause] millions ofump: people were very happy with their health care. they had their doctor, they had their plan. remember the line? 28 times, "you can keep your plan." you can keep your over and over and over again you heard it. so we are going to repeal and replace obamacare. applause]d
president trump: and i tell paul ryan and all the folks we are working with very hard, dr. tom price, very talented guy -- [applause] president trump: but i told him from a purely political standpoint, the single best thing we can do is nothing. let it implode completely. it is already imploding. you see the carriers are all leaving. i mean, it is a disaster. but 2 years don't do anything. the democrats will come to us and beg for help. they will beg. and it is their problem. but it is not the right thing to do for the american people. not the right thing to do. [applause] we inherited a: national debt that has doubled in eight years. think of it,. 20 trying dollars trillion.
and we inherited a foreign policy with one disaster after another. we don't win anymore. do we win a war? do we win anything? do we win anything? we're going to win, we are going to win big folks. we're going to start winning again. believe me. [chanting "usa"] president trump: but we are taking a firm, bold, decisive measure, we have to, to turn things around. the era of empty talk is over. it's over. [cheers and applause] president trump: now is the time for action. so let me tell you about the actions that we are taking right promise tover on our the american people and on my promise to make america great again.
we have taken certain and strong action to secure the southern border of the united states and to begin the construction of a great, great border wall. [cheers and applause] president trump: by doing this, and with the help of our great border police, with the help of ice, with the help of general kelly, and all of the people that are so passionate about this, our border patrol, i'll tell you what they do, they came and endorsed me, ice came and endorsed me. they never endorsed a presidential candidate before. they might not even be allowed to drug from pouring into our nation and poisoning our youth. [applause] president trump: pouring in. pouring in. we get the drugs, they get the
money. we get the problems, they get the cash. no good, no good. by stopping the flow of illegal immigration, we will save thomas -- save countless dollars -- that is so important because the dollars we are losing our beyond anything you can imagine, and the tax dollars that could be used to rebuild struggling american communities, including our inner cities. [applause] we are alsoump: going to save countless american lives. as we speak today, immigration officers are finding the gang members, the drug dealers, and the criminal aliens, and throwing them the hell out of our country. [cheers and applause] president trump: and we will not let them back in.
they are not coming back in, folks. if they do, they are going to have bigger problems than they ever dreamt of. i am also working with the department of justice to begin reducing violent crime. mean, can you believe what is happening in chicago, as an example? 2 days ago, seven people were shot. and i believe killed. seven people. seven people. chicago, a great american city. seven people. shot and killed. we will support the incredible men and women of law enforcement. [cheers and applause]
president trump: thank you, and thanked them -- and thank them. i have also followed through on my campaign promise and withdrawn america from the transpacific partnership. [cheers and applause] we cannt trump: so that protect our economic freedom. and we are to make trade deals, but we are going to do one-on-one, one-on-one, and if we miss behave -- if they misbehave, we terminate the deal and we come back and make a better deal. none of these big quagmire distills that are -- quagmire deals that are a disaster. ofe a look and affect one the worst deals made by any country having to do with nafta, one of the worst deals made by any country having to do with economic development. development, as far as i'm concerned it we are going to repeal and replace the disaster known as obamacare.
we will save americans from this crisis and give them access to the quality health care they need and deserve. we have authorized the construction, one day, of the keystone and dakota access pipelines. [cheers and applause] and issued amp: new rule -- this took place while i was getting ready to sign -- who makes the pipes for the pipelines? "well, sir, it comes from all over the world. isn't that wonderful?" comes from the united states or we're not building it. [cheers and applause] president trump: american steel. pipeline in the united states, they are going to use pipe that is made in the united states. do we agree? [cheers and applause] president trump: can you imagine -- i told this story the other
day. can you imagine the gentleman -- never met him, don't even know the name of his company -- i actually sort of know it but i want to get it exactly correct. big, big powerful company could a hundreds of millions of dollars on the pipeline they st hundreds of millions of dollars with bloodsucker consultants sucking the blood out of the company. i use them all my life, ok? "don't worry, we will get it approved, i'm a lobbyist, don't worry." bottom line, obama didn't sign it. could be 42,000 jobs, somewhere around that, a lot of jobs. could you imagine? it was dead. now he is doing nothing. calling his wife -- hello, darling, i'm a little bored, that pipeline has killed our company. knock knock. mr. so-and-so.
the keystone pipeline, sir, out of nowhere, has just been approved. no, can you imagine the expression? and you know the sad part? the same bloodsucking consultants that hit him for all the money and failed, they will go back to him and say, didn't we do a great job? we want more money. that is the way the system works. that is the way the system works. we are preparing bold action to lift the restrictions on american energy, including shale oil, natural gas, and beautiful, clean coal, and we are going to put our miners back to work. miners are going back to work. [cheers and applause] president trump: miners are going back to work, folks. sorry to tell you that, but they are going back to work.
we have begun an historic program to reduce the regulations that are crushing our economy. crushing. and not only our economy, crushing our jobs, because companies can't hire. we are going to put the regulation industry out of work. and out of business. [applause] and by the way, i want to regulation. i want to protect our environment my one regulations for safety -- i want to regulations for safety, i want all the regulations we need, and i want them to be so strong and so tough. but we don't need to 75% of the repetitive, horrible regulations that hurt companies, hurt jobs, make us noncompetitive overseas with other companies from other countries. that we don't need. but we are going to have to regulations. really strong and really good. we are going to protect our
environment, and we are going to protect the safety of our people and our workers, ok? [applause] another majorp: promises tax reform. we are going to massively lower taxes on the middle class, reduce taxes on american business, and make our tax code more simple and much more fair for everyone, including the people and the business. [cheers and applause] president trump: in anticipation of these and other changes, jobs are already starting to pour back into our country. you see that. i think i did more than any other pre-president they say president-elect.
president-elect is meeting with ford, he is meeting with chrysler, he is meeting with general motors. i just wanted to save a little time. [laughter] president trump: because ford and fiat-chrysler, general and so sprint, intel, many others are now, because of the election result, making major investments in the united states, expanding production, and hiring more workers, and they are going back to michigan, and they are going back to ohio, and they are going back to pennsylvania, and they are going back to north carolina and to florida. [cheers and applause] it is time for: all americans to get off of welfare and get back to work. you are going to love it. you are going to love it. you are going to love it. [cheers and applause]
president trump: we are also putting in a massive budget request for our beloved military. [cheers and applause] president trump: and we will be substantially upgrading all of our military, all of our military. offensive, defensive, everything. bigger and better and stronger than ever before, and hopefully we will never have to use it, but nobody is going to mess with us, folks. nobody. [applause] it will be one: of the greatest military buildups in american history. question, asare they have been, because we are
very depleted, very, very depleted, sequester. ourdy will dare question military might again. we believe in peace through strength, that is what we will have. [cheers and applause] as part of myp: pledge to restore safety for the american people, i have also directed the defense community to develop a plan to totally obliterate isis. [cheers and applause] president trump: working with our allies, we will eradicate this evil from the face of the earth. [applause] the same trump: at
time, we fully understand the national security begins with border security and foreign terrorists will not be able to strike america if they cannot get into our country. [applause] president trump: and by the way, take a look at what is happening in europe, folks. take a look at what is happening in europe. i took a lot of heat on sweden. [laughter] president trump: and then a day later, i said, has anybody reported what is going on? and it turned out that they didn't -- not too many of them did. take a look at what happened in sweden. i love sweden, great country, great people. i love sweden, but they understand -- the people over there understand i am right. take a look at what is happening in sweden. take a look at what is happening in germany. take a look at what is happened in france. take a look at nice and paris. i have a friend come he is a very, very substantial guy. he loves the city of lights come
he loves paris. for years every year during the summer he would go to paris. it was automatic, with his wife and his family. i hadn't seen him in a while. and i said, jim, let me ask you a question. how is paris doing? "paris? i don't go there anymore. paris is no longer paris." 4 or 5 years, hasn't gone there. he wouldn't miss it for anything now he doesn't even think in terms of going there. take a look at what is happening to our world, folks. and we have to be smart. we have to be smart. we can't let it happen to us. [applause] so let me state this as clearly as i can. we are going to keep radical hell outerrorists the of our country. [cheers and applause]
president trump: we will not be deterred from this course, and in a matter of days, we will be taking brand-new action to protect our people and keep america safe. you will see the action. [applause] i will never,p: ever apologize for protecting the safety and security of the american people. won't do it. press, ifs i get bad it means people speak badly of me, it's ok. doesn't bother me. the security of our people is number one, is number one. [applause] ourident trump: administration is running with great efficiency, even though i
still don't have my cabinet approved. nobody mentions that. [boos] president trump: you know, i still have people out there waiting to be approved. everyone knows they are going to be approved. it is just delay, delay, delay. it is really sad, and these are some great people. we still don't have our cabinet. i assume you're sitting records for that. that is the only thing good about it, we are setting records. i love setting records. [laughter] [applause] president trump: but i hate having a cabinet meeting and i see all these empty seats. i say, democrats, please approve our cabinet and gets more on health care, too that gets more on health care, too. -- and gets more on health care, too. we're taking meetings everyday with leaders in business and science and industry. yesterday i had 29 of the biggest business leaders in the world in my office -- caterpillar, campbell soup. we had everybody, we had everybody.
i like campbell soup. [laughter] [applause] we hadnt trump: everybody. and we came to a lot of very good conclusions and a lot of those folks that are in that room are going to be building big, big, massive new plants and lots of jobs and they are going to be building them in this country, not some other country. [cheers and applause] president trump: we are meeting with unions, meeting with law enforcement, meeting with leaders from all around the world. here the white house nor cease to be totally closed -- they were closed, folks. you don't realize that. they were closed. they are now wide open and they are open for people doing business for our country and putting people to work. [applause] president trump: and when they come into the white house, we