tv At This Hour With Kate Bolduan CNN February 6, 2018 8:00am-9:00am PST
the market currently. >> interesting to see where that takes us next. rachel crane, thank you. thank you for joining us. i'm erica hill. "at this hour" starts right now. hi there. i'm brianna keilar in for kate bolduan. buckle up for another white knuckle ride on wall street. today, 90 minutes after the opening bell, the dow has bounced violently in and out of the red. the volatility coming just one day after suffering its largest single day point loss in history. it also erased all the year's gains and raise the political stakes for a president who seized credit for its breathtaking climb recently. i want to begin this hour at the new york stock exchange. that's where we find cnn money correspondent krchristina alesc >> it was red across the board. it looked like a -- it actually was a correction at the open. that is a 10% drop from the most
recent high. stocks bounced back from there. and now we're just bouncing around. in fact, the main story today is that volatility is clearly back in the market. in fact, if you look at the volatility index it has hit the highest level in about two years. now, look, i know this looks scary on the screen. but many investors say this is a perfectly normal thing to happen. if you really think about it, we had a stock market rally for eight years now. and the markets are overdue in many metrics for a correction here. and you layer on top of that a very strong jobs report which we had last week that showed wages were increasing, that stoked fears that the fed would actually raise rates faster than anticipated. and that would drive some investment actually out of bonds and into other assets like -- sorry out of equities and into
other assets like bonds. so that's what's going on here. look, it is anybody's guess as to what happens from here. we could see another drop. i spoke to some investors today who said stocks are still relatively overvalued to their historic averages, especially when you look at the price relative to how much the earnings they're throwing off. so there are a lot of factors to monitor here. certainly a bumpy ride, but for most viewers at home, they shouldn't probably -- this is something that christine romans talked about all morning, most investors probably shouldn't be paying attention to each little movement in this stock market. this for right now seems like a pretty healthy correction and one that was overdue. what investors don't like to see are these sharp dips like the ones that we saw yesterday at 3:00. that's concerning and there are some indications that it may have been caused by some technicalities, probably computer trading, that sort of
thing. >> thank you so much for updating us from the floor of the stock exchange there. i want to bring in our panel to discuss this more. we have cnn chief business correspondent christine romans, we have cnn global economic analyst rana faruhar and donna swon swonks. christine romans, what are you looking for? >> i'm hearing from folks that some online trading outlets weren't able to accept trades. you're hearing from regular investors they weren't able to sell or in some cases buy. you still might have some price discovery as we call it happening overall. i would caution people here that this could be bumpy for a bit. corrections sometimes can take a long time. we haven't had one in a couple of years. that one lasted i think a month of trading where you saw some recoveries, but then setbacks as well. so watch for that. that's i think really important. and also remember the dow is just 30 stocks, so we talk about
the biggest point loss ever for the dow. remember it was a 4.6% decline yesterday. that is not even the top 20. the s&p 500 is really what you want to keep watching, that's the broader stock market gauge, that's what the experts watch, it has 500 stocks in it, it is an index, not an average. that is still up 20% since the election. i don't know where we go from here. no one knows where we go from here. this it is the bull long in the tooth. but the economy is strong. and i think that's really important to remind people. the economy is strong and that's one of the reasons why the stock market is having trouble here. >> rana, what are you keeping your eye on? >> i'm looking at the bond market. we're spending a lot of time on stocks and that's understandable. the bond market is what a lot of smart investors look to, are bond yields going up or down. that will tell you a lot about what the long-termer term inflation expectations are. and inflation is a big deal.
if you look at what has kept the market so high over the last few years, it has been a try iumvire of low inflation and low interest rates. we're moving into a world of higher inflation and higher interest rates. how fast that happens and whether or not the economy overheats, whether or not you start to get asset prices falling and people feeling, you know, a little less confident about the amount of wealth they have, and buttoning up their wallets, not spending as much, all of this stuff is connected and you can tell a lot from the bond market today. >> what -- if the market is stabilizing today, then what does that mean? does it mean anything? is it going to be a much longer picture as we saw christine talk about, this correction can take some time. >> i think christine is exactly right. i think what we saw was leading up to this an extraordinary amount of complacency. christine hit the nail on the head talking about the automatic trades that went on. and there was no breaks to be able to even get into the markets to stop them.
and i think that's really important because we really had a lot of investors, what i say were driving without their seat belts on, they weren't protecting themselves against the downside and that meant the downside was even larger when these automatic trades kicked in. i think there is another point here very important that we saw and that was the point of the bond market, that is the key. over the longer haul, the idea that we have growth with the price, that we are seeing a warming trend in the economy, we don't want to see a heat wave, as long as it is a warming trend, we can observe the higher interest rates that is expected, that's more normal. if we get a flare-up because tax cuts or additional stimulus at this late stage of the game allow overheating, we have a larger problem down the road where we have growth today at the expense of growth later in the cycle. >> i wonder if you can fact check something for us because, you know, we see some democrats who are pointing at the tax overhaul and they're saying this is why we are seeing this.
we saw stock prices rise on anticipation of tax cuts. now saying this is why we're seeing this correction. what do you think about that? >> i think it is a confluence of events, the perfect storm. we had some very good economic data which reinforce views that the fed was not maybe gradually raising rates but maybe more aggressively. we had world growth. we're seeing the idea that inflation will pick up again and wages will pick up again is a global phenomena. you put on top of that that we are taking on more debt, the treasury announced last week that they're going to have to issue more debt at the same time that the fed is not playing the role it once did in putting a ceiling on those long-term rates. and all of that came together to give us the market we have today. i don't think putting any one excuse on it or one blame is the way to look at it, it was a confluence of events that frankly the market had a hard time pricing up until this point.
>> rana, what do you think? >> i would love to jump in on that. i agree with all of that. there is not just one trigger to what is happening the last couple of days. i think the democrats actually have a fair point when they say that, hey, did we really need any extra stimulus, did we need that stimulus of a tax cut at this point in a recovery cycle? we have been in a recovery since 2009. may not feel like it to most of us, but we have been. in some i was we're due in the next few years for a slowdown. if you look at recovery cycles tend to last ten years, that's where we are. the president, of course, wanted to -- that's what he ran on. and republicans want to get through the midterm elections with growth being strong and people feeling wealthier. there is a question about whether tax cut was an appropriate policy now. >> we buckle our seat belts here potentially today and in the coming days. >> i say if you're trying to figure out the logon in for the 401(k), you have not listened to anything we have ever said. please don't do that.
just be careful and know if you're close to retirement, don't have everything in the stock market. the younger you are, you can be buying stocks now. history has shown us big pullbacks, stocks tend to do better. warren buffett says don't bet against the united states stock market. over time, it tends to do very well. in the near term, if you need the money, you need to use the money today, don't have it in the stock market if it is anything other than risk capital or in a 401(k) or some place that is a retirement account. don't be making big trades when the market is down, you know, 1100 points. >> chill out, says christine romans, thank you so much. appreciate all of your insight. coming up, the clock is ticking for president trump after the house intel committee votes to release the democratic response to the controversial nunes memo. the president now has just days to act. so will he clear its release? we'll be live at the white house. plus, president trump call on democrats who didn't cheer
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the clock is ticking at the white house where president trump has until the end of the week to decide if he'll fight the release of a memo from democrats. it challenges strong accusations made by the republican counterparts on the house intelligence committee. chief among them, that the justice department abused its authority in the russia investigation. president trump has whole heartedly embraced that gop memo saying that it totally va vindicates him. kaitlan collins is at the white house with more. >> reporter: the president has five days to decide whether or not he's going to block the release of the memo. a source familiar with the process told jeremy dimond that the president is going to act off the recommendations of the fbi and the intelligence
community saying specifically, quote, he'll accept the recommendations of those two groups. now, that's interesting because last week when we were going through this entire process, with the republican memo, written by devin nunes, that is -- pleaded with the president to not make that memo public, or keep that memo private and not make it public, because of national security issues and what not. the fbi did not want that memo coming out to the point where they put out a very harshly worded defiant statement saying why they did not want that memo becoming public. it is interesting now that the democratic mim wroemo is over h this is the line of thinking with the white house that they're going to go off the recommendations of that. but that's what the white house is maintaining right now, brianna, the press secretary, sarah sanders, putting out a statement saying the white house received the memo and she went on to say as stated, many times, the administration will follow the same process and procedure with this memorandum from the minority as they did last week when it received the memorandum
from the majority here. now, two things to note with this, the white house said they're following that same procedure, but we know that last week after the state of the union, the president was caught on a microphone saying he was 100% going to release that republican memo and he had not even read it yet. the other thing to look for is if there are going to be any white house initiated redactions with the democratic memo. because we know there weren't any with the republican memo. but right now the clock is ticking, and we're waiting to see what the president is going to decide with this memo, which is substantially longer and certainly not as flattering for the administration as the republican memo was. >> certainly not. kaitlan collins, thank you. amid questions about whether the white house played any role in the creation of the controversial memo, the man behind it, devin nunes, had this to say to manu raju moments ago. >> did the white house have any role in your memo, sir? >> democracy dies in darkness,
my friend. get to work. >> this comes as lawmakers on both sides of the aisle are pushing for president trump to release the democratic rebuttal. cnn congressional correspondent sunlen er is faserfaty joining from capitol hill. nunes didn't respond, he had his own little phrase there, the catch phrase of the washington post. what is the expectation that this democratic memo is going to be released, sunlen? >> reporter: at this point we do not know for sure. as you heard kaitlan say there, from the white house, but i think the expectation is that there certainly is a great amount of political pressure on president trump to declassify this memo and potentially that's what he might do. certainly was a strong message being sent by the house intelligence committee, the fact that last night they voted unanimously to release this memo, sent it over to the white house to make that decision. and certainly we heard from republicans saying, look, people need to see this, they believe in the interest of transparency, and we heard from adam schiff,
one of the lead writers of the democratic memo, the ranking member on that committee, saying essentially the fact that the republican memo, the devin nunes memo, was released last week gives weight to the argument that this democratic memo needs to be released. here's what he said this morning. >> this could be very hard for the white house. they tried to make the case that they released the nunes memo in the interest of transparency. so to say, well, we don't want the country to see this is untenable. what i'm more concerned about is they make political redactions, that is not redactions to protect sources or methods which you asked the department of justice and the fbi to do, but redactions to remove information they think is unfavorable to the president. that could be a real problem and that's our main concern at this point. >> reporter: so, again, right now the ball is essentially in president trump's court to decide whether he declassifies it or not. the white house says they're reviewing it, evaluating it. they have five days from yesterday to make that decision.
>> sunlen serfaty on capitol hill, thank you so much. i'm joined by rick crawford of arkansas. he is a member of the house intelligence committee. sir, thanks so much for being with us. we appreciate it. >> you bet. >> you voted to release the democratic memo. why do you think that it is important that it is out there for americans to see? >> i think it is important to compare and contrast, we brought forth the republican memo and at the time that we did, we offered the democrats the opportunity to do the same. they came out with their memo, we voted unanimously to support that. but it will have to follow the same procedure first released to the house as ours was. the house had well over 200 republicans that viewed that probably around 50 democrats. at last look i think they had somewhere in the neighborhood of 75 republicans and 55 democrats viewed the democrat memo. so, you know, it is obviously very important to us, we want to see, let them put their memo out there, i think you'll see an
interesting contrast. >> i'm sure that we're going to. i wonder when you looked at it, was there anything in this democratic memo that you think needs to be redacted to protect sources and methods? >> absolutely. i think we'll defer to the fbi and doj to make that call. yes, we want to protect sources and methods. i agree that i hope the political contents of this are not redacted because i do want folks to see the tone of this memo is very political. and not substantive. ours was fact based on the information presented to us, which we had a very difficult time extracting from the fbi and doj and that in and of itself is part of the problem. i want them to see the tone of the democratic memo. >> i want to be clear to make sure i understand you, because congressman tom rooney also on the committee, also a republican, told manu raju he doesn't think there is much in the schiff memo that needs to be redacted in his opinion. so are you saying that you think
it needs to go through the process of being examined or are you saying that you think there are things in it that do need to be redacted? >> i think they need to follow the process as ours was. the fbi has eyes on ours. i think they need to look at the democrat memo as well and after that it will be up to the president to release it to the public. >> okay. congressman, so this is what adam schiff actually said today about making redactions and removing information. >> i think there is clear -- there is clear evidence of collusion that the democratic party and the hillary clinton campaign colluded with the russians. you don't get to hire lawyers and pretend like that didn't happen. >> so that was not magic. you know that was not -- that was not adam schiff. that was devin nunes. but that said, so you heard what devin nunes is saying here, that he thinks -- i'm going to go with what we just played, he thinks that there is evidence of
collusion, that the democratic party and hillary clinton campaign exhibited. have you seen -- do you think he has a point, have you seen any evidence of this clear evidence as he puts it of collusion between the democratic party and the hillary clinton campaign? >> certainly. i think that's one of the things most startling about our memo. it is clear there was an effort there, the funding of the dossier in question, the two sources that funded that dossier initially that originated the order for the opposition research and then how that became not only opposition research, but then ultimately the basis for the request for a fisa warrant. i think there is -- this is problematic at every level. and let me also just clarify that this is not about trying to malign the fbi or the doj. it is about enlightening the american people with regard to a handful of individuals at the highest levels who are making a political issue out of this. and exercising their own political values.
>> adam schiff, i'm sure you're aware, made the point that in the fisa warrant, it was clear that christopher steele, the author of the dossier, didn't know -- wasn't told specifically who the political operator was behind this. and that the court was made aware of that. what do you say to that considering that point you just made? >> well, there was no evidence that the fisa court was made aware of who funded the dossier. that was a fairly large omission, number one. number two, andrew mccabe, former deputy director of the fbi said as much. you can pull the transcript and see where he acknowledged that. >> can i be clear then, is schiff in your estimation being accurate about this? what he has said publicly is that there was a political operator behind it, steele, who is obviously his motivation could be key in this. he's the author of it. he was operating in the blind without being told specifically
who the political operator was behind it. and that, part me, the fisa court was told that there was a political operator, but the steele -- the author behind it was operating in the blind. do you take issue with that? >> i don't know how you can make the assertion that steele was operating in the blind, he was specifically contracted to provide opposition research on donald trump. putting two and two together, you think somebody asking for opposition research, it is probably the opposition. he's researching and compiling a dossier on donald trump. i hardly think that's in the blind. >> okay. so you think he easily could have extrapolated from this clearly. want to ask you about steve bannon, he's scheduled to appear under subpoena before your committee today. do you think you're going to see him? >> that has been delayed again and, look, we need to go over the facts, and there is some facts he may have, they need to be made available to the committee. i hope that he'll reconsider and make every effort to come and
participate. >> what lengths should the committee go to, do you think that the committee should hold him in contempt if he doesn't agree to sit? >> i'm going to let that be referred to the principles on the investigation and make -- let them make that determination. >> how important is it to you to hear what he has to say? >> i think it is important. i think that because each side of this has brought forth a witness list and he was one of those individuals on the witness list, and we agreed to that, and that's fine. the problem is that every time we get another witness in, they ask for two more. and so, you know, seems like the more we cooperate, the more they move the goal post. i just like to see this investigation wrapped up and us be able to present our findings. >> all right, congressman, rick crawford, thank you so much, member of the intel committee, we appreciate you talking to us today. >> thanks. still ahead, we're on the brink of another shutdown, right? here we are, again, lawmakers still cannot seem to get on the same page. the house is set to take a crucial vote today, but the
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this morning, sources tell cnn the president is willing to authorize the release of the democratic memo based on the recommendation of the fbi and the intelligence community. i want to discuss this with cnn political commentator and former senior communications adviser for the trump campaign jason miller. also with us, cnn politics reporter and editor at large chris cillizza. and we also have the former deputy secretary of labor under president obama, chris lou with us. so let's talk about this democratic repbuttal to the nuns memo. jason, i wonder what you think. the nunes memo was detailing alleged abuses by the fbi, by the doj. do you think that it serves the president to release this? does very much of a choice? what do you think?
>> as i said last week, i think we should have both memos out and have the supporting source material as well. i think at the end of the day, once both of these are out and we look at it, a couple of things will be true. number one, they're still not going to be one shred of evidence that says the president colluded to swing the election. and, second, i think it will be clear that adam schiff still remains the greatest hype man in democratic politics. he's basically like the don king of house democrats, you know, first with the nunes memo, the sky was falling, everything was going to be terrible, now with this memo, all the great revelations. i'm sure it will be all bluster and what we find is going back to 2016, there is way too much politics and at the top levels of law enforcement and now we have a fresh start, like the president was talking about, let's let law enforcement do their job. >> some of the trickiness of this for republicans for the white house is going to be redactions. because this is -- this is classified information. there could very well be something in there that shouldn't be released.
however, republicans, their memo, was not redacted by the white house. does that sort of tie their hands on how they handle this? >> i think it is important to note what you did and to keep noting it, which is the nunes memo and its release was unprecedented. we don't see this happen all that often. now i think -- jason is right, i think the president will let it go through. we're now going to see another one of these. so unprecedented times two. these have become political documents. whether they were intended to be so or not, at the start, i think they were. whether they intended to be so or not -- >> you're so nice, maybe they will, maybe they weren't. you're so nice, i always feel like chris will give me the benefit of the doubt. >> my strong guess is that they work. so any redaction will be taken as a sign that, well, if you
would -- it is the old, you can imagine what he wanted to say, you know. and it is going to be some of that. i think ultimately i don't know that either of these are the smoking gun that either side wanted. i know conservatives insist the nunes memo, i shouldn't lump -- some conservatives think the nunes memo, now that it has been released, proves once and for all that everything is totally fine and that donald trump is exonerated. i don't think the schiff memo is going to say, oh, my gosh, here it is, the smoking gun we have been -- >> chris lou, you're nodding. >> i think challenge is for democrats, if this were a criminal defense case, the prosecution hasn't made its case at all and the defense poked all kinds of holes. at some point, they may be better off resting at this point and not putting the memo out there. whether it is jason or the congressman you had, there is a lot of people out there who think that the nunes memo says
more than it says. for the sake of completeness, you're better off putting this out there. this is a wash, it will be a two-week dust up and the mueller investigation will continue. >> let's talk about the market. let's talk about it. you had this headline, live by the dow, die by the dow. well, living by the dow, that's something the president has done by setting some pretty high expectations. >> the stock market has smashed one record after another, gaining $8 trillion and more in value in just this short period of time. the united states is doing fantastically well. better than we have done in decades. the stock markets are incredible. you're seeing what's happening with the stock market. people are appreciating what we're doing. the stock market is way up again today. and we're setting a record literally all the time. and i'm telling you, we have a long way to go. and had the other side gotten in, the market would have gone
down 50% from where it was. >> you said that the democrats are hype masters. i don't know. i'm looking at the president there, he set some high expectations, chris cillizza. the problem with that is now you have to manage them. >> i mean, the stock market -- presidents get too much credit for the stock market going up and down and the economy doing well or poorly and too much blame when it does worse. that said, i thought what the white house spokesperson said was right, this is unlike 2008, when john mccain -- >> the fundamentals are much stronger than they were in 2008 and most independent analysts agree with that. the problem is that that comment runs counter to the president of the united states, having made all the comments that you just made, which is, yes, we shouldn't get overhyped about a thousand points, not great, but we shouldn't get overhyped about
it. but if you're overhyping on the other end, it is hard to then say, well, the drops don't matter, but the increases do. >> it is a double edged sword. >> it is. it is a reason why presidents generally don't talk about the stock market. president trump would be on much safer ground talking about job gains, wage gains, and it is important to understand the stock market fall comes after a pretty strong jobs report last friday. the challenge ultimately for the president is a stock market not only goes up and down, but an imprecise measure of what the economy is. 50% of americans own stock, whether individually or in a 401(k). but chris is right. the fundamentals of the economy are strong right now. >> how can the president, jason, effectively manage this as people are, you know, biting their nails looking at the stock market. 50% of people do have investm t investments in the market. >> they're looking at the overall growth in the economy. chris made a good point, it is important to talk about the economy, not just in terms of the market, but in terms of wage
growth, jobs growth, and, chris, if you look back at your days with president obama, you would have given your left arm for numbers to see 3% wage growth, seeing jobs going up. that made the market have the downturn which i believe will be temporary because wages are going up so much. important to keep in mind during the election that president trump only lost union households 51 to 42. phenomenal number. and the reason why is because he campaigned on higher wages and more jobs. we're seeing exactly that a year into his term. i think most people look into the market, is it going to correct itself, not always the complete indicator of what is going on. sometimes main street versus wall street. overall, the economy is sound. and the point to the market, 18,000 when he got elected. now at 24,000, shifting around. that's up a third in this stretch. that's phenomenal. >> i'm out of time. i'll have more time for you tomorrow. >> i'll write my thoughts on my personal word document.
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went into correction territory. we came back from there. and to put some numbers around this, at the open, we dropped over 500 points. and momentarily after that we were up about 200 or 300. that gives you a sense of how crazy trading has been yesterday and today. and the measure of volatility, the vix index, has been -- has hit a two-year high. it is down a bit today. but we expect to see this continue to rise. as for why this volatility is back in the market, people are just simply saying things have been stable for too long. so nothing more that breeds instability than prolonged periods of stability. it sounds kind of simple, but that is the truth. layer on top of that, the expectation for the fed to raise rates and you get the kind of activity that we're having today. the question is, how long does it last? corrections can be short and sweet, but they can also be prolonged and we can see this kind of crazy trading activity
for quite some time. >> thank you. i'm joined now by congresswoman paul from washington state, she's on the house budget and judiciary committees. we appreciate you being with us today. >> great to be with you. >> when the stocks fell yesterday, you tweeted something, you said why is the stock market crashing? #goptaxscam. all this could lead to catastrophic default. so you ascribe this volatility. can you explain to us entirely to the actions of the president and congressional republicans? >> i think it is an enormous part. and, you know, it is true there is volatility in the stock market. but investors are not stupid. they look at an economy and they look at the things that are
coming up and they make their assessments about where the economy is going to go. and when you see that we're about to go into our fifth continuing resolution, and we have no plans around how to raise the debt limit because republicans who control the house, the senate and the white house, have refused to talk to democrats about how to get the votes they need to raise the debt ceiling, and to make sure we're passing a permanent budget, investors look at that, and they say, wait a second, this is crazy, on top of the fact that we have just increased the deficit, you know, substantially, and now we're going to have these increased interest payments. so they're looking at all of that and saying, whoa, whoa, whoa, this is not a market we want to take a chance on. that's why you're seeing enormous drops. >> if this stabilizes, and then you have the president able to point to good jobs numbers, you know, a bump in wage growth,
then by that logic doesn't he also get credit for that? >> well, the president hasn't been able to point to that. he's been using isolated instances of companies, you know, giving a bonus or increasing jobs, but for every one of those instances, there are other instances of, you know, other companies like kimberly clarke, cutting jobs, there are other instances of companies taking all of those tax cuts and rolling them back into shareholder profit, or saving that money which is one of the things we knew might happen. so we're not seeing, you know, the kind of evidence for any kind of a boost to the economy. and if we did, i'll tell you, it would be very short term. once again, you know, we haven't resolved longer term issues. and i worked in banking for several years, and ran my own nonprofit organization like a small business for years, and we are constantly having to evaluate. that's what the stock market is. it is an assessment of whether
or not there is a stable economy. this president is so outrageous on so many fronts and makes claims that he has no backing for, and then increases the deficit to a point where, you know, i think people have forgotten that republicans used to be seen as the fiscal conservatives or certainly not anymore. >> i want to get to what the president said yesterday and have you react to this. >> you're up there, you've got half the room going totally crazy, wild, they loved everything, they want to do something great for our country, and you have the other side, even on positive news, really positive news, like that, they were, like, death. an un-american, un-american, somebody said treasonous. i mean, yeah, i guess why not? can we call that treason? why not? i mean, they certainly didn't seem to love our country very
much. >> i have a couple of questions about this. the first one which we'll dispense with is his talking about treasonous, sarah sanders saying that was clearly a joke. will you react to what you heard? >> i think it is so disturbing that we have a president who would use that word in a campaign context to really, you know, diminish what treason really is. this is a president who is increasingly looking very desperate, the nunes memo is a big flop, the only thing that showed to me was that this president is terrified of what the mueller investigation is actually going to reveal. to talk about individuals sitting in a chamber, reacting to false claims and things that the president is saying, that they find offensive and not rising, to call that treasonous is pretty -- i don't even have the words to describe how beneath the office of the president that is.
>> to his other point, i want to ask you about as well, he's saying that essentially if you extrapolate from what he said, democrats could be in the place where they're looking like they're cheering against good news, right? good economic news, is that a problem for you if democrats look like they're cheering against something that could be good because it favors republicans politically? >> the problem is that the president claiming credit for a long-term trend. i think he might have been referring to his comments around african-american employment numbers going -- unemployment numbers going down when in fact we just saw that in the first year for the first time we are actually seeing those numbers go up. this is he's taking credit for something president obama put a lot of time and energy into, so i'm not worried about us looking bad, i'm worried about what's using the office to do and the way in which he
we are less than 72 hours away from yet another government funding deadline and the possibility of another government shutdown. the house plans to vote on a short-term spending bill that would keep things running through march 23rd. house republicans have the votes to pass it but there's no commitment from the senate to back it. sdwroi joining me more is cnn correspondent phil mattingly. >> brianna, this is now the fifth short-term funding bill considered in this congress. as you know, they have the votes to move their iteration of the bill forward. here's the problem. there is 16 hours left until the government officially runs out of money, and what they're going to send to the capitol has no future in the house or senate.
it includes a full defense appropriations bill. senate democrats have made clear, brianna, they're not good with that. that will be stripped out. what they will put in its place is now the big question. there are intense negotiations between democrats and republicans in the senate. in fact, chuck schumer a short time ago walked out of majority leader mitch mcconnell's office. they're talking about a budget cap deal. this has been going on for six months now. it's always been very close but just out of reach for both parties. it would increase spending. that opens up a wide array of things that can open up a lot of things. basically, here's the deal. 60 hours left. the house is going to pass
something today that has no future, and there are still multiple steps to go in that period of time. when you talk to aides in both parties, there is confidence things will get wrapped up before the deadline, they're just not total surely how yet. >> it's fun to cover, i will say that, phil, but it's a mess once you're looking at this from off the hill. who knows, maybe the fifth time will be the charm here with this short-term measure. phil mattingly on the hill for us. still a wild day on wall street after the record-breaking dive. we'll get more information on the stock exchange after the quick break. we use our phones and computers the same way these days.
and now, get a $200 prepaid card when you buy an iphone. it's a new kind of network designed to save you money. call, visit, or go to xfnitymobile.com. welcome to "inside politics." i'm john king. thank you for sharing your day with us. a roller koelscoaster on wall s. the market dives, rose, then falls again. plus president trump's lawyers don't want him talking to the special counsel because they worry he can't tell the truth, the whole truth and nothing but the truth. and as congress debates yet another short-term spending plan, the defense secretary says he's frustrated. the military can't make lang-term plans, and he tells