tv After the Bell FOX Business November 10, 2016 4:00pm-5:01pm EST
dow closes not at high of the session but closes 18,801. great to have you, mike. [closing bell rings. ] dow sees gain of 2113 points. dow at 18,808. huge news after the bell. let's get to it. melissa: all three major averages on the longest winning streak in months. are we calling it trump rally? why not. david: two-day trump rally. i'm david asman. this is "after the bell." we're glad you're here. we're making history not only on wall street but also on pennsylvania avenue. >> we now are going to want to do everything we can to help you succeed because if you succeed, then the country succeeds.
>> mr. president, it was a great honor being with you, and i look forward to being with you many, many more times in the future. david: what an extraordinary moment. president obama and president-elect donald trump meeting at the white house to discuss the transfer of power. the first of several momentous meetings today. we're going to take a look how the ultimate outsider adjusts to working on the inside. melissa: back to the record-setting dow closing up more than 200 points, smashing the record set back in august on august 15th. there you go, oil and gold moving opposite direction. phil flynn, price futures group, fox news contributor, watching the action in gold and oil from the cme. lori rothman on floor of the new york stock exchange. lori, you got a look at the day's biggest movers down there. talk to me. reporter: liz, financials. financials were among biggest gainers with jpmorgan,
goldman sachs leading the way. jpmorgan at record high but faded back a little bit off the level. show you that more in defail in just a second. pfizer evaluating potential sale or spin-off. ibm up 3 1/2%. bouncing off yesterday's near 3% decline. ibm one of the few tech stocks in the green. those are dow winners. really let's unpack the financials here today. it was something else. this is all a bet or hope i should say that donald trump will come through with the promise to deregulate the financial industry. jpmorgan up, better than 4 1/2%. similar story for goldman. all the big financials were up, along with regional and smaller banks as well on that theme. you said, why not call it a trump rally? if you own stocks in financial shares you definitely calling it that. back to you. david: absolutely. with dodd-frank going down, no surprise banks are going up. phil, washington and markets get a little more cheery about the idea of a trump presidency, gold has been losing a lot of its luster as a hedge.
>> it really has, david. the last 24 hours in gold has been epic. we were rallying when the stock market was selling off. we were seeing prices going back down. with the soaring u.s. dollar and interest rates going back up, 30-year mortgage hit five-month high. that is very, very bullish for gold. the other precious metal we need to talk about is copper. copper has gone parabolic on the donald trump president. this is market moving up on strong chinese demand. expectation of more infrastructure spending, more defense spending is very bullish for copper. we saw the market really move up. but oil did not care, dave. let me tell you why. the international energy agency sent a warning to opec today, basically saying, hey, guys, if you don't cut production we're going to see supplies continue to rise around the world. guess what? if they do cut production, we'll see the market balance real quick. good day for oil.
david: phil, thank you, my friend. liz: reaction to day two of the trump rally. jason rotman, lido isle investors, jake hough, -- jack hough, "barron's." will donald trump scrape the rust off gears of our economy and pro-growth and get things going on? >> that was mouthful. i pretty much agree with all of that. you're right, this is initial trump rally based off one major thing that the republicans swept everything, which probably will lead to lowering corporate tax rate, deregulation. so big money does like that. at the same time, the end, the era of easy money, i think is officially over. so i think over time the stronger dollar, higher interest rates, may provide some headwinds next year. but we should actually rally
into christmas. that's what i'm saying. liz: jack, at same time you -- melissa: jack hough, i didn't talk about repatriation and improvement in the tax code. no matter how you tack it up, it is positive for market and economy? >> there is a lot of different trades going on. some are more theoretical than others. look at asset managers. they might roll back fiduciary requirements. that might separate. saw stiff competition for people going into lower priced index products. one clear trade out there you really can not go wrong if you look for companies with high effective tax rates. taxes are clearly going down. everybody knows it. it is too high. collections are not large enough. our tax code doesn't work on any left. melissa: right. >> not all companies pay the high 35% rate. look at companies with a lot of domestic operations, not global companies, companies getting really clobbered, that is big reason look at kohl's, the
department store. kohl's paid 37% in taxes. they don't have any opportunity for breaks multinationals get. they will save a bundle on taxes. melissa: scott shellady, give me your thoughts. >> bond market is telling it all. biggest market. they like the pro-growth, pro-trump era two days. i'm a very positive person, i don't want to throw cold water. we're trading on faith. what is faith? seeing without believing. he is not put in until january. we have to be careful getting in front of ourselves, we don't talk about the psychological impact of a new leader. gives us a puncher's chance. we might not punch the right guy at right time but we may be able to knock the other guy out. we could trade back and have volatility here. the market is happy, hey, maybe we just have a chance here. melissa: we have a chance. finally instead of being bad
guys, a chance for economic growth. gentlemen, thank you. david: take out the maybe. melissa: okay. david: i think we got a good chance. by the way as great as it was for banks in the dow, the tech sector did get beaten down in opposition to all other sectors. amazon in particular facing a lot more unease over the trump administration. outspoken ceo jeff bezos always been one of trump's harshest critics. even though donald trump doesn't like what bezos did to him through "the washington post" and other entities, what could donald trump possibly do to hurt amazon in the future, and why would he want to? >> not a lot. he mentioned the term antitr a lot in connection with amazon in the past. i don't see where he is going with that some people talk about tech companies rolling back net neutrality which could cost them more on data flow. keep in mind some tech companies, i was talking a little while ago, companies with highest tax rates could benefit
most. david: absolutely. >> they are not paying a lot right now. we've been in a growth-starved world. in a growth-starved world everybody is chasing after fang stocks because there is not a lot of growth. people talk about what about old industrials and caterpillar and some of the banks? they're finding cheaper stocks. david: jason the bottom line, donald trump wants the country to grow. maybe with the exception of apple, let's talk about apple for a second, jason. apple is little different. does depend on foreign manufacturing abroad through foxconn and other entities that operate in taiwan and elsewhere. donald trump says not for long. we want to bring manufacturing back to the united states. is that a real threat? >> it is. it is. i was going to say facebook being down five, 6%, screaming buy. they don't make anything in china but yes to focus on apple i think you're absolutely right. it is not like i see 15, 20% drop for apple. i think the major growth story over for that specific reason.
david: scott, i sensed on election night. melissa and i were here all night dow futures were down 800 points. i sense there is a panic in the tech sector that is unwarranted. what do you think? >> i agree. you know what? for the next five years, those are going to be horses that drive this market. america, this -- david: this is important scott. just to put a fine point on it. this is a buy. the fact that the tech sector is down, we couldn't get a buy on other sectors getting down because they popped up as soon as election was over maybe this is the buy we've been looking for, the tech sector? >> i agree because these are the things that will take us through the roof going forward, because donald trump is you all about innovation, right? these are, tech companies will innovate. number two, they will create wealth. unfortunately will be upper 20% of income class. they will be ones leading the way and lead the way higher. you want to stick with the ones, if you get the opportunity, yes. david: guys, we'll leave it there. thank you very much. melissa? melissa: big screen versus the
small screen. are "the avengers" enough to save disney against growing threat of cable cutters? breaking news next. david: former candidate ron paul weighing in president-elect trump's economic policy. this is the real question, whether his bold policies will get co-opted by the establishment? liz: historic day in washington for america's next president, from the white house to capitol hill. >> this was a meeting that was going to last for maybe 10 or 15 minutes and we were just getting to know each other. we had never met each other. i have great respect. the meeting lasted for almost an hour 1/2. and it could have, as far as i'm concerned, it could have gone on for a lot longer. new bikes aren.
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neil: nothing short than historic moment in our nation's capitol. president obama, it malt insider meeting with the ultimate outsider inside the beltway. blake burman in the white house. blake, a lot of people are wondering, is it possible for an outsider to operate efficiently on the inside when he trashed it? reporter: that is part of what donald trump, president-elect trump at this point will have to overcome. that very question. can you go about doing that? right now the transition website for example, is up and it says that he has to hire potentially some 4,000 political appointees. it is certainly a long process, and part of that started today, david over here at the white house, as the president, and president-elect for the first time sat down in the same room with each other, talked with each other.
three things to note about this meeting. the first one, this was solo between the two. the president of the united states and the next president of the united states. no top aides, no top campaign aides, no white house officials, just those two. secondly the meeting lasted 90 minutes. mr. trump said he thought it would only be about 10, 15 minutes or so. there they were an hour 1/2 later. third, president obama said, they talked about a wide-ranging group of topics. for example they talked about domestic issues, international issues but operational type issues during this transition. the president says he wants to make it as smooth of a transition as possible. here were the two here at the white house earlier today. >> i want to emphasize to you, mr. president-elect, that, that we now are going to want to do everything we can to help you succeed because if you succeed, then the country succeeds. >> we discussed a lot of
situations, some wonderful and some difficulties. i very much look forward to dealing with the president in the future including counsel. reporter: now that wasn't the only meeting here at the white house today. the first lady also hosted the future first lady showed her around the grounds. wrapping up a little while ago, vice president elect pence met with vice president joe biden. david: blake burman, thank you very much. we will come back to the subject but we have breaking news on the earnings front. disney reporting fourth quarter earnings. let's go to ashley webster in the newsroom with the numbers. >> hi, david. the stock is down 3% after-hours. on earnings per share coming in at adjusted $1.10. that missed estimate of 1.$16. the revenue was a miss.
revenue was 13 1/2 billion. going through individual divisions of disney, media networks led by big cable networks coming in at 5.66 billion. that missed estimates. parks and resorts, all theme parks at 4.93 billion. that too missed estimates. to round it off, we thought film stupid would be a very bright spot for disney, tremendous year with many blockbusters, but that coming in at 1.81 billion. the estimate was for 11.84 billion. all three of the major divisions missing. -- 1.84 million. looking at subscription numbers for espn. the stock down 2 1/2% right now. david: ashley, thank you. keep digging. we'll come back to you. melissa. melissa: go to jack and jason this one. we're back with you on this one. that is not good, jack. pretty much a miss everywhere. >> things not working with multiple divisions that's a problem. the story with disney things were going well everywhere
except espn, the cable business. that is problem because it is their biggest market driver. you have to wait for the commentary if they start to say anything about subscriptions. if they're starting to miss on movies and parks, this year is light year for them on movies, starts to raise real questions about the stock. melissa: jason that is worrisome. they were talking about how good the film unit would do. they missed. parks missed. they say the consumer back and feeling better. i doesn't believe it. apparently numbers don't prove that. >> correct. and my notes before the show said, don't buy disney. i hope somebody paid attention to that. first of all, second of all one thing stood out to me, melissa, five 1/2 billion dollars shanghai disney resort opened this past summer. i think with this trump being president, a lot of big investors are going to look anything based in china, whether apple, manufacturing or disney's big resort as a major question mark. and i think that is a further
headwind against disney going up. the stock doesn't look good right here. melissa: that is something going forward that wouldn't be priced into this as we see the stock trade off as we see them miss. >> correct, correct. melissa: jack, one of the biggest concerns of course is the idea of people moving away from their television, moving away from espn, watching things mobley, looking at stuff online. a lot of dark spots here for disney. what is a bright spot? i don't see any? >> tell you what the bright spot, thing about disney with the cable business, they have more to lose. anybody knows that cable tv makes profane amount of money. melissa: it does? i'm not getting paid enough. wait a second. where is my agent? >> espn is most expensive and half the country doesn't watch sports. if you make a skinny bundle that what is cut. some of the world class assets and best assets in the business.
bob iger knows how to make a profit on any property he owns. if you opportunity to get disney cheap, do so. melissa: david. david: another problem for disney. as streaming becomes more popular younger folks get rid of cable. we took to the street. take a look. >> we don't have cable. just internet. >> too expensive. >> watch netflix. >> we don't have cable actually. >> i stream everythi. >> very expensive. >> it has been really, really long time since i watched something on cable. david: is all that a problem for espn owned by disney? this is jeff flock, jeff. reporter: a bigger problem apparently for espn than other networks. everybody is being hurt by it by espn particularly. look at nielsen numbers last month in term of loss of subscribers. espn, 621,000 few is subscribers because of cord cutting. will above median average for all other networks. this is huge.
guests point out they get so much money from subscribe are fees paid to cable companies and other paid tv subscribers. they get over 7 bucks a subscriber per month. their closest competitor tnt which gets a buck 76 a month. nfl network a buck 40. comparison purposes, fox sports 1 gets less than a dollar a subscriber. big hit for espn. one of the reasons obviously espn was down in terms of earnings. the positives for them? in addition to the $600 million a month that they get in the subscriber fees? those are paid on the total universe. so if their numbers go down, ratings go down doesn't have same kind of impact. they have insulation there. in addition they signed a deal with hulu to stream their content that is another revenue stream for them. they also do sling. their website, espn.com is going strong with 104 million uniques, up 11% since last month.
that does not generate revenue tv subscriber fees generate. those are on the way down. david: seems pretty clear for consumer. get rid of espn and go to fox. paying seven bucks less for fox and you get a good product. melissa? melissa: reshaping the u.s. what a president-elect trump means for working class. that is coming up. speculation over who is in president-elect donald trump's cabinet. ambassador john bolton is one of the names rolling around. we'll talk to him next. >> i want to tell the world community, while we'll always put america's interests first we'll deal fairly with everyone. we will seek common ground, not hostility, partnership, not conflict.
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former new york city mayor rudy giuliani on his potential new role. take a look at that. >> i see you as attorney general. >> well i sure know the justice department. >> that's a yes. melissa: there you go. some have speculated that ambassador john bolton could be secretary of state. the former u.s. ambassador to the u.n. and fox news contributor joins me now. ambassador bolton, first of all i want to recognize you were very early to get on the trump train. i sat on the couch with you on "outnumbered" and we had you on the show and you never waivered. he always had good thoughts on and what he meant and made mistakes. so you get credit for that. it was possible that you might be secretary of state, what do you say to that? >> i don't say anything.
look i've been through transitions for the government. transitions coming out of the government. it is, so we'll see what happens. i don't think any decisions have been made. melissa: would you do it? were you asked, if you were asked? >> sure, it is an honor to serve our country. and i have served under six secretaries of state. i've seen them in all varieties but it is, it will be premature until it is not premature to speculate on it. melissa: yeah. what do you think is his view on putin now that the elections are over and rhetoric is over? do you think it's a good idea to have open-minded stance towards putin? is this a different approach that might work better? was a lot of that talk? what is your sincere belief on that front? >> i think honestly a lot of people misinterpreted what donald trump said about putin. what he said repeatedly, what i heard, was putin is strong leader of russia which is something he admired compared to
the weakness of barack obama. i entirely agree with that assessment. i did hear that to mean that he agreed with putin's substantive positions on issue after issue. you can look at the middle east, merely as one example where there is a disagreement. i have met with putin. i've seen him in action. i think he has disdain for president obama as a weak man. melissa: yeah. >> and i think it makes it impossible for him not only to be dissuaded when obama tries to stop him from doing something, but it doesn't give him any encouragement to cooperate with obama because he doesn't think he can rely on him. melissa: yeah. >> now when you have a strong american president, strong personally, rebuilding the american military as trump promised to do, then i think putin sits up and takes notice. that doesn't mean his view of russia's interests changes but it does actually increase the possibility of cooperation with russia because you have two strong leaders dealing with each
other. melissa: yeah. my concern for so long has been about not dealing with the problem of isis and you had said in the past you thought donald trump would be a much stronger leader on that front. what do you think he will do? how do you think he will deal with that? >> well, i think what he has said, that i find impossible to argue with is that we need to destroy isis quickly. that is 1180 degrees away from the strat-- 180 degrees from the strategy that barack obama is pursuing. he, trump understands, because of threat posed by iranian nuclear weapons program and iran's support for terrorism, in this multisided, complex conflict where in the middle east where isis is involved, isis ought to be destroyed in a way that minimizes the benefit to iran. again, the opposite of the obama policy which, as it moves against isis is increasing iran's strength, which is the exact opposite of what we should do. melissa: you're so skilled and
brilliant, selfishly we hope you're in the administration because we need you there. ambassador bolton, thank you. david: he is plain talking. >> but we need you there. david: there are so few plain talking diplomats in the world. we have some breaking news on the, front. disney out with fourth quarter results. it is down after-hours. it missed both on earnings and revenue. the crop cited lower advertising revenue for television and problem with espn and movies. this is a good movie year. she went back to you a number of them. melissa: can i take you back to ambassador bolton. david: please. melissa: like you said he is so smart and understand everything he was saying. david: when he was ambassador to the united nations, they had history of avoting facts using gobbledygook, when he came on the scene, he blew everybody away. they didn't know how to handle the truth. he gave them unvarnished truth. it was such a blessing.
it was a great period. maybe there is some room for him. melissa: i hope so. economy under donald trump, historic as president-elect donald trump meets with congressional leaders. we have details on that coming up. david: trump is on his way to the oval office but could he still face backlash from the gop establishment over his economic reforms? we'll talk to dr. ron paul about trump's agenda including fed policy. you don't want to miss it coming right up. >> donald trump had one of the most impressive victories we've ever seen and we're going to turn that victory into progress for the american people. the microsoft cloud helps us stay connected. the microsoft cloud offers infinite scalability. the microsoft cloud helps our customers get up and running, anywhere in the planet. wherever there's a phone, you've got a bank, and we could never do that before. the cloud gave us a single platform to reach across our entire organization. it helps us communicate better. we use the microsoft cloud's advanced analytics tools to track down cybercriminals. this cloud helps transform business.
melissa: new record on wall street. dow cling all-time high president collect donald trump begins it set the economic agenda. meeting with congressional leaders in d.c. earlier today. very historic. peter barnes is on capitol hill. with the latest. tell us about the meeting. that's right, melissa. donald trump coming up hire to meet with house speaker paul ryan. had lunch with him and speaker ryan took him over to the capital where mr. trump is sworn in as president. the president-elect meeting with majority leader of the president. after meeting with mcconnell, what are your top priorities?
health care, immigration and jobs, big league jobs. here is, here are some of the items from the mr. trump's contract with america for first 100 days, that has good prospects for passing reasonably quickly according to analysts. in some cases with support from some quite a few democrats. first is tax relief, tax reform. he wants to cut tax brackets from 7 to 3, for example. cut business taxes. profits held by u.s. overseas. that tax rate, money come back could fund mr. trump's one trillion dollar investment plan. big infrastructure plan is one of those things supported by many democrats as well. melissa? melissa: absolutely. so much stuff there. peter, thank you for that. david? david: by the way, give another shoutout as i see the market up 218 points today, another
shoutout to paul krugman for his brilliant analysis saying on election nights that the markets will never recover. they have been recovering quite nicely for two days. melissa: well, for a minute. david: libertarians had a lot of complaint about president-elect donald trump's policies on trade but they were heartened to hear trump's criticisms of imperious federal reserve and chief janet yellen who seems unconcerned about the problems of average americans. ron paul joins me and he is the host of the ron paul show. dr. paul, great to see you. thanks for joining us. >> thank you, david. david: before we get to the fed. i want to talk about what happened today. maybe we show the pictures again. the guy who campaigned for 18 or 16 months anyway, being outsider, going inside the most inside spot in the world, into the oval office with the president. you once told me, i remember this very well, you once told me that most of your small government friends were elected
to office got co-opted once they got inside of government. do you think donald trump can avoid getting co-opted by the insiders? >> no, i think trump's going to be trump, and raises a few questions because you're not quite sure which day it will be. but no, i don't think he will be co-opted but i think tremendous pressure on him. i believe there are a lost special forces out there that put pressure on presidents. the phantom invisible government, and deep state, but i don't think he will yield to that. but he will continue to be himself. of course you know, that could go two different ways. it helped long term on the campaign but also, you know, stirred up a little animosity against him. the big question how does this work? how can, this business, businessman working in government as well as elsewhere? david: right. good question. >> other parts of government it usually doesn't work. when you put a businessman in charge of the post office, that doesn't mean it is run as business. it will be a challenge. david: it will be a challenge.
he has a great team working with him. great economic team. most of whom we have on here. they know what they're talking about. tax cuts and deregulation but the fed is something that particularly has bugged donald trump. in the same way that i think it bugged you and me. the fact it is great for wall street, zero interest rates. great for people inside of the beltway who want to borrow without any cost at zero interest rates. but terrible for main street. donald trump says that has to change. can he change it? >> probably not by himself. i'm not so sure he would want that to happen real fast. fed who has poll sieve raising interest rates and they don't have wisdom to where to put them. if you let market work interest rates may go up. that may turn this euphoria in different direction. people might realize that things are going up. i think these things will be helpful.
especially with the corporate tax. the thing i'm concerned about philosophy based on the, on the austrian school. and that is, the reason you don't get new growth, the reason we didn't have growth in the depression and japan and so far we don't have it this go round, is not the correction isn't permitted. you're not allowed to liquidate debt. david: we may need a correction. >> longer you have low interest rates the more mistakes are made. people hang on to their money. right now looks like some confidence is coming back but have we really liquidated the debt and the stakes, that remains to be seen. maybe they can work their way out of it. david: when you're in artificial environment as long as we've been in one, usually there is some kind of correction before things get better and go straight up. ron paul, great to see you, doctor, thank you very much. appreciate it. >> thank you. melissa: the rise of the "deplorables." is president-elect trump victory a ctory for people that go to work every day? david: that is good. melissa: we asked you that
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melissa: america can not stop talking about this shocking historic election. donald trump supporters made their voices heard. "wall street journal" headline reading, "deplorables" rise up. and reshape america. was on the front page today. her shades slap is bush 43 spokesperson and fox news contributor. richard goldstein is democratic strategist. i asked you both, i saw this article today, and asked the question on twitter is this victory for people that go to okay every day. outpouring on twitter was overwhelming. we're showing a the love responses from the screen so people see we really listened to them. this is kind of the battle through the election. richard, i will start with you
because it seemed like he had a message about the forgotten man, people who felt like they go to work everyday, their taxes are high and can't find a job that can't pay their bills. hillary clinton don't care about them. maybe this is someone that cares about them. that was twisted or interpreted on other side as racist message. how do you see how the whole thing played out. is there forgotten man in america who came out to vote for trump? >> well, let's not forget, melissa, the projects are when all the votes are counted hillary clinton will have won by 1.5 million. so, donald trump can't genuinely with a straight face, pub elected me to do accident. what the public voted for was opposite. melissa: i give you the popular vote. he won electoral that republicans have not been able to do. won the house and senate, so it is hard to argue that it is not a mandate.
i take you back to the actual question. is there legitimacy to the idea that there are men and women out there who work very hard every day an feel like they have just been forgotten? all genders, all races, they're just forgotten by the system? >> i'll tell you who works as hard as anybody, are the hispanic immigrants, whether they're documented or not. they're the ones who keep the hospitality sector going. they're the ones who keep the agriculture sector going. i guarranty you, they're working as hard as anybody. do i think donald trump was thinking about them in what he said? melissa: absolutely. >> no. melissa: okay. let let mercedes answer. >> sure. melissa: i absolutely think trump was thinking about those people. he got 29% of the hispanic vote. got more than mitt romney got. >> that is not going to hold up. melissa: i talked to, mercedes i talked to immigrants to this country who say hillary clinton reminds them of the banana republic leaders they have left behind in their old countries
who said they cared about people but didn't. they were really cheating and lying and stealing. that she is in it for herself. she didn't care about them. and they saw through the rhetoric. what do you make of what the electorate said here, mercedes? >> i think, melissa, at that point where we are, was the most shocking election of i think our lifetime is the fact that yes, donald trump did communicate with the forgotten voter. it was not anymore about washington or the new york or the liberal media elite pointing their finger at these individuals, calling them names, telling them what they should do, how they should vote and making very strong, delivering very strong opinions about donald trump, with their focus of the destruction of donald trump. the name-calling strategy did not work. it failed. and really what was amazing in this election was that the american voter, although our country does remain divided in
many ways, so many millions of americans voters came out and said to washington, stop, enough. we need a change in washington. we don't want you all to dictate to us who are carrying the backs of this country, the carrying this country on our own backs and that we're trying to build this nation with our own hands, enough from washington. it is from the bottom up. and that was the message that came very clear and how did it do it? by the power of the vote. melissa: let me ask, richard, sounds like you don't think at that the message or the messenger on the democratic side was wrong. you feel like she won the popular vote, i absolutely concede to you. so does that mean that you think the left should approach the next election in the same way, or is there something that you would change to hopefully win? >> first of all, in terms of who the democrats might put up in 2020, i don't think anybody thought barack obama in 2004 was
kind of a presidential timber or donald trump in -- melissa: absolutely. >> excuse me, 2004, or donald trump in 2012. somehow these people emerged. impossible to predict who might be put up. the fact i think the democrats need to do a better job, trade issues, they're the ones who are arguing for labor standards. they're the ones i think who across the board are arguing for worker health and safety standards. those are the people whose votes democrats lost. i will concede that. that the former union people gave up on the democratic party. i think it is as much frankly of a es messaging problem and image problem as it is substantive problem. >> i think, david, when hillary clinton is so cozy to wall street and talks about these open borders and mentality, i think that really turned off so many of the millions of working class. and i think that they really felt that it was, that you know,
let me tell you two movements phenomenal in this election, melissa. that was the bernie sanders movement. melissa: yeah. >> and the donald trump movement. melissa: yeah. >> those two candidates really were the ones that were listening to the working class all along. melissa: we got to go. you both made fantastic points. i appreciate your time. david? david: i'm going to throw in happy birthday united states marines. 241 years. thank you all for your service. go marines. we'll be right back. ♪
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contributor. michael, talk for a second about the strange, strangeness of a president-elect meeting with a president trying to convince the president-elect not to tear up his legacy. that was bizarre, was it not? >> well, i think, i suspect that in private, as they have in public, both president-elect trump and president obama have since the election, as their election night, day after election statements indicate, talk about national unity and continuity and getting along. i think it is one of the good legacies that we've had that george w. bush helped to make when he passed the presidency, control of the federal government over to barack obama. david: the point is, the legacy that barack obama has is the legacy that his his name, obamacare. the president-elect campaigned entire campaign and promise,
mandate to tear that thing up. most people did not vote for him. at same time most people want an end to obamacare. does president obama try and how does he do it to maintain a sliver of his legacy, obamacare? >> i think he recognizes he won't be president after january 20th. he said couple years ago i have a pen and a phone. he will still have a pen and phone and can't sign executive orders and can't prevent the new president from signing executive orders. from the statements that donald trump made after the meeting, i got an indication that president obama was trying to convey the particular character of the burred dens of the presidency. that you have intelligence report. that you have various demands on your time, that things where you have to attend to. i think if he did that, that was probably a valuable contribution to trump's understanding of what the job that he has been elected to hold. david: right. >> and, you know, back in
1932-33, you had longer transition period because the inaugural came later in the year and you had a hugely, frosty non-relationship between the outgoing president herbert hoover and franklin roosevelt, the president-elect. that was dangerous to the countries. the banks shut down in my state of michigan in february. the economy was collapsing. david: it's a new day. >> presidents try to do a better job. i think that president obama seems to be operating in that spirit. but i'm sure he is under know illusions. david: legacy, michael, iran deal, epa regs, obamacare, they will all be torn up. good to see you, michael. melissa: why did one news publication declare hillary clinton the winner? embarrassing. the huge cost of it next.
>> all right, so news week printed and shipped this collector's edition featuring madam president, then trump won! now they are rushing another version off the presses as we speak. but wow. >> people are looking to buy the rare copy. going to cost about $500. >> on ebay! >> that does it for us, "risk & reward" starts now. >> market rocketing higher, settling now at around 18,808. the dow hitting an historic high today, nearing ever closer to the unthinkable. 19,000 point mark. this, on the same day as what would many have thought would be an unthinkable meeting between president-elect trump and president obama. they met for the very first time in the white house. tonight we have all the details. and former trump campaign spokesperson katrina pierson here to respond. welcome to "risk & reward." i'm liz macdonald in for deirdre bolton. the peaceful transition of power begins, a once