tv Countdown to the Closing Bell With Liz Claman FOX Business December 1, 2016 3:00pm-4:01pm EST
plans to make america more competitive, to reduce taxes, to roll back regulations, to put american jobs and american workers first again. he made the case for america, and carrier decided to bet on a brighter future for the american people, and we are grateful from the bottom of our hearts. [applause] you know, i'm very humbled to be standing before you today, i truly am. my family and i are deeply moved by the opportunities the people ofup have given us -- of indiana have given us and now the people of america have given us to serve. this wonderful news not only here in indiana, but all across this country. but i think it's important to give credit where credit is due. first and foremost, i want to
thank greg hayes and his team at united technologies, bob mcdonough and the team at carrier. thank you for renewing your commitment to indiana and renewing your commitment to the people of the united states of america. [applause] i also just want to thank the great carrier team here in indianapolis and in the state of indiana. your hard work, your resilience, your work ethic even in disappointing times, i know for a fact gave this company the confidence to double down on the future of this company and the future of the people of this state, and so i thank you, the carrier team, for giving them the confidence to do just that. [applause]
but lastly, on behalf of all the people of indiana, allow me to thank the man we wouldn't be here without for his efforts, for picking up the phone, for keeping his word. his efforts to bring us to this day of renewed hope and promise not just here in indiana, but really for people that know the strength of this country comes in our ability to make things and to grow things. it's a renewed day for manufacturing inç america. you know, i remember when donald trump was running for president, he said that if he was elected president of the united states, america would start winning again. well, today america won, and we have donald trump to thank. [applause] and i've got a feeling working
beside this extraordinary man this is just the beginning of a lot more good news all across america. so without any further ado, my fellow hoosiers, it is my high honor and distinct privilege to introduce to you a man of action, a man of his word and the president-elect of the united states of america, donald trump. [cheers and applause] >> thank you. thank you, everybody. thank you very much. [applause] thank you very much. i love that red hat. thank you, everybody. i want to thank all of the dignitaries that are with us
today. we have a whole host; the mayor and governor-elect. great people. it's a big victory for the governor-elect. he won very convincingly, so we're very proud of him. and, you know, mike has been such a wise decision for me. when people were saying, i don't know, how good is he at decision making, they'd always say, yeah. that's a good decision. and everybody loves mike. he's become something very special. [applause] i want to thank greg hayes of united technologies, because when i, when i called him, he was right there. i wish i could have made the call when they were doing their original decision, but it worked out just as well other than i would have liked to have had an answer a year and a half ago. we had a tremendous love affair with the state of indiana. because if you remember during the primaries, this was going to
be the firewall. this was where they were going to stop trump, right? and that didn't work out too well. and it was a firewall for me, it was a firewall. and we won by 16 points. and the election we just won by 20 points, almost 20 points. [applause] and that was some, that was some victory. that's pretty, that's pretty great. and i just love the people. incredible people. so i got involved because of the love affair i've had -- this has been a very special state to us. and i'll never forget, about a week ago i was watching the nightly news. i won't say which one, because i don't want to give them credit, because i don't like them much, i'll be honest. [laughter] i don't like 'em. not even @ç little bit. but they were doing a story on carrier. and i say, wow, that's manager. i want to see that -- that's something. i want to see that.
and they had a gentleman, worker, great guy, handsome guy. he was on. and it was like he didn't even know they were leaving. he said something to the effect, no, we're not leaving. because donald trump promised us that we're not leaving. and i never thought i made that promise. not with carrier. i made it for everybody else. i didn't make it really for carrier. and i said, what's he saying? be -- and he was such a believer. he was such a great guy. he said, i've been with donald trump from the beginning. and he made the statement that carrier's not going anywhere, they're not leaving. and i'm saying to myself, man. and then they played my statement, and i said carrier will never leave. but that was a euphemism. i was talking about carrier like all other companies from here on to in, because they made the decision a year and a half ago.
but he believed that that was -- and i could understand it. i actually said -- i didn't want make it, when they played it, i said i did make it, but i didn't mean it quite that way. so now because of him, whoever that guy was -- is he in the room, by any chance? >> [inaudible] >> that's your son, stand up. you did a great job. you did a great job, right? that's fantastic. and i love your shirt. >> [inaudible] >> oh, wow. [laughter] oh, put it on, cameras, go ahead, put it on. [laughter] well, your son is great. >> thank you. >> and he meant that, didn't he? he really meant it. at fist i said i -- at first i said i wonder if he's being sarcastic, because this ship has said. and then i said -- it was 6:30 in the evening. and i said, boy, the first thing i'm going to do is go there. and i say do i call the head of carrier who's a great guy, but i've always learned i've got to call the top. and i heard about greg hayes. he's a great executive.
you know, i don't know if you know, united technologies is one of the top 50 companies in the united states. and one of the top companies anywhere in the world. they make many other things other than air conditioners, believe me. their list of companies is unbelievable. i called greg hayes. i heard of him, but i never met him. and he picked up the phone, mr. president-elect, sir, how are you. it's wonderful to win, you know? think if i lost, he wouldn't have returned my call. [laughter] i don't know. where is greg? if i lost and called -- i don't think you would have called. i would have tried, but i think it would have been tougher, right? be what do you think, greg? he's sort of nodding, yes, you're right. [laughter] but i called greg, and i said it's really important. we have to do something because you have a lot of people leaving. and you have to understand, we can't allow this to happen anymore with our country. so many jobs are leaving and going to other countries. not just mexico, many, many
countries. and china is making so much of our product that we'reç closing up a lot of plants. and, i mean, i wrote down some numbers that are incredible. but the numbers of manufacturing jobs that are lost especially in the rust belt, and the rust belt is so incredible, but we're losing companies. it's unbelievable, one after another. just one after another. so i said, greg, you've got to help us out here. we've got to sit down, we've got to do something. i said, because we just can't let it happen. anyway, he was incredible. and he said, i understand. and i said i wish i made this call a year and a half ago, it would have been a lot easier call. only because of your son, okay? believe me. your son, whoever the hell your son is, these people owe him a lot. and i just went through -- he's out in the factory. i thought they were all going to be in this room. this room's not big enough. >> [inaudible] >> yeah. i don't know who arranged that one, because we just visited a thousand people in the factory
that are going wild in the plant. but i will tell you that united technologies and carrier stepped it up, and now they're keeping, actually, the number's over 1100 people, which is so great. which is so great. [applause] and i see the people. i shook hands with a lot of the people. they're right behind us working. i guess, what is it, you're making some air conditioners, you didn't even want to have them come off for a half hour. he's a ruthless boss. he's ruthless. [laughter] but that's okay. you know, i did say one thing to the carrier folks and the united technologies folks. i said the gooj deny -- goodwill that you have engendered, you watch how fast you're going to make it up, because so many people are going to be buying carrier air conditioners. you know, we've had such help here. bobby knight, nobody in indiana never heard of bobby knight.
how great is bobby knight? [applause] lou holtz, we had such incredible support. but i'll never forget, a friend of mine called up during the primaries and said, you know, if you could get coach knight concern and i said, you know, coach knight called me a year ago, a year before i decided to run. he said if you ever run, i'm supporting you. i said, thanks, coach, i just don't know if i'm going to be doing it. and when he said if you could get coach knight, i tell you, i got coach knight. how good was bobby knight, as far as we're concerned, in indiana, right? we got bobby knight. 900 wins. two championships, right? two or three championships. olympic gold medal. pan-am games. but -- and he was unbelievable. he wouldn't stop. he was just going all over. he was the greatest guy. we came into an arena, greg, and we had 16,000 people inside, outside, we had, i think, 10,000 outside. it was -- and i left, this was three weeks before the primary, and i said how are we going to
lose indiana with this? i didn't think we were going to lose, and we didn't. we won big. so i want to thank all of those folks, because they really helped with indiana and with a lot of other places. so united technologies has stepped up, and i have to say this: they did it in such a nice andç such a professional way, d they're going to spend so much money on renovating this plant. and i said, greg, say that number. you know, he said 16 million. well, the minimum number's 16. it's going to be, in my opinion, a lot more than that. he said, well, i'd rather say the lower number. see, i'd rather have him say the higher number, so i won't say it. [laughter] it's just a difference in philosophy, do you agree? both are okay. they're going to spend a lot of money on the plant. and i said to some of the folks, i said, companies are not going to leave the united states anymore without consequences. not going to happen. it's not going to happen. [applause] tell you right now.
we're losing our, we're losing so much. so one of the things we're doing to keep them is we're going to be lowering our business tax from 35% hopefully down to 15% which would take us from the highest tax nation virtually in the world -- this is terrible for business -- to one of the lower tax. not the lowest yet, but one of the lower tax. the other thing we're doing is regulations. the regulations are -- in fact, if i asked greg and your folks, you would probably say regulations might be worse from you than even the high taxes, which is the biggest surprise of the whole political experience. i thought taxes would be number one, regulations would be up there someplace. believe me, these great leaders of industry and even the small business people who are just being crushed, if they had their choice between lower taxes and a major, massive cutting of regulations, they would take the regulations. i don't know how you feel about that, greg. i just noticed i wrote down because i heard it since about
six years ago 260 new federal regulations have passed, 53 of which affect this plant. 53 new regulations. massively expensive and probably none of them amount to anything in terms of safety or the things that you'd have regulations for. six of eight of the air-conditioning companies right now are located in mexico. six of eight. i mean, think of that. and 80% of the supply chain for mexico, 80%, is located in mexico. and we're not going to have it anymore. we're not going to have it anymore. and we like mexico. it's wonderful, i was there three months ago with the president of mexico. terrific guy. but we have to have a fair shake. we're not getting anything. we have nafta, which is a total and complete disaster.
[applause] it's a total and complete disaster. [applause] it's a one-lane highway into mexico. nothing coming our way, everything going their way. and i don't have to mention who signed it anymore, it's so nice. i don't have to mention who backed it anymore, right? we don't have to mention that anymore, fortunately. t it's a one-way street, and it's going to be changed. it's going to be changed. we have to bring our jobs back. and when they expand, one of the things that made me so happy is when greg said that they haveç over 10,000 jobs that they're going to be producing in the very near future, and now he's looking to the united states instead of outside of the united states where almost all of those jobs would have gone. so one of the reasons i wanted to do this particular conference is it's so great. so many people in the other -- that big, big beautiful plant behind us which will be even more beautiful in about seven months from now, they're so happy.
they're going to have a great christmas. that's most important. but also i just want to let all of the other companies know that we're going to do great things for business. there's no reason for them to leave anymore, because your taxes are going to be at the very, very low end, and your unnecessary regulations are going to be gone. we need regulations for safety and environment and things, but most of the regulations are nonsense, become a major industry, the writing of regulations. ask that these companies -- and that these companies aren't going to be leaving anymore. they're not going to be taking people's hearts out. they're not going to be announcing like they did at carrier that they're closing up and they're moving to mexico. over 1100 jobs. and by the way, that number's going to go up very substantially as they expand this area, this plant. so the 1100's going to be a minimum number. so i just want to thank everybody, and specifically i
just have to thank the people that i met backstaging. incredible people -- backstage. the spirit, the love -- people are are crying. they're all crying. and it's taken us a little while, but think of this. i don't think we even announced we were running when this deal was originally announced. and in the end, what happened is -- because that makes it that much more difficult. it's hard to negotiate when the plant is built. you know what greg said? you know, the plant is almost built, right? i said, greg, i don't care. it doesn't make any difference. don't worry about it. [laughter] what are we going to do with the plant? rent it, sell it, knock it down, i don't care. but we're going to do -- and they're going to do fine with their plant. i don't know if they're going to be able to do it with an american company, but we'll figure that out. [applause] but where we're starting is from a much easier place. that's hard a year and a half ago, they make an announcement, and, you know, all of that work
is done. which is why i have such respect -- i always say great business people, they have flexibility. if you're hard line, well, we're not going to move -- flexibility, that's why it's a great company, because they have flexibility. but we're not going to need so much flexibility for other companies because we are going to have a situation where they're going to know, number one, we're going to treat them well and, number two, there will be consequences, meaning they'll be taxed very heavily at the border if they want to leave, fire all their people, leave, make product in different companies, in different countries and then think they're going to sell that product be over the border -- which, by the way, will be a very strong border. very strong border, believe me. [applause] think companies, we're going to build a wall. people are saying, do you think trump's going to build a wall? we're going to build a wall. people are going to come through
that wall, we're going to have doors in that wall, but they're going to come through legally. it's going to be done through a legal process. but one thing that's not going to come through is drugs. the drugs are going to sop. the drugs are going to stop. [applause] so i just want to thank all of the people at united technologies, most particularly you, because you are fantastic, greg. i want to thank, and i want you to tell me how much, how many air-conditioning units you sold in the last six months from today, because i want to say i think it's going to be a number that even will surprise your folks because of the tremendous goodwill that you've created. i want to thank all of the workers at this plant, all of the carrier workers most importantly,. importantly -- [applause] i want to thank my great, great vice president-elect, because i'll tell you what, one of the really good decisions, but i
want to thank mike. and we're going to be doing this. and if i have to tell you, you know, during speeches they say it's not presidential to call up these massive leaders of business. i think it's very presidential. and if it's not presidential, that's okay. [applause] that's okay. because i actually like doing it. but we're going to have a lot of great people that can also do it and do it as well as i do it. but we're going to have a lot of phone calls made to companies when they say they're thinking about leaving this country, because they're not leaving this country. they're not going to leave this country, and the workers are going to keep their jobs. they can leave from state to state, and they can negotiate good deals with the different states and all of that. but leaving the country's going to be very, very difficult. so i want to thank everybody. we love you folks. i want to really, really thank the people of indiana. we had two massive victories in a very, very short period of time. and all of the workers have a great, great christmas and a
fantastic new year. thank you very much, everybody. thank you. [cheers and applause] thank you. thank you very much. liz: so imagine that, a presidential election winner making good on a campaign promise even before he's inaugurated. it just happened. president-elect donald trump saying he went straight to the top to save some 1100 air-conditioning jobs in indiana. you just saw him speaking at carrier headquarters. says he calls the parent company of carrier, united technologies, and asks to speak to the top dog, ceo greg hayes took that call, and today -- as you just saw -- he formally announced it, a deal has been struck to keep those jobs that were headed to mexico right here in the united states. and you know what? i don't know if you saw vice president-elect mike pence before that introducing mr. trump, he said, you know, donald trump picked up the phone -- i was in the room, i saw him do it. this was during the election campaign. he talked to anybody that would listen and told them, if elected, he was going to put american jobs and american workers back in america. and you could say that today the
first fruits ofç that labor hae been, of course, sprung, right? you cannot underestimate, by the way, the importance of this visit to the carrier plant. donald trump won the presidency very much in part due to the fact that he paid attention to the part of the u.s. economy that felt most ignored, and that would be manufacturing. this may help everybody understand how crucial manufacturing truly is. here are some numbers. manufacturing businesses contributed $2.17 trillion to the u.s. economy in 2015. those are the most recent numbers we have. and for every dollar spent in manufacturing, another is then added back into the economy. so let's bring in somebody who had a crucial role in shaping the american economy, particularly during one of the most difficult times, post-financial crisis. he's sitting there with president george bush. we're honored to have former acting treasury secretary robert kimmitt who served under president bush and, i believe,
for a bit under the obama administration. is that correct? >> no, liz. i left at noon on january 20th, 2009. liz: okay. so right on that day that president obama came in. mr. secretary, thank you for joining us. the carrier win is vastly important even though it is 1100 jobs, each one truly matters. but a president, you could argue, doesn't have time to piecemeal convince u.s. operations here. how can president trump best help the manufacturing industry in its entirety, in the aggregate? >> well, liz, let me first join you in saying how refreshing it is to see a candidate live up to a campaign pledge. liz: a promise, yeah. >> but you're right that a president, once he takes office given his global responsibilities, won't be able to do this on a day-to-day basis. he'll have a good team of people, wilbur ross, steve ma knew chin and others who can help, but i think that the president-elect put his finger
on it. lower regulation, lower taxes, create a better investment climate both to create and maintain jobs in the united states. and i thought it was interesting that he said keeping regulations as low as possible is as important as keeping taxes as low as possible. liz: but, mr. secretary, again, let's talk about the future and how he handles other businesses. because, look, there could be up intended consequences from this. you have the naysayers who say, oh, now a lot of other businesses are going to say i want $7 million, because as far as we know, this company got about seven million in tax breaks over the next decade which actually isn't a huge amount. but, you know, how do you prevent that from happening where you get a bunch of companies seeing, perhaps, a government till and kind of bellying up to it, saying, well, i might leave, give me a tax incentive? >> i think each company has the right to do that, but at the end of the day, the biggest incentive is going to be
comprehensive tax reform with lower corporate rates, more certainty for investors to make decisions on how to expand their operations in the u.s. or create new operations. i would also say this message was not just forç u.s. domestic audiences, it's very important for people overseas to understand that the president will leave up to his commitments. because we have 6.5 million americans who work in this country, but for companies headquartered overseas, interestingly, 40% of those jobs are in manufacturing versus 13% of overall economy. so we want to send messages both to our companies at home, but also to those companies overseas who want to invest in the american marketplace and the american worker. hizly well, that's what ireland did. they made it so attractive that a lot of u.s. companies left here and went there for domicile to headquarter there so they got the tax break. so we really need, i'm hearing you say, to do something like
that. you mentioned the new team and steve mnuchin taking the job that you once held. listen, he already laid out a few very broad strokes about things like cutting the corporate tax rate and what individual tax rates would be. and we can put some of those on the screen as we have them. how can we do that? we would have rising, certainly rising debt. we know we have that. and you as treasury secretary probably dealt with a debt ceiling or two. we're coming up against one in march of 2017. what are we going to do about that? we need to service massive $21.1 trillion in tet, and i'm just wondering, do but do tax cuts for all? how do we not only service the debt, but also pay down some of it? >> what i heard the secretary-designate say is we're going to come up with a tax reform proposal that fundamentally is going to be revenue-neutral. i don't think it's going to add to the deficit, but the key
thing is going forward what he called sustained economic growth is the key. the more growth we have, the more people we have working, the more people we have working, the more they pay in taxes even at lower rates, and it creates a virtual cycle where those lower rates create opportunity, create jobs, help us take on not just the deficit, but also the debt. liz: yeah. well, it is, it's a huge undertaking, but this is a major, major first step on a long journey that donald trump has certainly taken with confidence. good to see you, bob. thank you for being with us. >> thank you, liz. liz: former acting treasury secretary under president george w. bush during a very challenging time. by the way, keep it right here on fox business. we have special coverage of donald trump's thank you tour which is kicking off. lou dobbs tonight has a special two-hour show, it begins at 7 p.m. eastern. you've got to watch that, and then you can't miss kennedy.
she's immediately after. all the news that's developing around this. speaking of developing news w the closing bell about 34 minutes away, the dow is at a record high. will we close there? we didn't manage to make it yesterday. we look like we might get there today, but you never know. what is sort of keeping a cap on the gains? visa. it's among the biggest laggards, announcing it's giving gasoline stations an extra three years to install chip card readers. and investors don't seem to like that. that stock is pullingd- by $1.84. and did you see this? the angels got their wings in paris last night at the annual victoria's secret fashion show. models kendall jenner or and bella and gigi hadid strutting down the catwalk as lady gaga and bruno mars performed live. the star? a $3 million fantasy bra made of white diamonds -- [laughter] she's wearing it there. 9,000 emeralds and other
gemstones. this apparently enough to warrant an entire television show which will air on cbs on monday, just so you know. parent company elle brands is moving higher by 2.5% today. it announced that victoria's secret helped boost same-store sales by 4% in november alone. why is it down 27% this year? well, we'll deyou. maybe because lingerie upstarts like adore me are taking on victoria and her secret. no denying the models are sexy, but working in the manufacturing sector up until now hasn't been sexy for job-seeking millennials. the eyes and ears of millennials, carolyn gohn says that's about to change. manufacturing sexy? "countdown" coming right back. ♪ ♪ i use what's already inside me to reach my goals.
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>> i'm ashley webster on floor of new york stock exchange with the today's fox business tech minute. spacex hope to relaunch falcon 9 rocket after it exploded in september due to malfunction in the fuel system. elon musk the launch is december 16 that will carry six satellites into space. pebble will reprovide a relaunch for products. pebble is struggling financially and laid off 25% of the brand. it. there is another acquisition in the books. apple brought a finnish start up company to boost indoor mapping services and stay up to speed with google. the value of the deal is unknown. coming up next on countdown, we take you to the floor show for a check of the markets. ♪
liz: check this. the dow jones industrial average fighting to snatch the record close that slipped away in the last minutes of trade yesterday right during the show. here is the number to watch. it needs to edge slightly above 19,152. if you want it exactly, 19,152.4. we're at 19,172. if we make it will be 18th record close for the index. nasdaq is tumbling, 81 points. accelerating in the final hour of trade. this is loss of 1%. you can point to facebook. that is the tech bellwether a downward leader, google microsoft, icy cold across the board on the first trading day of december. facebook is down nearly 3%. the issue with facebook, canaccord cut the price target. all it took.
now that one is getting hit bad. energy stocks keeping investors warmer. 33 of 36 stocks in the s&p 500 are led higher by explorers and drillers like southwestern energy. look at the jump with southwestern. it is skyrocketing 6 and 2/3%. range resources, transocean, cabot oil and gas doing well because of what happened yesterday with opec striking the deal, air quotes. we don't know if it holds up. the market believes it will. let's bring in the traders on the floor show. jeff grossman at nymex, it is still holding. we've seen gains in oil of 14%. you have got to believe that this really put a pillow under the markets today. >> i always did. even when we were looking a little bit weak in the mid 40s this market wanted to go higher. this agreement solidifies the up move. i don't think we'll see new
highs from what we reached. we have a triple top here just below 52. i think we may moderate for next couple weeks before a new game-changer comes into play. again i think the consensus is that they have a legitimate agreement here and it looks like everyone is coming aboard right now. they have no reason to cut each other's throat at the moment. let's hope that stays that way. liz: you know what? we should mention, by the way, props where props are due, reuters had an incredible exclusive how this opec deal came down. putin really brokered a lot. the russian leader brokered between the saudis and iranians who both had to put on a show if you believe the reuters piece which i do. let me get to you, todd at cme. got pretty solid date, u.s. manufacturing in november,, eyicly that donald trump announces left hundred jobs at carrier are saved. higher for the ism,
manufacturing index. you have to believe the data will continue to improve, right? so us did the stock market continue to follow through? >> i think right now the stock market is on a tear. it has some real momentum and data we're seeing today, liz and data tomorrow will have very little effect on the short-term trade. look what is happening here. we're getting numbers last month showing us positive. everyone is waiting for the big hype move which is going to come from the january effect in and tax holiday we're hearing about bringing all dollars to the u.s. ahead of that move which will come sometime in the first quarter of next year. a lot of this will stay right where it is. i don't think numbers have an adverse effect on the equity market regardless what happens tomorrow. liz: keith, he said regardless what happens tomorrow. what about what happens this weekend? we do our viewers no good if we
don't flag them on things coming up. sunday italy has a referendum. matteo renzi, the prime minister would like to make economic changes and political changes to cut spending, if it doesn't pass this could affect our markets on monday. is that a buying opportunity, in retrospect when markets tanked post-"brexit" that was the time to buy? >> we'll certainly have to see what the markets reaction is. you're right, if the referendum does not pass in italy, we'll absolutely see futures get trashed and equity markets will come in substantially on monday. if italy does not pass a referendum. that is the next shoe to drop and the central part of eu bloc is blowing apart, at least the european. macro front the markets are properly positioned to go ahead and trade higher even though we have had five weaker sessions into the close lately. that is minor blip from overbought markets.
you're right, what is going on in italy this weekend is the thing to watch. liz: why we let people know not at 3:59 p.m. eastern on friday, but today you guys can get ready to put in, if you're guessing or buy orders, in case the market falls you get things on the cheap. great to see you guys. keith, todd, jeff, thanks. >> my pleasure. liz: donald trump made no secret of the fact that he disdained u.s. manufacturer that moved jobs overseas. today he delivered on the campaign are promise to keep carrier air-conditioning company from moving jobs to mexico, at least most of them. you have still have unfilled manufacturing jobs here in the u.s. why? because the millenial workforce doesn't want to take them. they don't find them sexy. companies like ge have begun tol workforce. you see the commercials ge puts forth with younger actors as manufacturing as high-tech,
code-based industry packed with potential and cool. will it work? we're bringing in eyes and ears of millenials, and ceos trying to attract them. carolyn, great to have you here. you don't often hear blue-collar and millenial in the same sentence. why not? >> this is the least-represent ad of a group already underrepresented in the conversation around the workforce. millenials are the largest cohort to ever enter the workforce. we'll be 75% of the global workforce by 2020. the conversation that we're having nationally doesn't really match those numbers. within that, all of the conversation tends to focus on tech, on new digital businesses, on silicon valley and what happens is, these blue-collar millenials and manufacturing jobs millenials are going to need to take fall to the bottom of the list. liz: almost seems to me, maybe i'm a little biased because you hear stuart varney always
ripping millenials, millenials seem would take code writing jobs, sleep on a futon in austin or silicon valley and take stock options and no pay then get a manufacturing job where you get your hands a little dirty. you get health care benefits. sometimes get 17 to $35 an hour, you have to have skills where the companies will do that. how do you make manufacturing sexy to millenials? >> this is about employment branding. if you look at numbers, the average manufacturing job earns you $79,000 a year. if you look at that compared to the average across industries, that 79 compared to $64,000. there is significant capital there. it is attractive in of itself. if you look at application of technology to manufacturing jobs, that's there too. you're seeing companies like ge begin to position the attractiveness of these types of jobs virtual reality, through discussing coding, through
really advancing robotics. that's where employers need to be moving. liz: through that millen-ya'll looking kid, telling his parents i'm taking a job writing code that makes the stuff that uses hammers and his friends are dropping resume's in front of him. you look at millenial job preferences as you said technology at the top, all of these might have some positions open, yet there is a belief, because it's december 1st, everybody, that nobody hires in december. it is holidays. they're more interested in parties things like that. fourth quarter one of the worst times to land a job or can you dispel that myth? >> it will be very interesting first of all to see what happens tomorrow to see what happens over the course of the next month i would absolutely dispel that myth. what we see happen a lot of, inner turmoil and contemplation where i want to be in my career that happens before the holidays. there is a lot of mobility in december and again in january. liz: look it, just by the way, when it comes to manufacturing,
total job openings over the next decade or two, there will be two million jobs in manufacturing unfilled because of a skills gap but millenials are fast learners are they not? they need to go to manufacturing. what happens tomorrow we have the november jobs report out of labor department. do you expect to see a bigger than expected build, and how does that break down what you look at? >> we are expecting to see nearly double the amount of jobs added than we expected for november. so i'm really hopeful that is what we have in store for tomorrow morning. liz: what would be driving that? >> it will continue to be a rise in jobs in technology and a lot of trends we've seen come throughout the year. and, what i love about it is that it really positions us for a strong 2017 and some of these optimistic currents around future of workforce and future of millenials. liz: i hope you're right about tomorrow. you know you how our viewers can find out? watch maria bartiromo tomorrow
and her show because 8:30 a.m. eastern is when the november jobs report comes out. great to see you carolyn. >> thank you for having me. liz: caroline ghosn from levo. steve mnuchin out with a promise to privatize fran fannie mae and freddie mac who have gotten in the past this country into real debt trouble. could that lead to the demise of the mortgage giants and work in reverse? what does that mean for the broader markets? charlie gasparino has been working this all day and has the answers from the secretary of the treasury and his big plans when we come back. see me. see me. don't stare at me. see me. see me. see me to know
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why couldn't they get rihanna? sprecher is so cheap. in duncan or grasso they would -- liz: billy joel. >> beyonce. this girl seems nice but -- liz: she is up-and-coming. >> i think sprecher is cheap. this is new york, jeff. liz: donald trump's choice for treasury secretary, steve mnuchin making bold promises. here is one of them. >> we got to get fannie and freddie out of government ownership. it makes no sense these are owned by the government and been controlled i about the government for as long as they have, in many cases this displaces private lending in the mortgage markets and we need these entities that will be safe. liz: but as you know from physics for every action there is equal and opposite reaction. what could be the reaction to steve mnuchin's idea to privatize fannie and freddie, charlie? >> what was the reaction, the stock went up dramatically. it has been up dramatically, the stock of fannie and freddie
since donald trump became president, on somehow notion that it will be privatized and that will be good for shareholders. explain fannie and freddie are. they were privately owned companies backed up and created by congress to create homeownership. liz: to lend and create mortgages. >> essentially what they did was bought and packaged the mortgages, guaranteed the mortgages and sold them to third parties. the theory is a bank will more likely issue a 30-year mortgage that if it has guarranty the mortgage will be paid back, and that is why there are 30 year mortgages. people think that is a social good. guess what they did? blew up in 2007 and 2008. liz: sure did. >> they were taken over by the government. they have been in conservatorship since. there is big bet on wall street that the government will privatize them, give them back all their profits. here is where this thing gets really -- right now the government is essentially taking their profits. they're profitable now, believe it or not, very profitable because of low interest rates
and selling mortgages and making the spread on that difference but here's the rub. if they become private, will they maintain the government backup? government backs up their debt when they do things, they sell debt. they finance themselves. the government provides that backup of the if they don't provide the backup, their financing costs will go through the roof. here is what i say to you the small investor, if you're out there buying this stock right you now you have to really have to believe they will be privatized and essentially will go back to the old way of business. that led to the blowup. that, number un, they will be private companies with private shareholders and maintain the government backup. that the government will still guarranty everything. allow them to borrow at government rates because they have that backup. that is for conservative congress -- liz: look at the spike. >> but, liz -- liz: bounced around for a year, didn't guys like ackman, the billionaire, get in. >> a lot of people think ackman,
more than likely carl icahn and john paulson who are republicans, particularly carl who has donald's ear he will whisper in donald's ear, make them private but keep the government guarranty because you know, it's really good. around it is obviously really good for carl because the stock will go you there roof if that is the case. liz: there comes the question, coi, conflict of interest. >> that too. here is what i have to say, you have to believe for that scenario that a republican congress, free market guys like jeb hensarling are going to say yes to that. they will say let's go back to 2008. i think the most likely scenario? just this is my opinion. we should have josh rosner on who is expert at this stuff, he is an analyst, i have to say, i think they keep it way it is, keep all their money in-house, the sweep as it is known, profits in house to pay for donald's infrastructure stuff. he needs money. joshas a different view. we should get josh on next week,
because josh, this is a stock moving every day. i mean that's where this is right you no. it is a very interesting story but i think people are missing it. liz: not now because of you. charlie, thank you very much. we've got a record, folks, right now. we need it to hold for next five 1/2 minutes. dow jones industrials could close at the 18th lifetime record of this year alone, up 66 points. coming up we'll try to make you money in the last five minutes. don't go away.
liz: do you may be at a record. wait to see that for a couple minutes. bonds moving total opposite direction. we have selloff today pushed benchmark 10-year treasury deal highest level nearly year-and-a-half. guess what though? different kind of bond could make you money, as donald trump appears to push for a big infrastructure bill. let me bring in a man who knows
all about this, jim keegan, psychs investment advisors chief investment officer.ake money if that comes to pass? >> well with regard to the infrastructure. if an infrastructure plan goes through, if it is big you can make money in companies like nucor steel. aggregators like vulcan materials and martin marietta materials. deere, caterpillar, that provide the equipment but the devil is in the details. we don't have the details yet at this point. liz: do you buy the stock outright or pair it with corporate bonds of these companies? >> it will be a function of valuations. if the valuations are there on the equity side, absolutely. liz: some are rich with the rest of the market, well beyond the 10-year average. >> that's the issue. everything has value at the right price. liz: guess what you get to witness? you witness a record for the markets. are you buying here? we have a record for the dow jones industrials. it is 18th lifetime record,
quickly? >> are we buying here? i think you're buying high valuations. returns over time will probably be not that great. [closing bell rings] liz: great to see you. great to see christie brinkley ringing bell at nyse. we have record for dow jones industrials. connell, melissa, it is yours. >> historic high for dow jones industrial average here. i was starting to think it was me filling in for david. we get it today. dow hangs on to gains at the close. trump bum or trump rally is rolling right along for the blue-chips. connell: i'm connell mcshane in for david asman. melissa: that's right. i'm melissa francis for "after the bell."