Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  January 12, 2017 3:00pm-4:01pm EST

3:00 pm
trish: eight days a way. week and a day until donald trump takes the oath of office as the 45th president of the united states of america. guess what? we're going to be there. we have a special edition of the intelligence report in prime time, 8:00 p.m. eastern at the inaugural ball for the new president. exciting stuff. i hope you're there to watch. liz claman, over to you. liz: trish, you know what i'm watching right this second? the senate floor. we'll show that to you. the senate is slated and voting at this very moment to grant defense secretary nominee james mattis the waiver to serve as the pentagon chief. if confirmed, mattis has not been in civilian lifelong enough to meet the legal statute after leaving active duty. so he needs that waiver to be passed. adoption needs 60 votes. it is happening right now. again this is not confirmation but it is to vote for the waiver. now, look to the right part of your screen. see the screen? see the markets?
3:01 pm
the dow is down 61. we were down 183. at that point every single financial website was blaming donald trump for the selloff. they're all saying trump rally is fading i it is trump's fault. the rally is over. 20,000 is slipping away and one of the worst days in the election. we're coming back. is that suddenly not donald trump's fault? this could be something totally unrelated to the president-elect and has all the winners since the election day like financials falling. we're looking at that. team trump charging into battle. general james, "mad dog" mattis. fired grenades on range of topics progressed ney today, russia and -- grenada. they will tell us if the military hero is the one to run the pentagon. obamacare under assault at this hour. ramping up, house speaker
3:02 pm
paul ryan and calling high-level meetings and votes, a rescue mission, calling it that, a rescue mission. the senate is down but now the house is set to vote on repealing and replacing next. hold your horses, some congressman, republican congressman are worrying about the replacing part of repeal and replace. congressman charlie dent of pennsylvania is one of those republicans. he is joining us here, clues syly live to tell us what his concern is about totally replacing obamacare. plus rudy giuliani's new role, trump's epipen assault, and charlie is breaking it bigger and better on the bayer-monsanto meeting at trump tower. we're less than an hour to the closing bell. let's start the "countdown." ♪ senate is casting a vote to decide the future of tremendous defense secretary nominee james mattis.
3:03 pm
the dow is looking a the biggest decline since the election. folks, if the blue chips fall more than 118 points that could happen. but it is not anywhere near there. the dow is down 62 points. it has clawed and back up closer to the flat line. we're not there now. earlier lows, down 183 points. what were leading the losses here? walt disney, microsoft. you had travelers coming down, caterpillar. they're all still down right now weighing on the dow at the moment. of course you're asking, what is causing a sea of red we're seeing on wall street? some people are saying uncertainty around trump's policies, that sent investors into safe haven assets like gold. it was very close to 1200 an ounce. it did touch a seven-week higher early earlier. right now $4 away from the second call level of $1200 per troy ounce.
3:04 pm
it is up 7% in 2017 while the dow is pretty much flat or slightly higher. look at gold miners. they have been unloved so if you love them you're kind of happy. barrick, goldcorp are shining brightly, anywhere a percentage point up to more than 3.25%. up to capitol hill where the senate as i mentioned is voting onon this waiver for trump defense secretary nominee james mattis. mattis needs 60 votes to the got waiver to exempt him from current law which requires a general to be out of military service for seven years before serving as pentagon chief. the point is they need you to truly be a civilian to run the military. it has been a long-standing rule. mattis is part of a confirmation hearing frenzy. mike pompeo is nominee for cia director. joined ben carson the using and urban development nominee to
3:05 pm
answer questions by senate committees. his hearing was intense and pointed issues on russia, nato, gays in the military, he also sounded off on the iran nuclear deal. plus u.s. relationship with israel. listen. >> i think it is an imperfect arms control agreement. it is not a friendship treaty but when america gives her wordd work with our allies. we've got to restore a better relationship with israel and with our arab allies. i think there's sense on their part that we are indifferent to the situation they face, the security situation that they face. liz: fox business's adam shapiro standing by in washington, d.c. watching all of this. adam, we schuss mention a lot unfolding including the waiver vote. we'll let people know the event that happens, the vote. mike pompeo is west point grad who patrolled the iron curtain before the fall of the berlin wall.
3:06 pm
i found his comments on russia and putin tampering with our election absolutely fascinating. reporter: fascinating because when you listen to what donald trump, the president-elect had been saying earlier about vladmir putin and then listen to what his nominee to be the leader, director of cia says, there seems to be disagreement but not in the words of mr. pompeo. the specter, liz, the scandal engulfing the nation's intelligence community, president-elect donald trump as well as russia, it casts a long shadow over the confirmation hearing today on capitol hill. members of the senate intelligence committee did grill representative pompeo, the nominee to be cia director about russia's interference in the u.s. election. pompeo says he believes russian hacking was the result of aggressive action ordered by russian leaders. take a listen. >> i have no doubt that the discourse that has been taking place is something that vladmir putin would look at and say, wow, that was among the objectives that i had to sow
3:07 pm
doubt among the american political community, to suggest somehow that american democracy was not unique. reporter: russia was the undercurrent at hearing today because general james mattis told members of the senate armed services committee that russia and vladmir putin are trying to break the nato alliance and that the united states must support its nato allies and perhaps confront russia. it is an issue, general mattis, who is nominated to become secretary of defense has discussed with president-elect donald trump. >> my view is that nations with allies thrive and nations without allies don't, and so i would see us maintaining the strongest possible relationship with nato. reporter: now, liz, you had been talking about the senate voting at this moment on the waiver because he has not been retired for seven years, general mattis, not a civilian for seven years. he just retired about four years ago. that vote, the senate, republicans do have enough votes
3:08 pm
in the senate to approve the waiver. the house would have to approve it tomorrow. then we come back for the up-or-down vote for the confirmation. as for dr. ben carson, there were other hearings we should talk about very quickly, that nominee to become secretary of housing and urban development. he is also testifying today, and you should take it to the bank, all three are expected to be confirmed. liz: let me give you an update here. general mattis has more than 60 votes to approve that waiver, more than0 -- 60 votes. the vote is still going on. to the left, marco rubio and a whole host of other senators, mattis appears will get the waiver. that is breaking news right now. >> you know who is voting against? liz: right now he has the waiver from the senate. and again it is still happening but he has more than 60 required. adam. >> interesting to note who is voting against it, elizabeth warren, making some headlines. she was very you tough on him at
3:09 pm
the hearing and is against the waiver. liz: you would expect some democrats would be at the moment but looks like this will be at least through the waiver process smooth sailing through the senate. adam, thank you, from capitol hill to what we're calling white house north. you're looking live pictures of trump tower where we've seen major figures from the business world come and go. that has been every day. silicon valley on high alert for this one. alphabet executive chair eric schmidt was spotted. donald trump use an android phone or an iphone? if schmidt can help it he is using a android phone. schmidt ran google for some years. maybe he sold him on one. we saw billionaire henry kravitz, at&t executive randall stephenson and robert win ostensibly in there on their great desire to -- former new york city rudy giuliani as advisor u.s. cybersecurity efforts.
3:10 pm
that with us with mayor giuliani at consumer electronics show las vegas with john chen with whom he is working on cybersecurity. giuliani told me right then and there what he thinks about the prevalence of hacking and which nations. >> are the russians hacking us? yes are the chinese hacking us? yes. are the north koreans hacking us? yes. and i can go on and on and mention countries i wouldn't want to mention because they are friends of ours. liz: it appears he is getting a role that matches his passion and knowledge. you saw how passionate he was about cybersecurity right there. reporter: he has done a lot of work on it, liz, as you know in the private sector as he talked to you about. allows him to remain in the private sector doing advising for the administration from the outside. he said only role he was interested inside the administration was secretary of state.
3:11 pm
obviously not getting that. he gets this. transition team was kick to point experience as reason for giving him a nod for this position. giuliani, comments as he was leaving trump tower earlier today. >> hacking is ubiquitous and, the defenses to it aren't as robust as the methods that people have for hacking. the industry has spent a great deal of money and time figuring out how to gather information and analyze information. it hasn't spent as much time and as much money how to protect that information. reporter: that is coming from the industry. you wonder how much can be brought in and applied to what is being done in government. speaking of relationship between business and government, you allowedded to the high-profile business executives here today. eric schmidt visit i should point out was a surprise to us. we didn't know he was coming. alphabet executive, you say
3:12 pm
google, i say alphabet. he was here before and the big tech summit at end of last month. we have information on the randall stephenson meeting, head of at&t. he is looking to buy time warner for $85 billion but the statement from the company out moments ago, that mr. stephenson had good meeting with president-elect donald trump talking about a variety of topics. at&t merger with time warner was not one of the discussions. take it for what they said. that was not the topic. meeting was quote-unquote, about creating jobs. liz: i find that impossible to believe. guess what? the market -- reporter: i report. you decide. liz: markets not buying it either. the market likes the news for at&t. that stock is moving higher by about 1% right now, even as the dow jones industrials falls about 73 points. keep it right here for complete coverage of the inauguration of donald trump, the 45th president of the united states,
3:13 pm
a week from tomorrow. okay, i would like to show you something, and it's just about what every single investment website is saying about the selloff today. here is "market watch.." trump rally fading. stocks getting crushed by gold. reuters, wall street set for worst day as trump trade physician sis. folks, could it be simply we are exiting and this is totally normal from a very crowded trade? we have seen incredible run up since the election. these selloffs are natural. we're coming back from the lows of the session. president-elect trump did set markets in motion yesterday and certainly did not help the financials to which he has been very friendly since the election. it has an about the best performing group in the s&p 500, pumping the brakes a bit ahead of banks reporting tomorrow. jpmorgan, wells fargo, i believe bank of america too. let me get to the new york stock exchange. lori, it is kind of interesting to see all the websites, oh, the
3:14 pm
trump rally is fading. it is just a pullback that would be quite normal. >> liz, that is one of the themes down here, has this rally come too far too fast? are certain positions too crowded? look at the financials. this is the sector led the way postelection. so today, it is one of the leading sectors to the downside. so no surprise. typical consolidation. of course, keep in mind, tomorrow, many major financials report earnings. there is nervousness ahead of that when trump won, investors are hopeful, higher rates, faster inflation would benefit banks. have a look, jpmorgan chase, down 1%. those earnings tomorrow, jpmorgan is one of the names we're expecting to hear from, along with wells fargo, bank of america. the options market is pricing in pretty significant moves for jpmorgan, about 2 1/2% swing in either direction, depending on the outcome of the earnings. liz, back to you. liz: one thing i know you agree with me on, donald trump talked about the pharmaceuticals and said they're getting away with
3:15 pm
murder. we have 45 minutes before the closing bell rings, you did see that sector selloff except for merck yesterday because it had pretty good news from the fda by allowing it to fast track moving forward with a mix you are it of certain of the drugs -- mixture of certain of drugs it is putting together. second day in a row, merck is the leader in this final hour of trade. merck better by 72 cents right now. it has gotten three upgrades from piper jaffray, guggenheim, morgan stanley. to apple, apple going hollywood? "wall street journal" reporting that the world's most valuable company is holding talks with tv and movie executives to acquire original and scripted programing. don't go to the executives. go to the writers. you need writers for the new content. i predicted this a long time ago. apple, let's take a look to see what it is doing. down 3/4 of a percent, it is not as easy as it looks. netflix and amazon well ahead in this game.
3:16 pm
so-called mad dog has his day in the sun. general "mad dog" mattis on capitol hill for his confirmation hearing for secretary of defense. could the hardens military hear row be out of step with a secretary of state straight out of the boardroom? former undersecretary of state bob hormats knows all too well how to work with different divisions and different leaders certainly within an administration. the odd couple or a perfect match rex tillerson and james mattis? "countdown" coming right back. ♪
3:17 pm
as after a dvt blood clot,ital i sure had a lot to think about. what about the people i care about? ...including this little girl. and what if this happened again? i was given warfarin in the hospital, but wondered, was this the best treatment for me? so i asked my doctor. and he recommended eliquis. eliquis treats dvt and pe blood clots
3:18 pm
and reduces the risk of them happening again. yes, eliquis treats dvt and pe blood clots. eliquis also had significantly less major bleeding than the standard treatment. both made me turn around my thinking. don't stop eliquis unless your doctor tells you to. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. if you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. while taking eliquis, you may bruise more easily ...and it may take longer than usual for bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. eliquis treats dvt and pe blood clots. plus had less major bleeding. both made eliquis the right treatment for me. ask your doctor if switching to eliquis is right for you.
3:19 pm
3:20 pm
liz: folks, the vote just completed by the senate indicates there is goodwill towards general james mattis as secretary of defense. the senate just voted, go back a little bit, 81-17 to grant the waiver that will allow retired general mattis to serve as defense secretary despite having only left the military in 2013. you're supposed to have seven year window, seven year gap before serving something like secretary of defense. former undersecretary of state and former goldman sachs vice-chair bob hormats. this is a good sign for general mattis, isn't it? >> it certainly is.
3:21 pm
a lot of people on both sides of the aisle want to give him a chance for up-or-down vote which he will get. that is a good thing. he is very able guy. tough guy. 21st century version of general patton. very assertive. he was at centcom. knows them at least, knows europe and strong supporter of nato. by and large he is very credible person for this job. liz: this is interesting. i think that pair son to patton is huge thumbs up what you just did but you also brought up nato. he is rejecting some of the very things that donald trump was all nor during the election campaign. namely donald trump was highly critical of nato, that we're spending too much. they're a mess. general mattis in essence said nato may be the most successful military alliance ever. how does this work in washington? you have a president-elect put him up for this and speaking in diametric -- >> mr. mattis is totally correct in that assertion.
3:22 pm
there is a lot of evidence, over decades, that nato is the most successful military alliance ever, and it serves america's national interests in many ways. and i think over a period of time the fact that trump has advisors like mattis, and rex tillerson, who said almost the same thing, a day earlier, about the strength and importance of nato and great powers need great alliances, they're both right. and if we're going to have a strong foreign policy, we'll need strong allies and nato is the centerpiece. we have japan and south korea and others, australia and others in the pacific. liz: general mattis says we'll have to confront russia and yesterday rex tillerson was extremely tough on russia as well. basically said, yeah, vladmir putin, absolutely inserted himself in our elections and we can't let that happen. it should be encouraging to people who are worried about a so-called bromance between donald trump and vladmir putin,
3:23 pm
that these are the very men trump said those are my picks for these highly crucial position. >> interesting after you point out, that the campaign has appointed two very strong, pro-nato, pro-alliance people to do these jobs and in a way you have to give him credit for having people who don't necessarily agree with him. i think they have made the point, mattis today, made the point that nato is critically important and that russia is trying to destroy nato. which means -- russia is tryingy a lot. >> russia is trying to destroy a lot, trying to weaken our allies internally, weaken cohesion in europe and trying to weaken the united states. liz: we've got to run but maybe not that mattis is butting heads with rex tillerson, maybe that is not the focus. some people think a general, tough military guy versus a businessman might cause
3:24 pm
friction, you have been at the state department. you have to work with different departments. >> you do, i suspect they won't agree on everything, but these fundamental issues about our alliances they seem to have very much the same views. president may take advice from a lot of people but on this central issue but i also was a meeting the other he day with jack flynn who will be the new national security advisor who also made a strong point about the importance of our alliances. this is very encouraging to me since i genuinely believe the united states is a great power in part because of who we are, and in part because we have strong alliances in the atlantic and the pacific. liz: bob hormats making a comparison between general mattis and general patton. very interesting to hear you say that. thank you very much. >> pleasure. liz: bob hormats, former undersecretary of state and
3:25 pm
kissinger vice-chair goldman sachs. how many hats did youware? we all live many lives here. >> thank you. liz: the dow is down 66 points. the president-elect accusing an entire sector of murder yesterday and health care fell victim. how is it it affecting the mylan epipen? we'll tell you in a second.
3:26 pm
why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis. i'm going to the bank, to discuss a mortgage. ugh, see, you need a loan, you put on a suit, you go crawling to the bank. this is how i dress to get a mortgage. i just go to lendingtree. i calculate how much home i can afford. i get multiple offers to compare side by side. and the best part is... the banks come crawling to me. everything you need to get a better mortgage. clothing optional.
3:27 pm
lendingtree. when banks compete, you win. okay! ...awkward. approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide.
3:28 pm
it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence.
3:29 pm
go long™. ♪ liz: breaking news. at&t has just released a statement on this meeting between president-elect donald trump and the ceo of at&t, randall stephenson. but here's the twist. according to this company spokesperson, and you heard this from connell but at&t's proposed merger, not even brought up. do you believe that? are you buying that, charlie? are you buying that? >> do you believe that donald's hair is real? liz: yeah, i actually do. not the color but hair is real. >> is the color real?
3:30 pm
do you believe in santa claus? do you believe in tooth fairy? liz: listen i'm the queen of believing in the tooth fairy. >> fake news? if there was ever anything described as fake news, it is that statement, okay that is coming out of at&t. let's be real clear here, companies are scheduling meetings with donald trump, ceos of company like randall stephenson and story we broke with the heads of bayer, monsanto, walter baumann and hugh grant, not just because they want to hang around with the president, they have reasons to do it. the two guys yesterday went in there, bayer, monsanto ceos have a merge arer they want to get through the trump administration antitrust division. the at&t and time warner have a merger they need to get through the trump antitrust division with time warner.
3:31 pm
complicating that trump is at war with time warner es cnn subsidiary. liz: he is so comfortable with business leaders, does he listen to randall stephenson, one-on-one rational basis or listen to steve bannon and other advisors who don't want this to go through? >> steve bannon is a fairly rational guy. he is more of a political guy. he is very rational. he is smart, tough guy. steve bannon is the reason why donald trump got elected. >> some people say it was kellyanne conway. >> some say steve -- i think they worked together but i think steve strategized where to campaign at the end. liz: his competitive site, "breitbart" -- >> right. liz: competes, arguably with cnn. >> nah. not that much. liz:, blockbuster and behemoth? >> not total absurdity but i'm just saying that you know, yes, bannon's against it. priebus is against it, lines, apparently, his chief of staff.
3:32 pm
his outside advisor, chris ruddy, newsmax, another competitor of cnn, today he brought in stephenson, what is animating me on the story they didn't talk about the merger. what they probably talked about all the jobs it will be creating by these two companies. liz: donald trump likes deals. maybe he dangle as threat and they bring in jobs and they both win. >> he had to. that is why these statements -- liz: look at the stock. >> why these statements from corporate america are so absurd when they say stupid stuff like this. he might not say, please, mr. trump, approve the merger. here is how great the company is. here is the type of jobs we'll create. liz: here is what i can do. >> with time warner, we plan on doing x, y and z. here is how many more jobs we create and how much more money and taxes. so that is what the market is saying. that is reality. this is baloney. this is fake news. so the real question is this though, this i tell you gets
3:33 pm
back to the central point on all ceo meetings, should a president be dealing in mergers. what do you think? what do you think about that? liz: i do not. i think the fcc, those types of proposals are, and organizations are the ones that deal with this and look at it strictly from a competitive for consumer issue. >> i can't remember the last time a ceo was involved -- liz: a president? >> a president involved with ceos at this granular level on deals. we're in uncharted territory. not saying it's bad. it raises some interesting ethical decisions. by the way jeff sessions as we pointed out the other day said you're not supposed to be making decisions on antitrust based on whether you hate cnn or not. it has to be more broader -- i bet you stephenson brought that up in very nice way. here is -- liz: what your guy thinks. charlie, thank you very much. both stocks moving higher on we didn't talk about the merger news. 27 minutes before the closing bell rings.
3:34 pm
we have more than cut in half the losses today for the dow. had been down 183. now down 64. a "alexa," how many jobs does it take to appease president-elect trump? why amazon is going on a massive hiring spree, question mark? straight ahead. the senate taking the first steps to dismantle obamacare in the wee hours of the morning but with no replacement plan in sight, many republicans, forget the dems, republicans are skiddish about this vote, including one lawmaker who says before we load the gun, he would like to know where it is pointed. republican congressman from pennsylvania, charlie dent, joining us next in a fox business exclusive on his reservation about replacing obamacare. keep it right here on "countdown."
3:35 pm
3:36 pm
3:37 pm
♪ >> i'm lori rothman on the floor of the new york stock exchange with this fox business brief. all right, stocks are lower off the worst levels of the session. this trump rally pauses. s&p off about six points. stocks in the news, amazon says it will create more jobs, 100,000 new, full-time, full benefit jobs over the next year-and-a-half. that will bring its workforce to 280,000 by middle of next year. the stock is up better by 1 1/2%. united continental is expecting to cut jobs, specifically the management level as part of a larger restructuring effort to
3:38 pm
increase profits. flight attendants, pilots, gate agents, customer service will not be affected. shares of delta air lines are lower after the company reported a slide in profits but reported fourth quarter revenue ahead of expectations. up next liz talks to congressman charlie dent about repealing obamacare.
3:39 pm
3:40 pm
liz: what is yet another blow to the embattled at ceo, mylan ceo, heather bresch, a top health insurer is dropping coverage of the controversial epipen. the thing works great but it is controversial because of the price increases that she and her company have instituted, knowing that they have a lock on it. cigna is announcing that it will now only cover the generic version of the life-saving allergy drug, which is half the
3:41 pm
price of epipen. same thing, half the price. drugstore chain cvs piling on. it will sell a generic version of allergy injection made by impact labs. this is controversial for mylan, but shares have come down certainly since the controversy and coming down even more, losing 1 1/2%. it didn't help certainly mylan or any drug companies when donald trump said, they're coming away with murder. they're charging too much. certainly charging the government too much. which brings us to obamacare. the responsibility of repealing and then it replacing obama care is now in the hands of house republicans. in the wee hours of the morning the senate adopted a budget package that helpscans short-circuit democratic objections if there are of repeal of obamacare. house speaker paul ryan spoke
3:42 pm
very emphatically what he called the rescue mission. >> we need to move quickly because the law is collapsing but we want to get it right. liz: collapse, there is that word. immediately president-elect donald trump tweeted his excitement. congrats to the senate for taking that first step to repeal obamacare. now it is on to the house. to a house member now, who is a republican who is not so sure anybody is ready at the moment to replace it. repeal, maybe, but not yet replace. congressman from pennsylvania, charlie dent. thanks so much for joining us, congressman. >> thank you, liz, for having me on the program. >> there is hyperbolic verbiage coming out here to u.s. some s.a.t. words. donald trump, you heard speaker ryan dramatically saying this is rescue mission. mitch mcconnell says we need to rapidly get this done. the words collapse is out there, death spiral used by freedom caucus members.
3:43 pm
when you talk about it so dramatically is it helpful to this process? >> first, let me say, liz, the law has enormous problems. i voted against obamacare back in 2010 when it was enacted. much of this law, many aspects will be repealed. some will have to be replacedded. some overhauled and reformed and other parts are likely maintained. before we take the plane into the air i would like to have an idea where we are going to land it. there might be a consensus how to repeal through reconciliation but there is not consensus yet how to replace this. liz: i'm hearing there is no ultimate formulated solution right now to actually replace it, one that would be better than what we have now, congressman. specifically how do you get relief from the huge deductibles that we've suddenly seen pop up with obamacare, not so suddenly, has been pretty gradual and people woke up and realized they can't deal with this so what is the solution to that, which seems like the most emergency part of it?
3:44 pm
>> there is no question, people are complaining about these high deductibles. they're suffering. they do want relief as the speaker said, however, we have to figure out if we're going to repeal this law and do this with a 51-vote threshold for the senate, for major tax aspects of the law, when we replace it more through regular order process, we need 60 votes. once the law is repealed or substantially repealed, replacing it will become difficult politically. those on the left will not help us replace it and some on the hard right will call whatever replacement package we present as obamacare light. that could be many millions of americans subsidized for their coverages. we want to make sure those people are not disrupted and they will not be harmed. liz: there is a thorny issue if you just torch it completely and not quick enough with a quality replacement, insurance companies will drop patients with preexisting conditions. then what?
3:45 pm
then do you go back to sort of these high-risk pools that are state-run? we know that those people ended up paying unbelievably higher premiums, more than 300% higher in some cases? >> first, let me say your point about the insurance markets is fair. if this law is repealed without a credible replacement ready to go, we already know before the insurance markets seem to be collapsing and if there is greater uncertainty they could collapse quicker or the collapse could accelerate. i liked the idea of high risk pools at state level. they make sense. obviously we have to subsidize people in the pools. liz: which what obamacare does in some ways, subsidize. >> they did and they do but they also had high-risk pools initially at state level and they were replaced, through the individual mandate and so, but bottom line is, you know we have a policy question here. we have to make sure the insurance markets don't collapse
3:46 pm
and people currently covered don't ever experience a gap in coverage that is the policy question. then there is the political question, how do you get this thing through both the house and the senate on the replacement side? we need the replacement piece ready i believe at the time of repeal or close to the time of repeal. liz: i think there are people on both sides that would agree with that. congressman charlie dent, republican from pennsylvania. we thank you very much. four minutes before the closing bell rings. the dow is down 61 points. 14 minutes away. we're coming right back. don't go away. ♪
3:47 pm
3:48 pm
approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs.
3:49 pm
the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an
3:50 pm
aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ liz: we have breaking news right now out of the white house. you can see vice president joe biden, he is shedding a few tears at the special ceremony for him. president obama just called him the best vice president of the
3:51 pm
united states there ever was. scranton, pennsylvania's own son, joe biden, actually served the state of delaware for 36 years in the senate. he became the 4th vice president of the united states. and of course as we wind down this administration, everybody, who matters to joe biden right now is in that audience, including his wife, dr. jill biden. president obama's wife michelle is there. ironically his daughters. sasha and ma lee -- malia. she couldn't make it to president obama's final speech in chicago but she is there for joe biden. extraordinary man, joe biden shedding tears as one final good-byes for the white house. you're looking at live pictures. we'll dip back in if events warrant. here is event that warrants, market check down here, 64 points. we were worst day we've seen since october 11th. we're coming back right now.
3:52 pm
we have got our floor traders and a top stock-picker, peter maloot. stay tuned.
3:53 pm
3:54 pm
3:55 pm
been 64 days since the election and they have managed to move entire sectors with just a few firing tweets. as control aircraft prices. they were the first to be in his sights. they bore the brunt of the jabs in mexico and then just yesterday they're getting away with murder. we have the markets down today they're joining us now. scott i will start with you. we showed some of the website
3:56 pm
at the top of the show. why is the market down today. >> i think everybody have a bad taste in their mouth from when he was speaking yesterday that being said i really think that rather than the trump rally been over there is a base being built here because every opportunity that we head over the last few weeks for the market to sell off has been fraught with buyers coming into the marketplace. the overriding sentiment is not one of fear. what i'm telling people and what they're discussing willie if you're in this marketplace stay in the marketplace. but stay in the marketplace
3:57 pm
whether it's in the spx. it's too cheap not to buy it right now. up for a half% since the start of the year while the market on balance is somewhat flat. today we saw it jumping. up 2% when you had key exporters. we are cutting our output it seems like those names in the oil patch are helping to float this market and at least keep it from the lows of the session. >> we would be a lot lower. we've been oversupplied of market they are trying to rebalance that market. they are doing it by cutting production. and each time it goes down some becomes an.
3:58 pm
they are cutting production again. what i see right now we are range bound. i think 57 on the up side. it's perfect that you're here. when we ask people what are the stock picks we came up with for. i find that pretty interesting. >> i think it's a little bit more organized now. oil is a largely manipulated market. as lungs we have some organization that will constrain supply that impacts things. we see a little bit more global growth and we also see what may be the most friendly administration in history of the united states. >> you look at what is going on with the overall market.
3:59 pm
it seems to me that when we start to see it was the worst day and three months your point is really a spot on that suddenly it seems like the buyers were too desperate to get in. we had earnings coming up. i think earnings will be a big driver in what we see here. i think it's really going to be a big catalyst tomorrow. earnings will be the driver here. with the tweets you never know where it's gonna to come out. that will affect individual stocks. an individual sectors. over all they will be the driver of the next couple of weeks. if we see some really good at numbers in the guidance out of the banks here i think we will see that which doesn't really mean a whole heck of a lot but we will see it sooner rather
4:00 pm
than later. in and up against the closing bell the streak is over the markets are closing lower but while off the bottom. here is a closing bell on this thursday. >> the trump rally hitting a speedbump. the dow ends while off the lows. it had been down hundred and 83 points. but they're also settling in the red. this is the first down day for the nasdaq in the entire year. we have you covered on all of the big market movers. a mad dog and neurosurgeon a blackout it's another busy day on capitol hill. the senate holding three major hearings today to confirm the nominees for defense, the cia and hud. the process yo


info Stream Only

Uploaded by TV Archive on