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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  January 19, 2017 3:00pm-4:01pm EST

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on his last full day in office. of 330 individuals. they had been serving long prison sentences. i hope i see all of you right here tomorrow night at 8:00 p.m. eastern i will be covering all of the festivities live from the inaugural ball. we have a fantastic lineup cleaned for you. i will see you tomorrow night at 8:00 for a very big night. >> as busy as you would expect. we have this breaking news. he is crunching numbers. even as he is about to attend big inauguration events. the man who would become the 45h president kicks off the first official step you are looking at a live picture of arlington national cemetery where the
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president-elect donald trump well lay a wreath at the tomb of the unknown soldiers. very much commission. this is a future cabinet picks. most trump. answering more questions before the senate finance committee. discussing everything from too big to fail to the debt ceiling. on his own. one million-dollar accounting error. also with minnesota senator. renewable fuels and nuclear power before the senate energy committee. there was a funny moment we will show it to you coming up. he sits on the senate banking committee. he knows all about both of these issues.
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live exclusively from washington dc. the markets are recovering slightly from sessions lows. were down 93 points. let's start the countdown. liz: here we have it. inauguration taking over. they know how much to cheer about. we had stock losses that asked appear to be accelerating. low is down. slightly off of that right now. as a gear they gear up for the hurricane of market uncertainty once donald trump is sworn in as a leader of the free world. they are all down more than 1%. they had been a wall street
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darling since the election. more than a dozen goldman people are probably owing to join this administration. less than an hour to go until the closing bell we are looking at those names. flip it over more than chugging along at this hour. after outgoing rails in activist investor said they are targeting the rail giant for a major turnaround effort. there credited with making canadian pacific after taking control in 2009. this is what you like to see. up 22 percent. for cfx. tour nation's capital. there live with a flurry of activity. it is appropriate that we see no activity. we are about to see a ceremony of the wreath laying donald trump did arrive in washington dc a couple of hours ago he is
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a man who during the campaign promise to take better care of our veterans. he is expected to lay that at the tomb of the unknown soldier. they have not openhe doors yet. let's take after the trump international hotel. a little bit of downtime before heading over to the lincoln memorial for the welcome celebration. as they fled the nation's capital for the inauguration ceremony. 13,000 military and note for you or than 3,000 police officers will be there to protect while were sitting in for the big show donald trump and his first move is coming into focus it could be controversial. a huge cut in spending.
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>> any time you talk about big cuts in government spending and there have been reports to talk about that. they have a article about it earlier today. the fact that there may be big cuts in funding as an example. i can tell you from the conversations. most of that will be logistical. making sure the first family has secret service protection but when things really get rolling for good next week. earlier today they talked about what some of those priorities may look like. >> i think he's continuing to get briefed on some of the orders that he wants to do. we have talked about that for a few months now obama care the fight against isis.
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he talked about key issues that have been important him that will continue to be important in this administration and what they do first. they do not hear them talk about that. more of the traditional obama care and other items that we've heard i take you back to arlington national cemetery. for the replaying ceremony had and they move back here to the district. i will be late this afternoon early this evening. >> you're right there. you are right there. thank you so much. one thing we know from the campaign was at the polls got it wrong we are still at it
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because you have to take these polls we believe in our boxed news fox news a pool. on making money with charles payne. going to prevail the greatest. in his performance during the transition. there have been other polls that show that some people are starting to wonder whether the way he's handled the transition is questionable but a lot of people are really enjoying the fact that it's in the open. we had been showing you this. we will get this coming up. right here on foxbusiness. president-elect donald trump the senate finance committee was doing anything but partying. they fired a round of questioning hollywood producer steven mnuchin with the
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comments on fannie mae and freddie mac many believe are the lifeblood of the housing market. about to restructure my putting putting them into the hands of private investors changing his tune seen that he no longer supports the position of recap and release. i believe these are very important entities to provide the necessary what i have committed to is that i will work with both the democrats and the republicans what i said we need housing reform. we should just leave it as is for the next four or eight years under government control without effects. they are still following nearly 5%.
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last april 15. let me bring in charlie. before i get your take on that we do have a breaking piece of news here that senator elizabeth warren and ben carton had put out a letter to mister mnuchin it's about anthony scare which he of course they're saying at he has made a mistake by meeting with the ceo of a russian entity who was sanctioned back in 2015 and you're not supposed to do business with the russians. it becomes confirmed as president secretary. her and wanted to keep the sanctions. right after donald trump takes the oath. and here is where it gets interesting.
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if you are part of the administration can you legally meet with someone that's on that list and discuss potential business opportunities in the u.s. i don't know. when i did a little bit of reporting here in and reportedly there is wiggle room in this law about entities on that list it's not black and white. that is a very difficult situation for donald trump that anthony and did something at a time at very heightened sensitivity to anything to do with russia because they snatched that piece. on and on. this is a difficult step. i'm not saying he's going to
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lose his job over this i don't the key well but i think it is not a theoretical impossibility. >> it's just a day or two ago. then they went on tv and spoke about it. in this environment we probably shouldn't be doing that. i'm not saying he's going to lose his job. i think other people have done stuff like this. he's been asked one of the good friends of the administration has been asked to look into another one of those. this is a fascinating story. after the election right after
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he believes in the privatization affinity and freddie. getting them out of the government control. you are putting into the pre- financial crisis. the private company and all but an agency of the government it backs up his losses. today he backed away from that. and that's why you see the stock falling. this is a heavily traded stock out there. they are trying to push the stock up. very careful about this. i don't think they know what they want to do. we don't want to put the taxpayer and the hook anymore that means the government back stock may not be there.
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we had been flagging in this issue this issue for investors for days. >> did you also find it fascinating that he is completely imperative that he will lift it. they are all going to lift the debt ceiling. we were never good on the fall. i don't want to get into theoretical thoughts. the bottom line is there is if you priorities. we well had to default. the treasury secretary. and now he is saying the exact
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same thing. it's an interesting thing. it's a wall street guy. they want zero uncertainty they default on the day it was always a red hair. you could prioritize very easy. that is their business. i guess he agrees. we will see when the rubber meets the road. it's one party now running the show. with the taxes and when it comes in. c1 charlie, thank you very much. we are waiting on donald trump to arrive. we do see some activity right back there behind the soldier who is guarding the two who
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has remains have never been identified. we should look at exxon mobil. it's the energy secretary. the biggest drag. down a buck 59. lincoln memorial arlington national cemetery and on your money. we're coming right back.
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>> we need to get you the update on the condition of george hw bush. the former president is in stable condition in the icu. the intensive care unit of houston methodist hospital. his wife who was also hospitalized and diagnosed with a case of bronchitis she has been given antibiotics and feels 1000% better. they are planning to forgo the inauguration ceremonies due to the illness. they said that he
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understands. i don't know how this is happening but it's happening as it says last day to my house it just announced that the president is granting 330 additional commutations after already grand jury --dash make granting or than any other president in history. the entire family was out of the white house. kevin corke is standing by at the white house on what i in the details on the move but first let's get to the commutations and who are receiving them. >> it is truly fascinating first things first. i'm just gonna read you a few numbers if you will indulge me.
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they were issued by president obama and that includes those that have been sentenced to life in prison. there are another 312 pardons as well. i do want to pass along to the people at home what about some of the big names that we've all heard about. the truth is we haven't heard everything that we may hear. the commutations are generally drug offenders and the great many of those unfortunately for them for their communities have been serving life sentences many of them for what has been determined to be low-level drug crime. i do know that that has been behind the idea that they're trying to commit commute some of the sentences. bo bergdahl we don't know.
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if in fact he will ultimately end up with a pardon. we do know that the president did offer clemency for chelsea manning yesterday. is there a last clear chance where the pardons come through. here's generally how it works. they will issue those fairly early. about 10:00 this morning. the pardons are different because they could be explosive that can impact your legacy as controversial as they are. make no mistake about it a late part of would impact his legacy. we expect that that could still happen. a pardon or two. i will be watching very carefully. i will pass it along to you right away if it does happen. >> there can be moving in and the trumps are moving in the obama's are moving out.
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it's fascinating to watch. with pictures of them cleaning things up here. really that is where -- what they're gonna do. 's not jusmoving at the obama's out. so they can be able to move right in. and they will be ready for business. as soon as they get here afternoon. thank you. en route now to arlington national cemetery. the presidential guesthouse. we are monitoring the situation we will bring it to
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life when his entourage and cars arrived. there is a live picture as we await the wreathlaying cemetery. this is the fifth straight losing session for the tao the biggest losing streak in two months. we will come right back with much more please stay with us.
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liz: breaking news. the hearing for treasury rec sir nominee steve mnuchin has broken up. i'm sure steve mnuchin is done with the grilling. that is overused word talking about these confirmation hearings. he came under fire from the senate finance committee over a
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whole bunch things. when he ran company one west, they purchased indymac bank and turned it into one west. they allegation that it was a for closure machine that shunned workouts for poor people and elderly trying to keep people in their home. however no laws have been prone in anything he did with indy mack. maybe it fails the smell test. that he failed to disclose 100 million doll blaster -- $100 million of assets that he failed to disclose. he said it was omitted. timothy geithner was eviscerated for not gist closing he didn't pay taxes on a housekeeper. senator mike rounds rushing out of that room to get before other cameras. we'll ask him how this went and come back.
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stay tuned.
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♪ >> i'm lori rothman on the floor of the new york stock exchange with this fox business brief. let's have a look at benchmark averages falling a bit. the dow up 75, but off the offer levels. s&p 500 down about eight points. nasdaq is down about 13. american express set to report
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earnings after the closing bell. the firm expected to report earnings per share of 98 cents on sales of 7.91 billion. that represents an earnings drop of 20% from this time a year ago. big blue reporting results after the market close. ibm set to report earnings of 21 billion on eps of 48 billion. fed chair janet yellen speaking to night at stanford university speaking about monetary policy. she will discuss the yellen. liz speaks to senator mike rounds next on "countdown."
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liz: breaking news. the future first family just taken its position at arlington national cemetery. the final resting place for some 400,000 fallen heroes.
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donald trump, the president-elect, along with mike pence, the vice president, will be watching as they place this wreath. they will participate in that. then there will be playing of taps. i'm joined by tom bayer who produced many inauguration, one of the biggest for bill clinton. talk about this event as we lead up to it. >> the tomb of the unknowns is traditionally the first stop of the president-elect. all of them go there and they put the wreath at tomb. at that point he goes to blair house where there are inaugural events. liz: first lady to be, medical lynn yaw trump, escorted by military members. the unknown soldier is a soldier who died without remains being identified. if you have ever been to arlington national cemetery to see this event, i've been on
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memorial day, it is humbling. it is chill-inducing and one of the most important things americans can go see to honor those who of course have given their lives. donald trump of course has had a very busy morning. he got of the plane just a couple hours ago. he attend ad luncheon. then been relaxing at the trump hotel before this he event, which is traditional, is it not? >> yes. the other thing i would say is, that the importance of this event is that it has nothing to do with mr. trump individually. it has to do with the institution of the presidency, whether you're a supporter or not a supporter, and i wasn't one, the importance of this is that the peaceful transfer of power, as what will be happening tomorrow. so, this event reflects very deeply the patriotism that all americans feel, pro or con, by honoring the fallen dead, and
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therefore, all of us can be proud of the fact that we're in a country where this can happen, free from struggle. liz:h an importa msage. it iappropriate that, yes, tomorrow we'll be in full party mode and full inauguration event mode, but to begin with a very somber event of the laying of this wreath at the tomb of the unknown soldier speaks volume, doesn't it, about the pros? >> yes. liz: democrat, republican or independent, tom, so important. >> yes. liz: here comes donald trump. >> that's the reason we're all here because it's an institution, not a person at this point. and we must respect what he is doing, whether we're on one side or the other. the military is our important ally, and he is now honoring it. liz: he will be the commander-in-chief of our entire military and responsible for their lives of course. there is the wreath.
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he stand with mike pence, and he is also accompanied by commander-in-chief major general bradley. bradley, that is bradley becker. [background noises] liz: and now we will hear taps. and a moment of silence. [background noises]
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[playing of "taps"] [playing of "taps"]
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[background noise] liz: the wreath-laying ceremony is relatively quick but moving one. they couldn't even identify the remains of world war i soldiers but they received the medal of honor and the victoria cross, every other highest service award. >> correct. the view from there is one of
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the most striking in washington without question. liz: high atop that hill. >> absolutely. it's non-partisan, bipartisan because it is about america and true about the events that are happening tomorrow. liz: this is the first family has to be a surreal family for what is happening. lives are changing. >> yes. liz: lives are changing to become the president and first family, it has got to be incredible. now the inauguration planning kicks in. you have planned many inaugurations. it has to be insane behind the scenes? >> it is insane behind the scenes. basically the super bowl of politics and there is so much riding on it, in terms of media coverage and everybody else getting excited. and the small things that happen are extremely interesting. over the years, as you know, these innagurals take the same form, but this one is going to
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be unique and different. as i say, whether or not i support mr. trump is not the issue. it's the peaceful transfer of power. liz: that is to be revered and respected. >> that's why i'm here. that's why i'm here. let me say his inaugural will be somewhat different than others as you might imagine. for one thing it will have two clergy at the top. two choral elections and swearing-in and three clergy at the end followed by the national anthem. that may be a reflection of his idea that he doesn't want celebrities. he wants to have a people's inaugural, but of course it could be argued that stephen fosster song could be song by a high schoolkid, not a celebrity. also probably a reflection of his idea, let's get on with it, and not bother. so there is a lot of minutia involved in this and it is quite exciting. >> i can imagine.
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we're all excited to be watching the peaceful transfer of power. tom bayer, thank you very much. >> thank you. liz: as we watch every step of the way the president-elect is probably headed this afternoon to what is a concert at the lincoln memorial. we have our cameras there as well. we will be back with much more. there is a live picture of the lincoln memorial. we have a market floundering just a bit today, five sessions in a row to the downside for the dow jones industrials. we're lower by 80 points. don't go away. much more ahead. yeah, with liberty mutual all i needed to do to get an estimate was snap a photo of the damage and voila! voila! (sigh) i wish my insurance company had that... wait! hold it... hold it boys... there's supposed to be three of you... where's your brother? where's your brother? hey, where's charlie? charlie?! you can leave worry behind when liberty stands with you. liberty stands with you™ liberty mutual insurance
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foreclosure review and unfortunately there were some issues, very, very low rates relative to everybody else but there were some issues and we paid we paid money to those people to make them whole. i ernestly feel terrible for any mistakes at bank. liz: steve mnuchin under fire for the senate finance committee for a involvement to his foreclosure machine, i put that in quotes. that is it what some people called indymac that steve mnuchin and bunch of investors including george soros scooped up and turned into one west bank. this previous involvement in the housing crisis what does it do for paving the way or putting stumbling blocks in on his way to being treasury secretary. republican member of from south dakota, member of the senate banking committee, mike rounds. you've been hearing and listening to what is going on, how do you think he did? >> he did a good job, explained
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what he was going on. he was involved, couldn't have been involved without the sale of those properties. mistakes that had been made had to be cleaned up someplace. he is one of guys that came in and put together the businesses that did it. he answered the questions straightforward and i didn't think it hurt his prospects become being next treasury secretary. liz: he is smart guy. worked in mortgages. he has midas touch when it comes to hollywood. movies you see his name in to the credits, "sully" or "suicide squad." i saw a movie and it was great movie is said steve mnuchin executive producer. do you think this would be a little different and republican was feel a little more bellicose towards somebody like this? >> part of the process we go through here, we look at and which asked a lot of questions. members of the other party, the loyal opposition will always be a little tougher than what the party who is promoting their
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president's nominee. so we'll both talk and we'll both ask good questions. democrats in this particular case will be asking probably more direct and pointed questions. they will look a little bit more into the history. republicans talk about his philosophy what can he do. can he fix the irs? can he fix the issue we've got coming up in front of us, 19.6 trillion in debt, close to 20 trillion when it comes to start refinancing it once again. you will find differing points of view we're trying to get across. most certainly all of it is important. when we bring out issues of his past, you will find democrats do it to a republican nominee and republicans will do it to a democrat nominee as most people would expect. liz: indeed, indeed. let's get to the debt ceiling. march, we hit it. now for people that don't really understand what debt ceiling is, it is the nation's credit card. ability to borrow, if we hit the top of it, you need to officially approve to raise it
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this is always touchy. he flat-out said we must raise the debt ceiling as soon as possible this. is extraordinarily important. i would rather do it sooner than later. >> i don't disagree. but at same time there are additional measures they can do, if they can't come to negotiated settle, they extend it sometime into the summer probably but why put it off. reality unless we're going to balance the budget right now and have the ability not pay ongoing expenses but interest on the debt as well, we don't really have a choice. we'll have to do something about the existing debt and continue it on. most of us tell you that we understand if we spent the money and owe the debt we have to pay the interest on the debt. liz: to that point, donald trump has been crunching some numbers, even as he prepares for the inauguration, he is multitasking definitely saying wants to cut 10 trillion over 10 years in spending that sounds great to anybody who is fiscally reonsible.
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however, he s also said he wouldn't touch social security or medicare. where then do you get such a large number from, sir? >> i'm looking forward to finding that out as well because right now you got just about for round numbers, $4 trillion a year we spend. of that amount, 78% of its on autopilot, 72% is on autopilot. 28% all we vote on for the last 42 years, congress votes 12 separate appropriations bills. when you're talking about 1.1, $1.2 trillion a year. when you start cutting money out and not touching social security, medicare, medicaid, unless there are other approaches there isn't really too many other places to go other than interest on the debt f we get rid of the debt, we don't have that as expenditure. that comes from growth. liz: listen, great to have you, senator mike rounds. >> thank you. >> enjoy the festivities. closing bell, seven minutes away. making america great again
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concert kicking off at the top of the hour, yes, in six 1/2 minutes as washington, d.c. welcomes its 45th president of the united states. fox business covering the inauguration of donald trump wall-to-wall. keep it right here for the swearing-in, oath of office, the parade and the inaugural ball. special coverage begins 6:00 a.m. eastern live from the nation's capitol. that is followed by season three premier of "strange inheritance." jamie colby has a unique heirlooms passed on by the dearly departed. we're coming right back. rodney and his new business. he teaches lessons to stanley... and that's kind of it right now. but rodney knew just what to do...he got quickbooks. it organizes all his accounts, so he knows where he stands in an instant.
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liz: want to dip in to the lincoln memorial, even if donald trump and his family are a little late leaving arlington national cemetery, they will start the concert. a crowds are there. meanti, inauguration, fed chief janet yellen earning, so much happening this week.
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bill lee, head of north american economics at citigroup joining us with his view how it will all play out. we can keep an eye on all the inaugural events and things like that but what are you watching that will maybe move these markets to the upside? >> liz, i think the markets are really priced for perfection. the equity markets are expecting a lot from deregulation and tax reform, as we all are. hearings are trying to stall things out. they're putting in place stalling tactics and maybe delay the trump agenda. i think market are reacting to a little more cautious timeline and we're seeing a lot of repricing. liz: when you say delay the trump agenda, aside from confirming nominees, republicans control the house and control congress here. isn't it really up to them. are you guys at city expecting pushback from super conservatives who want to see some fiscal responsibility? >> i think the real question will be where are they going to broaden the base and close what loopholes.
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this talk of border tax adjustment, reducing interest deductions, ability of interest expenses a lot of stuff will hit people the wrong way but i think a lot of conservatives say we need that to keep tax reform on revenue neutral basis to get it through reconciliation. so the big debate will be, where's the fight, is the fighting over the details of these various agenda items. liz: he has proven he can move markets. sometimes it's a little jarring. he talked down the dollar saying it was just too strong. does that worry you guys at citi? >> we think with the high rates the strong dollar is still there but don't forget, liz, he has powerful instrument no president used effectively, twitter. he can name and shame the guys stalling things to a large extent. if he shames too many people a lot of people will be pissed off at him, he will not be as effective with republican congress as he was before. you know just because you're republican doesn't mean you vote for leadership. liz: they may very well stymie
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some of what he wants to do. for now we're moments away from the big concert. [closing bell rings] as closing bell rings we want to thank bill lee of citigroup. david and melissa for "after the bell." excited to see this concert, guys. melissa: absolutely. the dow well off session lows. the nasdaq lower and subpoena 500 as well. i'm melissa francis. david: i'm david asman. so glad you could join us. this is "after the bell." we're watching a lot of big events at this hour. let's go through the list. president-elect donald trump, of course he will be president trump in just 20 hours. he is in d.c. attending a full slate of events including lunch with his potential cabinet this afternoon. some funny things happened there. the first event of the inauguration just took place. a very somber replaying in arlington national cemetery at the tomb of the unknown soldier with vice president-elect mike

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