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tv   After the Bell  FOX Business  January 19, 2017 4:00pm-5:01pm EST

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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 pence. a welcoming concert, very
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different kind of event at lincoln memorial. sam and dave, well, sam moore will be there. president-elect addressed supporters who gathered ahead of tomorrow's historic nomination. we'll take you there the moment the president arrives. melissa: dow is sinking for the fifth day in a row. lori rothman at the floor of the new york stock exchange. who are the big names driving it lower? >> let's give you the list, exxonmobil, merck, pfizer, american express. american express reporting earnings after the bell. exxonmobil down 2%. former texas governor rick perry testifying before congress. trump's choice to be energy secretary. thatay be a conntion. stocks made a hard left turn in the session. heard about a big sell position. that was the buzz on the floor this afternoon. locking in profits here on the
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eve of president-elect trump's inauguration tomorrow. of course, so i gave you the dow names. those are the big losers. a broad based selloff at the close. you're looking at shares on the screen, a little drama with the money transfer unit today. the company agreeing to pay 586 million to resolve criminal and civil charges with the u.s. government saying, okay we'll pay big bucks and we will crack down on people who use our service for money laundering. obviously a big no-no. back to you. melissa: i'd say. david: let's take a quick look at gold, getting slammed today, settling down $10 and 60 cents an ounce. this is largest one day, the drop due in large part to the strengthening of the dollar. climbing after yesterday's hawkish comments about rate hikes from fed chair janet yellen. melissa: all right, breaking news right now. the make america great celebration about to kick off in our nation's capitol. president-elect donald trump expected to make comments at the event shortly.
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fox business's connell mcshane is in washington, d.c., with the details. connell? reporter: that concert will feature likes of lee greenwood and toby keith will be there. to your point, president-elect of the united states will be the main attraction. remarks from donald trump will be final comments we hear before his inaugural address which will be delivered from the western front of the capitol which you make out behind me here. it is quiet with people arriving from all over the country. it will be anything but tomorrow. now the president-elect makes his way back into the district from arlington national cemetery. showed a few moments ago the video of mr. trump alongside the man who as of tomorrow will be his vice president, mike pence, participating in the wreath-laying ceremony. they did do that. the family, the trump family was nearby as the two of them laid the wreath at the tomb of the unknowns. as he comes back in here for this concert this evening, keep in mind the business of building a new administration is also
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still underway amid all this pomp and circumstance. and to that point the vice president-elect, mike pence, earlier today addressed that at the transition office. here he is. >> i'm especially pleased, and i know the president-elect is especially pleased we're wrapping up this transition on schedule and under budget. we will actually return some 20% of taxpayer funding back to the u.s. treasury, and that is just exactly in keeping with the president-elect's expectations going forward. reporter: they raised a lot of money, $100 million from outside sources. borrowing a line, vice president-elect, from mr. trump himself we heard some times in reference to many different things, many times business projects on time and under budget. to bring it back to the national mall on washington, steps of the capitol behind me, this will be the place to be obviously tomorrow. there is a lot of excitement, david and melissa that's
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building. if any question mark it might be the weather. i'm not wearing a jacket today. almost like spring weather, about 50 degrees or so. temperature wise we'll be fine. late morning, early afternoon they're expecting some rain. that's about it. other than that that people excited for the day. melissa: all right, connell, thank you for that. david: looks like the lincoln memorial down there, gorgeous, gorgeous day. the trump rally ranking among the top fi postelection rallies in history but is it just the beginning of a huge run-up in stocks? joining me trump economic advisor, fox news contributor steve moore. scott martin of kingsview asset management, fox news contributor and jack hough, "barron's" magazine, a great group. steve, first to you. we put together a list of postelection rallies, big postelection rallies. the biggest by herbert hoover. that was on the eve of the great depression. right next to him number two is john f. kennedy, huge postelection rally of 8.8%, then
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it went straight up from there. i'm taking a wild guess, you think trump will be more like jfk than hoover? >> i sure hope so. i don't think anyone wants to have their name in the same name as herbert hoover, when we saw great depression. david: jfk ain't bad. >> that's true. you know, we've seen, we saw the market explode in six weeks or so after the election. now it's been dwindling down a little bit. we flirted with the 20,000 mark but here's point. long term i think if you invest right now and the stock market and donald trump does the things he says he is going to do, there is always a risk premium whether he can get this done, david, i'm here to say if he does get it done and business taxes down and regulations down and energy policies put in place i think you see a big boom. by the way the reagan boom, that lasted 18 years.
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david: great point, steve. jack, goldman sachs had an interesting piece or interesting comment today. they said if you look for stocks from companies that have been paying a lot in taxes and corporate tax, don't qualify for any of the loopholes, those are the stocks to get because those are the ones who are going to see their stock or tax costs go way down. do you agree? >> i do agree with one caveat. i do agree if anything the infrastructure stock market play is a little overdone right now. the tax-cut play is little bit underdone. some names deserve bigger price hikes. when you look at companies that pay the most taxes in the u.s., it is dominated by domestic companies. there are a lot retailers and retail is in trouble. don't go lding up on retail shares because they pay a lot in taxes. three names i give you quickly, discover financial i like anyhow with or without a tax cut. cvs, more of health care than retail, prices come down.
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it would sure look cheaper with a big tax cut. david: thank you very much. scott, at cme, you were at the cme in chicago, i can't think of any trading floor that is more pro-trump than the folks in the cme. am i wrong on that? >> david, you are 115% right. in fact which is about the value of the stock of the cme these days because it's risen dramatically since the election for two reasons. one, yes, cme is pro-trump but number two because of interest rates. interest rates go up on long end of the curve. that is good for exchange stocks. melissa: president-elect trump aiming to cut funding dramatically and shrink bureaucracy with the goal of cutting $10.5 trillion in federal spending over the next 10 years. steve moore, i think he sent a message with the inauguration. they were very proud to say they came in 20% under budget and returning money to the treasury. that sets the tone, doesn't it? >> sure does.
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by the way, people shouldn't be surprised by this story because i think donald trump was pretty clear about this, that he was going to increase spending on military and infrastructure. we were going to have a tax cut but he was going to balance the budget cutting just about everything else. looking maybe pretty severe cuts in those domestic programs. that is why it is interesting, when you talk to the commerce department secretary or the energy or the education secretary. they're going to have to cut their budgets very significantly to make room for these other tax cuts and increase in the military and infrastructure spending because republicans do, are still a fiscally-conservative party. they still want a budget five to eight years balances. melissa: jack, i'm not surprised by this, because i think like most big business guys, when running something he is basically cheap as hell. he wants to do it and wants it to make sense but if you listen to people focused on spending like charlie gasparino, oh, you know, trump is talking about
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spending on infrastructure, spending on some different things. he was part of the group that was worried he would be a wild spender. what do you think? >> well, we'll see how this shakes out. i'll tell you one thing that really burns me, i know union labor has been so weakened in the private sector because they have had to come to grips with economic reality. they haven't done that in the public sector. all these protected positions. it kills me we allow these unions to negotiate against the boss right, but the boss in this case is me, the money coming out of my pocket. why do my lawmakers allow existence of these unions to negotiate against my interests i don't know. if trump can do something to weaken the position of government unions, i'll be happy >> scott martin, amen, i'm weeping tears what jack said. >> i'm not a total communist. sometimes. >> melissa if anybody can do it to jack's point probably donald trump who has experience with tens of thousands of
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workers over the course of his career. looking forward how he approaches spending cuts, how he called boeing to the carpet on cost of air force one. how he talked about lockheed martin being too expensive on some of the things. all things involved in spending cuts a lot of other presidents didn't want to touch he will find. that will save us millions that will add up to billions. melissa: steve moore, about being a better steward of your and mine tax dollars, right? >> i don't know if you saw the story today, survey, one out of three federal employees is talking about quitting their jobs protest of trump. melissa: whoo-hoo. david: oh, yeah. >> that would cut budget a lot there. look, i think trump one of the reasons he was so attractive voters, this is such an obvious point, but worth repeating, he is a businessman. he knows how to cut expenses. knows how to make the expenditures match receipts. something that hasn't happened in washington a long time. i think he is committed to doing it. melissa: dave, breaking news. david: a little business news here. american express reporting fourth quarter results.
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the stock is down about 1% after-hours. after a beat on revenue and missed on earnings per share, citing economic data that suggestion as stronger consumer. that is beautiful shot. i hope we have the shot when the sun goes down because the clouds will turn lovely pink. melissa: busy day in washington. senate democrats grilling steve mnuchin, donald trump's pick for treasury secretary pressing him on too big to fail, debt, mortgage giants freddie mac and fannie mae. we'll go live to the latest. david: the trump transition team is ready to hit the ground running on day one. what they may be looking to tackle first on the first day. >> let me tell you, we are all, we are already to go to work. in fact we can't wait to get to works for the american people to make america great again. your path to retirement may not always be clear. but at t. rowe price,
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david: we're coming out of the commercial break because the trump family is arriving at lincoln memorial. we showed you the incredible picture. we have the marine band there. that is the air force band as i look at the insignia on the arm. it is a gorgeous, warm day, unusually warm day. how everybody is usually freezing during the inauguration. not so today. it's a beautiful sunny day. we're going to see the coming first family very shortly. remember, 24 hours from now they will be the first family, less than 20 hours from now, 12:01 on friday. sam moore will be there.
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legendary singer. lee greenwood, three doors down, toby keith among the perfoers at the big event. we'll hear from the man himself. melissa: amazing to hear their day just begun. they c talking about laying the wreath. so many events today. they went by for that luncheon, saw a lot of big donors there. david: what is interesting, the cameras in there for the first five minutes of luncheon, until they started talking off-the-cuff, back to the psalm old donald trump we know and love, ad-libbing saying things people might be offended by, that is when the camera crews had to leave. then this extraordinarily somber event at the tomb of the unknown soldier, reminding everybody the most important job this man has as next president is commander-in-chief. we still do have at least two
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wars he will have to attend to right away. melissa: you can see here his extended family there walking in and taking their places. his daughter ivanka in the green coat. both his sons coming forward. his daughter tiffany as well and grandchildren. baron is in the group as well. they have been all over washington so far today. lots of events. i don't know how they're keeping all those, those children are behaving so well. i would be very nervous were they mine. david: this will be very much of a dual city presidency. melania has mentioned that she is going to spend most of her time up in new york. melissa: for now. david: with her son for now, as he completes at least this year of schooling, and of course, there we see his son-in-law, who will play a huge role in this administration, as personal advisor, as is his daughter. melissa: jared kushner up front on the left sitting next to ivanka.
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in the next row you see there, that is tiffany trump as well, as they file in and listen to the music and sit. now we're just waiting for the president-elect along with the first lady to come down and take their places. david: they are. we'll have some celebrities as well as the musicians that we mentioned, i understand jon voight is there, one of the few folks from hollywood that has been actively in favor of trump during the campaign, even before he was elected president. probably just a few of the celebrities that are going to be coming from hollywood despite the protests and boycotts and everything. this inauguration will go off as planned. it is going to be a spectacular event. donald trump never does anything by half measure, and this will be gold-plated if not solid event now through the weekend. melissa: when they came into town, the first stop was at donald trump's hotel. a little bit of controversy
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surrounding that. some reporters taking time to ask sean spicer today when he did his press availability, asking him does that make sense? he said of course, what do you expect? david: americans knew, it is not like any of this was done under cover of night. donald trump's business interests were well-known at time of his election. american people voted. they knew he had some interests people viewed as conflict and some think prepared him better to understand the business concerns of the business community. this is the first businessman in a long time to be elected president, non-lawyer, pure guy who had a proven success rate. yes he had his tough times but came right back from them. again, it is not like he was just born with a silver spoon and went on from there. this is a guy who experienced both his ups and downs as most business people did. there was a time when he came very close to personal bankruptcy.
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some of the corporations under his name went bankrupt but he never personally went bankrupt but he went through very hard times. came back from those hard times. knows regulations and regulatory burden of this country very well, as does, he knows the tax burdens and tax dodges, many of which he says he is going to fix. so a guy who knows whereof he speaks. melissa: such a beautiful family to watch come in and sit down, to see his grandchildren and his children together. for some people it has been fun to watch the obamas and obama girls grow up and also i would say as woman, to watch michelle's sense of style, the first lady, her sense of style over the years. we see another beautiful family really taking their place. you know, also, so fun to watch. david: steve moore is still with us. of course he was working advising trump on a whole range of economic issues. steve, we mentioned jared kushner, the son-in-law of the president.
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he was instrumental in the president becoming president, winning the election. we found out how much show particularly after the election, "forbes" magazine had a great p.d. tailing what he did. how much do you think jared kushner will be playing in advising president like tax policy and regulatory policy? >> i think jared may be the most powerful voice in this administration other than obviously donald trump and mike pence. i've been in many meetings with donald trump where jared will be in the room. he won't say a lot, but then what happens is, he will go over and whisper something into the ear of donald trump. that is what he is really listening to. i think jared is someone who will have extreme influence. he has donald trump's obvious implicit trust in terms of everything. i've come to really admire his judgment. i think he is a real asset. you have all the trump family memmembers. the government doesn't have to pay them. david: there you go.
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by the way, betsy devos, others, taking one dollar salary. a number of people in his cabinet are not going to cost american taxpayers either. melissa: so the opposite of what critics were trying to make of it saying that people were coming into government and noll realizing so naively because they don't ha financial background, they weren't realizing how much money pple like rex tillerson are losing by helping the american people and becoming part of the government. the same can be said for so many of these people. even the trump children, when ivanka is leaving her business behind in new york. donald trump, they talk about what money he is going to be making how his brand is better and makes the point he left some deals on the sidelines because he didn't want it to look out of school. people who know finances know that is not idle talk and how much money he will make later. he turned aside billions of dollars of in deals. david: steve, you may want to chime in. david: they know how to save money.
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men and women who come from the business world, who spent a lot of time figuring out how to squeeze their own companies as much as they possibly can. if there is anybody that candown-size this government it's this collection of folks. >> that's true. i met a lot of contractors who work for donald trump. a lot of them say look, when the job was done, donald trump would literally walk through the hotel rooms and wait a minute, the caulking isn't good here. you didn't do this. you didn't do that. i'm only paying you 85%. we just pay the bill. goes back to the whole example earlier of the boeing thing. in government when you have cost overruns, what does every administration done? they pay the contractor. this guy says we'll not pay for cost overruns. redo the job and do it right. i think challenge for this administration, no question, we all agree they have the financial acumen and business background to get it done, the question a lot of people do they have the political skills? do they know how to navigate through the congress to get things done?
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to me that is the question. we'll see over the next couple months whether he can achieve that as well. melissa: steve, don't move. i want to bring in doug mckelway, fox news's doug mckelway and he is at the lincoln memorial. doug, what is the seen like there. describe it to us. we're scabbing here. reporter: it is exciting here. the crowd is here. see the a-list seats at foot of the lincoln memorial. on other side of our camera, stretching down both sides of the reflecting pool, the size of the crowd has really, really grown, almost stretching down to the far end of the reflecting pool. arrival of president-elect donald trump and his wife melania and the trump family is imminent. they assume are crossing memorial bridge as we speak. it's a grand, grand entrance to the nation's capitol. memorial bridge which is a beautiful bridge in of itself empties out into the lincoln memorial and soon to be first
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couple will make their way to some back entrance of the building itself. then they will be escorted to the front side where we are here, hiding behind a pillar. we are told until they are formally introduced. they will take their seat in the a-list section at the top tier of the lincoln memorial behind bulletproof plate glass. they will listen to music. we're listening to pershing's own, u.s. army band. playing sousa marchs. we have a little pause. maybe that signals the arrival of the soon to be first couple. ♪ presentation of colors and national anthem. we'll be quiet for that. ♪ at the twilight's last gleaming. who's broad stripes and bright stars through the perillous fight, oer the ramparts we
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watched, were so gallantly streaming ♪ ♪ and the rocket's red glare, the bombs bursting in air, gave proof through the night that our flag was still there ♪ ♪ o, say does that star-spangled banner yet wave ♪ ♪ oer of land of free, and the home of the brave? ♪ [cheers and applause] david: that is the air force band. what a great rendition. you always wonder whether they hit the high notes and started low enough so he certainly did. we still have doug mckelway with us. i believe, yep, we're beginning
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to, we're beginning to see the air force band beginning to march out with the colors. steve more still with us. steve, today was also a day when there was a lot of hearings on capitol hill. steve mnuchiamong the most important, our next treasury secretary if he is approved. said something that must have been music to your years, it certainly was to mind. he was asked about the debt, he said the way to reduce the debt by economic growth. that will give us the opportunity to pay down the debt. boy did i love to hear that. >> by the way, you know who has been saying that for the last nine months? donald trump has been saying that. this has really been one of the themes of the we have to get jobs up. economic growth up from two to 4%. you're going to go a long way getting towards that deficit down can. that will not be enough know. as you know, david, you have to do cuts. that gets back to the point we made before. if you don't keep the growth rate up, you will climb a steep mountain to bring down deficit
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and debt of the growth is the precondition to getting debt under control. melissa: i will ask you more about that doug, tell me about the crowd. a lot has been made if there is or is not a lot of enthusiasm for donald trump in washington, from the pictures we're seeing, from the crowds we're seeing looks like a lot, really decan spends what channel you're watching how they characterize the enthusiasm. reporter: absolutely. real interesting point, melissa, and i noticed making my way over here, mostly from foot our washington bureau several blocks, you could almost make out the trump supporters just, cursory visual interpretation from those who are not. i saw a couple guys at little food stand. one guy was very short, wearing a pair of jeans with cowboy hat. he was smoking a cigar. talking to a big tall guy who had a boston patriots beanie hat on smoking cigar. big tall guy saying up in my next of the woods we have pub opinions up there.
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the smaller guy, we're all republicans where i come from. i knew they were trump supporters. then there were people shying away from the crowd from the lincoln memorial who are clearly not trump supporters. there are small group, small continued gent, wonder whether i should say this but i will, a small continued gent shoutings up to the podium saying, cnn i will leave the expletives deleted alone. we hear that repetitively, now that the band started up in full volume. david: it's a live difficult, particular which the drummer there, looks like a solo drummer. >>.j. robbie drum. david: we love robbie drums. we'll talk over robbie drums. washington is one -- reporter: david? david: go ahead. reporter: david, if i could add one more thing, musical presentation we've been to hear has been subject of some controversy and gets to
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melissa's point. we all read and all know there is this alleged boycott by a lot of a celebrities who are not performing here. i asked one of the performers here, named tim, heading up a band here called the front men and also will be performing during the first dance number at the freedom ball for the first couple tomorrow night. i asked him what is your interpretation of this boycott bit a-listers? i don't really think there is one. we know of some high-priced celebrities and big names who are not appearing here but says my interpretation, what i've been told by people very high up in the organization that donald trump wanted it this way. he doesn't want these hollywood a-listers. he wants, average everyday musicians. being a part-time musician myself, i play banjo in blue grass band sometimes, you can walk down any street in nashville, pick one city, and pick four or five guys who are better than the a-list terse. maybe that is the spirit
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donald trump is taking place. david: doug mckelway. that surprised me. i play the bluegrass banjo. we have to get sometime. melissa: we have a show. david: it is funny, in washington you have the, the people who live there, 92% of whom voted for hillary clinton. and then the tourists, who represented any particular time about 10 to 20% of the population. i would imagine that the tourists that are there right now, came here for the inauguration. melissa: you would think. david: because they liked the idea of donald trump being our next president. reporter: absolutely. absolutely. it's -- david: there is jon voight. there is actor jon voight up at podium. let's listen in for a second. reporter: you want to listen to him? david: yeah. [applause] >> this is some day. [applause] dear friends, fellow americans,
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i'm so honored to be here to welcome you all to the inauguration of the 45th president of the united states, donald j. trump. [cheers and applause] we've all been witness to a very grueling year-and-a-half for the president-elect. we have been witness to a barrage of propaganda that left us all breathless with anticipation, not knowing if god could reverse all the negative lies against mr. trump who's only desire, whose only desire was to make america great again. [cheers and applause]
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he certainly didn't need this job, and yes, yes, god answered all our prayers. [cheering] because here it is. we will be part of history, all of us. and president lincoln who sits here with us i'm sure is smiling knowing america will be saved by an honest and good man, who will work for all the people no matter their creed or color. [applause] so my friends, let us rejoice in knowing from this time on, we will see a renewed america. the spirit of america is perhaps
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best captured by one of our country's most beloved patriotic songs, written over a century ago, "america the beautiful.". and here to perform his own version of this truly american classic, is a graham -- grammy-award winning, rock and roll hall of fame member and a soul music legend and it gives me great honor to introduce the legendary sam moore. [cheers and applause] ♪
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♪ oh, beautiful for spacious skies, for amber waves of grain ♪ ♪ for purple mountains majesty ies, above the fruited plain ♪ ♪ listen, listen, america, sweet america, god shed his guys on thee ♪ ♪ and ground thy good with
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brotherhood, from sea to shining sea ♪ listen to me. listen to me. ♪ o beautiful for patriots dream, that sees beyond the years ♪ ♪ thine alabaster cities glean, undimmed by human tears ♪ ♪ america, i'm talking about america ♪ ♪ my god and your god shed his
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grace on thee ♪ ♪ o, and crown thy good with brotherhood from sea to shining sea ♪ if you want to help me, sing it. ♪ america, oh, america, ♪ my god done shed his grace thee ♪ ♪ listen to me, when i say, crown thy good, with just a little bit of brotherhood ♪ ♪ from sea to shining sea ♪ oh, america
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♪ [cheers and applause] david: great 81-year-old sam moore. still got chops. tell you that guy could sing. wonder whether he could hit the high notes, he did. 81 years old. sam moore, formerly of sam and dave fame. maker of hits "soul man." melissa: absolutely. we're waiting for number of other numbers to start off here as they kick off the inaugural celebration. this is the welcome concert. all right. >> back to the revolutionary era, forming a medley of songs from the 18th and 19th centuries the united states army old five and drum corps.
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melissa: while they play a little bit we continue our discussion. we have steve moore standing by and kristin haglin. steve, what did you think of the grilling of steve mnuchin at post of treasury? what do you think it will mean? will he face any challenges? will it set the tone going forward? they tried to press him on offshore tax vehicles and he made the point, he paid all his taxes here in the u.s. the vehicles were set up for the charities and for the pension funds that do business that way. not for him. what you did think? >> i thought, i thought he handled that very well. one of the points he made, i thought effectively, look if you want to bring the money back to the united states why not do repatriation. they pay 10% tax and we get money back and put the money in the treasury. he was so well-prepared. he is not a professional politician.
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he had not been through that grilling before. i was a little surprised, melissa, how aggressive democrats were going after mnuchin. shows me it will be a little difficult rowing to get the tax cuts through. democrats are in opposition mode, not too cooperative. we'll see how that develops. but the main point, steve, i wrote him a little note on the blackberry thing, steve, you are in as treasury secretary -- melissa: because you make those decisions steve moore, yes. david: can i ask kirsten a little bit when he was asked about the his role in creating mortgage securities or dealing with ports -- mortgage securities, i couldn't think of the hp picks criminal of that line of questioning from the democrats, our current treasury secretary who they all approved of is jack lew. when jack lew was at cibank he was packaging bad loans. his departnttself would crater as a result of the
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financial crisis of 2008-2009, partly because of the bad loans that he packaged for citi. >> you're right, david, there has been so much hypocrisy from steve mnuchin but with democratic senators generally with all the delay tactics. republican senators obviously mentioned, multiple times were very generous to president barack obama approving his cabinet selections. so the hip hypocrisy from democrats, they're signaling to their base. that is all they can do. no they have absolutely no votes to truly oppose any cabinet picks. i was over at senate heart office building talking with republican senators. there is so much enthusiasm behind these picks and confidence in what they can do. they're really, really energized. no matter what you hear from the democrats and opposition people are hopeful for this administration.
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melissa: steve moore, if i could ask you, steve mnuchin, people wonder what he would sound like what he would say, he is goldman guy and hollywood guy. >> he is. melissa: he has given money to democrats. people were wondering is this -- i mean isn't supply-sider? isn't good pick? do his thoughts really align with trump's? ch like david when he started talking about dealing with the debt threw growth, that gave you some clues. were you worried and what did you think about his views on the economy? >> by the way, i watched the movie, "sully," the other night, you know who the producer of that movie was. you are right, he is movie producer among having a lot of other talents but i did not know who steve mnuchin was six months ago. i had been working a little bit on the team with donald trump. he came in and we started working with him. you and my old buddy, larry kudlow, he could not have been, answer to your question, yes, he is a supply-sider, he gets it.
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low tax rate, broad base, help grow the economy. we never had to make that case for him. he implicitly gets it. i have the high confidence. by the way, he will be judged, melissa, on the basis whether he can get this tax cut done. this is his baby. it is treasury department has to get it through congress. i have full confidence he will be able to do it. david: kirsten, let's talk about a couple other people that will be in the trump administration. starting with betsy devos. betsy devos went through a grilling. melissa and i were hosting that particular hearing. took three hours and still democrats wanted more or trying to demand more. melissa: right. david: actually it was 3 1/2 hours. she, i think acquitted herself wonderfully in that process. there were all these attempts for this "gotcha" questions by democrats rather than really finding out what her plans were, and how she would hope to work with democrats and republicans to get real education reform in. education reform, that would
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benefit the poorest in our country, not just the rich, not just the middle class, not just the poorest. that is what school choice is all about. that's what killed me in hearing some of these democratic condemnations of it, was the fact that school choice is meant for the poorest, to give them more opportunities, not less. >> you're absolutely right, david. what was so said seeing these democratic senators putting politics before our children. i'm very familiar with betsy devos and devos family growing up in michigan and seeing their generosity and their commitment to excellent education. yes, she doesn't necessarily have a public school background, which a lot of republicans have mentioned but donald trump doesn't have a political background, right? he is innovator. trying to get people in there who have heart for issues and have experience and innovate and think arrange things in different way. yeah, of course democrats will try to stump here in that hearing. she doesn't have a political background, so maybe wasn't as
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eloquent probably looking back would have liked to be but i think that she will be one of the better performers in this cabinet. i think people are going to see that charter schools, really when the government and private citizens get behind them, they really do work. all you have to do is look success academy in new york city, which has done an excellent job of educate canning minorities, especially minority, those from lower income communities and scores are better than public schools and private schools in new york city, math scores. we have to get people on board to recognize this is the way to go for education. melissa: kirsten, stand by. we understand steve moore is not with us anymore. i want to thank him for this time. rich edson standing by with folks who travel adlong distance in order to come in and take part. people piled into rvs and driven their way to d.c. to spoke in all that -- soak in all that is trump. rich, what is it like? reporter: melissa, if you
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happened to be on i-95, maybe you caught one of these buses wrapped in make america great again. five of those coaches for total of six. this is the sixth right here of the man who organized this all, 72 trump supporters on the way from atlanta, georgia, 650 miles to come on this bus. this is the guy who organized it all. introduce you to danny hamilton. he owns star coaches, and has decided to wrap six of his buses and bring about 70 plus folks to the inauguration. danny, how did this all start? >> welcome to the trump train, man. it all started with donald trump announcing, running for president, and pretty much saying the things that i was thinking. and, i decided to get on the trump train. so i've been on the train for a while. and i'm company out of atlanta, star coaches. i own 65 coaches. we decided to wrap up a bus and
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go on journey to help donald get into office. >> do you have concern in your own business, being so political, you work in the entertainment business, your website says you have guys and entertainers from really all over the place, are you worried some of them might go to competitors if they don't agree with your political views? >> i worry about it, but i can't let that make a decision for america. you know, i hope that my people at use my company, artists that used me for over 27 years realize i want the best for america. that is all i can hope for. reporter: so far, how is business booking for next month? >> booking is good for next month. so we're rolling good at star coaches. like i say we want the best for america. that's just my, coming from my heartport port so you have a bunch of folks here all going to the inauguration tomorrow. you have uric -- your tickets set up. your journey is 650 miles overnight but you have a pretty
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long one starting this morning right? >> yes, sir. we did the 650 up. you've been up since yesterday. long day. reporter: tonight? >> tonight we'll have a cookout here at the location. tomorrow morning we get up very early and head to the inauguration. reporter: david and melissa an early day for all of us, all these folks here, as inauguration day is upon us. back to you. melissa: absolutely. rich edson thank you so much. i want to bring in "apprentice" alumni, erin he will more who is with us as well -- elmore. look at people came in from out of town. looking at the huge crowd or people gotten on to coaches that rich edson was just talking to, you have somebody who's a billionaire, trump, his name in gold on the side of buildings, appealing to working people. and that was maybe one of the things that was hard to imagine
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early on, one of the things or problems that mitt romney had can working people relate to someone so wealthy. it turned out that was the thing that really worked for trump and put him over the top. why do you think as someone who knows him, that he has such appeal to regular people when he is so far from being a regular person himself? >> first of all donald trump has completely shifted the political paradigm. we think of liberals as these coastal liberal elites as very intolerant where republicans are working-class people here to make america great again. i think donald trump's motto really appealed to the average american fed up with business as usual in washington. they felt no one was talking to them in washington. donald trump was that breath of fresh air in that broken system. melissa: yeah. david: kirsten, the myth a lot of people who foster warfare
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come out have a lot of money, most americans want to be wealthy. poor people buy scratch-off lottery tickets because they want to be rich. there is nothing wrong wanting to be rich, aspiring to be rich or achieving the goal of being rich. that's the point that the class warriors don't get. >> -- american dream, right? that is what this country was built on, protestant work ethic and being able to take care of your family. that is what i think it is. people especially in the middle of the country people who see their jobs go overseas. these people, just want to take care of their families, right? at one point they had a dream of becoming rich but at the end of the day some can't even feed their children or don't know if they will make their next rent check. that is reality for some community. that is what a lot of people in washington and liberal elite cities don't understand. they're not in touch about those people. melissa: yeah. >> they just want to get by. that is where you're seeing hope come in. not just from donald trump.
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it is from the people around him too. we were talking about tax reformerrer. of course this is the business network this will be excellent for businesses and corporations bringing their business back from overseas. remember that tax reform is essential for the average, everyday american, these men and women. that is going to affect their life on day one that tax reform is passed and the affordable health care is repealed and replaced. that will hit these people in their pocketbooks. they will see immediate change in ability to take care of their household. melissa: erin, you make a great point about donald trump flipping the script. before it was the idea that the left was empathetic. he actually exposed in truth they're out of touch. idea of barack obama and hillary clinton will not get so much better.
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that make my kids won't have a better life for me. he exposed the left's idea they're tolerant of all races and all religions that the right is intolerant and reality, especially when you saw wiki emails, no, they're not tolerant of people who have other points of view. it is their view or, you are racist, if you don't agree with them. >> absolutely. melissa: you are the ones that have these prejudices, how did he flip the script like that? >> absolutely. i had the pleasure traveling around the country, mostly the big swing state of pennsylvania with ivanka trump, she was big part of it. we got to meet average every day working americans. why they were voting for donald trump were not grounded in racism at all. hey, i can't afford health care for all the employees that work part of the year or 20 hours a week. heregulation. i have to close my business. they want it to be hard-working americans making their own living. the way democrats bogged our system down with regulation and obamacare, they can't afford to
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make a living like a hard-working american wants to. that was a huge appeal about donald trump. and he was as you also said earlier people think democrats are understanding and compassionate. i certainly haven't seen that i heard a great quote recently. the liberals are only agreeable when you agree with every single thing they're saying otherwise you're a racist, misogynist and clearly just a bad person all around. but i think -- go ahead. david: i'm sorry. you're listening, to "you can't always get what you want" from the rolling stones. that was the theme song donald trump played in all of his campaign rallies throughout his entire year-and-a-half of campaigning for president. that is the music you're hearing right now as we are awaiting president-elect trump. he will be president less than 20 hours from now. kirsten, there are some signs, and sean spicer kind of teased us today, saying tomorrow, the day he is inaugurated as president, he will be signing some executive orders.
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any idea what that will be? >> absolutely. that is pretty much historical tradition. the president obama did that when he came into office. he immediately signed multiple executive orders, turning back executive orders that president george w. bush had signed. two of them, main ones they're teasing that he will immediately revoke are deferred, deferred action on childhood arrivals and deferred actions for parents of americans. those are both related to immigration and really were, one of the things that republicans and conservatives who want immigration reform were most upset about, that president obama signed those executive orders. those related to immigration will be some of the very first he will tackle. that is a way to show, not just tax reform, not just obamacare but committed to promise of immigration reform. david: okay, here, i believe president-elect donald trump is coming out. let's take a look. [cheers and applause]
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♪ ♪
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♪ [cheers and applause] david: okay, donald trump and mrs. trump -- >> in country music history. >> here we go. >> from lone star, ritchie mcdonald, from little texas tim rushlow, and from little
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heart larry stewart. welcome the front men of country. ♪ hello america. >> been lonesome the sun is setting slow ♪ david: the mics are open, but we're going to listen in to the music. let's listen. ♪ i close my eyes for a moment, i'm still there. ♪
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♪ how can i make it right. the moon is high in texas. ou♪ blue skies in texas are haunting me tonight ♪ ritchie mcdonald with lone star, everybody. >> put on my blue suede shoes and i boarded the plane. ♪
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don't you look down over me ♪ i'm as blue as a boy can be ♪ melissa: we just saw the first family, that will be sworn in tomorrow, president-elect trump, future first lady, melania trump, sit down, take their place with the rest of the family. david: since i outed myself as a country music, blue grass fan, i just wanted to hear that. i want to thank our guests, steve moore, and erin elmore and kirstennin haglan, we'll be following all of the events until now and afternoon which donald trump becomes the
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president of the united states. melissa: quite a next 24 hours then more. that does it for us. david: "risk & reward" starts right now. ♪ we left texas on a windy night >> do swear i will faithfuly execute the office of president of the united states and will to the best of my ability, preserve, protect and defend, the constitution of the united states. liz: it has gun -- it has begun, you are looking at live pictures of kick off celebrations, mr. trump will be speaking this hour, we'll bring it to you live, welcome to "risk & reward," i am elizabeth macdonald in for deirdre bolton. make america great again welcome celebration at the lincoln


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