tv Countdown to the Closing Bell With Liz Claman FOX Business March 20, 2017 3:00pm-4:01pm EDT
out of the garden, building a semi-functional plyboard hovercraft for science fair be, driving eight hours through a wyoming snowstorm with high school debaters in the back arguing the whole way, these are just a few of my very favorite memories. i love you girls impossibly. to my extended family here and across colorado, when we gather, it's dozens of us. we hold different political and religious views, but we are united in our love. and between the family pranks and the pack of children running rampant, whoever's hosting is usually left with at least one drywall repair. of. [laughter] to my parents and grandparents, they're no longer with us, but there's no question on whose shoulders i stand. my mom was one of the first women graduates of the university of colorado law school. as the first female assistant district attorney in denver, she
helped the program to pursue deadbeat dads. and her idea of daycare sometimes meant i got to spend the day wandering the halls or tagging along behind the police officers. she taught me that headlines are fleeting, courage lasts. my dad taught me that success in life is has very little to do with success.wed me, is a great virtue. he showed me, too, that there are few places closer to god than walking in the wilderness or wading a trout stream. even if it is an awfully long drive home with the family dog after he encounters a skunk. [laughter] to my grandparents, as a boy i could ride my book to their homes. they were a huge influence. my mom's father, poor and irish, worked to help support his family as a boy after losing his own dad. but the nuns made sure he got an education, and he became a doctor.
even after he passed away, i heard stories for years from grateful patients who recalled him kneeling by their bedsides so they might pray together. his wife, my grandmother, grew up on a nebraska farm where an icebox wasn't something you plugged into the wall, but something you lowered into the ground. with seven children, she never stopped moving, and she never stopped loving. my dad's father made his way through college working on denver's trolley cars. he practiced law through the great depression, and he taught me that lawyers exist to help people with their problems, not the other way around. his wife came from a family of pioneers. she loved to fish. and she's the one who taught me how to tie a fly. i want to thank my friends, so many of whom are here, liberals and conservatives and independents from every kind of background and belief. many hundreds have written this
committee on my behalf, and i am truly touch by their support. they have been there for me always. not least, we recently lost my uncle jack, a hero of mine and a lifelong episcopal be priest. he gave the benediction when i took an oath as a judge 11 years ago. i confess, i was hoping he might offer a similar prayer be soon. as it is, i know he is smiling. independence, and integrity. their work that helps make real, the constitution of laws of the united states for all of us. i want to thank my legal heroes. byron white, my mentor, a
product of the west. he modeled for me judicial courage. he followed the law wherever it took him, without fear or favor to anyone. war hero, road scholar, and, yes, the highest paid nfl football player of his day. today, there's god, there's john elway, and there's peyton manning. my childhood, it was god and byron white. i also had the great fortune to clerk for justice kennedy. he showed me that judges can disagree without being disagreeable. that everyone who comes to court deserves respect. that a case isn't just a number or a name but a life's story and a human being with equal dignity to my own. justice scalia with a mentor too. he reminded us that words matter. that the judges' job is to
follow the words that are in the law, not replace them with those that aren't. his colleagues cherished his great humor too. now, we didn't agree on everything. justice fished with enthusiasm of a new yorker. he thought the harder you slap the line on the water somehow more the fish would love it. finally, there's justice jackson. he wrote so clearly that everyone could understand his decisions. he never hid behind legal jargon. and while he was a famously fierce advocate for his client when he was a lawyer, he reminded us that when you become a judge, you fiercely only defend one client. the law. by their example, these judges taught me about the rule of law and the importance of an independent judiciary. how hard our forbearers worked to win these things. how easy they are to lose. how each generation must
either take its turn carrying the baton or watch it fall, sometimes we hear judges described as politicians in robes, seeking to enforce their own politics rather than striving to apply the law impartially. if i thought that were true, i would hang up the robe. the truth is i just don't think that's what the life is about. as a lawyer, many years working in the trenches, i saw judges and juries while human and perfect striving hard every day to fairly decide the cases. a judge for more than a decade, i've watched my colleagues spend more days worrying over cases. sometimes the answers we reach aren't the ones we personally prefer. sometimes the answers follow us home at night and keep us up. but the answers we reach are always the ones we believe the law requires. and for all its imperfections, i believe that the rule of law
in this nation truly is a wonder and that it's no wonder that it's the envy of the world. of course, once in a while we judges do disagree. but our disagreements are not about politics but about the laws' demands. let me offer an example. the first case i wrote as a judge to reach the supreme court divided 5-4. the court affirmed my judgment with the support of justice thomas with justice stevens and scalia in dissent. now, that's a lineup some might think unusual. but actually, it's the exactly sort of thing that happens quietly day in and day out the united states supreme court and in the courts across this country. i wonder if people realize that justices thomas agree about 60% of the time. or that justices scalia and briar agreed even more often than that. all in the very toughest cases
in our entire legal system. and here's another example about my record. over the last decade, i've participated in over 2,700 appeals. often these cases are hard too. only about 5% of all federal lawsuits make their way to decision in the court of appeals. i've served with judges appointed by president obama, all the way back to president johnson. and in the tenth circuit, we hear cases from six different states covering two time zones and 20% of the continental united states. but in the west, we listen to one another. respectfully. we tolerate. we cherish different points of view. and we seek consensus whenever we can. my law clerks tell me that 97% of those 2700 cases i've decided were decided unanimously. and that i've been in the
majority 99% of the time. that's my record. and that's how we do things in the west. of course, i make my share of mistakes too. as my daughter's never tire of reminding me putting on a robe does not make me any smarter, and i'll never forget my first day on the job carrying a pile of briefs up to the step of the bench, i carried on my robe and just about everything went flying. but troublesome as the robe can be, the robe does mean something to me and not just that i can hide the coffee stains on my shirt. putting on a robe reminds us judges that it's time to lose our egos and open our minds. it serves too as a reminder of the modestation we judges are meant to occupy in a democracy. in other countries, judges wear scarlet, silk. here, judges, we judges buy our own plane black robes.
and as senator seth knows, i can attest the standard choir outfit at the local uniform supply store is a pretty good deal. ours is a judiciary of honest, black, polyesther. when i put on the robe, i'm also reminded for this body, the people's representatives to make new laws. for the executives to ensure that those are faithfully executed and for neutral and independent judges to apply the law in people's disputes. if judges were secret legislatures declaring what the law is but what they would like it to be, the very idea of government by the people and for the people would be at risk. and those that came before the court would be in fear, not exactly sure what the law requires of them except for the judge's will. ms. alexander hamilton said liberty can have nothing to fear from judges who apply the
law but liberty has everything to fear if judges try to legislate too. in my decade on the bench, i've tried to treat all who come before me fairly and with respect and afford equal right to poor and rich. i've decided cases for native americans seeking to protect for class actions like one that ensured compensation for victims of a large nuclear waste, pollution problem, produced by corporations in colorado. i've ruled for disabled students for prisoners, for the accused, for workers alleging civil rights violations, and for undocumented immigrants. sometimes too, i've ruled against such persons. my decisions have never reflected a judgment about the people before me. only a judgment about the law and the facts at issue in each particular case. a good judge can promise no
more than that and a good judge should guarantee no less. for a judge who likes every outcome, reaches probably a pretty bad judge stretching for policy results he prefers rather than those the law compels. mr. chairman, as a student many years ago, i found myself walking through the old granary burial ground in boston. it's are paul revere, john hancock, and many of our founders are buried. and there i came across the tombstone of a lawyer and judge who today is largely forgotten. as we're all destined to be, soon enough. his tombstone had written on it almost 200 years ago a description of a man. as a lawyer, he was faithful and able. as a judge, patient, impartial, and decisive.
in private life, he was affectionate and mild. in public life, he was dignified and firm. party feuds were laid by the correctness of his conduct. was silenced by the weight of his virtues. and ran rancor softened. mr. chairman, those words stick with me. i keep them on my desk. they serve for me as a daily reminder of the law's integrity that a useful life can be led in its service of the hard work it takes and an encouragement to good habits when i fail and when i faulter. at the end of it all, i can ask for nothing more than to be described as he was. and if confirmed, i pledge to you that i will do everything in my power to be that man. >> thank you, judge.
i have just -- >> that was president trump judge kneel gorsuch just reading his statement before the senate judiciary committee on day one of his confirmation hearing. the stake of course is the balance of the country's highest court. judge gorsuch of course recognizing his family, he got quite emotional. also went on to say that judging can be a lonely and hard job. he says judges are not just politicians in robes. he says if that were the case, he would have never been a judge. and he says when you do put on the robe, you lose your egos, and you opened your minds. interesting. very smooth, i think, opening statements from judge neil gorsuch in front of the judiciary committee. let's bring in texas donor general kentucky paxton and cyber security svp of judge gorsuch. mr. paxton, let me begin with you. we heard all of the committee members get in there, their opening statements to the judge. some good. some not so goin good.
but overall, how would you characterize his opening statement today? >> i loved it. i thought it was a great, humble opening statement. i loved what he said about the policy and the law on the facts to each individual case as opposed to finding some policy that he wants, like the story he told about his family and his background. i also like the fact that he has an amazing academic background and certainly an amazing experience being in the majority most of the time. i thought it was a very good opening statement, and i think he's going to do quite well today. ashley: jamel, you worked with neil gorsuch, can you tell us what he's like? >> that's exactly who he is. what's neat about today's opening statement, you saw the man for who he is. he's humble. he's modest. he cares deeply about people, whether they're his law clerks or his family, and he cares a lot about getting the law right. it's not about making policy
choices for him. it's about getting the law right, and that's what's important in our democracy. ashley: so attorney general paxton, mr. gorsuch will then start taking questions, i believe, tomorrow. what other areas do you think his critics will focus on? >> you know, one of the issues may be that his ruling on the hobby lobby case that related to contraceptive rights and the rights of religious freedom and individuals in a corporation. i think he might see questions about his views on the chevron doctrine, which is giving deference to agencies. so i think those are two of the issues that he'll get questions about abortion rights and same-sex marriage, although i don't think he's ruled on either types of of the issues. ashley: jamel, is it fair to weigh on a very conservative judge that has a very conservative cause, and he's just a rubber stamp for the
trump administration? >> absolutely not. he believes very strong, and you heard it in his opening statement in the independence of judiciary. that putting on the robe means something different. you're no longer an advocate. you're a neutral hoosier of the law. and his cases proved that. a lot of people try to paint him as one thing or another, but his cases show it's not about conservative or liberal, it's about what the law requires in the relevant laws. ashley: so how do you think he'll handle this questions, mr. paxton when he really is about the hot-button issues that democrats are going to try to trip him up on or at least have their say and make their point? >> sure. he's a pretty smart guy, so i think you'll find him handling these pretty darn well. he's not going to answer specific questions about issues that might come before the court, but he'll do his job, and he'll address the questions i think in a very appropriate, smart way, and i think ultimately you'll see this guy confirmed fairly
overwhelmingly. ashley: do you think that's the case without the gop having to, you know, use the so-called nuclear option to get the lower threshold to get the pass in the senate? >> you know what? i'm optimistic just because this man is so qualified. i mean, if you look at his legal background and his academic background and just the way you're going to see him handle himself and just as your other guests just mentioned how humble he comes across and how really focused on looking at each case individually and making his decision based on the facts and the law of that case. ashley: you worked with him. what was he like? did he have a good temper, a bad temper? did he treat you well? >> he's a great guy. very down to earth. he's the guy i go to when i have challenges in my life, my father passed we, he taught me how to fly fish. i was so bad at it that i took the rod, got a fish on the
guy, and gave it back. the kind of guy you want to have a beer with. ashley: no better endorsement than that. thank you, both, so much for taking time to speak with us about judge gorsuch. appreciate it. >> thank you. appreciate it. ashley: to say it has been a busy day on capitol hill an understatement. fbi director james comey and nsa director admiral mike rodgers in the hot seat as lawmakers grilled the two on russia's potential role in the 2016 presidential election. mr. comey confirming the fbi is investigating russia's interference in the election, including whether there were contacts between russianals andp campaign. let's get right to fox business blake burman standing by live at the white house. i said it was a busy day, blake. >> happy monday there, ashley. got tuesday, wednesday, thursday, friday to go i guess; right? ashley: yep. >> so lots of headlines out of this one. you just mentioned one of them. the fbi director james comey confirming there is an investigation into possible collusion between russia, the trump campaign. he said this has been going on, the investigation has
since late july. he also would not put a timetable on when it might wrap up. he also talked about the tweets that the president had sent out a couple weeks ago that president obama had wiretapped him, and he said at this point mr. comey did, that there is no evidence to back that up. also pointing to the department of justice saying they wanted that message to be put out there as well. republicans started off the chairman of the house intelligence community devon nunez by asking the nsa director mike rodgers whether or not any potential russian influence actually impacted vote totals. whether it might have had an impact on michigan, ohio, pennsylvania, north carolina, florida, he went through a bunch of swing states and mr. rodgers said "no." so here at the white house after that, they sent out a tweet from the official @potus account, president of the united states. and here was their first reaction to that. and he said i'm quoting here, the nsa and fbi tell congress that russia did not influence electoral process.
that is a bit twisting of the words there because mr. comey was then asked about that, and he said "no. no. that's not exactly what i had to say. listen here to james comey. >> we offer no opinion, have no view, have no information on potential impact because it's never something that we looked at. >> so basically he was saying, look, there's an open investigation. but as far as the impact into the process, he wasn't ready to render an opinion on that. by the way, what they're saying here at the white house, ashley, they are pushing back on the whole possible collusion between russia and the trump campaign saying at this point no evidence has been provided. detailing that. they also say folks within the old obama administration prove that point as well. they also were trying to make the point that it is leaks, and it was the fbi director james comey who has said there are has been an unusual activity of leaks. they say it is the leaks that is the big story. by the way, you mentioned it was -- or it has been a busy day here at the white house. the iraqi prime minister just got here about five minutes
ago. he is meeting with president trump as we speak. ashley: and the beat goes on. blake burman, you're earning your paycheck. thank you so much and there we see indeed the president welcoming the prime minister of iraq as he comes to the white house. haider. of course the battle goes on in iraq to try to eradicate isis, the battle in mosul goes on, i'm sure that will be a big part of the talks and also what happens in iraq afterwards. is president trump in the mood or is he kind of in favor of you like of filling that vacuum and providing support as iraq tries to get its country back together again after the ravages of isis? lots to talk about. we will continue to cover that. fox business, by the way, will have complete coverage of president trump's trip to louisville tonight. lou dobbs will be hosting a two-hour special program tonight beginning at 7:00 p.m. eastern. and also don't miss too, brand-new episodes of strange inheritance. fascinating stuff.
jamie colby meets the family of a world famous baby photographer who hertz 100,000 portraits from the '40s, '50s, and '60s. so what are they worth today? find out tonight on strange inheritance. that airs at 9:00 p.m. only on fox business. and as we head to the break, take a look at the markets. very, very just ho-hum, but we're on the upside, at least. up seven points. markets ignoring pretty much what's going on washington today. the dow at 20,922. all right. we'll be right back. wait a minute. we're waiting to hear from president trump as we mentioned in his meeting with the iraqi prime minister, we'll be taking you live to that as soon as it happens and we'll be right back. you know who likes to be in control? this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me.
lori rothman on floor of new york stock exchange, with in depth look. i mean in depth. >> you're raising the bar too high, ashley. here is what i have for you. today is the first day of the second quarter. a lot of investors adjusting positions. we've seen how far the market come since the election. they're reevaluating their confidence in the rally, what i'm hearing on the floor today. crude oil coming down again. wti off more than 1% today. you have the financials, very buy the rumor sell the news scenario where financials topped out on wednesday on the fed decision to raise interest rates. obviously higher rates are more profitable for banks. now that this happened there is more profit-taking. s&p financial index is down 1%. many main components are as you can see in the red. back to you. ashley: that was in depth. lori rothman, thank you very.
as lori said the fed raise the rates quarter of a point, the vote was nine in favor but there was a single dovish dissenter. guess what we have him. minneapolis fed president neel kashkari here to tell us why he voted no. >> inflation continues. core, pce the inflation number we watch continues to come up short 1.7%. the job market is very strong but unemployment rate is not dropping. because the labor force participation rate continues to climb. that suggests that the labor market continues to have slack. if we're not inflation and maximum unemployment, i don't see why the rush to raise rates. ashley: when you made the argument to the others why did they raise?
>> it is to degrees. if we get behind the curve we may have to raise rates more aggressively. for the past five or six years the federal reserve keeps overestimating inflation. we keep inflation right around the corner. we're surprised when it's not. i'm saying be patient, inflation, it is still undershooting our target. let it move closer so we can raise rates when the data supports it. ashley: the general consensus the fed will raise rates two times more this year. would you a agree? >> i think we should wait and see. let the data tell us. i don't think it is useful to make these kinds of predictions. people get very upset when we're wrong. we've been wrong a lot the past few years. let's wait. wait until the data moves towards us. we have plenty of time to raise rates. ashley: what should the fed be doing in your mind? >> i put out a piece on friday explaining the data. one of the things i said i want
to get going on the balance sheet. we expanded the balance sheet with quantitative easing. i would like us to put out a detailed plan for the markets how and when we normalize the balance sheet. let the markets absorb the information. as the market sheet rolls off we can return to using the federal fun rate to remove accommodation as data supports. ashley: you say be wary what the markets tell you. explain that. >> the markets have been projecting much lower, much lower federal funds rate path than policymakers have been predicting. the markets are expecting less inflation in some senseless than policymakers. i look at actual data on inflation, core and headline. i look at inflation expectations. i look at wages. wages started to climb up slowly. they're not at levels we should have concerns about. all the data tells me there is no rush. let's take our time to get it right. >> you don't see us reaching 2%
level on inflation by the end of the year, maybe next year. >> on energy prices are volatile. they are taking you up again. i would expect energy prices to tick back up. on a core basis no, i don't think we'll hit two% this year. i hope we hit it next. ashley: all right, neel kashkari thanks for joining us. interesting point of view. we'll see if you can influence any other members of the fomc. we appreciate night thank you. ashley: let as look at markets for you. perhaps gaining a little bit of strength. 17 points. but it is 59.04 is the record nasdaq close -- 5904. as we head to the last half hour of trading nasdaq close to finishing at a record. we'll keep an eye on that. also another big week for the gop's obamacare replacement plan of the president holding high-level meetings at the
white house but will he be able to convince any remaining republican holdouts to change their votes? congressman phil rowe is also a doctor. he diagnoses the state of play at the house when "countdown" returns. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. when you're close to the people you love, does psoriasis ever get in the way of a touching moment? if you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. taltz is proven to give you a chance at completely clear skin.
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♪ ashley: while eyes affixed on call capitol hill trump admin operation working hard to get republicans on board for the replacement for obamacare. they're working hard to make sure all the party members are on the same page or as c you can be. the president met with dr. ezekiel emanuel architect of obamacare who continues to criticize the gop replacement
plan. i am joined by dr. phil rowe, house doctors committee. thanks for joining me. i get the sense, people told me there is a bit of a battle going on between moderate republicans and conservative republicans. if you continue to try to appease the conservative republicans you will really have a problem with the moderates. how would you respond to that? >> i think that is probably correct but you pointed out but i do believe we'll get a consensus. as you point out the president will be with us at 9:00 in the morning to meet and sort of share his thought how he feels about this plan. so no, i think you've correctly laid out the problem we're having. ashley: one of the things that, okay, phasing out medicaid expansion earlier. this is something conservatives would like to see. repealing the requirement that insurers provide, allow 26-year-olds, up to 26 to stay on their parents' insurance. are these things workable or
could they derail the whole deal? >> no, i think the medicaid, expansion will be phased out at some point in time whether 2019, 2020. 26-year-olds we agree on. there is many cone send us. many agreed in 2009 and 2010 when we debated the bill to begin with. it is still pretty popular, though, isn't it? >> it is. most people have kids like all did. all my children had no health insurance when they to the it of college, i provided it. i think most people agree with that. you won't find much argument at all. what we're trying to do expand coverage and more costs and put patients and doctors back in charge of health care decisions which is what the affordable care act didn't do. it expanded coverage but massively increased the cost. that is the problem around the country now is people can't afford their insurance. ashley: so it is interesting, critics say, look, obamacare shifted i guess you could say the financial burden from lower
income to middle class. what the gop do would pass it right back, from the middle class back down to low income. would you disagree with that? >> i would not disagree with that. what happened when you look at insurance ratios, how much you charge somebody for insurance, the aca, the affordable care act basically what it did, it shrunk that from five to one to three to one. younger people paid a lot more for their insurance. the idea was many of them would go into the plan and lower the costs for older people. what happened, you got older and sicker pool. that is why it is falling apart. my state of tennessee. almost 160,000 people chose to pay the penalty or the tax, as he opposed to pay for insurance they couldn't afford. that is what we'll try to do. treat everybody fairly in this plan. ashley: very quickly, last question, congressman, does this thing get voted on and passed thursday? >> that's a great question. i think it gets voted on and
gets passed thursday. ashley: very good. sticking your neck out. congressman, dr. fill rowe, thank you very much. we'll hear with mr. trump trump. he met with the iraqi prime minister, al-abadi and we have the video to prove it. >> mr. prime minister, it is honor to have you here with our cabinet, which will be one of the great cabinets in the history of the united states. we just spent a few minutes speaking in the oval office and learning and giving each other ideas. one the things i did ask why did president obama sign that agreement with us r because nobody has been able to figure it out because maybe one day we'll figure it out. thank you for being here. great respect for you.
you're working very hard and general mattis and general mcmaster and rex tillerson have all been telling me you're doing a job. it is not an easy job. it's a tough job. your soldiers are fighting hard. mosul is moving along but mosul was ours until we left. so, perhaps we shouldn't have gone in. certainly we shouldn't have left. we should have have never ever have left. and. the vacuum was created and we discuss what happened. we'll spend a lot of time with you and your group. thank you all very much for being here. we appreciate it. we will figure something out. our main thrust is we have to get rid of isis. we'll get rid of isis. it is happening right now. general mattis and his team have done an incredible job. a lot of things are different than they were even five or six weeks ago.
[speaking in native tongue] ashley: obviously we don't get the benefit of the translation as everyone else around the table have the little earpieces so they can understand. president trump greeting the prime minister al-abadi from iraq saying at very opening there have no idea why former president obama did the deal with iran but he praised the prime minister of iraq for working hard and continuing to get the country back on track as it battles isis. as we know the battle rages on in mosul. so we'll get more from this meeting. as you can see we do not have a translation. that is not going to help. >> you don't think he is talking about the at&t-time warner deal? ashley: no, i don't think so, charlie. the proposed at&t-time warner megamerger is with that said there is still at least one senior advisor who is against the deal. and you probably already heard
him. joining us now charlie gasparino with the details on this. >> this is maybe one of the most important deals of this year. it's basically combining a big distribution of media with one of the biggest -- ashley: content providers. >> including a major news provider cnn, which we should point out, donald trump, the president of the united states is constantly at war with. you would think on the face the deal would get approved because of appointments to the fcc, and recently to the justice department antitrust division. we have two people very, very pro deal. ashley: didn't trump came out against it on campaign trail? >> he was against it but open to listen to his people. here is the one person fly in the ointment for wall street. i'll tell you wall street is increasingly betting this deal goes through. the one person we understand, steve bannon the senior advisor to president trump and maybe the single most powerful person inside of the white house. from what we understand he is still echoing donald trump said during the campaign trail that come inbooing these two entities
is anti-competitive. it's too much power. ashley: power in the hands of too few. >> one distributor, at&t, which distributes 25% of all programing in the united states. and he is still pushing for donald trump to somehow be against this deal. we should point out that trump has said very little about the deal since the campaign. nothing -- ashley: had a lot on his plate. >> had a lot on his plate. ashley: you know. >> had no problem talking about ivanka's clothing line at nordstrom. ashley: you know. >> and arnold getting fired. ashley: that's big news, let's be honest. >> yeah, arnold being fired. sometimes you can't make this stuff up. ashley: sarcasm. >> it would be funny if i'm making it up. no, he hasn't said anything on this subject yet but his advisors are signaling where they come about in the administration. ashley: if bannon is the lone voice? >> he is not. ashley: he is not the lone
voice. >> we understand jared kushner, senior advisor his son-in-law is against the deal. we understand reince priebus is against the deal. the question, does trump take his animus out against -- i don't believe, concentration -- ashley: if he nixes it they will claim it is cnn. >> would you doubt that? [laughter] ashley: no. >> come on of the that's where we are right now. i'm just telling you because wall street and small investors are watching this for a lot of reasons including who controls media which is a big thing in this country. ashley: sure. >> and to make money. i will tell you people are betting this thing is going to happen. the stock of at&t has gone down a little bit. time warner has gone up. that's the target, the acquisition target. ashley: yep. >> i'm telling you based on what i'm hearing steve bannon may be the most important person inside the trump white house. we should point out the stock started dipping when fox business began tweeting this
out. ashley: how about that? >> so -- ashley: what's your sense? you think, you think this goes through regardless of those objections? >> that is my opinion now. ashley: i'm asking your opinion. >> yeah i do. ashley: you think it will happen ultimately. >> i think he has way too much on his plate. i think he does not need the battle here. at&t is run by randall stevenson, a modestly conservative guy. he is not a card-carrying liberal. ashley: conservative mantra would be allow it to go through. >> free market conservative. i two know steve bannon's father, throw this in there, great, great story in the "wall street journal" about steve bannon. everybody should read it. it is about his life and his parents. his father was a long-time at&t worker, blue-collar guy, rose up to middle management. lot a lot of his life savings in at&t stock in the financial collapse. i'm throwing that out there. this guy is no fan of at&t. ashley: which would explain his
opposition to all of this. >> or maybe continued opposition. we'll see. ashley: you're on it. >> throwing it out there. ashley: all right. charlie, thank you so much. interesting stuff. on a sad note here, legendary name in banking and philanthropy has died. david rockefeller, ceo of chase manhattan bank for two decades. when he retired he became active in charity and foreign policy cofounding the trilateral commission that fostered better relations between the u.s., western europe and japan. he was the grandson of oil baron john rockefeller. david rockefeller was 101 years ago. >> amazing guy.
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pancake he shouted in my ear. the dow just down a little. as you can see the asnasdaq barely higher. 5903 or 5904. maybe we'll have a record on nasdaq. i was right. apple up nearly one percent at 131.30. also on pace for a record close. the gains come as ceo tim cook is making a bet on augmented reality. the company reportedly assembling a development team to work ar into existing apple products that would be cool, like the iphone and new gadget such as eyewear. one company already in the glasses game is snapping back. snap gaining after getting a first buy rating from analysts. by the end of last week snap tumbled more than 30% from the post-ipo highs. it is moving up to 19.88. that is good for a 1 and 3/4% raise.
it is wonderful word for disney. of course it is. blockbuster opening for "beauty and the beast." it took in a staggering $170 million this weekend. that is just domestically. making it the 7th biggest opening of all time. largest outside of holiday or summer season. shares of the company hitting a 15-month high. up nicely over a buck at 112.79. one of the biggest boehners on the dow, active sports wear company nike. i haven't been running like i should, lori rothman at the new york stock exchange. i'm sure you have. reporter: i was going to say it shows, ash. i'm joking. h of course. ashley: that's it, lori rothman, we're done. reporter: analysts are expecting good things, 8 1/2 billion dollars in revenue up from 8.03 billion last year. revenue estimates, 8.46 billion. here is the story with nike. it was the biggest loser in the dow off 19% because of growing
competition from the likes of under armour and adidas but the analyst community really likes the merchandise they come out with this year. shares up today. 1.6%. better by 15% year-to-date. what i got for you, back to you. ashley: lori rothman. i forgive you, thank you very much. safe havens are apparently not so safe. a today's closer says investors are missing key points where big bubbles are ready to pop. this is all ominous. steve blumenthal joins us. steve, bubbles about to burst. what are you talking about? >> it sounds awfully scary. ashley: it does. >> biggest bubble of stock market, the biggest bubble of all time in government debt.
missing acutarial targets, those ashley: where would you put your money? >> the great john testimony pell ton says you want to be a buyer when everybody else is selling and a seller when everybody is buying. i think it is similar to 1999 in the tech craze when everybody poured into technology. ashley: that much, that extreme? so are we overvalued right now then? >> yes, we are. there are several measures you can look at. price to book. price to sails. medium pe. by all those measures we're at higher levels than we were in 2007. there was only one time in history where valuations were higher. that was at the top of the bubble in 2000 so it is rischly-priced. what is interesting it can tell us awful lot what about what next seven years or 10-year returns will look like. ashley: what will they look like? >> not so good. ashley: you're full of fun on a monday. >> we're bullish on the market.
the tend tends to be favorable. that is whereas set flows are. i don't know where the market will be next two years but next 10 years returns zero to 2% range based off historically high valuations. ashley: feels like we're moving sideways. is the exuberance and optimism over president donald trump promising corporate tax cuts, individual tax cuts, deregulation, you name it, massive infrastructure spending, it was all very positive. now we wait to see it become reality. the market appears to be just waiting. is that an accurate description? >> i think that is very fair to say. the other side of this you have the fed raising rates three times. and old role called three steps and a stumble. three rate increases and markets run into challenges. i think we're facing some of that. ashley: interesting. so we got the big health care reform vote on thursday. what about health care stocks? i have a hard time figuring out what is going on with health
care reform? >> we measure momentum. we look at asset classes in our trend following trading strategies. we don't see health care bubbling up to the top in leadership. we don't see strength in those as eight classes. ashley: we spoke with neel kashkari of the fed and he said i voted no because the core inflation is not close to the 2% level. there is room and slack in the labor market. no need to raise rates. what do you think the market expects another two rate hikes by the fed? globally there is no sign of recession. domestically there is no sign of recession. we're seeing periods of growth that is stronger if we're able to bring back, repatriate 2 trillion in corporate cash that will be bullish f we get tax cuts that will be bullish. the fed is countering that. last 10 of 13 sessions started after the fed raised their cycle. i think we're looking at that.
ashley: a lot of stocks we follow daily, they are the big, the big sexy stocks if you like. apples, facebooks, netflixs, googles alphabets i should say is that a good place to put money? i know the prices are high but seems like those stocks tend to drive -- >> the trend is positive. i think that is a plus. in the back of my mind is 200 day stop moving average rule. when the markets are stretched, richly-priced great the risks come in those periods of time. unfortunately we're in the most expensive priced area of last 100 years with valuations. risk is there. i would follow trend and do something to make sure we have got protection in place against downside. ashley: what is the one place you wouldn't put your money now? bonds, that's it, bottom line they're about to burst. >> right. ashley: we have been warnerred. thanks for being here, steve blumenthal. appreciate it. a little sober but okay. you have given us a warning. thank you.
look at this as we head towards the closing bell. [closing bell rings] starting to fade a little bit. doesn't look like we'll get a record on the nasdaq. they're happy and hooping and hollering anying. markets open mainly flat. melissa francis and connell mcshane pick it up after the bell. >> ashley, thank you very much. stocks sink a little bit into the close as dow turns negative down seven points in the final minute of trading. s&p 500 failing to claw its way out of the red. the nasdaq will not end at a record high as well. i'm connell mcshane in today for david asman. melissa: welcome, i'm melissa francis. this is "after the bell." we have you covered on all the big market movers. here is what else we have for you at this hour. two major showdowns on capitol hill with big implications. fbi director james comey testifying publicly for the first time on russian interference with the u.s. election of the president's wiretapping claims a