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tv   Cavuto Coast to Coast  FOX Business  November 8, 2017 12:00pm-2:00pm EST

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stuart: show you microsoft stocks. it is all-time high. i own a little bit of it. 12 seconds neil cavuto will take it away. his special guest is steve ballmer. had a lot to do with microsoft back in the day. five sections to go. i didn't mean to surprise you, neil but it is yours. neil: you didn't surprise me. i'm here at noon. i will try to deal. stuart varney, always good to see you. forget about what happened a year ago? we're all over that. republicans need to look what happened a day ago, voters opt for more government in virginia, more government in new jersey and in maine, republicans calling for expansion of medicaid in that state. regardless of your views on the subject, whether democrats are overinterpreting in this election, in crucial contests what voters opted for was more spending. what voters opted for, was again, more government, not the
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kind of stuff republicans have been preaching. all of this at a time when public opinion polls may be owing to mainstream media that isn't keen on the tax cuts, are not keen on those tax cuts either. could that be a problem? obviously you wouldn't see it in the markets since the election or even right now with a minordown draft. we have been seeing them race to highs. in next couple hours, we'll be stepping back where we were a year ago when donald trump was first elected president of the united states. and what is happening to that agenda, and talk as you have just heard, that the senate wants to push back a little bit, its measure to compete with the house getting these tax cuts just right. all that comes at a time getting it just right means potentially watering them down. you know how wall street reacts to that. i don't want to overly interpret, a off, off year election and what it might say about a off year election a year from now. although sometimes they can telegraph trends. trends that might come or go
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based on what happens in the washington in the meantime. it is worth noting, republicans to take note, some of the things they hold near and dear, were not held near and dear by voters just yesterday. meanwhile a look at those records, started a year ago. lauren simonetti on wall street right now, with the latest on that. lauren. reporter: he can oversimplify, neil. cha-ching. the market is on fire. we're one year since donald trump elected as president of the united states. take a look at stock market performance. the dow is up 28 1/2%. the nasdaq is up 30%. the s&p 500, 21% in the past year. looking at the dow once again, this is the best one-year performance for any president in history, in 72 years, since 1945s and fdr. this is remarkable feign. it compares with an average one year election day gain of 6% for
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the dow jones industrial average. so when you look at 401(k), you look at your invests, you like what you see, this is what actually is happening. the president is not only taking credit for it, trying to remind other people, mainstream media, hey, things are looking good right now. to give you a number how much wealth has been added, stock market value, that number is $5.4 trillion. where i'm standing on corner of wall and broad, in front of historic new york stock exchange, neil, you see traders coming in and out, investors, hedge funds, tourists and regular americans. there's a sense of confidence and spirit starting to creep back into the market. you know what? we're right around the corner from the holidays, so i think it might be a merry christmas. what do you think? neil: we shall see. i will beg to stand back meantime. lauren, thank you very much. stocks were initially down, in fact down a lot when futures
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first to the wind of likelihood donald trump might pull it off and wind the election. as we told you that night in our non-stop coverage, it was likely to be temporary. this is why i said fox business is about understanding that intersection between capital and, well, our country's capital, because this is not what they factored in. >> listen, there will be a knee-jerk selloff, there will be a lot of smart folks who know for the most part it is emotionally driven question mark that will create a lot of opportunities. >> likely temporary. we're talking about this. the markets tend to be overly volatile. they react in extreme ways when they are caught off-guard. they are being caught off-guard. >> what is here is transitory. this is one day. neil: always is. always is. >> it reversed and back. neil: no you're right about that. so the feeling was at the time when the markets were tanking on the prospect, oh, my gosh,
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donald trump could win this, a futures, a lot of activity was going down, people started to reassess that in real time. that is then. what is happening now? we have market watchers, scott martin, alan knuckman. what we saw then, what you're seeing now, what happened yesterday, i try to link them out, wonder whether republicans or market lovers are getting themselves here, if, for example the latest trend might be for americans liking more spending, liking more government, liking kind of things that wall street typically does not like. what do you think? >> i think that is a pretty deep dive. i believe we're in a just doesn't matter market where we move higher because earnings are performing so well. these companies are making so much money. let's enjoy this environment where everybody is making money. yes we're up significantly in the last year, but we're also up big, big, since the 2009 lows. 2,000 points on the s&p.
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17,000 points on the dow. 5,000 points on mdx. this is not a new market. neil: alan, it has been a long time coming. i only posit that, a lot of people say, man, oh, man, not just a brief ride, we've been on, it has been a long ride. >> yeah. trying to pick the top. it is impossible occupation there. i'm a believer. i'm always optimistic of opportunity. if things do slow down, that will give us a chance to recalibrate, you have to respect the train track trend. neil: scott, you look what happened the night donald trump looked like he could pull it off and win. telegraph that moment, futures tanking, reassessing in real time, wait a minute, this could be good, what did you make of that? >> i agree. goes to show you, neil, the market can shoot first and ask questions later t can get caught off sides. i tell you what is going on, i
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talked to a lot of people subsequent days after the election, my friend, a lost liberal people, unfortunately for them they were getting out. they were selling. they didn't believe in this agenda. they didn't believe in this president. my goodness has it cost them money. that is issue, neil, to your question to alan originally. i sure hope this isn't a vote on more government and more spending, my goodness, not getting our fiscal house in order, not changing, let's say the approach to business in this economy and in this country that has been so terrible the last eight years. i think we're on the track of getting better and better with respect to how we treat our businesses in this country. that comes with the tax reform. comes with the tax cuts. we have to see these get done if we want to ethe market rally continue. >> alan, if the tax cuts don't materialize, you in the past mentioned they're a nice add-on, but not necessarily the kind of stuff on which this market's fortunes would rest or fail. do you still feel that way? >> yeah. we're all-time record profits.
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that will increase profitability. two cat lifts i will like send market higher. crude oil jumped 30% since july. all the energy stocks that were left behind are starting to play ball. we're seeing metal markets boost. gold is bases out and moving up. all mining stocks that lagged for a month or two are going to come back in play. neil: scott, when you look like a year ago, talk about my colleagues like lou dobbs and stuart varney and maria bartiromo, we were all covering this with trish regan, we didn't sort of fall for the panic at the moment but the sense that, a consensus crowd can overdo it. now the consensus crowd seems to be saying this, rally has legs, could continue to, continue to advance. how do you feel about that? >> you're making good points. you know, always darkest before dawn. always hardest trade you have to make. alan knows it from his experience. that is usually the best one in
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the long term. when it seems too easy, neil, when it seems too obvious, probably is. i will tell you in the last year, the approach to business, the fact that we have this optimism, look at surveys from the consumer to the business. look at spending plans. those are so much different than we've seen in this country than in the last, five, 10 years. there is reason to be optimistic. i would temper expectations. we had a huge year in in nasdaq since the election, 25%. those are not likely to continue. you have to be sure to check your expectations at the door. neil: thank you both. >> thank you. neil: meantime we're looking back a year, just a day. yesterday as you know in the off year elections where we had gubernatorial battles in virginia and new jersey, both going as expected to the democrats in control there. also, you know, a more of a government reach in states like maine, they improved expansion
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of medicaid. i'm wondering if art laffer is worried about that, a trend picking up steam next year in the midterm elections? doesn't always happen that way. art, do you worry about that? >> of course i do worry about all the time. i expected new jersey an virginia to go tore democrats but i was hoping we would get virginia but we didn't. the vote in maine is not a good sign at all. but really, frankly the stock market is up like this. we have a great opportunity next year, especially in the senate where we have eight or nine democrats running for re-election in trump states. so i think we pick up senate seats next year. i think we may pick up house seats as well. but, this is not a good sign yesterday. it wasn't, it worries me. neil: we're getting some pushback from the mitch mcconnell, the senate leader, saying that a reports that the senate tax plan could be delayed are a bit premature. that things are still on to get the proposal out by the end.
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week. that would be alternative to what the house already laid out, the house ways and means committee. they have multiple votes on that. where do you see the process going? >> i see the process along mitch mcconnell's line. they have been frantically working doing their own bill in the senate. i've been a little involved with that. i think they may come up with a very good bill in the senate. the house at the very end, neil, put in all sorts of nonsense, made it much less pro-growth. neil: what is the nonsense that you are hearing being removed in the senate. >> doubling tax exemptions is just silly. some of the child tax credits don't make sense to me. making that 46% tax bracket in there. and there are tons and fon -- tons of others in the bill reduced pro-growth aspects. it is still a very, very good bill. cutting corporate rate from 35 to 20 is excellent. it really is. i want to make sure the senate doesn't add to those
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distractions, et cetera because the whole purpose of revenues is economic growth. if you can raise growth rate 1% over the next 10 years, you increase revenues a huge, huge amount. and that will happen with the corporate rate. can i give you an old line phrase? neil: sure. >> if at first you don't succeed, skydiving is probably not for you. neil: all right. >> nor should senate bill-making be for them. get it right the first time. neil: whether they stick by removing the deduction for state and local taxes. would they follow up on it? >> i don't know what the senate is going to do. i've been involved with the senate discussing this. but i -- neil: i think you know. you're just not sharing. >> i really, i really don't. you know what i think. they should get rid of deduction for state and local taxes. should get rid of alternative
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minimum tax. one hundred% of expensing capital. get rid of the inheritance tax. if i were doing it, neil, just do the corporate tax rate, that be a stand-alone. then, if that one passes you go to the inheritance tax. neil: that one passes, do them one bill, one bill. use james carville kiss model, keep it simple. just make sure it is done carefully and all the stuff in it. you would agrow with me, neil? neil: i would never telegraph how i feel with you if you're not sharing details with me. >> i'm sharing every detail, neil. neil: art laffer, thank you very much. >> thank you. neil: after yesterday's developments in off year election, nancy pelosi is indicating, there is a possibility we could retake the house. how does former house majority leader eric kantor feel about that? after this.
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comcast business outmaneuver. neil: all right we're now hearing senate minority leader, house minority leader, nancy pelosi, along with chuck assumer in the senate indicating that a tax plan that would force the gop to put its money where its mouth is, when it comes to tax reform, they're cooking up something as well. they're also, also talking about what happened yesterday and
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obviously virginia and obviously new jersey, big democratic wins there. that there is a possibility that they could retake, certainly the house next year, in midterm election. the senate might prove a little bit more problematic, of 33 seats, 24 are held by democrats. it would be tough road, not impossible one, but get read from former house republican majority leader, also virginian, eric cantor. congressman, good to have you. >> neil, a pleasure. neil: we're hearing despite these reports that republicans are optimistic in the senate, they will get the senate plan out this week, they will compare and thrash, all of that is done by christmas s that optimistic? >> i think what happened last night really set off somewhat of an alarm among congressional republicans. they need to deliver on the tax bill, come whatever may, that is really an imperative now. and so i think, that you're going to see some expedited movement in the house, and they
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will move with dispatch and move the bill through. and you know, listen, if there is some loose ends to be tied up over the holidays into january, you know, i could maybe foresee that, but i do think we need to see some real tracks, very quickly, prior to the thanksgiving holiday. neil: but you know the house is a very different beast you reminded me than the senate. if they start removing in the senate these provisions that provide child tax credits likes of marco rubio wanted and lee of utah, then they're going to be no votes, right? so, where is this going? >> so at the end of the day, what unites republicans and really part of our dna is cutting taxes. letting people keep more of their hard-earned money. i believe what will come from all of this, bear minimum, are some tax cuts. i'm hopeful that the opportunity is not missed to actually implement the reforms that are spelled out in the house bill. but as you suggest, very
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complicated matrix, when you get into the senate. and you know, what tax bill really is about is economic growth. i mean that is, you hear a a lot pushback from those that are wealthy, saying hey, wait a minute we'll see taxes go up. when you look at it is about corporate tax reduction and small business tax reduction. the intent to be incentive for cap to go to work and create growth in our economy. neil: that is tough it tell people. >> no question. there is a middle class tax cuts. i believe the economic modeling about this, that middle class tax cut pales in numbers to projected increase in wages that will come through economic growth. neil: eric, i looked at the elections yesterday and, particularly in your state, virginia which has been reliably
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red state, went purple, i think safely blue. last three presidential elections went to the democrat. last three gubernatorial elections to the democrats. your defeat some years back, internal party struggle, might have tipped where we were going here. what is going on with virginia? is it now a firm blue state in your eye? >> as you suggest, there are structural issues for the beyond just a loss or trying to take any lessons from virginia to apply to next year's congressional -- neil: republicans would they worry what happens there, a sign voters don't want to dismantle government, like government, or more than republicans let on? >> i really think, it wasn't only gubernatorial election and statewide three elected officials on the line. it was all down ballot. it may be the case that republicans lose the house of delegates in virginia. neil: that is a big deal. not only in your state,
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new jersey, maine with this referendum expanding medicaid, there is something going on here. data might not telegraph next year, you're quite right. are you worried that republicans don't appreciate that? >> i'm certainly worried about it. where one has to look at numbers, what happened in virginia, for a democrat to get 51 of the college educated white vote, for a democrat to win the women vote by 22% -- neil: is that right? >> yes. our party needs to be able to project a positive message about the future. and say one thing about president trump, he ran on make america great again. that is optimistic. neil: what happened to gillespie? >> i think the message didn't come across in the end about optimism. as you know, a lot of coverage on the race, it became on both sides very, very divisive. neil: but he morphed into this, don't take down the confederate statutes. might have some validity.
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wasn't seeming like him. >> that didn't move voters. we need a message that i believe spoke to all beginnians. again, going forward, the part will have to reassess. there are a lot of things i believe the party hasn't done. as you rightfully say. over the last eight years the party failed to win a statewide election. and with a state that is dynamic, it is growing, it is changing, you know, the challenge is, for political party, to keep pace, and if we're conservative party, to make sure we demonstrate how those principles can help people as they continue to look for a better future for their families. neil: do you think donald trump should bear any responsibility for what happened yesterday? >> i mean look, virginia didn't go for donald trump last year. neil: you're right. >> it was only southern state that went for hillary clinton. it wasn't even close. she won the state by over 5%. neil: yeah. >> so, again i think that -- neil: people are trying to make this anti-trump thing. might be jumping too early? >> i think it's a message to the republican party of virginia
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there are bigger issues here. neil: eric cantor, former house majority leader. you ever miss it? >> listen, i still care greatly about our country. you know, i'm at mohler and company now. in the world of markets and private sector and it is gail on in the united states and i do a lot of travel, and very much appreciate what we have in this country. neil: eric cantor, thank you very, very much. ever look what is going on in washington, try to say, where is all the money coming from? furthermore where is all the money going to? leave it to former head of microsoft to say, there is a way to track this. there is kind of like an app for that, after this.
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neil: goldman sachs is taking over the world, i just concluded that. phil murphy, the latest goldman sachs alum, to serve in
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office. he is the second goldman sachs honcho to run the garden state. john corzine the last. that was eight years ago. some of other players you see here in and out of presented a administrations to boot. to charlie gasparino what all of that means. >> i've been saying this throughout, i've been covering wall street now, getting old, about 30 years, everyone of those 30 years i've been saying goldman has been taking over the world. [laughter]. they have been, spanning my career they have been in government, both democrat and republican since h.w. bush. i believe it was vice chairman knave steve friedman, served in the h.w. bush administration. neil: hank paulson was in, jr., right? >> bob rubin was in clinton. they're non-stop. so this isn't, this isn't -- neil: everyone, even on the democrats talk about removing influence of goldman and donald trump. yet the influence is there. >> right. phil murphy, got elected as a
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governor of new jersey. neil: that's right. >> he is a democrat but he is a goldman alum. jon corzine was governor of new jersey. here is interesting thing i think, they have been able to pop you late government both on the left and right, or both republican and democrats, even as populism has sort of infiltrated both parties of the so despite the populist wave, that, one of those populists is steve bannon who worked as goldman. neil: as a trader? no he was an investment banker. listen, he had a philosophical change of heart. he was a regular -- neil: what do they do at goldman to give you that kind of skillset. >> well, first off, they pick the best of the best, generally. hard to get a job there. you have to be really smart. the -- neil: once you do you're very rich. >> you can become rich. they're not as rich as they used to be because of all wall street rules, which is why gary cohn
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was so annoyed at obama. there is a guy at go ahead man doesn't get a the -- goldman, he is the svengali. john rogers, chief of staff of the last, four or five ceo's. john working in the reagan administration. worked with dick darman in the budget office. then he went to work for goldman. he is a svengali behind a lot of this. he directs a lot of their government affairs stuff. he handles pr, but basically he helps run the show there. and he helps deal with the political side. and -- neil: ones who become governors, like second of the three, that we've had in new jersey are very liberal. >> right. he doesn't care. because here's the thing about goldman. when you become a goldman partner, almost like you're like in the mafia, like ivy league mafia, and you do think about how policy affects the firm.
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they will say no. they say they're independent thinkers. i don't believe that i believe everyone of these guys going into politics this, is the scary thing having so many goldman guys in government, they think about how polly helps or affect the firm. that is not the way you do things. some of that, john rogers, anomaly republican, doesn't mind -- neil: phil hurt if i has try next at that, and governor's office and push $15 minimum wage and high tax on guys like you. >> will direct muni bond business to go to goldman sachs. that is why john rogers doesn't mind that. neil: do you think that cynically would happen? >> yeah. neil: we don't know that -- >> i think it will happen. i'm not sure but i think it will. neil: thank you very much, my friend. charlie gasparino. steve ballmer will be joining us here. steve had an interesting -- i got to know where this money is going. and i also have to know how we built this government the way it
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is and no one knows where it's going. so he came up with a site to do just that. it is much easier to understand and follow than anything uncle sam has cooked up. he is next. ♪
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neil: all right. you're following intrigues of this tax battle, the senate we're told is going to release its plan for tax cuts. tomorrow there was some confusion over this, because the house isn't done marking up its own plan. arguably that has to be done first before the senate can do its thing. we're told the senate will do its thing. details will be out tomorrow. we don't know what time tomorrow but all of this is coming at the time republicans feeling pressure no doubt after yesterday's elections to get something done on tax cuts. the argument foes, if they don't, there will be hell to pay in the midterm elections. i want to go to former ceo of microsoft. also the owner of the los angeles clippers, get his read on all these developments because maybe what you don't know about steve ballmer he has
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come up with a site that looks into where the money is going and how it comes in. it was very educational to me. usa if you pull up on different things like money where it is going, easy for you and a nimrod like me, easy to follow. when we talk about revenues, so many different revenue dreams for the government. if we can pull that up under the revenue section is, guys. one of the things i noticed, obviously what people submit via their taxes but so many different types of taxes. why did you do do this? >> well i started out, just in terms of some philanthropic work we were doing really wanted to understand where the government raises money and where does it go and how does that affect quality of life typically for kids that grow up in poor situations, and what i found was, not only hard to find that information, it was very hard also to find out what i will call outcome data.
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how effective is government money at doing what it sets out to do? how do we buy the numbers, hold government accountable and you have to have history to look at that. when there is a new thing that comes on the radar like this tax reform package, what you really want to know, what were the goals? what do the actuals look like from the past? and what are the targets for improvement going forward. as those numbers become available, let's be able to hold government accountable for the outcomes. neil: when you said it, most recent data i have here, when i go into the where the money is going, 2014 was the most recent. is is that the most recent data you have? >> we keep things, only use government data. neil: got it. >> we keep things up-to-date. we have maybe a month or so lag time but we keep things up-to-date with the most recent government data. the answer is, once government
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publishes, we publish. that is a big part of the problem is, people in government are making decisions with old data. i think that is a real problem. i think that should be real emphasize on government, like rest of the world, use data to drive decision making. neil: is there anything in your data, steve, that indicated that a tax cut would be stimulative? the argument you hear from a lot of so-called supply-siders in the past, every time taxes are cut, it is able to goose government revenues. the not so the dirty little secret, whether republicans or democrats in charge, they spend revenues. what have you discovered? >> what we find on the site, something specifically in there about tax reform. if you go back to 1980 you look at a few significant tax cuts. the reagan tax cut. the bush tax cut. with the tax cut, what happened to told tax revenue. supply-side econmics i think would say, the tax rates went
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down, but, economic activity grew. so total tax revenues should have have grown. you could see that there have been varying effects from the different tax cuts that went into place. what we need to ask, now, is, if you're a legislator, you have to ask, what outcome are we trying to drive? are we making these things revenue neutral through growth? if so, say it and if so we ought to see it in the numbers next year or two. i'm a balanced budget guy. i'm nonpartisan of on issue making sure our budget doesn't get worse, we run bigger deficits, i think it is reasonable to have some concerns. neil: i think on the left or right, doing it through tax cuts or doing it through spending, if you're taking, you know, more money going out than is coming in.
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that is a problem. companies can't afford to do that very long, nor our government. i'm wondering your own thoughts what is kicked around with the tax cut presently on the table. what do you think? >> decide the goals. somebody decided that a lot of tax incentives for education, for health care, decide whether those tax incentives were, first of all, how much benefit do people take from them today? what is going to happen? and was the purpose to get rid of them? take a look what is happening. who will benefit from the tax cut. you can look at history. you have to ask, are we helping middle class? what are we doing for less affluent people. i do look at it what will happen with kid and families that go up poor. will this hurt people? i don't have a huge concern but i have some concern. neil: if you have a balanced budget and $20 trillion in debt,
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i'm wondering is there any scenario you can see we'll ever, not only attain the balance budget thing, but eventually wipe away our debt? that is something that is, like a ticking time bomb? >> obviously you can increase tax rates but i point to two or three things. some things in the new tax bill in terms of deductions will help. i think it is great to rational rise the corporate tax system but if you're worried about the budget, we need to not just give shareholders a windfall. we have to make sure that somehow that tax revenue comes back. that you know, in a sense, we're giving to shareholders by lowering corporate taxes. i think that's important. and at the end of the day, as you look at numbers, payroll taxes, neil, are very important. and all of the discussion today, and in the press always, is about income tax. and yet we have a ceiling of 100, whatever it is.
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$17,000, on income paid with social security taxes. somebody might need to look at that some day. that is from a revenue standpoint. neil: didn't put a ceiling on that. your social security concerns would just melt away here. but i do want to switch gears a little bit, if you don't mind, steve, talk about you're an investor in twitter. i'm sure you are aware they increased their tweet to 280 characters. you were getting concerned about social media sites that are responsible for better policing the news that appears on them. you had said i'm not sure, interview with bloomberg, i believe, i hope i'm quoting directly. i'm not sure that is facebook's job. they are not in the news business. they fast on other's news. same thing with going gill. do you think with those
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companies, twitter included, no responsibility what gets up on their site and gets passed along as news or information? >> i wouldn't say there is no sonsability but it is very difficult define what the responsibility is. an average american citizen can post something on facebook, something to the fact, tomorrow there will be an earthquake in california. that's fake news. there is no reason to believe it. and yet, being able to distinguish people's ability to randomly express themselves other the first amendment or otherwise versus impact may come from foreign governments and other more nefarious activities, it is very difficult to do. and so there is a responsibility but these organizations also sort of, they thrive by letting people say what's on their mind. i think it will be important for
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government and social media what is responsibility what really needs policing. it is clearly not nothing. it clearly will be difficult challenge to first define the policy and implement the technology to deal with it. neil: do you think enough of this news had impression on voters that so much it tipped election last year? >> not in my wheelhouse. not smart enough. can't say. neil: i thought i would get to it by burying the question deep into the interview and you would say it. let me switch gears to your los angeles clippers on fire of course, but you did address the issue about athletes who want to kneel or sit out the national anthem. you said our players have ways to express themselves. they can use to the tools at their disposal. some of those tools are in violation of nbr rules. some of those rules are not in
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violation of nba rules. what are your rules? if your players sit out the national anthem what do you do? >> we respect the nba rules. the nba rules governor enin this case. thethe nba rules are clear by players needing to stand for the national anthem. i think it's a good rule and it is good for players to express themselves on issues they think are important because athletes have a voice they can use to comment and highlight important social issues. neil: but if they did that with you, nba rules are what they are, but the nba rules are what they are, they would be in violation of those rules i would assume you have to punish them? >> well, they're are clear consequences called out. neil: sure. >> everybody understands that. the players association agreed to it. so it is really, let me call it a rational framework in which
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players can decide what to do. if somebody wants to go against the rules they can. there is consequences. neil: right. >> people respect that. i do encourage our players to speak out on things they think are important. neil: finally the market run-up, incredible, year since the election of donald trump, obviously proceeds even that, steve as you know, microsoft has benefited obviously. apple with a market value north of $900 billion. does it ever get knows bleeding for you or do you find all those multiple levels are justified? not just talking about different issues but looking at nasdaq, technology run-up what do you think? >> i don't know. maybe it is my natural personality, yeah, it feels a little knows bleedy to me, neil, i think it does. i made a comment in '98, it felt nose bleedy.
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again. i got a lot of give on that. sure enough by 2000, be -- whoa. i'm beyond the forecasting phase, but things feel a little nose bleedy. if you like that word. neil: i will patent that word. >> i'm not bleeding, neil. neil: steve ballmer. very good to be with you. this, if you are into what is going on with your tax dollars and where our tax dollars are going and how it is leaving once the money comes in, it is very easy to read and understand. like i said, if i can understand it, i'm telling you, america, you can. we'll have more after this.
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neil: president is in china, meeting with china she is president xi xinping. in the latest incarnation, around levels of mao tse-tung, god-like status. that might greased the skids on a $9 billion deal between u.s. and japanese companies. we have gordon chang. good to come across the globe and come bearing, getting gifts.
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were you surprised at size of these deals? >> certainly surprised by the 9 billion-dollar figure. got to remember, neil, these are memorandums of understanding for the most part. they are not actually signed contracts but nonetheless the number is huge and also we've been hearing reports of $250 billion in deals. so this is just, really trump size. neil: all right. so, obviously the, you know, the chinese leader wanted to do something to show he out of good faith, wanted to continue good trade relations with the united states. this understanding goes forward with the inherent understanding on our part, that the two sides will be able to sort of iron out procedure moving forward to deal with north korea. but that spin, it has been a long time waiting and coming here. what is going on? >> a number of things is going on. president trump in the first day in seoul, talked about how unacceptable for any nation to arm the north koreans.
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he didn't mention china by name but china has been the country that has been supporting the north korean ba -- ballistic missile program and the north korean nuclear weapon program. this as president trump said is completely unacceptable. i like the idea that american companies are doing business with chinese companies, but nonetheless that is not a substitute for china, you know, mischief-making when it comes to the north koreans. also, neil, we have to understand the chinese are going to get something in return for all of these deals. and for instance, they want the united states to scrap all of the restrictions we have on technology transfers to china. also they want the united states to drop its section 301 trade investigation into china's theft of intellectual property. i think the asks from china are unacceptable. i hope that president trump will not fall for it. i don't think that he will. nonetheless this is treacherous ground for the president, because the chinese have been thinking about this visit quite
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a long time. they know exactly what they want. neil: can we trust the chinese? >> absolutely not, neil. neil: okay. i thought you were going to wiggle on that. absolutely not. >> you know, the chinese are villains, neil. we know that. neil: all right. >> the issue though is that american presidents for a long time allowed chinese to be villains, for a number of reasons, some good, some bad. president trump is different because trump has top of the foreign policy agenda protecting american people from north korea. he will not put up with crap from the beijing. neil: wasn't expecting that, gordon chang. we'll see what the president gets out of his chinese counterpart.
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neil: just a short time ago stocks positive which is good enough to keep the run going. a lot of this despite an election yesterday the results that we saw that republicans were fearing, maybe investors as well could be damaging to the prospects of the market rally. deirdre bolton with what is at stake for next year. neil: lining it up already. take a look at the senate, democrats have to defend 25 seats. what is worth noting as well as they were 10 senate seats that dems are really going to have tough elections in. that is to say in those states
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where the president, donald trump one and 2016. if you spend ahead and begin to look at the house breakdown, and this is where if you look at liberal sites, progressive sites, lot of them saying okay, maybe the houses and play, so this is a luckier. a lot of the reference, even though obviously a separate body is published on virginia last night. democrats saying just how wise you have a candidate. who was kind of president trump and kind of not had some of the populist agenda but some of the traditional gop agenda and it didn't serve him well, therefore they are looking at this space, the democrats is he in the area most fluid and where they can have the most influence. if we fast forward with the break down could be as a talk about the net gain. democrats would need to add 24 seats for a majority that is to say in the house that you have
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some of the stickier points for them and i know you've been putting this in context and light of what happened last night. as we know still along way to to go, neil. back to you. >> the verdict down on the off year election like yesterday telegraphs what happens in the off year election. no way of knowing. neil: there is no way of knowing. thank you very much. there are reports going back and forth that the senate bill out of the finance committee could be delayed. it turns out mr. mcconnell and other staffers on the republican side of the senate saying it will not be delayed. nebraska republican congressmen adrian smith. very good to have you. i guess the business scene way things are decided in washington, the market getting done in the house in this measure. where do you see all this going
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in the timetable to get it all done by christmas. >> we are still on track in the house and i find this encouraging. we are making progress in the middle of the committee markup today and tomorrow, but we are make in progress. a lot of expected criticisms from democrats, but i'm glad to say we are moving forward. >> there are reports that could be markedly different than your own personally. the house plan would lay is not stacker the corporate income provisions like child tax credits might go away as well. without worry you if those two features were gone? >> i certainly like some of the provisions that perhaps the senate may not or even vice versa. this is part of the process. we shouldn't shy away from the
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process. our founders set up a system to read the house operates differently than the senate and we alternately come together for a conference. that is doing our job. we should not shy away from it. neil: do worry and a lot of americans look at this and say i'm not going to see as big of a tax cut as i thought another say it will not see a tax cut at all. i will be paying more and people are getting ticked off. what do you think? >> there's a number of characterizations out there that are not accurate and we are looking at a broad based tax reduction and i think that is what can grow our economy, create more opportunity for the future. we need to get out of the business of picking winners and losers in the tax code. let's make a broad-based change as they possibly can and move forward and grow the economy together. neil: now, you are constrained by budget rules that require these things that limit tax cut,
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by definition it can't be a reagan tax cut, a substantial tax cut. a lot of people say this is the best you can do? what do you think? >> certainly, would like to see long-term tax policy whenever we can and we also want to be bold and this is a combination of really moving forward with long-term aspects, but also boldness in the shorter term so that we can get this economy moving and take up additional items as necessary moving forward. now is the time to act. we have a great opportunity. let's not let this pass us by. neil: congressman, thank you for taking the time. things have been yesterday that might've changed the whole sort of math on this. if you think about it and i don't want to overstate a midterm election. an off year election might be
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the case. a common theme in new jersey and virginia and if you argue main that was put on the referendum there because the governor can't reject a knot, and you could make an argument there was a call for more spending, more government and not a call for some of the things republicans could be espousing right now. it doesn't translate into anything approaching similar changes next year in the midterm, but to the senior editor, molly hemingway, chief chris bedford. molly, to you first on this. do you think yesterday's election reminded republicans that may be voters in at least those key areas aren't such government spending haters? >> well, certainly virginia which is ground zero of the swamp has never been a government spending hater, a major driver of the economy in virginia and also new jersey being a coastal state might not
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have the same resistance to a government scope that you see in other states. you hope republicans are learning lessons from what they saw last night. this is an unbelievable defeat across the board. it is not that ed gillespie lost to northam. fox point having been seven or something like that. the changeover in the house of delegates, which was 66-34 and democrats took been overcome and that is significant and that is something that should wake people up to the seriousness of what faces republican next year coming midterm elections tend to go for the out party and under obama, democrats lost something like a thousand state legislators. so they have a lot of ground to pick up. you expect to see them get back some of the seats, but this is a staggering defeat for republicans. neil: wondering how would play out next year because the talk about how democrats would have to do a good job to protect the
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unit 25 seats they have up for grabs next year and then getting a more to turn the tide in in the house picking up 24 where it seems easier. in this mood, in this environment if this were to hold, what type of candidate should they feel, steve ben comes out and says not guys like gillespie then. what do you think? >> gillespie was not a great candidate. he can distance himself -- captains of distance from donald trump. you never hear his name come out of his mouth. he did latch onto some of his policies, the kind of the guide donald trump donald trump always ran against. he is the bush white house guy. he's been around for a while. but it didn't really work. republicans didn't try to overthrow the party if we want to stick to it. neil: u.n. primary these guys to find real rabid types to take the place the establishment for
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lack of a better term. >> democrats have the habit after they got beat by donald trump from vladimir putin and the hacking scandal all the way to steve manan. all of them have been a little overstated. even republican shouldn't be too worried. but they should be too worried about looking difficulties getting something done. the house, senate, passed pretty much the entire trump agenda, but the senate needs the tax reform done so there's something to to go to their districts and pay one of the things i ran on my dade. reelect me. neil: you know, molly, just wondering now the heightened urgency from republicans to get this done. they need a bit to read. you guys need to get tax cuts through even if they hate them. today, even if the wrong tax cuts where they add more controversy than they are worth. the argument has always been some tax cuts are better than no tax cuts.
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once you look under the hood, some of these aren't as endearing as they seem. what are your thoughts? >> this is actually such a modest tax reform and tax relief plan. that's the big problem that is not enough. having said that the republicans won for special elections following the trump victory that made them very happy he made them think everything was fine. it collects the head wind and virginia kept the house of delegates under control in a year like this were so little has been accomplished by congress company might have seen people on the hill think i guess we can keep on kind of doing nothing and it will work out all right. definitely the wrong lesson to take and hopefully they understand they need to do something. so many failures with the repeal of obamacare, tax relief, tax reform or something else. neil: indication the senate measure when it comes out will be markedly different than the house measure, and that is not new or unusual or unique to republicans and democrats, but a
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mean, it could be be significant and you have a number of retired senators who could say i don't want a part of this. >> i actually think you definitely have at least a good shot of passing tax reform. the way it was put forth as this is how it has to be in if it's obvious we're not going to agree to it. so much wiggle room, so many things you can get people to barter with. it still has a really strong chance in more than anything if they don't pass it, they don't deserve to stay in power for past and insignificant, they don't deserve the same power. one of the things you saw with the electorate last night, democrats are so excited to get out and vote and express opposition to donald trump. you are not seeing enthusiasm in the republican base. you have to get some reason to think it's worthwhile to those one whether it's ed gillespie or someone more populous and they just have to think about being laser focused on that in the next year if they want to retain the senate and the house.
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neil: chris, can they do that? if you had to make a prediction right now on whether they hold onto the senate and her house. your thoughts? >> i think they hold onto the house. democrats are overstretching on not. the month after they got been a year ago today by donald trump, they said we will step back and focus on the economy, focus on any working-class voters and after a month it was completely forgotten a double down on policies that barack obama successfully did, but knowing the democratic party has the charisma he had to hold this together. same thing with the senate. the gop is pretty safe as far as that goes. i don't think they will see any gains. more likely it goes in the house. the house of representatives that would bet a dollar stays gop. neil: we will see. i will hold you to that. next year. in the meantime, chris christie is going. he is just a couple away from being the former governor of new jersey. but you are going to miss this,
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aren't you? >> it is serving folks like you. it really is. you are fabulous.
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>> it's easier to say to your -- zero really?
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easier to sit here and complain. but you know what, that's the joy of public service. it is serving folks -- yeah, it is serving folks like you that if such a joy. you are fabulous. neil: admit it, you're going to miss that guy come miss that guy come as soon to be the former governor having it out with a voter yesterday after voting in mendham, new jersey. joe piscopo is with me right now. they were wining and dining in the garden state running for governor himself. kicking yourself? >> a little bit. neil: a little bit? >> i did the right thing. you got to take a hit. not to compare myself by any stretch of the imagination, mr. caputo, or when ronald reagan took a step down and they wanted gerald ford in august that homework when gerald ford?
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what about ronald reagan and president reagan took the hit. >> they came back like gangbusters. >> i sat down because she was great, refreshing, smart, knows the issues. she had a plaque pan. just anything. the thing is -- neil: do you think you could have done better? >> if i win and as independent, maybe. this is like i'm on the couch, aren't i.? neil: what you think happened? phil murphy -- he is going to have the run of the table here. democrats will control all branches of government then be able to do pretty much whatever he wants. what are you as a new jersey in looking at? >> four years down the road.
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this is the thing you have to understand about a conservative guy virtually an independent in the state, that we support phil murphy, the new governor to be. we are not going to but masks on. we are not going to go hold signs. we're not going to cause violence because we don't like to his name. we are going to support the guy the way we did barack obama. i wish him nothing but the best. neil: you don't mean a word of god. neil: let me ask you. everyone who says that -- he has an agenda that's 180 degrees are not. neil:.they are, the outlook agenda, the progressive socialist agenda, is a progressive left agenda. which is fine. that's what you are, fine. neil: that's what new jersey and spot. they wanted him or they hated chris christie.
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>> they blindly vote and i did the same thing as a former lifelong them. it's not. it's a socialist, leftist all-black party. they make you worry chris christie left a bad taste in new jersey? very tough for republican on the road. >> on this very program the republicans can't win in the next gubernatorial race. neil: by the way, you don't have to be nostradamus. the environment didn't look promising. you don't find this to some indictment on donald trump. this is more reflection -- >> absolutely. there was no platform on the left. they had no focus on any initiative. anti-trump come anti-trump in sanctuary cities and higher taxes. neil: what your listeners on your big radio show telling you?
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what are they thinking happens? >> iran moving to south carolina. i lost all my audience. he has quite a mandate. you could argue in virginia. so you could argue that there is a lot of wind of democrats. >> remember we said that. republicans let the democrats and vice versa. we always go back and forth in new jersey like that. the problem is the property tax as you now, it's inexcusable is what it is. the tax reform -- neil: what her christie? they are dissecting this for a long time. you and i talked about four years ago after sandy, and that was -- they met chris christie could have been president of the united states. neil: and what happened? >> i want to respect everybody, but i think he just may be -- look at me babbling here on
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national television. you know, you've got a show humility. we need that in new jersey. neil: we did like it when he was going -- what you think he is now? todd whitman was saying he will be very much in demand high-priced lawyer. >> i'll tell you this. don't ever count chris christie out. he is smart. he's great on his feet. neil: do you think he would join the trump administration? >> of the president wanted to bring an end, he would go in a moment. neil: are larger than the private sector? >> when he ran for president -- neil: you just want to make money. >> is that too many children. now on the tax return you can't write off alimony. really? they're going to do that to me? neil: your lovely daughter is here. i don't think we need to get into these issues. what are you going to do?
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>> well, it depends what happens is senator menendez. i'm catching this very carefully. neil: senator menendez, still waiting to hear. >> we'll see what happens. but sport on the table. people want me to run for the senate in new jersey. i'm getting heat from washington. neil: do you want to? neil: eventually to get two thirds in the senate to decide we are kicking you out. so then the governor, in this case a democrat by that time that would appoint someone and they have to have an election soon after. that is the guy you want to be. >> that guy is beatable, whoever is appointed. if menendez walks away, you can't be then. >> so you want to be senator? that's what you just told me. >> i said i want to serve the people. neil: you can even handle this interview. how are you going to run for
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united states senate? >> of the people needed me, i would go win. do i want to leave new jersey? no. i would be more in the statehouse. maybe, we will see. neil: you would be representing new jersey. i know how it works. you'd be a different senator. that's for sure. neil: do you think i'll frank and another's are there? what do you think you bring to the table? >> i believe in god we trust, god bless america. i believe in low taxes, fiscal conservative in the sovereignty of the united states of america. i honestly believe to manipulate the foundation of the country you come in with out last. my grandparents are in the laws and the link which and wanted to
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become american. now, name, do whatever you want. you can take the sovereignty of the country and now it's new jersey. neil: you're so patriotic now get a chance to address this. >> you mean when you should have ran? neil: you were just out to make money. >> i was there. i did the right thing. i took a hit. neil: i think you regret it. one says we don't want to mess things up. >> two i regret it? a little bit. neil: are just trying to picture that. when we go to break here. senator piscopo.
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>> welcome back to cavuto coast to coast. i nicole petallides live on the new york stock exchange. a keen eye on our poll. apple moves above to another record and moves above the key price of 175 or 80. at that price 900 billion mark. first company ever to do so. what would be a trillion if you wanted to know? 19477. the election on president trump was elected and that was a tough night in stocks sold off. send them, 75th record close yesterday the dow jones industrial average. boeing and caterpillar led the way in the dow going up 87%. caterpillar 64%.
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united health 48 around 42. the dow was up almost 30% since election day. that certainly beats out the average after presidential election 6% gain. neil: nicole petallides on the floor of the new york stock exchange. the senate tax bill is moving along and we'll get some details as soon as tomorrow, but it will not resemble very much the one that is being cooked up in the house at adam shapiro with more on that. >> hey, neil. what does come out of the house ways and means committee is different in the senate and committee. even orrin hatch, the chairman of the senate finance committee said his committee and mark would not be a rubber stamp of what the house does. it is important to us in right now. if you look at what's happening
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inside the committee, at times it's getting very heated between democrats and republicans, but republicans moving forward this legislation. here's a he said early this morning about how these two bills, house and senate will actually differ. >> this is the process. the senate will differ in some regards and in their whole bill we will see some different approach as and where we are headed in the house, but that's a healthy thing. this is the way it works. >> some of the changes that could take place, for instance, the administration wants absolutely a 20% corporate tax rate. the house does that. delaying one year before you go to 20%, facing it in. susan collins, will move the estate tax, but susan collins does not want it moved entirely.
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when the senate does its version of tax reform. a moving target that republicans are taking aim and eventually they will score. neil. neil: atom, thank you very much. education sentences are given in our tax code here, but they might not be part of the plan. hey, jerry. reporter: big changes to tax benefits for college students. some of this very popular. college student loans killed in the republican plan allowed for a maximum deduction of 2500 for middle-class earners. likewise tuition extension for middle-class earners. 4000 but for people who have income limit at the window and tax reform would do away with the recount allowing new contributions in encouraging parents to roll over money to a 529 plan.
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an annual contribution limit of 2000 bucks. earnings to be taken out tax-free. all the education tax changes is $65.3 billion. that's everything. ways and means committee, current rules are so complicated they require a 90 page document to explain them. on the other hand, a times student loan debt is $1,545,000,000,000,000. students and their parents struggling with baghdad. other unpopular move. trained to thank you very much. you are looking at the elections and i know about new jersey and virginia. a big role in this as well, voting on the key medicaid. it does kind of fit in more spending. connell: the governor there had
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vetoed that would expand medicaid a 70 to 80,000 more residents every time he vetoed. they do a little run around as a referendum impassive pathway. people telling lawmakers were they spend money. neil: lawmaker shot this down whether it was in the legislature or the governor's desk. do we know what happens now? is what they want. connell: it's all down to the maine constitution. there are options to appeal this. i don't think it will. maine has gone down this road before. the expanded in 2002. they ran out of money and ended up not paying bills and thousands had to drop off the rolls. they did not learn their lesson. train to i know it's not as silly a temptation, but the one common theme but some of these
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states is even with what appears to be delicate, his people were voting in these three different states in different capacities for more spending, i was a common theme. >> summer refugee from europe. look at the welfare state in europe. angela merkel said 70% of the population, 56% of the world's welfare spending. that's what happens when you start the mind to provide everything for you. when it comes to health care at the veterans what they think about government provided health care. neil: for republicans now saying this is totally different than what could happen next year. if the team continues in a box things that come about as republicans on this tax cut. connell: then they will get a staple with a whole lot of uber drivers produce work in
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congress. connell: don't read too much into it, but this is a shout to washington that they get your act together. they party botched how the character they've got to get on the same page. neil: i don't think they know who they are. connell: they've got a split party to say the least. the conservatives and those down the middle. next year he knows midterms that could get ugly. neil: they are talking about rearranging more in the populace. what are your thoughts? >> maybe they need to get back to that because trump supporters okay, the middle-class tax cut the house bill is right now, but other people let down. the office, house and senate this is the best you can do. seven years to come up with this mess.
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just on the tax bill, new questions unanswered. a lot of disappointed voters out there right now. neil: do you get tired of him whining about the fact he's not getting tax cuts day in and day out? truth or you know your pain man, don't you? he just gives me a scowl. neil: you are greatest. ashley webster, from europe. i had no idea. connell: i'm actually from ireland. neil: it's a shtick. up 11.5 points right now. we will keep you posted. you may have seen harvey weinstein could be indicted maybe in the next couple days. we are on top of that. what powers the digital world. communication.
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neil: the argument you hear from a lot of soup so-called
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supply-siders is every time taxes have been cut a table to reduce government revenues. of course the not so dirty little secret is whether republicans or democrats are in charge they send those revenues and then some. what if you discovered? >> i'm a balanced budget guy. it's just where i am. i'm a business or sin. i look at the history and frankly while in general i am nonpartisan, and on this issue of making sure our budget doesn't get worse, that we run bigger deficits, it's reasonable to have some concerns. neil: former microsoft steve balmer has a legitimate concern is that fair and balanced ashlar. you just think we are keeping our eye off the ball in accumulating debt will come back we shall see. in the meantime, close to seek
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an indictment for harvey weinstein that could happen as early next week. what he could be at or looking at. emily kim pino, attorney, what are we looking at? >> hello, neil. >> i want viewers to understand that it's normal to see conflicting standards here. the police department is far lower than that of the da in here given the explosive revelations this week of weinstein's army at the million dollars he has spent to combat negative publicity when articulating the truth and get manuscripts of books against him is crucial to cross the t.'s and dot their i.'s. they need to ensure every step of the way they play by the rules and have enough evidence to secure the sad. i applaud the da for taking the time. only a few extra days to ensure a grand jury indictment is secured. neil: how did they do that, emily, when some of these
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charges date back years? >> that's part of what is so difficult about prosecuting historical crime. police chief has come out instead part of the reason they rendered to the story so credible is the ability to articulate with specificity every moment of both of these tales of these allegations. what is so difficult about that is so many victims can't recall specificity they've been drugged. or in her case, she indicated she was too intoxicated to consent at least one of the times. i would like to point out her statement of intoxication as a wildcard here. it is crucial and here is why. in the city of new york, inability to consent can ratchet down charges to second-degree come with charges one year in prison versus first degree which is 25. weinstein will jump all over this. she was too intoxicated. how was she able to articulate both allegations, with such
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detail. it is crucial. neil: in the end, does not come down to, this is an overviews phrase, he said, she said. to your point, you have to go further to get back, but what would that prove speed, special years after the fact? >> you are right, that's a lot of people's argument. what is my defense if the allegation is simply what she or he is saying against my credibility? and a cooperating evidence is important here, even circumstantial. plenty of charges brought and conviction secured based on circumstantial evidence alone. even at night, even her telling other people, e-mailing, calling, going to a friends house, anything like that is so important. it's not just her allegations and credibility in articulations of details. it's everything else. circumstantial is okay here.
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neil: do you think you will be indicted, harvey weinstein will be indicted? >> i frankly hope so. they are waiting with baited breath to see some cities step up to the plate. it can't come fast enough in our minds. neil: emily campagna, thank you very much. good seeing you again. >> thank you. neil: more in the crock down to we told you about part of the royal family, and all sort of corralled input at a ritz-carlton hotel, which is essentially for the time being there present. now they are trying to get more out of who is in charge. i'm talking a lot of money. about $800 billion worth of assets.
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neil: this might be a case of the folks at the "financial times" catching up with our own charlie gasparino. reports now that the u.s. demand that cnn be sold to allow at&t time warner to eventually merge. this is a merger running into a lot of road locks are presuming that would be the justice department, charlie gasparino train to say if you want this. >> are reported jared kushner, son-in-law of donald trump and a
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senior adviser does not like the fact that you have a massive distribution arm as at&t combined with a massive content armed, time warner with the ability to sway opinion in cnn. what he was saying and with one of the few rare instances of agreement between steve bannon and jared kushner was when they talk about this deal. steve bannon when he was the presidential adviser at the time was saying they should not allow the deal to go through. at&t time warner merger unless time warner sold off cnn or maybe even fired the head of cnn. neil: at&t is obviously going to fight this. >> i have no idea. i heard at&t has entertained the thought of cnn. there's no doubt in my mind.
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i've heard that from very good sources. they've actually had meetings of doing that as part of the merger to make the merger goes through. whether they will do it or not i don't know. i think they'd rather sell cnn demos the whole deal. i think they'd like to keep hbo is a matter of fact. neil: according to reuters and some others here, at&t is indeed prepared to fight against any debit or assembly include cnn. in the event this becomes a dealbreaker, with at&t still allow time warner to buy cnn? charlie: i don't know. listen, if their content and content needs to be merged with a distribution arm. by the way, they also -- they also are doing pretty well post drowned in a charred area.
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they have a local opposition more so than msnbc. that's one way of looking on it. another way of looking at it is if you can get the whole thing because time warner has other assets, hbo among them and you can get a good price for cnn right now. cnn could sell for a decent price. neil: who would buy it? charlie: cbs would buy it. there's been interest from cbs on cnn to merge it again, have sort of a broader -- neil: i would justice make this a dealbreaker? transfer it makes no sense of the justice department. in a trump era where they like most deals, you know, and a free market people in these regulatory bodies. it actually makes no sense. it's a vertically integrated thing. not much overlap. you wouldn't be creating a monopoly. this comes down to the visceral
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hatred of donald trump, as cnn and he was to make their lives miserable. neil: switching gears to something else because i thought about the saudi royal family is in the interest early on in entertainment, and some of the others, now under the house arrest at ritz-carlton. not a black case to be, but where is this going? the crackdown, but it's getting pretty serious here. charlie: $800 billion of assets is about is that jake and they could confiscate it all. that would be an unbelievable thing. neil: he's going after family members during doing this. charlie: a few confiscate their wealth that would send shockwaves to the world of finance. neil: replace the bats would the crown prince of these doing this. >> let's be clear here. he is saying one of the biggest
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financiers in the world, guided you see on shares in our company, prince alaweed is a crook. that's a huge story if that's true. neil: they are all holed up in the ritz-carlton. transfer drinking pumpkin spice latte is? neil: probably. anyway to destroy the urgency of the moment, charlie gasparino will find it. in a moment, we will have more.
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neil: all right. up a little bit is good enough for the markets today. this on year anniversary since donald trump was first elected president. all major market averages with appreciatable run-ups. can it continue? i guess we'll see. trish regan. trish: thank you, neil. house meeting for the third day over the gop tax bill as senate gets ready to unveil its version of the bill which can come as early as tomorrow. breaking "the financial times" is reporting that the doj is demanding at&t sell cnn in order to get approval for the time warner acquisition. i'm trish regan. welcome, everyone, to "the intelligence report." senate republicans taking a different tack on the gop tax bill. they are talking about delaying the corporate tax cuts until 2019. we hear there are seven b


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