tv Cavuto on Business FOX News November 26, 2016 7:30am-8:01am PST
>> jonas only likes it because he has a black card. i'd buy it on a pullback. >> it's not a black card if you -- thank you. neil is now. president obama is promising to pipe up if he doesn't really like the way things are going. hello everyone. i'm neil cavuto. president-elect trump isn't even in office yet but this president wants him and the world to know if he doesn't like the way things are going, he'll be talking. a lot. breaking with a tradition -- a usual tradition of former commander that keep to themselves. charlie payne and charlie, two charlies who do not keep to themselves. we have kennedy here along with gary and adam, ben stein is out this week, dagan you just saw doing usual great job of hosting on "bulls and bears." so, charles payne, is it going
to make it harder on an incoming president when the guy replaced won't shut up? >> absolutely. can you imagine any job do you want the last person that had it opining on your performance? and i tell you what makes it even richer. barack obama really has had no criticism from george bush, even though he threw him under the bus every opportunity he could. george bush didn't say anything. he didn't comment. the economy was -- he never -- he had so many chances. >> i can see the first year, but nothing for eight years. >> but really to say somehow he's going to keep donald trump in check, he's some sort of a, you know, alternative out there, some sort of social conscious that will make sure that the new president does the right thing is absurd. but it does speak to his ego. >> what do you think? >> well, i remember when jack welsh gave -- picked jeff immelt to run ge. afterwards -- that was jack's pick, but afterwards they didn't get along. >> right. >> very much at odds about the
management of the company. immelt used to say stuff behind jack's back, vice versa, yet they never boiled over publicly. jack never came out and said a word publicly about the way jeff immelt acted, even when immelt started cozying up to obama being on the economic councils which i'm sure jack did not like. i know he did not like. >> but he largely kept that to himself. >> he kept that to himself because there's subtle ways you're supposed to comport yourself in that position. jeff immelt is the ceo, the board if they really have a problem will get rid of him. it's the same thing with trump. trump is the ceo of the country. if he is lousy at the job, which he might very well be, then people are going to vote him out. >> you know, kennedy, i can see former president realizing that his entire legacy could be sort of derailed. >> yeah. >> isn't going to like that and isn't going to stay entirely quiet while that's happening. >> look what he's done during the campaign? he's made the entire thing about him. it wasn't really an outreach to voters. >> until the loss.
>> yeah. >> good point. >> convincing them how important hillary clinton was, it's more about my legacy is so important to me therefore it's got to be important to you thus you have to go out and vote for her because she's the only one who's going to preserve it like a jar of smuckers jam. he is going to be the most annoying backseat driver former president we've ever had. and i understand we're entering an unorthodox political period and maybe he feels justified breaking with tradition and protocol as donald trump is probably going to do on many things, but it is going to be annoying. >> how do you feel about it? >> i'm glad you asked me. >> you know, adam, charlie remembered the ge example with welch and immelt, i'm also remembering a couple of ceos who kind of got annoyed by a meddling steve jobs. and, you know, it wasn't as if jobs was staying quiet. if they were taking the company in a direction they didn't like, they would first be in meetings with friends and other times be outright talking to silicoicon
valley press or what have you. so there is precedent for this sort of thing. if someone feels that their legacy or what they built whether in a company or politics is being compromised, right? >> yes, gary, i think it's no question it's annoying for the person in office or in the position. in jobs' case he had been booted from a company, so he was bitter. i've admired george w. bush's behavior immensely, but remember, he left the office with very low popularity. i'm sure that helped him stay quiet. i think kennedy made a very good point, which is that so far the president-elect has indicated that he wants to throw away the rules of deportment, so it doesn't shock me that president obama would say he's not going to abide by the same rules. >> gary. >> but this is about the leader of the free world. this is not about apple. >> indeed. >> and arguably we have the most divided -- we have the most divided country we have seen in decades. and when you're going to have the media, you know, dribbling to the hoop every day trying to
destroy this president, you can't have the ex-president also doing the same thing. we've got to move forward, not backwards. and if he's out there every day -- by the way he's basically telegraphed that he's going to be after maybe a little bit of a vacation, if he does that, we're not going to get anywhere. going to continue to move backwards and not go forwards. >> i wonder how gets to be to one of your points, what if you don't go out in the press but you let it be known to the powers at be and party leaks out like sometimes happened with george bush meeting with donors, i don't like what he's doing on this tax thing, without being that over the top blatant. >> well, that happens. >> he can't help it -- >> but i think you're right. >> yeah. >> but let's be clear, if donald trump acts like he acted sometimes during the campaign, there will be republicans that go after him too. it's not going to be a kumbaya if donald trump does that. now, obviously he's doing quite the opposite. he's appointing -- he may appoint various people that didn't agree with to various
cabinet positions. he's opening himself up at least to talking to people. he disagrees -- >> but he's already pivoted if not outright reversed on a couple positions. >> yeah, went on bended knee to the "new york times," which was his chief like torturer during the campaign. so this guy is not acting like somebody that barack obama should go out and start beating up on. >> well, we do know they talked to at least one since the oval office meeting. >> right. >> i don't know what came of that phone call, but maybe the president imploring begging he doesn't dismantle the entire health care law, there are already signs on that that trump is willing to compromise. so he seems to be pragmatic enough to make some adjustments here, but where do you draw the line between being pragmatic to get the old guy off your back and losing the people who elected you? >> well, donald trump is dealing with that right now. and i think he's going to grapple with that. the good news is he's got a honeymoon period with the american public. and we're going to give him a period of time to implement brand new ideas and ways of doing things. and i think people will likely
see barack obama do the same thing. but i think, to your point in that "new york times" interview, they've spoken twice since that meeting and it seems they're building a pretty good relationship. so maybe he'll -- >> so did bush, but he threw the former president under the bus. >> hearing one thing about president obama, he can no longer start a foundation. hillary clinton and bill clinton have single handedly destroyed the post presidency for him, that's another reason he's resentful and not spoking of her in glowing terms since the election because now what else is he going to do? write books? >> he's going to make millions. >> if he were going to be a charitable person, he could still have -- he can't do that. >> a foundation called my brothers keeper, i think they'll still go along with that, but he'll make millions on speaking engagements. but he's also going to live in d.c. and that in itself is a shadow over the new administration. >> for a period of time. >> just remember it's not just going to be -- it's not just going to be obama. it's going to be proxies. it's going to media. there is going to be a move of foot to go after trump.
it's already starting. we talk about a honeymoon with the people. guess what, there isn't any -- >> i will say i think it's significant that he is going to be -- adam, i don't know what you think, still in the washington, d.c. area while his youngest daughter finishes school, that means he's in the neighborhood. that means he's easily approachable. i think that makes a very big difference in the beginning because you can just walk out your door and someone's going to stick a microphone in your face. >> true. >> i don't think he's going to resist the urge to say something. >> well, i don't think he'll resist the urge, but let's look at what -- you know, charles made the point about what we've seen so far. him, what he says may well be positive and helpful and constructive because so far he has been. he has made kind statements about the president-elect as trump has about him. so who knows, maybe this will work out well for everybody. >> these people are polar opposites on everything. it is not going to be nice-nice. >> gary, i think keeping with
the spirit of the season and be hopeful, maybe you could get on the same page here. >> can't fault anyone for that. >> get on the trump train. >> get on the trump train. in the meantime democrats still a lot of soul searching going on, how is it they lost to donald trump? did this democrat trying to unseat nancy pelosi next week just say it all? >> they feel like the democratic party has left them, that we don't care about them, that we don't talk about them. and the evidence is last tuesday where they left us in droves. today on forbes on fox, the federal tax code is huge and president-elect and republican lawmakers want to cut it down so size. but could their plan get stuck in the swamp of washington lobbyists? plus, what the president is trying to do with the iran nouk deal to make it harder for the president-elect to dismantle it. we'll see you at the top of the hour. aughter. roller derby. ♪ now give up half of 'em. do i have to? this is a tough financial choice we could face when we retire.
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where the streets have been closed and the party, the celebration of the death of 90-year-old communist dictator and revolutionary fidel castro is the best news they have had this thanksgiving weekend. they've come out to the street waving flags, banging pots and pans, cow bells. while in cuba fidel's brother raul has declared nine days of national mourning. on wednesday fidel castro's ashes will begin a journey from havana all the way to the eastern side of the islands. meanwhile, president obama releasing a statement today saying that the cuban people need to know that the, quote, hand of friendship to the cuban people has been extended. now, back to cavuto on business. how many seats do we have to lose before we have to make a change? because we've lost 68 since 2010. we're the smallest number for our caucus since 1929.
we also got to talk to working class people, neil, that don't want to learn how to run a computer. they want to run a backhoe. these men and women who take showers after work. those are the people that we're missing. >> i always liked that line, take showers after work. it's a very good line. all right, well, are you sick and tired of following the leader? tim ryan is trying to unseat the leader, as in nancy pelosi, that vote is set for wednesday. it's an uphill battle to be sure. gary, though, this does seem to be a changing of the guard or at least an intent on the part of some rebellious frustrated younger members to say we've had it with the guard. what do you make of what's going on? >> well, look, my man albert einstein once said if you keep doing the same things over and over again expecting different results, you're insane. >> but then again he never combed his hair, did he? >> and look, this is not just about the presidency, this is
about governorship, state, local they're getting destroy ted. it's because their policies continue to be more government, less for the people. and basically the country has said enough's enough. so let them keep doing the same thing and, guess what, they're going to be in the desert for a very, very long time. >> i think he is going to secure himself a role in the house leadership. i don't think he'll topple her, but i think he'll send a message. this is what they always do, they widen the leadership, like 400 members. >> yeah, look at chuck schumer. >> right. >> ten people on his senate leadership team. >> more than we have senators. so my point is that there is a way to sort of satisfy that base without it disrupting. but we've learned from the tea party they can get loud and angry. >> that's really what the democratic party has to do if they're going to sort of service that authenticity and that bernie sanders wing that has been begging for more. and the elitist progressives haven't even been doing that. nancy pelosi rules with a fist that is both iron and ham.
and i'm shocked that she's still in power. and it's taken this long for someone to really make a legitimate charge at her reign. you know, they've had losing election after losing election. they did not expect to lose the presidency. they expected to gain the senate. >> but they're dismissing that. >> look at what's happening with the state houses across the country? >> i hear you. but they're dismissing that saying the candidate, hillary clinton won the popular vote, what's all this pent up demand? >> this gentleman, mr. ryan, who i don't really know much about but i know what he's talking about. he's not talking about bernie sanders. >> that's showing kind of a coastal arrogance. >> no, no --. let me finish what i'm saying. >> -- been unserviced by the democratic party. >> he's talking about the white working class which has completely abandoned the democratic party that put trump in office. and we should point out democratic party politics -- policies for many years have marginalized the white working class. it's run by nancy pelosi --
>> you know she's 76 years old? >> looks great. >> so the republican leadership is like 30 years younger. >> neil, think about this. >> and ruth bader ginsburg still twice as old as both of them. >> this is why trump went there and why he won, he got white middle class workers -- >> that's why she lost the significant primary to bernie sanders, that's exactly who bernie sanders -- >> why did she lose to trump? >> we're saying the same thing, charlie. i love when you get in a bundle about our agreement. >> love, love, love, love, love. i want to bring adam in to this. adam, what do you think? >> i don't know. the image of his undies in a bundle, it's hard to move past that. >> she brought it up, adam, don't -- >> this is quite appropriately about rhetoric. i mean, i also thought that line was great, neil, these people take showers after work. he's saying we're not talking to those people. it's hard to argue with him.
he's completely wrig lly right. this is what's great about elections in a democracy. >> do you think nancy pelosi has failed? >> yes. >> yes. >> yes. >> yes. >> yes. >> she lost seats, yes, of course. >> okay. charles payne. >> i think to kennedy's point almost everyone's saying the same thing. >> the undies? >> it's not rhetoric. it's solutions. >> right. >> people have frustrations, particul particularly white working class people became an unseen minority in their country, their wages haven't moved for the most part maybe down the last decade or so and solutions are you can pull yourself up by the boot straps, hence the shower after work, or you can allow government, big brother, to redistribute wealth and create a welfare state around you. they reject that. that's why nancy pelosi is the worst, absolute worst thing they could do. >> it's identity politics. >> bernie sanders -- >> amen. >> he mentioned it, but he
didn't run on it. >> but you still have to have a solution that -- i mean, it doesn't have to be about gender or race because -- >> but the democrats made it. you could be general's kids, come to the u.s. and get affirmative action benefits a. white working class guy says what is that all about? >> but, charles, but we're going to bring jobs back isn't a solution either. you know we're not going to bring those jobs back. so that's just rhetoric. >> to your point -- >> adam, adam -- >> that's not rhetoric. >> it's not rhetoric, it's a goal. >> yes. >> he's outlining a goal. and he's saying i'm going to be able to achieve this and the american public said, good, we're going to give yo a chance to do it. >> that's how it works, democrats have to be better at that. >> gary, final word. >> the answer is not higher taxes, more regulations, it is the opposite. it is about time it gets the we the people, not we the washington, d.c., and the people have spoken. >> well put. well put. >> that's why the markets are respondsing the way they are. >> so true.
>> because of why? >> because of -- >> tax cuts and -- >> meanwhile, president-elect donald trump about to get hit with another debt crisis, charlie on a breaking story that could story that could break your heart and your bank account. >> c >>. (vo) where will you find that perfect holiday gift? x marks the box! helzberg diamonds will give you this xbox one s with your purchase of $999 or more. helzberg diamonds. here's to love.
go default. this could fall on someone. >> it's going to fall on the taxpayers. i think the scarey number beyond 11%, think about the mortgage crisis. i believe mortgages were 8% in default, right? so we're talking 11% default. there were countless trillions of all that garbage during the financial crisis. gary came up with this statistic the other day. 40% is in delinquent. this thing is -- the train is coming down the tracks. >> what happens? let's say donald trump has to deal with that on his watch because everyone's imploding here on it. does he rescue? >> all i can tell you, if the trajectory is not changed, it's going to be on the taxpayers head again. i don't blame the students. >> why not let him rest? >> i think you should leave it be and let this thing get paid
down, but the problem is you keep having tuition go higher and higher because you enable these colleges to raise them left and right and never stop. until that trajectory changes again we're going to be in the soup and somebody's going to pay. >> you could make a statement whatever may be huge and profound, you let it happen. >> i do think you let it happen. i was one of those people who s such thing as too big to fail and we've gotten so dependent on government we no longer allow market forces act the way they're supposed to and we shouldn't be encouraging people to go to college for $60,000 a year for a degree that's never going to materialize into anything, but parents and administrations grow, the cost of tuition grows and it's a cartel. the cycle is unbroken and we're allowing it. >> much higher percentage going to college debt than we were kids, right? >> there's no doubt. let's not forget that barack
obama pushed out the middleman. donald trump has to bring back the private sector and secondly it's going to have to save it even though he probably shouldn't. >> what happens then? >> he absolutely will rescue these debt holders. he won't let them go down. >> we'll see. all right. in the meantime, i want to thank kennedy and charlie. the market is on a tear this week constantly hitting new highs. how our guys have the names that will go even higher. can that be? yes, you're watching fox. anything can happen.
the economy. at economy gets stronger it's going to do well. it has good numbers. >> i guess you guys expect it to pick up. we continue. you ar are watching the place f business. simplifying the nearly 75,000 pages of the federal tax code, could it happen. republican lawmakers said to be hoping to do it with soon to be president donald trump, but will washington lobbyists mess it up? let's go in focus to find out with elizabeth mcdonald, steve forbes and former economic adviser to president obama austin. steve, these lobbyists have spent decades getting their special deals. they're not going to give up easily. >> no, they're not. that's why trump has to move hard