tv MSNBC Live With Kate Snow MSNBC January 13, 2017 12:00pm-1:01pm PST
i'm in for kate snow today who's on assignment in vermont, interviewing bernie sanders. here are our top three stories we're following right now. first up, a very busy day on capitol hill as the house is set to vote on akey budget mechanism to allow the repeal of obamacare to move forward. the question is, what that replacement plan might look like? is there a replacement plan? how fast could republicans get that passed? earlier, house speaker paul ryan spoke about what's next. >> our goal is a truly patient-centered system, which means more options to choose from, lower costs and greater control over your coverage. as we work to get there, we will make sure that there is a stable transition period so people don't have the rug pulled out from under them. so that this will be a thoughtful step by step process. we welcome ideas from both sides of the aisle. >> as congress debates the
repeal and replacement of president obama's signature legislation, we're looking back at the last eight years of his presidency. nbc's lester holt will join me with some of his exclusive interview with the president. the full thing airs tonight. the inauguration of president-elect trump just a week away. we'll bring you the latest on the transition later in the show. we are also following developments in this week's other big news, the fallout from the russia hack. fbi director james comey and the director of national intelligence, james clapper, were on the hill to brief members of the house intelligence committee on russia's hacking activities. members of the senate were updated yesterday. one of those senators joins me now, dick durbin, democratic senator from illinois. senator durbin, good to talk to you. thank you for being with us. i want to get your reaction to what you learned yesterday. obviously, you knew a lot of what was coming on because of what had been reported in the media, but you got a more private -- a classified briefing. what's your reactions?
>> i can't remember a bigger turnout in this classified briefing. of course, we had the fbi and cia and director have national intelligence, and they sit down and went into more detail about what the russians were attempting. most of it is public about their attempts to influence the election. they went into more details. the length and breadth of their effort should stop most members of congress from believing this is somehow a phoney story. it's a real problem. to think a country like russia is going to invade us in a fashion to try to influence the outcome of our election is a call to arms as far as i'm concerned in the united states. i'm on a bipartisan bill for tougher sanctions against russia. i think we need to put up our defenses and be more cognizant and the investigation has to continue. i'm calling for a select committee. maybe even a national commission.
how about general colin powell and sandra day o'connor to -- let's get to the bottom of this. >> partisan politics is where people take different sides. what do you make of your colleagues who will not accept the reality of this, who continue to doubt the intelligence briefing? you said you're on a bipartisan mission here. senator john mccain is on side, but what do you say to others who just don't believe this? >> they're partisan and naive. when every intelligence agency comes to the same conclusion, for goodness sakes, to ignore that is ridiculous. 20 years ago, 20 years ago we had a full-scale senate investigation of allegations that the chinese were involved in the clinton/gore campaign. i was on that committee. it went on for months. we took it very seriously when it took a republican congress looking at a democratic
candidate. now tables are turned and we're looking at whether the trump campaign was advantaged by this and many republican congressmen and senators are running for the hills. they don't to want talk about it. >> i want to talk about the other side of being partisan, the next press secretary sean spicer clarified something on this morning's transition call. he confirmed that donald trump's national security adviser was talking to russia's ambassador on the same day that president obama was kicking out dozens of diplomats over the hacking controversy. sean spicer said it was about setting up logistics for a phone call. there's been a lot of criticism. nancy pelosi said it's probably an okay to communicate. is this democrats saying incoming president shouldn't be talking to russians? >> the incoming president has gone beyond a few telephone calls when it comes to foreign policy leading up to his inauguration. that is an innocent activity, to
contact the ambassador to find out how the telephone call might be made later. i understand that part of it. let's take it seriously. russia is not our friend. russia's history, recent history, is troubling. they are a threat to the baltic states in poland, they have invaded ukraine. the list goes on and on. my complaint is not that there was a conversation with an ambassador, but, rather, that as far as it's gone so far, donald trump has not taken this national threat seriously. >> let's -- donald trump sending out a lot of tweets today, per usual. let's talk about something he said about russia. he tweeted out, it now turns out the phoney allegations against me were put together by my political opponents and a failed spy afraid of being sued. totally made-up facts by sleezebag politics. fake news. russia says nothing exists. probably released by, in quotes, intelligence. my people will have a full report on hacking within 90 days. donald trump taking on a lot
have fights in that series of tweets. republicans, democrats, not the russians. what's your take on this? >> first, looking at this dossier that made these allegations, there's no proof of it. so, let's start right there. before we go any further in believing it, thinking it's credible, there has to be much more than words written on paper. i caution going into this as volatile as it is, don't take it seriously until there's verification of these facts f there ever will be verification. >> you're saying donald trump has a point here. he has a reason to be angry about this. >> of course. if you listen to what the intelligence agency said, they came into possession of this, senator mccain passed one version aloveng to them and they decided they wanted the president-elect to see what they had in their hands. they didn't stand by the fact it was true or accurate and a lot more investigation has to be done. but that was the premise.
he should see it because it was alleged it was collected. we start there. we should take the entire episode seriously because russia is overplaying its hand in the united states and we shouldn't take it lying down. >> senator, while i have you here, i want to talk about the confirmation hearings this week. i want to play you a few bits of sound from some of it as it pertains to russia. take a listen. >> that we're -- certainly go along with the president-elect saying, again, he wants to have an engagement there, even in our worst years of the cold war we still engage with the soviet union, for example. i have very modest expectations about areas of cooperation with mr. putin. >> while russia seeks respect and relevance on the global stage, its recent activities have disregarded america's interests. >> it's pretty clear about what took place here. about russian involvement in efforts to hack information and to have an impact on american
democracy. i'm very clear about what that intelligence report says. this was an aggressive action taken by the senior leadership inside russia and america has an obligation and the cia has a part of that obligation to protect that information. >> senator durbin, james mattis, rex tillerson, mike pompeo, all three in a row, much more aligned with the mainstream of american political opinion and intelligence opinion on the actions of russia. does it hearten you that they disagree with president-elect trump and seem to be taking this russian threat more seriously? >> they're comments are much more accurate and sober and reflective than the tweets we're receiving from the president-elect. let's be clear, his comments about putin and russia aren't in the world of reality. these cabinet nominees are being much more specific because they have individual knowledge about it. they've been briefed on it. i hope the president-elect will finally sit down -- he's had
one -- but have more intelligence briefings so he understands this real threat to the united states. >> senator dick durbin, always a pleasure to talk to you. thank you for joining us. >> thank you. atmy moment now the house is set to vote on that key budget resolution we've been talking to you about that will pave the way for the repeal of obamacare. msnbc's kasie hunt is on capitol hill following all the latest developments. that looks like a vote tally coming in. that vote has begun? >> reporter: this is not the actual -- we'll see them vote on an amendment before we get to the actual key votes. this is the series of votes you want to keep your eye on for this critical step in their push to repeal the president's health care law. the speaker of the house just walked right through here on the way to the floor of the house for this. what this does, ali, set up the framework for budget resolution that will repeal key pillars of the president's health care law. this allows them to do it with
just 51 votes in the senate, which will mean when it comes time to repeal this law, they'll only need republican support. now, this is -- we're starting to run into a little trouble from republicans. there are republican senators who are really nervous about the idea of just repealing this without replacing it. the reality is, republicans don't yet have a set plan that they're proposing to replace the law. they simply know they can repeal it. when they get that far, they'll need 60 votes in the senate. that means they need to compromise with democrats. that's a process that's potentially much more difficult, much more time consuming. >> sorry to interrupt you for a second. you said they don't have something to replace it with. we can't really get that straight out of any republicans. they say they're going to repeal and replace almost simultaneously and they keep telling us they have a plan. i heard someone say they have seven or eight plans and they're choosing between them. what do we know about what the replace looks like?
>> reporter: if you ask speaker paul ryan, he says, go to their website to take a look at it. having done, that it's still very difficult to figure out. for anybody what it was like to cover the passage of the affordable care act, something like this is incredibly complicated. what they do have is a series -- a collection, really, of ideas. tom price, incoming potentially hhs secretary has probably the most concrete plan. i think you'll see a lot of the pieces included in that end up as whatever republicans end up proposing. they're saying that out loud now. tom price will have a lot of power from a regulatory perspective as secretary to make changes to the law so that's going to be a part of it. they talk a lot about health savings accounts. what they don't have a good plan for, ali, the sticking point is those people with preexisting conditions. republicans are saying they want to keep the popular parts of the law. that's pretty easy when you're talking about kids who are up to 26 staying on their parents' plans. they're young, they're healthy. keeping them in the system makes it easier for insurance
companies to cover other people, right? the problem is people who are more expensive to cover. that's essentially what obamacare does. it built this system requiring everyone to be in -- young, healthy people, like you and me who don't cost as much money to ensure to pay for everybody else. it's -- what's not clear is how republicans will build an alternative system to that. that's where we need to be pushing republicans to explain a little more. and where we don't have the answers. >> i want you to stand by and thank you for lumping me into that young and healthy in that conversation. hang o i want you to listen to this. i want to bring in chair of the health policy and management at columbia university mehlman school of public health. as kasie said, this is incredibly complicated. it's not actually a thing, obamacare. it's a series of mechanisms that allow people to be insured. you have been with me for the last three years as we have
covered this in remarkable deta detail. how do you keep the popular parts, as kasie said, one is young, healthy people insured on their parents' plan. that's not the expensive part. but the preisising conditions, it's expensive. president obama didn't like the idea of making everyone pay. he was convinced that's how it had to work. >> you raised a great point. republicans are in a bit of a bind right now. they have three big problems. problem number one, this is a complicated political process they have to follow in congress. as kasie said, you know, they can't repeal the whole thing. they've been talking about repealing the whole thing for years, but the democrats would filibuster that,hich means they havo go through this complicad budget process to get to 50 votes. you can do certain things to the budget process and you can't do other things. they're dealing with, number one, a complicated, political process. number two, they want to repeal the law but they don't want bad things to happen as a result of the repeal. they don't want millions of people losing insurance, particularly those with preexisting conditions. they don't want deficits to
rise. they don't want republican governors to be upset. they don't want the insurance system to be catastrophic. they want to repeal the law without having bad things happen. that leads us to their third problem which is in order to repeal the law without having bad things happen, you have to have a replacement plan. while they have lots of ideas and lots of plans, there's no consensus on what replacement plan will actually work and how you can actually, as you said, cover people who are older and sicker and have more expensive conditions while at the same time potentially allowing young people to go without coverage. >> i want to bring jake sherman in, senior writer for politico. he's in d.c. he's on capitol hill. jake, from michael's's point right there, if there were a plan out there that looked like it had traction, we would be hearing about it because we just talk about politics 24/7 around here. all we keep hearing is there's a plan.
what do you actually know of the ability to replace what they are going to repeal starting today? >> here's the biggest problem. more than a plan, i don't think republicans really have a principle here because if you ask republicans whether they plan or whether they think they can cover as many people as obamacare can, they throw up their arms and say, they want universal access, which is different than covering the millions of people that obamacare has already covered. now, listen, this is going to be a long process. donald trump likes to say that he's going to do this very quickly. it's not going to happen very quickly. we're looking at late march at best and phasing in a new health care plan if they can come up one, phasing it in over the next couple of years. this is going to be a very long road. listen, this law passed in 2010. we're in 2017. we've seen several republican plans. none of them have been the party plan, the house republican or the senate republican plan, so this is going to be a difficult couple weeks for house and senate republicans. >> i want to ask my control room. i have a graphic that indicates
premium rise increases. i want to ask you about this, michael. kaiser family foundation showed two five-year periods. the most recent one and the one before that. the one before that, 2006 to 23011, health care premiums increased 31%. in the most recent five-year period they increased 20%. tell me how much of this has to do with obamacare, how much has to do with the fact that health care costs have been increasing at a rate much faster than inflation for a much longer time? >> bottom line, we spend $3 trillion on health care here in the united states. we have the best technology, the best advanced procedures -- >> but we spent more than -- >> way more than any other country in the world. we spend over $10,000 per capita here in the united states. that's expensive. the insurance industry says, look, we have to pay for this. if we're going to cover people, we have to pay for it. if you want us to cover everybody, we have to pay for it. >> i don't know your politics.
if you -- if somebody came in from space and said, evaluate obamacare that republicans say is the baddest thing to ever happen and democrats say has been amazing, it is obama's legacy, what is the truth? is it success snfl is it unsuccessful? >> i think it's basically successful? is it an a-plus, an "a," definitely not. you have 25 million who are insured who previously weren't. the cost -- the rise of the cost of health care has been slowing the last few years. part of the reason it's slowing, this is not just obamacare and the aca, part of the reason health care has been slowing is more and more of the cost is being shifted to the individual. people are paying more out of pocket and they feel that. they've got higher deductible plans -- >> it's tricky to say premium growth is slowing because the amount out of pocket isn't necessarily. >> right. people are paying much hire deductible and that's people in the exchanges and also the 160 million people who get health
insurance from their employers. >> a very good point. most americans get health insurance through their employer. i want to ask you something kasie told us. republicans can repeal with a simple majority. they need 60 votes in the senate for replacement. which means they need democrats on board for replacement. something chuck schumer has said he doesn't want to happen. >> i think this is going to be a very difficult issue for senate democrats for a few reasons. not least because many of their members are -- who are up for re-election in 2018 are from red states. people from west virginia, people from missouri. these are lawmakers who need the political cover of voting for something if it's reasonable. chuck schumer told us in an interview that he will participate with republicans if it's something reasonable. what senate and house democrats are vowing not to do is to go to the negotiation table and negotiation with republicans on a plan and help them craft a plan. but if they have a plan that's
reasonable, i think there will be tremendous political pressure for democrats to come along because chuck schumer's whole message is republicans are instituting chaos across the country. >> i'm not sure, jake, people who are about to lose their health insurance care much that chuck schumer says he's not going to be -- i mean, i think they -- they don't want people to trade it off. they want health care. they don't want the politics of it. >> that's exactly what i'm saying. lawmakers are going to have tremendous political pressure to get something done. it's all about getting re-elected. this is not about some grand democratic party strategy. if you think you need for your own re-election to get to the negotiating table, you will do it. >> great conversation. thank you to both of you gentlemen. coming up next, exit interview, nbc's nightly news anchor lester holt joins me to talk about his exclusive interview with president obama
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xfinity, the future of awesome. right before president obama bid farewell to the nation on tuesday night, lester holt joined him on his last trip aboard air force one for an exclusive and intimate interview reflecting on his past eight years in the white house and the moment he learned donald trump won the election. here's a piece. >> reporter: tell me what happened that night, watching those results, when you realize donald trump was going to win. was there an unvarnished barack obama at that moment? >> you know, there was just surprise. you know, generally speaking,
not just me but my team, had been pretty good at seeing something coming. and partly just because the polling was so off, the data was off, there was a surprise. i think the president-elect would be the first to acknowledge he didn't run a conventional campaign. it's not clear that he or his team thought they were going to win. and so -- so i think more than anything it was just a surprise. >> lester holt joins me now. it's a great interview. it's going to air tonight. we're moments away from the house beginning the vote that is going to start the repeal of obamacare. how is the president dealing with the rolling back of the things he really put his back into? >> sure. first to put it into perspective, we started a brief conversation on air force one on the way to chicago and then we sat down in his favorite restaurant in chicago. that whole issue comes up.
the issue that he knows many of his initiatives will be rolled back. his feeling is, look, we have shown what's possible. we did it. we did health care. you know, with all its warts. we did that. we made changes, he says, on the environment. you know, we added jobs, all those things, he says, so to the extent we've shown it can be done, that in itself is a victory. he takes a very long view of how history will look at his or any other administration. >> this is going to air in its entirety tonight. we look forward to seeing it. i know you've got to go out and do other things. thanks for joining us. >> great to be here sf. tune in tonight at 10:00 p.m. eastern. congressman john lewis sat down with chuck todd for "meet the press" airing this weekend. now, lewis says he believes donald trump's election is illegitimate because of russian interference in the election and says it's the first inauguration he will miss since going to congress. listen.
>> you have forged relationships with many presidents. do you plan on trying to forge a relationship with donald trump? >> i believe in forgiveness. i believe in trying to work with people. it's going to be hard. it's going to be very difficult. i do not consider the president-elect as a legitimate president. >> you do not. why is that? >> i think the russians participated in helping this man get elected. and they have destroyed the candidacy of hillary clinton. i don't plan to attend the inauguration. it will be the first one that i miss since i've been in congress. you cannot be at home with something that you feel is wrong. >> that's going to send a big message to a lot of people in
this country. that you don't believe he's a legitimate president. >> i think there was a conspiracy on the part of the russians and others to help him get elected. that's not right. that's not fair. that's not the open democratic process. >> i'm taking you live -- a live look at the white house -- i'm sorry, house floor, where members are about to begin casting their votes on a budget resolution. the first step in repealing obamacare. we'll break down that vote after the break. i work 'round the clock.
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ended up offering people health care insurance. to understand what today's vote means, i'm going to bring in stan colander, national director of financial communication at corvis group, but his twitter handle is the budget guy, which gives you a hint that he's the geekiest budget guy i know. explain why the budget is a mechanism to repeal obamacare? >> because it's convenient. essentially it allows the senate to debate, as it did earlier in the week, first the budget and then the bill that would implement the repeal of obamacare without a filibuster. it specifically removes the filibuster as an option. it means the republicans only need 51 votes to get it done. that's why they're doing it. now, you need to know that the way obamacare was implemented, that was enacted to begin with, was partially through a budget resolution and reconciliation. congress is using, in this case, republicans in congress are
using the same mechanism to repeal it that democrats used to pass it. >> that's important to understand. the republicans are not using a trick the democrats did not use to get obamacare. >> no. in fact, it's been used for a variety of pumps, to increase and decrease the deficit. clearly, this was not intended when the budget act was put together in '74. >> breaking news now is while this bill has not been officially declared passed, it has met the necessary threshold to begin the repeal of obamacare. stan, the problem here, i'm just going to let my control room know, if you need me to stop talking to listen to the passage of this, just tell me. the budget has been a flawed process for the last many years in congress. it is one of the few responsibilities the constitution points out that congress has to deal with appropriations and budgets and yet we have seen a shutdown of the government, a near shutdown of the government, and several years in which we did not actually have a budget.
why the urgency all of a sudden to deal with budgets? >> well, there's not an urgency to deal with budgets. there's an urgency to deal with reconciliation. they're going to do something that's never been done before. they're going to do two different budget resolutions so they can use reconciliation twice and take advantage of the no filibuster rule in senate. first for obamacare and second for tax reform, much later in the year, probably around september. >> is this a normal course of events? is this how it should be happening? >> no, it's absolutely the way it should not be happening. we should have careful thought, we should be giving minority rights. i would say this to implement and enact a law into -- repeal a law like obamacare, this is not the way we should be doing it. there should be committee hearings, thoughtful deliberations, multiple votes, give the minority a chance to influence what's going on. if that had happened with putting obamacare together, if it had been possible, they might have had a law that had
bipartisan support. might have. inste instead, you've got this situation where you're going to use partisan support to disenact something that you had enacted several years ago. it's the worst way of doing it. >> this bill has passed, 227-198. along partisan lines. in is an interesting point you were making, stan. this is the chickens coming home to roost. if you didn't go into it in a partisan fashion, it's going to be undone in a partisan fashion. >> that's probably right. i think that's a lot of what you're seeing here. it's not so much that republicans care about the type of health care that's being -- that's being provided to americans. it's that they don't like the fact it's associated with a democratic president, this particular president, so there's some retribution -- political retribution going on here. >> stan, i hope you didn't take it personally when i said you're the geekiest budget guy i know. i hope you took that as a compliment. >> i absolutely took it as a compliment. i appreciate you telling
everybody i'm a geek. >> thank you for joining us. i want to go to kasie hunt who's been standing by for us on capitol hill. that bill is done, but it is important to remind people, it's just a piece. it's on the way to the repeal of obamacare. it portends the success of repealing obamacare because the first step went off without a hitch. >> reporter: it's a very important step to repealing obamacare, ali. i'll tell you why. this is the blueprint that will allow republicans to repeal the health care law with the republicans that they have in the senate. there are 52 republicans in the senate. they will need 51 republicans under this bill to dismantle the key parts of the health care law. i'll spare you the nitty gritty congressional process that explains why that's the case. essentially they can use this to change anything that has an effect on the federal budget. that means the two big central
pillars of the health care. the mandate that requires everybody to get health insurance. that's part of the tax code that says you get penalized on your taxes if it's shown that you don't have health insurance and those government subsidies designed to help people who don't make enough money pay for that required health insurance. republicans will now be able to strip both of those things away with just those 51 votes in the senate. now it's going to be up to the committees to write the bill. republicans don't really have the details of their plans together yet before they will pass the bill that actually repeals the health care law and send it to president. then upcoming trump -- >> as you underscore, the funding mechanism is the important part. no law matters other than naming a post office unless you have a funding program in place. kasie, what a great job you've done in making this clear and understandable on a complicated matter. >> reporter: i'm trying. coming up next, tweet storm. donald trump blasts the intelligence community, blaming
donald trump came down to the trump tower lobby last hour after his meeting with, get this, tv star steve harvey. my colleague kristen welker joins me now. you can't make this up. i looked up and steve harvey was in there talking about having a family feud with either the trump family and the obama family or the trump family and the clinton family. apparently there was some conversation that was serious. what did donald trump say? >> reporter: it's always exciting at trump tower, that's for sure, ali. a couple of headlines. he was asked about the fact that he and some of his nom nominees for top cabinet positions don't necessarily see eye to eye. one of those top issues is, of course, on u.s. intelligence. just today president-elect trump
slamming the intelligence community again, blaming them for releasing that information that has not been corroborated or verified, which has been reported out, which is that intelligence officials told president-elect donald trump -- i should say, just one did, in fact, fbi director james comey told him that there's unverified information that is egs essentially negative for president-elect donald trump that hasn't been confirmed by then. so, again, they have stressed all along that it's not clear this information is accurate. president-elect trump has been fuming about the fact that this information has been made public to the media. just the existence of it. here's what he tweeted earlier today. he said, totally made-up facts by sleeze ball political operatives, dems and republicans. fbi says it doesn't exist. fake news probably released by intelligence. never will be.
again, earlier this week james clapper said these leaks didn't come from the intelligence community. well, his pick for the cia, mike pompeo, was on capitol hill yesterday and was pressed on this very point, does he believe u.s. intelligence? does he believe their assessment that russia were trying to interfere in the u.s. election. he essentially said yes and he has confidence in u.s. intelligence. today a reporter asked president-elect donald trump if he had any problem with the fact there has been some, shall we say, space between him and some of his top nominees. take a listen to how he responded. >> how concerned are you that some of your cabinet nominees are speaking on capitol hill on issues like russia, iran, the border wall, and some of their statements conflict with some of which you have said in the past? >> that all gets straightened out. we want them to be themselves. i told them, be yourselves and say what you want to say. don't worry about me. i'm going to do the right thing. whatever it is. i may be right and they may be
right, but i said, be yourselves. wouldn't you say, steve, let them do it. i could have said, do this, say that, i don't want that. i want them all to be themselves. everybody okay? everybody good? >> on repeal and replace -- >> thank you, thank you. say hello to harvey. repeal and replace is going great. >> so, just some brief comments there by the president-elect. again, underscoring that point that he's okay if he and his pick for the cia, defense department, don't exactly see eye to eye on all of these point. one headline out of steve harvey he said his friend, president obama, encouraged him to meet with the president-elect, a key part of a smooth transition. >> i will end with the way i started, you cannot make this up. coming up, attorney general loretta lynch says the chicago police department routinely violated citizens' civil rights as evidenced by a pattern of unconstitutional arrests and the use of excessive force. we'll have details from the department of justice's report
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in a landmark moment today, attorney general loretta lynch released the findings on the probe into the chicago pd. >> there is reasonable cause to believe that the chicago police department engages in a pattern or practice of use of excessive force in violation of the fourth amendment to the constitution. >> it was a scathing report. it comes as the department battles a cloud of distrust. nbc's gabe gutierrez joins me from chicago. let's reset this for a minute and tell me what prompted this probe and what it means for the city. >> hi, ali. good afternoon. as you'll recall, it was the release of the laquan mcdonald dash cam video back in september of 2016 that caused an outcry in this city and across the country, which is what prompted this 13-month federal investigation you just heard
loretta lynch talk about some of the findings. let's go through some of them. there was a pattern or practice of using force, including deadly force in violation of the fourth amendment. you heard attorney lynch say there was also a failure to collect adequate data to determine whether force is used correctly, there was low officer morale and low officer accountability, and also severely deficient training mechanisms. among those, according to the report, they were watching training videos that were decades old, that they used lethal force and shot suspects and tasered suspects that posed no immediate threat. certainly, there's a lot of response here in chicago. the head of the police union, though, he's saying this is a rush job motivated by politics just ahead of inauguration day. ali? >> gabe gutierrez, thank you for that update. up next, what's really driving the post election market surge? has, you learn a lot about people's tastes. honey, what do you want for dinner tonight?
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well while many americans have been staring altd the dow waiting for it to hit that insignificant 20,000 threshold, underneath far more interesting developments since the election, joining me now, cnbc colleague ron who i'm often dressed as for halloween. good to see you again. >> right back at you. >> i want to show our viewers the performance of the s&p 500, which is not as enthusiastic at the dow sometimes since the election. it's up 9%. the s&p financials, bank and financial stocks up 21%. tell our viewers what the relationship is here. >> well, the s&p is one of the broader stock market indexes that professionals use, typically they benchmark their performance against that. if you're a money manager, you want to beat the s&p 500 which is a broader proxy than the dui jones which consists of only 30 stocks. those financials are providing market leadership of late because the belief at least at the moment at least on wall street is that the market
broadly speak willing do better in the early davis trump administration with fiscal stimulus tax cuts, tax reform of some kind. deriglation of the industry itself rolling back some of the dodd frank regulations put in place. >> that much better? does that make sense? >> more than double the broad market? >> yeah, banks have been constrained both good and for bad under dodd frank. in some senses, they were necessary and others they were keeping banks from making maybe as much money as they might have been able to do in a zero interest rate environment. they've gotten out of businesses that were more profitable and for right or wrong, now they think that some of those regulations will be rolled back and that'll boost bank profitability. today we saw the banks report better than expected numbers. that's a prelude to what we may see in 2017. >> here's the question i get asked, you must get asked five times as much as i do. should i stay in the market? should i get into the market and certainly should i be having the bank stocks right now given the
run they've had? >> they've had a good run. there's never a right or wrong time to enter or exit. it is as you well know, we've done this for decades ousts. it's about how much time you have in the market. if it's something in the next year where you need the money, should never be in the stock market to begin with. 20 years toward retirement, then yes, broad exposure to stock, financials by and large tend to do well over time. certainly not over the last several years they've been a bit of a lagger. they provided a lot of market leadership in the latest run. the big question really i think for the market is will president-elect and then president trump step on his message in such a way that some of these expected benefits? fiscal stimulus, tax cuts, deregulation, infrastructure spending that they won't happen as fully and as deeply as investors, maybe not all for -- >> that's an interesting point. infrastructure stocks also did well immediately after the election of donald trump, but health care stocks didn't. pharma didn't and yesterday donald trump said the pharma companies are getting away with
murder. and their stocks took a plunge on that news. is the opposite true of those stocks? there's uncertainty. they have not participated in this rally. >> nor participated since hillary clinton during the campaign first suggested that pharmaceutical companies were making too much money off their drug profits. and so, this has been an ongoing theme. we have what may very well be the unwinding of obamacare as it were so given the unseshty around that, there's been pressure on health care stocks as well. to the extend that the president-elect continues to target companies or industries via twitter, there are concerns if they're vulnerable to those tweets, pharmaceuticals under pressure now for almost a year. so they may very well be a target industry if that respect that people feel that drug prices are simply too high and need to be regulated. it is the exact op silt of financials where we may see more deregulation rather than reregulation. both opposite sides of the same
coins. >> my half brother -- >> brother from a different mother. >> nice speaking with you. breaking news for you, the waiver to allow general james mattis to serve as defense secretary without having been out for seven years has passed the house a short time ago by a vote of 268 to 151. this cleared the senate by 81-17. that is now granted. this is not confirmation, this is just the waiver that allows him to serve. we're going to be right back after this break. american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at open.com. th...oh, baked-on alfredo?e. find out how american express cards and services ...gotta rinse that.
befi was active.gia, i was energetic. then the chronic, widespread pain drained my energy. my doctor said moving more helps ease fibromyalgia pain. he also prescribed lyrica. fibromyalgia is thought to be the result of overactive nerves. lyrica is believed to calm these nerves. for some, lyrica can significantly relieve fibromyalgia pain and improve function, so i feel better. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior.
or swelling, trouble breathing, rash, hives, blisters, muscle pain with fever, tired feeling, or blurry vision. common side effects are dizziness, sleepiness, weight gain and swelling of hands, legs and feet. don't drink alcohol while taking lyrica. don't drive or use machinery until you know how lyrica affects you. those who have had a drug or alcohol problem may be more likely to misuse lyrica. with less pain, i can be more active. ask your doctor about lyrica. all right that wraps up this hour for me. kate snow is back on monday. thank you for being with me and have a great weekend. coming up next, steve kornacki picks up our coverage from here, steve. >> thanks for that and good afternoon everybody. i'm steve kornacki live here in new york. here it is, the final week. we are seven days away and counting until donald trump is sworn in as president. topping our agenda right now, the repeal.
>> this is a critical first step towards delivering relief to more than americans who are struggling under this law. >> just in the last few minutes, the house of representatives taking a crucial step forward in the republican plan to repeal obamacare. republican leadership saying a plan to replace it will be ready to go by the end of the month, but as time is running out. even some rank and file republicans are worried it's all talk. also on the agenda, scathing report out of chicago on the police department there. the department of justice concluding the chicago police department has violated civil rights for years. >> there is reasonable cause to believe that the chicago police department engages in a pattern or practice of use of excessive force in violation of the fourth amendment to the constitution. >> attorney general loretta lynch delivering the results of a year long investigation, the massive reforms that the department of justice is