tv MSNBC Live With Kate Snow MSNBC March 1, 2017 12:00pm-1:01pm PST
leave this message lie, then he only has to tweet when he's happy, not angry. there should be a fake twitter account when he's angry and nobody should see it except for him and his family. >> the results are in, 43.3 million people watched his speech, down from 52 million who watched president obama's speech back in 2009. that wraps things up for me this hour. i'm katy tur. ali velshi picks things up for kate snow. >> i really enjoy that conversation with ron paul. we've had our debates and disagreements over the years, but he thinks very clearly. >> does he. >> he does talk fast. >> he does talk fast and he keeps going and he's a great interview. >> he really is. a lot of personality. >> i think you meant it as a compliment when you said he talked really fast. >> i did. >> you're a fast talker, so am i and we have to work fast as we have a lot of news. i'm ali velshi in for kate snow. our top stories. it's a big final hour on wall street. we're watching stocks hit record
highs today. thdow is skyrocketing. it's topping 21,000 points for the first time in history. this morning it's still on its way up. the closing bell rings at about 59 minutes. between now and then, i'm going to tell you whether you should be euphoric or scared of this market. by the way, president trump seemed to take credit for that streak in the market during his address to the joint session of congress last night. i've got to break that claim down along with president trump's other promises on immigration, terrorism, health care, infrastructure, taxes and speaking of the speech, what did voters think? i'm going to take you across the country to find out. we have a lot to dissect. we have the best team in place to do just that. let's start at the white house with my colleague kelly o'donnell standing by for us. kelly, in one hour the president is going to lead a legislative affairs strategy session. i'm not sure what that means. he's leading one in oval office. it's a closed session. no cameras. what is he doing in that
session? >> reporter: the idea of having no cameras is a complement to what we saw earlier where there was what we call a photo spray, a brief on-camera appearance with president and top republicans in congress. they're trying to shift into this different mode. in the first month of the president's term in office, a lot of executive orders he could do on his own and now trying to work in more of a partnership with congress to talk about and to come up with a strategy for legislation. that's really where the president needs to accomplish some of the biggest things he has promised and talked about. things we heard about last night, everything from dealing with the health care law known as obamacare, immigration, tax reform and so on. part of the strategy is to determine what elements are doable, in what order should they be done and how to negotiate when clearly even though republicans have control of lots of government in washington, they do not have sufficient control in the senate to expect that they can just get things done.
they need more votes than they have right now. even though they have the majority. how can they try to attract some sort of democratic approach? this is behind the scenes for the benefit of the negotiating. it's supposed to be a substantive session, we're told. and it's sort of brings together after work has been done inside the white house coming up with ideas for legislation and very separately on capitol hill where the teams that have subject matter expertise from different committees have been drafting ideas and working things through. and the president who is new to government needs to sort of lean on people like paul ryan and mitch mcconnell and so forth to try to figure out how do they get something accomplished? because passing programs that reflect the president's vision is a big marker for whether or not he can be successful. that's part of what's happening today. so, from the speech, the andeurf last night, he'll object the road talking about ideas in the days to come. this is a bit more nitty gritty. >> the work of governing.
keel keep an ear on what happened in that meeting. kelly o'donnell at the white house. joined by nbc news presidential history, michael, ann geren and elise jordan, former adviser for senator rand paul's presidential campaign. welcome to all of you. michael, let me start with you. i want to play for you a few of president trump's themes last night. and then with your historical perspective, i want to find out which you think is the most realistic or likely to get done? >> we will soon begin the construction of a great, great wall along our southern border. we're also taking great measure to protect our nation from radical islamic terrorism. i believe real and positive immigration reform is possible. the time has come for a new program of national rebuilding. tonight i am also calling on
this congress to repeal and replace obamacare. >> we got a big, big wall, isis, obamacare, immigration reform. when you think we're talking about this a year from now, what do you think we'll see real progress on? >> we'll get this is a classic trump opening position in negotiation. everything we know about the way he negotiated as a business person was he asked for it all at the beginning. after a couple of months he finds out what's doable and what's not. one thing, you know, know has been talking today about how much less shrill and less harsh and dark he was in his inaugural speech or first press conference, that's probably true. a lot of this, i think, was not only to please the american people and the polls but also to please congress because, as you know, he's been getting advice from paul ryan and mitch mcconnell and others. you know, don't tweet so much. don't be so harsh in public. this was sort of designed for
them. another sign of that was that you remember how many times last night he referred to the renewal of the american spirit? >> yep. >> that was taken straight out of paul ryan in 2012 when ryan published his proposed budget, you'll remember, he called it a blueprint for american renewal. we'll see if it works. >> on the issue of immigration, it's a big deal we're talking about. the president promoted a merit-based system, acquiring green card, similar to how they do it in my home country, in canned da. he insisted it would save countless dollars, raise workers' wages, helping immigrant families., includin what do you think about his embrace of what seems to be a more smis sophisticated look at immigration rather than just talking about bad hombres. >> i think the political pressure of sitting in the oval office came to a head and he's seeing, wow, i actually have to have policies more palatable to the public and not just throw
out i'm going to spend $20 billion on a wall and kick out the bad hombres. you're a canada native. it's a popular system there and there's not a lot of turmoil over their immigration system. i certainly think it's a model we should look at. >> at least we're looking at something more broadly than kicking people out. president trump says he wants a trillion dollar to execute his plan, i think he got this from the civil engineers which puts out this infrastructure report card every year. he said $1 trillion will be a combination of direct federal investment and private financing. this is something that the rest of the world does. public/private partnerships. democrats like this idea of infrastructure. republicans don't want to add to the balance sheet. do you think this moves forward? >> actually, i do. back to your question to michael about what's doable and what's
not. maybe some kind of infrastructure package, maybe pared back and restructured a bit has quite a good chance of going forward. certainly has the best chance of the things you mentioned of attracting more than token democratic support. i also think immigration reform, again, pared back and restructured has a chance. >> sounds like he did some work on it before talking about it. i want to bring kelly o'donnell back. a piece of good news, perhaps, for the white house just breaking now about the office of government ethics and their review of kellyanne nway's comments about ivanka trump's clothing line. >> reporter: remember when there was all that buzz about the fact that ivanka trump's fashion brand was in the news. feeling the pressure on behalf of the president's daughter, kellyanne conway was appearing on morning television and joked she was going to go that day go out and buy some things under
the ivanka trump brand. that was determined to be widely considered a misstep on conway's part that she made those comments inside the white house. she is counselor to the president. there's a prohibition on using one's office to advance a private concern like the ivanka brand. so, she at the time were told had been counselled by the white house. now we know the deputy white house counsel has written to the office of government ethics and they have said they've conducted a review of this. it is their determination that miss conway acted in a light-hearted, inadvertent, sort of off-the-cuff way. she understands that was improper and would not likely do it again. a lengthy letter sent to the office of government ethics. they're in receipt of that letter, aware of it. the question is, will any more come of this? some democrats said there should be discipline to kellyanne
conway. we haven't seen that from the white house directly. now we know the white house counsel's office has reviewed this situation, given an assessme assessment. they believe she understands she crossed a line in this instance. they frame it as a more light-hearted off-the-cuff comment and not something intended to really go at the heart of this sort of integrity matter. >> i just want to -- i want to be clear. this is the letter from the white house counsel, deputy counsel. not the office of governmenta ethics that i was speaking about. so, there is -- are people going to say, well, this is you guys. this is your letter to yourselves about what kellyanne conway did as opposed to an independent outside party like the office of government ethics staffed by nongovernment officials. >> this is a first step in that it would typically be considered by the white house counsel's office to review a matter like this. that's what we're seeing in the
face of this letter. it indicates it has talked to miss conway, dealt with the issue, reviewed the seriousness of the issue. and then it sends that to the office of government ethics. also it indicates that the president informed all senior staff of what the ethics rules are and that they take that seriously. so, it is a sign the white house recognizes this wasn't just some verbal flub. they needed to actually put in the record these steps. will the office of government ethics take another step? at this point we know they received the letter -- >> they wanted a response. >> reporter: there's a bureaucratic move. >> this could be a turning point in that, you know, there's a lot of pressure on the white house about this ethics stuff and conflict of interest. the idea that the white house counsel didn't send a get lost we don't really care memo, is that important that they at least said, yeah, we talked to her, she didn't seem to mean anything about it but we told her not to do it again? >> well, every little piece of
good news, i guess, probably helps. my guess is we were looking back on today and yesterday in history. maybe that might not be the bigs thing we look at. the other thing, ali, you know, you were asking about all the things trump was asking for yesterday last night, really smart because from his point of view f those are things he wants, there's a very good chance that he will never be as powerful as president in the next four or eight years, if he serves that long, ahe is today. lyndon johnson in 1965 had gotten huge landslides, huge ownership of congress, yet most of the great society, medicaid, voter rights, was passed in the first six months. he had a hard time after that. >> at least he's put down some markers. this is something donald trump likes to do. he did it in the election. he says something he likes to do. put it in your face he did it. now he's put down more markers.
our polling indicates voters look at this and say, the guy's keeping his promises. whether you like the promises or not, he says he's going to do it, he does it and a lot of politicians don't. >> absolutely. i think even for people disgusted by donald trump's policies, they at least admire, well, this is not so typical politician coming into office and doing what he said he's going to do. the most interesting recent poll i've seen is the nbc/"wall street journal" poll that came out monday. it was that critical middle sector of voters. maybe they just voted for trump because they were disgusted by hillary clinton. they might have voted for a third party. they overwhelming support what he's doing policywise. that, to me s a far more important indicator than what his approval rating is currently. >> we are expecting at some point in the next day or so possibly a new executive order about immigration and the travel ban. we've been hearing from senior administration officials that this thing is going to be water-tight. what's your sense?
>> yeah, they certainly -- they want it to be water-tight is probably a good description of it. they want it to be really legally sound and to have -- be much better thought through than the first one. soo have some of the political rough edges taken off of it. and although i think it's sort of interesting that democrats are going after the white house this week for delaying the rollout of the executive order, which is by a number of reports really ready to go, delaying that a day or two to give the president a longer time in the spotlight for his speech and democrats are saying, hey, wait a minute, three weeks ago you said this was the most urgent thing on the planet and had to be done right away and now you're willing to put it on the back burner for a couple of days for what appears to be political
reasons, whether -- you know, whatever the integrity of that argument, i think we'll see, but it's sort of -- it's -- it just shows you the politics of this are never going to go away, no matter how legally tight this is. >> that's an astute observation on which to end this part of our discussion. thank you for that. kelly o'donnell, mike, ann geren, elise jordan, thank you to all of you. coming up next, full steam ahead. president trump meeting with republican leadership to kickstart the process of repealing and ultimately replacing obamacare. we're going live to capitol hill for an update. fun in art class. come close, come close. i like that. [ all sounds come to a crashing halt ] ah. when your pain reliever stops working, your whole day stops. awww. try this. for minor arthritis pain, only aleve is fda approved to work for up to 12 straight hours with just one pill. thank you.
we're just here to start the process. it begins now. we think we'll have tremendous success. thank you very much. >>. president trump holding a lunch with house and senate leadership as he works to repeal and replace obamacare. kasie hunt is standing by on capitol hill. so far, no replacement plan has been presented. there's a lot of talk about this, but it's not there. we know how badly the president wants to make good on his campaign promise. republicans and democrats remain sharply divided on this. tell me what this path to repeal and replace looks like. >>. >> reporter: the one thing that has been driving the news on this is a leaked draft of a house republican plan to both repeal and replace sections of th president's health care law. they can't do everything because
they have to do everything under budget rules because otherwise they wouldn't have 61 -- excuse me, they won't have 60 votes in the senate. they'll only need 51 votes in the senate. but this bill is turning out to be pretty expensive. partly because the mechanism they're relying on is to give americans tax credits to be able to buy their health care on the individual market if they have to. that's different from a tax deduction because you essentially get the money up front the year before. you then pay for your health insurance. this is causing a lot of consternation among republican leadership. republicans are getting worried about this revolt. one other key player on this, i talked to him earlier today, senator ted cruz, oftentimes a good barometer for where these conservatives stand up here on capitol hill. pressed him on whether or not he would support this plan to use tax credits. take a look at what he had to say.
>> the principles he focused on are exactly the right principles. more choice, more competition, lower cost, lower premiums and putting you, the patient n charge of you and your family's health care with your doctor without government getting in the way. and i think the way we proceed is pretty simple and straightforward. >> reporter: so, that's the answer that i got from him when i mentioned, hey, the president said he was in favor of these tax credits last night. he said, you know, what i want to talk about the principles. he talked about support for repealing the health care law. did not talk about replacing it. that's going to put a lot of tension in the republican conference because, you know, a lot of other republicans are feeling like, hey, we have to do something to replace this. we can't just strip it away. they think it would potentially leave them in a politically vulnerable position. a potential major roadblock very early in this process, ali, as the president acknowledged earlier this week, health care is very complicated and this kind of a snag can easily sink
the whole thing. >> the problem with these discussions on principles is that in principle i'd like to have a big head of shaggy hair but the road to getting that done -- >> reporter: i can see that. it's trickier. >> it could work, right? i agree the world would be better if i had more hair, but i'm not sure how i get there. we'll keep talking about it. nice to see you. kasie hunt working her way through this complex road to fixing obamacare. let's talk to jacob hacker, co-author of "american amnesia: how the war on america led us to forget about the war on prosper." he's a political professor at yale university. i want to talk about this health care replacement idea. good to see you. the president has laid out several ideas that he wants to see in health care replacement, including keeping those with pre-existing conditions, buying insurance across state lines. let's talk about this state
lines thing. this is what the president said about it last night. >> which will create a truly national competitive marketplace which will bring costs way down and provide far better care. >> now, jacob, this idea buying across state lines isn't new. tends to be republican oer orthodoxy. a number of experts who have looked at this said it's a herring because there aren't any prohibitions of insurance companies selling across state lines. >> that's true. another reason it's a red herring, while it might have some modest effect, if you allowed insurance to be sold across state lines, you'd presumably get a lot of pressure for thetates to reduce their rules to kind of a lowest common denominator. >> because everybody will go to those states, like delaware, that have very few rules. >> that's right. this is the race to the bottom. even then it's not going to
produce a large change and the change will come from stripping away the minimum benefits at the state level. it's not a fundamental solution. generally, we saw it with ted cr cruz's comments, talking about choice and competition in the abstract is well and good, but the reality is we know the health care market doesn't work well. we have a system that is designed to give people the ability to purchase insurance and insurance that meets minimum standards. the real question for republicans is, well, what are they going to do with that system, which for all its flaws that are acknowledged has been covering millions of americans, millions of americans are covered now who were not covered a few years back. >> health care is by definition a market failure. if you look at the developed countries that have good health care, particularly universal health care, the government is always involved. one of the comments ted cruz made to kasie, which i thought was interesting, is we want all these things and we want government to get out of the
way. the fact is, there is no successful health program in the world in which government doesn't deal with the fact there's a market failure? >> absolutely right. in my book with paul pearson, "american amnesia",there are markets that have health care problems. we are richer and healthier because we figured out how to regulate and subsidize and help out those markets that help us be a bit better protected against the risks of a modern economy. one thing i would say about the president's speech is it suggests to me he's moving towards the paul ryan way o framing this. which is still, as you know, too progressive for many in the party. but he was way from his similar statements, which is similar to what you made about wanting a full head of hair. he said, we'll give everyone insurance, it's going to be great, we'll lower costs, throw
in a pony. to me, that was very revealing. those talking points he used last night were very similar to ryan. for example, he talked about access to coverage, which is a code word for basically taking insurance away from people but letting people have credit so they can get, perhaps, insurance on their own. >> i want to talk about health savings accounts. they were introduced in 2003. seems to be a big plan of this replacement. more americans are using them. they're like 401(k)s. they help you save money pre-tax but they have nothing to do with the cost of health care that was rising before obamacare and at a slower rate but still rising with obamacare. i don't understand how health savings accounts are a solution in this debate. >> they're not a solution, that's clear. they're part and parcel of the more general republican approach on health care which is to give people, as republicans often put it, more skin in the game. the problem is that that's a
very politically unpopular path, make people face more of our exorbitant health care costs and not a solution to the problem of american health care costs because the reality is that for people who really need care, these health savings accounts aren't going to make any difference, right? because basically you're going to exhaust your health savings account, you'll need insurance. for those who are getting modest amounts of care, yes, maybe they can shop around, but the real problem with the market is not that people don't shop around, the real problem with the market is that the prices are too high. >> that's exactly right. it's not a problem of saving money. it's the problem of the costs being way -- the growth and the costs much -- far outpacing my wage growth or anything like that. >> that's right. and it's a legitimate criticism of the affordable care act, that it didn't do enough to push back against these high prices. i was the person who developed the so-called public option several years back. i do think that would help. but it's a fantasy to think that
just exposing people to more costs is going to reduce spending. >> jacob, we could talk about this for a very long time and i know collectively we will be able to because you know so much about it. jacob hacker, professor of political science at jail yale university. big promises. president trump calling for tax cuts and a major increase in defense spending and many cuts to federal agencies. how does it add up? president reagan's office of management and budget joins me next. uh, yeah. it's over, larry. what is? the whole wheelie thing. what do you mean? i just got this baby to get around the plant floor. right, but now ge technology monitors every machine. yeah, it brings massive amounts of information right to you. so you don't need that. well, it makes me look young and uh..."with it." time to move on. oh i'll move on...
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our companies so they can compete and thrive anywhere and with anyone. it will be a big, big cut. at the same time, we will provide massive tax relief for the middle class. >> i want to bring in david stockman. you got to talk to david to understand this. he's the former director of the office of management and budget under president ronald reagan. he's the author of "trumped: the nation on a brink and how to bring it back." you were the omb director in 1981. you helped craft what was called, some of you will remember, the economic recovery tax act of 1981. it was one of two major tax cuts passed by president reagan. widely credited with creating endless prosperity. so, tax cuts created prosperity in america. trump says so. you did it. what's wrong with this plan? >> because in is 36 years later. this is not the second coming of ronald reagan. he inherited a clean balance
sheet. the national debt was $930 billion, 30% of gdp. by the mid-'80s we inherited a huge surplus so there was room to cut. it even got out of control. he ended up with double the historyf th first 39 presidents and there was a temporary boon because the deficit is 106% of gdp. trump is inheriting a $10 trillion future deficit over the next ten years that is nothing like what ronald reagan had. >> the temporary keynesian boon, donald trump wants the animal spirits by reducing attacks, getting companies to bring money in from overseas, expand, feel like it's a pro-government -- a pro-business government and that's the basis on which he says the economy is going to go faster than most people think it will.
why won't he get the temporary -- what is a temporary keynesian boon? >> a temporary keynesian boom is when you have $200 trillion deficits in those days surging into the economy and you had room to finance it. today he's walking into the debt trap. the debt ceiling is going to freeze in on march 15th at $20 trillion. they'll have about $200 billion of cash. it's being burned at $5 or 6 billion a day. they'll be out of jash by june or july. there will be the mother of all debt ceiling crisis and no pathway to a majority to raise the debt ceiling because by then the republican party is going to be in splinters. this speech last night was the most fiscally irresponsible speech given by a president to congress since lbj's guns and butter. he's inheriting this mess and yet he's going to raise defense, more for veterans, this huge infrastructure program, massive
tax cuts -- >> he's got guys around him. he understands mnuchin, who understands business, rex tillerson, who understands business, wilbur ross there, a governor as his vice president who's had to deal with a budget. he's got paul ryan who i sophisticated in his budget thinking. someone has to be telling him what you're telling me. >> if they are he's not listening because he tweeted the debt is down $12 billion in his first month. the truth is the net debt is up $187 billion in the first 35 days. $187 billion in the first 35 days and he doesn't even know it. why? because they didn't tell him the cash when he took the oath was $382 billion at the treasury. last friday it was down to $178 billion. they've burned while he wasn't watching $200 billion of cash. now, that's -- let's just get democrat going toic about it. that's one-fifth of $1 trillion before he even had an economic team in place.
that's how bad the fiscal situation is. and yet he's up there not saying a word. by the way, i looked at reagan's 1981 speech, which i helped draft. there's three pages of line item programs that he named by name that he was going to cut and why. listen to what you heard last night. it was just more for this, more for that. >> let me show you something else. i want to talk about manufacturing because he won, in my opinion, on the basis of some promises to bring back jobs that no one else has been able to bring back. we have not manufactured less in america. i've got back 30 years to dig up these numbers. in 30 years we lost 5.2 million manufacturing jobs. this is before nafta, by the way. look at manufacturing output. it's almost double. it's up 85%. we don't have a manufacturing crisis in america. we're manufacturing lots. we're just not using more workers to do it. >> i don't agree with that completely. i think he was right in the campaign when he talked about the rust belt, the hallowing out of america, the fact we've had 8
trillion accumulateded trade deficits. that's not due to bad trade deals. >> technology. >> it's due to bad monetary policy. in other words, what we've done is basically exported much of our industrial economy to the rest of the world through cheap money. we've loved the middle class to have a high living standard by borrowing. but the jobs now are in china, mexico and a lot of other places. now, if he wants to attack the problem, forget about attacking nafta and go over to the eackles building and clean house. that's where the problem starts. >> david, we could talk for a long time. we're going to. we have to continue this conversation. david stockman, the office of management budget director in 1981 under president reagan. this man knows what tax cuts do. coming up next, we're checking the pulse of the people. what do the voters make of president trump's first address to congress as commander in chief? so with our ally cashback credit card, you get rewarded for buying stuff. like what? like a second bee helmet with protective netting.
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now, while republicans repeatedly stood and cheered last night during the president's speech, most democrats in the house chamber remain seated. but how did regular democratic voters feel? nbc's harry smith sat down with a few democrats last night to get their reaction to the president's speech. he joins me now. harry, it's sard to get past all of the endless politics of it. how do people who don't live in the world of politics respond? >> well, i tell you, before we even started, as we first sat
down, i said, do you all have that feeling that none of this is still real? and they all shook their heads like this. they're part of this sort of reliably progressive group, for instance, that lives on both coasts. the folks we sat down with were in mt. claire, new jersey. just take a listen to some of their reactions to last night's speech. >> was there anything you heard tonight that you felt encouraged by? >> well, i am a big fan of infrastructure. when i hear about infrastructure, i hear about a wall on the mexican border. that's not the infrastructure project we need. we need immediate attention to public transportation, you know, that's -- it's vital to our economy here. >> he keeps painting this picture that we're in this mess, as he calls it, that he's inherited. in reality i think we're, for the most part n pretty good shape. >> this should not make me feel
this country is together, make me feel this country is even more separate. i feel a lot of people who are my friends, people who i'm connected with, we are actually more connected now because we're more engaged politically than we were before. >> i'm very concerned about this expansion of policing and suggesting unity can only be achieved through force. >> the immigrants in this country are among the most hard working people you've ever met. these are people working multiple jobs to support their families. we have a hard working, decent population of people. and i'm disturbed at the idea that he somehow is conflating them with criminals. >> i wanted to see how he would present himself to the nation as a whole, to both sides. he reached out a little bit. for the most part, was like a school principal wagging his finger at the democrats. i worry that it's just an act. that tomorrow night he'll tweet
something else and change another policy that we're not expecting. >> it's so interesting. so much of the speech last night and so much of what he's talked about is about fear. katherine in particular said, he talks about a country i don't live in. one of the other comments that came from phil was he was talking about he wanted to avoid the affordable care act. small business owners, they want that, they need this. in the end, she was saying, i work with little kids. i work in public schools. she does diversity work and she said, if the school choice goes along on the fast track the way he wants it to, the public schools will be left with all kids that are harder to educate. >> harry, you have -- there's probably no part of the country you haven't traveled to 234 your career. part of the issue is she said he's talking about a country i don't live in. a lot of americans don't live in
this country we live in. on our way to work we'll run into immigrants every step of the way. >> half a dozen languages. >> what do you do for those that don't have that experience? we're not talking to them apparently? >> it's a two-way street, i think. because i've then gone out into trump country and heard trump country stories. somewhere in there there needs to be a bridge. it sounds pollyannaish. >> but it's real. >> what i find often is people from all those red counties come to new york, it's not what they thought it was going to be. they're not afraid. they're amazed by everything. they're amazed at sort of everything. and rson who's a grandchild of immigrants, whose people crawled into the bottom of a boat and rode into new york harbor, i used to go down and look at the statue of liberty and be amazed at the courage it took to do that. you live in a place like this and you're surrounded --
>> your experience with it is very different. >> every day. >> we have to do a lot more of what you did. i think that's going to be our next for the next four years. going out and finding out who everybody thinks about this and make sure their stories are told. >> listen harder. >> great point. good to see you. we're getting reaction from voters in michigan as well. we may a stop in bay county, one of 12 counties that flipped during the election, 12 counties in michigan. ron mott is live in bay city at irish pub. i don't know if you or your producer worked that out, but nicely done. he's talking to people about their thoughts on the president's address last night. what's the feeling there today? did they like the president's tone and message? what did you hear? >>. >> good afternoon to you. this is the irish hub, not the pub. >> hub, i see. is it-t does appear to be a bar behind you. >> reporter: right. a lot of people in michigan four months after donald trump shocked the world are still shaking their head about how he could pull off this victory in
michigan, especially here in bay county. he didn't just eke out a victor by hillary clinton. he won by double digits. a big victory here in this country. now, you didn't vote for her. i'm sorry, you didn't vote for her. you voted for hillary clinton. you were a bernie sanders guy. what happened in the election in this county? >> well, i feel the reality is people believed his lip service. he told everybody what they want to hear. i guess he's still doing it. he had a good speech last night. he's speaking what everybody wants to hear still. what i want to say is i want to support america and the president, so i sure hope he puts -- he talked the talk, walked the walk. put it into action. >> all the headlines today, most of the headlines, at least r about ton and his performance and how he delivered the speech. was that the kind of donald trump you'd hope to see going forward or do you think he's going to revert back to the --
sort of the more bombastic campaign donald trump that seemed to connect with a lot of people? >> i'll give him credit for the most more mannered speech i've ever seen, and the respect for ryan in the mim tear. that was a good thing to see. i'd have to say he'll refer back to tweeting and little ego and stuff like that. hope he does deliver on the promises. there's some things he said that were good. some things i think he didn't say concerns me, like not talking about social security, medicaid. definitely nafta is a big thing to me. he said it once but he didn't say how he's going to fix it. a major campaign promise fixing nafta is touching on me, autoworkers. >> reporter: to be clear, he's been on the floor at a former delphi plant, now chinese owned plant. your power steering assembly is probably coming from his hands. there is some division and division on the floor of the plant and around town. >> ron, thanks very much for joining us with that. coming up, we're keeping an
moscow for a two hour special exploring president trump's complex dynamic with vladimir putin. don't miss the trump putin power play right here on msnbc. up next, the trump effect. how the markets are reacting to the president's address to congress. you're watching msnbc. will your business be ready when growth presents itself? 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. find out how american exprno one burns on my watch! try alka seltzer heartburn relief chews. they work fast and don't taste chalky. mmmmm...amazing. i have heartburn. alka seltzer heartburn relief chews.
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8th. a record. just about three minutes until the closing bell. not as high as it'sbeen, 300 points higher stephanie rule is with me now. stephanie,eople want to know what to make of this market. frothy, dangerous, should they be in, out, i know you can't give that advice. what do you tell people? >> it almost seems both. yes, if you look at president trump's policies and he was laying them out again last night to deregulate, cut taxes, and really he stuck to the i've got big ideas. what it seemed like the market liked was his tone. and the fact that he's got big messages and he's going to let the other guys do the work. the question is, is he going to be able to execute cutting taxes and deregulation? a lot of business guys go down to washington and it's where big good pragmatic ideas go to die. >> no kidding. i want to bring in robert schiller from yale university. with his own version of the price to earnings ratio which
according to your chart which we're looking at right now, bob, shows that prices are higher than -- people should be a little worried about the prices. tell me what you think about this market. >> yeah, the only time prices have been higher would be 1929, remember that? before the great depression. and around 2000. we've already surpassed the level that we saw in 2007. so not quite record highs, but pretty high. >> bob, what do you say to people who say it's a different world. it's not 1929 or 1987 or 2008. there's animal spirits out there, companies are worth more. they're going to make more money when donald trump deregulates and cuts taxes. >> well yeah, animal spirits. that's what the idea is. his whole talk was about that. regenerating american spirit. but i think though that there's a little evidence that that can consistently over long periods
of time increase stock market from a high level. there were two presidents that took office to cut taxes, lower regulation, that was -- warren harvarding and calvin coolidge. and then reagan. in both case, they were elected at a time of economic hardship when the economy was underperforming and the stock market was very low. they both succeeded in having a huge bull market for a while. but, we're not in the same situation, the market, he's inheriting is already high and the economy is already at full employment. >> and that's -- >> ali velshi, if you deregulate banks with, if banks get to cut capital, guess whose problem that becomes? the tax payers. again. which is exactly what we isn't that true 2008. if those banks overextend themselves, it's the tax payers issue. >> well, what you are going to hear in exactly five seconds is the ringing of the bell on the day that has been the single
most successful for u.s. markets of 2017 so far. we are not closing at session highs. which means this may not be a thing for a long time, but the dow for the first time ever closed above 21,000. robert schiller, thank you for being with us and for your insight, stephanie, stay where you are, it's 4:00 on the east coast, which means it's time for steve kornacki to pick up coverage, but this is what steve kornacki is picking up. a dow that is up 301 points. it is a big deal whether or not you believe it or not, steve. >> yeah. and this is -- i'm curious listening to your discussion here, and you guys know this stuff better than me and stephanie, maybe i'll start with you on this, there's a lot of talk here about is there a risk that this is -- i don't to want use the term bubble, but something that's going to snap back the other way? what about the possibility? is there a possibility we just see this market continue to grow during the trump presidency? >> we dinitely would see that. and remember you heard president