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tv   The Intelligence Report With Trish Regan  FOX Business  January 25, 2018 2:00pm-3:00pm EST

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in to dwarf whatever the expense was to the treasury. not necessarily to all the other spending. that is a startling development and one very few envisioned when these companies were first getting the goodies, now sharing the goodies. now trish riege -- reagan. hey, trish. trish: i love that, i really do. people were so pessimistic about this. you're right, they could pay for themselves. you're also right on the spending front. neil, thank you. breaking now everyone, cabinet members meeting with business leaders in davos, switzerland. they're discussing america's tax plan and why businesses should be investing in the united states of america. we're seeing record day on wall street, up 169 on the dow. i'm trish regan, welcome to "the intelligence report." tomorrow the president will be delivering what many are calling the most important economic
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speech of his presidency. and in that speech the president is also expected to pressure world leaders to do more to stop kim jong-un and his nuclear ambitions. i said it over and over and over again. i am going to say it again, we have not scratched the surface, when it comes to economic pressure, economic pressure on china. senator cory gardner, he will lead the effort and crown me -- join me in a few minutes. go to blake burman where the president is wrapping up his day the economic forum. blake? reporter: he is not even done. he is sitting for for dinner 8:00 in the evening local time with european business leaders. quite the crowd he has with him here in davos. you just saw a little bit of that play out. the president sitting down with leaders, for example, of adidas, bayer, nokia, nestle, volvo, deloitte, just to name a few. this is two-fold message,
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two-fold reasoning for the president coming to davos. the first you hit on it, security. security issues that the united states and the world is dealing with but the economic message the president wants to get across and the trade message he and his administration want to get across. sitting down with those ceos moments ago, here is president trump. >> i just want to say there has been a lot of warmth, a lot of respect for our country and a lot of money, billions and billions of dollars is coming into the u.s. and people are very happy with what we've done, not only on the tax bill, but cutting of regulations and also being a cheerleader for your country. if you're not a cheerleader for your company or your country, no matter what happens, it is not going to work. reporter: the president got into town today. the delegation has been here a couple days. commerce secretary wilbur ross made some headlines yesterday when he said trade wars are
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happening every single day and u.s. troops, as he put it are just starting to gear up. on this very set earlier this morning when he spoke with maria bartiromo, the commerce secretary said it is not that he feels there will be a race to the bottom, but he also clarified by saying reality of it is there are trade abuses happening every day. >> when i meant by this, every time someone violates trade rules that so me is act of war. dumping steel is an act of war. dumping aluminum is act of war, dumping anything. forcing technology transfers, same thing. that is what i had in mind. reporter: back to the president. he is at that dinner right now with european business leaders that will wrap up his day once he is done. he met with israeli prime minister benjamin netanyahu and british prime minister theresa may. tomorrow he has two more meetings with the presidents of rwanda and switzerland separately. then of course, trish,
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8:00 eastern, 2:00 p.m. in the afternoon president will give the widely anticipated speech before the huge forum and really before the world. trish? trish: looking forward to it. you know where i am going to be, watching fbn at 8:00 a.m. tomorrow morning. tune in. maria at davos as well. thank you very much, blake. former economic advisor to president ronald reagan mr. art laffer. art, good to see you. >> great to see you. trish: did you hear neil as we went into this program he was pointing out to the viewer exactly what you have said all along. he said in a couple years if this continues, if we get 4% growth, if we see a real significant upturn in the economy, tax revenues, well, they will go up and this whole thing will pay for itself. >> it is the laffer curve, isn't it? , my profile, trish. it should be called the cavuto or the reagan curve by the way. trish: na.
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you coined it back in the reagan years. it is the laffer curve and it will always an known as such, sir. >> thank you. trish: is that in fact the case? >> i'm very certain it is the case, trish. not only will we get higher growth but it is more than just growth because you get all the personal behavior things. there will be less tax evasion and tax sheltering. people go back to c-corporations there will be secondary, tertiary revenues from payroll taxes all this revenue and state an local governments will do really well from this tax bill. we'll not only get it paid for, trish, we'll make a huge amount on this net. i have never seen a surplus in the u.s. budget doesn't come along with rapid growth and tax cuts. it just doesn't happen this is the way to do it and trump's done it, god bless him.
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i take my hat off to him. its the best economic program i have seen by any president of the united states in his first year in office. it is just incredible what he has done. trish: that is a big endorsement from you, trish. >> yes. trish: democrat after democrat is saying this was going to happen anyway. these companies would have given out bonuses, they would have raised wages. that was all in the works before this tax plan ever came into being. what do you say to them? >> i don't know what to say to them. i feel very sorry for them they're playing catch-up. this was democratic party policy when kennedy was president. this was big tax cutters, pro-growers, and revenue raisers by cutting tax rates. now the people stuck? the alternative universe. they are the big naysayers. they want to hold up the budget, they want to raise taxes and do all the wrong things. i'm sorry, we won, they lost and they're trying to claim credit for what we won.
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if it had been done, trish, they would have done it under obama but they didn't. we did. it will lead to prosperity. i'm very sorry, they want to take credit for it, but they don't deserve it. trish: they certainly didn't have even though they have been as obstructionist as they possibly can be. >> everything, they voted against everything. everything they voted against. this is the not democratic party anybody ever knew in our histories this s the antigrowth democratic party which is brand new and really unpleasant. trish: art, the other thing about the democratic party are out there saying this is nothing. 1000 bucks, nancy pelosi says is crumbs. >> yeah i know. trish: i don't know, i think a lot of americans would like to have an extra thousand dollars. those are not crumbs. >> piece -- these people are desperate, they can see they're losing. i wish they wouldn't. i wish they can come join us work out stuff together just the
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way we did with reagan under the '86 tax act. we passed the '86 tax act, trish, 97-3. al gore told me year-and-a-half ago, it is the best bill he ever voted for in economics. this is cool, cool stuff. they should be with us, not against us. trish: the laffer curve at work. thank you so much, art. >> thank you, trish, that's lovely. thanks. trish: turn to another big story. north korea calling for unification of the the koreas as president trump will warn them they have to do more to stop north korea. he is the point man on all things north korea and he has been leading this charge on tougher north korean sanctions. here with me right now, senator cory gardner. senator, good to have you here.
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>> thanks for having me. trish: you lead the charge on sanctions. what about sanctioning china? >> that is where we have to turn to. china has over 5000 businesses doing business with north korea today. they're in violation of our sanctions laws. china has 10 businesses at one point responsible for 10% of north korea's total economy. it has got to stop. they have to do more if china needs to be responsible global power, they need to make a choice, do business with us, do business with them. you can't do it both ways. trish: they signed on to the sanctions, sir, both chinese and russians. then we have video of them out there trading with north koreans despite what they promised us. we've seen that north korean gdp, their economy has grown. only way it is grown if they're trading with china so, that tells us, here is the video that we have. >> exactly right. >> so china's not living up to what it promised us. >> yeah. what we're hear something china is doing a little bit more than
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they have in the past. they didn't stop the new u.n. resolutions that passed recently. that is more than they have done but problem is there is so much more to do and we don't have that much time as north korea builds its nuclear program. they get further and further advanced. at some point they cross a red line unacceptable to the united states. china needs to step up to do more. they continue to send crude to china, north korea, and it has to stop. trish: i agree with you. the markets all-time high, 26,418 on the dow. >> right. trish: there is a lot of fear about a kind of trade war, that it would destablize our economy. is that a risk you need to take? >> we need to build trust with china. that we don't have not u.s. troops deployed on the yalu river. we are interested in denuclearizing kim jong-un and his regime. let's build that trust. we need to look in the past,
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when we have taken strong steps toward china, whether iran or other sanctions, they came to the table. they stepped up to the brink and based that helped us our problem in iran. we have a long ways to go in iran but we have further way to go in north korea. trish: i bring it up, we have a lot of ammunition here. i'm not talking about military ammunition. i'm talking about economic ammunition. i say all the time, the viewer knows i would much rather be in a situation where we are losing dollars, senator, as opposed to lives. so before we make a commitment to go to all-out war shouldn't we be doing everything possible, everything we can economic, to be at war before we're actually losing lives? >> i can't agree with you more. this is a situation where we have plenty of room left on the diplomatic and economic runway to increase pressure, increase sanctions, increase the isolation, diplomatically of the regime before any action is
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taken military. we have to be prepared for that alternative. we have to be prepared for the outcome. we'll protect our allies. hundreds of thousands of u.s. citizens in korea. we have to ramp up that pressure to turn those dials so they move from the forth most sanctioned country in the world, to the first most-sanctioned country in the world, that being north korea. trish: senator gardner, thank you very much. foodgood to have your perspectie here. i have to mention to the viewer, this has come up over and over pen, ambassador bolton, let's see if we can play a clip. he doesn't think we would go to actual trade war. he sees the military option happening first. here he is with me a short time ago. >> american business community is not going to sign on willing to cut off, sanctions on steroids as you put it to the chinese market. look on your show next week, call in the head of jpmorgan, goldman sachs, tell them how they would like to cult off banking access to the chinese market. trish: i don't care about them.
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i care about the country. i care about the fact there could be a nuclearized north korea. i also asked why would jamie dimon at jpmorgan or goldman sachs be calling the shots when it comes to our foreign affairs? in other words, who cares what they think? who cares what the ceo's think. what we need to do is what's best for our people so with that in mind, maybe we need to be looking long and hard at how we can better influence china economically. anyway markets soaring today on strong earnings. a quarter of all s&p 500 companies have reported. 80% have beaten earnings, and they have beaten revenue estimates. this is great news happening on a day when home depot joins hundreds of companies spreading the wealth out there. they're handing out bonuses to employees. you know why? one after another tells us because of president trump's tax reform. so why won't the left give him
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any credit at all? why are they trying to say that this is related to president obama's economic policies of which he had none? we're on it next. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. the pen where you don't have to see or handle a needle. and it works 24/7. trulicity is a once-weekly injectable medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. it should not be the first medicine to treat diabetes, or for people with type 1 diabetes or diabetic ketoacidosis.
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trish: stocks surging right now, up triple digits, 119 we're
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higher on the dow. dow hitting new all-time high. you never get tired of it, right? now on the pace for the 10th record close of the year. guess what? only january. this as home depot, northrop grumman, all jump on the wave of american companies giving away bonuses and wage hikes as a result of the republican tax bill. but get this? the mainstream media is still absolutely, postively refusing to give the donald trump administration any credit at all for this economic success and for our now booming labor market. here is commerce secretary wilbur ross speaking with maria bartiromo earlier today in davos, switzerland. watch. >> they have no alternative but to make up fiction but eventually facts overcome fiction and i think the fellow who just got $1000 check, doesn't care what the left-wing media says. the person who gets a tax cut in the next withholding, he or she
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is also not going to care what the left-wing media says. trish: with me right now, money map press chief investment strategist keith fitzgerald. forget politics, look what is happening. you have got the market hitting high after high after high. you have got unemployment moving lower. record low. you have wages moving higher. and i can't wait to see the numbers next month on wage inflation because we haven't had any wage inflation for the last 30 years or longer, adjusted for inflation. this is an opportunity for to us be happy about things for a change, right? to be happy about the economy and happy about the markets and yet the democrats and the pea yaw, they won't go there, why? >> you know this is kind of like a bunch of children on the playground. they're all going not me or i wish i had.
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political strategists of course will seize on a moment like this, the logic is irrefutable. they will try to play the card that says well, we would have done it, this would have happened anyway, but reality it wouldn't have because that requires cash that is coming from the tax cut. so taking the politics out of it, the reality of money is you can't spend what you don't have unless you accrue debt. if i have it you can spend it. more than 200 corporations have jumped on it. trish: the left is saying this is the great policies of president obama and they're finally catching up to the economy. what do you say to that? >> if that is true, the words hope and confidence would have been a critical part in the american lexicon the last decade, last 20 years. reality uncertainty and hesitation was the bell word. that is why corporations kept money overseas. now that they're bringing it home that reflect as change in sentiment. ceos are not dingalings.
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they are credible, intelligent people and move their money where it is treated best. this time around it is right here at home. trish: so does that mean the rally continues for foreseeable future? what do you think? jamie dimon says 4% gdp growth, is he right? >> i think jamie dimon is one of the smartest individuals on the planet and possibly the only individual over this that knows how to make money in complex financial markets, from financial perspective. a lost managers do from manufacturing perspective. yes i think he is absolutely correct. trish: are you still buying this market? >> i'm buying very selectively. obviously you don't do anything, bet the ranch or inheritance. big resources big defense, those are all things the world must have. those things will never go away no matter what happens on wall street, no matter what the fed does next or no matter what politicians decide on either side of the aisle.
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trish: a good time to be an investor of the keith fitz-gerald, thank you very much. >> yes it is. trish: recently leaked white house infrastructure plan outlines what they're calling value-capturing financing. basically means that, this is crazy, a private landowner's property gains in a particular project, that may have come because of a public works project belongs in part to the government. sounding a little venezuelan to me but we're going through it all with adam shapiro, coming up next. how do you win at business? stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man.
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build a better website - in under an hour. with gocentral from godaddy. >> we are also work to go rebuild our crumbling infrastructure by stimulating a 1 trillion-dollar investment and that'll actually probably end up being $1.7 trillion. trish: president trump addressing the nation's mayors offering more details on his long-awaited infrastructure plan which he says is going to be hart of tuesday's state of the
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union address. this as leaked documents released this week call the white house's plan potentially problematic. the white house is saying that this is largely accurate and they're pointing to $10 billion in cost-sharing payments, 50 billion-dollar for world projects, $50 billion for transformative projects. here is the sticking point. this is what is very concerning to a lot of people right now, there's something tucked in there called the value capture financing and adam shapiro has more on it, but basically my concern about this and if i'm understanding your reporting right here adam, you know, people's property rights wouldn't be the same. >> depending on where you live and what your city and state intends to do. value capture financing, sounds very walking, we do it already
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in the united states through tax increment financing, have been doing for decades. this doesn't really affect individual homeowners. going forward, if the proposal as it's written for infrastructure, 200 billion in federal dollars to leverage a trillion, they would require, the federal government would require cities like say, let's just say new york, for instance, to have a value capture financing mechanism in place in order to get the federal tax dollars. so cities like new york would have to come up with what the rules would mean and what value capture financing tries to do is capture the value from increase in property values after a public work's project. so conceivably, trish, you can say to the people who live along second in new york city whose apartment value all went up because they built the subway. you will have to give us a little bit of the sup side in gain in property value to help fund the subway. now, no one is doing it that
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way. trish: i'm sorry, it kind of sounds venezuelan. they decide to put a train there, and by the way, you go through ten years of major discomfort, you know what came with that, there were rats, right, on second avenue as a result of all that digging. >> there's rats all over new york city. trish: had to live with that nearly 20 years, that's their property. >> that's for the people of new york city and leaders of new york city to determine, but keep in mind, nobody is doing that yet. what's been proposed is that the federal government if they pass that proposal that was leaked as it is in order to get tax dollars from the federal government for future transit projects, cities like new york or say san francisco or cleveland, ohio would have to have a value capture financing
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mechanism in place to get those federal tax dollars. trish: okay, i see what they are saying. >> it would be the city to decide the way you and i discussed. nobody is doing it that way yet. nobody is doing like that yet. trish: that would be pretty onerous and i think there would be a lot of legal ramifications too, adam, what they're saying, new york city, we will give you $300 million, 5 billion, whatever, but you're going to have to give us something back in return, the city of new york. i mean, they are going after a lot of these cities and municipalities and states big time. >> the federal government has always required cities like new york or cities like south bend, indiana to match in some form federal tax dollars. the change in this would be the value capture financing portion of it and it would be up to these individuals cities and states to determine how they
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would do that, nobody has said, if you're going to do this, what parameters do you put in place to make sure that a city like south bend, indiana, if they wanted to do a new light rail line didn't charge the tax home owner for the upside in the property value. unless the people in south bend wanted to do that. trish: okay. wow. all right, adam shapiro, thank you very much. >> just a proposal right now. trish: fortunately, fortunately. joining me right now managing editor for peter, what do you think of this? >> the most interesting and maybe the most worrying about about this is that it's mandatory, is that what the federal government is saying that if states want to get this federal money as part of this proposed infrastructure package which again is still a proposal, trump hasn't announced the full details, we are talking about leaked information here. trish: i know.
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it's not perfect all the information we have and so we are just talking about this a bit in theory right now. >> right. trish: cities would effective i will have to pay the government for any upside their property has and the question is would that wind up being individuals or taxpayers as a whole? >> i suspect developers and businesses. if you have ever flown over washington, d.c., you can't see the subway because it's underground but you can tell exactly where it is because you can see the pockets of tall build that is are lining the subway lines where all the stops are, because people have built up around those stops and so the theory, i'm not saying it's a good one, the theory is those are pockets of economic activity, let's leverage that and in part because if you listen to the clip that president trump earlier he said, we want to stimulate a trillion dollars in infrastructure spending. the idea is to take 200 billion and turn it into trillion and
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part of what that means they will try to extract value out of the economy, out of the economic boom that they hoped that comes out of the 200 billion in infrastructure. somebody is going to lose. trish: look, mr. president, i really want you to build this new train or this new highway stop near my business, that's one thing, but if you just happened to be the land owner that winds up having a new highway exit in your part of town, how can the government come back to you and say, all right, you have to pay up because we put that exit and now your property is worth more? >> i think your government can and often does say to property owners, look, you own property as a result, you are going to have to pay us, just for the privilege of owning property within the borders -- trish: well, then you don't really own
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it, peter, what happened to property rights? >> i'm a home owner in washington, d.c. and i often feel like i don't own my house. the district government exerts awful lot of concern. i think there's a worry that not only is this something being proposed but being proposed as requirement in order to participate in the infrastructure plan. trish: all right, well, we will see what happens on tuesday, of course, at the state of the union, we are on it, peter, thank you very much. >> thank you so much for having me. trish: markets in the green although cutting of wanting a strong dollar, we will have more on the markets and where they are heading next
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let's go to north carolina who is at the new york stock exchange and how it's affecting tradeers. nicole: had been up over 200, we had a lot of talk about the u.s. dollar, weaker u.s. dollar might help trade and that's very different than from we heard from prior administrations, that's front and center. big picture the market has been running on record highs on the obvious, that's a better economy and good corporate earnings, we are seeing some of the winners here on dow jones industrial. boeing, goldman sachs, hitting new all-time highs on the dow jones industrial average, i wanted to focus on caterpillar and 3m both of which actually had their quarterly reports, caterpillar reported loss in the quarter, however earnings did top analysts estimates. then there's 3m which actually hit a new high, the maker of
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scotch tape and bandages, post-it notes. they raised forecast. that's a real winner. ultimately, we digested a few pieces of information such as home sales, home sales dropped, why was that? because people had more in the labor market, they are doing better with the jobs, ant wasn't the supply, that's the big picture on the market overall. we have come back, some people are really just taking money off the table and extensive conversation with one trader having the best month of his career and he's selling, he's just saying, i don't want to lose it, some people are right near the top and feeling great. trish: nicole, thank you very much. u.s. crude calls 1.65 a barrel. our own jeff flock. jeff: there had been a surge, part of the run huff upmost
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recent yesterday at least had been talking about a weak dollar which obviously is bullish for oil, now we are in the after hours farther than we were at the close, we are now trading 65.10. just about $65 and, again, strong dollar, weaker oil prices which is not necessarily a bad thing. we've had a huge run-up here as you point out, trish, that on the strength of ten consecutive weeks of draw supply. there's much supply as we did, they think we are swimming in oil, we are making more oil in the country than we have ever have in part thanks to the administration's policies but we still, you know, we are still part of the world marketplace and we still net import oil, so we are not at energy independence yet. but anyway, largely on the strength of the president's comments about the dollar, we are now trading down 50 cents at
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cme in chicago. trish: game steres -- demanding the company not use drones, not use driverless trucks, nor make drivers work past 9:00 p.m. nice life they might have. you know, you can't stop the future even though the unions are trying, where is this going to end up, details next.
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trish: labor union wants to ban ups from using driverless trucks from delivering packages. the union entering contract negotiations with a whole long list of demands that include hiring 10,000 more workers and stopping all deliveries after 9:00 p.m. but with online retail creating a lot of demand for delivery companies, how can ups agree to all of this and still compete with rivals like fedex and well the u.s. postal service? joining me right now independent women's forum patrice lee. good to see you, patrice. they are up at at it again? >> it wouldn't be good for
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transportation industry in part because there's a huge shortfall of drivers, that's going over 175,000 over the next decade. you need more drivers but you also need to make the drivers efficient particularly when they are delivering in and out rural areas, that's where technology can really come in. trish: you know, driverless cars are on the way, i was talking to carlos ghosn, this was a real possibility for our country which we would all be in driverless cars which is good because i don't like to drive, if companies like ups can't keep up with technology and if their workers are so resistant to that, you know, at some point,
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they'll be out of business. >> i think so. i mean, realistically, i think the teamsters are using this as a bargaining chip. i don't think they really expect that ups would not allow for drone delivery. by the way, there are also regulation that is don't permit it and like a full commercial space, but, you know, it is important for us to be able to embrace technology, that all means, though, we need to start preparing workforce for what that means, it may mean we don't have as many drivers delivering trucks. technology is not something we should be running from. it's something we need to embrace but be smart about it. trish: yeah, i would argue had the right economic policies in place to be smart about it, because, you know, i think about when i was a kid on the highway and you had to pay your toll, you gave it to -- you gave your money to someone, someone there at the toll booth, just doesn't
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economist anymore. in some cases the tolls themselves don't exist because it's just all automated and they get you going by. these are jobs, these are actual jobs so we need to be transitioning our workforce, it's a much bigger broader conversation, pa, -- patrice, gets back to things like education and immigration, a lot of things that fold into it. >> it is. reaching the workforce for the future is one of the topic that is people are afraid of and i think unfortunately you have folks on the left who are using it as political chip or ploy which shouldn't be, but we need to think about a policy perspective how do we bring together business, k-12 education system and with the technology companies to say, what are the skills, you know, what are the types of jobs that are not going to be automated and can't be replicated by a computer or rosie the robot and
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start preparing young people for. driverless cars, they are great, they are going to take jobs away, sure but they also deliver us as consumers faster options, better options and cheaper options. technology, i'm not one of those doom and gloom people out there. trish: good to see you. thank you so much. >> good to see you too. trish: nancy pelosi is doubling down on comments that bonuses due to tax reform are simply crumbs. well, now debbie wasserman schultz is joining the act saying, quote, one thousand dollars doesn't go very far. how on earth can the democrats look at anybody with a straight face and say things like this? this is nothing but a let them eat cake message, they're just wanting to try to win mid-term elections and they cannot admit that anything good is happening in our economy. ly tell you one thing, a thousand bucks is a lot of money
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and a lot of money to a lot of people, debbie, nancy, maybe not to you, but to a lot of people. we will debate this next s ] hey maya. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track, closer to home. we grew to a trillion dollars in assets under care by thinking about your goals as much as you do. ...from godaddy! in fact, 68% of people who have built their... using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy.
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trish: nancy pelosi dismissing bonuses companies are giving because of tax reform and saying they are crumbs, just crumbs, a thousand bucks is nothing. take a listen to debbie
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wasserman schultz today. >> if you look at the bonuses, i mean, which i haven't heard bonuses more than a thousand dollars so far, i'm not sure that a thousand dollars which is taxable goes very far for almost anyone. trish: actually i have heard bonuses of more than a thousand dollars by some companies. anyway, even if it's just $500, this is real money, why don't democrats get that, i thought they were the party representing the people to whom a thousand dollars matters to. gina is here and democratic strategists robin. gina, this is not chump change. maybe for nancy pelosi it is but for most americans this matters. >> this is the single most elitist statement i've ever heard. i think debbie wasserman schultz
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is thinking in her mind, well, hey, i have a perm that costs more than a thousand dollars. you know what to your average min him wage worker out there that they claim to champion that makes upward of $15,000 a year, that's one 15th of their income, i don't care who you are and if somebody told you you were going to get one 15th increase i would be pretty excited. she's minimalizing it, you add the bow news, stock options, they look like elitist, they don't know how to reach voters anymore. trish: i think this is suicide for them because americans are looking at that thank goodness, a little extra money. a lot of americans, they are one car payment away from not being able to feed their family, that's the reality of the economy out there and i realize
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that nancy pelosi and debbie wasserman schultz don't get that, they live in a different reality but they ought to get out of their cacoon now and then and see how people are really struggling. >> you better believe it, that's mighty rich coming from nancy pelosi whose net worth is $39.3 million. my problem is that it's emotional. money is money. i've said this before. it makes a difference to everyday americans. they should have pointed out disparity and we know that he will from corporate pass throughs and alternative minimum tax and estate tax. trish: i've given them their talking point. you've heard me on the private equity carried interest loophole which was basically a big give away for real estate investors benefit from the private equity, i will tell you private equity
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investors they shouldn't, this is nearly criminal when you think about it because they are calling their income an investment and i can't do that, you can't do that, gina can't do that, income is income, investment is investment. in other words, you're right, the democrats, they could do so much more, there are opportunities to go after what maybe makes the administration vulnerable and the republicans vulnerable but they're not taking them, they don't get it, do they not understand it? >> no, they really don't. i agree with gina, this seems elitist on its face and i'm fearful that we are losing the message. we have lost so much with the middle class and the rust belt, fly-over states, we can't put out statements like this. trish: gina, look, you know, it's good for the republicans, i will tell you that come midterms because the economy is doing well and people have a little
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more in their pocket each week and nancy pelosi and debbie wasserman schultz and chuck schumer and the rest of them keep saying this is nothing but crumbs, they will be >> absolutely. it's like the dying bray of a adopt key or something -- donkey or something where you can't believe it's literally saying this because it's only digging its own grave. this is exactly how i saw this when i heard it, because i think your average person out there who's enjoying the benefits of the economy is going to be really tire of all of the class warfare going on and the identity politics in general. the democrats have got to get another message if they're ever going to one again, because that one is tired and old, and the american people are seeing what happens when we can all rise up. and you know what? most people don't care if donald trump himself does benefit in some way as long as the rest of america is benefiting in big ways too. that's what the president was talking about when he said we can all rise up.
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i want you all to be as rich as me. that's the message. trish: look, we're all very aspirational, as we should be. it's part of what made this nation so great. thank you so much, gina and robin. we're off the highs of the session but still up 70. liz has gotta. liz: we're looking at a snapback reversal, the nasdaq just hit session lows suddenly, both the s&p and the nasdaq lost all their gains and are now in the red on this hitting the tape in what appears to be an attempt by trump to clean up somewhat of a mess that treasury secretary steven mnuchin made yesterday when he had said that a weaker dollar is, quote, good for the u.s. and trade. president trump just saying moments ago nobody should be talking about the dollar. telling cnbc calls for a strong dollar moving markets and the greenback right now. we do have the dollar reversing, going from negative to positive. president trump wrapping u h


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