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tv   MSNBC Live With Stephanie Ruhle  MSNBC  December 7, 2018 6:00am-7:00am PST

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of the 35th anniversary and i want to thank her for her book fascism, a warning. that does it for us this morning. >> -- buy it today. >> go out and buy it today. stephanie ruhle. >> hi there, i'm stephanie ruhle. a lot to cover today. starting with striking a nerve. president trump goes off on twitter, blasting robert mueller's investigation as well as jim comey who is expected to appear on capitol hill within the hour to deliver closed door testimony. meanwhile, new court document are also set to be unveiled on paul manafort and michael cohen. revealing just how much cohen is cooperating and just how much paul manafort lied. a political u-turn. shocking new details emerge in north carolina's election fraud investigation. and money trail leading back to the republican candidate but calls for new election are becoming even louder. even from the head of the north
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carolina gop. >> i was watching it. immediately went in and threw up. i was very ill. this has shaken us to the core. >> the u.s. economy adds 155,000 jobs in the month of november but unemployment remains at a 50-year low. a turbulent stock market. that number is not what we expected. we have to begin by drawing a distinction between the u.s. stock market and the u.s. economy. they are not the same thing. the market has been all over the place this week. up 200, down 8 hurk. if you've got any money invested, this has been tough to stomach. today's jobs report tells us things are not as chaotic. in fact, many say the economy seems to be doing okay. although possibly losing a little bit of steam.
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155,000 jobs were added and that is a bit below consensus. unemployment remains unchanged at 3.7%. basically full employment. one other piece of of good news, average earnings went up last month by 6 cents. you know that sounds like a tiny amount but every bit counts. we need those wages to go up in this country. all right, david, yesterday, we were focused all about china and trade. the situation has overshadowed even the positive economy but let's talk about the job number and the fact the yield curve is flattening. we have to remind our audience. a flattening yield curve is what we saw ahead of the last three recessionings. >> absolutely. the dow is not the economy. the economy is not the dow. maybe if you and i say that
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enough times, the president will understand that as well. the chairman gave a speech yesterday in washington, d.c. he was talking to the housing association. i'll read one line from that speech. so po so important in the context of the numbers. i am happy to report the economy is performing very well overall. the report we got today is very much in line with that. the focus here among investors in new york, around the world, still is on the federal reserve and ways going to happen next. the fed will meet for its last meeting of the year. the consensus is we'll raise rates once again. the question is what's going to happen in the new year. j. powell had the great analogy. he said in a dark room or a black box, you don't know what the economy's going to look like. yes china, yes trade is very
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much on the focus. the number we got today certainly gives the fed pause to consider. something to turn the market around yesterday was this report in "the wall street journal" that the fed is taking the wait and see approach. >> all right. we're going to watch those markets. just under 30 minutes. don't go too far. we have to turn to the other big developing story. it is all about nerves on edge. the president is on a tear on twitter. within the hour, jim comey will appear on capitol hill to testify. this will be behind closed doors. answering more questions about the fbi investigation. that is expected to be released in 24 hours. that is just to start.
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also we are expecting two court filings. there's a 5 p.m. deadline for the special counsel and southern district to submit information to president trump's former lawyer and fixer. in another court filing, is expected to detail the court cries and lies committed by trump's former campaign manager paul manafort which led to mueller canceling, wiping out his plea agreement. the president started in at 6:00 this morning firing off not one, not two, five tweets in total, filled with misspellings. even has some people's names wrong. but all about mummer. his team leaking lying james comey and the list goes on. including his own deputy attorney general rod rosenstein. i want to turn to hally jackson in washington. i don't even know where to start. the president has been talking a lot about the mueller
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investigation. including the idea his team is preparing for the mueller report. >> he has been since august when we first reported word about the idea this counterreport was coming together. i would say it's not so much what specifically president trump is saying this morning in the series of tweets that our first read political team calls like a rage storm. it's the fact he's doing it at all. think about the last time we saw this kind of intense tweet storm. it was right before the plea deal he struck with the department of justice. i think this is a sign, very clearly. when you see it, say it. we see the tweets about mueller. we can say that is what is on his mind this morning. i want to be cautious in this. this could be a day of really big developments. or it could be a day frankly of
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incremental developments relating to manafort and cohen. we haven't seen these memos. we expect to learn more about that agreement that michael cohen made. what is in it. what his cooperation is. what he is saying to the special counsel and there's more than just the members of the media. i think it's fair to say a lot of folks inside president trump's world, inside the trump orbit, are watching this as well. what exactly paul manafort lied to federal officials about, what did he say to the special counsel that made him say we're going to blow up this plea deal with you. i imagine a lot of that is his business relationships up to and before he joined the campaign. the white house is watching it too. let me tell you what's
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happening. my colleague kristin well beien on the white house south lawn where the president will go to joint base andrews and then kansas city for a safe neighborhoods discussion. we've nod heard much from the president all week long. we've heard earlier in the week about china. but the white house, they wanted to make sure the services for president with george h.w. bush stood front and center. we're here now friz morn iday m. i think there's a high likelihood we will be hearing from the president. >> as you said, all eyes are on mueller. now a new narrative, dare i say distraction. >> i don't know so much a distraction, only because the so-called shine object theory of
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president's distractions. it would come from the president himself. this is other outlets. as are we. we reported john kelly was expected to depart the white house. widely expected according to multiple sources. people close to john kelly. people close to the president. who say yes, his time is limited. kelly made a big deal about the staff meeting. saying the president wants me to stay. it seems almost impossible that is going to be the case based on the reporting as it stands today. we've done another set of calls reporting on this. we can say according to myself, kristen welker, within the days ahead, we expect to see john kelly depart his role. according to sources close to that process. it means, as we said, the chief of staff to pence is considered the front-runner or among the front-runners. he is somebody who worked to develop a relationship with donald trump even though he
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works for vice president pence and is close to pence's world. also airs is somebody who is lessen solved in the national security foreign policy piece of it or that's the expectations if he were to go to the west wing. and that is where a lot of the focus is inside the white house. as we turn into the new year, you saw two white house aides, steppy and clark, names that may not be familiar, but who are involved in the politics operation in the west wing. they're officially moving over to the trump campaign side. another long expected announcement. busy morning though for sure on this friday. >> it's only going to get bus r busier. joining me now is our guest, former federal prosecutor and legal analyst. and msnbc's justice analyst, matt miller.
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cynthia, the president's tweets, i'm no legal expert, no legal scholar, but to me, sure sounds like somebody who's worried, anxious, fired up. >> right, sounds like somebody who might have had a phone call from mr. whitaker. >> would he possibly get the heads up the night before? is that how it works? >> that's interesting. because he shouldn't get the head's up until the professional responsibility office has cleared him. it wouldn't be surprising. to steal matt miller's line from the green room, he is like the warning signs before a tsunami are the tweets. so there's some concern that -- more things are going to happen today besides these -- information from the united states attorney's office. >> i have a hard time even following with all the names and
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directions the president was going in with those tweets. he talked about andrew wiseman. talk about this specifically. >> he talked about him for, in his words, ruining people's lives. wiseman is a career prosecutor at the justice department. i think one of the most famous cases, it is the one the president referred to, enron. >> hold on, is the president implying it was andrew weissman who destroyed enron? >> yes. >> let's remember what enron did. >> and destroyed the lives of the ceo jeffrey skilling who went to jail for 14 years. i think that's what the president's tweets referred to. interesting strategy. the president clearly was nervous. one other thing that was interesting in the president's
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tweets, kind of an aside. he said something about, you know, jerome corsi, who i do not know. we know that's not true. he worked with corsi extensively in 2011. that to me read a little bit of a warning sign that maybe we're going to see something today specifically related to corsi. i don't know if it will be today. that distancing from jerome corsi to me looked a little bit like a clue. >> stunning to me. weissman ruined people's lives. one might say the executive destroyed the company and destroyed the savings of so many of those people. that's amazing to me. all right, nbc news has confirmed that president trump's lawyers, they have resumed discussions with mueller's office. this is after michael flynn's sentencing memo has shown he has fully cooperated with mueller.
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what do you think could be on the table now? >> i think there's two things that have to do with this. the first is, will the president's answer -- clearly is going to be follow up. first, nobody ever does this and uses written back and forth in a criminal case. it was allow eed because it's t president. the other interesting thing about the cohen memo, remember in the cohen written report by mueller, he said that -- cohen said he'd been talking to people in the white house counsel's office before. what does that mean? did he talk to the president before he went to the senate? did he push him to move in a certain direction? how well was it established he intended to lie to the senate? that would be an interesting vein today to follow to see if we're going to end up with some kind of wrongdoing.
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as it pertains to cohen's testimo testimony. >> it has half a dozen current and foreign officials has said the administration has no plans in place for responding to the special counsel's findings. a former white house senior official who requested anonymity said attempting a plan would mean, quote, you have to have an honest conversation about what might be coming. jewel agiuliani has been saying difficult in the past few months to devote time to the counterreport. and president trump is countering that this morning. he's saying yes, we're going to counter this. what do you make of all this back and forth? >> i think it is a combination of denial from the president's team, incompetence. it seems kind of fear from some people in the white house.
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i'm guessing don't want to have anything to do with this. they're worried they're liable to find themselves in the middle of a legal problem. you know, i think we've seen this before in other issues. where the president's team is not ready to deal with something they know is coming publicly. i don't know how much you prepare a response when you know the president is not disciplined. no matter what you come up with, the president is liable to wake up and start treating. yes, we've been working on a report and we've prepared 47 pages. that's contradicting giuliani who said in one of these quotes they haven't started working on it. they're a little all over the map. i think what you would expect from a typical defense team is they would have a thorough kind of assault on the facts, on the law. i don't think that's where they are. >> it must be tough for them. as you remember, the president
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said he doesn't listen to other people's grades. he listens to his gut. i'm not sure flt president's team is able to communicate with said gut. thank you so much. we're going to leave it there. coming up, a dramatic new twist in that congressional election in the state of north carolina which is plagued by allegations of election fraud. the democrat now officially taking back his concession as even the head of the state republican party concedes that there might need to be a new election. later president trump is reportedly considering reappointing former attorney general barr who last served in that position in the george h.w. bush administration and of course that was the early '90s. but late night's stephen colbert said barr might not be excited for the job. >> word is barr having already been attorney general doesn't feel a particular ambition for the position but does feel a sense of duty to take it if offered. no ambition for the job but
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click or visit a retail store today. welcome back. now to a huge story coming out of north carolina. 19th congressional district. the democrat who conceded the race exactly one month ago is now taking it back as state officials investigat absentee b
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fraud. >> your vote is your voice. it is our most sacred right as americans is our right to vote. i started my career in the marine corps where i served overseas. could never have an option where i would come back home and see the right to vote under attack by criminals and politicians. >> let's give this more attention and explain. the unofficial results for the race incredibly close. the republican mark harris and democrat mccready are separated by 905 votes. the state elections board refused to certify the votes because of allegations of, quote, irregularities and concerted fraudulent activities involving mail-in ball lts in
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the district. that is why mccready took back his concession and why an official investigation is under way. the whole thing comes down to the county. they hired a consulting firm who hired a man named mccray dallas, a local politically operative who also happens to have a felony criminal record. dallas then hired volunteers to go door to door to talk to voters and here's what happened next. >> i was telling her who i was voting for and she didn't want to hear it so i just didn't say anything else. i just filled out two blocks and i gave it to her. i sign and i gave it to her. it was not sealed. she said she was going to seal it but she never sealed it in front of me and it never got turned in. >> the atlantic sums it up this way. quote, according to accounts given to reporters and in sworn affidavits, dallas had a team of workers going around collecting absentee ballots from voters
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which is a violation of state law. in some cases, the affidavits allege these workers completed ballots for voters, also a clear violation of the law. the election board has confirmed it has issued subpoenas for documents from all of the major players including the harris campaign. a hearing is scheduled for december 31st to review the evidence. here's the thing, republicans, they should just have seen this thing coming. according to court documents obtained by the new yorker, allegations of electoral fraud against dallas, they date back to at least 2014. how about some vetting here right? the radio program this american life reported in december of 2016 that dallas told a state board of elections that he paid members of his team for each ballot they collected which is illegal. now, please look at this. we know the first big race was
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2010. an important year to what republican state senator dan bishop said yesterday. >> there have been complaints about absentee ballots in 2010, 2014, 2016 and then of course the terribly disheartening news reports this year. it is equally clear that over that period of time, authorities have failed to get to the bottom of the problem. >> what's that about? mccray dallas has a record of a convicted felon, he's face allegations of electoral fraud going back to 2014 and allegedly admitted to questionable activities before the state elections board in 2016. so here's my question. why on earth was he chosen? was he allowed to work on a major political campaign in 2018? why exactly is dallas woodhouse, the executive director of the north carolina republican party since 2015 now telling our
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colleagues over at cnn that this whole thing comes as a complete surprise? >> we're as horrified by it as anybody. if the allegations presented by the board of elections rise to the level of turning the outcome of this race or having a substantial likelihood, there has to be a new election. >> finding out about it or getting caught? i want to go to nbc's katie beck. all right, where do we go from here? >> stephanie, as the day's gone on and more evidence is presented, the talk of a new election is becoming more and more real. people want to know who knew what. this is not the first time dallas has had questionable activity. this is not the first time he's had questionable activity in this county. folks here have a lot of questions. the state board who has now voted twice not to certify this election are taking every p
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precaution. it is a deep dive investigation. involved about 4,000 ballots. they're putting a lot of what they're finding online for the public. saying here's the evidence. you're take it in as we're gathering it and make your own decisions. they plan to have a public hearing within two years to air this publicly. do they think a new election is warranted? do they think there's still integrity in anything that happened given all the accusations? were these votes tampered with and turned in? simply thrown out? they're trying to figure out how much dallas had to do with those votes. him and his associates, how many of them may have physically been turned in. >> my goodness. this one is a stunner. ryan costello. and steve israel, who chaired
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the dccc. congressman costello, they hire red dome. red dome fires mccray dallas. where does the buck stop? >> interestingly, harris beat pittinger in the primary so this is an anti-establishment candidate coming in. i take the north carolina gop chairman at his word. excellent reporting there. we should give kudos to the north carolina state election board for handling this i think in a very transparent way, slowing this down. i think it's highly probable there was impropriety here. the real issue, what if they can accumulate 888 improper ballots? is there confidence that it was only 888? at this point, it's just extremely compromised. i don't know how you concede at
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this point in time. >> congressman israel, when you hear the state gop chairman say he's so shocked, he threw up about it when he heard? is that credible? >> like, that movie character, shocked, shocked that something like this would happen. in the united states, we sent election observers to fledgling democracies. it appears now we have to do that in the united states. what's ironic here is president trump was ranting and raving about voter fraud. now it helps republicans. look at blatant county. 19% of absentee ballots were submitted by republicans. 51% went to the republican. that's impossible. i chaired the dccc. that doesn't smell, it stinks. i agree with ryan. this election needs to be redone. the supposed winner cannot be
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seated. >> one distinction here this was the candidate engaging with this vendor. i want to make sure we separate the national republican congressional committee. the north carolina state republican committee. they don't control who you as a candidate hire. when we get into the investigation, this is a criminal investigation. who hired him in the campaign. who knew what. what were they engaged to do. there's going to be other folks working for this gentleman who had a felony conviction. it's the data, it stinks. there's no way you have absentee ballot requests at the percentages they were and then the actual ballots cast on the absentee the way it was. it just -- >> well, the good news is we collectively agree it stinks and they're investigating it. both of you stay right here. i need to turn to the markets. 30 seconds ago. there you have it, just down a
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smidge, 60. i want to go to the new york stock exchange because this comes after yesterday's -- to call it a roller coaster is an understatement. we i sa the dw the do tumble. i want to bring in dom chu and david gura. two former colleagues of mine, all of us back together again. walk us through this. what is the mood on the floor? when traders see this jobs report, it sort of says yes, it's below expectations. slow and steady is the economy. where are we this morning? >> as we talk about the developments on the trade front, they stay are front and center. this be zwros report was seen all week as a real catalyst for the markets. a lot of what we saw in the sell-off. it was positioning ahead of what could have been a huge move in
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the markets ahead of this particular data. the reason why it was important is because the fed has been front and center. and what this jobs report did, it is still positive. let's put that in perspective. it is not up as much as some economists thought. it puts this idea into play the economy is still growing. although not as a very, very fast rate. what that does do is allow the fed to take a bit of a moment, a bit of a breath if you will, and maybe raise interest rates just one or a handful of times. feeling a little bit more bullish in this environment. >> we both know traders are always looking for a reason to buy. david, it's not just the jobs report driving markets today. talk to me about oil. >> i'm looking up at the big board. there's more green than there was yesterday. looking at wti, 53.73.
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there has been an opec meeting yesterday and it ended yesterday. without any kind of agreement. that's not without precedent but it's rare you would have that happen. there wouldn't be an agreement in a press conference to follow. there's word our time that there is an agreement now that opec and russia are going to cut 1.2 million barrels per day. russia, 400,000 of those. opec, the rest. energy still a very big driver. we've seen oil at lows for several years. last in all of this, the talk about the arrest yesterday, the talk about trade. is this nugget that the u.s. became a net exporter of oil this week. so i think to dom's point, we've got the fed kind of squared away. we'll see what happens, but geopolitics still looks large here. trade a big driver as we go to 2019. >> i got to take a pause for a
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moment and go back to my colleague hallie jackson. we have two pieces of breaking news from the white house. the president spoke just minute ago. >> i think he might still be speaking on the south lawn. my colleagues who are out there tell me the president has announced nominations for the next attorney and for the next u.n. ambassador. the president announced he will be selecting william barr as his pick to serve as the next attorney general. as well as heather nauert to replace nikki haley. let me pull back the curtain because we don't have the sound, the video ready right now. photographers will be running back in from the white house south lawn, we're going to queue up that tape. for ag, this was a big deal. particularly after the concerns about acting attorney general matt whitaker.
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i was told just today by a source familiar with the process that the president was very keen on him, liked the fact he's kind of a no nonsense guy. although barr's past comments about the mueller investigation has raised questions in the eyes of some. i cluding u.s. senator macy harono who said she felt like barr was kind of auditioning for that ag role. there is reporting that barr may have some bipartisan support on capitol hill. leahy said he seems like he would be a good choice. members of gop leadership think he would be a good pick as well. that is really big news because as you know for basically the entire time that donald trump has been in office, he has hated his attorney general. in particular, session's recusal from the russia investigation. that put a sour spin on the relationship between the president and one of his
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most important cabinet officials. we know whitaker has been in the position for about a month, ever since the day after the midterms when trump announced attorney general, then at the time, jeff sessions, would be resigning. there will be the confirmation process for barr for this role. let me take part two, which is the u.n. ambassador and nikki haley leeching. she's set to leave at the end of the year. heather nauert is coming in. she has been the state department spokesperson under secretary of state mike pompeo. you see the two of them together there. prior to that, she did not have experience in the diplomatic corps. it is a remarkable elevation for her in the span of, what, less than two years to go from that tv role on fox into the administration. it's not entirely unprecedented,
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given that bill shine, somebody else for example who is a fox news guy, moved over to the administration. but big news -- >> -- in terms of any other administration and her predecessors and their experience would have that role. >> yes. two years ago, she was on fox news. now she's serving as the united nations ambassador. a very quick rise to this important position. i will say this, we are expecting, as i'm looking for my e-mails, so forgive me, the tape playback to come out in just a moment. told he was wheeled up about two minutes ago. so if -- you know that sprint has begun. we should see that tape any moment. bill barr, heather nauert. the president is with acting ag whitaker and jared kushner on marine one which is kind of interesting. perhaps the president is having some of those conversations as
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he's headed to joint base andrews before going on to kansas city, steph. >> very busy morning. congressman, let me get your reaction. >> this is an administration of chronic chaos. by the way, the departure, reported departure of the chief of staff would be the 27th high level departure. because people believe presumably he should manage things. the new attorney general is the perfect candidate for president trump. >> does that mean democrats are going to agree with you? >> well, we'll see. actually, there's been tremendous pressure on the administration to name a replacement to whitaker. this is somebody who's been auditioning for the position. he has the perfect profile for the president. he wants an investigation of
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hillary clinton, while downplaying collusion. >> i think it's a strong pick. i don't know very much about him. look, there's a cloud over whitaker. this gentleman has experience, was attorney general under h.w. bush. i think it's a strong fit. you have to take each nomination one by one and be fair about it. in this case, while steve can point to some issues that democrats may take issue with, he's an extremely well qualified -- >> democrats are going to take issue with anyone they pick. and heather nauert? >> he bases his nominees on waver he whatever he's watching on television. not as a policymaker necessarily but somebody who is good at selling policy. >> her russian counterpart, let
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me point out, has 27 years of experience. i'm not trying to doubt in any way heather nauert. but is she outmatched in terms of who she's going to face off with? >> in this instance, i would say i think she's been an exceptally good spokesperson. in matters of diplomacy, it's a function of are you well staffed and who else are you working with in the state department. it's certainly not a traditional pick as you would normally fund. >> president trump is an untraditional choice -- >> i would say give her a chance. she's a career professional woman. a unique pick. i think she should be given the benefit of the doubt. >> but not unique as they're saying in terms of who this president is? how are democrats going to react? is this a fight they want to have? because there's an awful lot of
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fights out there. this one doesn't seem like an obvious one. >> i don't think they should pick a fight over every single decision. the fact is the american people just cast their votes in the midterm election. they want that majority to exercise their constitutional oversight responsibilities. at the same time, reduce prescription drug prices, do something on infrastructure, help the economy, get to the issues being discussed at people's dining room tables. the u.n. ambassador's probably not one of those discussions. >> how important is that for voters to stop with the constant infighting over every darn thing and focus on things that will help all americans have better lives. because people care a lot more about their livelihood, their kids, education, jobs, then they do about a political party. >> totally agree, absolutely. >> i think we have that tape of the president. he just -- in a few minutes, we're going to see him, he's headed to janet base anndrews.
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he is headed to kansas city for an event today. the president didn't answer questions about john kelly but he did have a bit today so let's listen. >> going to kansas city. traveling to missouri. i'm making a spee inine ining a enforcement, very important subject. big barr, one of the most respected jurists in the country, former attorney general, under the bush administration. a traffic man. a trouerrific man. a birilliant man. he was my first choice from day one. respected by republicans and respected by democrats. he will be nominated for the
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united states attorney general. i think it will i go very quickly. i've seen very good things about him even over the last day or so when people thought that it might be bill barr. so bill barr will be nominated for the united states attorney general position. i think he will serve with great distinction. i also want to inform you, heather nauert, has done a great job working with pompeo and others over at the state department, heather nauert will be nominated. she is going to replace nikki haley at the united nations. she's very talented, very smart. very quick. i think she's going to be respected by all. so heather nauert will be nominated for the ambassador to
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the united states. those are two very big ones. i have another one for tomorrow that i'm going to be announcing at the army/navy game. i can give you a little hint. it will have to do with the joint chiefs of staff and secession and i look forward to telling you. >> let's go back to hallie jackson for a moment. the president pretty confidence in his pick of bill barr. it sounds like he's someone that you're not going to get huge outrage. i'm sure they'll be some level of pushback. much different than matt whitaker. >> fair to say based on what we've seen from lawmakers, people on the senate judiciary committee already as it relates to barr. his name has bubbled up in some discussions about who could be the next attorney general after president trump anounounced the effective firing of sessions right after the midterms. barr is not somebody who has had a long and extensive
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relationship. at least not one widely reported. but clearly the people who have talked about bill barr to the president have emphasized that things that you just heard the president talk about, the idea this is somebody who is respected inside and outside the washington establishment. it is interesting to see the president not take questions in that south lawn what we call gaggle or interaction there. he made that hint about tomorrow. related to the joint chiefs of staff succession. you can't overstate here what a big deal it is we now have a pick for the next attorney general of the united states. this is something from sources i've been talking to. and i know our capitol hill team as well. there are those on the hill who wanted to see the president name
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a pick real soon. they don't want to see this drag out particularly with legal concerns related to whitaker and whether he could really serve in that role. this will likely come as a relief to some on the hill who have been wanting to see the president name a new pick for the position. and now, again, we kick off the whole new round of confirmation hearings for bill barr. he has talked, and i'm trying to pull up of what barr has said related to the russia investigation. the idea that he threw a little bit of cold water on the idea that was moving forward. but i'm not sure that is going to be such a huge issue. we'll see because there are some democrats who said they do have some concerns about barr. big deal, new ag leading the department. >> hallie is talking about a bit of relief. in the markets, a bit of relief
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because thingsters are green. joining me now, ben white, chief economic correspondent for politico, as well as cnbc contributor dan nathan, the co-founder and editor of risk reversal advisers. dan, i turn to you. the markets are green now. this has been a full roller coaster. the present this week has been nerve-racking. >> it's interesting, we heard a lot about that, really disappointing from toll brothers, and that ceo actually was blaming the press for, you know, like the housing malaise we're having. it's a little goofy here. at the end of the day, the roller coaster ride is really caused by washington, right, when you think about it. as far as wall street's concerned, we went into the year, we had this massive rally because we had this huge tail wind from these tax cuts. we're getting close to and versering those.
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now we have this manufactured crisis as it relates to trade. we'll have a bunch of deadlines now. remember the deadline around nafta? now we have one as relates to this trade skirmish. so that clock is ticking. i don't think markets, that's what we have with trade. they certainly don't like deadlines that come right up until the 11th hour. >> walk us through your take here. because these trade woes, this week, seem to have overshadowed a positive economy. but then i start to look at the yield curve and the fact it is flattening and i wonder, well, the market is different from the economy, what is it telling us? >> right. the yield curve is obviously telling us there is a recession at some point over the horizon. >> imagine that picture, a recession, a yield two years after record corporate tax cuts which flush corporate america
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with cash and incentivize those companies to do buybacks. >> the hope of course among white house advisers and larry kudlow and others is that that recession's still a ways off and the tax cuts lead to a lot more capital expenditures. maybe that happened, but i think, you know, you look at the jobs number coming in a little soft and the question is have we seen the best job numbers in this recovery. are we on the trajectory where we go from 200,000 to 100,000 and then double digits. i think economic history suggests yes, that's exactly where we're going. it means the fed doesn't have to raise interest rates quickly. it could signal we have seen the greatest growth we're going to see. we're going to get towards a recession exactly when president trump is trying to run for re-election. after he said 3% growth every year. we may not get 3% for the full
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year this year. this suggests to me next year we're looking at growth in the 2s. not a great argument for a president who said i will unleash this economy in ways you've never seen before and make america great again. i think ways you have never seen before, and make america great again. it may be slowing down as we head towards 2020. >> if you recall, just a couple weeks ago, lara lee trump says everyone knows it was president trump who turned the economy around. they might have to fill you in on how exactly that worked. to that point, ben, "the washington post" has a piece out that says the economy is booming, and if you use every rational metric out there, it looks that way, but its a split economy, the same split economy we sought in the obama administration where the labor force continues to suffer and at this point suffer even worse than before. >> no doubt about it. i think the jobs thing is really
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important, the average job gains trailing 12 months is something close to 200s,000. the average was 182,000 in 201. that is trump's economy, right in that's the one he kind of inherited here, what is disappoint being trailing three-months average, we're starting to see wage gains come in a bit. that was part of this narrative. i think when ben was talking about the yield curve is really important. really it is forecasting the fact we'll see lower growth over the next couple years. >> which is normal. >> without the promise of stimul stimulus. middle america did not get the benefit of those tax cuts. these got these one-time $1,000 bonuses, early this year, which is just a headline. we're starting to see jobs gains decelerate. at this point, what is that next
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leg? i don't know what the next catalyst is for growth above 3%, which ben said we may be back down to the average over the last ten years, which is somewhere in the low 2% range. >> ben, back for one other political headline, two weeks before the mid terms, the president announced a middle-class tax cut would -- we would see it just before mid terms. that obviously didn't happen. mid terms are over, any hint, anything out of the white house about this tax cut? i'm going to tell you i have not and i'm searching. >> no, i haven't, because they're not going to do it. they lost the house of representatives, and certainly democrats are not going to go along with a big tax cut. >> hold on. we cannot yet blame democrats. the white house can absolutely put a plan forward and democrats can then say no way, jose. >> they could. >> i'm asking about the plan the president said we are going to get. >> 10% across the board,
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middle-class tax cut. no, i've heard nothing about that, because it was an election season. again yet a ploy to try to get votes. it didn't work. not going to happen. frankly, we do not have the money to be cutting 10% tax across the board. we have enormous deficits after the tax cut they already passed, we can simply not add another 2 trillion to the deficit and the debt by slashing tax rates. we did it for corporations. we don't have the money for people. >> to that point, the enormous deficits, the president promised the deficit would be wiped out in eight years. it's only gotten bigger and the president recently told, as reported by "the daily beast" he's told many aides, when it becomes untenable i won't even be in this job anymore. >> we didn't see the cap ex
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boom, that was going to be -- we could, but there's no indication, if you look at european growth, global growth, if you look at the headwinds of this trade skirmish, it's hard to think what the catalyst in 2019 would be for a reacceleration in global growth. thank you all. it's a massive day ahead. moments ago jim comey arrived to appear behind closed doors in front of the two committees. it's a big friday. ou? i got beat up, because i was different. so, i created a world where i can heal. based on an inspirational true story of a man who turned tragedy... [ grunting ] it hurts like hell! pain is our rocket fuel. ...into triumph. i have my art, i have hope. and that's something they can't take away from me. hell yeah. woo!
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a lot of news today, and always time for good news. you know how i always end this show. no matter what, there's always good news somewhere, and we think good news rules. this week the poverty fighting warriors of the robin hood foundation honored heroes. i'm lucky enough to be a member of robin hood's leadership council, so i got a fronts row seat. sineag wadsworth, she grew up living in poverty with her grandmother and six cousins. one day she sauce an advertisement for women working in construction she enrolled in the nontraditional training program and she was accepted in an apprenticeship for carpenters. she now earns enough money to
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own her own home. and jalani work as but lidge labs, created a service named good call. it's a 24/7 hotline that helps people who are arrested connect with a public defender who will pick up their case. since last fall, good call has connected hundreds of people to attorneys with a wait time of less than 60 seconds. thank you to robin hood for honoring these heroes and inspiring today's stephanie ruhle's and inspiring me every day of the week. this wraps up this hour. i'm stephanie ruhle. i will sue you again at 1:00 p.m. with my partner ali velshi, and coming up right now more news with my hallie jackson. i have to apologize. i don't know how you had time to prep for your show. you've been reporting for the last two hours. >> i didn't, so we'll see how
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this goes. first, over at the white house, where apparently it's hire me friday. president trump making two big personnel announcements. our new reporting on john kel kelly's imminent departure. fired fbi director james comey is just arriving, just going before lawmakers as we speak. what outgoing republicans want to know. and we're following those troubles in the tarheel state. the democrat now withdrawing his concession. nbc news un-calling the race, republicans may be looking for a roe do. nancy pelosi says she gets final say on who is seated. we have a t


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