tv Cavuto Coast to Coast FOX Business November 3, 2017 12:00pm-2:00pm EDT
stuart: more than most companies and many governments in this world. what you're looking at apple store. is that the line waiting to get in? they got in and bought out the store. in three seconds neil cavuto will take it over. stuart: thank you very much. we have a lot of jaws dropping in the military community, that bowe bergdahl who pled guilty to desertion will not get prison but more appropriately, dis dishonorable discharge a military judge finding that he indeed deserted. bergdahl never denied that. they asserted that he suffered from mental anguish when he abandoned his post. some injured and killed in the rescue efforts for him. that is not going well with the families of those percent
involved with that this bedeviled with two administrations in 2014 with president barack obama who, waded into a great deal of controversy, swapping five taliban, what they call terrorists at time, but taliban lieutenants as they were known at the time for bergdahl's release. bowe bergdahl, the former hostage who pleaded guilt toy to desertion will not be going to prison. connell mcshane with much more on this and the implications of this. connell? reporter: jaws dropping to your point. military judge find that bobo bergdahl should no, no prison time at all for walking off the base. he gave him dishonorable discharge. reduced rank to private. he must forfeit pay, $1000 a month for 10 months. it was a guilty plea here. guilty plea to desertion and
misbehavior before the enemy. he faced, could have, went to prison for life. he faced up to life in prison as a possibility. but, you know the thing is, there was a lot of leeway for this judge. there was no deal with the prosecutors to limit the sentence t was really just up to the judge. the prosecutors were looking for stiff punishment for obvious reasons some of which you already outlined. you had servicemembers searching for him, that were wounded back in 2009 after he disappeared. so that, certainly came up. and a lot of people watching this case quite closely, thought that would lead to more prison time. but, not the case. he was held captive for five years. the search went on. then the guilty plea once he came back to desertion. now on the defense side, in following this they were looking to counter with his suffering with the "taliban five" years,
and on and on and contributions to the military. i guess that won out. there is no prison time for bowe bergdahl. quite a headline, neil. stuart: remember those. neil: remember those who argued against that, that he was pow and put himself in that position. others argued that president trump weighed in and he was dirty rotten traitor. that he should get the most severe punishment at all, and that might have influenced whatever treatment he received or what verdict would be handed down. bottom line, that was not apparently the case here. certainly if it would have influenced judge here, the military judge, it dud not have any such bearing. reporter: largest thing that stand out, the other soldiers, over in afghanistan, that spent so much time searching for this
guy and, some of the them were wounded in the search. and to put them in danger and then to come back and to plead guilty to desertion. i think that is why there were a lot of people watching this, thinking there would be more than just dishonorable discharge because of his comrades who he deserted put in such danger searching for him. not the case. neil: this isn't over, connell, from what i understand. the next step, general robert abrams, who convened a court-martial as command of army forces command. he reviews the sentence. he can not increase the punishment. he can keep it way it is or decrease. i don't know how you decrease a dishonorable discharge, but doesn't look like it is changed dramatically one way or the other. reporter: tough to say you will go back give him honorable discharge after all this this seems to be the most lenient sentencing we can imagine given this case.
one got so much attention over the years. your point earlier well-taken too, for so long we didn't know exactly what happened here. and you know, you start to think, you look or hope for the best in situations like this. you hope that you know, someone hasn't done what this, what this soldier has now admitted to have done, desert his own comrades. he pleaded guilty for that. you would think that would be something put you in jail for some time but just not the case. neil: connell, thank you very, very much. this is unique event to connell's point, the only u.s. service member, captured in afghanistan, held a prisoner of war, prisoner of the taliban for better part of five years and it was that time in captivity with the taliban that apparently the judge ruled was punishment enough. he would not throw him into another cell after being in that cell. a prosecutor in this case, major justin asma said at the time, what bergdahl did wasn't a mistake but it was a crime. ultimately that falling on deaf
ears. time served, time done. over with. no more. we'll follow military reaction to this, some are bristling in the military community about this. switching to another issue that has some bristling, that tax package that they cooked up released yesterday. not everyone is liking what they're seeing, but this is part of the process here. and it could be a very messy process. adam shapiro with the latest on that, hey, adam? reporter: does promise to be very messy but let's talk about the latest news. there was possibility, at least some people were hoping, that these tax cuts would be retroactive. gary cohn, the advisor to the president, says, no that is probably not going to happen. here he is in his own words. >> we're trying to deliver gaitt tax reform to the american public. we can't get it retroactive this year. we have a tax plan that starts january 1st next year. reporter: where do we stand now that we have the summary? we have the chairman's mark.
and on monday, the house ways and means committee will debate different amendments they will approve or disapprove. that begins on monday. that is expected to happen all week long. after that point we expect the bill will go to the house. of course they're promising a vote by thanks giving. that is what paul ryan has said. the president wants some kind of a bill before the first of the year, before christmas even. but once they finish those, what you might call the markup in the house ways and means committee we'll get the senate's version of this and that's where this is expected if you can say the word slow that is where it is expected to slow down because you have different senators. for instance, rand paul, he wants there to be tax reform, he is on board but he wants there to be bigger cuts for individuals as well as corporations and business cuts. then you get people like marco rubio, out of florida, he's in favor of expanded child tax credit, but does he want to push for even more? so those are kinds of things going on that senator corker is
going to be a deficit hawk on this. they have got to bring this thing in, 1.5 trillion. that is the magic number. it has to come in at 1.5 or less, adds to the deficit, national debt over 10 years. neil? neil: rand paul could be someone to watch. his litmus test for this, anyone in the middle class ends up paying more. i'm not for it. there are scenarios you could argue some in the middle class, especially high taxed states would pay more. it will be a dilemma. adam, thank you very, very much. one of those congressman from such a state right now, big skeptic on this, as things stand right now, a no vote, republican congressman dan donovan. you don't like this. >> neil i'm for tax cuts, tax reform, citizens overburdened, overtaxed, should spend more of their money. tax cuts on america should not be on the backs of new yorkers.
elimination of some deductions people i represent depend, allows them to buy homes, allows them to deduct their medical expenses, allows them to deduct their mortgage interest. elimination of these things are very harmful to the people that i represent. neil: so you obviously crunched numbers, congressman even doubling of standard deduction from 24,000 and keeping $10,000 cap, at least something regarding mortgage interest, that is not going to fly? that is not enough? >> that certainly not enough. you know, police officer, school teacher, firefighter, nurse in new york, not unusual for them to make 200, $250,000. i saw a scenario, married couple filing a joint form, $260,000, they're in 33% bracket, they will go to 35% increase. that is tax increase for that family. neil: you're not alone.
five either concerned or unsure or no votes. your colleague in new jersey, frank lobiondo, also a no vote at this point. do you think they're going to be more to come? in other words, more republican no votes in the house, even more than there were on the budget matter, in which, ultimately 20 republicans voted against that, 11 ostensibly because of this issue, the writeoff of state and local taxes from states like yours? >> i'm not sure, neil. i haven't whipped it. the whip's office does headcounts. i saw a report before we went on the air, chairman brady who has been very indulgent over us, i spoke with chairman brady six times over past weekend, there could be substantial changes in the bill next week during the markup when people offer amendments. i'm hoping one of those amendments retaining the salt deduction, state and local income tax and property tax deduction, that people not only enjoy, they deserve. taxing people on money that they
paid taxes is double taxation. this deduction has been in our tax code, neil, since 1913. in the reagan tax reform of 1986, when people started offering to eliminate the deduction, they put it back in. it was saved during the reagan reform. that is how important this is to the people i represent and people like my colleagues, lee zeldin, pete king, frank lobiondo, leonard lance, some others you mentioned. neil: congressman, thank you very, very much. we'll see how this goes. they mark this up, start going through all these provisions next week within the committee, within the house ways and means committee. there will be quite a few votes on just that within the committee. you get outside of the committee, they come up with a final draft. they vote on that within the house itself, multiple votes in that endeavor before it switches to the senate they're concurrently working on something with the senate finance committee. suffice it to say, aggressive timeline some clear the house by thanksgiving, get to the senate.
approved by christmas. given all of this, it could be uphill fight. meanwhile, i want to bring you back up to the lead story here. that is the latest on bowe bergdahl who was dishonorably discharged. he is not going to be faces any military time for abandoning his unit. only u.s. soldier captured by the taliban in afghanistan. unique distinction that even those who helped rescue him said, is hardly a distinction because, he chose that route. he deliberately left his post. he endangered a lot of colleagues. on the phone with his colonel david hunt, fox news military analyst. what do you think? >> it is disgraceful. the jury completely wrong. yeah, of course he is going to get dishonorable discharge. he served time in prison. as you said, walked out, left a note, taliban, may have been captured couple years. he is not only desserter he was
a traitor. he pled guilty. this to me seems like a gutless sentence that does no justice to the 99.9% of the guys, men and women who serve honorably. when this happens, it happens so very rarely, the book has got to be get thrown. that, i thought he would get 30 years minimum and it didn't happen. very, very disappointed. the system did not work in this case. we had three investigations. we traded taliban against for -- generals for this guy. previous president of the united states a hero. the discharge is on the record rest of his life. but what he did, time in leavenworth, a lot of time in leavenworth is -- [inaudible] neil: dishonorable discharge, whatever is on the record, he is
a known figure, familiar figure, familiar face. very familiar name. now prosecutors, as you know, colonel, had urged a 14 year prison term saying that he sent a bad signal, endanger ad lot of his colleagues. barack obama at the time, there was a prison swap, if i recall, with about five taliban militants who released in exchange for him. a lot of people, i remember president trump or then candidate trump said he was a dirty rotten traitor at the time. but none of that moved sentiment on this. what do you make of that? >> the jury, military jury didn't do its job. i have been on too many of them. how they -- it is beyond me how this could be. not supposed to be any political pressure on these juries. they just didn't do their job. i don't even, my assumption is
that some of these guys had combat. what he did was unheard of, just left a note, at his bag. took a phone. we have him on tape, we got bergdahl on tape, he pleaded guilty to desertion and working with the enemy. neil: then, colonel, let moo ask you, colonel, captain banks who was his defense attorney argued on his behalf, said only place to put him would be in a cell that didn't seem to make sense. sergeant bergdahl has been pub niched enough. sergeant bergdahl paid a bitter price for choices he made and will for the rest of his life. what do you think of that? >> that is, his defense counsel did a great job. i have no issue with the captain my issue with the jury. the guy pled guilty to a heinous crime. didn't think of other soldiers. didn't think we were still at war. how does this, how does this
deter anybody? yes they were tough on them. that is what happens when you join the enemy. and we did trade five very serious guys. it was a huge mystic for the president at the time to call him a hero. this was military hero didn't do their jobs. by the way, the military took too much time investigating this. this was a bad stain. it is, it is very, very tough. we have a great military. great soldiers. this type of thing doesn't do them, the guys, men and women who serve honorably, quietly -- [inaudible]. this guy goes to jail at leavenworth in confinement, solitary confinement forever. that is the price you pay. it's a volunteer service. it's a great honor. when you stain that you pay. he is not paying. he, if there is book deal here, a movie deal here, it is awful. very, very disappointing. neil: colonel, thank you very,
very much. colonel hunt. in case you just joined us, bowe bergdahl, who was dishonorably discharged a short time ago will not be facing any jail time for leaving his post. ended up being only american captured by the enemy and held as a prisoner of war for the better part of five years. judge ultimately ruling in that case punishment enough. paraphrasing here, he had already been in a prison. i wasn't going to put him back in a prison cell. we'll have more after this.
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neil: the last time we saw something like this happen, bill clinton was technically still president of the united states. 9/11 was something that hadn't even happened. it was a year away. that is when we had 4.1% unemployment. we just hit it again. in fact a lot of folks saying could go lower. job gains could go higher. 261,000 in latest month. trump hispanic advisory councilmember steve cortes. what do you think of this report? >> you're right it is fantastic. it's a shame it took so long to get to those levels. back in 2000 i had a baby. that baby is now a college
student. took so long. the news on economic front is fantastic. strong job growth and we have terrific corporate earnings. we got a huge productivity report. productivity is languishing throughout the slow recovery, productivity is starting to surge. the regulatory relief, the optimism, so far pervasive in the this trump presidency is showing itself in the economic data and in financial markets. neil: do you think that tax cuts keep that going? or given some of the mixed reads i'm getting on them, the fact that some are disappointed about them, could weigh on that? >> no, i think it certainly could. i would really encourage and admonish the republicans on the little, we have to get this done. it's a big part of the optimism that is out there in the real economy and financial markets. if we don't get it done. or if somehow gets watered down by the senate i do think that would be a problem for growth prospects going forward and quite frankly for the stock market. it is imperative we get it done. the good news, the economy is
already accelerating. we have a december burn going. if we throw the gasoline, lighter fluid of tax cuts on to that burn, we'll have a fantastic big bonfire of economic growth in 2018. neil: all right. you hope. you hope. fingers crossed. thank you very, very much, my friend. good seeing you. >> thank you. neil: apple in and out right now. market valuation approaching $900 million. iphone x released today. a lot of people are standing on lines, some overnight for the chance to get their hands on one. deirdre bolton at apple store in manhattan with some numbers we're getting. hey, deirdre. >> hey, neil. hundreds ever people camping out overnight, taking advantage of mild weather in new york this time of year. there were hundreds of people in line. it was going around the block, believe it or not. it is still is. this is slightly thinner crowd than for first three hours when the store was open. one analyst told me 90% of the
people in this line are here for the 1150-dollar version. that is 256 gigabytes. that is the more expensive iphone x. of course the classic one, is 1,000 for 64 gigabytes. f the lines are any indication of demand, it will be an iphone x christmas. as you know, ceo tim cook taking questions about supply and demand, whether or not the company would be able to produce the products that people are looking for. he gave a pretty muted answer. this happened to be during earnings call yesterday. he said, we'll see how things go. that is a direct quote. a little bit of a tepid response to that but certainly people here, willing to take their chances. so, neil, earlier they had two lines. if you ordered via internet, if you ordered online. there was one line for you. if you were just taking a chance and showing up here, there was another line, which obviously took a little bit longer to go through. you mentioned the stock price. we know it is market capwise, closing in on the $900 billion
level. so a lot of analysts watching that. and watching basically or just digesting those earnings from last night which showed strength in iphoneses, but also in macs, in ipads. seems like every single unit, at least from the last quarter, outperformed even apple's own internal expectations. so a blockbuster week for this stock and for the company. neil, back to you. neil: so there were two separate lines for those obviously preordered and one for ones that took their chances. >> correct. neil: ones that took their chances the odds of a get a phone, they're not, right? >> actually, so far we've been speaking with staff, speaking with people inside. you can see no riots, neil. it is peaceful and civilized in there. neil: wow. >> seeps if people who wanted one are able to get one. i want to point out another stat for the holidays. morgan stanley put out the note there is such demand for the products, they think apple is
going to take $30 billion from other retailers collectively, whether electronics, whether it's retail. that is an estimate from morgan stanley. but as you can see, people doing business. to your point, neil, there are people here for other reasons, other than the iphone x. that is definitely the minority. i heard couple people say had appointment at genius bar. what a day to get something fixed on your phone. overall, people are happy. lots of music. lots of cheering. the apple staff certainly making people feel like it was worth their wait. neil: these people have jobs? >> you know, i actually can not figure all of that out but i have been wondering that. there are a lot of foreigners here. i've heard more non-u.s. accents. if you go to europe and buy a apple phone, you pay the vat, right, that value-added tax which is pretty much 20%. if you're here and get an
iphone x, you happen to be in new york, this is probably the place to do it. you will save 20%. neil. neil: deirdre, great reporting as always. deirdre bolton. there are no lines at all on lickry farms processed cheese -- hickory farms, processed cheese christmas bacquet. none. you heard the thing happened with twitter. the whole trump account was down? the president is making up for all that time on air force one. ♪ what powers the digital world. communication.
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president's account. @real donald trump went dark at i 6:45 eastern last night, there you go. and when it was finally restored, this is what the president wrote on twitter: my account was taken down for 31 minutes -- 11 minutes by a role role -- by a rogue employee. remember when the president told tucker carlson this back in march? >> is there anyone in the white house who can say to you, mr. president, please don't tweet that, who would listen to you? >> i think i wouldn't be here if i wasn't for twitter because i get such a fake press, a dishonest press. >> reporter: maybe a dishonest account of what really happened. at first twitter said trump's account was inadvertently deactivated due to human error, but two hours later it admitted it was no accident at all, that a customer service employee did this on purpose and that a full internal review is being conducted. so, obviously, this raises major questions. how secure is twitter, how many
of their workers has access to suspend and deactivate accounts including high profile accounts like the president's? and, of course, you know the backdrop here, all this happening as twitter is under scrutiny for the role it played in spreading russian propaganda during the election last year. neil: so they're saying, just so i understand it, that one person pulled this off, one person could shut down probably one of the most popular twitter accounts on the planet? >> reporter: that person had access to do this. if you talk to former employees at twitter, some say, well, there were hundreds of people who had such authority to suspend and/or deactivate an account. but, yeah, this is arguably the most important twitter account there is. and a disgruntled customer service rep decided to deactivate it on his final, or her, final day. we don't know who that employee is. neil: wild. thank you, lauren, very much. the president just tweeting on
this same issue and other issues, this on a political one, he says not getting much coverage, the rigged dem primary got zero coverage on fake news network tv last night. disgraceful. donna brazile saying donald trump says i said dnc rigged the system. first of all, i don't speak in caps, hashtag not what i said. okay. daily caller editor katie fakes. you know, the whole donna brazile thing, this is a woman who insisted on a pile of bibles that she was not providing questions on a debate to hillary clinton. turns out she did and she was. be so who am i, and why should i believe this latest? >> well, the thing with this is that, yeah, donna brazile messed up, but that doesn't negate these other things she's saying as being untrue. and, honestly, it makes all of
them look really, really bad eat. donna's recent tweet from a couple minuteses ago about that's not what i said, that is exactly what she said. she said in this article that it was rigged, it was rigged since a couple months after august 015 toward -- 2015 toward hillary clinton. and i'm surprised people aren't spending more time talking about how bad this makes president obama look. it essentially says his neglect of his debts set the stage for hillary clinton to be able to common deer the dnc and rig it against bernie sanders. neil: i think also what they referred about president obama is that he had kind of left the party in financial shambles, that it was in the red and after his re-election, it remained in the red. then hillary clinton comes along, the deep coffers there and the prom of working in sync with democrats. it makes sense on paper, i understand that. but the argument that the system was rigged early on against any other challenger, do you buy that, or would it have been
difficult for bernie sanders to win outright? he got a lot of passion, a lot of enthusiasm. still lost a lot of primaries though. won a lot too, i don't might be poise this -- minimize that. it wasn't stacked in favor of hillary clinton, would that have changed it? >> i don't believe the final outcome would have been any different, but it would have been interesting to see how numbers, how much closer things would have been if hillary hadn't been controlling the -- neil: interesting. very interesting. >> you know, i don't quite think he could have surmounted that hill, but you end up looking at this and saying, you know, with what's coming next, is it going to embolden the far radical left to say, get out, centrists, get out, moderate democrats, we don't want you here, and is this going to create an opportunity for the radical left to move into the forefront of the democratic party. neil: you know, katie, being a numbers nerd that i am, i always think how will this be treated in the future.
if you have the argument, i think you make a very good one that, you know, hillary clinton could have as a prohibitive favorite stacked the financial deck going in, then wouldn't democrats now in the next election where it seems like at least a hundred of them are going to run for the democratic nomination -- [laughter] isn't that going to make it doubly, tripoli, a hundredfold more difficult for anyone to corner or influence the process at least early on? >> i think it may end up looking fairly similar to what was happening with rnc -- neil: right, right. >> on our side. there was just so many people. neil: good point. >> and this it was this con con, huge mess. so we'll see what's going on in that regard. right now those numbers, they've got a lot of serious issues about regaining their constituents' trust, dealing with the some $24 million in debt they were left by obama. debbie wasserman schultz's mismanagement, they have got a lot of issues that they need to deal with.
neil: a lot of explaining to do. katie, great seeing you. have a great weekend. >> thanks, you too. neil: to say republicans respect on the same page on this tax bill is an underestimate, but does that potentially jeopardize the tax bill with so many of them seem disappointed? what will the party produce? after this. ♪ ♪ ♪ there's nothing more important than your health. so if you're on medicare or will be soon,
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a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. neil: all right, they're lining up, ad this is to be expected when a big old tax measure comes up, small business and real estate groups coming out against the republican plan saying it's going to harm them and harm you, that's the push they're going to make. the freedom caucus still is report -- supporting it. congressman trent franks. >> always appreciate you having me on, neil. neil: congressman, you've heard from some of your colleagues, a lot of them seem to be coming from these high-tax states like
new york and new jersey. i think there are four by last count who say they don't like this measure and likely be no votes. how do you win them over, congressman? >> well, first of all, accuracy is what's most important. i couldn't help but hear your constitution about twitter -- your discussion about twitter earlier, and some of the democrats have been tweeting out stuff on this package before it even became known to the public, and they completely deceived the public. even "the washington post" when democrats said anyone under $81,600 would receive a tax increase or essentially on the average -- that was play tonightly false -- blatantly false. neil: you can't get any more pinocchios than that. >> translated, that means blatant damn lie in washington post language. [laughter] so that's most important. in terms of the deduction for state and local taxes, i think that taking that provision, leaving it as it is to create a situation where some states
subsidize others takes away the ability for the states to be the laboratories of the nation, and it incents the democrat-controlled, high-tax states to continue to do that. if people really want to help lower the taxes in their state, they need to embrace this plan because it puts pressure on the states whether they're democrat or republican to reduce those taxes so that they can compete with other states. that's good policy. neil: all right. you might be right. a lot of those states come back though, congressman, and say, you know, even in the high-tax states they end up, you know, giving a lot more to washington than they ever get back. we could argue that til the cows come home -- >> true enough, but they'll get more back under this plan than they did before. neil: down the road, that's what the hope is, i guess. if they are and they do remain no votes, these congressmen from these states, are you worried that it was going to be more of a battle, certainly a battle to get this done by thanksgiving in the house than was earlier thought? >> well, i'm always concerned, neil. i think that there is the
momentum here to do this. i think it's very important, and i think one of the things people will miss if they're not careful, they'll say, well, you're talking about how much will this reduce my taxes. but what they really need to keep focus on is what this is going to do to the economy and what it's going to do for their wages, how it's going to impact the whole nation in a positive way. and, you you know, under ronald reagan we saw over 4% economic growth after his tax reduction. and, i mean, that was almost twice as much what we saw in the obama years. so i hope people will realize that this is not just a tax cut, this is an economic stimulus that's real, that's not some government plan to decide how we want to stimulate the economy, but it puts more money in the hands of the people and lets them stimulate it. and i will tell you, the american people, you should never bet against them. if they get a chance, they will show the world who america really is. neil: how do you think looking at the senate that will go, especially your colleagues in your wonderful state, john mccain and jeff flake?
how do you think that's going to go? >> well, you know, you're probably looking at the foremost critic of the senate rules, because it's hard to get anything to the floor. so, you know, we're using reconciliation here which is controlled by the byrd rule. neil: you're right. >> i don't want to get too esoteric, but this is going to be mostly about taxes and budget, so we're not going to have such restriction on lateral negotiations. this may be the one chance that we have under these asinine senate rules -- [laughter] to do something of significance. neil: do you think they're two yes votes, those guys? >> i think they're going to perhaps even pick up a couple democrat votes on this thing. neil: all right. >> that is, if they want to come back. neil: okay, real quickly, i mentioned jeff flake. are you interested in running for senate? your name comes up a lot. >> i know, i appreciate that. i sincerely do. i'm not trying to be falsely humble, but i came to washington for policy and not position, and i'm not going to run for that seat at this point.
maybe something down the road will happen, but i'm happy where i am, and we're doing some things that i think matters. and so i -- and i wish jeff flake the very best god can give him. i don't really know what else to say about it, neil. neil: i was hoping to embarrass you. >> yes, sir, well, you did. [laughter] neil: catch you off guard. congressman, very good seeing you. have a safe weekend. >> and you, sir. thank you. neil: the next federal reserve chairman, pending votes, will be jeff moment powell. so what -- jerome powell. so what does this investment banker by training, not an economist, bring to that position? some say the perfect mix. after this. ♪ ♪ lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better?
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know, i think that's kind of where it stands at this point. but i think there are a lot of challenges the fed faces, and it's going to be interesting how jay responds to some of those and what he tries to do about them. neil: you know, i always get leery -- and you're a great student of history about the consensus views. i'm old enough to remember when paul volcker was chosen to be the fed chair. he was said to be, you know, a safe choice, that he -- wasn't a gradualist, they didn't have such terms back then, but you would never have envisioned this was the guy who was going to aggressively go after inflation by hiking rates one full point at a time. of course, we lived in different times and, ultimately, that kind of response was needed. but what could surprise us here, you know, in this case, in powell's case that would give you babe pause? you maybe pause? >> well, i'm not quite sure. there are always surprises in
store, and i never know quite exactly, don't know what jay is going to do. jay has typically been a consensus builder, kind of a middle of the road -- neil: so whatever janet yellen has wanted to do as a gradualist approach to raising rates, he's kind of like that, right? >> yeah. i think that's the role people expect him to play, and i suspect it will be. but, you know, sometimes the gradually, consensus-building approach turns out not to be the right one, and i think the kind of challenges that jay's going to face is as he approaches this concept of normalization, what does that mean? neil: yeah. >> the fed's had a terrible time communicating its strategy, how it's going to behave, and they need to work hard on that. but as a lawyer, i think, i mean, his training is not to articulate strategy so much. he'll probably be a discretionary policymaker much like janet was. i mean, discretion is kind of the absence of a strategy. and so i think he's going to face some communication challenges just like his
previous, or his predecessors have. neil: wait a minute, isn't he saying that -- >> [inaudible] neil: i'm sorry. isn't he saved that because he doesn't speak economic gobbledygook, he doesn't have that doctrine in economics, that actually that might help him as far as communicating, or actually does it hurt him because we kind of like kind of being quasi in the dark? >> well, that's unfortunate, we like being kept in the dark. but i would say i think his training -- he'll be a good communicator. i think the challenge is going to be deciding what to communicate. neil: i see. >> and what's the most effective way of doing it. and that's where this whole debate about rules and discretion comes in and about strategy. so i think that's going to be, continue to be a challenge for the fed. i mean, it has been for some time, and you've heard me complain about it off and on for years. neil: i know. [laughter] >> so i think -- neil: but you almost have to worry about someone who takes the helm, assuming he's, you
know, approved at a time like this for just from a central bank perspective these are almost idyllic times. slow but steady growth, almost goldilocks type growth without much hint of inflation, without much of an immediate need to aggressively raise rates, a lot on the balance sheet. how you unload that, anyone's guess, but nothing that looks alarming. we know in that environment lots of different things could materialize. but do you think he is up to the task? >> well, i think so. but again, you know, lots of things, as you say, can materialize, and it depends on what it is. i think one of the things that nobody's talking about very much is the fact that the fed is under attack in many cases -- neil: absolutely. >> may be a little strong, but from both the left and the right. and its independence to make good monetary policy decisions is being threatened. and it's probably the fed's own fault by trying to do stuff that it shouldn't have been, perhaps
shouldn't have been doing or couldn't do in the first place. but the political pressure on the fed that puts at risk its independence, i think, is a looming challenge, and i think both janet and ben, from my perspective, were a little bit complacent about that and didn't fight back enough, almost were complicit at times in that undermining of fed independence. so i'm really anxious to see what jay, how jay attacks that battle -- neil: yeah. >> -- and how he, hopefully, more aggressively defends the fed's independence and defends its protection from being politicized. neil: very good point. thank you, my friend. very good seeing you again. charles plosser, the former philadelphia federal reserve president. all right, theit fallout on all of that, markets -- with a c. fidelity, where smarter investors will always be. (honking) (beeping)
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neil: all right, no prison time for be bergdahl. he has avoided that, instead getting a dishonorable discharge for leaving his post back in 2009, ultimately captured by the taliban. many were hurt and some killed in the rescue effort to get him out. he was later on, in 2014, part of a prisoner swap that included five taliban militants exchanged to get him back with. on the phone with us right now is general jack keane, fox news military analyst as well. general, what do you make of this? >> well, i think it's a horrifically bad decision, neil. i think judge nance really failed the united states military justice system. we, we are not a u.s. civilian
justice system. the congress and the executive branch of government has given us special privileges to have a military justice system separate from the civilian one. and the reason why that is, is because they recognize the military's a special organization and that good order and discipline and the effectiveness of our organization are paramount to be able to protect the american people. so, therefore, we administer decisions based on those realities, not just the realities that a person who commits a crime would in the civilian system. so what happened here with bergdahl, this desertion of his post, leaving -- breaking down the very fabric of what keeps the military together; that is, we must perform our duties together. and anybody that deserts that or performs cowardice in the face of the enemy has got to be punished very differently.
and for the fact that the judge not to recognize that is astounding to me. because he, he admitted -- he administered a decision like a civilian judge would do, and that is because he was imprisoned, captured and was tortured. then somehow that fundamentally obviates any incidentsing to him based on -- any sentencing to him based on the crime that he committed, based on the assault of the united states military, based on the absolute violation of our code of conduct. and he should have given him prison time as the prosecutors were recommending because you're upholding the values of character and the actual thing that makes the united states military a fighting organization. we have to have cohesive units that are disciplined and willing to fight. and when somebody steps away from that, they have to be severely punished, and bergdahl
did that. and even though the enemy punished him, the united states military must punish him. a dishonorable discharge is not enough. neil: well, apparently to your point, general, the army colonel jeffrey r. nance, the judge in this case, said, look, this guy was five years in a taliban camp being tortured, i wasn't going to put him back -- i'm paraphrasing here, general -- in another jail cell. what do you make of that? >> well, he's -- i got it. he's voting with his heart, and he's voting like a, somebody in the u.s. criminal justice system would vote. but that is not who we are in the military. we're expecting our military justice system to uphold our values, to hold our people accountable. and he actually wrote it off. he wrote off the fact that this man deserted in the face of the enemy. and he gave him a dishonorable
damager. hell, you can get a dishonorable discharge for sticking up a 7/are eleven. come on. that's what he did. neil: general, thank you very much. it is what it is. can't change it now. there's another judge who looks at this, but the only way he can move on it is to lessen the sentence or to keep it as is, not to worsen it. we'll watch that. thank you, sir. >> you're welcome. neil: in the meantime, back to the tax cut battle that's enraged a lot of republican congressmen from these high-tax state including dan donovan, a critic of this measure. >> tax cuts for america shouldn't be on the back of new yorkers. new yorkers deserve the same tax relief as the rest of the country's getting. and the elimination of some of the deductions that the people i represent depend on allows them to buy homes, deduct their medical expenses, allows them to deduct their mortgage interest. the elimination of these things
are very harmful to the people that i represent. neil: all right. but not all new york congressmen. for example, new york republican congressman chris collins isn't quite so adamant about this. congressman, you're not necessarily an automatic no vote, right? so tell me where you stand. >> no, just the opposite, neil. what we're talking about is economic growth, explosive 3, 3.5% year-over-year economic growth that will in 20 years double our economy to $40 trillion, and i want my children and grandchildren to participate 20 years from now in a $40 trillion economy where we have grown our way out of the deficit and debt debacle that we face today. a -- i've been running the numbers, and i have to respectfully disagree with some of my new yorkers who are opposed to this and saying run the numbers, the $24,000 standard deduction. look at the shifting of the lower bracket numbers, the fact that in most cases the higher
income people have already been losing 80% of their itemized deductions. that's how the current tax code works. but also if you have a house valued 500,000 or less, what you are taking in itemized deductions of 18-20,000, you currently have a $24,000 standard deduction. so in my district, neil, less than 2% of the homes are valued over $500,000, so this s.a.l.t. deduction that is not going to be allowed on the state income tax or capped on mortgage at a million dollars for new houses, half a million, or in the cases of property taxes -- neil: but you're -- >> it doesn't even apply. neil: you're in upstate new york. i don't mean to minimize that, but dan donovan around the staten island area where the homes are a lot pricier and the taxes higher and if his constituents aren't able to write that off even with the
$10,000 property tax deduction and even with the doabling of the standard deduction to -- doubling of the standard deduction to $24,000, that's not going to cover it. i guess should more be done to insure there isn't like a prison break of your colleagues who say, look, no, no, i can't support this? >> well, what i'll tell you, neil, is when you look at the change in the brackets and the 24,000 and you look at the firefighters -- and i don't want to sit here and argue with one of my fellow members, but the homes on staten island are not $5 million homes. and if you look at the current s.a.l.t. deduction -- neil: yeah, but, ultimately people look at what is it going to save me. let's say it's a wash, but a lot of them have crunched the numbers and regardless of the value of the home where mortgages and taxes are a lot higher than in your particular district -- not across the board, but in many cases, and they're saying i have to go back to my constituents and sell them on a tax cut they're really not
getting and some might pay more, you can understand where they're coming from are, you know? it's a no-brainer. >> no, it's not going to happen, that's the point. yes, there are a few hedge fund managers -- neil: no, no, no, these aren't hedge fund managers. these are people who are just average, middle class folks who are going to be hit by this -- >> no, they're not. they're gop not going to be -- neil: i spent two hours yesterday going through the math. i swear i did. and i tell you, it's hitting more people than you know. it's not just the rich, it's hitting a lot of people. you're right, they might address that, but do you think if they don't address that just selling them on the economic boom that's going to come from this is going to be enough to seal the deal? >> well, we may get some no votes, but i'll have to disrespectfully disagree. most of the techs on staten island if they are using automatic deductions, they're in the 20 -- neil: so you think for them that that is going to be enough -- >> yes.
they're going to save must be because the -- money because the brackets, neil, have shifted tremendously. neil: okay. we shall see. sir, thank you very much. >> okay. very good, neil. neil: all right. there is a lot of different opinion on this, and a congressman can hold true to their data, their numbers, their districts, but for a lot of folks here it 345eu7b9 pan out -- may not pan out. that could change. they could, obviously, move some figures back and forth. charlie gasparino's been crunching numbers as well as i have. how does this look in your eyes? >> i'm sorry i piped up at one point when he said something about staten island not having expensive homes, that was kind of the point he was making. listen, look at upstate new york and compare that, the standard of living should be compared to maybe ohio, okay? and by the way, upstate new new york -- i think that's where he comes from -- neil: by the way, there are a lot of different areas. you live in your district. >> upstate new york is very depressed right now, so the standard of living is not very
high. neil: and the costs, the costs. >> right. down state the costs are off the charts, the taxes are off the charts. neil: right. >> and here's the bottom line, like dan donovan is not, like, sitting there calling up hedge fund managers in stat p island and saying, hey, what do you think about this tax plan. he's getting it from homeowners who are, you know, middle class by staten island standards but may be rich as hell by dan donovan's district's standards. and i think that's the problem here. you crunched the numbers yesterday? neil: yes. >> peter king crunched the numbers yesterday, dan donovan crunched the numbers yesterday, and this is not a millionaire -- they're not just screwing millionaires here, they're screwing average -- so middle class people in california, new york, new jersey. one other thing -- neil: so we're talking about a congressman we just had on, buffalo, rochester area -- >> which is depressed. neil: but again, it's not the same cost of living. >> not even close.
neil: so that's what's going to be the battle. each congressman, senator's going to do this too, crunching the numbers for his or her constituents. >> and that's the way it's spokessupposed to go. -- supposed to go. i will say this, at some point paul ryan and mr. brady and the leadership have to be put to the test and asked do you really think what you've done on the individual side is tax reform. because it's not. it's not even close. this is, this is something that would make -- on the individual side, not on the corporate side which i think is very good. neil: right. >> on the individual side, i think barack obama right now is smiling. because what they did was they took away deductions, they raised taxes, essentially, by taking away deductions and not moving the brackets significantly down. they gave tax cuts to people that really don't pay a lot in federal income tax. if they really wanted to help the middle class, they would
have cut the payroll tax, but they're not doing that. it's a slight of hand, and i think that's the problem -- neil: but you think winning out the corporate tax and that that is the real headline -- >> listen, i love that. neil: yeah. >> we have a 35% corporate tax. if you want to get businesses to keep money, i've been talking to ceos, they love it. neil: they love that. >> but the individual side is so bizarre, it's something barack obama would do, and i think that illogic -- neil: why do you think democrats still call this -- >> well, they just want -- neil: i know that's the talking point here, but are they basing it on the companies getting these -- >> listen, they just want to be obstructionist and, by the way, they want to deny donald trump a win. and i think he may have denied himself a win by not showing more leadership here and doing a real tax reform on the individual side. i think that's going to be -- that illogic is going to be hard to sort of justify. neil:ing still early in the process. your gut tell you it goes through? >> i think there's a good
chance, but i don't think it's very good. neil: it's going to be a close call. >> yeah. neil: thank you, buddy. speaking of the president, every time charlie comes up here, we get a tweet from the president. he is reacting to this decision on sergeant bowe bergdahl who is, you know, going to be looking at a dishonorable discharge, and that's it. no more time in prison. the decision on sergeant bergdahl is a complete and total disgrace to our country and to our military. but it will still stand. more after this. think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income.
♪ ♪ >> things like corporate tax reform are so important. it certainly benefits big companies like boeing, but even more importantly, it benefits those medium and small businesses where a lot of the job generation is happening. and corporate tax reform will allow us to invest for the future, make additional capital investments and continue to grow and win in the marketplace. neil: all right. boeing ceo dennis mullen berg. right now he is talking to maria bartiromo, wall street week, 8 p.m. eastern time on fbn. he has walked this delicate dance with the president, a lot of ceos are walking away are from the president. he should be a diplomat. watch that chat with maria.
>> in the meantime, the unemployment rate the do lowest it was since bill clinton was in office, so is it the economy right now that's sustaining the markets even though the prospect for tax cuts could be dicey? political analyst amy holmes, pollster chris wilson. amy, what do you think's going on here? >> i think we're going in the right direction, the momentum is positive, and there's a second number we need to keep our eye on, and that's underemployment. during the obama years it was in the double digits. now it's down to 7.9%, the lowest since december 2006. what that means is that people who are looking to work more are having more success in finding that and are not just working part-time jobs and having to scrape things together. that's very good news. i would also say atlas miss seven reports we have some good news about economic enthusiasm, and that just keeps rising. neil: you know, chris, i hear the same data and the same arguments, and they're very
convincing and very factual, actually, but it has not translated into stronger numbers for the president's approval ratings or, that matter, for republicans in the aggregate, and i'm wondering why is that the case? >> well, it's a good question. i think what you have is there's so many things that dominate the national consciousness that take away from this, and is you hear about the new jobs that come out about once a month that gets a few hours' worth of reporting, and then the president tweets about bowe bergdahl or or we talk about the failure to repeal obamacare or move on to tax cuts which i think would also be positive for the economy. but the challenge is to be able to take the positive news that is continually, been increasing really since the president was sworn in, since he was elected, and make that the overall discussion. i do think that's going to be one of the keys to success for republicans is to talk about not just what's going on in terms of a legislative success, but what president trump has done in terms of rolling back regulations. one number is in the last two years of the obama administration there were 7,000
new regulations added. president trump has now rolled back almost 900 of those regulations and that's in less than a year. so you also see in addition to what the boeing ceo was talking about, the fact that really the economy's being unleashed through the rolling back of regulation, and that's creating this positive environment. neil: you know, amy, when you look at all of that though and how people are hoping tax cuts keep this all going, what if they don't? what if the differences you're getting from some of these congressmen from the high-tax states, they don't come around, they still don't like it and this thing doesn't happen? then what? >> that's a real danger for republicans. they already have the obamacare repeal and replace debacle, that that didn't happen. i think their political fortunes really do depend on passing tax reform and tax cuts. and there's another number that is still very concerning, and that is flat wages. and that's where tax reform, you know, comes in. and putting more money in people's pockets, that they feel that their economic fortunes are
rising, that's incredibly important both in terms of the economy and spending money and consumer spending but also republicans and their election prospects in 2018. remember that the number one issue for voters in the last election in 2016, the presidential, was the economy. as it often is. so as much as hillary clinton tried to make it about the deplorables or the irredeemables or trump's personality or temperament, what voters cared about was, you know, bottom line bread and butter economic issues. republicans know this, this is why they have to pass tax reform. neil: chris wilson, i mean, one argument is that nothing unites a party like some victories, so a big one on tax reform would do that, wouldn't it? >> it would. and i think it's really essential that republicans stick together and are able to get tax reform passed. amy's right, if they're not able to achieve a victory, it's going to be real challenging, and you're going to have a very depressed republican base, and i think you're going to have president trump probably calling out some republicans who were
not on his side on this one. it'll probably sail through the house. i think what happens in the senate is going to be essential to republicans' ability to pick up the senate. it's an excellent map in 2018, but their ability to capitalize on that is going to be dependent on a few moderate senators whether or not they get behind this tax reform package. >> and let's face it, voters will be saying why did we send republicans to be in charge of the house, the senate and the white house if they can't do the one, fundamental thing that should unite them, and that's cutting american taxes? >> rightfully so. neil: you need a w, right? all right, guys, thank you very much. >> thank you. neil: well, apple right now is just soaring on a couple of good things, not only better than expected earnings and revenues, iphone sales they're looking at 50 million plus orders of these, the new iphone x, and lines around blocks. that one just blows me away, people who pre-order this, i can see that and they get on line and wait to get it, but there are a lot of people who say, oh,
>> welcome back to "cavuto: coast to coast." after a mixed october jobs report, we'll call it decent, markets are higher this afternoon. in fact the dow and nasdaq on pace for yet another record close. look at markets for the week. we're on track for gains across the three benchmark averages. dow up half a percent. subpoena up .1 of% nasdaq up a half percent. apple, shares all-time high
approaching $900 billion market cap t has to hit $175.29 per share to hit the milestone of the 900 billion-dollar mark. the challenge going forward iphone x excuse me and bottleneck, supply chain, keeping up to demand. neil, send it back to you. neil: lori, thank you very much. we have one of my favorite guests but he is even all more so now because he has the iphone x with him. he has security s.w.a.t. team with him here guarding it every second. so you have had a chance to play with it. what do you think? >> yeah. certainly a pretty drastic difference. it has been a lot of years since apple totally revamped what their iphone looked like. this full-on top to bottom screen, very dramatically different. very cool. i only spent an hour or two with
it. i'm still very new but definitely a big shift. neil: here are a couple questions what i heard, the facial recognition thing, how good is that? >> well, i don't know if the people at home can see, you can -- i'm looking down right now and it is unlocking almost instantly. neil: how long did it take to set up? >> about two minutes. give you an idea. neil: really. >> essentially what it is doing, scanning, sending light beams, a little creepy when i describe it. sending light beams at my face and crafting a 3d representation of my face. that is what is unlocking the phone. neil: any angle, full beard, it will recognize you? >> if you scan with a fuel beard, with caveman beard, if you shave it, you might need to to reactivate the scanner, but for my beard, very short if i were to shave it wouldn't be rescanned.
neil: how does it work at night? >> same thing. all infrared. light, natural light doesn't matter. neil: all right. >> it is scanning your physician cale feature, your face. neil: the lack after home button, would drive me crazy is. >> that is definitely taking time to get used to because i'm hitting it. you are swiping up. when you need to unlock the phone, you have to swipe up from the bottom like this. neil: i see. i see. >> they basically traded option after button for full frame display. which again takes some getting used to. neil: is there a way to see, i know easier said than done, zoom in a little bit, for instance the camera, that gets a lot of the buzz, what do you notice about that, what is good about that? >> yeah so, the camera, i took this before my segment. >> i know him! >> very familiar. the camera does where it will blur the background, portrait
mode. neil: great if you could blur the subject. >> full length. that is splashy feature. the other aspect, i will try to show it off to you twice, it is getting a lot of buzz, this idea of an emoji. you can see this critter here, the monkey in this case, you can change the character. i don't know if you guys can see it, if i look at it will scan my face, so creatures will talk in combination with my movements. neil: if i'm going to fork over 1200 bucks -- >> i'm not saying this is worth -- neil: that is the clincher? >> i'm not saying this is the clincher but it makes use of unlocking technologies in aing interest way. neil: as far as a step from the 8 and what have you, is this enough of a jump for people to say worth the price? >> sure. neil: what do you think? >> if you bought an 8 came out a month ago, no one is buying an 8, going out a month later
buying this. i think that is a crazy thing to do. chances are people had a 6 or a 7 and want ad mass -- massive leap in difference, that i will drop a grand to get think, massive leap is the speed? >> the speed is significantly faster but more about overall design. having a top to bottom screen. facial scanning, stuff like that. those are big differences you see. for day-to-day use i would say, that is what you're going to go for. again, if you just wanted pretty much like a little bit faster, what you have with the iphone 7, iphone 6, the eight will do that. totally accomplishes that. this is for the hardcore, i need the newest future thing. this is what iphones will look like, all iphones in three years. neil: really? >> this is preview -- neil: for example, will there be an 11 next year? or like a super bowl -- >> i keep wonderinger, x.
should do xi, xii. i don't know how they will brand it. they do ultrapremium and have a mid-tier model. what this does for apple, set them, the premier phone. you want the splash sy, lebron james court side somebody phone, that is what you have. neil: really. >> for apple's brand they see themselves as top tier. neil: they have a lot riding on it. >> they definitely do. neil: thank you my friend. great seeing you again. if you get good enough tax cut you could easily afford one of these but jury is still out on that. gerri willis with more on that. what are we looking at here? >> let's look at the postcard that republicans say 90% of americans will be able to use to file the taxes. remember that promise yesterday. here it is right here. pretty small, pretty simplified. not so fast to tax experts i've been talking to. one told me that the postcard might work if it were reproduced
in agate size type. to be clear. if many or not, most americans have to make additional computations not on the form. let me give you two examples. earned income tax credit. a tax break for earners below $53,000. to get it best off competing 38 page irs work sheet. here it is right here. the irs instruction manuel for that is as i said, 38, is eight pages. the fact that the irs is requiring folks to tell the federal government what kind of health insurance they have of the i don't see that on the form at all. maybe an oversight. bottom line, neil, the idea that congress can compress four million words in the tax code, one single page, kind of makes you say, hmmm. back to you, mr. cavuto. neil: maybe a few steps at a time. thank you very much, gerri willis. in the meantime donald trump is calling for a probe into the dnc and all the claims of hillary clinton and others have been making about her, that he says
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neil: all right. even from the air, the president is lashing out at the dnc and all these latest revelations we've gotten from donna brazile hillary clinton et al., pushing for a probe of dnc blake burman. reporter: not one but eight different tweets from president trump on this topic including from air force ahn, in the new donna brazile book, the fund-raising setup between the democratic national committee, in brazile's own words was compromising the party's integrity. here is one of the tweets from president trump. people are angry. at some point the justice
department and fbi must do what is right and proper. the american public deserves it. before leaving the white house earlier today for thinks 13 day trip, most to asia, the president was asked about this, and he says the justice department should investigate. >> i'll really not involved with the justice department. i would like to let it run itself but honestly they should be looking at democrats. they should be looking at podesta, all that dishonesty. they should look at a lot of things and a lot of people are dis.ed in the justice the justie including me. reporter: brazile has taken notice, neil. she sent out a 2008 earlier herself today, which says the following in reaction to all of this. quote, donald trump says i said dnc rigged the system. first of all, i don't speak in caps. #, not what i said. the article is out there. it is on "politico." excerpt from the book. i highly recommend, neil. this ask all it stems from.
neil: apparently speaking in caps you're shouting, is that the rightidea? reporter: apparently she speaks in hashtags too. neil: thanks, blake. president is headed to asia. national interest director of defense studies director is here. harry, this is crucial trip with, everything at stake with north korea, working chinese angle, president, how is that going to go? >> neil, i'm really encouraged. in last hour president trump said he would go to the east asia summit. i can't tell you how many diplomats in washington and asia, really voicing their displeasure this is something president obama did back a few years ago when we had the deck crisis. he didn't go to the east asia summit. a lot of asian diplomats were upset a sign we were moving away from asia. so i just think doing that one thing has really upped the ante for this trip and it is an
excellent sign. >> what will it produce though? what will it give the president prior president didn't have or get? >> very simple, reassurance. what asian diplomats are looking for in this trip, they want, paraphrase what one diplomat told me is a boring trip. they to be basically reassured this administration is behind them. if there is any contingencies with north korea, not just war or any sort of escalation, any kinic strike they want to know america being there. going on that trip, symbolic thing, really makes a difference for them. neil: like a dog with a bone, south korea will host the winner owe him ticks. i'm thinking of everything that is going on there. all nations getting antsy sending their athletes there. obviously south korean leader made every possible overture he can to the north including
letting the north share some olympic ren sues. that is still down. that is still on. not hopefully at war here but the olympics. how do you think that is going to go because the south koreans are getting a increasingly antsy about it. >> let me turn the knife on that. nobody is talking about the olympics. funny, north korea haven't done nuclear tests or missile tests, for 40 days. they might save ammo closer to the olympics. if they want to make a big splash, show the world they have these long-range missiles, nuclear weapons, why not do it in a few months when everybody is watching. i think that is one. reasons they're holding back. neil: they have been doing other tests. you think the up the ante tests that get people really scared, they would do that shortly before the olympics ensue? >> exactly. it makes more sense. north koreans are media savvy. why not take it to that next
level. neil: if the president were to get a sense from the asian leaders that this whole thing looks dicey, and the north koreans are escalating things, do you think there will be a call to say, all right, south korea, we don't think these games are a good thing right now? we don't think that they are a good idea? >> neil the challenge is, i don't know the numbers but i'm sure billions of dollars have been spent. neil: oh, yes. >> to invest in these olympics. the tv rights alone i think are worth billions of dollars. so i don't see really the olympics getting canceled or anything like that, but the trump administration does have a lot of different diplomatic venues to say to the north koreans, look, if you make any trouble during the olympics the whole world will be basically united against you. so i would hope the north koreans wouldn't do something like that. it would really be a foolish move. neil: i don't know. i can't stop thinking about it. harry, thank you very, very much. >> thanks, neil. neil: we have a lot more including why the real estate industry has just said no to
this tax cut plan. doesn't like it from the get-go. you're hearing it from real estate brokers, realtors in generals. mortgage industry, homebuilders. why is that? what worries them? after this. looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. listen up, heart disease. you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies, and data without insights. and fragmented care,
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>> on homeownership side, placing 500,000-dollar cap on mortgage interest deduction, those houses there or above will decline in value. we think it is so bad, stuart, we're worried about another housing recession. neil: i love the homebuilders association. i think he is overstating this. i don't know how one tax act doubles the mortgage deduction for folks is going to do something like that. i could be missing something. i'm not housing industry expert but i read a prompter so i think that qualifies. we have real estate broker extraordinaire, kendra todd and mike jason. welcome to both of you. i i see this being a death knell for housing or real estate. there might be other factors that happen. i just don't attach this thing to its demise. what do you think? >> well, i mean it certainly not good for housing, but, i don't
know how anybody can actually quantify because of this, home prices will drop 10%. where do you even come up with that number in 24 hour time period. i don't think it is going to cause real estate market to go into a freefall. it certainly doesn't doesn't help the market. one, it diminishes significantly incentive to buy a home. first-time home buyers at all-time lows of the most of the people renting will enjoy the doubling of the, you know, the standard deduction and so there is not really an incentive for them to buy a house. there is no real he advantages taxwise. all the people grandfathered into this plan where they won't actually have to have a cap on mortgage interest deduction unless they sell and buy a new home. those people just are not going to sell.
so you will have areas with inventory issues. that will get worse. i do think there may be a decline in the real estate market, certainly in coastal areas where you have more expensive real estate, but no, i don't think the sky is falling. neil: jason what do you think about that a lot of people would look at a tax consideration, i'm not naive. they're looking at appreciating asset they're getting and also living in it, for those who don't invest or buy a second home or vacation home. what do you make of that? >> neil, i actually agree with you. i think this is going to impact a very small percentage of the housing market. something like 5% of the housing stock. in mostly coastal cities where there is wealthy people with, that have very expensive homes and maybe they're not going to be as motivated from a tax incentive to buy a more expensive home and trade out of that already very expensive home. neil: because for those wealthy buyers a lot of writeoffs do
disappear, right? >> that's right. neil: that is a legitimate concern but would that dramatically affect beyond the coastal areas, beyond any other areas? >> i don't think so, neil. i think this tax plan is actually going to help for a robust housing market, you've seen, slash the corporate, hopefully slash the corporate tax rate from 35% to 20%. that will significantly bring, put america first on investment perspective. it will bring jobs back to this country. it will, we'll have wage growth. we'll have a gdp grow above 3%. which we haven't seen for the last eight years during obama's administration. so i think this will be a very healthy thing for the housing market. it may not be so great for wealthy people that live on coastal cities that overwhelmingly are in the blue states, but i think it will be great for most of america. neil: you know, kendra, what are you noticing these days, this tax plan not withstanding? what is going on with real
estate? we've been seeing pretty boffo home sales news, home prices news. what do you see? >> well, it really depends where you are. here in seattle we're in the hottest real estate market basically defying what is happening in the rest of the country. neil: absolutely. >> we're in our own little bubble right now, but i just, i have a little bit of a concern, that the rest of the country, you know, can they really afford to see a big dip in the home prices? you know, i don't know. neil: do you think the market is overheated? that prices are to the point a little too hot nationally? >> not nationally. not nationally. locally i feel real uncomfortable where we're at. neil: yeah. >> nationally we've seen a pretty healthy recovery. we said this before neil, real estate is cyclical. what goes up must come down. it will go up again. i think we'll see the cycles be a little less interests --
drastic in the future if these reforms take effect in housing. neil: jason, we know interest rates are ticking up little bit. market rates have not gone up as much as the federal directed rate cuts or hikes have. we'll get another one in december but i'm always amazed how constant the rate environment has been. is that going to win out here? does that end up being a most crucial factor? or play it out for me? >> i think it is crucial. i think the job growth and low interest rate environments will make for a robust housing market. but going back, i just want to go back for one second to the tax code. i think what is interesting is, tax code isn't really supposed to push homeownership. this whole tax incentive is pushing of this homeownership. it is okay for homeownership rates to come down to healthy robust level without pushing homeownership to less where we became housing bubble like 08. this is another example where tax code will bring up tax
revenue without pushing, favoring homeownership over renters and pushing homeownership rates to unhealthy levels. neil: guys, we shall see. we know many in the industry are very concerned about that. all right. we should also posit here, as we wrap this up, many in the housing industry already said they will target those congressman who vote for this, and they have a great deal of sway. that is just the homebuilders association alone. in a lost districts. and can, give to campaigns that support their cause, and deny funding to those that do not. again that will be something close to watch because, a lot of those congressman who might be on the fence, including senators who might be on the fence, it could be swayed by that. if the housing industry types are unhappy, well, you know, that will go. after this. building a website in under an hour is easy with gocentral...
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deduction or running into a buzzsaw of criticism there is not enough flexibility in that. this is where the wheeling and dealing is going on. it hasn't even gotten to the senate yet. back and forth we go. trish regan. trish: negotiating point. neil: here we go. trish: thanks, neil. president trump calling on fbi and justice department to investigate hillary clinton and the dems following two flue bombshell revelations. first, former interim dnc chair donna brazile says she has proof that the dnc rigged the nomination for hillary clinton. basically bernie sanders never had a chance. we have new details on this. and, that whole questionable russian uranium deal i was telling you about, the deal approved by clinton's state department, the one democrats and liberal media claim is just no big deal since none of the uranium would ever leave the united states? we have new news today. we have learned that