welcome back. the s&p and edfs are both of more than 2% so far today, on pace for their best week. today's leaders include charles schwab, comerica, regions financial, all up more than 3%. carl, sara and jon for the start

of "squawk alley." good morning. it's 8:00 a.m. in san francisco, 11:00 a.m. on new york city, and "squawk alley" is live. ♪ i'm listening to the kind of music she doesn't like neath she'll never know your story like i do ♪ she wear short skirts ♪ ♪ i wear t-shirts ♪ she's cheer captain ♪ i'm on the bleachers ♪ dreaming about the day that you wake up ♪ ♪ and find out what you're looking for has been here ♪ good morning. jon fortt has the morning off. >> all hitting record highs this morning again as investors shake off the unexpected election results out of the uk antined uncertainty in washington.

we're watching the vix hitting a 23-year low. for david rosenberg chief economist, david, are you surprised at the market's constant ability, especially this week, to brush off some big political shock, from comey to may, and reach report heights yet again? >> i think that the market is certainly heading into really expensive terrain, almost pressing against a 19 forward multiple. but remember what bob farrell told you and the ten market rules to remember, that exponentially rapidly rising markets don't go further, but they don't end up correcting by going sideways. you know, in terms of the question about the response to the political situation, i don't really see what comey had to say was any sort of big bombshell over on top of what we already knew going into it.

hard to know how you connect the dots to any impeachment proceedings. it's a distraction, but obviously didn't stop the house from getting through some of these dodd/frank amendments, which of course is why the physicians are doing better today. that has nothing to do with what comey had to say yesterday to congress. as far as teresa may is concerned, would you would anybody think the diminishing position she shoos in the uk parliament, why would that be a negative for equities anywhere? it just means instead of hard brexit negotiation, we probably will have soft negotiations. i couldn't even see why people thinking that moving to a minority position from a majority position in the uk was going to influence market action today. >> yeah, that's certainly being borne out in the action today. people are not trying to do work looking at periods in which we see a concentration of gains in

a few select names, five names, for example, ubs has a piece out this morning that says the way it's worked so far this year, not that unusual. how long can this go on? >> like i said before, as per my hero and mentor bob farrell, they can last longer than you think, but it's a matter of being prudent. i would be saying number one, within the u.s. market, i would be trimming a lot of these expensive wimpy growth stocks. great companies, their stocks are very expensive and moving into the laggards. if oil prices can stabilize and move back to the middle of that range, and energy stocks are down 14%, i think there's possibly in up side. if you go to the beginning of the year and deal with the poster child for the trump

agenda, there's probably up side there, and the retailing stocks have a massive short position, so there's other areas of the market without taking an overall bullish position, where you can probable add some alpha over the next several months, but you're looking at what's happening in europe right now. to me it's a very exciting story. we're going to get soft brexit, not hard. angela merkel's ratings are going up substantially, and we'll see what happens on the 11th and 18th in terms of macron's ability to secure a parliament majority. let's talk about the global stock market, and europe right now continues to not just have cyclical tailwinds, but the prospects of an ongoing positive reply wall rerating, and that's an area i think should be on people's radar screen. >> dave, you recall we're in the latter part of the cycle anyway with regard to this expansion, i guess it's always hard to division how long that late part

of the cycle is going to last. we have a fed that's going to raise interest rates and wants to seemingly stay on that course with somewhat close to full employment. what do you think the implications are in terms of botched and stock market interactions as the fed, you know, responds to this expansion at this stage? >> well, i don't think that the end of the cycle is right around the corner if you're talking about, you know, the next couple of months. the analysis that i published this morning shod across a broad array of market and macro variables is that we're 90% through, which means what? it means that the runway for this cycle has another year. so i would say that the next several months, you might want to start thinking about how do you want to clean up your portfolio, raise some cash, you know, use the options markets as insurance purposes, whether it's calls or puts. you want to start looking at strong balance sheets, earning visibility, the sort of stuff

you shouldn't do at the beginning of a cycle. you want to start doing the exact opposite right now. all the indicators right now are flashing that the runway we have right now is no longer than 12 months out. >> i just want to take the other side of your comey argument. this was a risk event for investors. a lot of the research notes this morning point to the fact that, yes, while there may not have been a smoking gun or anything obvious in terms of a legal case for impeachment, it still opened a whole pandora's box of questions that will hang over this administration and continue to occupy the time and the effort of members of congress during what they have seen as a pretty ambitious legislative agenda, and this question about whether they can investigate and legislate at the same time becomes even murkier and harder. at a time where wall street has rallied, what, 13%, 15% since the election? doesn't that impact your

expectations? >> it why if we were saying in the past, you know, few weeks or few months were on the stocks that were relying on the trump agenda. i said earlier, sara, that the financials came out of the gates, energy came out of the gates, too in the after math of the election and those are the poster children for the trump agenda that have lagged the most this year. i don't know how i you take any of the fang stocks and keck dots to trump onommics. they're basically operating on their own dynamics. i would tend to agree with you on what you said regarding the frustratic length of time it's taking to get stuff through congress. no doubt about that. comey didn't really change my mind on that. we knew right from the get-go when we couldn't get health care reform through that much thought

we had a unified government, but the house is fractious and divided now over a range of issues as it was during the obama administration. the reality is nothing big gets down without of 0 votes in the senate. i was always thinking it was going to be a long row to hoe to get stuff through. it took reagan six years to get tax reform through, and he ultimately needed more house democrats to get it done than house republicans s govern is complicated, but the comey thing didn't change my view on anything, frankly. we'll leave it there for now. david, have a great weekend. >> you too. we are watching the treasury secretary meeting with the canadian finance minister. the canadian/dollar an 11-day high, reaching 134. so much action in foreex.

>> you mentioned low volatility. this meeting is interesting because of some of the trade friction shuns recently, as president trump has initiated trying to renegotiate nafta, reopens that trade deal that's been so beneficial. we'll monitor any headlines out of here. when we come back, warning, stipulation, you will not believe the letter that travis cowan extended to uber employees over a weekend getaway. cara swisher will join us next. dow is up 115. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

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when... i... kill you. [ explosions ] [ intense music ] the mummy. rated pg-13. recode's recent articles talk about a letter. kara swisher broke that story. she joins us this morning. >> how are you doing? >> good. still fascinated by your piece. the letter goes back a few years, which makes you wonder what does it say about uber's culture and leadership now? >> well, i don't know. the issue is travis also resent it a year later and quite proud of it at the time, and continued to be for a very long time.

-- kind of an odd thing to -- >> i think we still can hear you okay, k.a.r.a., on the mobile phone. does it do anything to change expectations of his tenure? >> i'm not the board of uber at all. i don't know what they think of it. it doesn't reflect well on him for sure. if he's the head of a frat, i suppose it does, but it's not easy to think that it's oak to joke that you can't sleep about -- hi probably shouldn't be making a joke about that in a communication with his employees. >> when i read the internal memo

uber is definitely distinct, but i wonder how common a letter like this is for silicon valley, or if it is uniquely a unique directive. you hear constantly about the frat/bro culture over there. is it more widespread? all right, i guess we won't get an answer on that one. this was an eye opener. a lot of it we can't even read on television. >> i'm thinking of what the f.t. said, one day we'll look back at what would be the smoldering wreckage of his career and how a person lacking of ethics was allowed to run a company for so long. >> obviously a strenuous take on this. so much of it is because we have documentation -- because he's been heedless about striking

this pose. one of the things as a business that occurs to me is one of the big roles for a tremendously fast-growing start-up is attracting employ crease. what does it mean for uber as a place to work? >> also, we learned from ariana huffington, who is the only female board member, they'll come out the results publicly, she said, of the holder report. eric holder has been investigating some of these issues. and chef that he's not meditating in the company's lactation room, so maybe things are better. >> before she ended the interview on her own. >> right. well, when we come back, the nasdaq hitting another all-time high did today. we'll leek at what's driving those gains, coming up next. il and packes. il and it's also a st abpeop. ople whoely ueverday to delivee il

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the knack days on pace for an all-time high. joining us is david seeberg, also a cnbc contributor. david, good morning. >> how are you? >> clearly we have some tension release here. it somewhat looks like previous events, whether it be the election or last year's brebs i vote, even the french vote this year, the markets anticipates the potential for a surprise yet melts up afterwards. we didn't have any panic beforehand. how much juice do you think is behind this move? >> yeah, i think the only panic, if you want to call it panic, if you will, buying just evaporated. volumes were extremely light yesterday, and people's attention were drawn on that, but now it's been a lot of retail money flying into these etfs. these indexes, the biggest weighted names have being super crowded on the institutional side.

obviously there's big weightings within these etfs, i'll tell you what, it's time to maybe take some chips off the table there and look at some of the names that really underperform. the financials in particular, i know we're talking about them. i think that's a trade you can hold for at least the next several months especially going into next week's rate hide. i think we'll continue to see an up side and i like some of the industrial names as well. >> you know, that kind of dynamic, that constant rotation, looking for the laggards maybe at this stage, it's been in play for a while. i want to push back a bit on the idea that it's all being driven by blind buying, because the indexes are -- >> i get that. >> so it seems to me there's a lot of cross-currents underneath the surface. >> i shouldn't say it's blind etf buying. a few weeks bag we were talking

about the fang stocks, and they're not crazy stretch valuations. they have earnings growth than understood by the buy side. people understand the growth metrics and they're comfortable with them. money is gravitating on the institutional side and positions are being held. i say it's almost a safety zone in some of these mega cap names. you have software names with $100 mill won. props up, i would think a lot of megacap names. even if half of it goes to privates, you still have a tremendous amount of capital. megacap names are the place where that money needs to flow to really deploy it properly. >> yeah. the journal has some interesting numbers. they say if fang were one companies it would be 32 times at the beginning of the year. someone asked what if you took amazon out, it would be 32

versus 26 at the beginning of the year. so i guess the argument is numbers aren't like in another universe, right? >> yeah, they're not. it's not insane, but i do think -- and i say this, we have gone a little too far too fast. i know everyone is waiting for the yield curve, to show signs of continued improvement before they jump on board, but think about the tremendous amount of cost-cutsing and tremendous amount of relief. it could just be the fact, you know it's how it's implemented. how they overlooked certain things, so i think that's the biggest story. this doesn't necessarily need to be hard-core massive deregulation for standards to sort of shift a bit. it's regulation versus sort of whether or not they're going to actually enforce it. so you've been talkic about position and how tech is getting crowded from an institutional, now retail side of things. what about the banks? that was a crowded trade after the election when they first

shot up. what have the last few months done to some of those positions now that you like the group. >> yeah, i don't know that it was super crowded. i think it was completely purged out from the perspective the financials became dead money essentially. they didn't see any growth potential. they were worried about the over-regulation, you know, when we started to see improvements in nominal growth in general, i think the banks started to work, then they took off the release rally, again underpositioned institutions getting on board to at least establish a footing within the financial sector. we saw it blow out, of course, and then come back a bit, but they're not fully invested there, still. there's still room for them to take a a lot of positioning. >> banks would be held by another fed rate hike presumably, but each time it was an occasion for the it shall to

stall out yeah, no, no question, that's why i say maybe take the foot off the brakes a bit far -- it's crazy through the 'roof, and it's 100% insane. so i think that will put back a bit. i think you'll look at some underperforming sectors, and things will normalize a bit. >> david, you look a little tired, were you up all night trading forex? >> it's understood where the floor is based after brexit. i look at it from a trade perspective. i notice a lot of people are negative -- i think probably base case is 125, so 150 range.

the quick move down was an opportunity to trade it, so it got long. >> all right. we'll track on you that, david. >> thanks so much, guys. just kidding, you never look tired. >> never! i do haved beard, though. >> i could tell. speak of that, a developing story overseas, the labor party calling for teresa may's, this as we await the market close. wilford cross is in lodgeden with as update on the moving politics. overnight appeared this morning we have learned that theresa may

had just enough. >> having secured the largest number of votes and greatest number of seats in the general election, it is clear that only the conservative and unionist party has the legitimacy and ability to provide that certainty by commanding a majority in the house of commons. >> reporter: but how firm is her grip on power? the answer -- not very. that's not because of the threat of the other parties, but rather because of confidence of her mps. here's "the evening standard" george osbourne's evening standard. the next bullet point -- knives out for prime minister after poll disaster. in the immediate term, her mps have realized it's in both their personal interest and the country's interest to keep quiet, but it only takes one of those factors to change and a little time to pass before her

position could be under threat. just have a look at these odds in terms of when is the next general election going to take place? which year is favorite? it's 2017. i almost can't bear to look at those odds. we are approaching the european close. the pound as we know, fell sharply, down about 1.7%. that's allow the ftse to rally. weak to date, we're all in the red for those european markets, but less than 1%, the ftse 100 down 0.3 for the week. safe travels home, will, but given those odds, maybe we keep you there a few more days. >> reporter: it's not going to be next week. i'll be back in between at least. wilfred frost in london, thank you very much. we're awaiting remarks from the president. tim cook speaking at m.i.t.,

some interesting comments as well. dow is up 101. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs.

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and could save you in out-of-pocket medical costs. call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now - and down the road. i have a lifetime of experience. so i know how important that is. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. herera. here's cnbc news update. u.s. ambassador nikki haley meeting with the israeli defense minister, presenting her with a miniature stiletto heel shoe,

with the inscription "to the u.n.'s new sheriff." the fda has opanna-er is a powerful painkiller that the agency says is being crushed up and being indiana jected. the winning bid for a private lunch with warren buffett could cost millions. the auction ends tonight, though. last year's winner paid nearly $3.5 million. buffett haz raised the money forred glide project, which helps homeless people in san francisco. the u.s. is hiring chris holtmann. he agreed to an eight-year $24 million deal. back downtown to "squawk alley." carl, have a great weekend. >> same to you, sue. thank you very much. we are awaiting comments from the president, talking

infrastructure investment. he was scheduled to speak at 11:30 a.m. john harwood is watching that. as the president has already tweeted about the comey testimony and now the choice act. >> that's right, carl. it's a big forlorn this event at d.o.t. it started out to be infrastructure week from the white house, but that's been blown out of the water by the comey testimony and other developments this week. very different to get attention and it's notable that the president has not laid out an infrastructure plan yet. he has indicated that he's going to propose something that uses a relatively modest amount of federal money as a lever to get private sector money, to get state and local money, but this is something that is going to be very difficult to pass through congress if he can do so in the end, and it's completelien overshadowed, of course, by the

effort of the white house to defend itself from what james comey said with very damaging testimony. >> i would say, john, he himself is distract from infrastructure week. he continued on the week tweeting about other topics as well. it's not like he's trying to turn the attention. >> sara, you are 100% correct. >> i haven't seen him tweet anything on infrastructure, in fact, but on the topic, since it is important to investors, this was supposed to be the one the democrats should get on board with. they campaigned on the broken railroads, roads and bridges, everything like that, but it feels like the rift is widening, when it comes to how to pay for it. are democrats going to be okay with getting private money when it comes to leverages that investment?

>> no. the argument from democrats is going to be. as you indicated, the price of democratic cooperation gets higher the weaker the president is and the more difficulty he has getting his health care and tax agenda items through. what the democrats are willing to rally around -- their argument is the -- it's not in fact going to -- materialize, and secondly they don't like the private profit. that doesn't mean they couldn't support some of that, but they want a lot bigger public investment than the 200 billion keep in mind, has said that he

intended to have much larger outlays himself, but in fact what he budget has indicated is that that's not what they're going to do. >> we came in with a playbook that looked at health care first, taxes, maybe infrastructure second or third, now are you arguing that infrastructure has the pole position if they're going to deliver a demonstrable win? >> no, i don't think -- it depends on what a demonstrable win means. first of all, the republicans have got to dispose of health care, because they have a -- a parliamentary vehicle, which expires at the end of the fiscal year. the top genuine is tax reform --

and don't -- but to do that, they have to get path health care, and pass a new resolution, and then settle on a plan. they don't have a plan. the how has suggested a pretty expansive plan that would get rates pretty low financed by, as you know, the board are adjustment tax, but senate republicans have declared that dead. senate reps have not, however laid out their own plan or said whether it's going to be both corporate or corporate and personal whether it's revenue neutral or increase the deficit. saul of that is getting delayed and clouded by what's going on with russia, both in the. >> the stan corrected. the president did tweet that he was going over to cincinnati to talk about infrastructure and he gave a speech about waterways along the ohio river and the return of the steel industry,

but then distracted with comments on twitter about qatar and announcing his pick for the new fbi director, so it was sort much a mixed bag. >> no, no, hold on, sara, don't correct yourself too much. you're right to note the president has said some words, but it's not been a mixed bag. infrastructure week has been a nonevent. when you look at the wedge that the president was driving with qatar and other states in the region the fight with the london mayor, the fight with jim comey, all of that has completely overshadowed infrastructure week. despite pretty robust briefing from cohen about this time last week setting up infrastructure week there's the transportation secretary elaine chao at the

lectern. we do want to pivot briefly to tim cook, who is wrapping was his commencement address. josh lipton is watching that. >> carl, that commencement address just wrapping up here at m.i.t. tim cook telling those students you have learned how technology can change the world for the better. he also, though, talked not only about the potential advantages of technology, carl, but also some of the risks. take a listen. >> technology today is integral to almost all aspects of our lives. most of the time it's a force for good. and yet the potential adverse consequences are spreading faster and cutting deeper than ever before. threats to our security, threats to our privacy, fake news, and social media that becomes antisocial. sometimes the very technology that is meant to connect us

divides us. >> carl, then cook pivoted to talking about a.i. he said i'm not worried about a.i., or the ability of computers to think like humans. i'm more concerned about people thinking about computers, without values, compassion, without concern for consequences. that is what we need for you to help us guard against. carl, back to you. josh, interesting, as we sit here still awaiting the president, guys. fascinating how much we look to the ceos for guidance on the progression of automation and robots, whether it's musk, bezos, cuban, dorsey. >> makes sense of it for us. the presumption of course is they have thousands of people in their organization trying to figure out the good and bad and project how it can all work better together. >> the white house next week is planning an event next wednesday on reforming the labor market. it is an issue they are looking

at, and he is said to give a speech at the department of labor next wednesday. it will be interesting to see what the white house has in mind. hearing from these ceos, i don't think they're talking about robots, but matching skills to modern jobs. >> indeed, as we wait for the president, we'll take you there live when that kicks off. in the meantime, dow is up 94, off the highs. rick santelli, what are you watching? >> i continue to watch the notion that yes we've had some movement and rates, but we're virtually unchanged. stocks were up triple digits. investors have made a financial choice, it seems to coincide with another financial choice. we'll hear about that, after the break.

. keith pier is live and exclusive with you on halftime. plus the markets new records, but are there new opportunities to make any money. citron's andrew left with another warning on nvidia. our gang is fighting back hard. that stock is on the move. it was negative on the day. michael, see you at the top of the hour. >> thank you very much. meanwhile, puerto ricans heading to the polls on sunday. leslie joins us with a preview.

hi, leslie. >> reporter: hey, guys, despite this paradise setting is an economy that's engulfed it a ten-year-long recession, currently undergoing bankruptcy proceedings. this weekend, this sunday residents will head to the polls on whether to become the 51st state, to become a sovereign nation or remain a commonwealth. some of the residents see sovereignty as the best way forward, because they actually blame the u.s. for the fiscal mess they're in. others, however, see statehood as the best path forward, because they see the future and the salvation of their island as being part of the united states. so bondholders are currently undergoing restructuring agreements with the island to determine the fate of their future, but that hasn't caused wall street, which invested heavily in po witherso rican bondssh they're investing

largely privately. >> leslie, thank you for that. we take you to the president at d.o.t. talking infrastructure. >> thank you secretary chow, thank you, everybody. this is very nice, by the way. beautiful. i want to really thank you. you have been so amazing as the leader of this department and the progress that's being made so quickly. leaders and officials gathered here from across the country have all praised the work that the secretary is doing to create a safety, modern and reliable transportation system for the united states and for its great, great, great people. i also want to thank secretary zinke for the fantastic job he's doing at the department of interior to clear the way for

new infrastructure and economic development. both secretary chao and zinke joined us tess white house for the meeting state and local leaders to develop plans to replacement america's decaying infrastructure and construct new roads, rails, pipelines, tunnels and bridges all across our nation. we are here today to focus on solving one of the biggest obstacles to creating this new and desperately needed infrastructure, and that is the painfully slow, costly and time-consuming process of getting permits and approvals to build. i also know that from the private sector. it is a long, slow, unnecessarily burdensome process. my administration is committed to ending these terrible delas s

once and for all. the skrurpating wait time for permitting has inflected enormous financial pain too cities and states all throughout our nation and that is blocked many important projects from ever getting off the ground. many, many projects are long gone, because they couldn't get permits and there is no reason for it. we've already taken historic steps to speed up the approval, include the approval of the keystone xl pipe did not line, which was very quickly approved. it was sitting there for a long time, saying that project was dead. i came into office and all of sudden a miracle. i guarantee you. consultant wen over and said what a great job they did. they asked for a lot of money most likely. we got it approved and we got it approved fast. i'm also very proud to say that the dakota access pipeline is

now officially open for business. it was dead 120 days ago and now it officially just opened for business. very proud of that. hi, bill. we're also excited to be joined by representatives from our labor unions, including the north american building trades union, which i know well, and the laborers international union of north american. go ahead, fellas take a little credit. c'mon, fellas. you will play a center role in rebuilding america, very important. we're also joined as well by many distinguished members of congress who share our total passion and desire to rye store

america's highways, railways and waterw waterways. in the audience is the man i've gotten to know well, chairman bill schuster of the house transportation and transportati infrastructure committee. stand up. thank you, bill. great job. who's working very closely with us including on our proposal to dramatically reduce airport delays by reforming air traffic control. we have an obsolete system. and i have to say, before elaine got here, they spent close to $7 billion on the system. boom. a waste. all wasted. but we're going to have a great system. great new system. a top of the line, the with best in the world. right now, we're at the lowest part of the pack. it will be the best in the world. for a lot less money than they've been wasting for years.

for too long, america has poured trillions and trillions of dollars into rebuilding foreign countries while country, the country we love and its infrastructure, to fall into a state of total disrepair. we have structurally deficient bridges, clogged roads, crumbles dams and locks, our rivers are in trouble. our railways are ageing. and chronic traffic that slows commerce and deminish diminishe citizen's quality of life. other than that, we're doing very well. instead of rebuilding our country, washington has spent decades building a dense thicket of rules, regular lations and r tape. it took obl four years to wibui the goth golden b b gate bridge and five years to build the

hoover dam. and less than one year to build the empire state building. people don't believe that. took less than one year. but today, it can take ten years and far more than that just to get the approvals and permits needed to built a major infrastructure project. these charts beside me are actually a simplify version of our highway permitting process. ten different federal agencies, as one example, 30 minutes ago, i was sitting with a great group of people responsible for their state's economic development and roadways, all of you who are in the room now.

and one gentleman from maryland was talking about a 18 mile road. and he brought with him some of the approvals. they spent $29 million for an environmental report weighing 70 pounds and costing $24,000 per page. i said, do me a favor. i'm going to make a speech in a little while. do you mind if i take that and show it? so i'm going to show it.

don't want to trip out the way out. that would be a -- so they spent millions and millions of doll s dollars, when i said how long is this short roadway been talked about, the gentleman said if you say 20 year, you're safe. yeah don't say anymore because i have to be exactly accurate with with these people. i was off by like two months. it's a major story. but these binders on stage could be replaceded by just a few simple pages.

that cost billions and billions of dollars and they actually make it worse. as another example, the 23 if you look at it in ohio, the ohio river bridge, $2.3 billion. a project amassed a 150,000 page administrative record. 150,000 pages is a five-story tall building. think of it. if you put the paper together, it's a five-story building. how can a country prosper under this kind of nonsense? i know it's a lot being in the private sector, but you know, in the private sector, you move and

you wheel and you deal and you hope and you pray. it maybe goes a little fast e but it's a horrible thing in the private sector. why should we continue to accept what is so clear ly unaccept bable. often time frs consultants making a fortune because you can't do anything without meier hiring them, paying them a tremendous amount of money. having them write up this nonsense. can't get approvals. they go to albany, here, they go to washington for federal. they want to make it tough because that way, you have to hire them. probably nobody's ever heard about it. i know because i'm a business guy, i understand it. they woork hard to make it difficult. and some are blooifrs. but most aren't. most want to make a lot of

money. so they make a roadway a very complicated suggest and they make it worse. it's not as good as it would have been. i was not elected to continue a failed system. i was elected to change it. all of us elected to government have been elected to solve the problems that have plagued us as nation, to rise above the petty, partisan squabbling of washington, d.c. we are here to take action. it's time to start building our country with american workers and with american iron and aluminum and steel. it's time to put up soaring new infrastructure that inspires pride in our people and towns.

when i approved the keystone pipeline, i said, where was the pipe meant? unfortunately u, they had purchased a lot of it, but i put a clause at the bottom, you want to build a pipeline in this country, buy american steel and let it be fabricated here. simple clause written in hand, but it does the trick. it is time at last to put america first. americans deserve the best infrastructure anywhere in the world. they deserve roads and bridges that are safe to travel and pipes that deliver clean water into the their homes. not like what happened in flint, michigan. they deserve lanes of commerce

that get people and products where they need to go on time. most of all, americans deserve a a system of infrastructure that is looked upon not with pity, the world in many cases is so far advanced that they look at our infrastructure as being sad. we want them to look at us with envy, a system worthy of our magnificent country. no longer can we allow these rules and regulations to tie down america, chain up our pros pesty and sap our great american spirit, that is why we will lift these restrictions and unleash the full potential of the united states of america. >> really a speech so far, a lot of what we've heard in the past from president trump complain

ing about the onerous regulations that washington has put in place. the permits it takes to build stuff in this country. complaining about that. say heg knows from the private sector having heard yet a lot about what he proposes to do about it in terms of fixing the infrastructure and how it's going get paid for. maybe he's going there next. >> keep our eye on that. this week, coming to a close, fed week next week. let's get to wapner and the half. >> thanks so much. we continue to keep our eyes on the president of the united states who is speaking at the department of transportation. john harwood has been listening in. a week that was billed to be about infrastructure finally gets to it. albeit on friday. what do you make of o the comments and where do you think the president's agenda goes now? >> these comments were familiar. they're complaints about the regulatory process that the president has made before. the president still has not laid out a proposal