from here. >> josh. >> put up a chart of google when you get chance in is a stock that's about to make a major break out. getting above resistance that dates back april i think it will be big >> joseph. >> red hat breaking out as well. >> good stuff. power lunch starts right now here is what's on the menu will president trump's tax reform plan give the economy a major shot in the arm? two former white house economi advisors face off. another larry is making a big bet against him. we'll explain. big tech under fire. facebook in d.c. getting grilled from lawmakers and the company's role in russia linked propaganda ads. will it keep the regulation push at bay investors taking a bite out of dominos this stock is getting slammed. what's worrying wall street? hold the pepperoni

power launch starts now. yeah, despite the dow being down a couple of points, another record day they have added value in your money. inside the markets there's some big movers out there twitter on face for its best day since june still down 50 plus percent since going public what a comeback. up 13% this year shares of ethan allen down about 4% saying business was hurt by all the hurricanes retail remains wrinkled. losing half its value after warning on profits and getting two downgrades and breaking news equifax shares taking another dip. taking down of one of its web pages on reports of another hack we'll have more on this developing story straight ahead. >> all right thank you very much.

we begin this hour in d.c. president trump couldn't get any help from congress on health care now he is using his executive powers the power of the pen to make big changes to obamacare >> reporter: that's right. the president frustrated up on capitol hill so he's taking some limited, unilateral action on health care signing this executive order that the white house says is all about choice and getting more access to health care for millions of americans. critics say it could raise prices for the sickest among us in terms of health care because it could take the youngest and healthiest people out of broader pool here is what the president had to say about it earlier today. >> change aimed at creating more and lower prices for millions of americans. the competition will be staggering insurance companies will be fighting to get every single person signed up you'll be hopefully negotiating,

negotiating, and you'll get such low prices for such great care >> reporter: the president expected to nominate kirsten nielsen as his pick. he's known as the chief of staff chief of staff we expect the announcement to be made later this afternoon. the president has been tweeted about puerto rico. the president saying we cannot keep fema, military and first respond who are have been amazing under the most difficult circumstances in puerto rico for ever democrats have criticized the tweet saying the president should keep fema there as long as it takes to do the job in puerto rico that's been so badly hit. a lot swirling around this white house. we expect the press secretary sarah huckabee sanders will get questions on all those topics in

about half an hour's time. another big issue in washington it's topic number one, tax reform paul ryan addressing that earlier today. >> the speaker has a new tlehre for his fellow members of congress get tax reform done quickly or say sayonara to your vacation. >> half this country is living paycheck to paycheck if that means we have to stay here till christmas to give them the relief they deserve, then tough, we'll do that >> it is crunch time for the gop. he will inveil specific details of the plan very soon after a budget is passed ryan said he wants to send the tax bill to the senate in november the upper chamber will want to leave its own mark on any legislation and some senators are already getting a little

feisty chuck grassley tweeted this your tax cut will not be the largest in the history of the country. he said he did his own fact checking on some of the president's remarks. he did follow up with a tweet saying he supports the big six frame work ryan said he's been frustrated that the house keeps passing legislation only to see it stall later on in the senate he's hoping that history doesn't repeat itself with this tax bill back over to you guys. >> thank you very much here is the multi-billion dollar question will president trump's tax reform plan lead to higher economic growth and higher wages? let's call this larry versus larry. earlier i had larry summers explain why he thinks the numbers do not add up.

>> if somebody would like to present a calculation suggesting that if we give up a trillion dollars of tax revenue to corporations in corporate tax cutting that will produce a trillions additional payroll an say where those jobs are going to come from, that would be a very important and useful analysis there's a lot of economists who study these questions over a very long time and that's not been their conclusion. >> joining us exclusively on power hundred lunch is larry liy i don't think larry summers accept it. he said we'll study. i think it's a bet between you and the ether right now. why are you so confident that you would put up that kind of money that this could work

>> this is a very, very powerful tax bill the first thing that it does is it allows businesses to write off the cost of their investment when they actually do the investing. right now they have to shell out the money and have to wait several years to get the tax deduction for it this lowers the user cost of capital. there's plenty of evidence that when you lower the user cost of capital investment goes up it's like having a sale in a store. when you cut prices, investment goes up. i think it's pretty clear it's going to happen. one could expect to see substantial acceleration and economic growth from the investment each worker will have more machines to work with and real

wages are going to rise. i would estimate, for example, in the first few years, you'll see real growth rise to about 3, 3.25% and level off after a few years at around 2.5% >> larry, the economy is already growing. if i'm reading your bet correctly you say the gdp will grow faster in trump's first term than under obama. it's already growing faster. who can forget in 2009 the economy was in a recession that feels like a layup bet. real wages are growing faster than they have before you lay on a tax cut. if wages are increasing and

wealth is increasing as the stock market rises, that's happening already any way. let me finish my thought i'm not disputing that the tax cut might increase the rate of growth of all of these things but i'm saying they are already in place, largely. >> thank god on november 9th, business sentiment soars. they broke down the survey response before the election rul. looked like october. november, december of january they surged. the same thing is true because there's a lot of expectations out here that something is going to happen. if this tax bill doesn't pass, i'm concerned that the higher

consumer confidence numbers we saw that the higher small business confidence that we saw from the nfib will not be validated. that's a problem i think it's important that you tell people. we now have have to deliver on that promise if we don't, we're not going to get the growth also you can exclude 2009 if you want or include it when you start at the bottom of the deep recession have budget deficits that are over 5% of gdp for eight years you can only get 2% growth you're doing something wrong the period i'm talking about we're going to be reversing the money supply growth. i would say on the other hand my side of the bet has to swim uphill against monetary policy no this is not a lay up bet.

the fact is the tax bill is a powerful bill as is deregulation that's why we're going to have faster growth. any economist who studies these matters knows that this is going to be a very good bill for economic growth, for wages and as you said, when the wages go up, we're going to get first reduction since the 1960s. >> larry, i would imagine there are plenty of other people willing to take the other side of the bet if you looked hard enough in terms that the wages will rise, is this based on what we have seen in the past in terms of past economic cycles. what's happened when you add that ability to deduct right away and lower the corporate tax rate some are struggling with the notion that corporations will a automatically use the savings to

hire more people and increase wages. >> well, the last time we did this, actually, which is pass a capital cost reducing, supply side, if you will, tax cut at full employment was 1964 it was called the kennedy tax cut. we brought down the corporate rate we sharply cut the top rate of personal income tax. the result was a very rapid expansion in labor share of the economic pie that same set of circumstances is now in place today. we are at full employment, roughly and so there's not a lot

of spare workers out there the only way they will get the factories to do the investing is by bidding for them. it's new businesses that explore new market niches, figure out a way to do things that are already being done by legacy firms but more cheaply that's how they survive. we had a 70% reduction in productivity it's aimed to restore productivity and fix the problems that we now have. i want to throw out one last

point. right now firms 23% in germany it's 35 here if i have a german subsidiary, they over invoice their american sub si subsidiary for what they ship them this bill ends that because the incentusecentive to do it is no. all of that is going to disappear. it's not going to be the corporations are going to pay less taxes they are now going to pay tacxe they are paying to germany to uncle sam instead. that's a win win >> darn you for bringing logic and emotional reasoning into the argument tax is an argument of passion, not logic and emotion. >> they're going to lose >> thank you news alert in the bond

market 30 year bond s up for action. rick is tracking the action. >> the last of 56 billion in coupon supply is 12 billion. we just auctioned off a 29-year ten month reopen 30-year bonds the grade, a minus these are stellar numbers. the yields 2.87. well below the one issued mark was trading which was anywhere from 287.5 to 288 started trading wild at the end of the session there 10.6 direct. that's a whopper dealers take 26.6% a minus. supply is done the only thing that's a little odd is whether it was ppi hot or

these auctions over. the market is hardly moved with respect to yields. back to you. >> thank you equifax shares taking a hit. reports of another hack attack on its website more on this developing story is next directv has been rated #1 in customer satisfaction over cable for 17 years running. but some people still like cable. just like some people like banging their head on a low ceiling. drinking spoiled milk. camping in poison ivy. getting a papercut. and having their arm trapped in a vending machine. but for everyone else, there's directv. for #1 rated customer satisfaction over cable switch to directv. call 1-800-directv. right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68.

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shares of equifax taking a

hit on news of another hack attack josh joining us now with more. >> it does sound like more potential news for equifax here. take a look at the stock chart the stock down more than 2% right now on these headlines that are just crossing that the company may have suffered another breach we have a statement from the company. equifax telling cnbc we're aware of the situation identified on the equifax.com website in the credit report assistance link. our i.t. and security teams are looking into this matter and out of an abundance of caution have temporarily taking this page offline. sounds like it has to do with the company's customer help pages. hackers were trying to trick or fool people into installing these fraudulent, adobe flash updates. it's the latest bad news for the company. it follows the massive breach

where 150 million people had sensitive information compromised. you had the chief executive going to capitol hill trying to explain what happened. the company parting ways with the chief executive. >> thank you very much let eetsli lin let's bring in the equifax analysis thanks so much for joining us. >> my pleasure this looks terrible. it looks like the company has no handle on securing its website for customers. >> some of the challenges the company is having on day-to-day basis inform the longer form investment view. we're still of the mind, they do not. >> this is just the latest headline this week there's been a slew of

headlines concerning equifax that drivers license data for 11 million americans have been compromised as part of that original hack. also news that 15 million uk customers were attacked. a representative is introductioning a bill today that would require the three credit firms to move away from social security numbers. i understand you're saying to look at the fundamentals you have to do that but in terms of regulatory risk, the more these headlines come out and the more people get angry, seems like the more reason regulators go hard. >> the risk exists >> has it gotten greater since the first time you're on which was the post-breach low when the stock was trading at 90. you were on power lunch that day. has the risk of increased

regulation grown since then? >> i think the risk that would impact the business model has receded. if you go back and review the testimony before congress that the formger ceo made it seemed that even some of his detractors acknowledged how important the bureaus are and how central they are to consumer credit eco system. i wouldn't be surprised as per the proposed legislation as i've seen in the house if there were more federal oversight of the bureaus, i think in some ways they might welcome a more uniform regulatory frame work but i think the structural risk, if anything, is receded a little bit. >> as distasteful as the story is, as much as people may dislike or hate equifax, are these companies so entrenched there's nothing anybody can do about it any way and there's no

way a new competitor can come in they have a mote that nobody can cross. >> i agree entirely. i'd go so far as to say it would be so disadvantageous to everybody who needs access to credit it's simply a non-starter. as far as competitive entrance, this is an oligopoly there's a deep mote around the businesses as far as actually regulating the use of the data or regulating the company's abilities to resell data i think the probability of such an outcome. >> the stock is 108 now. where is it in six months? >> my target prices is 110 it's made a big move off recent lows i would say it's based on a buy

rating it's going to be higher. >> thank you >> thank you >> jpmorgan and citigroup falling. can you bank on the banks this earning season we'll discuss that one next. at ally, we offer a credit card with unlimited cash back. but if that's not enough, we offer a 10% deposit bonus into an ally account. and if that's not enough to help you save, we could help you cut the cord. that's right. cancel it. what about my reality shows? ok, if that's not enough, we'll give you reality. this is too real! maybe a comedy? alright, how about a comedian? arsenio? ain't nothing funny about laundry! we'll do anything, seriously anything, to help your money grow. people just walking in my house... ally. do it right.

shares of jpmorgan and citigroup down a percent now what seems to be pressuring the stock is continuing to climb in trading revenue. jason, great to have you with us trading revenues came in line with what the ceos guides about a month ago. is it a matter of sell a news event. the stocks ran up into earnings and they will take profits >> i think that's part of it both citi and jpmorgan participated in that loan loss provisions were a little higher than expected. in an environment or credit quality it's been so benign for so long. i think speaking investors expect losses to pick up

>> it's off of a very historically low base but should we expect that perhaps consumers will be having difficulty and can we extrapolate that at all to some of the other stocks out there. you've seen active credit card growth you're seeing losses go up and banks having put up reserves i think part of this is normal seasoning. these loss rates are not alarming we think consumers are shape wage trends have been fine you're seeing a slight up tick it's still one of the most

profitable businesses the banks have >> which of these children do you love the most? >> i have two sons i love them both equally i love these two equally as well >> you'd be perfectly putting incremental 10,000 in either you wouldn't go 8,000 in one and 12,000 in another necessarily? >> next week or two with bank stocks on earnings is hard to predict. when we look out the next year or so we're still constructive on the large cat banks we think interest rates would grinds higher. the economy will grow and participate with that. we think this roll back is real particularly add new people in the administration get confirmed.

>> jamie dimon said he's not going to talk about bitcoin anymore. how do you look at bitcoin in trading in terms of banks? there was a bitcoin in block chain conference just this week. probably the first major bank to do so. >> we think it has the potential to be very additive to the banks and more broadly technology will be a continued game changer. they look for technology in revenue sources in addition to not only saving on the expense side but becoming more efficient. technology is real i think that block chain will be across multiple parts of what banks do >> all right thank you. shares of dominos down big

today after earnings has the pizza trade faded. facebook under fire. cheryl sandberg goes to washington to try to make things right. details of the d.c. trip is coming up. a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley ♪ some things are simply impossible to ignore.

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the justice department is warning sanctuary cities to comply with federal immigration laws attorney general jeff sessions singled out new york, chicago, philadelphia and new orleans giving the cities until october 27th to prove they are enforcing federal laws a taliban linked group in afghanistan has released an american hostage, her canadian husband and three children the family had been held for five years after the couple was watch out for exploding sun roofers. automakers are not acknowledging or resolving the issue

what could be landmark decision, the fda is poised to approve the first gene therapy for an inherited disease promising results from an experimental trial for hereditary blindness showed vision improved for 93% of patients undergoing the therapy. that's the news update melissa, back to you thank you very much. chief operating officer of facebook broke her silence and sat down for her first public interview. >> reporter: after meeting with leaders of the house intelligence committee, sandber said she is cooperating about the ads. >> we want to give them the material we want the full picture to be understood we don't want this kind of foreign interference.

>> reporter: facebook is investing in artificial intelligence and hiring 4,000 people to oversee ads as well as con tent she said they want to maintain free speech on the platform. >> i think the responsibility of an open platform is to let people express themselves. we don't check the information people put on facebook before they run it. i don't think anyone would want us to do that. >> sandberg is saying that facebook apologizes and angry and determined to defeat abuse in the system. facebook representatives are expected to return to washington, d.c. to testify november 1st we don't expect sandberg there as facebook earnings are the same day >> what's the longer term of this impact. is more oversight needed of those companies in silicon valley let's bring in the senior

editor is this all going to lead to greater government oversight of companies like facebook like google, like twitter >> i think there's a risk of that someone came in and weaponized facebook's platform. they saw these ads that might have changed the face of the election >> aren't others trying to get ahead of it and trying to self-police this, self-regulate and under the current administration the instant response is not to reach in or overreach or ever regulate it seems to let private businesses regulate themselves

>> facebook is in full damage control mode in washington, d.c. while she may not be the one who testifies in november 1st before the house and senate intelligence committee, someone from the company will be there it goes both ways. there's lots of folks talking about regulation this is all happening at a moment when many folks are questioning whether tech companies are just too big congress doesn't move very fast. the house and senate are gone for doing a whole lot. >> i think of political ads that you see on television and i conclude this message was paid for by the blah, blah committee. you don't know who is funding that committee a very nice sounding committee

could be -- >> americans for change. >> americans for america >> could be nazis and russian spies. >> part of the problem we saw during this election cycle is there were russian groups going in and impersonating real groups that were already on facebook. someone could post something and you don't know if it's real or fake news. >> could we back this up a bit i believe this is the biggest and most important business story in america right now i really fwlooef i think it's just the beginning of what's getting bigger is facebook a media company because they hate that they will do anything they can to avoid that moniker. are they media >> they say they are on a tech company and they influence journalism and media more than anything else. they do have a responsibility to address these issues and to put in some safeguards >> tony, is facebook a media

company? >> sheryl was asked that question she kind of said yes and no. facebook is trying to have it both ways. saying we have the responsibilities of a media company and the responsibilities of a tech company but doesn't want to be regulated like a company. that's the same sort of rules in place for broadcast networks >> is that a slippery slope. the minute you call facebook and subject them to the regulations of a media company, you do the same for twitter, google, snapchat, for every single place where you can express your view and they run on ads. >> yeah. there's lots of folks who think that it's important to point out that the trump administration, behind the scenes has talked a bit about this people like steve bannon when he was at the white house talked about treating facebook and

googing agoog i -- google and other tech giants like utilities members of both parties are nonetheless exploring the need for more transparency and political ads. i think that's doable. >> the good news is they are spending tens of millions on lobbying to avoid this if you're a lobbyist, merry christmas. it's going to be a big year i expect >> i think these firms have a steep climb ahead of them to make sure they stay on the right side of this issue >> coming up, southwest airlines loving hawaii. they are about ready to launch flights. gm is laying people off. a japanese company you never heard about is a really big story. we'll tell you why also a disappointing day for domin dominos. is the pizza trade, which has been hotfinally

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is one of the hottest trade of the year, the past couple of years beginning to cool off? dominos pizza reporting earnings this morning they beat estimates on the top and bottom line. that all sounds good except you can see the stock is down nearly 5% let's find out with peter. he's the managing director at bgip this headline has turned into a stock down 5%. >> thanks for having me. i think it's mostly profit taking if you look at the stocks since the end of august it's up in probably mid to upper teens. i think there's a lit of profit. there's really nothing in the fundamentals they beat on the top line and the bottom line. nothing really in the fundamentals to get is worried just giving back a little bit of the gain they have seen over the

past six to eight week >> are you worried do you think is a buying opportunity or the beginning of an incredible run? do you think it's the beginning of the end of that multi-year trade or blip? >> we still like the story city think it's a buying opportunity and really the reason is dominos is winning on value and that value platform, that 5.99 mix and match flat form is made possible because of their digital capability which is far lower than anybody else in the industry. far lower than the delivery services they are able to reinvest cross savings back into value. that's where they are taking the share and seeing sales accelerate >> i'm wondering if you're worried about mcdonalds. if we're to understand dominos because the stock has been so strongly leading up to earnings.

stocks are at record highs and we're in the last part of the year where investor want to lock in gains are you worried we're see news events in other stocks that have done quite well? >> anything is possible. you have a great print here from dominos and you see the stock down who knows what the next couple of weeks may hold. i expect it to rally back. not really concerned about mcdonalds. i think they are much earlier in the stage of transitioning customers to digital and reinvesting back in value. i think mcdonald's has a way to go as well >> where do you see this stock in six months? why is it selling off so sharply today? is it all about the buy back or what >> the buy back is complete, the asr is complete. i don't think that's the reason why it's selling off i think the fact it's been up

over the past couple of months significantly a little bit of profit taking. also keep in mind here we are in mid-october. we don't hear from them from the fourth quarter results until we get to february, like the third week of february we have some time until we hear in them about results again. just a little wit bit of profit taking >> it was a pleasure to have you on peter saleh, thank you tonight on mad money you won't want to miss it especially if you care about dominos. patrick doyle will be a guest with jim tonight at 6:00 p.m. eastern. time now for the power rundown. southwest airlines launching a new service. shares of hawaiian airlines. >> what's interesting is that means nobody will see -- the airline has been expanding

internationally. it's been adding flighting to the west coast of the united states and love to get more to the east coast internationally is where the growth has been. southwest will take the business to hawaii. that's an airline that's trying to build its presence separate from flaying to west coast of the u.s. >> next story. gm cutting production of detroit plant laying off 1500 workers. >> it's not a surprise that general motors will be cutting back in terms of the number of vehicles built there as well as ieds idling the plant for the final six weeks of year. they built cars there. cars are not selling well. that's the fact of the industry now and general motors is being prudent in saying we're going to slow down production and idle the plant for six weeks. >> what's the car they build there? >> they do the impala, the cadillac cts they do one of the buick sedans there. it's all car across the board cars are not

selling right now. >> we have the fall out from the kobe steel scandal >> what's interesting is what kind of damages might some of their customers like a general motors get when they sell these steel products to their clients, their customers like a gm, like a toyota, any of the major automakers, they guarantee that they will meet certain specifications in terms of strength, durability, et cetera. if they have been falsifying that and that is chatter that's out there. what kind of compensation do you get back from them you can't bring back any of the vehicles where you used that metal but the it's not up to certain standards that's where you will see their clients say we deserve some compensation here >> thank you very much sticking with transportation, sir richard branson talking about his investment the hyper loop which will now be called virgin

hyperloop. >> as a train owner i felt this is something that i want to be able to operate at the moment. our trains are limited to 125 miles an hour. i know that there are son couplers would love love to go from london in roughly 45 minutes. that's possible. and extrapolate that worldwide, there are literally thousands cities and things that want to go hyper loop in the years to come >> which scares you more hy hyperloop ort autonomous cars >> hyper loop. >> yes, exactly. things will break. >> tesla has autonomous driving right now.

>> hyperloop is like a tube right? >> yeah. >> i will give my answer we got breaking news with chief of staff, john kelly >> i don't believe and i just talked to the president, i don't think i am being fired today and, i am not so frustrated in this job that i am thinking of leaving. i will tell you this is the hardest job i have ever had. this is in my view the most important job i ever had i would argue it is not the best job i ever had the best job i ever had as i have said many times when i was enlisted marine sergeant, that was the best job i ever had. unless things changed, i am not quitting or getting fired, and i don't think i will fire anyone tomorrow with that, john. >> you are not so frustrated but

you are thinking of leaving, are you frustrated this >> no, this is really hard work running the united states of america. i am working for someone that's dedicated in serving the country and in the way of that he's talked about for number of years. there are incredible challenges, healthcare challenges and all of that, obviously and national challenges that have to be dealt with i adopt mean any criticism to mr. trump predecessors but there were a lot of things that were kicked down the road and came home to pretty much right now that had to be dealt with. this is hard, hard work job, john my only frustration with all due respect to everyone in the room is when i come to work in the morning and read about things that i allegedly said or things that mr. trump allegedly said or

people who are going to be fired or whatever. it is not true that's my frustration. i don't know all the names so you. >> lets go to one of the hard things that's facing you right now. since you are here to speak for the president, lets talk about his tweets this morning. >> does president trump believe puerto rico deserving the same access of federal aid of people living in texas and florida. what's his tweet about that? >> what tweet? >> he says we cannot be in puerto rico forever. >> first responders. the minute you go anywhere as a first responders and this would apply to the military, you are working hard to work yourself out of a job there will be a period of which

we hope fema can withdraw from the people of puerto rico or recovering sufficiently to start the process of rebuilding. i just got off the phone and i talked to the governor of puerto rico great relationship and the president deals with him periodically we saw him when we got down there. the tweet about fema and dod is about accurate and they're not going to be there forever. the whole point is to start the work and working out of the job and transitioning to rebuilding process. yes, sir the president in support of pulling out, what were the

president's response of defunding of a unh agency of the schools -- are tax dallas going into that? do you have any information of the pulling out? >> the responsible way to look at any program and certainly when i went to dhs and i did this in iraq and other places i have been, when we are spending u.s. taxpayers money, we should look at every money and deciding in being successful. sometimes you just say it is not going to work. >> go ahead. >> to that, would be the prime minister came out to release a government press officer in israel, prime minister welcome the drawing, he made a statement

to jerusalem polls not too long ago denouncing so i thought it would be -- >> i have to get more familiar, sorry. >> general kelly, thank you very much for doing this. you focus a lot on process and establishing processing at the white house. i am wondering if you can explain this -- >> is this the iron hand that i brought to the staff >> you don't see that you have an iron hand >> putting an organization and smile on my face, the camera always capture me when i am thinking hard and looks like i am frustrated. >> back to this, can you explain of the process of what the president's involvement was and how you sort of -- >> the pakistan raid >> caitlin coleman and her family >> the level of the president's

involvement and awareness. >> i think we have roughly 20, in fact, about with four of them of the three children of our citizens and the mother, we now reduced and i am not making a joke here, we have reduced the number of hostages here by a third. that's not take away of all others are held hostage still. we have been watching for the family what can i say, i am not making up a lot here, i am stayin staying -- the pakistan, great partners with regards. i think there is a change in cooperative relationship the united states and pakistan but the good news is the pakistani officials got custody over the

american citizens, four american citizens, three children and one adult female and of course, the husband is a canadian citizen took them into custody and held them and we had arrangement and transport them back to the united states and any way they want to go and a lot of this would be psychological treatment and they have essentially living in a hole for five years that's the kind of people that we are dealing with over there luckily and thank god pakistai y officials have took them into custody and they are being cared for now as we speak. >> you certainly know the quotes, what are events that

keep you, lets say concern or ignite in terms of global affairs? >> yeah, the big ones. we get the nuclear threat from north korea and a possible nuclear threat in time by the irania iranians the biggest concern is if this continues in north korea and other countries, i will let it go with that become nuclear powers and we obviously have some out there, it is real for a lot of country to develop nuclear weapons. i will tell you this in spite of what someone reported the other day, the president, i don't think he mind sharing this with

me i hear minimal most say of nuclear weapons that would it be great if we can get rid of it all. so even more when you references of the maintenance of nuclear weapon of modernization, that does not mean increase of numbers. i hear him talk more about, would it be great and how could we get rid of nuclear weapons? we have a great state department ding the diplomacy things night and day as jim matt mattis and v said many times in uniforms, if we adopt fund properly, buy us more bullets we have the state department doing everyday and we got the u.s. military, the greatest in the planet we don't like to think in terms of things turning military but that's always an option. it is a real deterrent factor

around the world whether it is nuclear deterrent or federal deterrent. >> john? right here >> just to get back of a couple of days ago, the president tweeted and the problem was agreeing on policy of immigrations, they don't care of safety for the usa do you think that's a fair characterization >> first of all, let me step back i believe that honest men and women canda disagree anything politically or otherwise, the one thing that i draw a little bit of a line too is on the security of the nation there are people in our country that have the opinion that open borders or near open borders or

find people should be able to come and go, there are others myself and included. you can bet the president, i think the majority of americans feel as well as security of the borders is important and how you achieve that is a different story. i have a great relationship with the mexicans we have great relationships with the mexicans on the border thaer they're in the counter drug fight in the united states and my view suffering more from our drug demand which we don't seem to address we are trying now under the trump administrations, places like mexico and central america suffering more from our drug demand and do more in my ways to stop the drug flow than we do in our own country. i was down in mexico before i took this job and i saw mexicans risking their lives pulling out tens of thousands of poppy plants that are turning into heroine and consumed by americans eventually we need to secure our borders

and that includes our maritime and ports. we have unbelievably dedicated men and women, cpp and dhs, we need enforce what they are doing and we need more walls or physical barriers. the secure fence act of 2006, you got to check it out, who voted for that and certainly senator obama did and hillary clinton did and senator chuck schumer all voted for it we have a worst situation on our southern border and i am condemning mexico here again they are great partner we have a great situation of our border of ten years later of this unbelievable resistance to securing our border. some of that is physical barrier and a lot of that for sure is people, technology and things

like that. we have toll secu secure our bor we don't have nearly the issues on the border of canada. the problem of southern border is the drug flow and the illegal immigration fluorides on a network that right now comes up in to the western hemisphere up to mexico and central mexico and the united states. got to do something about it >> what are his frustrations right now and secondly a method that's coming is the fed share position possible little hey in few weeks or coming months where does that stand how actively the administration engaging that? >> one frustration is you. all of you

not all of you but many of you, as i said when i started talking, again, i am a reasonable guy and when i read in the morning, i will tell you what i read and watch tv in the morning, it is astounding to me how much is misreported. i will give you the benefit of the doubt that you are operating off of contacts and leaks or whatever you call them but, i will offer the advice of developing better sources, some person that works way down inside the office or, well just developing better offices. thecongress has been frustrating to him and of course, or government is designed to be slow and it is. his sense is a man that's outside of the washington arena,

a businessman, much more of a man of action. the process that he finds himself. in his view the solution is obvious whether tax cuts or reform or healthcare or infrastructure programs and strengthening our military and to him all seems like obvious things that need to be done to protect the american people. these are all things that he sees as vital to protect the american people or to advance american economy or whatnot. the process is so slow and so hard sometimes to deal with. i think of those two things. there is still ongoing interviews but every candidate

and i am trying to learn things that have to do with what you are talking about but all of the people that's been into interviews have been really first round draft choices and we have more to come and very measured process here there is great advisers here to help him make decisions. >> are people in the front row the most important people? seriously, how do you end up -- >> we are the cannon fired and we start shooting. >> general kelly, thank you very much and thank you for being here today president trump has gotten into a bit of a world war with senator bob corker as his chief of staff, do you concern that he's jeopardizing his agenda by feuding with his member party >> i am not. the president is a straightforward guy, it is the one thing i found he his i found him -- i am nine weeks

into the job, willing to work anyone advancing the agenda. the agenda is being what's good for america and protecting america. you have seen him reaching out on the other side of the isle for the people i think not to get into -- >> when members of congress say things that are unfair or critical, the president has the right to defend himself. when i read about things that are what i perceive unfair or critical, unnecessary critical, i will call members of congress and ask, is there anything i can do with the misconception that you had or maybe explain to you this and that. oftentimes members of congress will say gee, i did not realize that it came out that way, i am sorry but i meant it it was kind of a grown up comment so i will take that the president says -- there is

others that are as the president would say grand standing i am not saying senator corker is that way. i am just saying some body is grand stand and kind of enjoys the attention. >> do his tweets make your job difficult? >> no, the job of the chief of staff is to staff the president and give him the best advice or go get the best advice that i can giver him and help him consume advice and work through the decision making process and inform, that's my job and that's what i do. >> general >> you next, i will go to you. >> me or him >> does the president believe that the cuban government is

directly responsible for attacks on americans and does the president find a closing view of embassy and cuba >> how many questions can you ask? >> we believe that the cuban government could stop the attacks on our diplomats now you. >> we are waiting for the president to make a decision tomorrow can you talk broadly of the strategy to could wanter iran ah willingness of regarding of the terrorist organization >> i think, i note that we have great partners in the persian region and clearly we have a war that we are seeing everyday being won in iraq and against isis

the last nine months, i never thought of feeling sorry for them but they are getting crushed everyday we see them trying to escape from iraq and getting into places like that which caused europeans much concerns. back on your question of iran the partners in the region we are close with and have a great relationship with, we are out there and we have footprints on the ground, naval and air forces there to demonstrate our resolve and our friendship and try to deter anything, any country out there may do so, that's the approach we are taking to iran right now and clearly the president has, he's deep in thoug deep in thoughts to say the least. he's not the only one that thinks maybe the deal that was struck under the previous administration is a deal in the

long-term or even in the media in the long-term will protect america. >> we saw a moment ago that the president signed an executive order bringing more choices and premiums for americans as well, it is october 12th, and he's been in office since january 20th, is there any reason why he did not sign this the first week of office, what's taking him so long and my other question, if i may, the other question is very important. do you blame senator mcconnell, the leader of the senate for the fema failure to repeal and replace obamacare. >> the first question, i came in late to all of this. the idea was it is a great question all of what was in the executive

order today, there was a sense to have the big bill passed, all of that would be taken care of we probably won't have a healthcare bill until say the spring this was a way to take care of as many americans as he could legally with an executive order. the second question goes the congress is designed to be extremely complicated, slow moving part of our government. i have nothing but respects for members of congress and the staffs that work so hard sometimes it is like talking to nancy pelosi, she's the leader but boy, is it hard to lead? >> i say same thing of the

majority leaders in congress there is 100 members of congress that look to their states and having their own political badge to deal with and not always reliable on every vote to vote the way that the president, mitch mcconnell wants to vote. >> one more, who's the lucky one? >> thank you recently many terrorists have taken place here and dealing on 9/11 and in corporation of the indian and the sea and the tragedy of las vegas, my question is that, indian ambassador says the time has

come and we should stand togeth together, india is with the u.s. any time and any where where do we stand today >> by the way, as i listen there, that face i had on was my listening intentment face. >> the united states of america will stand with my country ge against terrorism. we stand with countries that we are not so friend ly with and we stand with countries that are not so friendly with like india. this cancer of terrorism as we crush it in tas you know to impe into western europe but the northern part of africa suffering terribly and they'll grow there it is moving out into asia and

very dangerous i went to a good conference as king abdullah. the big countries including the philippines and the discussion was what do we do as this isis form of terrorism cancerous metastacize in the part of the world. the country is afraid. and if you will of a threat that will go into places that typically you don't see islamic terrorism thrive so again i would say the united states will work with any country and does work with every country that's trying to get its

arms around terrorism of all kinds. and there are different types and it is not all religious base of the first types of terrorism but that would be my answer. [ inaudible >> i have a question of the administration, do they get you by surprise. a war against north korea, what are the chance should the american people be worried about a war? >> that's two questions, which one should i answer? >> both. >> the american people should be concerned about a state that has developed a pretty good icv

capability and developing a good nuclear reentry vehicle. i believe and i think i speak for the administration that state simply cannot have the ability to reach the homeland for that matter and for that matter, the homehomeland there is a lot of concerns of a lot of americans living in guam. the we think the threat is manageable but overtime, if it grows i don't understa grows beyond where it is today lets hope diplomacies work >> as far as the tweets know i read in the paper that i have been a failure of controlling the president or controlling his tweeting and all that. again, i was not brought to this job to control anything but the flow of information to our president so that he can make the best decision. i found that mr. trump from the day i met him, he's a decisive guy, he's a thoughtful man, i

should say he takes information in from every avenue he can receive it i restrict knowing by the way to go into see him. when i see into see him wednesdays and thursdays and we help him of what he needs to understand in making these vital decisions. i was not brought into control him and you should not measure my effectiveness as a chief of staff by what you think i should be doing but simply the fact is i can guarantee to you that he's now presented with options and well-thought options and those are discussed in details with his team and he comes up with the right decision it is always, always, always focused on protecting america and in advancing america's

economic development, jobs for america and safety for americans. with that, i will let you go and i enjoyed reading about it tomorrow [ laughter ] [ inaudible >> can you go over the next ser ser seven years? >> that's general chief of staff kelly. saying at the open he did not plan to get fired today or any time soon and at the end, he does not restrict any access to the president but they do control that access a little better he talked about the fed chair and north korea and john harwood, this was a surprise appearance by a tough man but a fairly, i would say easy going press conference and he seems to take questions and answers on a range of issues. >> you are exactly right this was an exercise and damage control by the white house i would say it is an effective one. john kelly came out at a time when the president has been increasingly agitated and

lashing out at puerto rico and bob corker and a variety of targets including some of his own party and here you have john kelly, four-star marine general projecting strengths and authority, trying to take the edges off of president trump he chimed the news media by developing better sources. he did not say the sources were fake, he said some members of congress liked the grand stand democrats don't care about the security of the country on the immigration issue and he says no, people of goodwill canda can disagree on issues like this but make a case. that was an effective effort by him presenting an image of calm in the white house even when he's working for a president that seems to prefer chaos >> it is the first time by the

way, that i have seen someone smiles at that podium in a long time he smiled repaeatedly there. he was relaxed and comfortable and in command i wonder if he meant it when he says the president's tweets did not make my job difficult. no, they don't but, whatever, it was a commanding performance by a guy who's used to be in command. >> i agree with you, tyler >> i would not take those words literally from john kelly. he did open this news conference by saying i am not quitting despite some speculation of the press, i am not getting fired unless big changes again there is a whole lot of turbulence around washington right now and rising courses of the president. and here you have john kelly came out into the briefing room and sparred with reporters in an

aimable way and commanding way using his authority to vouch for the white house and trying to say president trump is thoughtful that he's taking enall sorts of information and he certainly helped the president today. we'll see what the president does later today and there after. >> he certainly put a lot of context of what's going on in washington and at the white house. >> lets bring in larry kudlow >> you had the benefit watches general kelly there. he's an ambimable guy clearly i control and knows what's going on and a level of sophistication that those of us in the media cannot see all the time >> i basically agreed with you and john i would like to meet him

he was kind of a character he has a sense of humor. >> yeah, yeah. >> i think that's terrific it is kind of a welcome relief i would say this though, perhaps mother or fath more of a serious thing, watching this and i did not see any space, tell me if you disadpre disagree, i did not see any space between general kelly and president trump. it looks to me that this is a unify front and i think that's healthy and a positive thing >> i agree with you there. >> i certainly did not what i did see was perhaps a little more context put around some of the statements that the president has made either on microphones or via twitter i felt a little bit more of a rounding of what can sometimes be perceived of being hard and aggressive edge that atentends o

many of the president's comment and general kelly was putting more nuance and explanation behind those things. >> that's just my opinion. >> perhaps so. >> i think to some extent he broke the news here and as far as i am concerned, i was yesterday meeting some senior advisers to president trump, his comments, kelly's comments on the fed interests me a lot in two ways i am just saying to me is new news and also is new is that well, we have interviewed a lot of people but i think referred to them as first round draft choices or something to that effect that supggested to me as i liste to him as other names that maybe appearing and other invitations.

it kind of sounded like what you have been reading and people talking to, not necessarily definitive words and it is going to take a while. >> that's a new. if it is a nuance, whatever the nuances are, that's a new nuance >> that's headline on cnbc because that's what we do. when he gets questions like does trump's tweets make your job harder >> this is a four star general, that's the kind of stuff that drives the administration nuts. he's a general and not worried about twitter in my opinion. >> you are absolutely right.

>> and only 15% of the country is on. >> can i get another word in on the feds >> the fed is a very hot topic in the west wing it is a hot political topic and it is a hot financial topic. the impression i had in recent weeks and talking to senior folks, kevin warsh is still very much in place and janet yellen and jay powell and john taylor, i am hearing his name more than i heard when i was down here a week or two or so ago. so i am hearing all kinds of things so that's why my ears are

picked up. more to come, that's all i want to emphasize >> lets talk about tax and budget here. can we run the mnuchin's point on tax reform? do we have time for it >> the president made it clear that he wants 20%, that's the one part of this bill that's not negotiatable and we want 20% on corporate taxes and that's when he need to make america competitive. >> he talked about lowering tax rates for corporations and how that of course to the benefits of workers and a point that you have made multiple times where are we on that 20% and get a budget passed. >> what mnuchin said is precisely of the same language

that i have been hearing president trump first of all, was really unhappy of moving that corporate rate from 15 to 20%. anything above 20% i heard this, anything above 20%, the president is not going to sign off of it. that's his red line and he made the red line and that's what i am hearing i am would give mr. mnuchin's statement a lot of credit. you got to have a budget resolution >> there is a process and i don't want to bore people. >> the budget is going to get through the house. maybe closer than i would like the senate, i would have to say they do not have 50 votes yet in

the senate they do not have it. >> we got to wrap it there larry. >> they're looking around for people and they'll have to take votes next week. if they don't take votes, it is a sign of waeng theseakness. they need a 50-vote. >> we have had a day of larry and ending with my favorite of larry, larry kudlow. >> tomorrow the president will make an announcement on iran that's happening tomorrow. we are expecting at 12:45 p.m. disney is the happiest place on earth. the stock is down and we got the analyst behind the call. he will join us next

taking a look at disney share. it is down today its got smacked with a downgrade. joining us now is michael morris, it is great to have you

with us. >> thanks, good afternoon. >> it sounds like the primary driver of this is the secular change in the industry it sounds like court cutting is a concern of yours >> absolutely. that's the root of the call we made today we lowered our stocks and this is really about a balance between the trend you are talking of court cutting and flows into some of the advertising in the marketplace but, it >> like a lot of analysts, the rbcn named disney of a top pick, your optimistic of consumer offering it is a while off. it is about two years off and you are concern of the immediat spending do you have a handle how much do you have to spend to

get this offing off the ground >> we are making progress on uncovering it. the company has not been specific we have a couple of parameters we estimate today of two and $2.5 billion of revenue they'll for go this is revenue that disney is currently being paid by partners like netflix or other third parties. they'll forego it and taking other contents so you take with $2.5 billion alone and from there, they'll spend additional money on new content of the service >> it is a multi billion dollars investment in that part. >> some are saying of the con at the present time -- content of the company. >> at&t came out of decline of subscribers. michael, when you are taking a look broadly on this space, where are the opportunities and what kind of companies can survive right now? >> it is a great point

we made these and did the work on this before we saw the news on at&t today and news over night between viacom and charter. these are incremental supporting point for our updated these. we do like companies in the media space that we think have much carried content and large audience share and digital and global platform. cbs and fox are the two ideas that we really like. cbs is a company, we still think has a lot of room ahead of it in terms of growing subscriber payments and they established their own service. fox has a terrific global platform and they have a lot of work to do to build up digital component of that platform they're putting themselves in a position when they sign new agreement with to offer

television distribution and digital distribution on domestic and global distribution, it is a good place to be >> the company came out yesterday and noted that they had some exposure. i believe they said 10 to $20 million of their love of concerns that they sold a significant number of the spot and advance of 75% of the inventory, it does not help. you cannot get around that when you are talking about the company of a size of fox, we are talking about disappointment on the margins and tens of millions of dollars on a $100 company >> it is not feasible change for us >> michael morris, thank you for your time. a developing story out there involving equifax saying it may have been hacked josh lipton in san francisco with more.

>> the company is now saying it might have suffered another breach, telling cnbc we are aware of the situation identified on the equifax.com website. in the credit report assistance link, our it and security are looking into this matter stocks are down of 20% since reserveulation revelation hit since september 22nd that's after this independent security analyst told the website that he noticed a possible big problem that when he went to the site, he found visitors were redirected to download a fraudulent update this comes after equifax disclosed a hack exposing nearly information of 150 million

people that led to multiple frer and state investigation and the departure ceo of the company testified on capitol hill. >> that compromised nearly 700,000 people in the uk as well it is way more than 400,000 originally reported. guys, back to you. >> thank you, just ahead, on cnbc interview with tom steyer we'll talk about his capitol future that's straight ahead on power at&t... at and we know you'll love it. because we know you want more. more great camera features and more power. and more than just unlimited data, we give you unlimited plans with hbo included for life. because you deserve more entertainment. and more spokespeople. talking like this, saying the word more. at&t. it's time for more. am i too close?

i feel like i'm too close. get the iphone 8 and with all at&t unlimited plans get hbo for life. only from at&t. well, it'sonce again.eason >>yeah. 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? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. ...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy.

one billionaire fi philanthropist mr. steyer, it is good to have you with us >> you like the tax going up explain. >> what we have seen the last 35 years is that all the benefits of growth and increase have

flown to the top of the richest people of the united states and the vast majority of working americans have not had a raise in 35 years. when i look at tax reform, i want to make sure that those people benefited disproportionally don't get a break. 80% of americans who have not had a chance to move up in 35 years. there is a lot of people in the united states who pay no federal income tax, whatever the number is, 47 or 48% or something like that and under the trump proposal, maybe more people will pay no income tax. does that sound right to you >> should everybody pays something even a little to make sure they have some skin in the game i realize that the wealthier is going to pay the largest share of taxes and they're probably

going to get the largest refund in tax breaks as taxes are cut because they pay the most. talk about income tax. >> what you are saying is people at the bottom of the income's scale actually do pay taxes on their income and paying taxes when they buy and gas when they purchase it. what we are seeing is the upper income of the united states have done disproportionately well at the expense of working families for 35 years when you ask me do i think what we need to do making sure that everybody had the lower end of income should be paying more the fact that the matter is, what we node eed to do is invesn

those people and you can access going forward. we need to make sure we are not in the society that's bun balan -- unbalanced and unfair >> tom, why do you say taking advantage? >> if you look at what's happening over 35 years and you look at the share of income that's gone to the top 1%, they are shared income has doubled in the last 35 years. they have gone from 10% of the income to 20% in 35 years. >> so they're outside of the mark ge market gain. that's pure income >> yes. >> that's coming in from finance. >> we have seen a society that's relatively fair go to a very unbalanced, historically unprecedented state where rich people have done extremely well and everybody else is basically stagnant that's not sustainable

>> fair enough but tie the dots together, lets say we raise taxes on folks like you, okay? >> you pay that money to the federal government, the federal government keeps most of that money to keep the government operated >> how does that benefit the working class? a lot of people agree of what you are saying >> they are saying the government, state or federal is a bad shepard of that tax dollars that the money gets rerouted to the government itself rather than helping those who needed most. >> you know what's the kind of thing that people say and i know that if you look at the numbers and you see what non-defense discretionary spending is and that's education and job training and research, the kind of basic things outside of medical of healthcare, that goes to american citizens, that number is going to be at the lowest percentage of gdp since 1962

the idea that somehow we had this explosion in those kinds of spending is exactly untrue the fact the matter is, we have been to the extent -- >> hold on tom >> on the backs of working families in the united states of america. >> i got no problem of people working in the federal government my parents are outside of dc and tyler is outside of dc we know the area well and they all benefited from it. you know what state has the highest percentages of mi millionaires in the united states, maryland >> of course >> i have not looked at those numbers. i hear what you are telling me, what's your point? >> the point is nobody is saying that we should not help people it is sayingperhaps the way th government operates and shepard is storing that money, do you believe the federal government does a good job of maximizing the tax dollars or maybe tom is there a better way to establish

the goals you are seeking with which everyone would agree with in a sound method? >> let me put it this way, we have stopped investing in the american people. i looked at the propose sad budget and the tax plan and tax cut for rich people that they are currently pushing. i know for a fact that we are moving away from what is successful for the american people of the 21st century what makes a successful country when you invest in the people of the country whether it is education and healthcare and job training and you rebuild the clean america to provide the kind of infrastructure that'll be sustainable and let it grow i know we are not proposing any of those things and i know that's what makes a country and society or people successful in information. >> let me ask you a question

that's depoliticalize. i am going to ask you for a short answer in a long question, that is if you were designing a tax code from zero, what would it look like would it be a tax on income or consumption or a flat tax? what would it look like that would be marketly different from what we have >> the truth the matter of is, we passed the constitutional amendment in whatever it was in 19 or 18 to enable an income tax. >> correct >> that's the basic of our tax system ever since. the question that we started to see is we started to see our complete separation between the very top of american earners and everybody else it is not the separation that's in of euless, texitself, it is t that 80% of the people have not had a raise. if you want a society that works and people that buy in, you have

to show them that there is a future that's better and safer where they are not wored ried o the future and whether they can pay for healthcare or taking care of kids or their kids are going to be with the way we're not investing in americans, the idea of this tax cut for the richest people is we're saying to working americans we are not worried about you. we'll go back to trickle down, we'll let the richest people do the best, some of that may flow to you if that does, terrific that's not good enough >> have to leave it there, tom thank you very much. >> thank you very much good interview, could have gone on. sounded very senatorial, by the way. we didn't get to that. coming up, a retail rout, a sector in the red again. etfs not doing well. should you go bottom picking in some of the retail names

retail stocks tumbling today. let's trade it, max wolf, would you go bottom picking in any of the retailers or retail etfs >> i think there's a trade between going away from the etf

which has some weird stuff in it, discount stores, gas stations, netflix in there, and pick some of the guys who are badly beat up. the trend for some traditional brick-and-mortar names are not so beautiful you have to be careful i like to pair short the etf, long the better names. >> boris what say you? you have the guts? go after retail with some of max's money? >> yeah. look, retail is definitely under a structural flaw. it has to become much more experiential, focus on discovery, curation, those are difficult to change. but in the near-term, the key thing that drive it is son coupler wage groewth. i think the christmas season will be good, so buying on a dip is not a bad idea. they've within growing 4.5% week to week basis t should be a good ride to the year end >> brave boris schlossberg, max wolf, thank you very much. for more trading nation, go to

tradingnation.cnbc.com check, please is next. >> a double top is a chart formation that suggests an uptrend may be ending and ready to reverse, sometimes called an m formation, a double top consists of two well defined peaks at the same price. traders often view a break of the lowest l iown the formation as a bearish signal.

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>> today a big market story is the financials with jpmorgan and citi's results, what they said was interesting. they both had to increase loan loss reserves for potential losses that's what we're seeing across the board for the credit card companies. we're seeing pressure on them in today's session, the delinquencies have been rising as a percentage of total loans for the past several months. while they're still very low, they have been on the rise debt is rising faster than wages. we're talking about wage growth being so slow. debt is rising faster. that's a concern here that's creeping up. this is something to watch during earnings season as we see pressure on the credit card companies. >> mine goes to the interview we just had with mr. steyer, don't know him personally, he's out there taking hard questions. my point that i tried to make is

that everybody wants to help people but i don't know if the federal government is the way to do it i don't know if anybody out there can say the federal government is a great steward of money. the federal government likes to spend money on itself, in my opinion. maybe not enough of the money we send to it is going back >> if the choice was to raise taxes on the rich in order to give middle class and lower income folks a bigger tax cut, would be more in favor of that >> how do you get the money to them >> if you give them a bigger tax cut. >> if tyler writes a bigger check, how do i get some of it >> because you'll pay less taxes. >> but i already have a negative net effect tax rate. >> a lot of money around d.c. is my point >> after the wildfires in california, tonight what will lead the evening news is general john kelly's press briefing at the white house. he does not, to my recollection,

he has ever appeared at that podium it was a relaxed, comfortable amiable performance, as he tamped down that he was resigning, submitted his resignati resignation, he said it was not his favorite job, his favorite job was being a staff sergeant in the marine, but it's a tough job. >> "closing bell" begins now quite a guy for that to be his favorite job, you know sounds like a nightmare. that's john kelly. welcome to the closing bell. i'm kelly evans. >> this is my favorite job i'm big griffith earnings season kicked into high gear jpmorgan and citi group reported numbers, both beat expectations, however as you see, they are both trading lower, citi down