the santa claus rally. >> steve weiss >> western digital and micron. the analysts say micron is still in tact. >> okay. >> i'm going to bring up honeywell. new high once again. >> thanks, honey. >> thanks to all of you for watching that does it for us. "power lunch" begins right now. >> i'm michelle caruso-cabrera a critical week for congress the senate aiming to vote on a republican tax plan but there are a lot of things to happen before that. retail stocks are rallying it's the biggest online shopping day in history and the top consumer watchdog, two bosses show up to work, now you have one and now you have two, one of them is in

charge "power lunch" starts right now well, it might be a new week but it's the same old good news story for your stocks. modest gains and enough earlier for all three major averages to make more new highs. the nasdaq, if it finishes up, will be up for a fifth straight session. crude oil down 2%. wow, bitcoin, it continues its record run it's above 9500. it's inching closer to 10,000. check this out it took just seven days for bitcoin to go from 8,000 to 9,000. it's up 900% this year we're going to drill down more later in the show. >> thank you very much welcome, everybody i'm tyler mathisen we begin with washington's big week now it's the senate's turn senator rand paul today says he will vote for it

five influential republican senators meet with the president right now. eamon javers is outside of the white house. >> reporter: tyler, we believe that meeting is a lunch and we believe the lunch is going on right now at the white house take a look at the senators scheduled to be here for the lunch. some key players up on capitol hill but all republicans who are going to be here, orrin hatch, pat toomey, tim scott and john cornyn all on the invite list for this meeting today we'll wait to see whether we can get some readout from those members once they come out and talk to us on the north lawn also, we're hearing from some senior administration officials. i talked to one in particular this morning who gave me some of the white house's expectation going into tax reform saying they don't believe here at the white house that there are any hard "no" votes up on capitol hill they believe there are some soft votes. they also say that they feel tax reform can still get done this year, even if the vote in the

senate slips until next week they don't think it will slip until next week. if it does, they feel they can get it done this year based on the timing that has to play out after that they are not sure, though, how serious democrats are about putting da putting daca, the immigration measure, into the shutdown date. december 8th happens smack in the middle of the tax reform battle and could scramble the politics in unpredictable ways and the white house telling me they don't want a shutdown here but there are scenarios that could play out in which a government shutdown fight works to the president's advantage we know this is a president who likes a good fight if he can win the political positioning on that, there might be some here in the white house who would be temted pted they want to focus on tax reform tyler? >> let's dig deeper into taxes

nick johnson is editor-in-chief for axios and correspondent ben white joins us welcome back, everyone, to "power lunch". nick, let me just start with you. it seems that there are three points here. one is the deficit that may be of concern to mr. mccain and mr. flake and mr. corker the other is the pass-through rate, the concern of mr. johnson of wisconsin and the state and local tax deduction which may be of concern to some republican senators like susan collins. have i got that right? are those the wobblers >> that's right. the white house sees no hard nos but that doesn't mean that there are yeses just yet just now we've heard some things coming up from the hill as senators come back and talk to

reporters. senator collins is pushing for some kind of change on the state and local tax deduction here all signs point to getting it done this week and what the bill looks like now is not what it will look like on thursday or friday >> and it will look different still, won't it, ben, if they pass something from what ultimately gets worked out in conference >> right. >> and that's where the real sausage -- >> that's where the rubber hits the road i think nick is probably right they get to 51 votes in the senate and get this thing passed i think people like johnson, some others, they want to show the constituents that they have changes on pass-throughs and perhaps susan collins and they have to reconcile with the house and that's not easy because there are different provisions, particularly as they pertain to local and state deductions and there will be more sausage being made in that process to get to a

final package. >> whatever happened, nick, to the matter of the carried interest income? whatever happened to that? >> that hasn't been in there that's something that moved on before they kept those provisions. >> the president said he wasn't going to allow that to be -- to carry on. >> i think they had to pick their battles. what's fascinating is what hasn't changed at all is a corporate tax cut is in it which is why the markets love it and why stocks keep going up, although they changed the timing of that somewhere, getting that is front and center and it's not going to change. >> isn't tyler so charming in his question about carried interest those ruch people manage to keep that deduction >> yes, they do. they are good at lobbying. >> and the concern is widening the deficit and isn't that a target of opportunity? >> it is

plus, big checks for every single politician when it comes to -- >> it's not terribly surprising that the private equity industry would be able to protect its taxation in this bill. it's going to be a talking point to say you promised to crack down on carried interest and you didn't do it what's interesting right now, you see this provision from james langford saying if economic growth is slow and let's automatically raise taxes which is the absolute last thing you want to do if you go into a recession and economic growth is slowing. we're seeing crazy times here and what people are willing to do to stick to this bill and trying to get it done. >> nick johnson, do blue state gop members matter at all? >> two of them do in the senate and handful in the house but they already passed them off in the house to get it through. they are going to fine-tune this to get the number of votes they want the one thing we're hearing from republicans on the hill after the obamacare disaster is that

they have to get this done they cannot end the year having failed to repeal the health care act and possibly agree with somebody on dreamers and not have tax reform to show for it. >> bottom line, when it comes to the markets, neither one of you would bet against the fact that corporate taxes are likely to go down to 20%? >> i wouldn't bet against it they might in the end to get the revenue and make it work have to go 21, 21? nick, quickly? >> i like what ben said. they're definitely going lower. >> got it. thank you, guys. stocks hitting another record high earlier today. you know that. but what none of us may know, what happens to the stock market if tax reform doesn't happen jack has an idea if all the stuff you do service talk about does not amount to jack, what happens to the stock market >>. >> well, the stock market is going to go down investors are going to be disappointed

but that said, brian, i'm going to say only about half of the 50% chance or so a little less than 50% chance of passage is baked into the market these days and so if you believe that tax reform is adding $10 a share to s&p earnings which equates to an 8% pop, then arguably it would be a 4% pullback if we didn't get it, although of course there would be additional disappointment and follow-through so probably at least 5% and maybe even more disappointment to the down side if it doesn't go through >> here's why i'm confused the top tax rate for corporations is 35%. however, let's all just kind of understand the dirty little secret which is the effective tax rate of most corporations between 20 and 25% some of are well below so why do

we think we get this earnings bump when, in reality, most companies are not paying anywhere close to 35%? >> you're absolutely right the effective tax rate of the s&p 500 is 26% when neick talked about raising it to 20, 22, it's a lot more meaningful than it seems because the spread is between 26 and 20, not 35 and 20. >> should we assume, then, jack, if we get from 35 to 25 via deductions, should we assume that they cut it to 22 and we'll get to 12% >> no. i think they are going to flatten things out and make it more nice for the fact that

overseas tax rates are so much cheaper than they are here i mean, if you look at ireland and hong kong and singapore and they are all under 20%, even if we get to 20, they are going to be incrementally more attractive but enough where they keep the cash at home >> is it policy or economy >> i think it's economy. i think the fact is that it's going to potentially get the extra boost, we get 2 plus trillion dollars back from overseas back home you know, more than half to probably two-thirds of the clients i talked to said if we get lower tax rates, they are going to invest in their business keep in mine, russell 2000 is

35%. that's going to be a meaningful cut. that's where the jobs come, after all, much smaller companies. >> thanks, jack. we have a news alert in the bond market. five-year option rick santelli is tracking it for us >> better than the two-year that we had an hour and a half ago. 34 billion five-year notes, 2.066. the bid side when the market wa c-plus, charlie plus, a little better than the d-plus we had for the two-year 2.066. 65.8 indirect. the one place it excelled and the plus on the "c" is 11.4 for direct and dealers take 22.8%

versus the two-year note and 60 million of the 2088 is already done melissa, back to you and the gang. coming up, an inside look at where people were shopping thi weekend and what they were buying. plus, courtney reagan is inside an amazon fulfillment center in new jersey how fun. hey, courtney. >> hi there, michelle. we have 5,000 full-time workers, thousands of part timers and thousands of robots. is it going to be enough to help amazon break a rorecd. that's coming up on "power lunch.

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shares of amazon higher, about $1200 a share right now as the numbers from the weekend show the store traffic was down but online did just fine courtney reagan is at an amazon fulfillment center in new jersey courtney >> hi there, tyler we talk a lot about how retail is dead and this weekend it didn't really seem like that not for stores or online either.

it wasn't without hiccups, of course macy's had a problem with gift card processing in the afternoon and online shopping, more than $14 billion was spent between thanksgiving day and sunday. that's up sharply fromthe year before though, of course, not without problems online. h & m had several outages over the course of the weekend. lowe's was down for a period of time and j. crew is experiencing issues with its website. here at amazon, is it going to be a record-setting day? maybe, maybe not remember prime day in 2017, that was amazon's biggest day ever. cyber monday last year, amazon says 64 million items were ordered. that's the number we want to be if we're looking for a cyber monday beat.

the echo dot followed by two other amazon devices, shoes and clo clothing electronics are the predominant theme that shoppers are looking for, including the playstation and xbox michelle, back over to you. >> thank you, courtney. so as courtney was talking about, consumers spent more money online than ever before on black friday and cyber monday sales a sales are expected to hit a record good to have you here. >> thank you, happy cyber monday. >> you run a site that people buy through your site and they get some of the money back, they get a rebate

tell us where people are most likely going to be buying today and over the weekend. >> sure. we're the largest shop rewards program in the world it's free to sign up you discover your favorite stores that you typically shop at and find that on our website or through e-mails that we send and shop at those stores and they report back the activity and we provide you back in the form of cash back a reward so that gives us a clue of what is trending and where people are shopping >> where did people buy a lot over the weekend and where are they buying today? >> yeah, so typically with cyber monday, we're seeing tvs top of

the shopping list and there's a variety of different places that you can buy that and i think we're starting to see a trend towards clothing i think if you go across retailers, you can expect 20, 30, 40% off and cash back on top of that. >> that would be a big shift for clothing, wouldn't it, because historically, as you said, electronics, books, things that you know would quit are you seeing people buy clothing in a way that they haven't in the past >> we sure are we used to have to make a choice and now with mobile phones and apps making that more seamless and easy, people are more willing to try and experiment and have many more hours during the day in which they can

actually transact online i think we're seeing a lot of people shift many of their purchases in many different categories, especially in clothing, to the online channel. >> you know, talking about using your smartphone to buy things, i wonder if there's any hes stance upon anybody, really, to use digital devices to shop given the fact that there's been so many security devices that have involved retailers and financial institutions this kind of performance would suggest that despite all of that, nobody worries very much about that. >> there's growing consumer confidence with shopping online and it's been growing double digits year over year. today is going to be a record

and we provide a secure and nice experience online. >> people trade the risk for the experience >> exactly >> amir, thank you >> thank you coming up, a magazine merger that may have major political implications plus, the incredible battle over who leads a government agency two people think they have the job. both showed up for work today. one with donuts and now the other one is suing the president of the story you ha to aro livehe tbeeve. coming up. you never got the bras looked at? oh yeah. no. at cognizant, we're helping today's leading manufacturers make things that think and do automatically. imagine that, a world of new digital products and services all working together for you. can i borrow the car when it's back? get ready, because we're helping leading companies see it- and see it through-with digital.

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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.

meredith will be buying "people" magazine, "time," "fortune," and many others getting a cash injection from the koch brothers to make the deal happen. this is the end of an era that began in 1923 when henry lewis founded it, a very important institution for much of the 20th century. but it's certainly faded in the 21st >> there's so much value there they bought the magazine for a dollar and inherited all the debt they managed to maintain a value when there's been so much devastation. >> and "time" has moved into digital production but not huge.

they are not huge there. and i can see the appeal for meredith which culturally is a different than the "time" i remember because "time" has a bunch of lifestyle magazines that could fit in their -- like "instyle" and -- >> i know you love to cook. >> i do. i love it. >> i have a weird conspiracy theory i came up with. >> you >> probably just after a weekend of too much excess, which is that you know this customkerfuf about him turning down "time," i wonder if he was contacted by somebody from meredith ahead of the deal being done. >> and add the involvement of the koch brothers who say this is a passive investment.

>> they are going to plan ahead. again, just a crazy, speculative thought. it was interesting, the timing of the deal and trump's comment. >> all right speaking of controversies, a huge controversy at the consumer financial protection bureau. president trump named his own guy who is really running the place? next on "power lunch."

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i'm sue herera here's your cnbc news update at this hour. president trump will not campaign for alabama candidate roy moore before the special election over the weekend, the president took to twitter to criticize moore's opponent doug jones. pennsylvania officials say it took firefighters more than two hours to free a man who somehow wound up stuck in a garbage truck's compactor section. the man was taken to the hospital with critical injuries. l.l. bean says it's in the midst of another record-breaking

sale for its iconic duck boot. that is about 100,000 more than last year. major legal baseball announced that the houston astros players will be awarded a record share of about $439,000 for winning the world series the losing los angeles dodgers will be awarded about 260,000 per player for winning the national legal pennant that's the news update at this hour guys, i'll send it back to you brian? >> a lot of money, a good story and a programming note jim crane, the as stroegs' owner, is going to be on "power lunch" tomorrow. >> fantastic look forward to that tomorrow. the market is not moving much. if the nasdaq can push higher, it will be the fifth highest session. retail stocks doing pretty well.

>> the nation's top consumer watchdog, and the consumer protection bureau mick mulvaney. however, another woman appointed by the outgoing guy showed up to do the job a battle for who is actually in charge let's bring in the co-author of the bill former representative barney frank, dodd/frank created the cfpd also with us is adam white, research fellow at the hoover institution and he's done work around the cfpb. good to have you here. mr. frank, you wrote this bill who do you think is right fully the person who be running the cfpb today the person appointed by the outgoing richard cordray

>> well, i have a strong preference in substance for someone who believes in the mission for the agency and let's be honest, it's not as clear cut as i wish it was i think my side is right but it is also clear that people's view of the law here on the whole is influenced by what they want to see when we vote the law to set up the cfpb, first of all, to the vacancy act, it was in existence when we wrote this it would have been no point of writing something subsequent it's in the law and it's into the title. it does not operate programs, it

depends individuals by and large whose rights are being transgressed we knew that there would be enormous pressure to interfere with that and we followed all the way that other bank regulators follow. the federal deposit insurance and federal reserves, none of them are subject to the appropriation price and they have turns who overlap the president and we want to give special insulation to the cfpb day to day and that was our intention. >> i think acting director mulvaney under the federal agency act predates dodd/frank and dodd frampg do/frank does nl the agency act and gave the

president a choice, to either designate a temporary successor or allow to occupy on an acting basis. president trump chose option a. >> so what do you think about when representative frank says they wanted to really build in insulation and didn't want them to be subject to the appropriations committee because they would be protecting consumers? is any of that -- what do you make of that argument in the way -- >> that's an entirely separate conversation and the provisions raise profound constitutional problems and as i was involved as a private lawyer now or as a scholar, it's separate from congress' power of the purse and as any founding fathers understood and you add to that not as a multimember commission as it was proposed but a single-headed agency run by this

director with this immense power. that raises profound cons st constitutional questions >> everything you just heard described by the cfpb is a much more powerful entity, the control of the agency. the control of the currency is single regulator and the federal reserve. >> cfpb -- the fed is funded by the fed. the cfpb is funded in exactly the same way the fed is funded and none of that agency -- the point that was made is they are not subject to congress. none of them are the general principle is that the bank regulators and political nature of all of this, and i do find it odd that of all

of these agencies that are not subject to appropriation, the only one about which we heard a complaint is the one protecting consumers. and by the way, to control the currency is a single head and the controller has much more power over the banking industry. >> we're going to have to interrupt you for a moment we have a report from kayla tausche. stay with us, gentlemen. let's go to kayla. >> reporter: tyler, on mick mulvaney's first day, he's pulling visible double duty. about 90 minutes ago, heading across the street to his office at the eisenhower executive office and upon his return he caught up with some reporters on his way into the building and i'll play that for you right now. >> we're just sort of here running the agency as the acting director you saw that we responded to

e-mail that miss english put out and we simply sent out an e-mail and said we don't consider her the aking director and disregard her in the official capacity. >> reporter: we're still awaiting news on what exactly the acting director mick mulvaney's policy directives will be if he continues atop this agency and when this legal battle was not to abide by any instructions that is sent to any staff. we'll keep you posted as we learn more that was mick mulvaney entering the building a few moments ago >> let me come back to why this agency or board or whatever it is called, you felt it necessary to insert in the law and the

provision that says in the absence of the confirmed director, the acting director automatically steps up why did you -- why once more did you feel compelled to do that? >> we didn't put it in as a choice there's nothing in the law that says the president may pick either one we did one very specific with this agency and i suppose it would have been better if we specifically said we wanted to replace the vacancy act but usually it does displace the earlier one. the reason is this, we understand that -- and it's the same reason that there is this insulation with regard to the other agencies i want to stress, my conservative friends don't mind the appropriation and much more powerful in terms of the impact on banks and cfpb. but we were afraid that interfering with the banks which were bad for consumers, like

wells fargo, the bad practices we see in the collection of student debt when it really isn't owed, that that would generate such political pressure day to day, there ought to be some insulation to this agency this is not an agency that goes out and sets the rules for the way the economy works. and so -- and again, i'm struck by this focus on the cfpb -- >> i'm sorry, congressman, hold on for one second. we're a little bit in the weeds here adam, how about a basic question if you worked at the cfpb, who would you report to right now? if you were sent an e-mail, would you please do this, would you do it? >> i'd follow the instructions of the general counsel which recognizes that director mulvaney is the properly acting director of the cfpb i hope miss english returns to her job and temporarily occupies the office. >> and the general counsel was

appointed by cordray, right? in theory, she was appointed by the general counsel who sided with the president >> not in theory, in fact. >> i guess congressman frank, what i'm trying to get at it is more the human side of the question, which is hundreds or thousands of people who work at this agency. what do you think they're thinking right now maybe they're watching this segment. they're probably wondering what the heck do i do every day. >> there's that. most of them i will tell you are hoping that miss english is the one because they believe in the agency remember, this cannot be separated from the substance criticisms are made in the cfpb not made to other agencies to which they would apply we hear from people like mr. mulvaney that this is an out-of-control agency and i'm struck that never have i heard a specific they did go after wells fargo. they have gone after student loan abusers and credit card

overcharges. the problem that the conservative critics have is that they can't give any specifics of what they don't like that the agency did because the agency would be popular in those cases. but yeah, this is a difficult time for some of the people in the agency but i will tell you, if you want to know what they're thinking, overwhelmingly people who believe the mission of the agency and know mr. mulvaney would like to shut it down, they're probably moving the other way. >> gentlemen, thank you. representative frank, adam white, good to have you here. >> thank you. coming up in the next hour, the lawyer for leandra english is going to join us. don't move all right. the winners and the losers on this big holiday shopping weekend. here's a big question. what do you get, the sports fan who has everything, a super ugly christmas swte oear,f course we'll have that story, coming up next

in the company's facility in las vegas is deidre bosa. >> this is the ugly charger christmas sweater. tyler, i know that you're a redskins fan i found a chargers jersey. hey, if the ugly sweaters aren't your things or jerseys, these are some of the best-selling items this year. you have seahawks, pajama sets. jerseys have always been huge sellers since black friday i'm not a football fan and these are.

so of the best players that is the global leaders in licensed sports they have deals with the nfl, the mlb, the nhl, my favorite among many other leagues they are expected to crush sales again for cyber monday these buckets are going through a dizzying pace right now. there's lots of action aside from ugly sweaters, it takes a fast-selling retail approach which is unpredictable and happens in realtime. they capitalize on these micromoments like when will insanity fever take hold it's definitely exciting to watch this from the floor. >> i'm very impressed that you know that i'm a redskins fan i'm very, very impressed thanks >> you know why, deidre, the uniforms are ugly enough, they didn't have to go to any extra length, tyler.

>> for the redskins uniforms >> i'm just throwing it out there. walker is going to throw something at me. when it comes to retail stocks, amazon, walmart and a few other big names tend to get all of the attention from us, the media. but they have not been your big money makers in fact, the five best-performing retail stocks lately are some of the worst performers this year the best-performing retailer in the baft past 30 days, the cont store. the buckle is up 31% in the last month. foot locker, stage stores, up in the last 30 days let's talk about that and retail overall, perhaps some of the big winners and maybe losers so far this holiday season. we bring in moody's lead retail analyst.

the point we're trying to make is that's either the market covering up short positions because of the junk retail rallies or a sign that maybe investors believe the worst is over for retail. what do you think? >> boy, this time of year, it's tough to tell. but you're seeing the volatility in retail that hasn't been higher there's more competition and more calls on cash for retailers. there's more retailers struggling right now i got an update from one of our associates from back in new york we have 24 names on our caa -- >> what does that mean >> you're not a stock analyst. you're a bond analyst. you can tell -- you would tell people, i wouldn't buy that bond because they may not pay it back, that kind of thing >> we don't make recommendations. we analyze the bonds and we'll tell you what we think of a certain bond and we'll tell you or a certain credit and then you make the investment decision on your own. >> so is the credit getting

better >> for some of those names, it's okay, brian. >> hold on, charlie, one second, breaking news. president trump is meeting with five republican senators at the white house and the senators are speaking now let's listen. >> the current plan this week is to vote on the senate tax bill that was voted out of the finance committee last thursday night. we were all members of the senate finance committee chaired by hatch and we think that the senate bill made substantial improvements over the house bill but we'll work through those when we get to a conference committee with the house but the goal is to get the economy growing again and to get people with more take-home pay to spend the way they see fit or save it for their retirement instead of everybody fighting for every single job and investment that they can get right now we are not competitive that hurts wages and job creators here in the united

states. >> thanks, john. look, we're going to deliver two things that are really, really important to the people that i represent. it's going to be tax relief for hard-working, middle-income and lower-income families. that's definite. an the other definite part is making our global workers and having a grater share. it is growing momentum for this and i am confident that we are going to get it done soon and get it to the president's desk and the president is eagerly looking forward to sign it >> our tax reform is helping folks who are working hard every single day and often times paycheck to paycheck who feels invisible. i feel like they are working their tails off and no one is paying attention with this tax reform exercises for us

it is our way of saying we see you, we want to make sure that we lift someone of burden by letting you keep more of your hard earn money. i think we'll be competitively globally more of folks working paycheck to paycheck and single moms and the household that i grew up in, we are going to say to them, we see you. >> these are tough times and issues that are hard to deal with we are always able to right in the end so we'll see what happens. i know somebody can bring both sides together so we don't want to ignore our democrat friends as well. i hope they will get off and

start working and voting in blocks of everything we try to come up with if we can get back to that i think both sides are better off in this country as well. >> senator >> what's plan b >> we'll just have to get to 50. >> what's the cbo -- how can you argue that this is a tax cut in. >> well, i don't think they are right. >> mr. chairman, are you concern of the major differences between the senate and house tax plans >> no, we generally are able to get together and solve these problems and i think we will we'll be able to get together. that's why you have two houses and i have never failed and being able to get together with the house and everyone on contentious issues because we are willing to work together and some f the solve these problems >> we got the right plans to go

ahead. >> all right, five republican senators meeting with the president, senator orin hatch taking questions there some of the key questions, can you get to 50. that's what was asked here non of the problem matt iatic s were at this meeting at this point and not concern of conference when they start to put together with the house bill all right, "power lunch" will be right back with more don't move zar: one of our investors was in his late 50s right in the heart of the 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.

the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. thanks for the ride-along, captain! i've never been in one of these before, even though geico has been- ohhh. ooh ohh here we go, here we go. you got cut off there, what were you saying? oooo. oh no no. maybe that geico has been proudly serving the military for over 75 years? is that what you wanted to say? mhmmm. i have to say, you seemed a lot chattier on tv. geico. proudly serving the military for over 75 years. you ok back there, buddy?

all right, bit coin is soaring today. stocks are hitting for a new year's high today. what will you do with your money getting to 2018, that and more when "power lunch" returns

welcome back, the late cycle market as we approach the end of the year some strategists are saying we are headed to the last few innings of the cycle the battle of the consumer watchdog agency is suing the block that the president picked. the lawyers behind the lawsuit will join us and crypto currency, we'll give you a cash course on how to buy

it i am brian sullivan. "power lunch" starts right now ♪ >> a check on the market, the dow and the s&p 500 and nasdaq is all hitting records high led by consumers, home depot is hitting a new all time high and google and facebook and amazon and adobe at an all time highs following the big shopping weekend, retails on the move, l-brands and gap and michael kors on the flip side, the chip stocks they are moving lower. morgan stanley says it is now to take time for most profits and it is been really hard there is one more thing, the

confirmation hearing for jerome powell, president trump's pick to be the chair reserve. steve liesman is joining us now. >> michelle, thank you he's being named for fed chair by president trump his nomination goes before the senate's banking committee, it is scheduled here at 10:00 and we'll have live coverage here on cnbc current fed here, janet yellen" raised the stakes, i will say i am uncertain about this. my colleagues and i are not certain that it is transitory. powell has not gone far publicly yet. back in june, he was confident and unemployment putting pressure on inflation. he was less confidence when i interviewed him in august. >> inflation is a little bit below target and it is kind of a mystery.

you would expected given it is a little higher inflation. what it gives is the ability to be patient >> second question, powell's view on the levels of the stock market robert kaplan released a statement, he's more concerned of equities. it is going to be interesting to see if powell will raise rates because of the high stock market evaluatio evaluations are by the president's pick >> i don't think there is possibility of a delay i think he will go through the process relatively quickly the question is how quick the process is it may not get done before this year but certainly before januajanet

yell yellen's term is up. steve, thanks. though we have heard the skies have been fallen for months or if not years for some. it may be time to look up and listen up. some of the strategists are saying this incredible run maybe coming to a close. michael santolli with more on that story i would not say it is a predominant consensus now. we are in the ladder patter parf this cycle you married jeremy seagul of all similar calls. look, we still have things looking good and we have upside our stocks and the economy continues to grow but it is time expecting this cycle could end before very long why is that? >> how much lower is it going to go we were talking, steven is talking about asset values being

high the yield curve, the gap between short and long-term rate haves been navorrrowing and causing ao of anxiety perhaps that this is signaling and the feds are done and a few couple more ratings increases and that means the cycle maybe coming near to an end. the problem for investors is you don't know how long these can stay late especially the last e inning of the ball game can be exciting not everything is at its late cycles housing numbers are making a new highs. the yield curve gets totally flat so a lot of these things feeding into this, a little bit going into 2018. the markets are coming the long way and the economy is doing well does that mean it is nearly over or not >> guys. >> it is always this issue that people bring up. it is just been so long since the correction, mike they just want to point to time

as to what -- everything reverts at some point and they assume g something is going to happen and a lot of the data that you raised making assumptions o that >> yes, yeif we get to august without a 20% stock, we'll be the longest market considering of starting in 2009. the gains have been relatively modest as these things go. yes, it is been a nice ramp from march to 2009 but not a phenomenal return. the growth of the economy is prolong but slow >> mike, quickly, don't forget, last january it was the worst start of the market the dow fell of 20%. we had a correction in a month and we also need to remember that the stock market took 15 months off for r the cthe campan

it is a good argument where you reset the clock and reset evaluations on some levels that's right, there is nothing that says this thing started in 2009 and therefore it is about to expire. >> mike santoli, thank you very much our next guests are not surprise to see a full back. lets bring in paul krichristoph with wells fargo institute it is an institute now >> leo why did both markets die >> normally because of euphora. >> we are live right now >> we don't have any euphora in

this market. there is been 18 corrections since 2010, '14, we were between 5% to 10%. so we are going to get a correction, it is not the end of the margins of the deadline sale >> paul christopher, take what neil just said and mike santoli of a positive that we are in the seventh inning or later of this bull run, do you agree with that >> we also agree of the notion that's when all the relief pitchers coming in so the extended innings are usually at the end of the game. >> so it can take longer >> right >> we may go onto seventh or eighth or ninth innings. it may take a while. >> right >> where is the vulnerability if in your view >> a couple of places, one is inflation and another one is debt you heard the media story about

autoloan debt and credit card debts at record highs. mortgage debts have not moved much off of the bottom that it put in in 2016 by the way, that 70% of the consumers liability side so as long as that stays low and interest rates can stay low and keep debt service low then we are okay as inflation starts to pick up with the economy then those rates rise and surfacing cost rise and that's when you get the yu fedo euphoria >> neil, where do you see vulnerability if you see it? >> i don't see it except for the short term that we'll have corrections. just some numbers to give you an idea last year at this time, there were $4 trillion in bond fund today is $4.8 trillion you know interest rate is going

up that's crazy as buying bit coin. >> so fixed income, that's just crazy. rates are going to go up their assets are going to come down, they're going to say amissable market and that's when it is going to come in it is going to take some time. >> you mentioned bit coin and when you said at the beginning, i am here in new york and it goes back for the whole idea of jp morgan got nervous when the shoe shining boys was giving them stock pit to me, it was -- there is yu fedo euphoria, right? >> that's a great analogy. as much research that i have done on bit coin, i still have no clue and i cannot understand it >> all of a sudden, someone lost $300 billion and they adopt know where it went. >> it could be good news for the

stock market paul christopher. if everybody sells their bitcoin, 900% of this year >> stocks. i am only being half facetious, the bitcoin market is $240 billion much smaller than the stock mark but still significant. does it matter that things go up together from a sentiment positive whether it is housing or bitcoin >> if we saw all of these things doing that at the same time, that'll be interesting and scary really we kind of are >> because it is just really bitcoin is sort of a craze but it is a different attitude, it is euphoria that's affecting that market. we don't see it from our stocks or retail investors who are holding a lot of cash. sfo >> did you see the geeky fight on twitter over the weekend? >> i got to see it >> look it up. thanks guys. >> all right, it is not just

talk financial lines or hedge funds. they are recruiting data crunches and now one of the largest players. ciditel is ruling out more now that the industry that is moved to focus more on data science, it requires a different style. citadel is hosting a competition hoping to bring the brightest to the door >> great investors like great basketball players are hard to come by. they have the able to come to assimilate information and draw conclusions and act on their believes it is a unique and hard skill to find

>> in the interview, ken griffin spoke about innovations, he said we may not need to cut tax rate as much as washington is planning >> usually you reserve tax reform of this nature for right in the midst of reception. the extent that this represents fiscal stimulus, this is a cycle move, it will be contrary for economic positierspective >> lesley pickers. thank you very much. great interview. coming up, the battle of cfpb. we are speaking to the lawyers wo would you buy an etf profits from shorting details. they close, you win. what do you think about that

bitcoin's staggering rally we'll walk you through the rewards and risks and explain how to buy it and what's it is neil hennessy to watch, we'll be back after this. you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance.

live binge dvr'd shows,te sport, while painting your toes. on demand laughs, during long bubble baths.

tv on every screen is awesome. the xfinity stream app. all your tv at home. the most on demand, your entire dvr, top networks and live sports on the go. included with xfinity tv. xfinity. the future of awesome. two people showed up at the consumer bureau today. joining us first on cnbc is

dipak gupta. >> make your case, why do you think anderson should be running cnbc >> it is clear that congress put in a succession plan for what happens when a director resigns. what congress says the deputy director becomes the acting director until such time is confirmed. president trump has every right to name who he wants to put in the bureau but he has to do it the right way. he needs to get them confirmed by the senate. he's attempted to install a

white house st white house staffer without getting consent and having mulvaney serve simultaneously as a white house official and ahead as the independent agency that's required by statue to be presence >> why did the general counsel of the cfpb who was appointed by cordray and was lawed. she had sided with the president. >> there was a hastily prepared memo attributed to the general counsel that takes that position it is legal reasoning and does not have a lot of analysis and it was prepared in a rush in anticipation, i think of this appointment but that just shows there is a disagreement of the law and the right thing to do when they have a very serious disagreement about the law and who's in control of an agency like this but to have it decided by the court it is in everyone's interest to

have certainty and disability here the way you said attributed to her sounds to me that she's implying >> i know nothing of the process, i can read the memo and i can tell it is short and not very persuasive analysis and does not examine a lot of the arguments that are now going to be teed up in the lawsuit and so i don't put much stock in that memo you have seen in the last 48 hours, many legal experts law professors who have come out and said this is a very serious legal question and the dodd frank says what it means >> deepak, in your lawsuit, you say you need, there was the trading order because of the the erthe

the -- >> you cannot ring the bell. once they are not in that position, you then change the status quo there is no question and the justice department acknowledged this, by operation of the dodd frank act, the deputy director becomes the department director of the bureau. the question is what president trump did is installing mic mick mulvaney. before you have a change like that occur, you should make sure it is illegal. this is not some street fights or some awkward confrontation. this is something that's going to and everyone agrees now that's decided by the federal charges. >> who's paying your bills mr. gupta? >> it is not miss english. there are ethic lawyers that we

consulted with and we have a stru structure set up that complies with ethic rules and we'll be talking about that once we have -- >> why not say it now? >> i am not an ethic lawyer myself, why not say who those people are right now who are paying the bills >> there is an ethic structure that's set up. this is very important, we consulted the english ethics and i am not an ethics lawyer and i am not going to zridescribe the arrange. we are confidence well beyond the law. >> she's suing as an individual, correct? >> she's suing to claim her title as head of the agency rights there is nothing unusual about that there is quite a few cases regarding this >> do you know who's paying for it deepak? >> his bills you are the one that filed the suit, right?

>> i don't think it is appropriate for me to be talking about that on tv right now i think that's something that should be addressed by ethics lawyers who are studying this and set up a structure >> but we are doing the first interview with the attorney who filed the emergency temporary restraining order against the president and mulvaney on this post, that's you, correct? >> are you working for free? >> yes, that's right >> are you working for free? >> no. we are not and we have a structure that's set up for legal defense funds that exists for this reason. many trump's officials have structures like that set up. it is not appropriate for me to be talking about that right now and better addressed by ethics counsels we are satisfied it goes well with the law >> when will the moment be,

later today, tomorrow or eight months from today? >> i am happy to talk to you of the lawsuit itself and the legal issues that's what i come onto talk to you about. not interested in getting some sort of track where you are asking me to talk about government ethics issues that where i am not an expert on government ethics. >> we are not trying to trap you here, we are just curious of who's funding her case in this case so how quickly do you expect this will move into the court and how quickly would you expect a federal judge to rule on it? >> well, it is already in the courts we filed a motion for temporary restraining order last night in my experience when there is an urgency situation that requires legal certainty and there is a temporary restraining order, the courts is capable of moving request i canniling quic. i would not be surprised it is up to the judge to schedule that. we have not been informed for

when it will be the hearing. i imagine it is quick and that's in everyone's interests. >> this judge is appointed by president trump, right >> how do you think you are going to do in that forum? >> well, i think this is not about who appointed the judge, this is about the legal arguments presented and solid arguments and we be making the same argument as if the roles are reversed this is about what the dodd frank act says and how the right way to install a director. >> barney frank of dodd frank was on and he was not convinced that you guys were were -- philosophically he wanted you guys to win he could not say or thought legally. >> i don't know how much he studied the issue. i do know michael barr, the principle architecture of dodd

frank -- they have come out and said that i think we are right, this is why we have courts there is going to be a debate about this both in the public and the courts system. our local argument is quite simple it say what is it says the justice department of office of legal counsel is not dispu disputing that the dodd frank lays out in order of succession of what we are describing. the president disregards that based on a different law and vacancy act. >> mr. gupta, thank you very much for joining us. we appreciate it >> thank you for having me >> the nfl owners are heading to new york with the controversy skills raging. we'll tell you what we'll expect from the big meeting maybe some news of the commissioner's new deal and consumer reports break down where the find today's best deals, "power lunch" is back in two. down to the square block.

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hell o everyone, i am sue herrera. al franken says he know s he let a lot of people down he's out to regain their trusts as he delivered a statement

outside his office >> i know i have led a lot of people down, the people of minnesota, my colleagues and my staffs and supporters and everyone who has counted on me to be a champion for women >> prince harry and his fiance, american actress meghan markle holding their first interview since their engag engagement. >> she says she was not prepared for the public >> melania trump welcomes children to the white house. she joins the children at various activities, at one point sharing not only her chair but giving a couple of kids a seat

on her lap >> that's the news update at this hour, back to you, michelle >> that was cute brick and mortar, the decline of etf simple as emty >> to start, the real question is is it right for investors to making off money of store closures that could lead to job losses >> empty follows in verse of brick and mortar stores index. number one to be in the index, you have to be a retailer and you have to have at least 50% of your sales from retailers and no manufactures in there. you have to have at least 75% of your revenue from brick and mortar sales >> so no amazon in there

>> that's right. >> the way it works is if retailers go up one day and what happens to the ctf >> if retailers go up. etf goes down. you get negative one and one minus -- >> if retail stocks stop going down that day, what happens? >> then you make money >> the investors will make money. >> that's right. >> a shortage. >> that's right. >> here is the thing this is what was the intro and i saw an ad this weekend and i thought -- i did not think it was a joke i worry, is it and i have no problem of short selling it is cnbc, in some way, is it to profit off store closures >> yes look, i think everybody has the right to make money in this world so we are not taking any particular moral positions we are putting out a financial vehicle that allows people to have the view that retail and

leg brick and mortar players in decline and there is a lot of positions on that. >> would this help stocks decline if you are right you can push people in that'll drive the short position that could push companies down. >> the odds are darn slim. given of the size of the etf and the under lining markets >> it will come back and say, they're trying to get the stocks to where it should rightfully be >> these are stores closings and hundreds of thousands of people. >> sure. most of the time when a company and short seller goes short. the under line company -- yeah a lot of people did. >> they don't benefit off of the direct closure >> the story here such as, it is not of etf >> the story here is one of retail disruption and etf is just following that.

>> can you hold the for more than a day >> if you hold this for a week, what happens >> there is l a lot of etf that you get in trouble and there meant to be trading vehicles and not investing. >> as i mentioned, this etf delivers minus one of the daily returns so it does indeed rebalance everyday and if you are going to hold it for a longer period of time which maybe prudence you are going to want to look at your exposure and see if you want to rebalance it and look at what else you are holding and what your portfolio composition is that's absolutely true you should pay attention to it >> thank you cyber monday is in full swing. it is an exciting day. we want to break down the best online deals that you can find today. joining us to do that is brie fowler, our electronic consumer. thank you, and good to have you

with us. >> thanks for having me. >> you say some of deals are the best of the best i assume big led 4-k tvs are among them lets point to one that you found a 65 inch, lg, oled, whatever it means. tell me about it >> oleds are the rage these days this deal is for an lg, oled, 4-k and it comes with a blu ray player originally, you want to pay about $3,200 for people who don't want to spend as much. you can get a great lg, 55 inch tv that's still an oled for about $1,500 lg cut the price so you are seeing a lot of retailers. it is unclear of how long these discounts are going to hang around lets go to number two.

a mac book air for 744 that does sound for a good price. it goes for a couple hundred dollars above that lushl usuall. this is on ebay and best buy is offering $250 of net book pros, there is a lot to pick from. this on ebay and finally, the quiet control 30, wireless head phones for 150. these things go for twice that these are some of our top wireless head phones in our ratings and it is a great deal head phones are something that you can shop around and cyber monday is a great day to do that on ebay at $150. brie, thanks >> bri >> nfl owners are getting ready for their meetings tomorrow. there could be fiery because there is no shortage of hot button issues to address and

including roger goodell and players protest. >> nfl owners will gather for meetings of tuesday and wednesday. it is smaller group meetings two things we can expect first, whether the league will force players to stay in the logg locker room during the national anthem second, the compensation committee will meet to financlie roger goodell. we'll try to get a deal of roger goodell as soon as possible before wednesday they're trying to finalize it before december 13th when all managers are meeting in dallas over the weekend, wall street journal called for roger goodell

to be outsed on black friday, the president tweeted again, trump says the commissioner has lost control of the league not the best precedent the last couple of days here. >> what's the urgency of getting his deal done now? >> it is another year and a half to go. the urgency is simile 32 out of 32 owners being voted saying that the committee can do the extension because of the time they wanted the long-term security now it is a different story because may and now, a lot is happening in the nfl there is not really urgency if you put a vote today, i don't think you will get 32 votes. >> how many does he have to get to win >> he does not have to get anymore votes. it is put to the committee, the committee can sign a deal without going back to ownership. that's why jerry jones is trying his best to say, lets put it up to one more vote or blind vote and lets try this again.

he's trying to find some way to open it up to all owners voting because they don't have to anymore. ir ri eric, thanks if you are confused of bitcoin, don't worry, you are not alone we'll lay it out in plain english and talk about how you can get in if you don't think it is a bubble, that is stick around

is bitcoin still the under valued future money? the answer is yes. depending on who you ask, of course bitcoin hit another record highs today showing signs of a serious bubble >> bitcoin has many of the elements that we saw back hundreds of years ago in holand. these bubbles tend to end in tears and i worry how it will end. joining us is crypto adventure -- i consider myself an evangeli tst

ken griffin did not deny it. >> look, i believe that the question of a bubble gets asked a lot and i wrote a post on medium addressing that what i did is i looked at amazon i i believe that crypto and what i mean is decentralization that this is the biggest thing to happen in mankind. it does not mean that we don't get ahead of ourselves if you look at the chart for amazon from '97 to '99, it was up if you stretch it out today until 2017, all the violent up and down in four years, it is a tiny little blip that's where we are today

regarding to bitcoin you don't have to hate bitcoin to think it is over valued i know it is kind of like you love it or worth infinity and you hate it and a bubble x, it is kind of how, sort of people post it but the reality is that it could be anything and as of that class lumber and whatever it may be, why is it worth a 900% gained this year? >> its gain is irrelevant. the question is how much is it worth? bitcoin is nothing but a confidence game. investors have to get confident by that. gold is nothing but a confidence game what is it and why does anybody own gold because they believe tomorrow, somebody is going to pay them more money for it gold is worth $8 trillion and bitcoin is worth trillions of dollars. >> you don't get nervous using

the phrase "confidence game. >> everything is a confidence game and facebook is a confidence game facebook, ipo and then it was down 70% so i have a word that i use describing the tendency of markets to be bubbles and pops and it becomes bubbles again the word i use to describe is "capitalism. i am not spending a lot of my mind thinking where bitcoin is going to be tomorrow i am thinking where the crypto currency marking the place in 20 years. it is going to be tens of trillions after dollars. the people of critical of the federal reserve and central banks all over the world having printing money and pointing to currencies and saying they are a direct results of all of that that any thoughts on whether or not the loose money have created this phenomenaon

>> currencies have not been improved for hundreds of hundreds of years. this is the first technological improvement that is we have in currency people, when they say currency now, they are thinking of currency of the same they they thought of hundreds of hundreds of years and you can now have that currency to be anything. i have no doubt in a few years, i am going to have the -- when i go near a gas station, it will not allow me to buy gas unless every gas station that i go to and everybody in the block is for climate change, that's what currency is about. >> you can call it the colonel

>> when you are talking about all thart, i reminds me after th french revolution and they were competing currencies throughout the country depending on who controls the printing press and who had a stronger bank and therefore for people believing in more. it feels weird >> i get that it feels weird this is something totally new. it is the densest things that i ever got involved with i spent nine months looking at it and never got it. i appreciate why it is hard to get. but, you are talking able currency as though the same thing that has been for hundred of years when i get asked, how many currencies can it be, i asked how many companies can there be? you know how many companies got started today? that's too many. >> that's a new way to think about it i never thought about it >> thanks lou.

>> mike novogratz, as we get closer to 9600 right now we'll take a look at roku, does the stock are even more room to run, don't move, that's next you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance.

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shares of amazon are higher by $13 today think about this every $1 move in amazon means $80 million more for founder, jeff bezos robert frank joining us with the staggering stats on bezos' billions, what he plans to do with it all. >> right, he added by your math $1 billion more just over the weekend, so pretty soon jour ta you're talking real money here jeff bezos' wealth over $100 billion, the first time anyone reached the number since bill gates briefly topped it in 1999. just this year, bezos' wealth increased by $33 billion now to put that in perspective, bezos could spend over $6 million a day, $250,000 per hour, for the rest of his life, and still have billions left over so what's he going to do with it all? we don't know. so far, he's not announced any concrete plans for philanthropy. in june he did tweet out a request for ideas, saying he wanted to focus, quote, on the

here and now of need, and bezos may be about to redefine philanthro philanthropy he sold $1 billion worth of stock to fund blue origin which, of course, aims to colonize mars and said, quote, for-profit models can improve the world more than philanthropy models. all right. what would it take for bezos to become the first trillion their? amazon's stock would have to cross $12,500. crazy number, but given that ten years ago, amazon was at 30 or 35, it's now at 1,200, it's not unthinkable he could be the first trillionaire. >> what is the best anti-povefvt measure? a job. he creates hundreds and thousands -- >> hundreds of thousands of jobs. >> vigt. >> and if you go back and look what he's done, he's only given

away $68 million, .1% of his fortune. there is a reason that he hasn't followed like lemmings all the other billionaires that signed the pledge, given money to philanthropy he is planning something else for this $100 billion. could be $300 billion by the time he's done or even more that we can't even conceive of today. but i bet it will be as big or bigger than amazon, itself >> find us a new planet and have it to us within 24 hours >> would be the richest man in the universe >> same-day delivery >> he would be the richest man -- >> on mars. roku up nearly 13% after top analysts doubled their price target on the stock, by the way, r up 90% since going public in september. max wolf with the phoenix group, matt mele with miller taback, "trading nation" team. if you look at the charts on roku, it's semiparabolic not a lot of time to look at it. it's only been around a couple months any way to gauge where this thing ma be going? >> it's hard to look at a trend from a company that's only been

public for a couple of months like you say one thing it note, though, it is positive the stock saw a 12% correction earlier this month that's, you know, a pretty decent correction. but it's bounced back and made a higher high, assuming it closes around this level by the end of today. so that's positive even though it's hard to derive, again, from a company that's only been around for a couple months however, the one thing that we need to know, companies like this, you know, have such good upside potential in terms of their business 10%, 12%, 20% correction is going to happen all the time look at microsoft, amazon, any of those companies, the first two years of their existence they see some considerable pullbacks. >> you know, max, listen, it's a cool product, and i appreciate it, but do you worry this is becoming a little bit commoditized i mean, exact the stock? you got chromecast, amazon fire, apple tv would you be a buyer of the stock? >> i think we like the product for now. don't know how much legs it has to run that far. there are a couple pikers

surrounding the space, apple, google, alalphabet amazon you recently mentioned. something about the leadership there being somewhat rise. so far, over the top looks like the future people think of it as the netflix of hardware. that space hasn't been as crowded because hardware is a tougher road to hoe and tougher names in the space may have contract manufacturing relationships. it hasn't really grown out if they start doing anything like being as profitable as they are expensive, you may see big players show up. tho those guys are hard to share the pie with, apple, amazon, google. >> guys, thank you very much. go to our website, tradingnation.cnbc.com "check please" is next. >> now the latest from tradingnation.cnbc.com and word from our sponsor. >> a double pattern suggests a down trend may be ending and ready to reverse sometimes called a "w" formation, a double bottom

occurs when prices form two distinct lows on a chart at around the same level. trads tevi bakerofn ew are of the highest high in the formation as a bullish signal. ♪ ♪ ♪ ♪

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liberty stands with you™ liberty mutual insurance. flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. all right, this is cool, do not miss the world series champion houston astros owner jim crane will be our exclusive guest. should be cool. >> very, very cool we were talking about jeff bezos, how rich he is, i interviewed carlos slim, when he was the richest man in the world. he said, let me ask you this,

would you act differently if you were really wish i said, i would sleep better at night. he said, no, you wouldn't. he said, you'd sleep less, you have that much, you manage it, people rely on you, you have employees, it's a lot of work. >> i'll take that job. >> yeah. >> thanks for watching "power lunch. >> i'll sleep well. >> "closing bell" starts -- >> right now hi, everybody. welcome to the "closing bell" on this monday as we close out the week of november i'm kelly evans at the new york stock exchange. >> happy anniversary. >> yes four more years. >> four years here little did she know what she was getting herself into back then aisle bill griffeth. the dow, the s&p, the nasdaq, all did hit records earlier today. we pulled back from some of those. we're going to talk about whether there could still be a santa claus rally there the cards for investors. santa, himself, will be joining us in a little bit here. and it's crunch time in washington as the senate takes up tax reform this week