small and mid-cap, folks, less exposure to being forced to export goods. we're down 24 points for the dow jones industrials. mark, your last comment here. what do you think? [closing bell rings] here is the closing bell. thanks to mark luschini. melissa and david for "after the bell" with breaking news from janet yellen. liz: investor remain cautious ahead of two days away. i i'm melissa francis. i'm david asman. here is what else we have for you this hour. there is president barack obama holding his last press conference in office. responding to questions about the commuting of chelsea manning's sentence. former army intelligence analyst serving 35 years for leaking government secrets to wikileaks.

it created backlash from both sides of the aisle. >> i feel very comfortable that justice has been served and that a message has still been sent. david: this is donald trump's cabinet nominees getting grilled by democrats on capitol hill. we have tom price, scott pruitt, wilbur ross, nikki haley all on the hot seat today, making their case for their confirmmation. how did they fair? we'll have team coverage taking us through all the details on the big events. melissa: but first, let's check how stocks ended the day. the dow sinking into the close. united health, exxon, verizon and the biggest drags. phil flynn, watching action in oil and gold from the cme. lori rothman from the floor of the new york stock exchange. lori, oil losing big. >> this darkening shadow over retail sectors. we heard from some retailers

about disappointing season. target had a traffic warning. looks like four numbers will meet earlier expectations. target down almost 6%. dollar tree, macy's, jcpenney all down. macy's had price target cut by credit suisse. jcpenney was put at underperform. the brick-and-mortar story is falling apart versus giants like amazon online. let's talk about the banks. goldman sachs reported a fourfold rise in quarterly profit benefiting from a surge in trading volume from the surprise win of donald trump. didn't help the shares. got to look at goldman in perspective. goldman led charge higher with financials and market as a whole since the outcome of the election. no surprise it backed off. we saw gains in other major financials today.

citigroup up 15% since the election. fourth quarter profit rising 7%. but it came in a little bit here today as well. similar story to goldman. charles schwab, td bancorp gaining on numbers. back to you. david: phil, oil getting hit hard, why? >> main bay because the dollar up a bit. increase in shale production. energy information production said shale will first increase in production over three months and it will go up over 56,000 barrels. we got a comment from the international energy agency it is expecting a big rebound in shale. i think the market is getting a little bit too excited about this because it will take a long time for the shale production to meet the opec production cuts that should be coming but the market is taking that as a negative but let's talk about gold real quick. these janet yellen comments will be very bearish for gold. gold saw only the second down day this year.

i know it's hard to believe but it is the truth. dollar rallying higher rates, it will not be good for the gold market. back to you. david: phil, thanks. melissa. melissa: most critical piece in fixing the obamacare puzzle, his role at least, health and human services nominee tom price making his case on capitol hill. adam shapiro has the latest details on the hearing. adam? reporter: melissa, this was a contentious hearing. dem can kratz strategy was to try to discredit tom price the representative, who is doctor and experienced in health care and invested heavily in something like 43 different health care companies. everything from amgen, bristol-myers squibb and pfizer and lily. he was attacked about whether his stock investments pose a conflict of interest. the other issue is healthcare reform, something he championed, saving medicare and saving medicaid. hear how elizabeth warren went in on the subject against the

nominee. >> can you assure this committee that you will not cut one dollar from either medicare or medicaid should you be confirmed to this position? >> senator, i believe that the metric ought to be the care that the patient -- >> i that as a no. >> it is that the wrong metric. we ought to be putting forth the resources -- >> ask you whether or not you have a better metric. i'm asking awe question about dollars, yes or no? >> we put forward the resources to take care of the patient. >> that is simple questions. reporter: entire hearing was pretty much that. you should get ready of these terms throughout not only representative price's confirm meggs hearings, but also should he become the secretary he refers to six inciples that he wants to embrace which are affordability, accessibility, quality, choices, innovation, and responsiveness. this hearing was a courtesy hearing. the actual committee that will vote on his nomination, whether it should be forwarded to full senate for up-or-down vote, that

is the senate finance committee. his hearing before that committee is next week. david: i couldn't help laughing. melissa: her premise is spending more is always better. spend more. forget the outcome. the only metric are we spending as much as possible, if so, then i'm happy. adam, thank you for that. david, you couldn't can taken yourself. david: i was actually, this is courtesy hearing. where was the courtesy? jonathan hoenig from capitalist pig hedge fund. fox news contributor and kevin kelly recan capital. in between "gotcha" questions about the stock picks, did you discern anything different the way he and trump administration would approach health care in this country? >> unfortunately, david, i didn't. president trump promised health care for all. that is a big element of obamacare, although the trump administration, trump administration says it will repeal obamacare they seem to keeping a lot of its main

tenets, which is health care for all. whatever you think philosophically of this issue, the stocks of health care companies are wild on this news. s&p 500 pharma index which was leading the market is now trailing it by 6%, after donald trump's comments about companies getting away with murder. david: donald trump came out with sweeping commodity meant, everybody will have ininsurance. with obamacare everybody doesn't have insurance. the real key question is the government's role in health care. they claim that they're going to be able to strip out a lot of government role in health care, put the private sector back in charge. do you think they will be able to do it? you saw all the opposition today from the democrats? >> the democrats are misplaced. one thing happens legalizing all forms of insurance. you can open up the marketplace, to actually get coverage for the most amount of people, especially at the lowest amount of cost. people can get cadillac plans or disaster plans. i personally had my policy canceled because i don't cover maternity.

i don't need to do that. obamacare needs to get fixed so people can afford to purchase policies they need. people are not signing up. they rather get taxes. david: john, i love you to death. you're a purest. you love the free market more than anybody i know. you're a purest about the free market. we live in the real world where nothing is pure but isn't the pendulum swinging away from the government and more towards the private sector and that has to be a good thing, right? >> i sure hope so, david. every time to our guest's point, every time we see free market principles enacted we see tremendous amounts of productivity and decreased costs. even in health care, david, many areas of health care. david: i have to stop you in mid-sentence. we have breaking news. ned flicks reporting fourth quarter results. ashley webster, you're in the newsroom. give us numbers. >> i am indeed. numbers coming out painfully slow, david but i can geoff you the headline numbers. earnings per share 15 cents, a two cent beat on revenue. 2.48 billion which is slight beat.

this stock popping nicely after hours -- netflix. we'll dive into the numbers. all important number for netflix is subscriber growth. that is obviously what everyone wants to know. as we get more details we'll get right back to you. david: as you were talking up another 1%. it is up eight percent after-hours. netflix doing well. ashley, thanks. melissa. melissa: kevin, what do you think of that? >> that is a great number. they're starting -- you can't focus on profitability because they're continually reinvesting across the board. going from 600 hours of original programing to 1000. people were worried about grand fathering it and people rolling off the plans. this shows there is staying power in the business model. melissa: jonathan, all about the original content. we're talking about adding subscribers. the reason why they're doing that is shows people talking about that you have got to see. >> yeah. melissa, they have, in this case, even out appled apple. they have, apple is getting into the business of creating innovative and original content

which netflix pioneered. another example how innovative companies continue to succeed no matter who is in the white house. they have created this content. reanimated business. the stock even as we speak a new all-time high. melissa: kevin, would you buy it? we're rocketing higher. >> don't fix what isn't broke. they consistently perform. they have one of the best management teams. it is all-time high but guess what, they have changed the way we consumed digital media. they're disrupting the entire space. everyone is following the leader. the leader is netflix. david: up 9% now. we have breaking news. president-elect's trade agenda, one of donald trump's closest advisors, now working on a trade policy that could impact businesses all over the world. charlie is breaking it down for us with the exclusive details. go ahead, charlie. >> i got a feeling this is one of the reasons why the market has been off since january. donald trump is had a really good rally since his election on lower taxes, less regulation.

not so good since january talking about tariffs. you saw wilbur ross talked about tariff on steel imports from china. here is what we understand going on inside, this is the trump transition team. not quite the administration. will be the administration after friday. reince priebus, his chief of staff, former rnc chief, is making calls to business executives to talk about what they think would be impact of something like a five to 10% tariff on all imports. that is across the board imports. here's one thing i don't know on, this based on my sources, david. i don't know if this is the thing you're reading in the paper about the border tax to help pay for some infrastructure and tax cut spending that trump wants or this is just a straight tariff across the board. it is kind of interesting what is going on here. it seems like the trump administration is setting the stage for protectionism. in a fairly significant way, much more than in the past. this is not just tit-for-tat thing against the, against, chinese flooding market with

certain goods and, violating some trade pack. this seems to me this is something a lot bigger, a lot more intens. leery done by not a low-level staffer but by reince priebus. david, you want markets to trade off, start a trade war. ask jonathan hoenig about that. david: we're getting close two days to takeoff. thank you, charlie's breaking news. melissa. melissa: ashley, couple more details on netflix. what do you have? >> melissa going through these, no wonder the stock is it jumping nicely of a hours, the domestic subscriber growth we're at 1.893 million. that is what netflix is reporting -- 1.93. international sub gains, 5.12 million. the estimate was 3.73. huge beat on subscriber growth domestically and international. still a lot of room for this

company to grow internationally. so good news there. a lot of frustration with netflix, much like amazon in the early days. now time to deliver, and this report, much like last quarter in the third quarter, blew away estimates. that is why you're seeing the stock up 7 1/2% after-hours. melissa: amazing. a huge beat on the subscribers. yes, that does explain what is going on with the stock. thank you very much. david: great new series for binge watching out there, "occupation." melissa: nice. david: president barack obama defending his legacy in his last press conference in office, enconclung big news that came outh hour yesterday, the commutation of chelsea manning's sentence. how the president tried to defend his controversial move. melissa: donald trump at war with another news network, why he is calling out nbc for what he says more fake news. david: there are 64 democratic lawmakers planning to skip the inauguration.

president-elect trump addressing the backlash after a war of words between him and congressman john lewis. >> he did a bad thing for the country, very, very divisive. we have a divided country. not divided because of me. it has been divided. your insurance company

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david: as fierce criticism flying over the commutation of chelsea manning's sentence president obama defended his actions explaining why he made this controversial decision just moments ago during his final press conference. take a listen. >> the sentence that she received was very disproportional, disproportionate relative to what other leakers had received. and that she had served a significant amount of time, that, it made sense to commute

and not pardon her sentence. melissa: here to react, tony sayegh, jamestown associate vp and fox news contributor. morgan or take gas, maverick pac national co-chair and capri cafaro, democratic state senator from ohio. capri, start with you, what is your reaction? >> i mean if i were president obama i probably would not have made the same decision but it is his decision and his decision alone. melissa: why wouldn't you do it? >> at the end of the day chelsea manning is a trader, that being said so was scooter libby and i wouldn't have done what george w. bush in that instance either. at same time, that six years is probably too short. 35 years is probably too long of a sentence. and, we have to remember too, that president obama did not actually pardon chelsea manning but rather commuted her sentence, no different than what george w. bush did in a semisimilar situation with scooter libby. melissa: tony, setting what similarity may or may not be

there, looking directly at this, what do you think about this move? his argument was, enough's enough, you know, that she served six years. that it was difficult and, you know, as she expressed how sorry she was? >> i think the answer from a complete communication perspective is a mess. the idea that six years is enough for somebody who prosecutors wanted to at one point charge with treason, is not really the message any president of the united states should be sending. look i give him credit. he ended his term on a bipartisan note. there is complete bipartisan rebuke of this decision. no one thinks it is a good idea. clearly pandering to leftist elements of his base, those from the lgbt and transgender community and millenial community don't like idea of data mining and all big data stuff exposed in wikileaks from nsa, came from bradley manning essentially betraying his country. now you have a situation which you have condemnation for

president obama, when you hack the dnc, but you don't have condemnation for president obama, commutation when you hack the united states military. melissa: there is backlash against people saying part of what tony said, this is pandering to the lgbtq community. do you think this is pandering? >> i don't think any of that matters. i think the point we're all missing this is not just a normal sentence that the president commuted. this was a sentence given by a military court, that went through the military code of justice. what we're seeing, we're not seeing the president override somebody who got convicted by a jury of their peers, for example. we're seeing the president say to the military, say to our brass, i do not agree with the sentence that you gave chelsea manning. that it was too harsh. so i think that's one of the reasons, and daily caller pointedthought today, probably one of the reasons why you have seen four different secretaries of defense under president obama, consistently gone against his military commanders.

i can tell you this is quite a small community that chelsea manning was a part of, whenever she was still in the military. this is a close-knit community. i think the reason why you have seen the reaction from the military, from members of the military that you see this is not a regular job you quit and go home. this is job where people put their lives on the line. melissa: for sure. >> she endangered all the men and women in military, our sources everything we do receive. it is egregious to compare her to scooter libby when she leaked one of thousands of classified documents. melissa: don't mean to cut you off we have to go. david: a lot to say. trump's nominees for epa chief and ambassador to the united nations take their turn under the spotlight. details on round three of confirmation hearings coming next. trump's plan for the white house press. why a smaller briefing room could cause a big problem for the media. brent bozell media research center president, joining us in

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melissa: breaking news for you right now, former president george h.w. bush hospitalized in houston. the president is currently in the intensive care unit due to an acute respiratory problem stemming from pneumonia. his wife barbara bush also admitted this morning after experiencing fatigue. our well-wishes to the former first president and first lady. david: absolutely. nominee for epa oklahoma attorney general scott pruitt is on capitol hill. he butted heads with a number of democrats who took issue with his views on climate change in particular. jeff flock with details. hi, jeff. reporter: particularly tough questions on capitol hill for scott pruitt, for democrats. they brought big graphic signs to demonstrate their opposition and questions about the 14 times at pruitt sued the epa as

attorney general of oklahoma. you know donald trump has famously called the epa is disgrace. pruitt says he feels the agency play as vital role in the environment and was question about climate change. trump said once climate change is a hoax. >> that you have an initiated and has been mentioned before, 14 lawsuits in your independent capacity as attorney general of oklahoma and, apparently seven of those cases have been resolved. six of which you have lost. my question, i hear that you are a lover of baseball. what was your batting ofrage then be. >> generally about .300 for second baseman. by my calculation that is 142. >> that is zinger. that was his college baseball batting average. that he is a star baseball player in college.

kamala harris was zinging him. ed markey questioned him repeatedly on that one. here is what he said about climate change. >> donald trump has called global warming a hoax caused by the chinese. do you agree that global warming is a hoax? >> i do not, senator. >> so donald trump is wrong? >> i do not believe that climate change is a hoax. >> okay. that is important for the president to hear. reporter: batting average, has at least .500. at least half the senators or more will confirm him. that means less active epa and more focus on state's rights when it comes to protecting environment as opposed to overreach, from the federal government. david: which is what the american people voted for. jeff flock, thank you very much. melissa. melissa: south carolina governor nikki haley facing the senate foreign relations committee during her confirmation hearing to become ambassador to the u.n. haley slammed the u.n. for its treatment of israel and questioned the u.s.'s return on

investment in the united nations. >> we contribute 22% of the u.n.'s budget, far more than any other country. we are a generous nation. but we must ask ourselves, what good is being accomplished by this disproportionate contribution. are we getting what we paid for? melissa: yeah. haley also commenting on america's relationship with russia, calling the kremlin's activities in syria, atrocities and war crimes. also saying quote, i think russia is going to continue to be at the forefront of a lot of issues that we have to deal with. david: this could be interesting times at the u.n. for a change. might be be worth watching. time to place, meanwhile, your bets on the president-elect. some people of course they're the brits, folks, are looking to cash in on donald trump and how he, how he swears in. details. melissa: d.c. gearing up for the big day and we're going to find out how donald trump is prepping. boris epshteyn, inaugural

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david: looking for shares at netflix, they're still trading up more than 8%. looks like it will stay there this after a big beat on fourth quarter results. the streaming video service citing strong subscriber growth. that's really what sent the stock popping adding a record 7 million new subscribers. melissa: staying out of the

political fray. president obama sidestepping a question about a growing number of democratic lawmakers boycotting the inauguration. take a listen. >> i won't go into details of my conversations with president-elect trump. as i have said before, they are cordial. at times they have been fairly lengthy and, they have been substantive. i have offered my best advice, counsel, about certain issues both foreign and domestic. melissa: here to respond is boris epshteyn, director of communications for the presidential inaugural committee. i know that you are very busy today, sir. that's why you're on the phone with us today. obviously you're right up against the actual inauguration. did you have time to listen to comments like that from the president? >> well, you know, to be honest with you, i am completely concentrated, melissa, nice to talk to you on the inaugural. we're so excited for coming days, coming together for the

country and uniting to make our country safe, secure and employed. melissa: do you think the president-elect feels the same way, let president obama say whatever he would like on the way out the door, that that's that and new page. >> we're looking to the future, not to the past. president-elect will make his opinions heard. you have to ask him how fees. here at inaugural committee we can not wait for the next few days with laying of wreath at arlington national cemetery tomorrow. paying homage to people that give the ultimate sacrifice. make america great celebration, americans can come free of charge with all great acts. that is what we're focusing on. melissa: a lot what is important about the inauguration is tone and specifically, that is a lot what you're in charge of in terms of message and communication. this is what jennifer holiday had to say on "the view." i want to ask you about it on the other side. let's listen. >> it had gotten out of hand. i was even receiving death threats. you're not on the radio.

one morning you wake up everybody hates you, what could i have possibly done have this thing thrown at me. i just really did not, you know, it didn't dawn on me this was like a bad thing. melissa: what does it do for your message to have her out there saying things like that on that show? >> i think as an american, i am deeply disappointed, that the so-called tolerant left, is harassing, and abusing those who choose and want to honor america, honor the american democracy and peaceful transition of power. that is very disappointing to me. melissa: here is what donald trump had to say earlier this morning, as far as people saying similar things like that, they're not going, they don't want to partake. listen. >> as far as other people not going, that is okay because we need seats so badly. i hope they give me their tickets? are they going to give us their tickets so they go to other people? >> they're not going. >> i hope they are going to give us their tickets. melissa: time like that when he

is king of message. sort of like, don't let the door hit you on way out, and leave your tickets because people are lining up for them. >> outpouring of support, melissa, so humbling and so wonderful, from all over the country. people of all walks of life, so, the president-elect exactly correct, we need every ticket we can get. record crowds next few days. such an honor for me to be small part of that. melissa: boris, get off the phone. go back to work. we won't tell anyone you took the time to call us. get back to you. >> thank you very much. melissa: see you later. be sure to tune into fox business for complete coverage and analysis of donald trump's inauguration all day on friday. david: boris looking like he is having a good time there. melissa: he is so funny. david: president obama talked about america's core values at his final press conference. senator bernie sanders and rand paul had a debate about core values. >> we're not a compassionate society. highest rate of childhood

poverty than any country on earth. >>ing there to those that we have no compassion, extol virtues of socialism, country like venezuela and great resources and utter disaster where people can't eat. david: capri, the right now the democrats are without an anchor. present obama was there, their sort of moral compass, he was anchor for better or worse. that is what he was. he is gone. you look at the -- >> 48 hours. david: look at the inauguration boycott or look what bernie sanders is saying america is not a compassionate country, i think 90% of the americans would strongly disagree with. >> agree. david: what do you think is going to happen with the democratic party? where is its anchor now. >> we are searching for our soul, no question about it. we're trying to find a new leader of the democratic national committee. there will be a debate this evening between the candidates for the dnc chairmanship in washington, d.c.

we really are without direction. i think that this just didn't happen overnight. we have seen it manifest itself in the outcome of this election, and so when you hear, whether as you mentioned, a number of members of the house that are boycotting the inaugural. david: right. >> or this exchange between senator rand paul and senator bernie sanders. i think we have a lot of mixed messages out there. if we don't get our act together and focus on bread and butter issues of the economy and delivering social services in cost effective and financially, responsible manner we'll continue -- david: tony, it is the tone. there is it perness whether in terms of this inaugural boycott or bernie sanders saying america's not a comssionate -- ere is bitterness that really ns against therain of americans. >> for socialists like bernie sanders, by the way that is self-described title, not my affixing to him. you can never be too compassionate. government needs to control compassion taking money, redistributing it. most of us think, this election

validated, that growing economy lifts all boats and helps everybody and every segment of society to have opportunity. american ideal is about not distribution of wealth. i'm really troubled, i have to be honest with you, david, nearly 1/3 of the house democratic caucus is not showing up to the presidential inauguration which is not partisan event. this is unifying event. david: right. >> part of celebrating our american tradition. where the leadership of the party? you know what, capri, you're right i understand the soul-searching piece of this. when you listen to president obama for all my misgivings about him i do think understands the importance of this process, peaceful transfer process -- >> agreed. >> he doesn't even respond when asked why -- david: he didn't want to put himself in the middle. morgan the bottom line, get back to the tone, president obama even today he expressed, very optimistic tone about america, what america is, who americans are. that contrasts with what we heard bernie sanders saying. he said, in fact some of what he said was dead wrong.

he said we have heightest rate of childhood poverty of any other country on earth. that is what bernie said today. has he not been to the third world? most of the countries have many more kids in poverty than we do? >> i spend a lot of my time in the emerging markets in africa and middle east and i can show you poverty if you really want to see it. i think rand paul made really interesting point whenever he talked about the fact that americans in 2014 gave 400 billion of private money in charity. so what is interesting we typically have debates with the left around right what is the best policy to pursue on taxes or on immigration. these are all normal debates we have, right the difference is that the core belief of left, what bernie sanders expressed today, is that the american people are essentially bad. that is what he was saying. it wasn't about a disagreement in policy, we should tax this way, do it that way. bernie sanders attacked the american people and who we are at our core. essentially -- >> bernie sanders doesn't speak

for me. david: go ahead, capri, quickly. >> i certainly hope not. >> bernie sanders certainly does not speak for me. american people are compassionate. he was speaking more along priorities of investment. >> no, i think showed exactly who is, no one is more charitable than americans amount of money we give away in addition to everything else. ladies, thanks to everyone and tony. melissa: you are going to be so sick of winning. the president-elect touting new jobs in america. not everyone is giving the credit to donald trump. next, economist peter morici is here to respond.

david: president-elect continuing to bring business to the u.s. by his jawboning. ceo of novartis telling reuters that donald trump's proposed corporate tax cuts could prompt the pharmaceutical company to increase invests in u.s. but mainstream media not willing to give mr. trump any credit.

abc news says the president-elect has not had an impact on job creation. take a listen. >> if you had to rate the president-elect's impact on job creation or job preservation over the course of this two-month transition, how would you rate it? >> according to the companies we hear from it is very small or nonexistent. there is a fantasy football aura to all this because donald trump is saying things on the internet and then when companies do things he will selectively respond to it. david: that is supposedly an nbc fact check. donald trump firing back in series of tweets, writing, totally biased, nbc news went out of its way to say the big announcement from ford, gm, lockheed and others that jobs coming back to the u.s. but had nothing to do with trump is more fake news. ask top ceos of those companies for real facts. came back because of me. here now peter morici, university of maryland economist. who is right, trump or nbc what do you think. >> trump is by and large right.

most decisions were made on basis of his jawboning an expectations established by his policies. ford canceled $1.5 billion plant in mexico. will create some jobs in michigan said. these are not huge numbers though. they're useful and helpful. david: but they add up peter, they add up. so you add up about a million jobs right now. >> yeah, but think about it, how many more of deals you would have to have through his administration. david: he hasn't even started yet? >> but, david, we're on the same side. i'll trying to put this in context. i've added them up too, many of the jobs would have stayed here anyway but there are additional jobs and that's a good thing. however, to accomplish 3 1/2% as his treasury secretary designate suggests we can, we start creating about 100,000 more jobs each month that will require tax cuts, regulatory reform and so forth. those are doable things. that is why novartis says they want to come here. not because donald trump is jawboning them. david: right.

>> but because more favorable corporate tax environment ends the attraction of ireland. david: let me ask about that because ireland's corporate tax rate is 12% right now. ours could come down to 20%, maybe even lower than that. is 20% enough to relocate back to the u.s. some of these companies that went over for the 12% in ireland? >> if 12% did it for ireland, all industry in europe would be in ireland. you don't need to get down to 20%. nice if we could. no one wants to pay too much taxes. i own stock, you own stock, getting down to 20% would do it. that will take discipline and get rid of lot of deductions and exemptions and special deals. we can get there. that will make an enormous difference. david: peter, question of what to go with first, in terms of tax cuts, whether you do corporate or individual or both at the same time, steve moore spoke to that point on fbn earlier today. let's play the tape.

>> you heard it here first on fox business news. you may see two bills. a business tax cut i believe you could get a lot of democrats. >> interesting, interesting. >> if you link that with infrastructure spending. then you might leave the second part which is broad based tax reform for another day. david: so, peter, steve is saying first with the corporate. david: then with the individual, other people saying lookings you have to give average americans a stake in the idea of tax cuts. that means doing both together. what do you think? >> i think you can do both together but we need to be clear. 83% of the personal income tax is paid by the top 20%. so in order to cut taxes, unless you're going to leave the bottom 80% become the pay no taxes at all, everybody is going to get some tax cut here. probably wealthy people are going to get a bit more, obama after all socked it to them. let's not demagogue this thing. democrats will be glad to do that.

the more complicate issue is the corporate tax, because in order to get any place you have to take away a lot of well lobbied exemptions and breaks. they have people on k street, unlike mom-and-pop with the interest deduction. my feeling they both can be reform pretty quickly. we know how to do it, biting the bullet. look what reagan did with personal taxes in short period of time. david: delayed tax cuts a year-and-a-half, the economy suffered as a result. we didn't see a pop in the economy until '83. peter, you're a great guy. thank you very much for being here. appreciate it. melissa: they will need a bigger room. the president-elect striking back at the mainstream media's latest objection to his incoming administration. brent bozell from the media research center sounds off. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms.

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melissa: hand picking the press maybe? president-elect donald trump says he won't move the white house briefing room out of the west wing but the small space might have consequence. >> the room is too small. we'll move it to larger room, nearby area, not the same area around press went x-rays sy. let's not move it. so we'll pick people that go into the room. i'm sure other people will thrilled about that. they will be begging for much larger room very soon, you watch. melissa: here is brent bozell, media research center president. i mean he sort of set this argument up to be a win for himself because, they wanted to move it. if you have been to that press area, i have, many journalists have, it is very small, very tight. people are packed in there. anytime you see the shot, he is talking about the rest of the media letting other people in, and pecking order that goes on inside of there. and he wants to shake it up.

what is your take? >> well, i think that there are two dynamic as play her, melissa. the nature of the news media has changed in the last 20 years, with the internet, with online and social media. you have explosion of news sites, many of whom are bigger than many of the existing news outlets that are in that room right now. and so they're aing for a at at table and frankly they deserve a seat at table and not everyone can be at that table. so it is either move it into bigger room or rotate those things. that is the first point. second point is, this news media, there is nothing newsy about the news media anymore. these people in that room are his enemies. these are people who are constantly against him. there is no semblance of objectivity going -- you saw it on the cnn interview. they are there as a hostile entity. and if they're going to be that hostile to him, the president-elect has the right, i think, to say i'm not going to

stand there, by you people who have no vestige of objection activity. i will pick and choose who i want there. melissa: then you get into, where does it end? he can't rewarded people who cover him well with front row seat and being able to be in the room and keep people who say things he doesn't like send them out of the room. that is problems with that. >> that's right. that's rights melinda. you can't go to that extreme. i think rotating idea is the best idea. give everybody a seat at the table. but you know there is another dynamic going on here, melinda, how many times fox news was in the room during eight years of barack obama, how many times did he choose a fox reporter to ask him a question? so the president always has that lever of power in a press conference as well. but i do believe, at the end of the day, there has been a very sweet understanding with the news media and liberal presidents, that they got along just fine. they don't want that boat rocked.

that boat has been rocked. donald trump is not going to be playing by their rules. melissa: i think go to bigger room myself, let more outlets in. easy to define before abc, cable, too many outlets. >> fine that too. melissa: thank you. david. david: there were hundreds of people at that trump press conference. hundreds of journalists. i don't know how they make room for them all. president-elect may be deal maker this chief but there is way for you to make money on the inauguration speech. we'll tell you how.

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melissa: get ready for inauguration bingo. bookies are taking bets on the exact words tore phrases the new president will use. david: reagan comes in at 1-5.

bigley is 8-1. and one riskier bet is meryl streep. dave he says bigly. melissa: i'm going with beautiful. >> in that last debate he said something truly horrifying, and that was he wouldn't say he would accept the results of the election. he said truly horrifying in that last debate. he said he would not necessarily respect the results of the election. he refused to say he would respect the results of this election. it has never been done before. i have to say, the first thing a