protect us from the downside. any individual investor can do the same thing. liz: mark spellman, alpine funds, great to see you. [closing bell rings] liz: ringing bells. new york cosmos, waste management. nice day for them. not for the markets. leah and david "after the bell." david: good afternoon, bill. >> dow's rocky road. we had been down more than 70. s&p 500 and nasdaq closing in the red. i'm lea gabrielle in for our melissa francis. david: first time. good to have you here. i'm david asman. this is "after the bell." happy friday. we have you covered on the big market movers. first here is what else we have for you at this hour. president trump saying a massive tax plan is on the way. the president will reveal highlights of the plan. what we're hearing could be in it.

the details and what may be left out. congress could be votes on a new health care bill next week. as well and it is all happening under the pressure of a looming government shutdown and the end to the trump administration's first 100 days in office. among your guests weigh in and a lot more, congressman tom reed, is on the tax writing ways and means committee. forbes media chairman steve for example is here. captain chuck nash. lea: gerri willis on the floor of the new york stock exchange. is there doubt any of this will happen? >> that is exactly where i've been boeing at the top of this. it has been whiplash down here. traders trying to figure out what is going on. 50-point hit, increase in stock values when the president said he would giva masse tax t

to americans. guess what, the white house comes out and says, well, maybe not. so we traded backhoer again. whiplash down here. not a lot of incentive to trade going into the weekend to hold these stocks. interesting point we're hearing from traders today, listen to this. the french election, you know it is coming up sunday. a lot of concern whether marine le pen will win, what will happen. these guys have been burned by "brexit" before. they're sitting this one out. we're down 30 points. very neutral day today. let's wrap up some of the winners and losers coming out of this week. amex reporting this week. goldman and ibm. they're also on this list. next week, here is what you will be watching. it is an all-washington week. with tax reform on the table possibly, maybe. health care obamacare repeal and replace as well. that is definitely what we're watching. hopefully we'll get over our case down here of whiplash.

we'll see what happens monday. back to you. >> keep your seatbelts on. thank you, gerri, the president saying this afternoon a big tax announcement is coming by midweek. take a listen. >> we'll have a big announcement on wednesday having to do with tax reform. the process has been gone long ago but it formally begins on wednesday. david: joining me republican congressman tom reed of new york. member of the house ways and means committee. that is the committee that writes the tax bill. what have you heard, congressman? do you know what's in it? >> we don't know details but this is a great sign of tax reform advance to the finish line. david: talk about basics. rate cuts what would you like to see and what will you see? start with individual rates, what will the top tax rate be for individuals? >> you know on the committee we're working hard for years. we're looking to lower rates for everyone. individual side, low end

expanded zero and 12% start and 33% top rate. david: let me stop there. 33% is five, six, seven percentage point lower than what it is now, depending what you add into it with obamacare payouts and stuff. how do you think that would affect the economy specifically? >> i think it would lead to great job growth. it would lead to unleashing of innovation of the american spirit again. this is a great opportunity for us to fix this code once and for all. david: the corporate rate, we have the highest corporate rate in the developed world. what would you bring it down to. >> as low as possible. 20% on the blueprint in the committee. if we go lower i'm for doing that. getting us off the worldwide system to more competitive system be it territorial or what we're doing on boarder adjustment proposal. david: nail you down to specific corporate rate, low as possible, 20%, 15%, what? >> we're talking about originally in the committee is 20%.

but if there is better proposal out there, we'll lead on ways and means committee and lead out of the house of representatives. this is about debate getting low as possible, making us competitive as possible around the world. neil: a lot of us still have headaches trying to figure out filing our tax forms last week which was due. we had a little break. we got three extra days last week. it is awfully complex. eight separate tax brackets. talk about simplification for a while. there is an idea you republicans came out last summer to put it on a postcard. bring rates from 8, down to 3, fill it out on a postcard. you don't have to go to h&r block. are you hoping to get a simplification plan like this is. >> that is one of the pillars of reform is simplicity. expanding the standard deduction, more people taking less do ducks. make it easier to fill out the form. i talk business side on mom and pops. they would rather focus on

business than accountants and lawyers finding paperwork they take hours to do. david: a lot of those mom-and-pop stores, most of them, unless they're a franchised, pay taxes on individual basis rather than corporate rate. that is why it is so important not to just do corporate tax rate cuts. is there a chance though that that might happen, that individual cuts will wait and you will have first a corporate tax cut? >> i think there is a loud voice and i'm part of it. if we're going to do it corporate side of the ledger we need to it door individuals and pass-throughs and rate as low as possible for pass-through individuals and corporations. this is the time. this is the moment. we're going to see this. david: itch to say personally speaking it is music to my ears. it pulls a rug out of democratic argument that republicans are interested in the big corporations, they don't care about the average guy. >> no. we care deeply about the average guy. that's what we're in washington for. that is what i went there to begin with and do the job for. david: most important part of the economy is getting tax rates

lower, that will lead to takeoff of this economy. congressman, we hope you're successful the thanks for being here. come back and see us again. >> look forward to the opportunity. david: lea. lea: we have steve forbes, forbes media chairman, carl rother, entrepreneur and former investment banker. steve forbes, you heard the congressman say one of the pillars is simplicity. you wrote a piece in the "new york times." you said keep it simple. what needs to go in the tax plan from your perspective. >> own corporate side, getting rate down to 15%. that would be great. instant expensing of capital expenditures. having companies to bring back without a penalty, stranded overseas. over $2 trillion there. on the individual sides, not only introducing the rates, getting rid of alternative minimum tax which is horror, getting rid of the death tax, those would be very good for the economy. pass-through businesses, small businesses make sure they bring the rate down from 40% today

down to 20 or 25%. lea: carol, i want to go to you on this. every time we hear commitments from the administration about pro-growth policies we see markets rally. what do you think will happen next week? we're talking tax reform and health care. we have a looming government shutdown. what are you expecting in the markets? >> i think that the markets always trade more on the possibilities than the realities. i think that there is more exposure on the tax reforms not being quite as robust as maybe the market had hoped. that maybe, that health care, there ends up being another miss. so i think markets will remained patient for some period of time, but we do need to see not only some movement but some movement around the level of expectations like steve was talking about, whether a 15 or 20% corporate tax rate. and then also doing all of those things for small businesses that

account for more than half the jobs and half the sales in this country. if we don't get that level of change, i think that the markets are going to react negatively to that. david: steve, not only what goes into the tax package. it is what doesn't go into the tax package that could be important too. we've been hearing about these, i think lamebrain ideas, that is personal opinion, but on adding new taxes. adding a border tax. adding a carbon tax. steve mnuchin yesterday seemed to be pouring cold water on the border tax. he said, and i'm quoting, we're concerned about the border tax's impact on currency. it could push up the dollar which could hurt exports. alternatively if the currency doesn't correct, you have price appreciation and inflation particularly for consumers. so either way it's bad for america. do you think he has it right? >> oh, i'm, that is music to the ears. as you say one of the lamebrain ideas republicans ever came up with on the house ways and means

committee was this 20% national sales tax, this border tax. would raise the price of a car over $2,000. the price of gasoline over 30 cents a gaat lon. raise prices of cost of living for the people who he elected donald trump. to do that is insane. we need money for tax cuts. tax cuts are supposed to be c-u- t, tax cuts. it is our money. they wan print it but can't create it. carol, another idea, gary cohn, close advisor to the president, a lot of people worry because he is from the democratic side, he is liberal, he might favor something like a carbon tax which has been floated by democrats for decades. yesterday he said the carbon tax, i'm quoting him, not in the mix. that was music in my ears. was it to yours? >> absolutely. i think whether it's the border

tax or carbon tax or anything you want to put in front of the word tax, other than cutting tax, that is not anything that the majority of americans want to see and want to hear. i think that the challenge that we have is, we have very smart voices in a gary cohn and steve mnuchin but will, not only the president listen to them but when it ulmately gets to congsscan they execute? david: yeah. >> even though they theoretically have the mandate, you never underestimate the ability for republicans to screw up. david: that's true. >> this is the opportunity to get it done and done it right way. if they don't do it now it may never happen. david: you bring up great points. steve and i were reluctantly agreeing with you on that one. carol, steve, thank you very much. >> thank you. lea: moments ago president trump at the u.s. treasury signing an executive order and two presidential memoranda set to deregulate the financial services sector hoping to boost the u.s. economy. adam shapiro standing by at the white house.

adam break it down. what are the details? reporter: the executive order itself, you might actually say the beginning of the tax reform process. that is how the president is playing this. review of all tax regulation put in place at the end of the obama administration at the end of 2016. in regards to the regulation of the financial sector, two memorandum, up with deals with an issue in dodd-frank with the ability of the federal reserve to unwind as it es called, a failing mega bank. i think most of us will remember that, citibank although it did not fail, need ad huge, over 80 billion-dollar assistance from the taxpayers. unthis legislation, at least regulation that exists now, federal reserve decided we need to take them out. that is part of what is under review. here is what the president said in his own words, what he was signing today. >> this regulatory reduction is the first step towards tax reform that reduces rates,

provides relief to our middle class and lowers our business tax which is one of the highest in the world and stopped us from so much wealth and productivity. reporter: we talk about the executive actions that the president signed within the last two hours at the treasury department. of course everyone is talking about tax reform and the big announcement on wednesday. an official from the administration tells fox business, this is a quote, they plan to announce broad principles to begin formulating legislation of the so a lot of people are eager to see what those broad principles will be, lea. lea: yes indeed. the president saying dodd-frank did the opposite what it was supposed to. getting the ball rolling on deregulation. adam shapiro. david: this is a week coress vacation ingsre moving. investors bracing for so kind of an impact ahead of sunday's elections in france. >> i will watch the elections on sunday night. it will have a dramatic impact, as you suggested the far left,

the far left candidate and far right candidate are final two and two center people are out. that would be a bad outcome. david: steve, of course, terrorist attack in paris yesterday, the panel is back, they were so good we held them over for another segment. the terrorist attack gives more credence what marine le pen is talking about on the campaign trail, how you have to close the borders and tighten up. what happens if she wins? >> the first round nobody will come close to 50%. the question is, who will be her opponent. if it is that extreme leftist, france and europe will be in very deep trouble. larry fink will be absolutely right. that has the market on tenterhooks. if it is one of two centrist candidates, that candidate will win. france will have a chance to get back on its feet. one of those is by french standards, pro-market, tax reform and regulatory reform.

wants to get france back again. david: we heard all the dire predictions with "brexit." remember those? that the market would collapse, . would collapse. didn't happen. we had a "brexit." theresa may took over, she is committed following through with it. might the same happen if marine le pen eventually becomes the president, might the markets manage to digest it without much of a problem? >> absolutely. i think you have to look are you a trader or are you a long-term eninvestor? also are you an investor in the u.s. markets versus the global markets? if you look at "brexit" the fallout in our market lasted for an entire two days. if you look when trump was elected, the futures were down huge. by the time the markets opened they had turned around. we have an incredible ability here in the u.s. to digest the geopolitical issues. i think if that does happen, gives more credence for people wanting to invest in u.s. markets. i think maybe market, european markets have more at issue. in terms of what that means for

our own investment. i would anticipate it would digest in very much a similar manner. david: we will see. carol, steve, thank you very much. for more of maria's interview with larry fink, tune into "wall street week" tonight 8:00 p.m. eastern here on fbn. and you can catch steve forbes and me every weekend. we have a great show lined up for tomorrow, 11:00 a.m. eastern on saturdays on fox news channel. 7:00 a.m. eastern on sunday on fox business channel. lea: we'll look for that. veterans may have to pay a fee for one benefit they get for joining the military. david: an american charity worker free after years in an egyptian prison. who she had to thank for that? just shook his hand. donald trump. lea: a gunman opened fire at popular tourist spot days before france goes to the polls.

what needs to be done right now to combat these acts of terrorism. >> people across the globe are tired of these random terrorist attacks take the lives of people and very tired of politicians who won't name it, won't address it, won't take a hard-line against it. that's why there's biotene. and biotene also comes in a handy spray. so you can moisturize your mouth anytime, anywhere. biotene, for people who suffer from dry mouth symptoms. wheyou wantve somto protect it.e, at legalzoom, our network of attorneys can help you every step of the way. with an estate plan including wills or a living trust that grows along with you and your family. legalzoom. legal help is here. this is a strategyis, fi'd recommend. this actually makes sense. now on the next page you'll see a breakdown of costs. what? it's just... we were going to ask about it

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david: we have some breaking news. wells fargo one of the businesses fallen victim to major power outages in san francisco after a fire at an electrical substation early this morning that forced them to close 13 branches, four office buildings. that power outage seriously affecting businesses all over the san francisco area. lea: another story we keep you update of live pictures of paris as police officers and their

families holding a vigil. we'll look at pictures. they are marching to the eiffel tower passing the seen where an officer was killed on thursday. we have new development as terror strikes in the heart of paris. this time just days before france goes to the polls to pick a new president. the paris gunman carried a note defending isis when he opened fires on police officers on the champs-elysees. the note praised the terrorist group and listed security sites according to the french prosecutor. fox news spoke to an american family earlier today who witnessed the shooting. >> we saw the shooter with the gun. he started shooting bullets in the air. the police were in the street. so, very terrifying moment. >> had he shot the policeman already? >> we saw a man go down, okay. >> you saw a man go down? >> we did. >> he did this. it went this direction. i saw him move it. i could see very clearly the machine gun.

>> unbelievable. >> we knew it was a terrorist event. we knew it was attack. lea: when the bullets flew, the family ran for safety. you can only imagine what it was like. david: how this could affect a really historic french election this weekend. that could be more for the future of europe than "brexit". marine le pen opponent of open borders and is now within reach of the presidency. fox news's rich edson is standing by at the state department. i'm sure he would rather be in paris covering all this but he is at the state department. hi, rich. reporter: good afternoon, david. there is substantial security relationship between the united states and france. the results of this election could very well change that the way france interacts with the united states and the european union and redefines what the european union is. when you look at the security relationship between u.s. and france, france is a member of nato. it's a permanent member of the u.n. security council.

it is on top of that helped negotiate iran nuclear deal, fight isis. if you look at the top four candidates right now running there, two of them have spoken openly about leaving nato and the european union. two others want to boost france and european union own military, so it doesn't rely so much on the united states and nato. three are in favor of closer ties with russia. a quick run-down of the top four. there is marine le pen. she wants to dramatically slow immigration. withdraw from international liances. june luke medical lenition. fillimports to the united state. excuse me, 45 billion to the flights, 45 billion to exports to france.

on one of that, up with analyst says this could have, election could have severe economic consequences to the united states. >> both jean medical lenition and marine le pen talk about the the -- default on its sovereign debt which would proffer a financial crisis on scale of much bigger than the one we saw in 2008. reporter: past two u.s. presidents are also talking about this election. president donald trump saying marine le pen could benefit from the attack yesterday because she talked about security. president trump did say he is not endorsing her. earlier this week, president obama spoke with emanuel macron. spokesperson for obama said there was not an official endorsement. they only talked about european issues. david: no matter what they say it will have some kind of

reverberation inside of france. rich, thank you very much, good stuff. rich edson. lea: violence escalating in venezuela. protesters flooding the streets as political crisis worsens. the devastating details coming up. plus the president is quickly approaching his 100 day mark in office. how does his progress stack up against his predecessors? ♪ finally. hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

>> a report card from the press. president trump bracing for the media response as he approaches the 100 day mark of his presidency. trump tweeting quote, no matter how much i accomplished during the ridiculous standard of the first 100 days, and it has been a lot, the media will kill. here guy benson, townhall.com political editor. he is also a fox news contributor. capri cafaro, former democratic ohio state minority leader. guy, start with you.

many see the first 100 days as a bellwether for the president's ability to govern. is he right, it is a ridiculous standard and where will he fall out? >> i think you can make both arguments. the first one hi days is a bit of a media construct. presidents accomplish a lot beyond their first 100 days. he is calling that out. there is plenty of time to go. let's not obsess the first 100 days. he himself referred to that standard early in his presidency and shortly after he was elected. we'll get a lot done very quickly with republican majorities. so far legislatively that has not come to pass. it cuts both ways. lea: not legislatively. he has taken a lot of executive actions to roll back obama era regulations? capri, do you think that will be recognized or how will he be graded? >> beauty is in the eye of the beholder, if you will. some will try to point to, for

example, the nomination and confirmation of justice gorsuch as a victory, as well as some other executive orders showing he is trying to take action. but at the end of the day, as guy said, president trump, even before he was elected, basically did the speech in gettysburg, this is what i'm going to do in the first 100 days. he set that bar for himself. what i think president trump is met with, the fact government does not work at the speed of business. i think a lot of things he thought would be easy to do because republicans control both chambers of the house and senate as well as the white house, things would sail through. i don't think he banked on some of the other roadblocks he would get when he finally arrived in the swamp. >> that is a great point. he is an executive. he brought executives into the administration and this is big bureaucracy with a lot of moving part. he will be criticized on health care.

look at executive orders how he stacks up against former presidents. president trump signed 25 executive orders in his first 100 days. 19 for president obama, 11 for first george bush, 43. critics slam trump for not taking action, do you think these numbers prove them wrong? do these executive orders matter in that sense? >> well, partially. you have to define your terms here though. if you're looking accomplishments, signing something as an executive order, some are saying we'll make a plan to do something else, you can say that is achievement. some have been more impactful than others. he is well within his rights for the most part to be doing this, but the larger questions are what legislation is passing? what are some lasting things he is getting done. executive orders as president obama learned can be undone with the stroke of a pen when the next guy or gal shows up. that is why i think the more lasting, the stuff that will be with us for a while, he has

signed a number of bills passed by congress on the congressional review act which is a way of undoing last minute regulations from obama. those are legislative accomplishments that the president has signed into law. and also, i think we heard before, it is true, justice gorsuch is a massive accomplishment from this president, probably the biggest one of his first 100 days. lea: that is so true about justice gorsuch but, capri, going back to you, the legislative accomplishments, or some say lack thereof, is one of the points that will be criticized for the trump administration so far. >> of course. lea: do you think congress will be blamed at least partly when they look at the legislative accomplishments at this point in the game? >> well i mean i think, they do shoulder at least some of the blame. look at speaker ryan. i think again, here is an individual somewhat new at his role as speaker. i don't think they were truly

prepared for the acrimony between the freedom caucus and the tuesday group. that has been part of the problem. the lack of ability to be bring those factions of the republican party together towards a common goal i think is partially, at least the house's fault. the senate frankly i think mitch mcconnell and others they delivered on the appointment not only for the supreme court, most of the cabinet. they seem to get things done a little easier on their end, even if it brings "nuclear option" for example. the house continues to be in disarray, part of that is lack of direction from the white house because there seems to be a lack of understanding from some of the finer points of policy. so you know, it is one thing to say we want to do this great health care deal. it is another thing for the administration to say, this is what we will accept, this is what we won't. provide a partnership with leadership of the house. lea: first 100 days has gone very quickly. we'll see what they are able to accomplish next week. thank you to guy and capri. david: there is always learning

curve particularly if they're not politicians controlling the white house. why more millenials are living with their parents and not their spouses coming up. lea: how last night's deadly attack could impact the outcome of the french election. what it means for the u.s. that's next. >> this is the latest reminder that terrorism can strike anywhere, at anytime. don't let dust and allergens get between you and life's beautiful moments. flonase allergy relief delivers more complete relief. flonase helps block 6 key inflammatory substances that cause all your symptoms, including nasal congestion and itchy, watery eyes. flonase is an allergy nasal spray that works even beyond the nose. so you can enjoy every beautiful moment to the fullest. flonase. 6>1 changes everything.

david: news all around the

united airlines controversy where of course a passenger was dragged off a plane. now it is having a big effect on the future of its ceo. united saying ceo oscar munoz is no longer expected to take on the chairman role in 2018. that is what they had planned but no more. the company says it is leaving future determinations related to the discretion of the board, but he won't be the chairman. lea: voters on edge in france following the paris attack with just three days until the country's presidential election. president trump said it could change the outcome of the vote, tweeting quote, another terrorist attack in paris. the people in france will not take much more of this. it will have a big effect on the presidential election. does he have a point? here is captain chuck nash, retired u.s. navy captain, fox news military analyst. nice to see you, captain nash. >> nice to see you, lea. lea: what do you think of president's trump's tweet, changing outcome of election?

>> i think it can't but help have an effect on the election. people in europe, not just france but europe think the government is foolish bringing in cheap labor, mostly made up of people who have goals and aspirations and a culture that is totally antithetical to the host culture. multiculturalism does not work. it just doesn't work. so, france is among the countries in europe that are looking more toward a centrist or a right of center political solution because those are the politicians who are talking about trying to get this under control. it may just be too late. lea: so i have been looking at some of the numbers in terms of terror attacks in france, in 2015147 people were murdered. it was the "charlie hebdo" murder and bataclan. bastille day last year, 86 people murdered in france.

marine le pen, hard-line security candidate is calling to deport all foreigners on terrorist watch list. is this realistic? if elected is this what the french voters want? >> i think what is happening is, they have been boiling thing from, lea. you know the old analogy, if you want to boil aing from, turn the heat up slowly and thing from doesn't realize it, pretty soon thing from is cooked. throw the frog in hot water it jumps out. they have been taking this drip, drip. if they elect le pen, it will be principally because of this issue. if that is the case, yes the french could do that. this guy last shooter, is a french citizen. he was born in france from immigrant parents. the stupidity in all of this, that the guy was serving a jail, 20-year jail sentence for trying to kill police officers. he was sentenced in 2001. they let him out after 15 years. they picked him up two months

ago in february because informants told the police that he was trying to get weapons to kill police officers. and they questioned him and let him go. two months later he got weapons and killed a police officer. lea: yeah. it is such a sad story. when we're looking about national security, i actually want to transition to talk about our national security and our troops here at home and some of the benefits that they receive. right now there is talk about taxing our troops. a congressional proposal that could charge our nation's heroes to enroll in the g.i. bill benefits. that is benefits that offer full tuition to a four-year college. this proposed plan would deduct $2100 from future servicemembers paychecks to establish eligibility for post-military education benefits. captain nash, i want to go to you. e-1 makes 1500 bucks. that is reduction in their salary. what do you make of this?

>> that is a steep ask especially for junior enlisted. there have been multiple variations of the g.i. bill, which the montgomery bill started right after world war ii. there was the vietnam era g.i. bill. then the post-9/11 g.i. bill. all have some commonalty of 36 months of coverage, up to ten years after you served. some of the later investigations of this had a military pay contribution toward your educational program. but raising it now, when the troops have been deployed time and time again, you're talking about some of the ground troops, lea, have five and six deployments to combat zones, and we're riding these kids hard and putting them to bed wet. now is not the tile to add a tax on to their programs. lea: you know, the people who are proponents of this say that they need to fix the g.i. bill program, make it better.

well, as you mentioned, these are the young people who sign up to face our enemies on the battlefield. they sign up during a time of war. i think it is time to fix the g.i. bill and find the money somewhere else. captain chuck nash, thank you very much. >> my pleasure, lea. david: you make a good point. reality of socialism hitting hard down south. how the escalating violence in venezuela could cause a crippling domino effect. that's coming up. ♪ and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis.

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david: violent protests continuing in venezuela. 12 people were killed overnight. the day after general motors said the government seized its manufacturing plant. that put 2678 workers out of work. here is vanessa newman, foreign policy research institute senior fellow. vanessa, you always hear from socialists they're for the people, for the people.

lessen to the statement by gm. they came out with a statement, saying as a consequence what the government did gm announces immediate cessation of operations in country, payment of separation benefits payment of the employees' separation benefits arising . they always hurt the people. >> they do. asymmetrical war advising businesses. transportation sector, considering when is the right time to come into venezuela and they pulled back because of this. they saw unrest coming. we saw the unrest coming. and the ability of the government to still seize things. some people are still transacting business into it but nobody wants to own a plant anymore. david: you know, it didn't just start with chavez. >> no. david: long before chavez, back in the 1970s, carlos perez, he was a socialist. took over the oil companies. there were a lot of foreign oil

companies there. >> yep. david: the ball started rolling a long time ago. 1970s. he ran the oil companies into the ground. oil companies of venezuela used to be terrific. he put his cronies in. subsequent presidents put their cronies in. you had the cronies didn't know anything about the oil business involved in the business. >> exactly. at the time when venezuela nationalized oil in 1976, it was a spectacular oil company. it was one of the best-run oil companies on planet. david: it had been private. >> it had been private. you had best of talent with the brits, americans and the dutch. as that personnel left and attrition personnel management went down. the real turning point in 2002 the oil stops producing trying to get chavez out. chavez cleaned out and kicked all oil men out and privatized pedevesa.

david: one of the most oil-rich countries in the world, people eating out of garbage cans. people literally starving to death despite their oil. >> it is worse than that you see the oil business is being used against the people it was meant to save. it was supposed to be supporting the venezuelans. it's a giant kleptocracy. it bought influence in other countries that are enemies of the u.s. it is still making donations to political campaigns to stop sanctions being imposed on it. and the people are continue to starve. david: yeah. socialism, at its finest, right? venezuela. thank you very much. >> thank you very much. david: great to see you. lea: david, two americans are finally home in the u.s. after three years in an egyptian prison. ayaw ayahija-zi arriving at white house.

president trump oversaw the negotiations with the egyptian congress. david: congress is almost ready to go back to work. watch out, folks. details what their number one priority will be. ♪

lea: breaking news. san francisco hit with a massive power outage. up to 87,000 customers are now without power. that is affecting neighborhoods including the financial district. wells fargo said they closed 13 branches and four office buildings in san francisco because of the outage. there is no immediate estimate for when the power is coming back on. reuters said it started 9:00 this morning. david: we wish them well. americans are eager for tax reform. president trump earlier this afternoon saying there will be a big announcement on tax reform this wednesday. here is chad pergram, fox news

capitol hill senior producer. you know one thing that this points out, chad, all the talk that we heard, most of it coming from paul ryan and his group, saying you had to have health care reform first, i am just wondering if that is true? "the wall street journal" by the way says that is not true. budgetary savings from the health bill don't get plowed into attacks bill. the lack of a health bill wouldn't necessarily change tax bill math. there is no requirement that the health bill come first. how do you read this? >> that was always the criticism of the original ryan health care plan, that it was more of a tax provision teeing up what they would do on taxes down the road. nobody said they had to do these together. the president said a few weeks ago on an interview on fox. to make it easier, you need obamacare revenue to make tax reform easier. until you have legislative text, white papers from kevin brady, chair of ways and means committee from texas, you don't really know.

he will have hearings next week. david: do the trump folks, trump team, feel misled by paul ryan on this? >> some people are trying to see what works. what i get the sense people on capitol hill on the republican side of the aisle and white house are talking past each other. they're talking past each other on health care. they're talking past each other on keeping government open which happens in a week's time and tacking past each other on taxes. 100 day is next week and there is anxiety on republicans because they can't delivery, you say they're talking past each other, not today, at least not right now. i talked to tom reed. he is on the ways and means committee. he writes the tax bills. he is very excited about what the president said about taxes today. let's play his sound bite to get you to react? >> i think there is a loud voice. i'm part of it. if we do it for corporate side of ledger we need it for pass-thrust and individuals.

get the rates as low as possible for pass-throughs, individuals and corporations. this is the time. this is the moment. we're going to seize it. david: that is pretty much what the president said today. >> they said that about health care reform too. maybe they get there. these are big meddlesome issues. that is why they're hard to do. sean spicer, white house spokesman i will not talk about the nature of tax reform. we'll put out a general framework coming days. but a general framework is different than text. david: you have to forgive chad pergram. he has been in washington long enough to be cynical. you earned your stripes. chad knows it more than anybody else. we wish he had more time. >> likewise you too. lea: now there is this. landed of the free rent. if you have a grown-up child living on your couch, you are not alone. ♪

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reporter: more than a third of millennials live at home with their parents. david: they are neither working nor in school. lea, that was a great hour. this woman can lands a fighter jet on an aircraft carrier. risk and reward starts now. >> to be grossly generalistic you could put half of trump supporters into way call the basket of deplorables. right? racist, sexist, homophobic. xenophobic, you name it. liz: democrats still have not figured out you can't win over trump supporters by insulting them.