stuart: speaker pelosi just wrapped a weekly press conference. she ignored a question. she was asked if she would send the trump impeachment articles to the united states senate. she did not answer the question. they are trying to work out when and what to do with impeachment. time is up for me, neil, it is yours. neil: i love your mail segment. there was a time years ago, 3 minutes there was no sound coming out and my ratings were the highest they had ever been. [laughter] stuart: well done. neil: it is true. we are going to try it now. all right. thank you, have a good weekend. it really did happen. everyone said we can't hear

him. i tell my wife to quit emailing. the stock market has to do with people and examining the joe biden stimulus plan, $2 trillion, 1.192 trillion to be precise. know a lot of people said they will likely cut it in hand. $1,400 more with stimulus coming to most american families. we have not seen details but that is on top of the $600 that has artie gone out, higher unemployment benefits and the like. from getting thrown out, markets and homes, we are monitoring that and also the plan nancy pelosi touched on to keep the capital safe in the

inauguration, up to the inauguration and a big day itself and the days afterward. a lot of people, on foxbusiness. the man was the raging agent who brought order to the new orleans area, he's now going to return, a lot of people cannot think of a better choice to make sure order existed no funny stuff that goes on. let's get to susan lee and how markets are digesting this, to sort of confirm some notion as the market has crapped a tad. >> i will tell your wife to write in those letters, the first down link for the s&p,

the biggest drags today, the financials and industrial materials group but on the flipside some winners, facebook recovering from $50 billion in losses, top pick for the year, in spite of $1.9 trillion stimulus plan, $1,400 checks, extra $400, $15 minimum wage, $350 billion and state and local government, and extra child tax credit. stock markets like the number but were a bit spooked when they heard biden talk about paying your fair share and there are fears of higher taxes down the pipeline. progressive congresswoman alexandria ocasio cortez not entirely happy saying $2,000 means $2,000. $2,000 does not mean $1,400. it is a lot more money to spend for us consumers which powers 2

thirds of the us economy. retail sales flipping a bit, telling us foot traffic walking into the stores, big drops for department stores, electronics, good for food and beverage places and home improvement gardening goes up. banks reported as fantastic quarter and getting sold off and reaction, you buy on the rumor and sell on the news, jpmorgan, citigroup kicking off the bank rollout, jpmorgan reported its best quarterly profit in its history. wells fargo did better-than-expected. citigroup had its best every 3 months for investment banking. jpmorgan, jamie dimon's ceo, could have a very healthy economy by the summer months.

and >> we always knew joe biden's intention, and it will amount to $11 billion, and it seems people are pouncing on that. these banks, and it is countered by the fact of putting money in reserve in case of rising bad debt and improving economic outlook. it is counterbalanced by good and bad news. neil: doing a great job as always. follow these developments, she does not stop. danielle martino booth has been warning about it. looking at the stimulus plan,

it is a given we will see spending given markets generally today notwithstanding but in this case it will be more spending combined with higher taxes that could wallop that going back to 28%, not that 35% it was before donald trump cut the taxes, still $11 billion more for banks in the aggregate. it will be tough to swallow. >> it is. we have to bear in mind the stock market has been on a tear for years now. a lot of the earnings momentum going forward is predicated on corporate taxes not rising. when the obama administration after the great financial crisis started it was unseemly at the time, inappropriate given the fragility of the economy to talk about raising taxes and yet here we are today.

with three months of negative retail sales with 1.4 million americans, pandemic and employment assistance and regular state claims claiming unemployment insurance benefits for the first time. it seems like it is the wrong time to be discussing raising taxes. we want goldilocks, to have our cake and eat it too, we want spending but no new taxes. neil: reading barack obama's book the timing of delaying those tax hikes, he seemed to regret that there was enough improvement in the tax hikes target the wealthy, the risk was relatively minor. now i wonder if joe biden seizes on the fact of the run on the table with the senate

and house and pushes through the tax hikes anyway. nothing to indicate he will pull back on that but what do you think? >> i think there's kind of a step process. he the stuff, democrats and republicans will be on board with certain parts of that. raising taxes is the tough part of the equation. i don't think that is spooking markets today, not just able market for years but since election day the s&p is up 18%. a lot of good news is discounted in that. raising taxes will be 2022 story but markets will price that in more mid 2021.

neil: you follow the fed closely. the read i got from jerome powell is nothing changes on my part, on the fed's part, still a backstop, don't look for rates to be hiked anytime soon, very accommodated will remain the case. what did you think of that? >> jay powell is the announcer at the masters, very calming. the fed won't do anything, won't make any waves, make sure everything stays nice and easy. that is good and well but markets yesterday were called by jay powell for a moment in time and then got a little worried because of the fact that he is saying that we are going to monetize everything, whatever uncle sam wants to spend and assume there's been no inflation but there will not be any inflation going forward even though we are contemplating deficit spending and magnitude this country has never seen. neil: it would be great if he was in an announcer at a wwe event.

that is my impression of that. let me get your take on what we are looking at as joe biden gets ready to take office next week. way out the first hundred days was a very aggressive agenda. he wants to redo the affordable care act, get the guarantee back in the republicans stripped away. could be easier said than done. how will the markets digested? >> it is a very busy agenda and throw in the vaccination. we need to get distribution. there are some bumps in the road. that should be job one, priority focus on getting the vaccine in people's arms and everything will play out. markets, not calling for a

trend change but we moved pretty far. what danielle said, the fed is equally as important as the administration. it is what can we do for reconciliation, the traditional order. nothing is going to be smooth over the next hundred days. >> interesting to watch. we will hear from you more a little bit from now. the former microsoft coo. even though it doesn't apply to microsoft we've seen social media companies taking it on the chin in their market value by taking away anything having to do with donald trump were those who praise him or his

policies, they lost tens of markets of market value. is this overkill? not so much what companies are doing but the market reacting. >> you will see the ups and downs as the use companies go through being assaulted by the ftc, the doj and state attorneys general. they will have a wobbly time but by and large there is a confidence underpinnings this, there is a believe the antitrust laws are antiquated enough that even though it might be easier this time compared to when microsoft, easier to prove consumer form might be going on but still the market is getting serious about

the fact that it will be a long battle between the government, various governments, and the controversies they should be taking off their sites or putting it on their site or leaving it on the site and that is going to go on at 9:00 pm because they are a publication nobody has controlled their content, not even them. neil: i don't want to get into political pressure, long before the back-and-forths about the content, and raining growth under control among social media concerns they've gotten too big, to be chopped up or broken up and all of that,

microsoft dealing with a big body below, high-ranking the cloud over you for years. i wonder if that will cast a cloud over these stocks. >> it could will be. being attacked by the ftc, doj, being attacked by 1000 leeches, they suck the energy out of you, companies plod along during the period, make no bones about it but a lot of management time must go into lord knows what we're in for now and what do we do about it and all these reporters and you get into this knee reaction mode, what happened this afternoon, it sapped the energy

of these outfits. neil: we are well aware joe biden intended to raise it 28%, but definitely higher, the banking industry will cost 11, $12 billion, haven't crunched the numbers for the technology industry. i am sure you would know as a former coo, you punch these expectations and numbers to get an idea where you stand and i don't know if investors know the degree of that hit yet. >> hard to estimate. what goes into effect if they do increase that, tax lawyers are very important again. and in regard to given how we

are doing things today, and help offset these new taxes, wheels get put in motion when tax changes happen, a lot of smart people, work every angle possible and should be to serve their shareholders in a way they do something, they sit here and take it, 7 or 8 years ago, the final final reduction of the tax rate, a lot of companies leaving the united states in terms of homebase domicile. they made it harder to do that, increase corporate taxes and

there are ramifications, just not straightforward calculation. neil: money can move. the microsoft chief operating officer, 223 points. whether new york city mayor bill diblasio is saying facing major budget problems.

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stuart: andrew yang they not have made it to the white house but maybe city hall, very close right now. just getting all the campaign apparatus together to run for mayor of new york city and do what bill deblasio is doing.

a lot of people say it is all up from there like bill deblasio who is universally hated by democrats and republicans. it is an uphill fight because there's a lot in that fight. it is a crap shoot. >> andrew yang announced he is running for mayor on his 40 sixth birthday but also providing a scaled-back version of universal basic income for those new yorkers most in need. what that plan would consist of his $2,000-$5,000 for the almost half 1 million new yorkers in extreme poverty. a plan like that will come with a hefty price tag to the tune of $1 billion per year. how is that going to be paid for, cities across the country are reeling from the pandemic especially metropolitan cities

as high income earners are leaving for lower taxed states. how will you pay for it? universal basic income proponents say it is a handout and we should be focusing on how to get people back to work instead. >> the idea is people on stuart: to to work and have an opportunity to work for that income. >> reporter: there is support for universal basic income. you have the president of atlanta's federal reserve saying guaranteed basic income should be a conversation we should continue to have an president-elect recently released a stimulus package that will provide an increasing checks for americans was i asked yang's team, they did not tell me the details but they, the hefty $1 billion price tag for such a program.

neil: we will see what happens. the idea of providing income for people at a certain level, the understanding when andrew yang was running for president, it paid for itself, with they will spend it at not just stash away, it will have an immediate bang for the buck and smaller scale in the nation, the biggest city we shall see. we have daniel martina booth. what about the way it pays for itself? that is what he is arguing when running for president, seems to be making a similar pitch running for mayor of new york city. what do you think? >> it is met with good intentions. i'm not sold on it. we are seeing the seeds of universal income being planted nationally in response to covid, giving people money directly. how we pay for it is the hard

part of the equation and people will spend it. i am a little frustrated. is that part of the societal state? what if they blow it in the first week, what happens after that. it sounds easy on paper but hard to implement. julie: others are seeing what they do, the understanding being it will goose the economy in the quarter, the year it is handed out. for the people who get it, it is sort of a 1-shot wonder unless you make it a permanent or annual thing but what do you think? >> they tried universal basic income in finland for example and found the people were much happier because they had enough

money to live on and didn't have to work. what happened in finland we should learn from and the unemployment rate was not improved, productivity was not improved, economic outlook was not improved and you add one check after another because you effectively make people dependent on this form of assistance. i would go to new york, those business trips are not happening any more. i miss new york terribly but along the way in all those travels there would be times the taxicab fell into a pothole big enough to swallow it up. a lot of work can be done in this country and more integrity people have when given the opportunity to work, you have this blue wave in congress why not take the opportunity to set the president and fdr public-private partnership and get infrastructure going on to give the dignity of working instead of teaching and live

off of handoffs. stuart: it seems to be percolating around the country, the governor of california looks at options, the mayor of los angeles and other places where they are looking to do this so it is something we can't ignore as well as a push to the biden administration. despite the cases you have seen in new york and new jersey some startling numbers. the epicenter for all of this despite the fact that 3 different vaccines are out, a fourth could be on the way, johnson & johnson supports a windows strategy here. a fraction of people i getting it so how do you roll it out so more do?

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neil: a notion that we are forced to wear masks right through this year, won't going to go away. do you think that is the case? >> i have a different outlook than the rest of the medical establishment. april willceleration because the medical community has undervalued community infection. we will hit natural immunity and vaccinated in the unity by april. neil: some light at the end of the proverbial pandemic tunnel and things will start improving and cases will start easing in april or may of this year. i wonder if my next guest agrees, former health and human services chief medical officer

at stanford university medical center. the doctor is a real smarty-pants. thank you for taking the time. do you agree that we might be rounding the bend or things picking up with the increase in vaccinations and the like so by april or may we could see some light here? >> good morning. thanks for having me back. appreciate it. this is something that we hope for to see large-scale immunity so that we can definitely can come back closer to normal and we are currently. hard to say when you look at the numbers right now, the depths and hospitalizations the last two weeks it seems worse but we are in the higher season for covid and as predicted we expect it to surge and my hope is the vaccine efforts increase so we can actually see some of that both natural immunity develop as well as immunity

conferred from the vaccine. we have to step up our efforts. neil: are patient with my idiotic questions. how long does immunity last? a lot of people feel once they get the vaccination it can't touch me but it isn't that simple. >> i wish we could be bulletproof but just like the flu vaccine which we get every year it is a limited time immunity that we are given for several reasons. just a few months, that alone is enough to give us a head start as we continue to cope with the pandemic. we also know there is a natural genetic drift with viruses and we see a variant out of the uk

and that seems to be still responsive to the vaccine it is feasible new mutations could alter the efficacy of these vaccines. it remains to be seen but the audience should take away that if they get vaccinated that is a great thing, important to do, but science will be telling us how long because that is being currently studied as people have gotten the vaccine during clinical trials and there will be better numbers on that soon. neil: very good, we appreciate that. we will get through this and thank you for that. the market is down right now. there is a little attention ahead of the inauguration,

upwards of 15,000 national guard troops, the latest from jennifer griffin who is looking at how secure they want to make the capital to the deck of all but locking it down. ♪♪ american spirit ♪♪

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neil: they are taking nothing for granted at the nations capital, increasingly locked down, trying to do anything and everything to avoid the craziness we saw last week. mark meredith with the latest from washington. >> nancy pelosi talked about what is going on in the capital. she might talk about sending over impeachment articles to the senate. instead she didn't make any such announcement but she did site the need for donald trump to be held accountable. >> wednesday to wednesday that president was impeached in a

bipartisan way by the house of representatives. so urgent was the matter, they are taking this to trial, and you will be the first to know. >> reporter: it is unclear with the senate schedule will look like during impeachment trial, there are numerous biden nominations the senate has to deal with. what schedule senate leaders adopt, the speaker has tapped 9 members of congress to serve as impeachment managers handling the case including notable names, maryland congressman jerry rapkin, eric swallwell, all on the list. the president did not say much after the house impeached him for a second time, he simply asked his supporters to ease tensions, calm tempers and promote peace. the president will not be

sticking around dc once he leaves office. he is expected to leave january 20th, head down to florida but it is unclear what his defense will look like in the senate or how involved he will be in this. so many questions, so unprecedented that a president would be tried for impeachment after being out of office. neil: thank you very much for that, following these developed very quickly as is jennifer griffin, you would point out there were more of them than in afghanistan and iraq combined. the numbers get bigger. what is the latest? >> we've seen troops flowing into the capital the last few days. pretty quiet behind me. even above that 21,000 number it could go higher for more national guard being requested authorized to come to the capital. we learned the inspectors

general of the dod, doj, dhs and interior department are investigating what went wrong, security at the capital. the fbi is telling us online chatter is at an all-time high. it is continuing in the wake of the january 6th attack, going on across the internet in open for him since before the large pro trump mob stormed the capital on january 6th. >> we have identified 200 suspects. we know who you are if you are out there and fbi agents are coming to find you. >> reporter: doesn't have been charged in connection with the death of the capitol hill policeman. we are getting that from the justice department. one reason for the security

buildup, the fbi, secret service and others are alarmed by calls to bring weapons to washington dc, for an armed protest this sunday at noon. the feds are waiting for them. protesters -- and wreak terrier was on january 5th. last night vice president mike pence was at the capital walking the line of national guard. >> thank your families as well. being here at the capital providing level of security that will make it possible for us to have a historic transfer of power, thousands and thousands men and women in uniform will make it possible to have a safe inauguration.

>> reporter: 7000 national guard in dc. the rules of engagement than a week ago, when they were traffic cops. they are preparing for a mass casualty event just in case. >> if there were a major event they can do very high skilled search and rescue, also they can do it in a chemical, biological, nuclear environment. >> we've confirmed the biden transition team and inauguration preparing committee had to postpone their practices, what they are doing to prepare for the inauguration sunday due to that threat of an armed protest in washington dc.

neil: a bulletin from the irs a lot of people very organized, getting all their tax stuff together and the irs now saying pushing back the beginning of the 2020 tax season to february 12th. all you early birds, won't do any good. more after this. excuses. we're all guilty of making them. those are advanced poses. that's why at cvs, we're making not making excuses a little easier, with the vitamins and supplements you may need. now get a $10 gift card when you spend $30.

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how? they went to golo.com. now it's your turn to lose weight quickly and easily with golo. head to golo.com now. that's g-o-l-o.com. neil: when i first heard this story, that can't be. you tell a third-grader go blank yourself in your class along with your peers and get this assignment back to me but that is what is going on in some california schools. william gets through the nonsense, this sounds nuts. what is going on? >> reporter: this is part of a larger mandate to teach ethnic

studies in college and k-12, history taught from the point of view of minorities based on race, class and sexual orientation. this course was taught at a highly rated predominantly asian american and white public school in a wealthy area of san jose. according to course documents a teacher asked third-graders to examine their racial and sexual identity and rank themselves according to their power and privilege for being white, middle-class, christian, able-bodied and english-speaking. another slide asked students to identify the benefit of being part of a dominant culture and had them read from a book looking at 50 activities to support antiracism journey. students had to write and as a describing the power of privilege, another assignment asked third-graders to explore transgenderism and non-binary sexuality quoting from the book i used to think everyone is either a boy or a girl but now

i know gender is something you get to choose. it could be the same sex the doctor assigned to you at birth or it can be different. confronted by parents, the principle back to down saying to fox news, quote, the district cannot comment on personnel matters but would note when the matter was brought to the district's attention in december it investigated the concern and miss with any parent who raised the concern. the state is about to publish a k-12 ethics studies curriculum that ♪♪ elevates the stories and voices of african, asian, latino and native americans. back to you. neil: that might be well and good with high school students and all but in third grade, 7, eight years old. >> you are from a different era, it might be a little different. neil: i worked uphill both ways, it was a different time.

i am in a different era. in the meantime, the progress we are making on that. a lot of people i leery of taking the vaccine. dollar general, willing and eager to get you to take it and will pay you for taking it. i think it is good to have you back on. this is trying to promote the idea and incentivize you to do it and we will order you to do it. what do you think? >> it is corporate america doing the right thing. people i leery of the vaccine that was developed very quickly but it is important people take it. corporate america is not trying to jam this down people's throats or in people's arms, they are creating an incentive in difficult times, creative

leadership comes up with helpful and positive solutions. i think it is a great idea and they should be commended for it. neil: people have concerns with vaccines and i see where companies are coming from. we have the pandemic still raging out of control. we had one of our most tragic weaves -- weeks of death since this started. i get that but this is a step in that direction but what do you do about people who resist it? what is the company's choice? what are the options? >> great question. this is a great corporate initiative to try to encourage people away from that fork in the road under federal law, clarified by the feds in the last 10 days. companies have a right in this emergency situation to tell these individuals getting vaccinated is a precondition

for return to work, with two narrow exceptions, religious exemption and disability accommodation. companies have a right to acquire this and if people don't take it subject to those convictions their employment could be terminated. neil: school systems could require that, required to take this but there will be people who resist. i am getting way ahead but was would be the punishment for those who refused in light of being ordered? >> ultimately at the end of the day in the business world they face termination, on the flipside we should note companies also face liability exposure and risk if they don't

take reasonable and prudent action to do everything they can within the realm of reasonableness to get everybody vaccinated particularly important not only when talking about business but when targeting the food industry you not only need to keep your workforce safe but customers safe. the waters being navigated right now, they will navigate through this as we push through this difficult virus. julie: good catching up with you. the dow 90 points. we paired a good deal of our losses but we will talk a little bit about bernie sanders. he didn't -- something better will make them more powerful and influential. he will chair the senate budget committee. a lot of money issues to go through that committee. ♪♪ we are not going to take it anymore ♪♪ you'll make a plan that can adjust as your life changes,

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all right, even though had a member, maybe the prospects are higher in the industry of $11 billion the reality of what will be. maybe a less market friendly administration the people have maybe considered a little bit but i just just a little bit down 94-point keep an eye on that in the

earnings and telegraph could be a funky ride for some. a bumpy ride when it comes to joe biden getting a lot of his agenda approved. the u.s. senate and the house, roughly 2 trillion-dollar package is one thing, push to get $815 minimum wage is another thing. fast food workers around the country will be protesting on behalf of that, extend the reminder to the president-elect soon. jeff in chicago were a good many of them are gathering. >> fifteen cities across the city. we are in front of the mcdonald's headquarters here. one of the mcdonald's workers fighting for this for federal many years. >> with the since 2013. >> they tell us is going to be great pressure on president biden to get this passed and not

only get past but take effect soon. [sirens] >> yes, very soon so we don't have to keep waiting. >> a lot of people are concerned that perhaps small business representatives said this is the worst possible time to have an increase in minimum wage because of low pressure already on small businesses. they are going to kill jobs. >> i think it will make jobs better for us because as a mcdonald employer now, is a good be better for our families so we don't have to work paycheck to paycheck. >> it's been an increase as you know, neil and the federal minimum wage since 2009. you are provided for your family, a lot of people make the argument in a city like chicago, $15 makes sense and it will increase to $15 anyway but in middle of montana or mississippi where it's different -- >> fifteen dollars is around every 50 states, not just

chicago. every employer in all 50 states and union for all. >> we'll get to this presentation now. thanks very much. as i said, the protests are in the big cities mainly but you get in the middle of the country somewhere, $15 is a lot of money. we will see where this goes. neil: think about it, big cities, it's already happening. maybe they should have that there if that's what they want. thank you very much. as they gain steam here. this is some of the priorities the biden administration has already outlined. bernie sanders is hard to get, $15 minimum wage. that's what a lot of people work. he did not get the biden

administration but he is going to be the powerful and the budget committee through which a lot of this stuff goes. edward lawrence is with us on that now. >> the consolation prize as it were there, bernie sanders taking the reins of the senate budget committee, one of the more powerful committees because it controls the money sanders control of plan including $1.9 trillion public release package. joe biden announced last night in a statement, he said president-elect biden put forth a very strong first installment of an emergency relief plan that will begin to provide desperately needed assistance to tens of millions of working families facing economic hardship during the pandemic. he goes on to say he will work with his colleagues in congress to provide emergency relief he's long advocated for medicaid for all, three healthcare and

raising all college student debt. here is sanders in december. >> when it comes to working families for the mom and dad struggling to put food on the table, we are worried about the. at this moment, who got to do the right thing for working families. >> sanders said he plans to use a budget reconciliation process to move spending through. that process bypasses the need for 60 senators, spending on a budget item. last night, biden hinted at his next massive spending item. senator, the senior biden administration officials say they are recovery plan with biden build back better items will be the first week of february. >> i look forward to working with members of congress on both parties to move quickly to get an american rescue plan to the american people. then we can move with emergency

and a build back recovery plan that i will call forth next month to generate even more. >> senator sanders will be critical in getting both package past. you will not shy away from bigger government and more spending. neil. neil: that will be the battle, certainly within the democratic party led by a man who will eat it in the country, joe biden in a few days. thank you very much. to read on where this goes now and the influence of people like bernie sanders and alexandria ocasio-cortez and other, director also, the former top economic council chair with us now. doug, when i hear republicans criticize these initiatives and i see donald trump will be lead at three and a half trillion dollar deficit this year, half a

trillion, one for the last three months of the year, i understand the pandemic and all the other stuff but they are hardly in a position to be pointing fingers. what will republicans response be to all of this? doug: i certainly see there's no great track record somehow taking the moral high ground. there is a very real means to do things to counter the coronavirus itself and the economic fallout and no one should shy away. the congress has and "the issue is" going forth. there's another issue which has nothing to do with coronavirus or recession and that should be. the elements should not be passed by congress. then going forward, you can have a debate over the best ways to have the economy grow more rapidly and generate higher

productivity. that is a challenge, no question about it. there's no disagreement on that. certainly president-elect biden has ideas on infrastructure and other things that are appropriate. that is the battle on this. neil: the one similarity between barack obama and biden, they enter the office, they have the senate, the house in white house. the margins in the senate and house are little narrow, a lot narrower than barack obama. one thing i have learned is regrets that was able to get the wealthy through earlier. it did eventually come given the timing and the shape of the economy and the million jobs a month, people forget that. i'm wondering about the tax hike joe biden right now. you think you will get them

right now or will there be enough concern by people like joe manchin, the democratic senator who might say hold off on that, what you think? >> i am the policy guy so i don't totally know what the vote counted says. i know if you look at the people who president-elect biden says to pay a fair share of taxes, very high income people and big corporations, they mostly have not even had a recession during this covered time the wealth of the billionaires and highest income people has gone up by over $1 trillion during the course of the pandemic. the argument that we ought to leave the tax system in place that allows a billionaire like president trump to page $7150 because not to leave it that way would be bad for the country, i think that doesn't carry a lot

of weight and joe biden just won the presidential campaign running on a campaign saying i intend to do the following steps to restore the economy and he won by 7 million votes and they won the congress and the senate as well as the white house so i think it's odd to say how dare joe biden actually propose to do the things he ran on. neil: i get the argument was, if things are so precarious, you want to make it more precarious the rich stopped spending or readjust the iras. i get your points but the bigger issue is the bigger deficits, but compounding debt and i'm wondering if anyone is looking at that, obviously during the clinton era the technology of the internet that turns the deficit into surplus, you think

we could see anything like that? something that's growing on its own or a boom may be triggered by these developments, i don't see that. we've got to get serious about entitlements and all these other stuff in all spending areas and i don't see it on either party. >> what we see is the u.s. will exit this pandemic recession sometime in the near future and spending will go back to the baseline levels, the the verge as far as the eye can see and will see an ever rising cost of carrying the federal debt that's unsustainable and will jump off with the highest level of debt in this country and to do the minimum of sovereign nation, stabilize the government finances, it will be necessary to grow properly, control bending and raise revenue to the correct debate is not what's the

best way to raise revenue, we know the answer is deflate as low as possible and broaden the base. that means and state and local taxes and see the biden administration going the other way. five people to tax a very high rate i understand the desire but how they gain is just as important and that will be essential in the years to come because nobody has that now but they will not have the luxury of keeping it that way forever. neil: finally, i remember joe biden saying -- i apologize, i don't care about the market. donald trump was about the records and markets, he doesn't care but when you worked with barack obama, you must have noticed was going on, the markets were coming up shattered levels, they crippled i am wondering whether joe biden

means that, he will keep one eye on the market, there seems to be a reflection of what's going on in the economy, the engine of corporate hiring and all the likes, do you think he should look at these markets and see how they are doing checks. >> i think incidentally, yes. by that, i mean the market over the long-term does well when the middle class does well. i think president-elect biden recognizes that and has said that many times. his goal is to strengthen the fiscal position, let's call it ordinary american. if they do that, i think the market will respond. i would just say on election night in november, when the democrat, when it became clear it would take the senate and a series of junctures where the market has been able to pass judgment of what they think this means for the economy, they've

been pretty positive is president-elect biden's fortunes have gone up not without reason, they have shown nervousness over president trump and what he's doing and what he'll do next. neil: it looks like the senate save republican control. you are right, the fact that joe biden one, it was supposed to be buffered by the fact that republicans would hold on and set it. now even with them controlling the senate, the markets have still done quite well so may be looking past this. way too early to tell. often, thank you. doug, thank you. both of these gentlemen we can, 12-point we've been down in excess of about 230 points. i believe we've repaired that a little bit. good many of them reported

numbers that were far better than we thought they would be. the reality though, everyone is coming down on the half empty glass side. they are going to be coming back. what they are going to be saying on that. ♪♪ what do i do ♪ ♪ when my love is away ♪ ♪

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plus, 0% interest for 36 months & free premium delivery when you add a base. ends monday. all right, maybe twitter was a lot more stupid than people give them credit for. it aims to make it on the president right now. in a message to his region, essentially saying it goes beyond donald trump packed will be, it will be quite severe. >> forget dorsey admitting the consequences of twitter's tract on will be bigger than just the ent accot,coinakhehe de oained.btaid.d. a ig nig nut itililil uchuc wile wucuc lge lge lge lge looo

tw>>itte>>joinedr febk, m anddandredent um,umwitter twi t cfiinfiinfi th titytici of t of vid vid vid tellinte us theemarkskshokswnn the video were deleived too than t 540040mpye and arend the sam s t st jkk shad offering cte c c c around the te coectionecsn thehe wor in recent weeks. wednesday night, they said it was insignificant the ramifications like twitter being forced into making these decisions which set a dangerous precedent. no single individual, they control the internet. the tone from dorsey, twitter competitor parler still waiting u.s. judge decision against amazon which the platform parler off amazon web services sunday night. doing amazon for breach of contract and antitrust. the decision will come soon. parler has kicked off apple and

google apps stores and fox news sunday on the partnerships mentioned. >> we looked at the incitement of violence on their and we don't consider free speech and incitement of violence has been intersection. >> the parler says there is a chance they may never come back online. neil: that is a huge worry. susan, i want to go to the consolation ceo, great to have you. i think these companies are finding out it's a bit of a more rise today but tens of billions of dollars in market value. they hope to recoup that by saying they are just trying to be protected in all of that but i wonder where this is going and whether or seek was onto something to say this is a lot bigger than donald trump.

what you think? >> happy friday. definitely they are. one of the biggest challenges, these are big platforms get there and think like the public town square. the way section 230 was written to protect companies from being liable of crazy things that might have been said they would be responsible for, it's been used in a difficult way. now they have to play moderator but if they go too far, they are being attacked on the freedom of speech diversity of thought and that is what the challenge is. both now mark zuckerberg are asking what the rules are in terms of regulation because if we don't have those, how will we make a decision and look like we are being fair and applying the rules for everyone including the president? neil: for as long as i have covered corporate america and it's been quite a few decades, i know i don't look that old but -- i think the biggest fear,

with some of the dripping life and death comments, they knew if they didn't do something people could come back and sue them and they don't want that to happen it doesn't hurt no doubt, with democrats who have the run of the hill right now, i don't doubt there a couple of them but i think the real fear, they don't want to get duped. i think they are going to be very vigilant right now because among the left, they are very violent messages as well. i'm wondering where you think this goes. >> in addition to not being sued, there dealing with employee sentiment. why do we allow this to happen? they are worried about losing their employees and being sued and now they are worried about e

people, they are in trouble. it got to support social media, they are in trouble. unless they play that seems completely to the base, they will be in trouble because they don't have the broad-based they had before. what i am worried about is the social media networks, the echo chambers. beauty of what we have so far is the fact that we could have diversity of thought and opinions out there and there are extremes you don't want to have hate speech in certain ways or insight violence or others but it's one of the rules. i think people from the public debate on what the rules are so we can figure out what type of regulations make sense for them and that avoids the lawsuit. neil: facebook, more than any other, seems just fine, what is it about that. >> i don't know but i think what facebook does different, they take a longer view in terms of their reaction and they have put

a lot of resources. for a lot of folks, they are designed to prevent violence and rise after election procure responsible speech. as a lot of resources in place. i think a lot of companies have realized how much work will be required to do that. neil: didn't have that. it was good seeing you look forward to having that brain of yours in this new year. in the meantime, does anyone remember, ronald reagan and the president working hand-in-hand with the figure of the house of democrats and they thought nothing would get done. now the democratic president coming in working with mitch mcconnell in the u.s. senate. what if i told you it is the relationship? ♪♪

♪♪

we are just getting bored right now that vice president mike pence called the vice president kamala harris to regulate her. you are probably aware the vice president will attend the by harrison in operation. we know the president is not, we know he's not made similar call to joe biden. the vice president has the significance of all of this, the gop poster and much more. what you think of this? >> the capacity to vice president will do everything possible to make sure the transition is smooth. you make a case at this may come a little earlier, the important thing is happening in the

transition of power at least has mike pence is concerned, he will make sure is takes place. it has symbolic importance and symbolic value with him being at the inauguration of joe biden. we still need to wait to make sure there is a call and figure out why and if there will be one between the president-elect and current occupant of the oval office but this is a sign that there is some progress making sure the transition is smooth. neil: i don't know if you follow broken politics but i don't think there will be a call from donald trump to joe biden nor i think you will leave a note for him. >> it is not one who would like anyway. neil: it would be a nasty note but i'm just wondering, what you think this goes in for donald trump we are told now, will be the morning of the 20th down

in florida. none of this stuff, at least in recent years, the president and president-elect will meet sometime before inauguration and on the day of the inauguration together. none of that this go-round. your thoughts. >> in some ways, it is not that surprising if you think about the president is spoken from tradition. he went down there to behave like someone who was an outsider who could shake things up and he will shaken up until the end but that's all he's doing, shaking it up until the end. it will be time for joe biden to take office and become president. kamala harris to become vice president. i think we will see a new day in washington d.c. i hope is all of our blood pressure can collectively go down and will start having conversations again but it will

take some time. there is real healing that needs to be done in this country. it's not enough for just joe biden and kamala harris to come in. neil: speaking of unity, i was surprised when i got word, joe biden and mitch mcconnell had been talking quite a bit on the phone. i'd imagine in the last week or so, mitch mcconnell and donald trump, i was thinking back to the days of ronald reagan, o'neill said he had a much better relationship with republican ronald reagan and jimmy carter. i want to get ahead here but is this the making of something, not as a mcconnell leave but he is an important guy and it looks like they have common bonds here, what you think? >> they know each other really well. they've grown up together and have spent their careers in the

u.s. senate. how senators talk to each other, both mitch mcconnell and joe biden know this. but joe biden always says in terms of negotiating on capitol hill, don't assume that intent. assume their motives are pure and they have just a slightly different view than you. the way they talk to each other doesn't exist. they change drastically, there you are rules will fall back on the filibuster in some cases, on the supreme court justice friend, lucy the temperature of the senate has raised to allow that conversation but the two things mitch mcconnell was place for time, he always tries to protect his members. for mitch, the game of addition, not subtraction. he'll try to figure out how he

can grow his majority and growing his majority or recapturing his majority is around trump's idea -- biden's idea for the economy, it is brought for these two to get together. there are going to be clear divisions in the direction of the country how many stimulus packages there should be yesterday, the first of potentially $5 trillion in additional spending. i don't think mitch mcconnell will go along with that and it doesn't seemed like joe manchin will but they at least have a language they can used to talk. neil: for donald trump, i am curious because i haven't talked to you about the impact of all of this but notion that donald trump says he will never be a force of the republican party, let's say the same 74, 75 million voted for a couple of

months ago, half do that today. certainly in the country and with republicans but that leaves tens of millions who really like it and the senate convicting him maybe afterwards it seems like a stretch, he could still be an influential player, could he not? >> certainly can. despite the fact that his social media platform has been taken away, i don't expect him to go away or be silent. i expect you'll be loud and local voice on the conservative side of the aisle. i think the republicans will have to figure out what the future looks like. we talked about this election night in georgia and it's a reckoning for the republican party. the got to decide what the party will be and who will be their leader. right now, it is very unclear.

an active voice in the slum mitch mcconnell is playing an active role but will be socially liberal, populism, what will it be? i think there will be some time for them to figure it out. i don't expect donald trump or supporters to go away, the republican party will have to find a place. neil: we will watch closely. it was good seeing you. in the meantime, we are taking a very close look on how some of joe biden's economic proposals including the 2 trillion-dollar covid stimulus plan is going down. every republicans who agree or opposed, it comes down to one democrat. the economy rises. after this. ♪♪

we've been telling you about things and earnings by and large, they are coming in more than expected. stock was up on the notion that it seems it seemed better days in 2021. having said that, the reality that maybe they forgot that joe biden will still try to voice not only spending but individual taxes of those or more companies will likely see 21% of 28% so that could be in the industry. gary with more on all that in new york. >> that's right we saw jp morgan without the investments this morning. good news may not continue for

the industry. sources are telling us a new biden administration will be good news in the short term for the industry but bad news in the long run. listen. >> likely to have a more intrusive regulatory hand to look forward likely to face higher taxes. one thing that will help mitigate, is it they had a razor thin margin in the senate. >> in the short term, that $1.9 trillion in this package, which biden described last night is expected to bolster the economy, deepen the yield curve and interest rates and that will improve thanks for making lending more profitable a biden appointee janet yellen, moderately positive and reported as the chair favorite, gary is tough regulator you see him there on the right. regarded as the industry as

manageable. he said in 2022 when biden is expected push for tax reform, he wants corporate tax rates to 28% to 21%. even if the corporate tax rate rose to 25 -- 26%, the potential 5% tax rate increase total $13 billion on pretax earnings this year at 260 billion for 2021. rates to rise biden's preferred level, the impact would be $18 billion. as i send it back to you, i'll just mention michael mayo at wells fargo is think the impact would be more like $11 billion. anyway, it will be interesting to see the impact particularly when you don't today these banks aren't even moving higher on the good news they have. neil: may be looking at the taxes to come. thank you for that.

letting you know again that vice president mike pence has pulled his counterpart will be the next for the u.s., kamala harris to congratulate her and offer assistance. we'll go to the inauguration. in all these fast-moving developments ahead in the inauguration, let's go to charlie gas burrito and what he's hearing on all fronts including maybe early reads on the biden economic plan, or at least the stimulus part. >> i'm getting more of the positive outlook here on the biden presidency in terms of spending and taxes they got i would get at this time. it comes down to, it appears to be not a ground spell but an undercurrent of bipartisanship i think the move he talks about his part of that and it's also one of reality of basically having a 5050 senate and a very

divided house and republicans pick up a lot of seats in the house. here is what i am getting. getting this from wall street sources with ties into the biden administration. this is not republican talking, they believe biden is likely to pair the $1.9 trillion spending plan anywhere between 1 trillion and 1.5. still a lot of money but they believe he'll negotiate it down because of the divide in the senate because you have moderates like joe manchin will put the brakes to wild spending. they believe the infrastructure bill could be delayed until fall, it will not be immediate for the same reasons. he got a divided congress and it will be hard to get stuff through when joe manchin is a fiscal conservative, calling some of the shots here. one other thing that was interesting, this divided congress will likely curtail

this is them saying, curtail minimum wage hikes. they see biden as a negotiator, not a guy who will get through a 5050 congress with kamala harris on every vote. they see joe manchin is a moderate who basically is a senator from a red state stopping some of these wild stuff like puerto ricans statehood, d.c. statehood, getting rid of the filibuster, packing the court and spending. this is actually a pretty good scenario for wall street and a good scenario for banks. i heard what jerry said, there's no doubt. the vocal will about trading, banks relaxing during the trump years but there is some positive here. i am a negative guy. there is some positive here. [laughter] neil: all right.

make you very much. following his development, when we come back, one thing about this, how wealthy they are, what they are doing now. when i read a-rod is earning more money than he did when he was a player, how is that possible? gdp in the country, they are getting even better and bigger now. ♪♪

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♪ if you wanna wi... ♪ [ music stops ] time out! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ telemedicine is something right in the dna of what we like to invest in we used to say it's about the future. television the masses is here now, they are doing a fantastic job of getting it to millions of homes. neil: all right, jennifer lopez, the latest company to look to the public to get investments to the world and in a profitable undertaking. there's a bunch of people in yet another way for this powerful couple, a lot of countries on

this. the significance of all of this, think about even the it's not your traditional offering, it comes at a time for both of them were intrigued by the general on wall street. strike when the iron is hot, i guess. >> for the everyday investor, i want to put a big danger sign up it is really sexy, something goes up even one 100% in one day, the red hot part of the human brain that goes off and investors heard of, they chase it. ipo is one of the most dangerous things an investor can do. it's like playing russian roulette with your portfolio. investors need to stay away from that. ipos in general, two to three times more vulnerable than the market as a whole. get this, 12 months after ipo comes out on average, they are down 19% from the day they went

public. not a good deal for investors. neil: it's interesting when you read, some of them had bumpy rides, it kept dropping. they only recoup about eight months later and come going back. it's not across the board interception, sometimes it can play to your advantage but they generally happen in an environment where they are in the markets themselves. if you like that part, forget about whether they are good investments, the market environment in which this is all happening. >> the market environment is very fractured right now. we've had in a shape recovery. you've seen a lot of businesses go crazy. it has benefited many companies as you know but small businesses, the backbone of america has been the downside of

the case and many are still suffering and struggling if we don't get the small businesses going so it will be a hard road to the economy in general to increase. i am urging investors to diversify, don't get overly big stocks, diversify and small you stocks, diversify internationally. if not, you could be buying into a huge crash when the market? itself. neil: when will it correct itself? could you give me a date and time of day? [laughter] >> that one is above my pay grade. unfortunately, the market is unpredictable. what we do know is that on average, the market goes down 20% once or twice every two years. it's been quite a few years. in march we saw a decrease and then a massive increase. they are up 110% since march 23.

most investors this part of the market. investors have to be calm no matter what happens with the inauguration and the economy. the panic is never the right thing to do. diversify and rebalance on the ups and downs. neil: very wise words. thank you much. he is the founder and ceo, very smart guy on all of this. we'll have more when we come back. ♪♪

now the rush to get joe biden cabinet approved, january 21 hearing is for the secretary joyce, choice, pete buttigieg. >> thank you very much. good afternoon. i am charles payne, breaking right now, more or less spending for investors dealing with a new quandary. buyers are looking for a new rally file would be sellers trying to get out read we've got some of the best in the business to help serve that confusion. president-elect joe biden unveiling the 2 trillion spending plans to cover covered in this class but there's more and many are saying bernie sanders, reaction from congressman, mark