ed: all right pete we'll see you tomorrow. >> our pleasure. rachel: keep dancing, pete keep dancing. ed: have a great saturday everybody. neil: well all right fox on top of turmoil over-the-top from a market sell off that may or not be overdone the fury off a fisa memo that may or may not be over kill so for the next two hours we're on top of it all welcome everybody, i'm neil cavuto. well here is what we know right now on the markets and yeah the memo. first of the memo the white house says that the president has no plans to fire deputy attorney general rod rosenstein by the way the only official still in place named in that infamous memo, many republicans say the revelations of surveillance abuse are so explosive and is staying on special counsel robert mueller's investigation that they're calling for follow-up

investigations, others like republican senator lindsay graham, calling for special counsel to investigate the investigate ors and now house intelligence democrats are demanding their own memo in reaction to that memo to be released. but what is house judiciary chairman bob goodlatte here say about this but first to caroline shively on a memo raising more questions than answers and. >> dean: on a market than what we all know happened yesterday. we begin with caroline. >> hi there, neil this morning several republicans are calling for another special counsel to investigate how the fbi and the justice department got the go ahead from a fisa court to spy on a trump advisor during the campaign, while democrats and the house intelligence committee want their memo released. those democrats say their document paints a very different picture than the four-page memo put together by committee chairman devon nunes and his republican staff. the gop written memo asserts the

fbi had government surveillance powers in its investigation in the russian meddling of the election. much of the memo focuses on a dossier compiled by christopher steele used as part of the application to surveil trump campaign advisor carter page and the document alleges bias by steelex saying he was desperate donald trump not get elected and the fisa application didn't disclose a key role played by democrats. >> the fbi opened a counter intelligence investigation into the trump campaign in the summer of 2016. that's what happened and then, they got a warrant on someone in the trump campaign using opposition research paid for by the democratic party and the hillary clinton campaign. that's what this is about and it's wrong and it should never be done. >> the democrats say this is part of a bigger effort to discredit special counsel robert mueller's investigation and say the release of this memo is purely political. >> the committee does not want to know the answers.

it didn't want to even give the fbi a chance to respond and that's all you really need to know. this wasn't about oversight. this is about telling a political story. >> the latest tweeted this just about 15 minutes ago. this memo totally vindicates probe but the russian witch hunt goes on and on. there was no collusion and there was no obstruction. the word now used because after one year of looking endlessly and finding nothing collusion is dead. this is an american disgrace. one other note neil congressman schiff says he believes the house will release the democrats memo as well that would also have to get the on from president trump. neil? neil: caroline thank you very very much. we are going to be speaking to the house jew dish your it chief bob goodlatte in the meantime eyes are on the markets that came on friday i don't know which is worse that we tell over 600 points and for a while it was 6 6 6 in fact that's where it ended.

deirdre on what happens on monday. >> what happens on monday my bet is on rebound we can talk about that in a minute. i want to go over those triple digit losses. investors sold everything, not just stocks. you had bonds, commodities, those markets selling off, but neil you were just talk about these declines the dow down 4.1% for the week. now you have to go back to the uk's surprise brexit vote, june 2016 to see a bigger drop. so it has been so long since the dow had a triple digit decline in point terms, december 2008 was the start of our credit crisis last recession epic black monday stock market crash in 1987 but before everybody starts tweeting at me that we are in an entirely different economic climate which is true then here are those two time investors were clearly on edge so take a look we're going to show you this volatility chart. cboe this index is the closely watched gauge of anxiety that hit its highest level since november 2016. now some investors blame the

negative tone on d.c. we're going to pull up a chart of the dow and you'll see when that house gop memo was released and there's an exact point where you begin to see here it is 11: 53 just before noon eastern time and you know you have this cloud over these areas that are supposed to be apart from politics of course the fbi and the justice department. now, other investors say okay fine you took a little bit there but really what caused the market selloff was worries about inflation and what the fed is going to do in response, so january jobs report better than forecast fantastic. wage growth shot up so wage growth had been sluggish for almost a decade and then it increased at the fastest rate since 2009 so it essentially means that the fed is more worried about inflation or at least watching it and may raise rates faster and more frequently than previous estimates, so if you take a look how the bond market reacted this is usually when fed fears show up at least for investors, you had the yield at a four-year high.

the reason anybody cares about these yields or these rates is because essentially the higher these rates go the moral kinds of borrowing gets expensive whether that's consumers for home loans or car loans or whether it's businesses, but as more strategists point out we're in a nine-year stock market bull , bull market so even if this week has been brutal for you if you have been in stocks for years, you have still made money and we just put up these levels for the past 52 weeks alone you saw them there but essentially if you average the dow, s & p 500 and nasdac over the past 12 months you're still up 25% and if you're in since the recession you're up something like 200%. neil: it is interesting when you mention about the memo and how the potential of that could be not so much on the details there in, but it could drag out an investigation that's the peer of the unknown. >> right and we always talk about this cliche which is markets hate uncertainty but it's true and with this pressure , it seems like this is a historic moment that we're living through, right where you

have the fbi and the justice department normally at least in our minds very much kept apart from whatever partisan tensions there may be and now with this dragged front and center it does seem to be adding a little bit to the anxiety and then as many people point out listen if you're in a nine-year bull market and have a few days of selling don't cry. neil: yeah, they always say we're due for a correction. of course when it happens, it's never a pleasant experience. deirdre thank you very very much all right so what happens next now on this memo that could or could not move the markets say the house judiciary chair bob goodlatte joins us right now the first since the memo has been released chairman very good to have you thank you. >> good to be with you, neil. neil: you have heard that a lot of people have looked at this and said, you know, the only survivor still around in that memo is rod rosenstein. what do you think, should he go? >> well i'm not going to call for action with regard to personnel in the justice department or the federal bureau

of investigation until we have all the facts and this investigation has been thorough ly completed. the purpose of releasing this memo on the part of the intelligence committee is to let the american people know that their civil liberties were abused in this process, and it is very very important to understand that this abuse could occur in other instances, so the matter needs to be fixed, it needs to be corrected. i am hopeful that under the leadership of the new fbi director christopher ray that will happen but they have to get the facts out so the american people can see what occurred here and this memo is a good guideline that shows how this information bought and paid for by the democratic national committee shuttled through their attorneys, and then to fusion gps and then getting into the hands of the fbi and weaponizing it and using it in a fisa

warrant without disclosing to the court all of the tainted aspects of the information is just plain stunning, and that needs to be further investigated without any doubt. neil: now you mentioned rod rosenstein not getting involved in any personnel issues, the president has already made clear he's not a big fan of his. how would you feel if the president fired him? >> well, my advice to the president has been consistent on this and that is to let the special counsel do the work that he was appointed to do and to make sure that the congress is doing the necessary oversight to make sure that that process is fair but i would not interfere in this process at this point. the american people have a right to know everything that occurred and when they do, decisions can then be made about personnel but those should be made within the department of justice and within the federal bureau of

investigation. neil: now democrats were not keen on the release of this memo but neither were a number of republicans including john mccain who like the fbi director himself said he had grave concerns about the impact on the intelligence committee so you're saying it serves no american interest, no parties, no presidents only vladimir puttin, what did you think about that? >> i completely disagree with that. it is so vitally important that people understand that this is a very special privilege that our intelligence community and our law enforcement organizations have when they suspect criminal activity to be able to go without the public knowing, put together a warrant application, submit it to a court that hears all of this outside of the view of the public, and make a decision. we expect that that will be done , protecting the civil liberties of american citizens and in this case, it very clearly was not and it's important for the american

people to know that that's why this needs to be investigated further and it needs to be resolved in such a way that the public has confidence that these very very important organizations, the fbi is the world's premier law enforcement organization, tens of thousands of men and women every day keep us safe, fight crime, prevent terrorists attacks. it is a very important organization and those people are not to be blamed for what several people in key positions did in a very politicized manner to promote an investigation and to get a warrant based upon the opposition parties opposition research and the connection between certain fbi officials and people involved with the clinton campaign is as ton,ing. neil: you know the democrats have their own memo refuting a lot of the points that you just mentioned, they're angry that republicans did not -- i don't think they can refute them. neil: you might be right, sir

but they have a memo they want released. do you think republicans should allow its release? >> absolutely. neil: the president should declassify their memo and get it all out there? >> absolutely, but remember it has to go through the same process, the very careful process that the republican memo went through where it was released so all members of congress can read it, that is being done now. i've read it, and then it needs to be carefully reviewed to make sure that there are no sources and methods disclosed in it and then once that is completed, they should send it to the president and the president should release it, because it offers a very different opinion but it also is one that should be heard, but the facts will ultimately speak for themselves and this investigation should continue to reveal what those facts are and its been very disturbing to me that democrats have not joined in the call for correcting this problem because it affects them as well. i mean this relates very much to the investigation that the

judiciary committee and the government forum committee trey gowdy chairman launched several months into how the same director of the federal bureau of investigation joke and his cohorts handled the investigation. neil: but do you worry that in so doing that this does potentially maybe for all of the right reasons but it does drag on robert mueller's investigation that be careful what you wish for because at the very least it's going to mean the back and forth and even the final results of mr. mueller's investigation are dragged out potentially for years. >> mr. mueller's charged very specifically with looking at russian influence in the election. now, there is a whole lot of other things that went on in the election last year that are not related to that for which there has been no special counsel appointed. i and great many other members of the judiciary committee called several months ago for the appointment of a second special counsel to do that and democrats should join in that

because of the fact that after all, they were affected by this when mr. comey decided for whatever reason to publicly announce he didn't have to publicly announce it he could have reopened the investigation without publicly announcing a week or 10 days before the election he was doing so, so this affects very important things. neil: all right chairman goodlatte thank you for taking the time sir we do appreciate it >> thank you. neil: all right, you might have been noticing the market falloff here you might have been noticing other news networks that suddenly took a great interest in what's going on in the market and you could say where was their interest on the way up? we sort of break it down, after this. ( ♪ ) only tena intimates has pro-skin technology designed to quickly wick away moisture to help maintain your skin's natural balance. for a free sample call 1-877-get-tena.

for a free sample ronoh really?g's going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. neil: all right now the markets are big news, pardon me for saying looking at some of my colleagues in the media here fixated on friday's selloff, they weren't nearly so fixated when stocks were rising i'm not saying they didn't report that but it would seem reporting

would happen on friday is that fair, balanced is that right? to the hills it's not equal, joe , good to see you what do you make of that? >> i think it's amazing that our media in large has finally discovered there is actually a stock market. you mentioned they didn't cover it as far as good economic news in terms of stocks. they had 70 opportunities in 2017, 70 opportunities in terms of record highs in the stock market and the economic news has just been i think a little worthy of a little more coverage than its had. the dow up 25% nasdac up 28%, consumer confidence at a 17-year high unemployment 17-year low most importantly, people really care about most wages up 9% year-over-year that's the greatest increase since the beginning of the great recession , so you put all that together and the rule i've found , neil is that when the economy is good and it's touted by president trump or his allies , actually there is a counterargument saying no no no this is obama's economy and

we're just along for the ride now when the economy goes south or a correction comes i can guarantee you this will become president trump's economy in a big hurry. neil: now many in the media were saying as well that well the president rode this market up and kept quoting it he's going to pay dearly now if it goes down because the same people will say you own this market up and down. what do you think? >> i think that it was wrong for the president to take credit every time there was a record high. i get that as, you know he's his best messenger so he uses twitter and says another record high. well to the point of well yeah, but if it goes south then you'll have to own at least that part as well but i'm talking about the economy as a whole, the stock market isn't everything and at this point, let's put it this way. there's one month last year neil where there was 353 minutes of coverage to russia on the broadcast news networks. the economy received five, and that is remarkable not very good at math but i believe that's 70 types the amount but the bottom

line is that when you had that kind of disparity on the number one issue that folks go to the polls and vote on every four years, that's a problem on priorities in terms of our media and its focus. neil: what i'm wondering about is you hear well we've always mentioned these dow records when they were going on maybe our graphics people didn't always show it, it is what it is and i understand the view that we're more inclined to cover the accident than the car that drive s smoothly that i understand, but i mean this wasn't even approaching, not even remotely approaching balance. >> oh, yeah if it bleeds it read s and obviously you go with the sexy narrative certainly the focus on russia was completely disproportion at, however let's compare to something else very important that isn't in other words the economy isn't very sexy on broadcast news evening newscast right? how about isis? all right isis was the biggest story of 2015 you can make an argument with the attacks in france and so on the attacks around the world. 98% of that caliphate has now

been destroyed. 45,000 fighters down to 1000 fighters and that again we haven't seen any coverage on because we tend not to cover the positive when it's this administration always the negative i've got to go but it was great to see you again. neil: [laughter] thank you joe very very much and to joe's point something we'll pursue in the next segment the media universally bashed these tax cuts, that's true by the way , but they didn't quite see, in fact the white house didn't quite see how those companies would share the wealth including best buy just now. the story you're not hearing but you should, after this. my healthy routine helps me feel my best. so i add activia yogurt to my day. with its billions of live and active probiotics, activia may help support my digestive health, so i can take on my day. activia. now in probiotic dailies. so allstate is giving us money back on our bill. well, that seems fair. we didn't use it.

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ythen you turn 40 ande everything goes. tell me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days.

hm. i'm thinking... will i have enough? should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though. yeah. schedule a complimentary goal planning session today with td ameritrade. >> i'm seeing like a $6 difference, i was getting paid

bike 3.70 and now i get like 4.70. >> so far i haven't seen anything different, so i mean i'm hoping. >> i think it was like $80 less that the federal government took out of my paycheck so it was pretty awesome. >> absolutely. i would say about a 10% difference and i'm not complaining. >> a lot of my buddies have already seen increases. >> my take home pay has decreased, slightly. no not yet. i haven't seen it yet. >> not yet. >> yes, i did actually see some pay increase, but although it was not that much about 4%, i believe, but yeah, whatever it is it's actually for the good. neil: already, it has begun, this is a month you'll start see ing a little bit more in your paycheck about nine out of 10 americans will most likely, the amount can vary depending on individuals and their pay and all of that stuff, but the fact of the matter is, it has begun of course this on the heels of a lot of companies sharing the loot with their workers the latest by the way is best buy which announced earlier this morning it's handing out $500 bonuses to part time workers, up

to a thousand dollar bonuses for others, at&t among the many many others that are benefiting, some 4 million workers across the country more could follow in this sort of pay it forward, something that even the white house was surprised to see, some good news that they want to keep coming, with us now small business administrator linda mcmahon. and administrate or, you know, we forget how small businesses are sharing the loot as well in different ways by raising the wage of workers, hiring more workers there, so on the small business front, what can you report is happening? >> well i could tell you the enthusiasm factor and the optimism factor all across the country that has been ongoing all through 2017 with the anticipation of regulatory reform and tax reform which are now realities, that enthusiasm is still growing we're seeing

more loans at sba, more loan guarantees quarter-over-quarter first quarter over first quarter from last year, our lending is up about 20% in our primary loans which shows that continuing optimism for small businesses and, you know, two out of three net new jobs in the private sector are in small businesses and they're almost 30 million of them in this country, so that enthusiasm is really sparking more jobs, more businesses starting, and more continued growth for the economy neil: you know, the good news can have a perverse for example too right? the market owed in large part not to any bad news but this is kind of good news, interest rates are backing up a bit here and that that is being used as an excuse to sell. what do you think of that? >> well i am far from a market expert, but i know that when i am out talking to small businesses and since last may, i've been to 31 states and i

have talked to over 500 business owners, i've toured their businesses, i've conducted business roundtables, and the theme is overwhelmingly consistent that tax reform is going to spur them to reinvest that money into their businesses whether they're producing more goods and services, whether they're hiring more, whether they are increasing wages, providing more benefits, and i didn't meet with any businesses at all who said they would not be doing that, so the message that i hear from the marketplace is not necessarily relative to the stock market, but how tax reform and regulatory reform is going to continue to put more money in their pockets to grow their businesses. neil: do you ever step back from all of this and see, you know, democrats voted against the tax cuts as you know, across-the-board. some are even planning that if they get the majority in the house they're going to have their own repeal and replace effort to get rid of those tax cuts, what do you tell them?

>> i tell them to listen to the people, listen to their constituents, go out and do what i'm doing, conduct these business round tables, step back from the partisan politics of it for a minute and hear what the people all across the country are saying what they're telling me and the proof i think is going to be in the pudding. you know there was a great deal of optimism this is what small businesses said. now the tax reform is here, regulatory reform is continuing, so the proof will be in pudding but i think you're already see ing and when big businesses do what they're doing with their bonuses and bringing money back into the country, small businesses are the beneficiary of growing up around those businesses and supporting services. apple comes in with a new plant with 20,000 more workers, there are more small businesses to support those services and to support those people that come into those marketplaces so i think this economy is all about growth. president trump has talked about

a growth economy from the time he was on the campaign trail and we are seeing evidence of it so i am very optimistic that we're going to continue to see this great growth in our economy. neil: you know you mentioned the president, and one of the things that he rode this market up and quoted it often and some said well be careful because when it turns around as it did on friday and last week, you'll own that as well. do you think it's a good idea one way or the other for the president to keep referring to the stock market? >> well i think the president will continue to talk about his growth economic message in totality across-the-board and i think the evidence is there to back up what he thought would happen with the tax reform with big businesses bringing money back into the country. i mean apple bringing money back and pay what, 37 billion in taxes and indicating to the president that they're going to invest about $350 billion into the economy and