h> announcer: this is "nightly business report" wue herera and bill griffeth. good evening and welcome to this special edition of "nightly siness report." every night we bring you the stories that impact business, the marke news that you need to make smart decisions. >> and tonight with the market osed for presidents day, we're going to do something a little bit different and take a step back from the volatility on wall street and the political discorw inhington, d.c. >> and since it is presidents' day, we decided to take a at how the market has performed under various administrations. us. li >> markets haveeen on a roller

coaster as of late. now that it's halfway through president trump's four-year term, it may be a good time to take stock on how markets haveou performed t the years under variation administrations. since president trump took office the stock mar ut is double digits. of course that returning is for a partial term. of crse there's n crystal ball on what it holds for the rest ois term. here are some notable market returns under some other administrations. the best s&p 500 performance for a u.s. president came under bill clinton, whose two termsed yie a near 209% return on the s&p presidenack obama's two b500. terms yielded a 166%tu , and president franklin d. roosevelt got around 141% during a te thre span. worth noting, though, that the gains in the obama and fdr administrations came on the heels of bigger market losses that predated them. meanwhile, the depression era administration of president herbert hoover produced around a 77% decline.

forhat does the future hold markets? while every administration's policies are unique, this time around it may depend a l on developments out of washington, d.c. r "nightly business report," dominic chu. >> so let's take a look back at ameran presidents to see which were good for the economy and the market. we're joined to do tt by mike santoli and jeff bush, a strategist with the washington update. gentlemen, thanks so much for joining us tonight. appreciate it. i'm going to start with you if i could, jeff. you s that presidents can basically only bend the trajectory of the economy by setting up an environment that is more positive or negative for businesses and for investors and, therefore, the market as well. correct? >> i believe so. the economy has a rhythm of own driven by a much larger factor than any one president ma control during their short tenure as president of the united states. i think throughout modern history, say post world war ii, thosends have been >>mographics and innovation

cycles. mike, dominic chu looked at the performance of the s&p. we're going to look at the dow here. of the modern presidents in the 20th and 21st centuries, calvin coolidge had the best performance during his time. he wasucky enough to be president during the roaring '20s. but then after herbert hoover's debacle, then you had franklin roosevelt and his gains were 194%, not too bad either. that was sort of backloaded because of the war, right? >> exactly right. if you consider the 12 years of fdr's terms, he did have a 9% annual gain in the dow, wabch is t what the historical average is, but considering most of that is during the great depression. it's a net calvin coolidge is a great example of the luck of timing, either good or baduck of timing. he came into office, his two terms exactly expand the great years of the '20s after a market, afterorld war 1 and he gets out right before the '29 crash. you can't really pick your

moment necessarily, just where you are in the cycle. >> jeff, ronald reagan's administration, you talked abou. innovati some would say his policies were innovative, but they creatednd of a confidence level for businesses to take risks, and thd resulte in a significant gain. >> absolutely. ronald rea the wave of demographics of the baby boom generation. ronald reagan came intoen effec aby boomers were hitting prime earning years early i that cycle so he had that tailwind behind them. then he enhanced tha with lower regulation, lower taxation, which gave those business owners coidence to thenreinvest in their business. capitalxpenditures break even were a lot shorter and that gave them confidence to make investments. hence, investors followed that, prognosticating that the investments would doell over time. >> bill clinton also had the luck of the draw. he was president during the dotcom boom of the '90s and that improved his performance as well, righut >> wit doubt.

if you remember very famously he came into the offic with the slogan the economy, stupid. it was a very frustratingly slow pace of growth when he started. one thing that did happen, he had a republican congress starting yea after he got into office. theer gent budget went toward balanced and we had a surprising decline in inflationt and interest so all of that helped to foster this backdrop with the technology boom or hig equity values. and iimfact at the te the longest economic expansion on record. >> jeff, you also gave us an example of how an administration and a president can dampen growth, and you point out george w. bush's administration. timing is everything, but certainly some policies also played a role in that. >> without a doubt. george bush was with 9/11 and stard two wars in the middle east. at the same time, he also seeing the projected surpluses in thef ral debt, he then reinvested that in a tax cut.ut

that tax combined with the drain of the cost of the two wars really put him at a disadvantage. >> mike, it's too early to assess the trump administration's impact on the stock market, but it has bee ming at the tail end of what has been the longest bull market in a long time here. ous we've still seen treme volatility return, haven't we? >> you know, we see volatility, certainly espec year or so.last although it's hard to really deny theact that the election of president trumpid have a burst of business markets and you ske the m reprice higher and get out of that a little bit of a slow growth mindset that had set in before that. actually when he was elected, the s&p 500 the basically been sideways for a year and a half, there was a little bit of potential pent-up ergy there. you're actually right in terms of not being able to make a final verdict two years. two years into ronald reagan's term, the market actually had a big decline and only a partial rebound. >> you know, jeff, what role, if

y, do you think congress plays in the economic success of a president and an administration? >> i think a great example of that would be the ler part of george w. bush's second term when clearly congress was tryino incent homeownership, home development, real estate development arod the country. of course we know that added to dramatically the financial crisis we had in 2008. >> on that note, gentlemen, thank you so much. mike santoli and jeff bush, who is with the washington update. and it's also the time of year wheneople start filing their tax returns. given that this is the first filing underax the new laws, there are some things to keep in mind. here's sharon epperson. >> if you're used to getting a big refund, you may be f in a big surprise. early numbers from the irs for the first weekilf the taxing season show the average refund down 8% from the same time last year. sweeping changes broug by the tax cuts and jobs act have had a significant impact on

manyay tas. the new tax law nearly doubled the standard deduction to 2,000 for individuals and $24,000 for couples. so many may no longer want to itemize. under the old tax law, an estimated 46 million tpayers itemized their taxes using a variety of deductions to lower their taxableincome. under the new tax code, that to er is expected to drop just 18 million because many widely used deductions were either capd or eliminated altogether. if you're worried about your tax bill, there is still time to get a break. you can put mey in traditional ira or retirementco t for 2018, up to $5500 or $6500 if you're 50 or older. if you meet t income requirements, it will lower your taxable income dollar for dollar. you have until april 15th to make that contribution. d to avoid any tax surprises next year, do a paycheck checp ake sure your company is withholding the right amount of federal taxes throughout the

yeart grab your m recent pay stub and tax return. use the irs withholding calculator to check the amount is correct. if it's not, file a new w-4 with your employer. for "nightly business report," i'm sharon epperson. douglas is with us to talk more about the upcoming t season and the biggest changes that you may experience. he is the financialis a and president of bona fide wealth. good to see you, welcome. happy presidents' day. you know, much has been made about how refunds so far have been sharply below where they have been in the past as if a tt waad thing. it really means taxpayers have not been overpayingeys much as id in the past, right? >> right. that's a good thing if you're not owing the government a tremendous amount of money. th's just your own money coming back to you. but it doesn't answer the question as to whether or not yove getting it ght. >> what about sharon's point about adjusting your withholding? a lot of people basically do not understand the calculation, and even though you c go on the irs website, it's kind of intimidating to do so.

how do you encourage your clients to make sure -- i mean obviously you're giving them advice, but the general plic that may not know how to do it or may not even think they have to do it? >> so i think 2018 will be a big test case. we have a lot of moving parts happening. so it's okay if you're not getting it right this time, but people to learn from that's whatting here. with all these movg parts happen, if you owe too much tax, you want to take sharon's advice and lookou at whate withholding. i like working with professionals who have a really good understanding of what's going on here. it is, tor point, intimidating to look at all of these moving parts. >> the w-4 is what people needed to go to last year. >> absolutely. >> and make those adjustments in their deductions so that they didn't overpay or -- >> yeah. >> or they could get that refund again. >> so it's reactionary at this point if you're going to make those changes. that's why i want to u this ar as a test case. but that form is going to allow you to basically mark dn how many exemptions you can have.

the more exemptions you put down, t the lessy'll withhold from your taxes. if you have a large number there and you end upwing a lotf money, that's going to be a problem. you might want to ler those exemptions, and vice versa. >> the state and local tax deductn that wa eliminated has hit a lot of high-tax states like new york, new jersey connecticut, but it hasn't hit all. how significant do you think that's going to be as it plays out in this tax yoear? >> i think it's a big the itemized deductions story. for those who have been itemizing and itemizing well and above what that standard deduction is, that's going to hit. especially in california, new york, new jersey to your point. so i thinkhat's a big piece of the standard versus itemized story. you saw some interesting statistics up there regarding that. there's a number of other things that go into itemizing that were affected and t where a lot of people truthfully are going to seeth tha owe a little bit more tax than they were accustomed to in the year before. >> if people are not itemizing

as much as they did in the past, what do you think that does to charitable deductions? >> i think it will have an impact across the board, especiesly when it c to charitable deductions. i always say if you're going to gi, give because you wanto, not because you want a tax deduction. so have that come from the heart, not the pocket. >> it sounds like we all have to be very organized this year. >> thas the number one tip we can provide. don't react, be proactiv get help if you need it. get organized. >> don't be too upset if your refund isn't as big as las year. thanks, doug, good to see you. and speaking of expenses, still ahead, a different way to pay for coll >> america's total student loan debt is $1.6 tllion and rising. the average graduate coming out of schoo with upwards of $30,000 inbt i'm scott cohn. we'll take you to one school that may have part of the answer to this crisis comin

it's the time of yhir when school seniors find out whether they have been accepted to the school of their choice, and if that isn't stressful enough, s isiguring out how to pay for it. with america's student ln debt soaring, some new alternative c arepping up. scott cohn is in west lafayette, indiana. >> reporter: savannah williams

is an education major in her third year at purdue university. she knew going m in theh was not on her side. >> i'm going to be a teacher, and i won't make a whole lot of income in the future. >> reporter: how to pay for her education without drowning in debt. purdue offered an alternative. instead of taking out lo savannah will pay a percentage of her income for ten years after shead tes. >> if i would have gone with a traditional loan, i would have had to pay it all off,ou know, who knows how long that would have taken. >> reporter: it's called anin me sharing agreement, the latest attempt to tackle america's college debt crisis. that crisis is massive. a $1.6 trillion drag on the economy, affecting people's abity to buy a home, buy a car, start a family for years after graduation. purdue's president says theow program, in its third year, shifts the risk away from the t. stud >> it gives them a certainty and some protection and safety.

they're not going to have that much money borrowed piling up compound interest, whether they're doing well or not. >> reporter: if the graduaten' dot work, she doesn't pay. if she does really well, her total payments are capped. 2017 graduat charlotteherbert, who got a job as a technical writer making about $32,000 a year, financed her senior year with the program. >> i think it's a good balance between you have to paysc for ol and keeping people from decades and decades of unmanageable debt. >> reporter: purdue says it's the first olfour-yearge to offer income sharing, but the concept is taking off elsewhere in higher education as well. in san nancisco, aus allred co-founded the lambda school which teaches computer coding. free up front in exchange for 17% of your income for two years if you make $50,000 a year. if your job as a school is

effectively promising a job, it doesn't make sen that a student pays you a bunch of money and it doesn't work out on the oth side. schools don't want to do that forbvious reasons. >> reporter: it's too soon to tell if income sharing will be the wayveryone pay for college in the future. the programs are unregulated sod far a they still leave graduates withatn oblign not that much different from student loans. but this is one way some schools are tryino bending the curve of the price of admission. for "nightly business report," i'm scott cohn in west lafayette, indiana. and now to a storyhat really caught our attention. did you ever log on to a website only to have to agree to a esivacy policy before you can actually a it? well, if you're like most americans, you probably just click yes without ever reading it. d what you don't read may surprise you. and rea day explains. >> reporter: imagine your toothbrush spying an you, your coffee shop blabbing about what you search online, even your mattress listening in when you're in bed.

>> i think it falls into the cagory of creepy. >> reporter: your personal info could be scooped up by a company, even handed out to others, and you might not have a clue. >> consumers need t behave in a really paranoid way, where you assume that any company t is probably going to collect information about you. >> reporter: it all starts with this, a corporate privacy policy. you might not even read them and just click accept when you download or sign up. >> these aren't negotiated agreements. >> reporter: we sat down with three pros to find out what's really going on. a pvacy attorney, a cyber security pro and ayber specialist attorney. >> how long does it take for you to digest an average policy? >> ho at least. hours. >> reporter: hours and hours to n attorneyhe's >> i don't know if it's actually possible for somebody without a degree. >> they're written by lawyers for lawyers to protect the company. om >> reporter: any that's hungry for your private information.

>> when you look at se of the data that these corporations are collecting, what do you think? >> why? we don't know what's happeningth e. what we do know is that they find this very, very valur:le. >> repore asked all three pros what policies they think raise some flags. for one it's phillips sonicare's bluetooth toothbrush. it connects to a app to reveal brushing habits. the personal data may include first name, yorz name, pfile picture, jerngender, birthday, country, language, and password. phillips may work with third partiesho process your personal data for their own purposes. >> but it's up to you to find those oth privacy policies that relate to these third parties and figure out what they're doing with your data. >> reporter: phillips tells us they take data protection very seriouy. the priva notice is aimed at transparency on this point as it describesain d which data will be received by phillips, an

phillips will only share their data with these independent third parties at theuser's request. of infos collects loa that has nothing to do with serving coffee. the policy, the web pages you view, including the date and time, and the subject of the ads you click orol s over. he says starbucks then allows third parties to access that info. the hapolicy, w added certain features to our websites and mobile applicationshat allow social networks, such as facebook, twitter, to track the aces of their members. >> can you be 100%ure about everything that's been collected in most of these policies? >> not necessarily. i think that that's not an accident. eporter: starbucks tells us the privacy of our customers is incredibly imptant to us, and we regularly evaluate all policies to make sure we're protecting their best interests. we strive to be transparent.

we do not sell information to advertising companies. you'll also note that the terms of our policy provide customers options for choosing to share information with us. one flags the policy for sleep number's mattress. last november it was founding to haven permissioo record audio while you sleep. the policy once said w also may collect personal information, which may include audio in youo o detect snoring and similar sleep conditions. >> the shocking thing was how it was buried in a privacy policy, not told right up front. >> reporter: according to sleep number, sleep number's products do not record audio. this was an error in our privacy policy and we have since corrected this. so what canou do? the pros say read the policy before you click.is >> important to read, because it does tell you what could be done with your >> reporter: and while it may seem crazy to read something the pros say even theytruggle with and that can change on a whim, the hope is if enough people

look, anything dubious will come to light. for "nightly buness report," m andrea day. coming up, spring training is under way, and tonight you'll meet an entrepreneur who turned his pasor baseball into a thriving business. well, it may still be winter, but spring training is already under way for major league baseball player for hundreds of teams in the

vintage baseball association who honor the game as iwas played in the mid19th century. that meansinng vintage bats and that's been no easy task. that is until a woodworker from outside clede columbus, ohio, f a company that makes bats, not only for the vintage players,or but also the pros. few appreciate the crack of the bats like charlie trudeau. he joined theta v team in the early 1990s, but their vintage bats literally cracked far too often. >> they shouldn't have been breaking at all. i mean it's not like we're facing 90-mile-an-hour fastballs. >> the bats weren't made to be , ushey were souvenirs. so teammates asked trudeau if he could do better. >> some of the old bats were just ormous. >> he studied pictures of the longer, heavier, and thicker bats from the mid-19th century.

>> the heavier the bat, they etter because as the more mass you had, the harder you could hit the ball. >> the wavy grainshat add character to furniture can bat.ally weaken a baseball straighter grains, they make a better bat. his teammates wered. impres >> guys started going, hey, can you make me one? i want my own. okay. and it just kind ofsorew what organically. >> other vintage teams began buying trudeau's bats and phoenix bats, for bringing back the vintage bat, became his full-time job. the buzz leached minorgue pros in the columbus area, so he made them modern bats. more weight in ite barrel wh thinner handles to improve bat speed and power. >> you tant to get ithrough the strike zone fast and hard. >> naturally, he began to dream. >> i was like wouldn't this be cool if we could have bats i the big leagues. >> those mingu ls began reaching the majors in 2003, and

all the while, trudeau was upping his game. >> even those guys in rookie ball, they're different than everybody else. changes as small as a fraction of a millimeter off of the handle, they can fee it. >> trudeau stuck with the white ash to make his early bats but became an early adopter of the harder maple and then birch, which is in between. >> ash, birch, maple. >> phoenix customers have included miguel cabrera, the triple crown winner, and ohio nati, adam eaton. by 2003 one of trudeau's teammates, joel armbruster became phoenix employee number one. >> i tell charlie i i regret every day. >> they went to italy to buy a l computer-drivehe that cost more than $200,000. it can cut and sand a bat every two minutes. > there's your finished product. >> phoenix makes about 20 a00 bats year, mostly priced

between $50 and $150 each. pros account for about20% of the business. the made-to-order business with cuom shapes and colors. >> we want to be that high-endihigh-end boutique bat company about service. nd customer >> but trudeau is really more about bats. >> probably my downside was that i wasn't ever focused in on the business and the sale >> about s years ago he left armbruster in charge and went happily back to restoring houses. satisfied that his swings are br vintage joy to mudville. >> he'll probably always be a production guy. >> you just witnessed a great game called baseball. >> phoenix doesn't pay the pros by the way, to use their bats, though it has been known to give them a discount. now, everyone has heard of louisville slugger which was sold for $700 million a few years ago but armbruster thinks

that phoenix bats ranks among the top ten m baters right now. again, we're heading into baseball season. there's a lot of hope out there. it was fun to watch some of those playe using those mid-19th century vintage bats and wearing the vintage outfits as well. >> that's a great story. hope you enjoyed it like we did. that does it for this special edition of "nightly business m sue herera. ank you for watching. >> i'm bill griffeth. have a great evening, everybody. we'll see you again .

>> this is "bbc world news america." funding of this presentation iss madeble by the freeman foundation, and kovler foundation, pursuing solutions for america's neglected needs. >> wow, that is unbelievable. ♪ >> i'flying! ♪ >> stay curious. ♪