cohn: we have heard that numerous times. if that is our worst case scenario that companies repatriate their money and use share buybacks, what happens? they buy that share through dividends. we get another 20% tax on capital gains or dividends, and the people who get that money back, we invest in the economy in new investments, in new capital. we are putting very enticing rules into the system that will encourage people to invest into the system. we are giving people a five year write-off. we know that money will get invested back in the economy and drive jobs, economic growth, wages, and prosperity. reporter: we asked the question twice, and you did not answer it. i get your messaging on the middle class. this tax plan appears it will benefit the president and his family. why not be candid about that? mr. cohn: i told you, it will benefit the middle class. american taxpayers care about what they take home. they care about what they have to spend. that is what they care about, that is what i care about. reporter: he is sayin

director cohn: we think they are wrong. we think they are run because the way -- because of the way they score. let's not argue that. that this taxeve plan will have a dramatic impact on economic growth. we know that 1% change in gdp led $3 trillion back. if they are right, we will only pay down $800 billion in the deficit. i will live with that. reporter: thank you. on the corporate side, your critics say on the repatriation of oversee assets, as history would show, companies do not always do so. they do share buybacks and other financial engineering. how can you guarantee that will not happen this time? director cohn: we have heard that you numerous times. if that is our worst-case scenario, the company's repatriate their money and use it for share buybacks and dividends, what happens? they buy back shares, they issue dividends. we get another 20% tax on capital gains, or dividends. and then the people who get that money back do what? they reinvested back in the economy in new investments, in new capital. we are putting e

gary cohn: i am. sharyl: do you consider it your job to sway president trump some toward your way of thinking about things where it differs? or does he sway you to implement what he thinks ought to be done? gary cohn: i think my job is to deliver facts to the president and allow him to make his decisions with the best facts available. sharyl: cohn also told us about administration efforts to level the playing field on trade with china, and one other key promise, improving the nation's infrastructure. more on those in the weeks ahead on "full measure." coming up on "full measure" -- is europe's immigration crisis getting worse? it seems the media has gone silent. scott thuman reports from ralph northam: i'm ralph northam, candidate for governor and i sponsored this ad narrator: ed gillespie says dr. ralph northam doesn't show up? dr. ralph northam was an army doctor and a volunteer medical director at a children's hospice. he passed the virginia law requiring concussion standards for school sports. the

that gary cohn is out of the running for fed chair. how long the markets will absorb this >> short-term sell off we had a conerer sags yesterday. the market had a significant sell off we led the show saying it should have been or could have been much worse s&p closed down 18 handles yesterday. rallied off the low. given all the news over a long weekend. it should have been down, but it was not recovered today. so to answer your question, what we have seen now and again, not trying to paint myself as some raging bull, but we have this seen this over again my sense is that will happen here >> let e's bring in larry kudlow what's your take on cohn's next step >> i don't know if the leak is true i have no idea didn't come from any official administration source, so there may be truth to it, but i want to know for final confirmation, there had been a lot of rumors that gary cohn's disagreements with with president trump u charlottesville and matters related to that. that the two, trump was furious with cohn, so the rumors have been out ther

cohn: i am confident -- mr. cohn: i am confident they are working as hard as they can. if you look at the house ways and means committee, they came in on sunday to start working on the tax plan. they continue to work every day. they willrady says get through the tax plan as quickly as they can. we hope they will get through the house in october and be in the senate in november and have a bill done by this year. i am here just for this reason. think about the opportunity i am involved in in being able to rewrite the tax plan, something that has not been done in 30 years. the amount of impact we could have on the u.s. economy, changing the foreign outlook of the united states, this is a once-in-a-lifetime opportunity and i would never miss that. reporter: does that mean that when you're done with tax reform, you will no longer be at the white house? mr. cohn: there are many more once-in-a-lifetime opportunities at the white house. reporter: and the child tax credit, which we have heard ivanka trump talk about. can you give us any kind of description on what that would loo

mike: colonel cohn. mr. cohn: i wrote down things because there were so many facets that you can't remember. memory is like a sieve, some of that nasty stuff gets discarded. that is the danger of going and telling about world war ii, because what you can't put across is the emotional aspects, the fear that was involved. the horror that was involved. the physical discomfort that was involved, like the battle of the bulge, the worst whether you can imagine. it was around freezing, but if you were in an open jeep and you were driving 25 miles per hour and that wind hits you, how can you describe that? you really can't. i want to give a plug-in on a program that the rocky run middle school does every year, they have world war ii day. what they do is they solicit in the community anyone who was a in world war ii and invite them to come to world war ii day. they get the bio in advance. they give the bio -- they divide students into -- let's say they have 50 world war ii veterans. they divide the students into that

the president has now soured on picking cohn for the fed the "new york times" reported that cohn wentfar as to draft a resignation letter after the charlottesville issue came to a head a yfew weeks ago but never submitted it there are some large vacancies at the fed with stan fischer yesterday submitting a letter saying he would resign mid-october for personal reasons. his term was set to expire next june now there's four vacancies at the fed that the president needs to fill. if you look at where the betting markets are, the chances or the bets for cohn to take the position, according to predictit which is where people have been case xwla basically trying to play the political markets, that's down 64%. the odds for chair yellen to be reappointed for a new term, those were up about 25%. certainly those watching this situation feel that now this makes it more likely that chair yellen will be reappointed though senior administration officials tell eamon javers they are still considering a whole host of other candidates >> let's get this straight december is setting up for the president t

gary cohn. thank you. i'm going to take this time to respond to the remarks of the president's top economic advisor respect tohn with this administration's approach to taxes. and let me be clear right at the outset. his parade ofand millionaires are executing a middle-class con job. i am going to be very specific in saying why i have reached that judgment with respect to what they are saying about taxes. i don'tident said, benefit, very, very strongly. i think there is very little benefit for people of wealth. those were the president's exact words. he said it is not good for me, believe me. the president said it in a speech unveiling the tax reform's blueprint on wednesday. unless the president paid zero tax, the president is going to benefit enormously from this tax plan. his family would save billions if the estate tax is illuminated as he -- eliminated as he has proposed. more than 500 has cruise will be able to take advantage of the new grand canyon sized pass through loophole that is -- his plan prop

>> i'm talking obviously about gary cohn and other people.what he is doing, you don't agree with it, you have an obligation to resign. >> so gary cohn should have resigned? >> absolutely. connell: there you go, steve bannon with charlie rose in the interview saying the president's top economic advisor should step down, gary cohn. the question for us what would happen on wall street if he did do that? steve cortes, fox news contributor. spokesman for the hispanic 100. steve, there was talk about when gary cohn was thinking about stepping down, he decided to stay on, that might upset the markets. what do you think? >> it is possible, colin, the more important point or couple of points, one it is very clear, steve bannon made it very clear he intend to support the president from the outside. this isn't a renegade. this isn't somebody left the white us engaging in kiss-and-tell by any stretch. quite the opposite. he wants to promote the president's agenda. with gary cohn to answer your question, everyone that serves the president, this is a princ

gary cohn, what do you read into the total confidence for steven mnuchin, confidence for gary cohn. >graded him in the white house, it's clear he doesn't want to -- as of now, doesn't want to appoint him as fed chairman, and he may reappoint yellen. i think that's a heavy lift. a change -- president gets change even at the federal reserve. the story i want to point out, what sources are telling us, yesterday a meeting between mostly congressional dems and the president, gary cohn at that meeting. it was brought up at that meeting whether there should be some sort of tie-in between an infrastructure bill and tax cuts. trump apparently turned to gary cohn and says what do you think? and gary cohn said we will look into that. clearly the white house is looking at something that the democrats would really like, tying infrastructure with tax cuts, and republicans wouldn't like. why wouldn't the republicans not like this? you know, particularly for deficit hawks like paul ryan, they're worried about tax cuts in and of themselves costing too much money blowing out the deficit. if you tie it

cohn's comments. this afternoon to respond to the remarks of mr. gary cohen, the president's top -- the presiding officer: the senate is in a quorum call. wide i ask unanimous consent to vacate the quorum call --. mr. wyden: i ask unanimous consent to vacate the quorum call. the presiding officer: without objection. mr. wyden: thank you, mr. president. i'm going to take some time this afternoon to respond to the remarks of the president's top economic advisor, mr. gary cohen, with respect to this administration's approach to taxes. and let me be clear right at the outset, the president and hicksf millionaires are illustrating a middle class con job and i'm going to be very specific as to why i reach that judgment with respect to what they're saying about taxes. now the president said, i don't benefit, very, very strongly. i think there's very little benefit for people of wealth. those are the president's exact words. he also said it's not good for me, believe me, the president said in a speech unveiling the tax reform blueprint on wednesday. now un

some of the things that gary cohn has been talking about. think congress is ultimately going to be decide all of the details on this. so as the president said in the past he's not going to write out every single detail that congress will take and do what he wants anyway. >> he said he's got this and even when he was elected, i've got this great tax plan, coming soon. you will see this tax plan, it's coming, it's coming. it's september 1st, we haven't seen the tax plan. >> that he was going to be involved. people around him were saying this is something that the president is passionate about. he would lead the charge on the tax reform plan and they have outsourced much of the health care through congress and that did not work and the president himself -- it was unclear how helpful he was during that. he would step on his own message repeatedly. he would attack fellow republicans about whether they were pushing it or not. he since said that perhaps the senate majority leader mcconnell should lose his post if he doesn't get more of the agenda t

bill: gary cohn hit it on the nose.ceding the point i made, without a rise in inflation we will not have wage increases. the only way to get consumer power in play is to give people more disposable income, and that is through lower taxes. we have seen low-wage sectors. we need a structural shift to incentivize firms to hire more people in these high wage industries here in the u.s.. that is the policies -- that is the policy change we're hoping to see. but i do not think it is something we will see soon in the future. julia: on the dollar, what are your thoughts? that is been a tailwind here. bill: it has. the dollar has been a horse race tween the u.s. and the ecb. the question is, which central bank will be the leader in interest-rate normalization? the weakening dollar is telling you the markets are not perceiving the u.s. to be leading that charge. the hope and prayer is been on mario draghi, but he threw cold water on that today, in terms of getting normalization. we may see a fed that may recognize we are much clo

she hasn't had a further meeting with trump, that marginally is a favorable sign for gary cohn. all regulators should be attentive to unregulatory burden, look for ways to scale that back. everybody says. that here's the thing that caught my eye. core post financial crisis regulations should remain. that is in direct contradiction of what donald trump campaigned on which is getting rid of many, many regulations including dodd-frank. she seems to be staying still should be enforced, keep the tenets of dodd-frank, mainly enforced by the fed. gary cohn, from goldman sachs, wants to essentially relax a lot of dodd-frank and change it, so if it's between those two, you got to give the push to gary cohn, unless trump is so, so mad at him over what he said, and i heard he was really annoyed. and you in here's the third thing, maybe gives it to neither of them and puts it to someone like gary cohn, a guy named kevin warsh, now at stanford university. full disclosure, friend of mine for years, his name is in the mix, could be the default candidate that trump pix because i just don't know

cohn and ryan on our air moments ago. mild gains in

i am talking obviously about gary cohn and other people.don't like what he is doing and you don't agree with it, you have an obligation to resign. charlie rose: so gary cohn should have resigned. >> absolutely. >> here to give insight into that impresses thinking is the biography,te the joshua green, author of a bloomberg businessweek columnist and he joins us now. great to have you on the show. a couple of interesting angles. the report over the last week or , calling from a personal mobile phone. when he is hinting at the suggestion that gary cohn should have resigned, isn't steve -- is it steve dan and commenting or is he getting this from donald trump himself? >> i'm sure it is something been in discussed. this was a big fight going inside the white house. taking these private fights and make them public. this is very damaging for gary cohn, this seems like he was in to have someone as prominent as bannon on the outside criticizing him and turning trump against him. >> donald trump cannot quite criticize himself. not necessarily shy. i

>> i'm not sure what gary cohn's plans are after this.e has a great challenge which is to get a growth-oriented tax system in place. get rates down, and a 15% corporate tax would make america the leader. >> that might be the best bet in terms of getting the bang for the buck. i don't know if we would get to 15%. a tax cuts for the quote-unquote rich. from hearing gary cohn and others, that seems less likely. you might see the middle class on individual rates. but this corporate in terms of the macro economy. do you think that helps, and how low can they get it? >> it will create jobs for the middle class. you also need a thanks cut for small businesses that run on their individual tax forms. so you have to cut taxes for individuals as well. they are the ones that pay most of of the taxes. what we want them to do is use that money to invest in creating new jobs so you have got to let them pay less taxes to do that. they have a lot of flexibility where they go with the rates. but i hope the white house doesn't fall into this politics of env

that's more doubtful than gary cohn.s to be made here i'm not saying gary cohn is getting it but i'm telling you he's not out yet. the white house pushes back a lock on him being out of the white house totally. that he somehow going to get blown out and we should point out there's no decision made and i can tell you this name that keeps coming up this kevin warsh is the fed chairman, he has not been contacted and he has not been told from what i understand. i should point out that warsh hasn't commented. the white house had no comment on this. liz: gary, gary. >> you want him. why do you like him so much? i'm not perfect but he looks like daddy were bucks, doesn't it? put up a picture of him. liz: put up a picture of him. he is now come gladwell. >> daddy were bucks. by the way he eats trees. he spits them out to the guys in animal. liz: he chews nails. gary thank you. >> gary? liz: charlie. gary is on my mind. look the dow jones industrials up 247-point good for 1% gain. mcdonald's is one of the big leaders today for th

that is what my clients are saying tell me about cohn. we do not really know, but we know it will not be yellen. ke my bed?ink yellen maybe you [laughter] greg: there was a lot of talk hole speech,kson but this was her last speech, and taking away financial market andlation is used to trump that matter. i think she has stayed true to her colors. she is very academic, she stayed true to her position, and she is above in terms of interest rate positions, and trump really highlighted that a few weeks of before, saying she is a low interest rate person. i think she has the option of being in effect come 2018 and 2019. alix: thank you for an much, paul richards of medley global advisers and gregory daco of oxford economics. join us,imself will gary cohn, national economic director. this is bloomberg. ♪ alix: please violated politics today goes to senator mccain at rupees in the "washington post" less like calling for congress to come to order. regarding president trump, mccain says "we must respect his authority and constitutional responsibili

what gary cohn is talking about is exactly that. the ownership stake that most americans have either through 401(k)s or pension plans, if you do cut corporate tax rates, it does seam feasible to me that the stock priceses will go up because there will be more through the bottom line and that's the argument he's trying to make and the other argument about corporate tax reform specifically is if you drive down the rates does that in fact attract business from overseas entities to become more competitive and perhaps challenge for that labor market which has not seen wage growth that's the calculus that the white house is going through right now, but i do agree with mark and steve, you know news at 11:00 on that one. the economic models don't necessarily support exactly what the white house is saying, but i do think there will be a tax package put in place and they have to get agreement on it. >> i'm wondering about the -- >> kirk, are you there >> one other point. >> mark, go ahead. >> the key toll who benefits and who loses also depen

cohn guys, back downtown to you >> okay.resident will have the potential to appoint the fed hair, and gary cohn will not be any of those people? >> who knows it probably nets out to janet yellen getting reappointed seems somewhat more likely, even with stanley fisher's earlier departure announced, although once the comments were made and the perceptions maybe it hurt his chances, you did see some of the betting markets increase the chance that a kevin worsh might be more likely. >> i can't easily kevin being a vice chair, to me indicates some sort of counter-balance to the fed chair's leanings in other words if she's considered a dove, kevin worsch is not and i placate some. >> and pretty neat fit after stanley fisher, who did play that role. >> exactly. >> stanleyly fisher had also given an interview and talked about his displeasure with the trump administration, who knows whether this has anything to do with it, but i wonder about the fed chair remains as janet yellen, if that gives the message this will remain an independ

>> gary cohn. so i do not know how long he will last. he seems to have a good sense of tax reform. in response to the previous guest, the president and the republican congress really need tax reform. if they don't get tax reform this year they will go into midterm elections with no achievements. i think that they will get some form of tax reform. it much -- it might be pared back and that is where i think gary cohn is so important to the efforts. tom: thank you so much. book, marty, thank you so much. we will continue with ian shepherdson. itre thrilled euro watching us on television worldwide -- we are thrilled that you are watching us on television worldwide. boston,xm, new york, bay area, and the washington nationals home. this is bloomberg. ♪ taylor: this is bloomberg surveillance. it let's get the bloomberg business flash. drugmaker the largest has named a new ceo. they are trying to revive a sales and reduce debt. has been ceo at a danish drugmaker. >> i am the kind of person who likes challe

by the way, no offense to gary cohn.u're going to seek to stimulate the economy through tax reform and raise taxes what sometime laive effect is it going to be in a lack of logic here. you want middle class taxpayers a tax cut. they don't pay most the taxes. if you want an effect, you have to give it to the people that pay the most. the rich and the corporations. >> neil: so you're in the camp to -- >> i'm looking at it logically. you want to stimulate the economy, do a tax cut, not an increase. if gary cohn thinks he's going raise taxes with a republican congress, it's not going to stimulate the economy. i can't imagine -- >> neil: the corporate tax thing is key. >> if they were smart, they'll just go for corporate taxes. it would be easier to pass. >> neil: the whole thing might have been helped in the process. thanks, charlie. again, just to explain where gary cohn is coming from here. there's no formal rate hike being talked about. it's whatever cut they get, which would be nominal, would be offset by removing tax cu

>> is gary cohn is still on that list >> -- this early in the conversation where do you think gary cohntands in all of this, given that the president has talked about him as a candidate, and yet what we do hear constantly, over the last several weeks, some of the comments he made publicly, that perhaps maybe the relationship is has been compromised. >> i appreciate you asking me and i would be disappointed if you didn't, but i obviously will respect the confidentiality of the response and not make any comments on any specific people that the president is considering. >> putting that piece asaid, what about the relationship can gary cohn? your own relationship with him, the president's relationship with him there's a view within the marketplace and we're going to talk to ray dalio and others all about this that gary cohn and you represent a very important piece of this administration and that if perhaps gary cohn were to leave, that the markets would take that as a bad sign. >> well, let me say, gary and i have worked very close together for a long period of time. we worked together at g

>> gary cohn and some other people. and you don't agree with it, resign. >> so gary cohn should have resigned of the. >> absolutely. >> well, michael steele is the former chair of the republican national committee. i think journalists and politicians kidiffer. my political brain says be a man, be a woman, don't say i want the sxa the honor and responsibility of serving in the white house but the minute i get near a phone, i'll trash the guy. i think this is where mr. bannon has a strong point to make. what is yours? journalists can't live with that. if you're a reporter, you want everyone talking out the back window. >> my reporting test me this fight between cohn and bannon, it is deeper than the response to shartsville and the president's leadership. it is about who will control the president's party and the white house. cohn and bannon were part of the two blocks battling. it will be the nationalists or the wall street conservative vision coming out of the national economic council. >> is trump going to survive the b

and was very clear that his successor would not be gary cohn, though he was a fan of gary cohn.the trading revenues he said down 20% he said, i'm pretty sure he said year on year in terms of whether or not they'll continue to give guidance, he seemed quite serious on that suggestion on trading. earlier in the day he was more joking about it but seemed relatively serious again, he talked about deregulation, he said this was a personnel issue. personnel is policy in that space. and we haven't seen many change yet, he was encouraged, of course, some personnel taking shape. maybe we got a little bit of that to come which could be encouraging. now banking industry disruption, from technology firms, he wasn't really very concerned about. payments, the only area he said that they could lose share, but broadly speaking it's not something he's too worried about. i just point, again, to those points he said about the removal of quantitative easing pointing to that figure, $12 trillion of securities that central banks earned around the world whilst he's not worried about it immediately, he

cohn almost said as much with you. so that is being telegraphed as something that improving the chances of passage. and i was talking to a wall street banker who had caught that interview soon afterwards and had said, well, that cinches it, neil, tax reform is done. i'm not getting any tax break. he was referring to himself, of course, not me. but there you go. so good for you. stuart: big deal. neil: all right, in the meantime, we are following these developments, stuart pointed out that's a what we're facing now here. because of what's going on in texas and the unusual camaraderie you've seen across all political lines ignored in this -- as they should be -- it's improving the odds not only for getting emergency relief here, but also for getting that tax break which will be spelled out in the days ahead. now, as gary cohn of the national economic council chief, had told stuart, the broad blue prints are now known, and what we long suspected has been now virtually confirmed, and now the battle begins. to texas republi

and gary cohn's answer indicated that he knows that.e got a question from a correspondent who said-of cited all the evidence for why donald trump's tax bill would go down and gary cohn didn't repeat, no, it won't, he said they don't care about that. i care about what i pay and that is how other people think. but the american people do care about the fairness. >> gary is right, but we also want our president to tell us the truth. and it makes no sense why he would lie. >> well, there is a truth aspect, but also a fairness aspect. if my taxes -- if the middle class voter says my taxes will go down $100 under this, that is good. but if they also hear that president trump's taxes are going to go down a billion, they may not be so many about it. so they have big fairness problems, they have credibility problems. they have internal republican dissension problems. and they also have a time problem. because they hope do this by the end of the year, but that lobbying that we talked about will get very rough very fast. >> very rough, very fast. w

cohn is currently the president's top economic adviser. he was reportedly on a short list of candidates to replace a change. but according to dow jones, his chances of leading the fed dropped after he criticized the president's response to last month e's demonstrations in es separately, federal reserve vice chair is stepping down. citing personal reasons. his resignation is effective mid october and vice chair fisher has been an ak voe cat of o maintaining post crisis financial regular laces. >>> still ahead, why a drug maker saw a do >>> new hope for those suffering from a rare disorder. the company reported positive rumt frs a clinical trial of a medicine for dushen muscular fi. >> the medicine is for patients with dushe nrn muscular dystrop. it can rob kid of their ability to walk before they're teenagers and can be fatal before age 30. medice to ed treat dnd. it targets genetic draiivers of the disease affecting about 13% of patients. they are now testing additional medicines to reach more patients. the ruts today were for one of those

cohn bannon says that gary should resign if he can't stand by president trump.e spoke to charlie rose, critical of the message after protests in virginia last month, saying that he absolutely had an obligation to what. this is bloomberg. julie? julie: the threat of hurricane hurler continues to push higher this week. futures in focus is next and we will discuss from new york. mark: live from london, i'm mark barton. julie: and in new york i'm julie hyman. ."is is "bloomberg markets orange juice trading at a four-month high as hurricane irma threatens to wreak havoc on farmland. president is the vice of the futures group. i was looking at the numbers, florida is the number two u.s. produce our, generating $1.2 billion in produce annually here. here, firsta risk of all, is the orange juice crop generally under from this storm? >> the exact amount of the loss, we will have to see what the track of the storm is. a couple of days ago it looked like it was going to go on the west side of the peninsula, which would have brought the most damaging winds into the heart of

the "wall street journal" says the president's change in opinion comes mostly from cohn's criticism of trump's response to the violence in charlottesville. yesterday fed vice chair stanley fischer announced he will resign mid-october for personal reasons. this brings the total number of vacancies on the board of governors to four. chair janet yellen's term ends in early february. perhaps janet yellen will be nominated once again as fed chairman trump has softened his stance on her over the last several months saying she kept the rates too low to she's done a decent job >> stanley fischer, 73 do you have anything on this, sorkin what's a personal reason what does that mean? >> the personal reason i don't have anything on that. the larger question is how it changes the dynamic, at least in the next couple months inside the fed in terms of who fills this vacuum. he was one of these people, always a great wrangler of the other members. sort of -- >> if you have 44 of 7 governors leaving, the entire dynamic changes. >> then we'll talk more about this -- we will talk about the gary cohn piec

countries >> forms are expected to cost trillions of dollars national economic council director gary cohn and house speaker paul ryan will be joining the "squawk box" team live the biggest question out of this proposal is where do the offsets and the pay forcs come from. there's bethe biggest winner out of this, clearly business with the reduction of the corporate rate down to 20% not the 15% that president trump campaigned on, but a much more competitive corporate rate that pass-through rate capped at 25%. >> the biggest question given the fact, as you say, how will it be paid for is what will congress think of this we have now got more meat on the bones for this proposal from the executive branch and maybe some consul take with the big six. it's involved a few members of congress to get to this stage. frankly the hard work is still to come. the big question is can it get through congress if markets are rallying off the back of this, you have to look at what happened with healthcare and how hard it's been to get any consensus together, a law passed feels like there's more impetus behind

cohn breaking his agreement the senate investigators. that's according to the sxharm ranking member from both parties and then manafort, pushing back on this allegation that he was targeted in a wiretap and suggesting if he was, this may raise the specter of obama administration political retribution. i'm lucky to say we have a great panel to digest all of this. hallie jackson has been covering this for some time. and from the "washington post," a veteran of many of the issues i just mentioned. i want to start with you, nick on, this brand new manafort statement. in fairness to paul manafort, ending up on surveillance doesn't mean he did anything wrong. it doesn't saying formal confirmation of this account and i'll have a bigger lead later in the show. there are multiple ways to end up on a surveillance string. how do you see this reference to political opponents? >> i think they went into a federal judge with probable cause. a very detailed affidavit that set out why they want to put the wiretap on his phone. they followed the law. the

he basically said he doesn't have a whole lot of use for gary cohn. your thoughts. >> i think the president should fire gary cohn because president gave him a big opportunity. >> true. >> he was disloyal. and if he had props with something the president did or said, he should have talked to him privately. but because his friends in the hampton and manhattan were giving him a hard time, he turned on the president. i think that's wrong. trish: your thoughts, ford? should gary cohn stay or go? doesn't look like he will get fed chief? >> i definitely agree with andrew, should not speak out against the president. if you have nothing nice to say zip it. if you can't take it resign. unfortunately what you do what he did, giving mainstream media and democrats more fodder to hammer donald trump. when you work for someone, show loyalty. if you can't make loyalty, get out. trish: uh-huh. >> where is the specific tax-cut package he has been in charge of? i haven't seen anything. nobody on the hill seen anything. he hasn't doing his job. he has got to go. trish: w

we'll have to wait and see. -- we have seen that with treasury secretary mnuchin and gary cohn.ndord out a treasury capitol hill is digesting this. julie: we should remind our viewers that president trump's meeting not just congressional leaders, paul ryan and mitch mcconnell, for also nest -- visit the lows in chuck schumer at talking -- but nancy pelosi and a chuck schumer. we have been talking about how there is now a need to replace stan fischer pretty quickly. we have been talking about it from congressional perspective in terms of confirming that person. what about from the white house perspective and how quickly they can come up with a nominee? kevin: the white house has been frustrated at how slowly congress has moved. i have spoken to several people in washington who are frustrated at the case of the senate banking committee led by mike crapo, the head republican on alongho will have to move the nomination of whoever the white house picks. no comments from the senate banking committee as of the moment. they have a busy to do list. the chairman has said he wants to get t

i'm talking about gary cohn and others.gree with it, you have an obligation to resign. >> gary cohn should have resigned? >> absolutely. lou: james comey, clinton's latest steak du jour for costing her the presidency. she says she should have hit the former fbi director hard over the email investigation. comey is the third clinton fall guy put together this week joining bernie sanders, joe biden. but if you are worried she is running out of material have no fear. list of scape goats and culprits who clinton has previously held responsible includes everyone from vladimir putin to netflix. "what happened" could end upperring of as a useful door stop. joining me is the dean himself. ed rollins who served in three presidential administrations. good to have you both with us. let's -- how about me? ed: we missed you the two weeks you were gone. lou: bannon, is he talking too much already? ed: bannon was the guy who kept his mouth shut totally in the white house. now i think he's going to set the record straight. going on "60 minu

cohn almost said as much with you.telegraphed as something that improving the chances of passage. and i was talking to a wall street banker who had caught that interview soon afterwards and had said, well, that cinches it, neil, tax reform is done. i'm not getting any tax break. he was referring

i'll say this, gary cohn is a new yorker. he's from new york.k, if you're living in manhattan -- >> come on. >> no -- if you live in manhattan, you need $100,000 to be in the middle class. in mississippi, that's not middle class. >> he is writing the tax code for all of us. for america. and these are the numbers. we laugh, but these are the numbers he's throwing out on, you know, middle class or average americans. it's wrong. >> you know, it reminds me -- you remember during the bush administration when he was asked about the price of milk. these things are small, but they do matter. again, it's not great at a time when you're trying to sell a tax plan as a boon to the middle class. the truth, the sad truth about this tax plan is that the wealthy are really going to benefit disproportionately from it. i think that reflects the fact that too-- there was a debate i this a populist white house or traditional republican laissez faire trickle-down white house, i think the answer is clearly it's the latter. >> every time i met with donald trump on thi

>> gary cohn and some other people.if you don't like what he's doing and you don't agree with it, you have an obligation the resign. >> reporter: a quick reminder here, after the president's response to charlottesville, gary cohn, who is jewish, was under enormous pressure to speak out or even resign, but sources say that he is committed to staying at this white house at least through the initial phases of tax reform. >> mason: nancy cordes, now here's steve bannon on some of the folks you cover on capitol hill. >> the republican is trying to nullify the 2016 election, that's a brutal fact we have to face. >> reporter: the republican establishment? >> the republican establishment. >> reporter: wants to nullify the 2016 election? >> trying to full nigh the 2016 election. >> reporter: who? >> i think mitch mcconnell and to a degree paul ryan. they do not want donald trump's populist economic nationalist agenda to be implemented. it's very obvious. >> mason: what was the reaction to that on the hill, nancy? >> reporter: we

the president sours on choosing gary cohn for fed chair. the potential market implications coming up. >>> and peltz versus procter & gamble it's thursday, september 7, 2017 and "worldwide exchange" begins right now.

would that include gary cohn. that should include him. if it does not include him.ou sure that the nec chief is not in the cabinet. i've decided. the national economic council and he runs at has the treasury secretary in his counsel. and he leads these budget meetings. when there was word that he might leave they did show some reverberation. i think they like the fact that that wall street guy was in the administration. thank you very much. not a huge selloff here down 35 points right now with the closing bell seven minutes away. what about the former vice chair stanley fisher who resigned yesterday. he worked with stanley fisher. we will explain what the departure means to the fed. countdown is coming right back. . . . . liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. liz: three minutes before the closing bell rings. i want to look at gold, known as safe haven or fea

why is gary cohn saying the consumer will come to the rescue? >> i think what he is referring to is the fact that with such a , usuallyloyment rate at this point in the cycle you would have wages growing much closer to 4% year-over-year. instead, they have been stuck in a much lower gear of 2.5%. his estimation is well, it's the consumer and tax reform -- as in tax cuts -- consumers will push wages higher. that seems a little false. gabriella: i think we need to acknowledge that wages are lower than we would like, but then we need to ask ourselves why that is. we do not think wages are low because there is all this black in the economy. we do not subscribe to that view. it is not because of jobs, for example. we think it is because of structural factors that have theed much more power in hands of the employer rather than the employee. it is about fixing structural issues rather than trying to provide stimulus to boost hiring. that is not going to fix the issue, in our view. vonnie: we are looking at this chart of hourly average earnings. the yel

we heard from gary cohn today. he said tax reform is a skeleton and they are putting muscles and skin on the plan they have. his at taking place in the white house as you understand it, on capitol hill? where is the conversation and what going to be in the plan? gary cohn is saying it's going to be weeks if not months. >> it's sometimes hard to tell where that work is taking place or if it is taking place. we think it is happening in negotiations between people called the big six am a gary -- big six,hin, gary cohn, steve mnuchin, paul ryan, mitch mcconnell, orrin hatch. it has been a long time coming to see any meat or skin even. david: thank you both. me today from washington, d.c. president trump talking earlier decision coming today, perhaps over the weekend. a congressman joins me now from arizona. let's start with daca. what is your message to the president about this program and approachingd be it at this point in time? >> i think he should be approaching it as suggested from his own party leadership, from s

well, the position is being led and developed by gary cohn over at the national economic council.with partners of the accord, if we can construct a set of terms that we believe is fair and balanced to the american people, and recognises our economy and economic interest, relative to others, in particular the second—largest economy in the world, china. if you look at those targets in terms of the accord, they were just really out of balance, the two largest economies. i think the plan is for director cohn to consider other ways in which we can work with partners in the accord and we want to be productive and helpful. the us has a tremendous track record on reducing our own greenhouse gas emissions. so there is a chance that if things get worked out, both on the voluntary side for the us, the voluntary restrictions for the us, that it could change, and there is a chance the us could stay in the accord? under the right conditions, the president said he is open to finding the conditions were we can engage with others on what we all agree is still a issue. let's get more on this now wi

talking about gary cohn. good reporting.lary clinton as you never heard her before and why she thinks she lost the election and what she was really thinking during donald trump's inauguration. what she also thinks about all the people who didn't vote. >> it was hard for me to come fort somebody who was coming to me and saying oh, i wish i had done more or i'm sorry i didn't vote. there are too many beautiful things to do and see in your life to let chronic dry eye symptoms get in the way. to learn more about chronic dry eye symptoms, chat with your eye doctor and go to myeyelove.com it's all about eyelove, my friends. feeling the love? are your eyes dry, itchy and gritty? blurry vision at times? grab some face time with your eye doctor and show your eyes some eyelove. >> in a wide ranging interview with anderson cooper, hillary clinton opened up about the election and james comey. president trump, and russia. the electoral college and so much more. >> the rhetoric was hot. i call it a cry from the white nationalist gut. >> y

chief economic advisor gary cohn insisting it's aimed at middle income americans. >> a typical family earning $100,000 with two children that has been a standard detector who uses the standard deductions, continues to use the standard deduction, they can expect a tax cut of about $1,000. >> critics say the illumination of the state local tax deduction could mean middle income families in high tax states like new york, connecticut, california could end up paying more tax. >> you could find me someone in the country that their taxes may not go down. we have all different types of structures in the tax code. i guarantee you you could find someone, maybe one person. >> the white house could not say measures like eliminating the alternative minimum tax would not have benefited president trump who in 2005 paid $31 million in a.m. t. >> american taxpayers care about what they take home. they care about what they have to spend. that's what they care about. that's what i care about. single-family getting back a $1,000 tax cut might care if a billionaire is getting back tens of millions of doll