jonathan: let's continue the conversation with david rosenberg. great to have you with us on the program. help us put these two things together. offenses they are integrating the currency, trying to drive it lower. he is saying one thing and a dozen other with potentially his appointment as ambassador to china. how do you gauge it? david rosenberg: i put the politics aside and maybe this is a case where we will take all caps at his word -- take donald trump at his word. tariffs?ng to slap on if so, how big will they be? we saw an late on the cards over the weekend with his tweets. the relationship with china, although it will remain strong, is the most important relationship the united states has. in terms of trade flows and the states where donald trump won the election in the battleground midwestern states, it will be very important for him to at least if he is going to be doing one thing in his presidency is attacked this right side -- the trade side. chances are very high he will move as well as he could to regress this record high trade defic

david rosenberg. i was going to say david gluskin.at to have you with us. >> now to europe, monte dei paschi opened up its debt swap offer to retail investors today. it's a critical part of the rescue of the struggling bank. italy's third largest bank has until the end of the year to raise $5 billion in capital or face being wound boune eddown b ecb. state aid could step in to keep the bank afloat. rome is reportedly set to spend 15 billion euros to prop up the banking sector. >> a bit of positive news. >>> other stocks to watch, oracle's second quarter profit beat forecasts but revenue rose less than expensive. the company blames the strong dollar since the election. shares down 2.2%. >>> adobe systems reporting better than expected fourth quarter revenue thanks to its creative cloud business. adobe's ceo spoke to cnbc yesterday and said he is pleased with the subscriber numbers. >> we're certainly seeing increased deal sizes with a number of customers because they're standardizing on the adobe platform across many different industri

joining us on the floor of the new york stock exchange david rosenberg.the opinion this stellar rally we've had since election day, you think we've seen the lion's share of it. >> everyone says it's stellar and the market is up roughly 3%. when you strip out the two areas that benefit the most from the big d, deregulation, financial and energy, take those out, 20% of the mark, the other 80% is flat. >> up 3% in two or three weeks that's pretty good annualized. >> it's a month now. >> the fact they are up on deregulation is the point. it's not the exception, it's the point. >> what i'm saying, we're talking about the market. we're not talking about the market. we're tausching about two sectors. >> heck has done well. >> health care hasn't done well in the past monday. >> there are certain sectors -- >> there are four or five sectors flat or down, two sectors up and that's carried the market. look, i understand the euphoria, it's called honeymoon rally. every president gets a honeymoon. ronald reagan took slogan make america great. he a six-montreally. in t

david rosenberg joining us. let's kick this around. >> way too negative. way, way, way too negative. >> what did he say that was so outlandish? >> if the fed hike is faster than people think it will be for one reason and that's the economy is growing faster than people think. that's a good reason. >> or expectations of where the economy could be -- >> have they shown us that already, though? they haven't shown to be that kind of a fed, right? how many hikes? >> three hikes in 2017. >> just because they said it -- >> said four, right? how many did we get this year? >> i think the fed -- >> the picture has changed, though, hasn't it? >> reactive as opposed to proactive and they will at this point to be so. also the competition does change. the three most hawkish members will fall out of the voting committee next year and the lean of the fed will turn more dovish which i think also means the fed will not be as aggressive in terms of the rate hike. >> i would almost argue the other side. because you have the prospects of fiscal policy that you could have a mor

david rosenberg added never read a more inspirational autobiography. american should read this book, hope to buy 50, already bought five. there's 45 to go. this is the kelly file. >>> welcome to "hannity." germany is treating the attack on a berlin christian's market on an act of terror. i'm eric bowling in for sean. rudy giuliani, laura ingram, and mike huckabee all join us. german chons lar angela merkel is now saying the terrorism is likely the motive and isis is claiming responsibility for the truck attack. also tonight, russian president vladimir putin is vowing revenge after the country's ambassador to turkey was gunned down yesterday. president-elect donald trump

. >>> according to economist david rosenberg, the big rally is about to run into big trouble.als the five things that worry him right now at tradingnation.cnbc.com. more "squawk on the street" coming up. >>> welcome back to "squawk on the street." stocks are lower marginally in early trading with the fomc rate announcement in focus. energy stocks are taking a hit as oil falls about 1% following a reported rise in crude oil inventories. laggards like chesapeake energy, murphy oil and williams companies are among the mix of laggards today. the sector is still leading this year though on pace for its best year, david, since 2007. back over to you. >>> all right, thank you very much, dom chu. now let's get over to the cme group and join rick santelli who gives us "the santelli exchange." good morning, rick. >> good morning, david. thank you. i'd like to welcome my fed day guest, mark olson, fed governor, former fed governor, great to have you today, mark. >> thank you, rick. always a pleasure being here. >> well, you know, it's sort of a historic day. you know, last december 25, f

who physically came to him and said, your wife has just told us something new, ethel rosenberg typed stuff up. david green admitted he had no memory of her having typed it up. he says he doesn't even know if any typing occurred. he committed perjury to support his wife and that roy cohn was the architect of that perjured testimony. this is very significant in a kind of macab way that roy cohn would end up being with the president-elect. >> the ghost of ethel will haunt donald trump in the white house. >> we never did because we didn't have that evidence. the grant jury testimony was sealed until the summer of 2015 and it was that grand jury testimony that got us to put together the op ed piece that landed in "the new york times." so we have not made any similar requests and in fact this request was sent initially to ms. valerie jarrett because she supposedly deals with presidential proclamations. we sent her a letter a couple of months ago. >> in september. >> in september as a place holder to try and get the process moving, but guess what, there was an election going on. my guess is they were kind

steve rosenberg, bbc news, moscow. david 11,500 have come to britain. many families have found a new home in yorkshire and humberside, which has taken in more refugees than any other part of england. our correspondent dave edwards went to see how they're settling in. for the children of syria there have been few causes for celebration over the past five years — their country ravaged by war. but here in bradford a smile is never too far away at this christmas party for young refugees. you feel here safety and everyone is lovely. in syria, all your cousins, all your family in syria, like you're feeling sad just when you think about your family. most of these children wouldn't normally celebrate christmas at all. some have been through things you'd never want your children to experience. for them, this is a chance to enjoy themselves. call the baby jesus. the local vicar has been brought in to tell the nativity story. translating is roseana, a member of syria's christian minority. she arrived in bradford in september. some of h

specifically who came to him and said your wife has just told us something new, ethel rosenberg typed stuff up. david admitted he had no memory of her having typed it up. he said he doesn't the know if any typing occurred. he said he committed perjury to protect his wife. this is significant in a macabre way that he would end up being the mentor of the president-elect. >> we can say the ghost of ethel rosenberg is going to haunt the white house once donald trump takes office. >> (inaudible). >> no. we never had, because we didn't have that evidence. the grand jury testimony was sealed until the summer of 2015. and it was that grand jury testimony that got us to put together the op ed piece that ran in the "new york times". in fact, this result was sent initially to ms. valerie jarrett. we sent her a letter a couple of months ago -- >> in september. >> -- in is september as a place hold tore get the process moving. my guess is they were kind of busy. it was a place holder. >> (inaudible). >> as far as i know -- >> we have had no -- we have had responses from the administration about, well, maybe send

david greenglass had a code name. ruth greenglass had a code name. please rosenberg had a code name. ethel rosenberg had no codename.know she wasn't a spy. we know the kgb did not consider her a spy. anybody who claims that she was a spy is essentially saying, we know better than the kgb who was a kgb spy, which is a laughable claim if it weren't so tragic. nermeen: your brother actually said your mother, speaking in an interview with "60 minutes," that your mother ethel was collateral damage of mccarthyism. >> and that is right. he used family members to hold them hostage. it is actually what terrorists do. as one of former secretary state, rogers, was quoted as ultimately saying, "ethel rosenberg called our bluff." in other words, the whole thing was a bluff. that is outrageous. we can't allow the judicial system to be used in this manner. i do want to urge -- one thing i want to emphasize, we are somewhere between 47,000 -- 45,000 of 47,000 people in our online petition urging obama to do this. i would love to get to 50,000. big numbers are symbolically important. amy: michael moore, even flirt, noam chomsky, mic

david greenglass had a dede name. th greenglass had a codeame. pleaseosenberg had a code me.. ethel rosenberg ha no codename.e knoshe e wa' a spy. we knothe kgb d d not nsidider her spy.y. anyby y wholaims th she w a spy is esstially saying,e knowetter th the k who was a kgb sy, which ia lghable aim if iweren't so trac. nermeen:our brotr actuly saidour mother, speang in an tervie wit"60 mites," at your ther eel was coateralamage of carthyism. >>nd thats righ he ud familyembers told th htage. it iactuallyhat terrists . as one of fmer secrary state, rogs, was qted as timately sayg, "ethel rosenberg call o our bff."." in other wor, , the ole e thg was a bluff. atat is tragageo. we c''t allow e e judici syst to be ud in thi manner i doant to urg-- one thing i nt to ehasize, are mewher betwe 47,000 -- ,000f 47,0 people in our online petition urging obama to do this. i would love to get to 50,000. big numbers are symbolically important. amy: michael moore, even flirt, noam chomsky, michael dukakis, the former p presidential candidate. >> in some ways, the inspiration for this campaign because it was his proclamati