people like gary cohn and rob porter and sean spicer and some others, rex tillerson. look, they had own agenda as well but they were not elected to be the president. look, , we saw this too many tis with the president the presider specific policy or specific action item to get done, and the staff would walk up and just completely disregard the they would use subversion, stalling techniques, the old man is going to forget. that's not what happened but they used their positions of influence to say we can't get it done this way. he wants to get things done. he's a businessman who brought that business mentality to washington, and his staff by large at the beginning did a very serious disservice to them and when i think to the american people. >> jimmy choo sean spicer who was compiled not sure what his title was but he was spokesman for a time. you wrote in the book that he really initialed did want to be part of the campaign and came aboard as he said reluctantly. after president trump one. how significant was that or was he as a plate of this. sharyl, let me say, in th

gary cohn. mnuchin. that thing they put out sunday was nuts. mean, he is on vacation in mexico, and they -- one thing to call the heads of the six largest banks and say things are okay, right? putting out a press release saying that, that's just like a sign -- that is -- don't panic, you know? that's when everyone panics. >> it happened with cause in the midst of the crash in 2008 because folks needed to know that the banks were -- >> and even then -- it was a real crisis, not just a crisis of feelings. so i think the market is saying something serious. i think the political implications are underrated. the republican establishment, not the base, so to speak. the republican establishment has swallowed a lot to accept trump because of the economy in general. but in particular because of the markets. because guess what, the republicans of the party are businessmen who care a lot about the stock market. >> the hedge fund or their stock market -- yeah. >> and at some point -- i got a call from someone late last week, hey, why don't you help out, sa

this was his former director of the national economic council, gary cohn, this morning. >> absolutely not offended by the term globalist because i am a globalist. i believe we live in a globalized world. i think the united states is a very integral part of a globalized world. we have to figure out how to live as a good citizen. so do the chinese. so do the russians. sort of the middle eastern countries. but we are globalized. we cannot change that back. >> laura: we have to figure out how to be good global citizens? that might sound really high-minded. what happened in the 20 years since china entered the wto is not pretty. we ended up enriching other countries and lots of lost traders like gary cohn himself as our own middle-class suffere. thousands of u.s. companies moved overseas for cheaper production, all ushered in under the banner of globalization. gone were most american-made products, textiles, toys, televisions. it sure wasn't what the globalist told us what happened once china was welcomed into the world trade community. >> by joining the wto, china is not simply agreeing t

coming up only on "cbs this morning," in the ongoing series "issues that matter," we talked with gary cohnf the national economic aryear since the passage of pdent onlyee on "cbs this mog, back ray rice and his wife. >>> that's the "cbs this morning" for this tuesday. thanks for watching. i'm anne-marie green. have a great day. ♪ >>> live from the cbs bay area studios this is kpix i've news. >> hello tuesday morning as we take a live look from our sales floor camera. the fog covering most of this shot. it is tuesday december 18th i'm kenny choi. >> yeah that fog looks like a big pillow. >> yeah. we're starting off the day with areas of fog. another live look for you. and you can see the low clouds and fog as we start off the day the very top that is transamerica building there. we're looking at 46 in con coward. 49 in oakland. and 44 in santa rosa coming in at 48. i've got that lingering cough. okay. so your weather headlines areas

the corrupt us establishment but as soon as he got in he filled his team with goldman exacts like gary cohnas chief economic adviser goldman gave cone a living presence free broyard a senator elizabeth warren dubs it of a quarter of a billion dollars kerry cohen picks out the sacks full of mining goes into government and rewrites the tax laws marriages to cram it through and pointed called once again show savvy investor u.s. senators railed at goldman selling ordinary american products they knew would fail them betting on their failure practices that contributed to the two thousand and eight world economic crash then treasury secretary hank paulson nevertheless handed goldman a ten billion dollar bailout paulson just happened to have been yes you guessed it goldman sachs chief the evidence shows that goldman repeatedly put its own interests and profits ahead of the interests of its clients and our communities when the system finally collapsed under the weight of those toxic mortgages goldman profited from the collapse using a fictitious exchange rate in two thousand and one gold magically d

we talk about gary cohn and rob porter and rex tillerson -- katty: those people are not there anymore. are there still people the today? corey: look, of course there are still people there today. look at the individual who wrote the anonymous letter to "the net yoes." we don't know who that person is, but a senior government official who thinks their job io toct the american people from the president. that person is a coward and should be called out and have their day in front of the publie to air their cs. there are people we know because the first lady has said it and te president has said it that cannot be trusted white house. we want those people removed from the building immediately, because we know this -- there are people who listen to the president's convertions and then leak that information, which is detrimental to the president and our country. laura: corey lewandowski there. you are watching "bbc world news america." still to come on tonight's program, alleged abuse in burui. how our team uncovered chilling details of torture and abuse in a secret locion. mexico's new pres

. >> and gary cohn, his top economic aide, says, "i have to take that in order to prevent a calamity.felt there was such an emergency. >> trevor: there is always something people bring up. and people say this is like nixon. this shady dealing, this is just like nixon. you actually wrote about nixon. you are, in many ways, part of the reason that nixon got into the strubl that he got into. now, do you think this is similar to richard nixon? >> we're going to find out. and it all depends on the quality of evidence. and there's a lot of aroma. there are lots of things going on. as you rightly pointed out-- wait a minute, these are violations of the law. when does it get so serious that the republicans will wake up? that's the question. and they now are the enablers of trump in all of this stuff. and you get to them privately and you say, "what do you think?" and they say, "my head hurts so hard." tough. we are, you know, this-- look, i mean, just take-- in the book, john dowd, who was trump's personal attorney in the mueller investigation, worked with him for eight months, closely, big s

he's an elected official of american people and nobody elected gary cohn. nobody elected gary cohn. this is an example of what some people have referred to as bureaucratic checking, which is totally alien to our constitutional system. >> and, in fact, you said-- >> but how-- >> well let me just jump in. in fact, this is a scene after article that you wrote for harper's back in june of 2017, trump versus the deep state. and you raised some extremely interesting points in this piece and i'll just quote this one particular session. to formally charge a bureaucracy with providing a check on the president, congress and accords would represent an entirely new form of government which institutionalized bureaucratic autocracy replaces democratic. what critics would bureaucratic supremacy should some president come along and seek to free them from the polar night of icy darkness that max webber warned as bureaucracy's inhe have i believe it end point? where would they turn having consecrated the security direct directorate as their guardian. i found that insightful and compelling. kate, you

gary cohn was literally taking documents off the president's desk. howie: you say the fake news refuses to report the stock market is booming under trump or about record low unemployment numbers. what i think you are really arguing is you don't think donald trump gets enough credit. dave: you look at his list of accomplishes the last two years of his presidency. it's not an overstatement. this president does not get the credit he deserves. the mainstream media's narrative is all about the fake russian collusion story. they don't talk about the good things that this president does on a daily basis for all americans. when the economy goes up, that helps all americans. when we are safer at home and abroad, it helps all americans, and they play divisive politics every single day. howie: turncoat republicans and former republicans you say have flood our airways. jennifer ruben you mention, george will, nicole wallace desperately wants to be loved by the trump-hating viewers at msnbc. why can't you just say they are ex--republicans who disagree with trump

under gary cohn, under travis kalanick. was a good, strong relationship between buer -- uber and goldman sachs, but things have changed in recent years. there is new leadership at uber. they went through a big rough patch in terms of the public trust. new leadership has come in. with new leadership, that gave -- an stanley unopen ling opening for establishing a relationship with the new management and really getting itself in a very prime position. yes, you are absolutely right that other banks will play a role. we think a goldman sachs will be in there at some level. but clearly, for wall street, there is great trustees in being that flush left the bank, the bank that comes first on the line and gets to share the biggest chunk of the fees that are generated. and remember, banks are encouraging uber, telling uber that they could fetch a valuation as high as $20 billion. that seems aggressive for those who have seen the financials. it is losing business still. you get, even though it is a small percentage, is a lot of money

everything but i'll be here to steer the ship in the right way or i'll be here to advise him on, gary cohnancial policy or tim ryan or mitch mcconnell. i think there's a symbiotic relationship between this guy does not have a political agenda or political core so we can give him whatever we want him to do as long as he has a cover. i think again we have to focus on that as kelly exits this role. >> katie, is the legacy here immigration plain and simple? i remember talking to john kelly when he was the secretary of homeland security and he was kind of feeling through what the policies were going to be, but to clint's point it felt it was genuine. he had a hard line approach to immigration. it didn't seem like it was something supplanted from the president onto him. >> to the extent kelly was a surrogate and a supporter and made the genesis of some of the immigration policies we're seeing coming from this administration, absolutely. i mean, it seems to me that kelly had a 17-month kidney stone, right? there was this painful process that was going on. but i think what's happening now with nic

gary cohn, rob porter, who worked with cohn to try to keep the trade warriors in the white house underworried about this for months and i think trump is getting the kind of people around him that he likes having around him and that's very bad for the country. >> listen to republican senator bob corker on cnn's "state of the union." >> i do think this next three months will be a very important three months for our country. i'm cheering the guys on that are there, but i think this next three months could well determine whether he decides to run again or not. i think it will be important that the united states senate really dig in and not make other colossal mistakes as it relates to foreign policy. >> couple of important things he said there. the first part he's suggesting that the president may not run again. could he decide not to run? is that realistic? >> he could but it would be better if people took him on and try to deny him the republican nomination. that's what bob corker should do and others. we don't know who else might be able to beat him. the more people just say publicly, w

then he started grinding down the guardrails an, gary cohn, jim mattis, he ground down john kelly. he believes in his own version of mewisdom and he also thinks that everybody else wants something from him or is trying to get something from him or is trying to undermine him or all of the above. his circle has contracted enormously in the second half of this second year and it will be interesting how that translates for the third year. >> happy new year. maggie, david it, thanks for being us. next, more on why the shut down showdown could stretch into next year and president trump's latest suggesting he's on the same page as former president obama on immigration. also tonight, it was a celebration to remember. these days in more ways than one. we'll show what investigators want to know about the presidential inauguration including where all the money raised for it actually went. gentle means everything, so we improved everything. we used 50% fewer ingredients added one handed pumps and beat the top safety standards the new johnson's® choose gentle allow you to take advantage of grow

gary cohn served as director of the economic council and chief economic adviser to president trump during house post in march and joins us for an interview you'll see only on "cbs this morning." good morning. great to have you at the table. >> thanks for having me. it's great to be here. >> s&p is at a 14-month low. we continue to see these wild market sell-offs. former fed chairman janet yellen said she's really concerned about another financial crisis because of too much deregulation and corporate borrowing. is she wrong? >> let's start with the u.s. economy. that's really what's core to everything. the u.s. economy is really strong right now. we're going to have 3.3% gdp growth in the united states this year. we have jobs or unemployment at all-time -- not all-time but 50-year low right now. we've g uneyment rate in the united states. we have wages growing at 3.1%. the more interesting part of the wage growth is the bottom end of workers, lower paid workers growing at a rate than hirer paid workers. corporate spending, we're starting to see it come back into the system, which is exactl

. >> people would suggested when gary cohn was still the chief economist in the white house that he wasorth a couple thousand points on the dow he left and that wasn't the case at the time. who do you think -- if you're the president right now, and you want the market to go back up, what could he do. >> greatest stimulus he has is solving china. if you can bring back confidence that we'll get out of a trade war, we'll resolve some issues that are important to the u.s. economy. theft of intellectual property is a major problem that i don't think we could have continued down if you looked to 2020, the general election, the biggest stimulus he has in his pocket under his control is to resolve china. >> you said draining of liquidity seemed to be the primary reason you thought we were having a selloff here, right? >> at the end of the year going into year-end. also in a time period when losses actually can be realized. people have not done that for the past few years so you balance out the gains you realize in the early part of the year, you're selling so there's a liquidity drain out of th

. >> former director of national economic council gary cohn with op-ed in journal writes america is competitive again in the piece he says as we head into new year, it is a great time to invest in america, to find a good job, to plan for better economic future, the tax law is not perfect, no legislation is, but it has been an normal success, so this administration, started the year off, dagen with with very positive things very positive backdrop tax cut plan did impact growth 4.2% second quarter 3 1/2% third quarter but mid year something changed because of the america first policy, and tariffs and trade, opening the door to all the uncertainty. >> i am curiosity absolutely i am curious what jon thinks might be a slowdown this might be a market rout unavoidable not guilty administration could have done to avoid it the president hammering jay powell the fed on twitter you had jay powell ask have you thought about changing course on the balance sheet reduction, and essentially said no. and then he said kind of said it didn't matter so i don't know -- some of the proclaim lies on policy but a lot

so it's hard it's like tax reform you remember when gary cohn put out a tax reform page?hink is going on with the markets as we get close to a deal the market wants to focus on that. you're going to get an earnings call where companies are worried about tariffs. but a month ago everybody was worried about tensions then you add the episode in the white house yesterday which raises a new risk. i don't think people are worried about a government shutdown. in fact, we're talking about 3% to 5% of the government in total being shut down on december 22nd but they're looking ahead to the debt ceiling fight in mid-summer next year to sequestration and saying can divided government solve those problems that's going to be a larger issue and it's going to take time to get resolved it's a push/pull market. we're probably going back into trench warfare but the president is making progress on the china trade issue. i think in the past seven days things have gotten better, not worse. >> can you define what you think progress ultimately looks like one issue we've been wrestling with is a

hong kong and singapore >> what do you think of the legacies of gary cohen who left and loyd blankfine reading your book, it seemed like cohn driving this we're getting huge fees. whatever they're doing in malaysia, let them do it do you believe whatever happens here, tom, this will tarnish the legacy of gary cohen and potentially loyd blankfine >> i think it's not good there was a saying called monetize the state these were money pots of gold for other banks. goldman was advising on current investing, helping them raise money and cohen was a huge force behind that. he went around he was in asia pushing that. that was seen inside goldman as a lucrative thing. blankfine said people should do more of what tim was doing this was seen as a lucrative line of business. >> i'm not defending goldman sachs in any way here but one thing that i got from your book, leitner was kind of a cowboy i got the sense that he wasn't a rogue employee but certainly doing his own thing and management was simply guilty of neglecting to manage him is that a fair way to characterize is it >> i think that's very fair. the partner structure and committ