treasury secretary larry summers.: coming up, we have to keep waiting for the results on brexit. could there be an agreement before the next meeting? this is bloomberg. ♪ david: this is bloomberg markets, balance of power. deal, london and brussels failed to negotiate a much breakthrough on brexit today. >> despite our best efforts and the significant progress, we and our teams have made over the past days on these issues, it was not possible to reach a complete agreement today. shery: the talks derailed over the volatile issue of the irish border and the european commission president stressed that he remains confident a compromise can be reached before the european council meeting next friday. brussels where we have one of the key players. hi there. eurozone finance ministers at the meeting to elect a new head of the euro group and i'm delighted to stay on now joined exclusively with the new head of the euro group. he is also the finance minister of portugal. delighted to have you with us and thank you for joining us

liz: larry summers.- kaepernick being on the short list of "person of the year" on "time" magazine. i have got to ask him about that one as well. here we go. it is 10:36. i believe we got brian available. there he is. put his tie back on. here we go. what do you make of nancy pelosi talking about the tax bill, calling it armageddon and end. world? i'm sure you have something to say about it? >> i do. if you look in backdrop, people with shethey are not for her. they know she is talking hyperbole. get me specific. what about the world is going to end by decreasing taxes? since when do you care about the deficit when it has been doubled over the last eight years? so if you're concerned about 1.2 trillion over the next two, which some people say is going to happen, other people say it is not, to think it will be end of the world just shut off. harkened tim ryan ohio ran against her, got -- seth mole ton, special operator, saying time for new leadership. when she says things like her, with her years of exper

i'm betting on me, not on larry summers. he's a loser and i'm a winner. liz: interesting you quote jack kemp, dick armey said liberals love workers but hate employers, go figure. the tax cut passed without a single democratic vote. senator ted cruz said they're doing their best to fight and block the president. roll tape. >> senate democrats have gone so extreme and so far to the left that they're listening to their radical left-wing base, listening to their base that hates president trump with a white hot passion, and the left base is demanding resist, oppose, filibuster, obstruct and every senate democrat is doing that. liz: did democrats behave this way under reagan? you were there? >> no, they didn't. they didn't. it was very partisan at first. that's true, liz, but we had a democratic and a republican cosponsor of both of our bills in 1981, graham-lott, one spending, one tax cuts and we've had democratic support all the time. the 86 tax act liz where, we dropped the highest rate from 50% to 28. the corporate rate from 46 to 34. we went from 14 bracke

treasury secretary larry summers speaking with david westin today. now bloomberg business flash, a look at some of the biggest stories in the news right now. you ownership of the oprah winfrey network, dave aid for an additional 24.5% stake. the move raises discovery ownership to over 70%. this is the first time winfrey has sold stock in the network since it began a decade ago. winfrey will remain the chief executive officer. buy at now for $57.5 billion. it will have a hand in everything from insurance to the corner drugstore. officer john row had this to say in a bloomberg radio interview. >> the loses are probably the competitors of cvs and aetna because if this is a durable and sustainable new approach, then these guys get the first mover affect. julia: the deal is among the biggest health-care mergers in the past decade and is expected to close in the second half of 2018. that is your bloomberg business flash. time for the stock of the hour and today's big winner is macy's. on pace for the best day in almost a month. this comes with the stock up

scarlet: that was larry summers speaking with david westin. bloomberg business flash and a look at some of the biggest stories in the news. soul cycle is betting high-fashion will get you spending. at new york fashion week, they debuted a high-end clothing lines along with public school. items included a $185 leggings and $655 bomber jacket. the reflects the growing interest in athletic leisure wear as a lifestyle rather than a trend for millennials. discovery is boosting their ownership of the oprah winfrey network and they have paid $70 million for an additional 24.5% stake. the move raises their ownership to over 70%. oprah winfrey will continue as a chief executive officer. her extensive ticket to the network will go through 2025. that is your bloomberg business flash update. do you spend -- spin? scarlet: i hated. no. no spinning. up next -- [laughter] julia: coming closer to making the tax overhaul a reality, we will discuss. julia: it's 2 p.m. in new york, 12:00 p.m. in san francisco, and 8 p.m. in london. scarlet: welcome to "bloomberg

this is an argument they've been using forever, and now i understand after hearing from larry summershe obama economy was so bad. for him to suggest that because people are forced to buy obamacare, that they somehow have health care is a complete and outer life. the insurance under obamacare doesn't necessarily provide you any health care. first of all, it's too expensive and second of all, because there's not enough doctors now and the demand for health care has gone through the roof as a result. waiting times for health care have increased. rural hospitals are closed. this idea now that we are allowing people to get out of an entitlement program which is obamacare, of course it's terrifying to democrats because that mean people can spend their money and buy their own health care, opening up another market, an indictment of government run health insurance. >> jesse: do not really kills people? the obama va scandal. people actually died there. >> juan: yeah, yeah, yeah. let me tell you, katie. >> jesse: i thought i made a pretty good point. >> juan: more people covered by insurance. >

and larry summers, he is an economist? his comments are grossly irresponsible. more americans decided to -- too many decided to pay penalty versus getting obamacare. and a lot of insurance companies have lost exchanges, dropped out, and are continuing t to do so, this is a failure. charles: government backing of those insurance companies went away, so did they. and to deneen's point, making people pay the fees, for insurance policies they don't want or need, was a mistake. and it acknowledgment in numbers, adding to billions of dollars freed up for american public. >> it happened to me first time, i was bartending at night, working's third job, writing freelance, my insurance rates within up, and remember seeing oop-eds saying, don't worry, working class people, it is going to help you, it is not helping me. this is not helpful, it is expensive and forcing people to buy things you don't want. fur are in your 20s why would you pay for this coverage. charles: you were one of those people that grassley was talking about spending all your money on booze and movies.

secretary larry summers, you will hear his criticism of the u.s. tax bill.e: don't forget you can watch all of our interviews on the bloomberg. just type in "function" on bloomberg oh. this is bloomberg. ♪ >> its 1:00 in washington and 6:00 a.m. in washington and 2 a.m. in hong kong. welcome to bloomberg markets, power -- balance of power. the house and senate moved to reconcile their differences on taxes as president donald trump hints that he might be flexible on the corporate rate. storm, thed tweet president slammed the fbi saying the reputation is in tatters. the top democrats on the senate judiciary committee say that the -- save the case of obstruction of justice is developing against the president. treasury secretary larry summers speaks out against the tax legislation in congress and calls the idea that the text will will spur enough growth to pay for itself " crazy stuff. ."

i spoke with larry summers yesterday who said it will not, but i asked, what might lead to strong growthpite his expectations? larry: i think the most likely answer would be that we cannot predict how quickly technological change flows into the economy and what happens to productivity and if growth turns out to be 3% or 3.5% over the next 10 years, i think all probably be due to the way technology created a rush of productivity, like it did in the 1990's, frankly not due to tax policy. that is the most likely happy scenario. the alternative is somehow i've missed this, missed the boat, and it will create so much optimism and good feeling and businesses that they are going to engage in a big surge of hiring and a big surge of investing. david: we welcome nowmegan , chief economist at john hancock financial services . you said you are skeptical there will be additional growth because of this, sort of like larry summers said, as we come closer to the package do you say the same? megan: my view is the same. we could get better growth next year. companies could pull investment forward, but th

show me that larry summers headline again please about the sugar high. can we get that up, please?ause i want, we would love to get it up and like to try. okay there you go. the economy is on a sugar high and tax cuts won't help. you're an economist, is he right or wrong? >> well certainly, this is the discussion on capitol hill has been going on the debate for some time. we at s & p global are factoring a tax package waiting to see what will happen how big it will be and we do see near term will give the u.s. economy a boost both 2018, 2019, but the big issue is demographics. >> stuart: hold for a second. you say when we get this tax cut deal done and we will get it done it will give a boost to the economy. now we are growing at what, 3- 3.3% now, can we reach 4% next year, if we get these tax cuts? >> well what we're looking at and our analysis first i'd say 2017 overall economic growth we're looking at still in the twos and in 2018 if we do see a tax package get through, we're looking at something closer to a boost to three, but over the long run, the issue we have is demographi

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hey, joe. >> hey, wilf larry summers still trotting out the sugar high that was one year ago where i a little conference where he posited that i think we were up 4% or 5% then, so we've gone up, if you take the dow, we've gone up another 30%. so, 34%, still talking about the sugar high maybe so maybe it is, but -- >> didn't you like, joe, that i found a little criticism in there as well? >> he said it wasn't going to continue a year ago. so, whether it's a sugar high, whether it's due to europe, you know, synchronous growth, whether it's due to central bankers -- whatever it's due to he missed it. >> agreed. >> he didn't forecast any type of -- he thought the market either was going to go down or stay where it was. so, regardless of the reason of why it happened, he absolutely missed it. but in my opinion, cheeky's a good word, but in my opinion, there's a whole cadre of former government officials rooting against 3% growth, the 3.5% growth, because it just highlights that their policies of redistribution were flawed right from the very beginning. one thing to remember, wilf, and i'm

number of people i have known well in academic life like ben bernanke, janet yellen, stan fischer, larry summers were all in policy positions. and so there was a natural ease of having a conversation about these questions. you know, tim geithner, who did not have an academic background, but he had been in the treasury a long time. that was very important, i think, in tim being able to interact with people around the world because he knew them all. i think if he had arrived in office only six months previously, it would have been very, very difficult. and he had experience in the federal reserve bank of new york and then in the u.s. treasury, so i think the continuity there, knowing people, having had a long time in your career where you have had a chance to think through what you really believe about why banking systems are fragile, what causes disruptions, what is the right way to respond to it, these things were very important. and i think one of the problems that the political side had was that deep down they did not really understand these issues. and they thought my god, it is a crisis. we

larry summers told us that 10,000 people a year will die because of the tax bill. you are laughing again. pretty strong stuff. what do you say? >> the liberal way of trying to put ichabod shon said ichabod shon scenting that they didn't think of and they didn't do, but it's good for the american people. other times in the history of this country were tax reform did make a difference. it grew the economy. for 10 years it has potential. in anticipation we feel a whole new mood because people recognize that we are going to do something and that is to reform a very complicated tax code, do what we said we were going to do with giving people in the middle income a relief and all the way across every one of the segments, ashley in the middle income and get this economy moving. get more money in people's pockets. when a company gets more money in their pocket, they reinvest because they want to see money across the board. stuart: there's still money to move in tennessee because you're going to get a flood right at you. i can see it coming. i know you live. we're not jokin

is just sour gripes from larry summers. he wishes he was in control during one.est recovery periods we've seen. the democrats, clinton, obama, want us to get to used to 2%, 1%, anemic growth in the economy because they want to keep all the tax revenue. trump has broken through that. we'll pass the tax bill. that is 1.5 trillion americans get to keep and invest to grow the economy. stuart: if we get the tax deal done, people are sure it will get done, if we get the start of a infrastructure program next year what kind of rate of growth are we looking at next year and year after. that will stay steady for next few quarters. i think it will be three or 4%. i think good quarters, six, 7%, once we unleash the potential of american people, our workers, the strength of our economy. stuart: has it that staying power? we've been expanding seven or eight years? eight years of expansion. you're looking two, another three. maybe, that is a long leg a long lived recovery. are you okay with that? >> it is stuart, but the fundamentals are there. there is not inflation creeping

. >> a lot of americans will hear that very well regarded economist like larry summers written repeatedlyut how badly he thinks things are going. thousands will die as a consequence of this tax bill he has another one out today about a sugar high that the economy is on. what would you say to that >> i would say that thousands of people will be enfit from th-- t from this tax reform legislation. that's really what we're focused on you couple that with tax reform legislation and assuming we get it right and we had that 20% corporate rate in a similar competitive rate for pass throughs and assuming we get the territorial system in and interest deductibility and get rid of that silly amp thing they were talk about for a while. if we get it right, we'll grow this economy couple that with regulatory reform reducing the burdens on manufacturers who are simply trying to do the right thing and make ends meet and hire new people i think there's no end in sight how we can grow this economy >> unemployment already fairly low by any historical comparis n comparison does this lead to more hiring or doe

they i don't think that 7 million people are dying every year, that is all i have to say that larry summers, thank you, governor for coming on, good to see you. >> thank you. liz: checking markets, en of day in red, nicole on floor the new york stock exchange. reporter: stocks on wall street came under pressure, dow was up almost 60, then dropped more than 130, at end of the day finished down 109. some names, disney, verizon, jprogram morgan. -- tech showed some life, like amazon, google, netflix, and facebook had up numbers,. liz: thank you so much. >> let's get too california, strong santa ana winds feeding a playing fire, setting 31,000 acres in ventura county. ablaze. thousands have been forced to evacuate as this fire is raging out of control. let's get on hillary vaughn on the ground there with the latest. reporter: we're up to 50,000 acres for just this one fire. to give you a sense of size, about twice size of manhattan. this house actively burning, roof is engulfed. no one is fighting it, there are no firefighter crews working on this, reason why is because, they are now in a situa

we will hear from larry summers at 1:30 eastern. don't miss it.loomberg. ♪ >> it's noon in new york. i'm bonnie and. >> welcome to "bloomberg markets." >> from bloomberg world headquarters in new york city, here are the top stories on the bloomberg that we are following. anddollar is strengthening most stocks rallying after the progress on the gop tax plan. both chambers will move to reconcile their differences as president trump hints he might be flexible on the corporate rate. a mega deal that might reshape the health industry. cvs is said to be buying aetna for $64 billion. that is in today's deals report. will bitcoin be the next big short? by some investors are saying the crypto currency will be the next great short opportunity. more details this hour. julie hyman

some of the most esteemed economists on the left, people like larry summers saying 2% is the top. >> do you both agree trump is responsible for the economic growth and the stock market? anthony, do you share that this is because of trump? >> well, when you look at the unemployment rate at the peak of the financial crisis, it was 10%. and when you look at what it was when president trump came into office, it was in the -- almost 4.5%. so the unemployment rate has been moving in the right direction. that's why the stock market is going up? has the president con be treutr towards it? of course he has. but we cannot argue the fact that it was below 5% down from 10%. both presidents have helped. we cannot ignore history just because in the last nine months the stock market has gone up. it is a cumulative process. >> people can do a quick google search and look at job search month over month year over year. you can look how it was growing in the one and two years before him. you can make your own assessment. steve, anthony, thanks to both of you. if i don't speak to you again, merry christ

number of people i have known well in academic life like ben bernanke, janet yellen, stan fischer, larry summers were all in policy positions. and so there was a natural ease of having a conversation about these questions. you know, tim geithner, who did not have an academic background, but he had been in the treasury a long time. that was very important in tim being able to interact with people around the world because he knew them all. i think if he had arrived in office only six months previously, it would have been very, very difficult. and he had experience in the federal reserve bank of new york and then in the u.s. treasury, so i think the continuity there, knowing people, having had a long time in your career where you have had a chance to think through what you really believe about why banking systems are fragile, what causes disruptions, what is the right way to respond to it, these things were very important. i think one of the problems that the political side had was that deep down they did not really understand these issues. and they thought my god, it is a crisis. we have got to fi

paul: james, some of our friends on the right -- i mean, on the left, rather, larry summers called ithe short-term tax cut, perhaps, anticipation. so it's all phony. what do you think? >> yeah. well, keep in mind a lot of those people were saying in october of 2016 that a trump win would tank the markets. so we have to realize that these are people who have been wrong a lot lately, and what they've especially been wrong about is the idea that the obama new normal was as good as it gets. paul: secular stagnation -- >> secular stagnation was the term and thisç belief that the u.s. economy can't grow the way that it used to. i think we're seeing lately that it can. i think we should expect that will continue because we just got a historic -- i know we've talked about mr. trump overstating things, but he did not overstate, this is the biggest corporate rate cut ever. we're going back to the corporate income tax rate of roughly 80 years ago. so this is a huge -- paul: that's before you were born. >> a little bit, yes. huge pro-growth stimulus for the economy, and it's, and it's really the

people like nancy pelosi of course and larry summers blasting the bill, this will be end of the world. i heard that one before, right? watch. >> worst piece of legislation to come before the congress. this is armageddon. this is a very big deal. trish: end of the world? really? when you have an opportunity to grow wealth via the stock market, via lower taxes? republican congressman brian babin is here. he says the left has it all wrong on this one. >>> breaking oh night, according to reports robert mueller subpoenaed deutsche bank on russian probe. president trump has done business with deutsche bank. does this have anything to do with russia or some other legal witch-hunt? gregg jarrett is here. we want to go to capitol hill with latest on tax reform fight. where are we? reporter: we're waiting on the senate to vote to go to conference. then they will release a list of republicans and democrats that will take part in that let's look at video from the lunch took place between president trump and republican leaders, jeff flake is lamar alexander there, talking with the president about

then you hear somebody like larry summers say thousands of people are going to lose their coverage. we could see millions of people die. what's really going to happen to health care? >> completely destabilizes the market. as soon as you take away the mandate and every young healthy person in america decides they're not going to be in these pool what happens to the actuarial assumptions of it? the rates are going to soar. this has been engineered now to fail. i want to go to your point, though, about -- her point about how this has all been -- the tax plan was for all americans. the three of us live in new jersey. all of americans does not include us. i cannot tell you how many years in the united states congress i voted for things that helped alabama and mississippi because of their poverty rates that has very little impact on state of new jersey. i did it because i believed in america. this tax bill, listen to me if you live in california or illinois or new york or new jersey. or really even in florida. this was designed to hurt you. it is a transfer of wealth from those states tha

. >> i had heard some criticism this week because larry summers said you could see millions of people die. others said that's absurd. but then let's put it in the middle. people aren't necessarily going to die. but if you have 13 million people without health care coverage, without a doubt that compromises, you know, their health care at the very least. >> and it's a move in the wrong direction from the goal that every other rich country has. out of 35 rich countries in the worl, we're the only one that doesn't have universal health care coverage of some sort. this moves us back ward. >> we have to keep reminding people c.h.i.p., the children's health insurance program has not been renewed. this had bipartisan support before, always went through. kids, poor kids that need their coverage, it's still not through. and the worry is once you pass a cut like this, there's not money left over. they still have not stated how they're going to pay for this. the only thing you could expect is cuts. and i have not found one person who can make a clear argument to me, who is it that doesn't want t

larry summers, previous treasury secretary violated the old tradition of former treasury secretaries, never criticizing the current treasure secretary. he can't contain himself on this it's so outrageous. >> one of the problems here, everybody says it will increase the debt. a lot of deficit hawks used to be in the republican party. >> there aren't. >> who say they believe all this stuff. in the end, if the deficit increases as expected to do you'll start to see calls, we've heard, for reforming welfare. can you believe we heard this? >> listen, all of the republicans who can think, which is about 60% of the house of representatives and about 70% of republicans in the senate, can actually think and process this information. they all know that this is going to wildly increase the deficit and they want to do that. this is a fixed policy of republicans and has been for decades now. >> why? >> for the following reason -- the very first thing bill clinton did at president, very first thing, raise taxes. after, by the way, running on a campaign to deliver a middle class tax cut, which was i

larry summers in an op-ed said tens of thousands of people would die.right now, why is this plan a good plan? >> the tax plan, it's simple. if you're a small business owner, and you're paying 35% tax, and you're going to get a reduction to 25%, you know what that means? it means you can make capital investments, you can hire more people and take care of people for a change. it means the economy is growing at 3.3% and not 1.2%. $5.8trillion in stock market value has been generated. lowest unemployment in 30 years. this is what president trump has forced on the american people. brian: so he's not going to kill thousands of people and armageddon? >> this is outrageous. look, they play fear politics. they always do. that's all they have. the democrats are bankrupt of any ideas for the american people to move america forward. this president with his agenda is leading the way to make america great again. and, look, what cory was just saying. 3.3% growth on his sheer will and the force of his pen. nothing else. now, this economy is ready to go and with this ta

larry summers, 10,000 will die. you heard it all. just wait.publicans are about to step on to the third rail of politics. they will propose reforms for health and anti-poverty programs. the left will say, you're starving children and seniors. they will say that. let the screaming begin. speaker paul ryan got the ball rolling wednesday at radio interview. health care entitlements he said, are the drivers of our debt. no question he's right. he said he held private conversations with president trump who now agrees that medicare needs to be reined in. that is a big deal. the republicans have their sites on the debt. the economy is growing and tax cuts look almost certain. now time to tackle the debt by spending cuts. they promised this. next year they say they will do it. listen to this from senate finance chair orrin hatch. we're spending ourselves into bankruptcy. we're in trouble. you don't help the poor by continually pushing more liberal programs. right again, mr. senator. but that is very contentious stuff. the left is already apoplectic a,

. >> can we say that the winklvi got the last laugh on larry summers?y summers yes, mark zuckerberg maybe not. >> they might be worth a billion now, what? >> i think they are, they made an 11 million bet and it's like $6 billion. >> do they need one more thing >> if you are a value investor in the crypto world, what crypto currency are you supposed to buy? >> i think near yum is a $40 billion roughly total value right now. >> can you call yourself a value investor on any of these things? >> you're not going to be able to use what we consider traditional metrics, right you need to look at it -- >> a value speculator. >> yeah, a value speculator, etherium is the new internet they are thousands of the smartest minds building things on top of it. >> you think that has bigger opportunity than bitcoin >> absolutely. >> just so i know and my own ignorance, there's a thing called etherium and etherium classic in. >> one has cap supply, wasn't doesn't. ee etherium says we will only have so many coins regular habit made that decision. >> who is making that decisi

people like nancy pelosi of course and larry summers blasting the bill, this will be end of the worldne before, right? watch. >>

larry summers had a classic paper. look around, there is idiots out there.s not trading in bitcoin. it is not in the prospectus. that is a joke. but is it a normal market? it was clearly suggested it is not a normal market. brian: i would suggest it is not a normal market, and there is speculation going on. i was saying earlier that if you told me nine years ago when satoshi first came out with this paper talking about the failure of the u.s. banking system and the weak dollar and huge deficits, if none of those things came to be, the deficit came down every year, the dollar has been relatively strong, no inflation. i would think bitcoin would not be worth much of anything at this point. francine: there is a point, which is people want an asset outside of financial markets. whether people want it because they are greedy or idiots, i do not want to make a comment, but there must be something in it. this is snowballing and becoming something big outside the financial market. ,ionel: i think you are right but if you admit it is a nonfinancial asset that has not

i don't think we'll see any extreme formor secular stagnation the way larry summers put it out initiallyerest rate also not -- at the previous levels before the crisis. mean the discount rate will be lower and that means long-term your capital market assumptions, what the market will yield will be less than hat we're used to. if you look at those, what they will tell you the sort of four, five years forward, we're looking at sort of 60/40 portfolio. generating somewhere between 4% and 5% returns. we remain in a lower return environment and these numbers that we're seeing this year and last year should not deflect from that. now, if you know, again, the key question will be where will the risk-free rate be? tom: exactly. do we know? >> i think we don't know. this is not observeable. but i think there are lots of reasons to expect the rates to remain lower for longer. this has to do with demographics. first and foremost. it has to do with high debt levels. the high savings numbers i put out at the beginning is important in this context. this sort of shows there are a number of structural f

matt: larry summers on this program, a very distinguished said if you look at the market right now, thecks rallying are not the ones that would be most affected by tax cuts. the stocks that are doing well have been the ones that would be affected at all. it's difficult to make the argument, which is the one he is making. we haven't got a tax cut yet. we are still waiting for your it the market hasn't responded that way. it has responded to optimism in the future. stocks rallying the most are the ones investors get excited about, technology stocks. alix: we know that. thank you very much. coming up, a flattening yield curve? loretta mester's says that is not what investors should be worried about. you should look at the stock market instead. more on that in a minute. this is bloomberg. ♪ joanathan: a little bit of weakness creeping in, just a little bit. futures are up .4%. the dow is up by one third. the only down month so far, march, it was -.04%. let's switch out the board. the bond market is the story. yields are lower by three basis points. there is a little bit of risk aversion. we

has been about how much is it going to benefit shareholders versus workers >> right, that's the larry summersit's going to go to fat cat shareholders and john kak r cochran, kevin hasset saying it's going to wages. businesses might use this as an opportunity to lower prices especially as competition heats up because of deregulation and grab more land their shareholders will reward them for having more top line, more growth, more customers in the till, and that's been a trend in a lot of businesses so this tax cut could actually get some businesses excited about lowering their prices to get more consumers in the door. >> mike, in an amazon world, lower prices in a way has never been more important. >> that's engrained in the corporate muscle memory. a lot of the research shows that tax cuts on the corporate level do get, quote, competed away, in this way and i do think that if you also look at the sectors that people keep flocking to to say let's buy the stocks because they're beneficiaries, traditional retailers, transportation, domestic transportation, shippers, things like that obviously, t

when he brought in tim geithner from wall street, he brought in my dear brother larry summers.e same time at that time tied to deregulating neoliberal policies. it was clear he had wall street-friendly, drone presidency escalating and, therefore, a lot of the progressive rhetoric and that audacity of hope would become empty in regard to poor people and working people. symbolically, he was masterful. what i mean symbolically, is to have a black face in the highest place in the american society empire in government meant that not only had he made progress, which we had, but we had black people being empowered. we were in power for eight years, and you look around at poor people, look around the ghettos, look around the schools, look around at the massive unemployment and the massive incarceration, wow, who was in power for eight years? they're the ones who did very well, ask the folk in prison, ask the folk in the hoods whether they were in power. not at all. there was a failure of nerve not just among barack obama, but among intellectuals, black intellectuals became cheer leader

he brought it my dear brother larry summers.was escalating and that progressive rhetoric and to become empty with poor people and working people. symbolically he was masterful to have a black face in the highest place of them american society meant not only progress with what we had but we were in power eight years. look around and the schools and the massive unemployment and incarceration he was in power for eight years? they are the ones whose careers took off and did very well. notoo at all. not just barack obama but to become cheerleaders. the same talking about martin luther king jr. to talk about poverty that is a great example of justice not worried about those drone strikes talking about justice consistently. the 500 fish it won't as precious palestinian babies barack obama did not say i am on my way. why? he was spineless and did not want to tell the truth. he is a politician and it is not in his interest so we ended up with anotherr politician rather than a visionary. absolutely he was elected twice. john kane? absolut

said it's the end of the world, it's armageddon, and it's the worst bill if history, and then larry summers0 people start dying every year when you pass it. when you see that, are you -- are they wrong are you just heartless or misguided or do you know -- i mean, when you see that, what do you do when you hear hyperbole or comments like that? >> so we expect that look, this was exactly what we saw in that 1986 efforts with the reagan reforms we saw the same armageddon catastrophic type of language. it was just because they're defending the status quo >> let's ask about those corporate taxes -- the individual tax rates you have four that you keep the highest level at 39.6% for individuals. senate bill has seven, but the top rate is 38.5%. >> yeah. >> what happens? do you keep the top tax rate or go with what the senate has? >> we're going to reconcile that in a positive way. we're trying to drive that to top rate down. there's some income brackets not as strong as we would like that's why this conference committee to work out those differences is really important. another reason the conferen

listening to you talk about the tax bill and then listening to, i don't know, you could talk to larry summerse o'donnell wants paul ryan to go to hell for christmas. some people -- some guy sent mnuchin a load full of manure. is it the same tax bill these people are looking at on the one hand versus the other? i mean, says if you -- depending who you listen to, it's either the biggest tax cut for the rich and this totally skrug over everybody else, or it's an across the board -- >> how do you decide what it is? how do you not take a partisan approach to it >> there are people criticizing the tax bill obviously they haven't read the tax bill there was actually a good segment i saw it on twitter where one of the other networks, a major network, interviewed three people from across the country. a woman that made $40,000 is an executive assistant. two educators made $150,000, and a couple with a small business in california where they made about $300,000 all of them found their taxes were going down, and all of them thought they were going up i think when people start to see those bigger paycheck

former treasury secretary larry summers sounded alarm bills in an op-ed in "the washington post" on december 10. bruce bartlett was an economic advisor to presidents reagan and george w. bush. in a september "washington post" op-ed, he freely acknowledged, and i quote here, had a hand in creating the republican tax myth. he's referred to the myth that tax cuts lead to robust economic growth. mr. bartlett now says, and i quote, republican rhetoric around tax cutting is, quote, wishful thinking. in reality there's no evidence that tax cut would spur growth. in other words, tax cuts won't spur economic growth. they will create more debt, squeeze consumers, mean steep cuts to vital government programs. so why is the majority pushing so hard for them? why do they want this tax cut bill so badly? there's really only one reason for their -- reason -- for their donors. representative chris collins of new york was honest about why he has to deliver tax cuts. he said, and i quote, my donors -- and this is his quote, congressman collins -- my donors are basically saying, quote, get it done or don't eve

summer. he is demanding an investigation into the leaks from the interview with a house committee this month. larry: president trump's legal team looking for a special counsel to look at justice official and ties. he was demoted after the relationship with the founder at the d.o.j. alison: the food and drug administration says snorting chocolate flavor energy powder can make it difficult to breathe. they are accusing the company to market the power and a syrup as alternative to street drugs. in july chuck schumer called it cocaine on training wheels. they have 15 days to make changes to the product and promotional material. larry: call at it sign of the times. today the metropolitan washington airport authority voted to reduce transportation reporter digs deeper tonight to see how bad it has gotten for the taxis at the airports. sam? sam: the numbers are startling. the cabs behind me are sitting there. before uber and lyft, they used to be on the fare in 10 to 15 minutes of arriving at the airport. now they set up to two and a half hours and they used to make $200 a day. right now they are lucky to

summer, lost during world war i. officials held a commemorative service for the crew yesterday to honor the 35 lives lost. an incredible turnaround. two weeks ago, caleb harry was in the hospital. larry says he is getting some special visitors and his home for the holidays. they brought him tons of games and toys. he says what his dad taught him helped him stay strong. are notnot means you willing to try. if you are not willing to try, how will you succeed? larry: father and son forgive their neighbor for the shooting. he will not be charged since the shooting was an accident. autria: forget the yule l og, krispy kreme has brought back the holiglazer. loop of thingsr going through a krispy kreme glaeser. glazer.y kreme everything is better glazed. larry: look at that. it is so good. autria: now i am craving a donor. -- a donut. today, a bit warmer. ofonica: today, the last four-star days we have coming your way. we will not track rain until late. 62 tomorrow. only three stars. coming through. fog in the morning. 53 degrees by 5:00. 65, raleigh. 61, kingsport in tennessee. --, colde traveling air. rain is coming in. talking about christmas day, i will take you hour-by-hour and show yo

its case first, argued in court by larry steinmetz, and he began not with sex but with that other less titillating root of all evil -- money. the jury heard from summerial situation, how would you define that? >> dire. >> reporter: do you know whether or not miss starbuck had been receiving any child support or spousal maintenance from mr. starbuck during that period? >> she had told me she did not. >> reporter: clay owed more than $9,000 in back child support. eliminate the ex and his financial obligations would die with her, thus a money motive said the prosecution. and then they brought it up -- sex. or rather chanin's love life, not the life that the defense had in mind but the romantic kind that sometimes produces jealousy, the other age-old motive for murder. >> miss starbuck now a single woman dating other men, much to chagrin and dismay of the defendant clay starbuck. >> reporter: chanin's newfound romantic freedom enraged clay. one of the couple's friends testified that clay seemed unnaturally obsessed with his ex-wife's personal life. >> he basically gave me a litany of things about chanin, about what she was doing and how she was seeing lo

summer. now their year long. they're on president. we haven't seen anything like it. scientists tell us this is the stuff that will happen. >> come on in. what's your reaction to that larrysus among scientists that climate change is causing fires. i just interviewed a top official of the l.a. fire department i asked her point blank whether or not she thought climate change was to blame and she ducked the question. there is a consensus that man-made activity has something to do with the planet getting 1 degrees warmer in the past hundred years or so, but there is no consensus among climate change scientists as to whether or not it's causing a frequency of hurricanes, let alone a frequency and intensity of these fires. jerry brown is on an island by himself but i know it makes sense politically to say this. this is the same guy, remember he once said minimum wage law didn't make any economic sense but then made a great deal of political sense. calling this climate change makes a great deal of political sense. whether it makes any science sense, who cares. >> interesting point of view. you've always got good smile. however, governor brown went on to mention the wrath of god

summer hurricanes all of that kind of gets washed through. joining us right now is samantha she is jp morgan asset management's global market strategist former council of economic advisors chairman austin gouldsby and larrywe have so many things that we're watching from bitcoin to what's happening with every turn of the tax talks what is it you're really watching before you try and figure out what direction the market is headed >> we have to focus on inflation. it's a little longer term, and we get it once a month, but we know that's the one thing that could disrupt everything if we get a red hot poker to inflation, that means the fed has to move faster, that means yields go up quicker then that could derail the equity market. that's not the base case >> that's happening in more slices of the economy than i think we realize >> what does that mean overall that sounds like a good thing. >> a good example is energy, right? we figured out how to drill horizontally, and now prices have come down a lot we are seeing it in consumer goods, tech goods, services. that could continue to suggest that maybe a 2% inflation target is not the right target. maybe we are going to consistently run lower than that >> i want