art laffer had dinner in 1974 with donald rumsfeld who was secretary of defense and dick cheney who was later the vice president of the united states he is an economist and wall street journal writers pulled out a napkin and drew a diagram why it is we would expect if we cut taxes it would go up so why does that go viral? because it would help to justify tax cuts but it takes more than that is it the original idea but i can quote art laffer who says no it wasn't an original idea. that it goes all the way back to the economist who wrote in his economics letter in 14th century that it can happen. that it can raise revenue and it is absolutely right and it can happen. we have known that for a long time. so why does this go viral? somehow the napkin fits into the digital imagery. cicero wrote this about 2000 years ago when he says with visual imagery because people remember it better plus it has a quality at the two continents restroom that doesn't exist but it used to be a nice restaurant in washington dc so somehow they figured out that was a story and it's his individual genius so it cam

scarlet: always putting down rumsfeld. scott and cameron, thank you. that does it for the closing bell. romaine bostick is stepping in next with more analysis on u.k. prime minister boris johnson's latest efforts on the brexit deal before the deal vote tomorrow. this is bloomberg. ♪ ♪ fromine: we are live bloomberg world headquarters. here is a snapshot of how we close lower on the week. risk aversion towards the weekend. joe: what did you miss the majority caroline: boeing falling the most since 2016 as a pilot -- we learned a pilot expressed concerns three years ago. boris johnson is urging lawmakers to went the exhausting impasse, but -- to end the exhausting impasse. softbank's plan that could value this company below $8 billion, a fraction of its january valuation. johnson may have reached a brexit deal with that you but eq but mp's -- the -- with the e.u., but mp's at home have different ideas. emmanuel macron is adding to the pressure. in the future but i do not think we shall grant any further delay. i believe it is now time to put an end to th

principal advisor to the secretary deputy secretary of defense, also served jim mattis and donald rumsfeld and robert gates as secretary of defense and special assistant to the president of the united states for national security affairs, director of the national security council. did you see this at all? for five years he was vice president for strategic programs for the largest entering and program management firm in the world. is a colonel in the united states air force, we don't told that against him and served in the navy, i do hold that against him. the special warfare group, he does have army guys in the family so that is a redeeming value. the highest -- very dear to senator helms. close to everybody here today. to honor our veterans. please join me in giving a warm welcome to the secretary of veterans affairs. [applause] >> thank you so much. i will make a confession. i am the one who broke the mold, i have my hearing, i have not appealed -- i'm not a field artillery officer. it is an honor for me to be here. i was thinking about the time i stood up and the rollcall and foreign di

the secretary and deputy secretary of defense for force management and served jim mattis, donald rumsfeld and robert gates as assistant secretary of defense was before that he was special assistant to the president of the united states for national security present director of the national security council. did you ever see this guy at all? for 5 years he was vice president for strategic programs for one of the largest engineering and program management firms in the world. he is a colonel in the united states air force. we don't hold that against him. he previously served in the navy reserve, i hold that against him. joint force intelligence command special warfare group but he has army guy in his family so that's a great redeeming value on his part. among his many awards he is recipients of the defense system was public service medal, the highest in the department. today he's here to talk about a subject which was very dear to senator helms's heart, something very close to heritage and everybody's in this room otherwise you wouldn't be here today, one of the most important things we do w

>> because i'm going to rattle off the names, rumsfeld, rice, gates, mattis, trump, bush. there's no way that i'm going to talk about any one of those and then leave out one of the others, but i am going to talk about where i grew up. i mentioned earlier that i visited the nixon library. i remember my mother and her fellow young army wives watching the television pictures of the carnage on the streets of chicago. i can see them gathered in our home at fort sill. their husbands or either like my father had already been to vietnam at least once and were about to go to vietnam. they knew that the country was ugly at the time. they saw it coming apart and and yet, they all knew they were part of a community that had a higher calling that it didn't matter what was going on outside the walls of fort sill or fort bragg, that they were going to support the community that they had become part of. so that's the world i grew up in and the lessons i learned about selfless service came from that period and nile gardner is here and i can tell him that as part of my father's recovery he

you sound like donald rumsfeld there. say for millennials, google donald rumsfeld.t jay powell referred to last night. have a look. ..77 powell's comment was that serious inflation is required to push the fomc to raise rates. iat is the strongest form of have seen from powell. have i interpreted that correctly? serious inflation would be required to push the fomc. i think that is strong forward guidance. >> i think you are right. we are seeing a tendency toward -- one of the things that has very clearly happened over the past year and a half is the central banks have turned hawkish. the fed has raised rates. to mildly talk hawkish, if you want. the expectations in general have collapsed. they have cut interest rates, which they did not want to. they are thinking, what can we do going forward to avoid the same situation again? one of the key things, we have to stay at lower levels for a substantial period of time until we see inflation expectations going up. that might be in years to come. air francethe numbers, they cited the trade tensions weighing on cargo. fedme

is their particular leadership that you have learned along the way i will rattle off the names rumsfeld, rice, general mattis, trump, busch, there is no way i will talk about anyone in the valve the other. but to talk about where i grew up, i mentioned earlier i visited the nixon library. i remember my mother and then that carnage on the streets of chicago. i can see it in our home. their husbands but they knew then the country was ugly at the time and sought coming apart. but yet, they all knew they were part of a community that had a higher calling. it didn't matter what was going on outside fort bragg. that they would support a community that they had become a part of. so that's the world i grew up in. and then that selfless service came from that. as part of my father's recovery to go to the united kingdom and go to the royal school of artillery there. i remember. i remember taking trips. and all these magnificent structures like indigo jones. and that greatest example. it struck the cathedral of saint michael the only thing left were to burnt timbers the people of coventry assemble

is there particular leadership strengths (inaudible) >> because, i'm gonna rattle off the names rumsfeld, rights, gates, trump, bush, there is no way i'm gonna talk about any one of those and then leave out one of the others, but i am gonna talk about where i grew up, i mentioned earlier that i visited the mix in a library, i remember my mother and her fellow young army wives watching the television pictures of the carnage on the streets of chicago, i can see them gathered him, their husbands had either, like my father had been to vietnam at least once or about ready to go to vietnam, they knew that the country was ugly at the time, they saw it coming apart and yet they all knew they were part of the community that had a higher calling, it didn't matter what was going on outside the walls come of fort sill or fort bragg, that they were going to support the community they have become a part of, so that is the world i grew up in and the lessons that i learned about south through service came from that period and i can tell him that is part of my father's recovery he was allowed to go and t

and i needed somebody to brief don rumsfeld, a famously difficult secretary of defense to brief. we settled on mark millie. fellow princeton graduate. mark was also captain of the hockey team at princeton. he's a tough, flinty new englander. you categorize it perfectly. that photograph is an image of how the military wants to stay out of politics. mark millie is in a tough spot right now. >> talk about one of the men you profile happens to be one of my favorites and that's admiral chet nimitz. and his ethos and whether or not we can get that back today. >> boy, i hope so, brian. here's fleet admiral chester nimitz. i was a four-star admiral. in wartime only, we have five-star admirals. they are fleet admirals. chester nimitz, chet nimitz, came from a small town in texas, took command of the pacific fleet a couple of days after pearl harbor. he surveyed his beautiful fleet and they were sunken hulks in the water, cord eyed in the air. he couldn't take command on the deck of a beautiful battleship because they were all sunk. he took command in a pair of cac khakis on the deck of a

precipitously and i have these discussions when i was on active duty with then secretary of defense rumsfeldulling troops out of europe and pulling troops, bringing our troops back to the united states. a superpower has a lot invested here and if you're there, you're there and you can sometimes prevent wars. secondly if you're not there, that creates vacuums. we've seen already with happen with the russians and the iranians moving into phil, moving to fill the vacuum that was created by the hasty departure. there are some lon long term consequences that we should think about as we watch it unfold. >> neil: a lot of republicans, weighing into the politics. there is a double standard. barack obama can talk about a line in the sands regarding syria chemical weapons. this president, all rebuke. >> both were shocking to the military community. because of the speed with which the decision was made. it was made at the last minute, as i recall president obama. i wasn't in the administration at the time. it came as a result of a last-minute walk around the white house gardens and it appeared the deci

so let's not forget the big picture with the root causes, foreign policy, and even donald rumsfeld, who i hate to quote, 16 years ago, october 2003, he sent a famous memo saying, we and i quote, we lack metrics to know if we are winning or losing the global war on terror. are we killing/capturing more people than are being recruited to fight against us? it's a great question. still not answered in my view. >> all right. thank you both for your time tonight. tonight she says she's the victim of a revenge porn scheme. what we know after this. what we know after this. >>> california freshman democrat katie hill has announced she is resigning from congress. and the reasons for that decision are both complicated and unnerving. last week the house ethics committee initiated an investigation because of an allegation that she had a romantic relationship with a congressional staffer. she has denied the allegation. she has admitted to a romantic relationship with a campaign staffer. the reason that we know all of this, is reason this has come to a head, is that she's in the middle of an acrimonio

this is like a known no as rumsfeld would have said. you don't get in the line stand.ust don't do it. the bell is ringing. not a good day. we are off by 500 today, like 800 or so in weeks. but neil will make sense of it with a smile on his face and here he is. >> neil: well, a triple whammy for wall street. they are trying to make sense of it, welcome everybody i am neil cavuto. a fight revving up with an economy slowing down, not about china. a rotten deal for investors today, the stock exchange on where we go from here. john roberts at the white house. the president says the democrats might but he's not going anywhere. we began with susan. what happened on the corner of -- >> that is right, hi, you are looking at the worst start for the first quarter

as donald rumsfeld said, you go to war with the army you have another arm you wish you had.is team. she needs to do a better job to not screw this thing up. he's too good of a target for term >> jessica: i think it allows an obfuscation about what's going on. there was no doubt that he was deceptive, saying "we haven't spoken to him, close to what an aide has spoken to the whistleblower. democrats want to focus on the fact that with the dni guidance, when it was followed to a t, going to the intelligence committee can do, and they did the proper thing forwarding it over to their cig. i agree with chris' comment, the judiciary committee struggled. from the morning versus afternoon. adam schiff does know what he's talking about. so it'll be interesting to see how it pans out. >> melissa: tomi, the problem with him is he always overpromise is what's coming. last time around, he promised that there was all this evidence that was going to be revealed, and then he didn't have -- >> tomi: he's grasping at straws. when trump supporter say "witch hunt," this is exactly what they mean

for all of that work, i think this investigation is so wide-ranging and just what don rumsfeld would call known unknowns. i can't speculate. if anything, i would speculate there are elements, characters, that we've never heard of. and the fear, the fear is be that when this appears, in peter's newspaper, and online, will the country accept it as dispassionate fact and then make a decision, or is that 35% to 40% of the country that will follow him anywhere going to say, this is the document to which it's fake, it's artificial. what do you think? that.gree with all of except for the nice thing you said about me. because, in fact, actually, i'm a terrible reporter, robert mueller has been the most leak proof government operation i have ever seen. he really is. i say that with great frustration. but it also means that john may be right. he may know so much more than -- we may not have a clue what he knows but -- so we're guessing. we're really guessing here. he's shown a small bit of his hand, i think almost all of the prosecution he's brought so far against americans have for the most p

[laughter] i remember getting grilled one day by the brand-new secretary of defense, don rumsfeld. him, i was just at the pentagon on an athletic scholarship myself. [laughter] i was in great physical condition. general, when i was at your school. it was a great fiscal workout place. but i think that's a great physical workout place. i think it is important that the national war college be seen as a continuum and officers growth. george washington, if at age 24 he isn't already reading he will never bl to help us troops the way were good commander can. the national war college, i think we still call at the harvard of the military education system. it is a wonderful place for reflection, study, that sort of thing. peopleturned to a lot of and there's a lesson. the guy would turn to for strategic advice, by the time i was at senior general, were guys like kissinger, newt gingrich, we do not get into politics. his in and. george schultz. colin powell. university.reading he strong from oxford. hughstrong from oxford -- strong from oxford. notice i did not mention just now a singleservi

secretary rumsfeld used to remind us the unknown unknowns.nder if speaker pelosi and perhaps adam schiff, if they know that they have some more information coming. this is -- the testimonies will continue. now they will be a little more public. i wonder if they felt like they had a stronger hand to play and that that was one of the reasons they wanted to get this vote because -- i don't think they are in a rush. they want to try to get it done they said before christmas. it might not work. i just wonder. watch for that. i also think about what andy mccarthy of national real view and one of our fox news contributors wrote this weekend that republicans ought to be looking for some sort of off ramp. will there be something they can say if other new information comes on board and it makes it harder to argue the substance, is there an off ramp they can say we didn't like the phone call but it is not impeachable. let's try to move on. if they are only full bore on process and not prepared for the unknown it could be tricky. >> bill: doug collins re