it was refused by president reagan, and david stockman decided-- he reconsidered. he said he's going to stay on the job. he said, "look. the economy's going down the dumper. i don't want to be out of work." [ laughter ] that wasn't the exact quote. [ laughter ] as you know the space shuttle is now circling the earth. i understand the news late this afternoon. a major problem, but enough that they have to land when? saturday instead of-- >> saturday. >> on monday. >> mmm-hmm. >> yeah. did you see? how many of you watched the launch today? [ applause ] every newsman in the world is down there including dan rather. now, that was kind of interesting because, you know, cbs is trying rather out, and trying to get him accepted, and when rather was commenting this morning. they had walter cronkite in a little box. [ laughter ] interpreting whatever rather s s so the people at home would believe it. [ laughter ] david hartman was down there of good morning, america. do you think david is going overboard a little bit with that homespun image? he had his couch out on by the s

stockman raising questions about the defense buildup and affordability. weinberger making his argument about a strong defense. the defense buildup. but as a result, you had very large deficits. i would not be surprised if two years into a trump administration you have the same sort of showdown with whoever is heading o.m.b. and tough questions about purpose of the defense buildup. >> could there be a flashpoint in congress? strong defense is no longer a requirement in the republican party. fiscal conservativism is a the house. how do you see that conflict surfacing and playing out? >> i think there is still that same political challenge inside the house in particular of different perspectives from the defense and fiscal hawks. i think having a president pushing it fundamentally changes that. number two, i think world events continue to seeing some movement even amongst fiscal hawks, a greater recognition defense does need to receive more. >> what that looks like next year becomes really interesting. you have got to have some sort of deal. we will almost c

david stockman. >> the last time mr.stockman was here, to his point, the market was exactly where it is now. it's not like he's missed to the upside or the downside, the market has been trading sideways. my warning signs would be this. if the financials start to roll over in the form of the xlf, if deutsche bank has a new leg lower which it appears it's on the verge of, and if the russell continues to make a move towards the low one teens, then the levels of the s&p are really in play. i think 2140 is the line in the sand. >> i thought your point about divided government was interesting in that history shows that divided governments are actually good for the stock market. >> think we've been burned when president obama had control of everything and then you allow the candidate or the president to be second-guessed. but when you look at what david said, he talked about gdx, gold up 15% in the last two weeks or so, you or i will see infrastructure spent. >> it's so difficult to judge the election, time the election, judge

matt: a good day for david stockman dubai. some he asked me on twitter where he has all his money and we already know -- cash and gold. scarlet: let's take a deep dive down into the bloomberg. joe: i'm looking at a new function on the bloomberg. scarlet often starts looking at global macro monitor and gives the picture of the bonds, commodities and we also have the country macro monitor looking at individual countries. this left column here, we see equity surging across the board, up nearly 3%. mexican assets seen as pretty sensitive. this is a mexican government .ond with yields dipping over here, it does not quite show it as well. currenciesll of the plunged against the peso today. the view crs, the world currency ranking and -- that did not quite work. there you go. there's the world currency ranking. the mexican peso the way with a 2% gain. to the ongoings sensitivity of dollar peso to this election. that lookse a chart at the rich getting richer. joe, i know you were looking at this chart. one, you can see the effects som

. >> these are not especially happy days for budget director david stockman.issue of the atlantic monthly has a long article about stockman in which he's quoted as saying things he no doubt wishes he had not said. >> i got an early copy. the president gave a news conference that day. i kept waving my hand. he didn't call on me. so i chased him out. >> your budget director more or less says with the economic program is wrong. it creates inflationary -- >> he had no idea what i was talking about, clearly. so i broke the story that night that the budget director blew the whistle on this plan. >> what he still contends were off the record conversations, stockman expressed disillusion. stockman refers to naive supply siders. the whole reagan plan is premised on faith. none of us understands what's going on with all these numbers. >> it was very, very damaging. a lot of people wanted him fired, but i thought we had to keep him because he knew more about the budget than anybody. so i prevailed upon the president to not fire him. >> we have faith in our program and we

. >>> plus, one of the biggest bears on the street, david stockman, said sell everything right before the election. that hasn't worked out well. >>> and despite record highs, still saying to sell everything. what does he see that others don't? we'll be here to make his case. >>> and some of the most hated stocks on wall street are soaring. we'll give you the names that are so bad, they might actually be good. much mar "fast," straight ahead. mobility is very important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle. and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. >>> on trade, i am going to issue our notification of intent to withdraw from the trans-pacific partnership. a potential disaster for our country. instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back on to american shores. >> that was president-elect donald trump talking about how he plans to withdraw from the trans-pacific partnership in his first days in t

gary: david stockman, when you joined us a month ago you warned viewers to go to cash.d the markets would be volatile. but you are concerned despite what mario was talking about, your main concern is what's going to happen in terms of the deficit. >> we have to be focused on the morning after within not the giddiness of the two days after. two things happened this week that are shocking the political, economic and financial earth. it's gone out of its orbit. one was the asteroid that hit tuesday night. that hit washington, d.c., the ruling establishment like nothing we have had in 100 years. anthony: did that surprise you? >> i was un0 million who said enough of this, it's got to change in a big way. we want an outsider. anthony: were you surprised? i was hoping it would get there. i laid out two days before the election a way to 270. what shocked me was wisconsin. but i think it was a weathervane of what's going none the country. gary: why if the growth that is forecast now happens and we still have to actually pay off the deficit after we grow it, what's wrong with th

gary: david stockman, when you joined us a month ago you warned viewers to go to cash. volatile. but you are concerned despite what mario was talking about, your main concern is what's going to happen in terms of the deficit. >> we have to be focused on the morning after within not the giddiness of the two days after. two things happened this week that are shocking the political, economic and financial earth. it's gone out of its orbit. one was the asteroid that hit tuesday night. that hit washington, d.c., the ruling establishment like nothing we have had in 100 years. anthony: did that surprise you? >> i was un0 million who said enough of this, it's got to change in a big way. we want an outsider. anthony: were you surprised? i was hoping it would get there. i laid out two days before the election a way to 270. what shocked me was wisconsin. but i think it was a weathervane of what's going none the country. gary: why if the growth that is forecast now happens and we still have to actually pay off the deficit after we grow it, what's wrong with that? >> there is $20 tr

dianna degette won reelection facing casper stockman, until is the city and county of denver. district 2 incumbent jared polis in the north central part of the state and the 3rd congressional scott tipton, a third term incumbent against gail schwartz and this was a closer race. it was anticipated. political pundits rated it as safety republican, but schwartz came on with a lot of campaign spending and put the race on radar. >> democrats on that. ken bucc stays in his seat in district 4. in district 5 doug lamborn wins reelection. he has enough constituency to stay in the game and in the 6th congressional district, the one we've been watching in, which teflon mike coffman has won by fact that he distanced himself from donald trump who was more competitive in colorado than the polls would have suggested. >> testify lodge, unicorn, -- teflon, unicorn, any other words you want to use to describe him? >> every two years people want to count mike coffman out and he keeps winning. ed perlmutter defeated his challenger as well. >> 9news political reporter brandon rittiman and floyd ci

we had david stockman, former reagan budget director on this program last week. take a listen to what he had to say about the economy. >> there's nothing to rescue this economy. we're going to have a recession. i follow the irs, not the bls. the irs tells me how much money they're collecting, ask it's been flat -- and it's been flat and, actually, negative for the last four or five months each on payroll taxes. and that means the economy is long in the tooth, it's slipping into a recession. gary: is he right? >> i think data like that are the state withholding tax data is pretty good data, and it's always been a lot more accurate. i think this economy is not hitting on all cylinders, i think it hasn't been all year. and so i think that has helped, it helped, certainly, the republicans in the election. i think this is, you know, it's a big globe, and there's lots of stuff going on out there beyond just the u.s. economy. and i think that we have to watch what's happening in asia, in china, in europe. and so these things are all going to interplay. but as to whether

hillary clinton adviser and david stockman, the man credited as the father of reaganomics. a lot to get to. we will discuss the warning to investors. >> strong opinions there. >> very much so. there are many more but we don't have time to tell you about it. we'll get to it coming up. you're watching cnbc, first in business world wide. why are you deleting these photos? because my teeth are yellow. why don't you use a whitening toothpaste? i'm afraid it's bad for my teeth. try crest 3d white. crest 3d white diamond strong toothpaste and rinse... ...gently whiten... ...and fortify weak spots. use together for 2 times stronger enamel. crest 3d white. >>> a little over 40 minutes to go before the closing bell on this election day. we have a rally. the dow up 78 points off the highs of the session and off the lows of the session. we were negative earlier this morning. s&p going strong up about 0.4 and the nasdaq is doing the best of the bunch up a little more than half a percent. it is being led by rate sensitive sectors like utilities, telecom and consumer staples. >> even thou

yesterday talking about the budget, and there was a big uproar when the director of the budget, david stockman, was sitting over in a corner of the room. turned around, and said, "are there six zeros that's scary. in case you are planning to travel over the holidays. you're going to italy. one place you might want to avoid right now is venice. do you know why? in the paper today it said that there are more pigeons in the city of venice, italy than there are people, and during the day pigeon pollution-- [ laughter ] falls on venice to the amount of 200 tons a day. [ ht the big industry used to be tourism. now it's hats. [ laughter ] a lot of hats. [ applause ] two hundred tons. no. come on. don't. don't feel you have to do it. only from the heart. [ laughter ] well, west hollywood officially became a city yesterday, and with the city council being sworn in. whose mayor shows up dressed as carol channing from hello, dolly. [ laughter ] but it's going to be a nice little community. you've driven through west hollywood? >> yes. >> they have the christmas decorations. a big sign up there. don we no

jumping on the magical tour bus, boyz ii men, all grown up, shawn stockman, wanya morris. >> and to really blow your mind, none other than paula abdul -- >> ooh! >> first tour in 25 years. whose idea was this? >> paula's. >> oh is that -- >> raise your hand if it was your idea. >> never. >> no? >> paula kicked it off, because about going out again. >> oh, it was paula. >> and almost a year ago i saw donny. we both presented at the american music awards. >> together. >> yeah. >> and you guys thought this might work? >> she planted it, and -- >> that seed that you plant. >> yeah. >> seeds were planted. >> you know what it's like to tour. you know how grueling it can be and it's 25 years later. right? >> don't tell my body that. >> for boyz ii men, you've been together since high school? >> yes. >> ever get sickf >> all: yes. >> we see each other at the mirage, a resident there about 3 1/2 years now and get tired of it pretty quick. >> but i'm excited, because i have eight amazing men in my life. >> yes, you do. yes, you do. >> we brothers. >> brothers. >> how's it going to work? are you goin

i was confused, "donors at whitehouse," and i thought they were there to give hearts to haig and stockman. [ some laughter ] [ some booing ] [ some applause ] doesn't seem to be a consensus, on that one, so-- [ laughter ] we have a great show, tonight. lot of good people here, to-- mr. robert hope is here. bob hope. [ applause ] [ cheering ] fine actress and a good-looking >> mmm. [ cheering ] >> and a young man-- [ applause ] and a young gentleman who is, uh, really a very nice young man and a good actor-- ricky schroder. [ applause ] thank you, for coming, and we'll be with you... [ music ] [ applause ] tonight, we would like to welcome taylor california cellar, to "the tonight show--" makers of a line of fine-quality-- high-quality wines. attention: are you eligible for medicare? the medicare enrollment deadline is just a few days away. changes to medicare plans could impact your healthcare costs. are you getting all the benefits available to you? new plans are now available that could increase your benefits and lower how much you pay out of pocket. to update your coverage- or enroll f

david stockman with his boldest call yet saying sell everything.ll explain why he is so bearish at 5:00. >>> coming up here starbucks and cbs shares are surging after reporting earnings. we will break down the results and find out whether you should be buying these stocks. could house speaker paul ryan's job be in jeopardy if republicans hold on to house of representatives. we will hear later on "closing bell." you are watching cnbc, first in business world wide. surprise!!!!! we heard you got a job as a developer! its official, i work for ge!! what? wow... yeah! okay... guys, i'll be writing a new language for machines so planes, trains, even hospitals can work better. oh! sorry, i was trying to put it away... got it on the cake. so you're going to work on a train? not on a train...on "trains"! you're not gonna develop stuff anymore? no i am... do you know what ge is? i've never liked marijuana. but i'm voting yes on prop 64 to legalize marijuana for adults 21 and over. it has important safeguards for families, like strict product labeling and chi

i want to give you a sneak peek at david stockman. >> $20 trillion ticking time bomb called the debteiling in front of us. that will happen in march. the new trump administration is going to inherit that mess. i call it a sneak bomb from the left from last october when they made that deal for the new president, and it's going to consume the entire first 100 days, trying to get that thing through. charles: can donald trump learn the silver lining in an otherwise tough economy? and how soon can he do it? we'll be right back. we live in a pick and choose world. love or like? naughty or nice? calm or bright? but at bedtime... ...why settle for this? enter sleep number. don't miss the semi-annual sale, going on now. sleepiq technology tells you how you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! give the gift of amazing sleep. only at a sleep number store, right now save $500 on the queencse mattress with sleepiq technology. plus 36 months special financing. know better sleep with sleep number. won't re

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i want to give you a sneak peek at david stockman. >> $20 trillion ticking time bomb called the debtpen in march. the new trump administration is going to inherit that mess. i call it a sneak bomb from the left from last october when they made that deal for the new president, and it's going to consume the entire first 100 days, trying to get that thing through. charles: can donald trump learn the silver lining in an otherwise tough economy? why are you deleting these photos? because my teeth are yellow. why don't you use a whitening toothpaste? i'm afraid it's bad for my teeth. try crest 3d white. crest 3d white diamond strong toothpaste and rinse... ...gently whiten... ...and fortify weak spots. use together for 2 times stronger enamel. crest 3d white. charles: president-elect trump and his family are giving their first post election tv interview. the president-elect trump talks about obamacare and the call he received when election night ended. >> hillary called and it was a lovely call. and it was you a tough call for her. i can imagine. tougher for her than it with have been for

ormer white house budget director david stockman talks to us. wow, x1 has netflix?new black ♪ ♪ wait, no, bloodline ♪ how about bojack, luke cage ♪ oh, dj tanner maybe show me lilyhammer ♪ ♪ stranger things, marseille, the fall ♪ ♪ in the same place as my basketball? ♪ ♪ narcos, fearless, cooked ♪ the crown, marco polo, lost and found ♪ ♪ grace and frankie, hemlock grove, season one of...! ♪ show me house of cards. finally, you can now find all of netflix in the same place as all your other entertainment. on xfinity x1. we're opening more xfinity stores closer to you. visit us today and learn how to get the most out of all your services, like xfinity x1. we'll put the power in your hands, so you can see how x1 is changing the way you experience tv with features like voice remote, making it easier and more fun than ever. there's more in store than you imagine. visit an xfinity store today and see for yourself. xfinity, the future of awesome. >> im mark yum ton. time now for bloomberg's first word news. the u.s. supreme court has turned down a request from ohio democr

neil: david stockman is joining u of course, he was ronald reagan's budget director.andidates on issues that were near and dear to him. but to give credit, he had sensed this rage and the fact that trump was the kind of guy to shake things up. critical, again, of both candidates. whatever he's building here, david, is something that few saw coming, and the coalition that he's built or maybe the coalition that is up ralphing for hillary clinton -- unraveling for hillary clinton, what do you think? >> well, i have a news flash for you. you're too timid to call it, but trump won, and here's why: he's maintained the romney reds. that's 206 votes. he won the two big end chi lad das, florida and ohio. i'm sure he'll win the second district of maine, that's 254. he won wisconsin, 264. he won iowa, that's 270. and, therefore, we have a thunder bolt. we have a brexit on steroids -- neil: wait, wait, wait, how did you get to the 270? explain that again. i beg you not to repeat each state again -- >> no, no, no -- lou: david, could you do this slowly? [laughter] >> 206 is the ro