Territory. They posted the fifth straight month of gain and nasdaq ending august at an all time high. Federal and local officials are trying to sort through the week of hurricane harvey. It dropped 50 inches of rain on the houston area and 39 people are dead and 39000 in shelters in texas. Harvey making its presence known in the pump. One quarter of all refining is shut down. President trump making his case for tax reform in missouri on wednesday, calling it once in a generation opportunity. The president reiterating the call to slash Corporate Tax rate from 35 percent. To 15 percent and simplify the tax code. Provide tax relieve to the middleclass and maria, back to you. Maria technology is the best since President Trumps election victory up 25 percent. Even with amazon and google contributing, some Tech Companies are opting to stay private longer. There are 160 properties valued and pinterest and uber. And what is the next big company to join the unicorn ranks . Brit moran is here. Ryan williams is with us. And next door ceo and cheg, dan wright a veteran of technology. And thank you for joining us. Dan, you and i talked about the start up roll. Given at 30000 feet. You ran yahoo and started companies and seen the money goes into these. What is going on today. Yeah, it is an interesting change in silicon valley. The big guys broke away. You have bigest companies in the world. But there are amazing start ups that take their time and thesis are three of them that are thinking much bringing hundred Year Companies and not flipping them. And Building Audience and brands and Business Models. Thats not what we saw ten years ago. What is clear to me smart money is going deeper, and deeper in fewer companies that create mass evaluations and i have a chance to know the founders and amazed by the long term view. You are seeing a shake out of the winners and the losers and that is a good thing. Up are making a good point. All. Larming. Fang. And facebook, and net flix and geemg. They have their own investing. Forget private equit ep and you are a beneficency because disney invested in your company. Tell us about what you are doing. The Digital Media and merchandiseizing company for young women. We have a Business Model, media and merchandise and real life events. But disney hasnt figured out how to tap in the young audience and we do that and they wanted to invest. Is that a trend right now . Youngve Companies Say well put the money behind the start up . It is hard to build these companies. It takes more than a day and hour. We didnt think Much Television but replicate. Brit has 130 million visitors a month. Where will you build that from inside of your own company . That is hard to do. We are seeing Large Companies ready to partner and invest as opposed to own or create something and you can see cadre. Real Estate Companies participating in a marketplace that you didnt think would be open. Tell us about that. You had a successful round . Yes, we recently announced 65 Million Financing led by horrwitz and jeff jordan just joined our board. And i saw the session you did with jess and bry an and it was interesting to city that phase of companies becoming what it is today. We believe that cadre will be the transformation dimension. We are redefining investing and the same way amazon changed spending. Ten years from now. We want kadre the investing world. And we are bottoming a exchange for Real Estate Investing and transform who can how they participate. You come from the real estate business. Blackstone. That was an incredible platform and experience and institution that built a great business. But at cadre, if i would ask you, what is the largest and profitable industry in the world. It is it real estate. It is it 80 trillion industry. And you can see room sharing and car sharing with uber. But no one has done it with the biggest industry in the world. We are running an institution that is built on different principles. That is exciting. Youre next door. The buzz around next door is huge. What are you trying to do and talk to us what you need to do to get to scale. We believe we have a local social network. Twitter to find people that are something and linked in to take to colleague. Next door will connect us with people right outside of the front door. Thats the inspiration. 80 percent of the american neighborlieds use next door. The last round was billion dollars. And an interesting change, money is everywhere. You can get it from a venture capitalist or late stage investors or talk about a corporate partner. As we try to fulfill the grand ambitions is find the best partner. Maria well be right back. You know how painful heartburn can be. For fastacting, longlasting relief, try doctor recommended gaviscon. It quickly neutralizes stomach acid and helps keep acid down for hours. Relieve heartburn with fast acting, longlasting gaviscon. And helps keep acid down for hours. Better than a manual, and my hygienist says it does. But. Theyre not all the same. Turns out, theyre really. Different. Who knew . I had no idea. So, she said look for. One thats shaped like a dental tool with a round. Brush head. Go pro with oralb. Oralbs rounded brush head surrounds each tooth to. Gently remove more plaque and. Oralb crossaction is clinically proven to. Remove more plaque than sonicare diamondclean. My mouth feels so clean. Ill only use an oralb the 1 brand used by dentists worldwide. Oralb. Brush like a pro. Maria welcome back. President trump making it clear the Technology Industry is central focus. Company. What reforms do todays tech company want to see in washington . Well have brit, ryan daniel and neron. And ryan, that is my question to you. You are a small start up relative to what we have on tax reform and the policies. What is the most important policy you would like to see coming out of the administration to help your business get to the next level . Sure, the way we think about policy, we leave that to the experts. High level and theme is important. And pervasive november dc is innovation and it ad transformation change and cadre we innovate in real estate and have more people able to get the wealth. The only way it was accessible because we innovated. The existing model does not work and we change would it from the better. And the prevailing theme is innovation. Maria you want to roll back red tape. Thats one. Things that the president talked about. Eliminate the red tape. Do you see that happening . Is it easier to take the company forward. Some people say thats why they dont go public. It is too much bureaucracy. There is it a lot of correlaries. There the Reason Companies are staying private. Think of the bigest industries of our time. They are entrenched and real estate is built on bureaucracy for cases. Health care infrastructure government. It is it a function much needing to take the marathon versus sprint to rebuild the companies that are hesitant and resistant n. Our case, we oversubscribed and reason wouldnt 30 million. The investors it is a long game and transforming something that will not happen overnight. The ones by the way that dont have an enduring Business Model. They dont stay or exist. Maria any changes that you want to see. Our industry is innovation and not regulation. We discussed that, we want things that help us move forward and faster and not slow us down. Thats the general approach. Next door stand part, we are at local community. And we look at locally. And admist the national debate, their law and regulations that happen on a local level and those are the ones we are focused on. In general, our sfrae is trying to create companies to do things faster and better instead of being held back. Maria Share Holders focus on the Business Model, dan. Exactly. And as regulation decrease can they be businesses. Disney doesnt do this often. They saw something with brit. Brit what will you do with that capital and what is the Business Model . Sure, when i was starting brit and coi do so because i helped to launch geelg tv that is now chrome cast. I banged on every Major Television network to put the video content on the internet. I was 24 and i graduated college early. And so it was shocking to me as a 24yearold that i couldnt watch television on the internet. Thats what i wanted to do. I watched youtube on the internet. Britco was a opportunity for that. Most network are putting video content and breaking it away from things like netflix and disney is excellent in making streaming bundle and espn is its own platform. I am excited about the opportunity to think about and dream on the next entertainment platform. This is it an audience i know well. Tig dig is something i know well. And television is film is what they know and together there is a lot of synerjy. Maria you can know everything well and have a tough time getting money. To start the company is difficult out the gate. It is it a big idea. I put my name into it. Maria who was the most important break. Seed ground 1. 2 led by founders front and general catalyst and top name investors. Maria i want to get your take on the growth stories in technology right now. They are consumer related companies. What is the runway for growth and tech. Well talk about that after the short break. Wall street will come right back. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Maria welcome back. A memo criticizing google diversity. We are bound with our roundtable. Brit moran and ryan william and dan rosenhang. Andenera. Your thoughts on discrimination. Would you start with me . Maria do you have or believe in discrimination . It is absolutely happening. I actually dont believe in 100 percent of the cases knowingly. There is a lot of unconscious bias in silicon valley. There are seven percent female venture capitalist and when you have an idea resonating with women it is difficult to get it across to a 50 or 60yearold white man. There are gender and diversity issues. Maria that is a good point. Do you find the talent that you need in todays environment. We talk about the efforts that President Trump has been making in terms of trade and immigration xhafrmgs. Can you find the people that you need to work . No. There are never enough great people for us to hire and that is either because of h1b problem and so many Great Companies that are looking to hire the same kinds of people and froms size stand point we havent educated them. There are over 4000 people started in silicon. It is not possible to hire all we need. For female oriented prand and female ceo and 70 percent female force. It is hard to get engineers because 95 percent of them are male. And showing why it is a big business is it one thing. You can say it is it a great thing. It is it an uphill battle for me as well. Do you think it is it a lack of understanding of the empathy . Yeah. Maria or skill settings. And skill sets to understand what they are sochling for the consumers. If they have 50 50 male female tomorrows it would be easier to do that. We try to 46 or 54 male female. And overindex gender diversity and marketing hr finance and legal. And in engineering, it is it a difficult thing. But there are other areas of diversity. It is it africanamerican and hispanics, because the u. S. Population, we have to represent the u. S. Population. Younger students coming up and trying to get through college. But as it relates to regulations and visas those things, the fact of the matter, the more talented people we bring in this country and as opposed to compete, the better off well be. In terms of diversity. It gets brought up and triggers a lot of people. We have embraced it because we believe that diversity contributes to independence of thought and that contributes to creativity and creativity to innovation. And cadre, if i didnt step out of the traditional line of thinking. This is not how Real Estate Investing should work. It is it a need to have diversity so we can all continue to innovate. There is a ton much talent here in the u. S. And we can find and bring in the fold. Brit makes a point. It is not just innovate it is it relate. 50 percent of the College Graduates are women and 30 percent of the population are hispanics. You can believe what you want to believe. If you cant invideoinate and relate and communicate to the folks you will not have a successful business. Maria do you expect to be private or are you looking for a Public Offering sooner or later. I will say that we are planning to stay private. We have raised the lowest amount to date 45 million and maria this is it a decision you made why . We want to be owner destiny. One day we can go public we can. I want to be in control of my destiny and 1999. It took four years for a company to go public. And now the average time is 11 years. We are a fiveyearold brand. And the average length of a public ceo is 24 months. In our world, the way we think about the business, we are in the early phases literally and figureatively. And have maybe to conceptualize. We wanted to take off line experience real estate and make it on line. We still have multiple products to build. Maria great topics and prit, and ryan and dan and mera. More wall street after this. Needles. Essential for him, but maybe not for people with rheumatoid arthritis. Because there are options. Like an unjection™. Xeljanz xr. A once daily pill for adults with moderate to severe ra for whom methotrexate did not work well. Xeljanz xr can reduce pain, swelling and joint damage, even without methotrexate. Xeljanz xr can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal infections, lymphoma and other cancers have happened. Dont start xeljanz xr if you have an infection. Tears in the stomach or intestines, low blood cell counts and higher liver tests and cholesterol levels have happened. Your doctor should perform blood tests before you start and while taking xeljanz xr, and monitor certain liver tests. 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Flonase sensimist allergy relief uses unique Mistpro Technology and helps block 6 key inflammatory substances with a gentle mist. Most allergy pills only block one. And 6 is greater than one. Rethink your allergy relief. Flonase sensimist. Maria be sure to tune in next friday for another edition of wall street. And i will see you on Fox News Channel on sunday. Have a great weekend. That will do it for us now. Bob matthews property man begins right now. 4 00 p. M. Every wek night. Announcer from knox business headquarters in new york city. The new wall street week. Reporter welcome to wall street week. The program that analyzes the week that was and helps you position for the week ahead. Im dagen mcdowell. The u. S. Economy adding 156,000 jobs in august with the Unemployment Rate ticking up to 4. 4 . The strong jobs number of is pushing the markets higher. The dow and s p posting their fifth straight months of gain. 39 nasdaq ending august at an alltime high. The storms dropped more than 50 inches of rain on the houston area. At least 39 people are dead. More than 30,000 will in shelters across the state of texas. Harvey also making its presence known at the pump. Gasoline prices spike as one quarter of all Refining Capacity is still shut down. President trump making his case for tax reform calling it a once in a generation opportunity. The president reiterating his call to slash the Corporate Tax rate from 35 to 15 . Provide tax relief to the middle class and bring back overseas corporate profits. Good to see both of you. Dom, we are waiting for specific details on this. Steve mnuchin promising details in the coming weeks. But thats 5050 now that it gets done. Dagen in addition to raising the debt ceiling, keeping the government open, putting a budget in place and getting tax reform. They are going to have to deal with fixing the Flood Insurance program. They had a lot on their plate. They havent gone the much done so far. The idea that they want to get all these things done and get agreement on a tax structure Going Forward is hard to believe believe. Dagen i wonder if this doesnt give congress a pass. If the economy is growing, they dont need to get to it. The six people who are going to hammer this out are meeting september 5. But thats just to establish a framework. Its where the starting point is. We know that President Trump is talking about this simpler tax system and lower corporate rates but we dont know any of the details. Something they all read about and heard about this idea of perhaps taxing the 401k, peoples retirement incomes or taking away the mort gaining deductions. These are all floaters. Floating thing out to see what the consumer will deal with and what well accept. I heard no one say 15 is doable. Not one person. As you mention, 35 is where the u. S. Stand and there are countries, ireland at 15 . So we have seen a lot of Tech Companies set up shop in dublin. Its an anglo society. There is a young workforce. Gateway, or cal. All you do is go into that airport and you see them all there. There is a big push to get the jobs back here. I still want equitable treatment for Small Business owners. Its something donald trump talk about the president early this year. You tax those individual who are normally taxed at the personal. They get tacked on the personal level. They get tanked at 39 . So these are really significant issues that could add real value to the Economic Growth. We saw the job numbers today. They were okay, they werent spectacular. Dagen dont go anywhere. More wall street week after the break. Announcer the biggest names, the most of influential mind. Mind. Its a highly contagious disease that can be really serious. Especially for my precious new grandchild. Its whooping cough. Every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated. Looking for adventure this labor day . Holy smokes. Oh man, thats pretty intense. Look no further than chevrolet. This is a fast car. I feel like i left my soul back there. Wow. This has power head to the chevy labor day sales event and ride out the summer in a new chevrolet. Current chevy owners can use labor day bonus cash to get a total value of eleven thousand six hundred dollars on this silverado all star. Or, get 0 financing for 72 months on all tahoe and suburban models. Find new roads at the chevy labor day sales event. You know win control . Be this guy. Check it out selfappendectomy oh, thats really attached. Thats why i rent from national. Where i get the control to choose any car in the aisle i want, not some car they choose for me. Which makes me one smooth operator. Ah still a little tender. vo go national. Go like a pro. Dagen Maria Bartiromo recently sat down with blackrock chairman and ceo larry financial. Here is we had to say on the direction he thinks congress should take on tax reform. We are a country with the second or highest corporate thanks rate in the world. It does depress where people want to manufacture and be. If you extract all the abilities to deduct, we are not as bad. But we are still in the top third of the highest tax right countries in the world. If we had a tax rate that was competitive or even more competitive than most of countries, it would bring businesses back here. It would bring Foreign Companies that want to be here. We have an advantage most of companies dont have. We have the Cheapest Energy of any major economy in the world. Natural gas is a third of what it costs in europe and japan. Its a third of what it costs in china. So people would love to be here. But when you translate the cost of taxation, and it was some manufactures im told, they cant come here because they cant find the labor. Here we are, we talk about how we need to create jobs. There is also. The narrative is we cant find enough qualified workers. Thats not being discussed enough. So what we need and i hope this administration focused on it. We have to have governmental policy for retraining. Education has not been discussed enough. Maria we started this conversation talking about the anemic growth we saw in the first quarter. Tax policies are something people agree on to move the needle on growth. Whats most of important . The rate . Is it the corporate rate thats most of important in terms of tax reform . I think its a huge deal to take it to 15 . Even 20 would be a big deal. Its hard to see how we get 15 unless we do huge deficit spending. Maria do you think well see tax reform in 2017 . Thats what i feel is holding up the markets. You said you had a wall of money. Do you think that collapses if it doesnt happen in 17 . I think the u. S. Markets are vulnerable for a 10 correction. I dont think thats an issue. But thanks reform is really hard. We found out healthcare is really hard. Im not sure to suggest whether it will ultimately come in 2017 or 18. What i want to see is a real path. If we could see a real path, if we see a real path having tax reform without massive deficit increases, if we see a path that can help the lower and middle class in their taxation. It cant just be Corporate Tax rate reduction. We have to find ways to help people in need. Dagen that was blackrock chairman and ceo, larry financial. Allen greenspan was famous for his exuberance moment. He was asked if he saw any difference between todays market and what he saw 20 years ago. There is no irrational exuberance that i can see. Its the opposite at this particular stage. But we still have the situation in which risk premiums are not all that out of line. And i would not be surprised to see stock prices rising. But not any pace that could be turned irrationally exuberance driven. Thats good to know. But at the same time you looked at socalled wealth effect and what it means for Economic Growth. In terms of the wealth effect today we were seeing the stock market up 1 since election day. We are seeing a number of Technology Names at their highs. Has that impacted broader Economic Growth . People feeling richer so they are spending more money . Interribly it will. Whether they like the or not, thats the way they behave. People always behaved this way. When you get stock prices moving up or Capital Assets moving up, it impacts consumption expenditures. Maria so far the consumption has been weak. You have the Retail Sector that is totally bifurcated. Malls going out of business. How do you characterize Economic Growth today and what are the chances we get to 3 in the near term . Steven mnuchin is betting on it the next couple years. I think the Second Quarter will show a 3 change but its a little deceptive because we are having a problem with the seasonal adjustment factors between the first and Second Quarter. As a general rule i tend to average them. And the average is 1. 4 and say 3. 0. Thats not a terrific number as far as the gdp is concerned. But it in turn is exactly what you would expect at the levels of productivity growth which now have been experienced for a number of years. Maria dont go anywhere. More heavy poor mouth breather. Allergies . Stuffy nose . Cant sleep . Take that. A breathe right nasal strip instantly opens your nose up to 38 more than allergy medicine alone. Shut your mouth and say goodnight, mouthbreathers. Breathe right. If youd have told me three years ago. That wed be downloading in seconds, what used to take. Minutes. That guests would compliment our wifi. That we could video conference. And do it like that. snaps if youd have told me that i could afford. A gigspeed. A gigspeed network. Its like 20 times faster than what most people have. Id of said. Id of said youre dreaming. Dreaming definitely dreaming. Then again, dreaming is how i got this far. Now more businesses in more places can afford to dream gig. Comcast, building americas largest gigspeed network. Dagen the Trump Administration will take on the fall agenda with a few fresh faces in the white house. John kelly facing the task of bringing stability to the administration as it tries to get tax reform, Infrastructure Spending and a budget through congress. Maria bartiromo went oneonone with leon panetta. She asked him for his take on john kellys role as chief of staff. I like john kelly a lot. The best thing to know about john kelly is he is first and foremost a marine. He dedicated his life to public service. Committed to whoever is commanderinchief. And he believes deeply in disprinciple and a chain of commands and a process for Decision Making and doesnt toll rate chaos very easily. I think hes the right guy to try to get the white house back in order. The real question is whether the president gives him the room to make it changes that will be necessary to improve the operations in the white house. When you were running the Defense Department and cia at omb, there was a very different relationship. And the republicans will say we dont have any participation from the democrats, not on healthcare, not on tax reform. How does the country move forward with such divisiveness. Maria i think i just touched on one of the fundamental problems we are facing in our democracy. If you ask about National Security. One of the big threats to National Security is the dysfunction in washington. The inability of democrats and republicans to sit down and Work Together on issues. The inability of the president and the leadership of the congress to Work Together on issues. The result is we are operating by crisis. I often tell the students in a democracy you operate by leadership or by crisis. If leadership is there and willing to take the risks associated with leadership. It takes risks. I understand that. But its leadership. Thats what we elect to the congress and to the white house. We hopefully elect people who are leaders who are willing to take those risks. But if that doesnt happen, we operate by crisis. Right now on almost every front we a crisis. The problem is when you do that you lose the trust of the American People and our system of governing and thats dangerous. A debate about healthcare. Reform. You were president bill clintons chief of staff. Bill clinton was a moderate. He wanted to take the country forward and he wasnt afraid to move across the aisle and get ideas from the right. It feels like the Democratic Party has been hijacked by bernie sanders, and elizabeth warren. I think both parties have been hijacked by the extremes. Thats bent problem concerning the parties ability to Work Together. The extremes have taken over the party base. So they feel to survive they have to cater to their extremes as opposed to working to solve problems. Dagen Regulatory Reform another one of the Trump Administrations top priorities. Maria bartiromo asked ben bernanke about the importance of reevaluating regulations that were put in place during the financial crisis. Its always a good idea to look at regulations. There are a lot of regulations out there. Good idea to look at them and say are they accomplishing what they are supposed to accomplish . Can we make them smarter . Can we repeal those regulations that are not carrying their weight . And that being said, i think that its very important that we not forget what a bad experience the financial crisis was and how much damage it did to our economy. So a lot of things in dodd flank have the purpose. Making sure we dont have a situation like that. So if we try to reduce the Regulatory Burden on the small institutions that didnt contribute to the crisis so much. Maria one of the issues bankers say is the fact that doddfrank, some of the rule making didnt hold as much capital. So they werent learning. I dont see that. Capital is the best way to make things safe. If they have enough capital they can absorb losses without coming close to failing. And incentives are better. If they have capital necessity are investing their own money. They will have incentives to do it bert and be safer. Having an adequate level of capital is important. We had our banks get much better capitalized and they are safer and soundser than they were before the crisis. Compare us to europe where they had difficulty getting the banks on astounded basis. In terms of lending i dont believe there is any evidence that higher capital impeded lending. Lending has been solid. There are a few areas where its taken some time. Mortgage lending was slow to start. But the housing sector is coming back and mort gang lending is coming back. Small business lending has always been a problem. Large banks dont necessary lire want to take the effort to make a loan to a corner pizza store or other Small Business. But generally speaking overall lending has been 23569 forward in the economy. I dont see any signs high capital is choke off the economy. Maria what would you like to see change in doddfrank . I would start with the small and mediumsized institutions. The goal of doddfrank was to address the risks presented by the smallest institutions. The smallest institutions were hit by as collateral damage. So thats an area to look at. A number of regulators, including outgoing fed governor talked about the volcker rule which is intended to prevent banks from doing proprietary funding on their own accounts. Maybe there is a way to make the stress testing of baingss to assess how much capital they have during a tough period. There are ways to maybe make that less onerous for banks. You know how painful heartburn can be. For fastacting, longlasting relief, try doctor recommended gaviscon. It quickly neutralizes stomach acid and helps keep acid down for hours. Relieve heartburn with fast acting, longlasting gaviscon. And helps keep acid down for hours. You wont see these folks they have businesses to run. They have passions to pursue. How do they avoid trips to the post office . Stamps. Com mail letters, ship packages, get a 4 week trial, plus 100 in extras right on your computer. Including postage and a digital scale. Go to stamps. Com tv and never go to the post office again. Because we have the resources, and we have the focus, and so, if st. Jude doesnt do it, who will . Dagen here is a look at some of the biggest market events coming up next week that could impact your wallet. The markets are closed for labor day. But later well get the beige book, jobless claims, wholesale trade and consumer credit. We are waiting on numbers from barnes noble and kroger. On the political Front Congress back in session tuesday. Tax reform expected to be the top agenda item. That will do it for wall street week. Thanks for watching us. Maria bartiromo will be back next week. But first bob massi property man tarts right now. A mysterious death. The story of my strange inheritance occurred when they fished my cousins body out of the gowanus canal. A flood of questions. You think its something sinister . I do think theres something going on. Are the answers locked in storage . I just shook my head and i go, oh, my god, this is a nightmare. He was, one might say, an idiot savant. Nobody has what he had. Howie frank had the best. He was sitting on a photo collection potentially worth 10 million. They dubbed him the Million Dollar beggar. Is it worth a Million Dollars . Dont change that channel. Its a madefortv strange inheritance. Dynomite [ door creaks ] [ wind howls ]