Transcripts For FBC Cavuto Coast To Coast 20160915

That puts us on track to achieve that goal, over the next we 10 years, Economic Team estimates under our plan the economy will average 3. 5 growth and create a total of 25 million new jobs. You can visit our website, just look at the map. It works. [applause] this growth means our jobs and plans including our childcare reforms my daughter is involved in will be complete. Will be completely paid for in combination with proposed budget savings. It will be deficit neutral. If we reach 4 growth it will reduce the deficit. It will be accomplished through a complete overhaul of our tax, regulatory, energy policies. Right now, under the Obama Clinton policies the economy grew only 1. 1 last quarter. A number that was shocking to people that do this professionally and for life. It translates into millions of lost jobs and certainly millions of lost good jobs because we dont have good jobs anymore. Those jobs are gone and going. This is the weakest soc recovery since the great depression. Over the last 7 years the economy grew only 2. 1 , the slowest period in 70 years. Had the economy grown under obama at the same rate of reagan it would have meant 10 million more jobs. Perhaps most shockingly, one in 6 men age 18 to 34 are either in jail or out of work. Meanwhile another 2 million hispanic americans have been added to the ranks of those in poverty. On top of it all the Obama Clinton policies have doubled the national debt. It took more than 230 years for the United States to accumulate its first 10 trillion in debt. It took president obama less than eight years to add another 10 trillion. It would be one thing if that money had been used to completely rebuild our nation, our military, our infrastructure but that didnt happen. The opposite happens, we doubled the debt and in return we have dilapidated infrastructure, badly depleted military, greatest people on earth and a badly depleted military, its equivalent old and tired and another 14 Million People who left the workforce, never has so much money been spent so poorly and so unwisely, but we are going to turn that around and here is how. It begins with. They are going down, not up. You were concerned they were going up. As outlined in detroit, our tax plan will greatly simplify the code and reduce the number of brackets from 7 to 3. The new brackets will but low income americans will pay no income tax at all. In fact our plan will remove millions and millions of workers from the income tax roll that work that we do in washington can be discontinued. They will pay tax. They will pay tax but they will pay tax when they start making a certain amount of income. By lowering rates streamlining process we will add millions and millions of new jobs. In addition, because we have strongly capped deductions for the wealthy, and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit and it wont even be close. They have been forgotten. We are not going to forget them. They have built our country. We will not forget. This is a0l working thank y. [applause] this is a working and middle class tax relief proposal. The tax relief for these workers will be expanded by my child care proposals that i have worked on with my daughter, ivanka. These proposals are central and very, very powerful central element of our comprehensive tax reform and Economic Growth plan. Families will be able to fully deduct the average cost of child care from their taxes, including stay at home parents. Because this deduction is capped, it will be disproportionately and it will benefit working and middle class families. Got to take care of our middleclass families. The less you make, the larger a share of your income you can exclude from taxation. Parents will also be able to enroll taxfree dependentco care savings account for their children or elderly relatives. Lowincome households will benefit from both an expanded earned income tax credit in the form of child care rebates and a matching 500 contribution for their savings account. A married couple earning 50,000 per year, with two children and 8,000 in child care expenses will save 35 from their current tax bill. Thats a tremendous savings. And they will have a better life. A married couple earning 75,000 a year and two children, and 10,000 in child care, expenses will receive a 30 reduction in their tax bill from what theyre paying right now. By contrast, someone earning 5 million, like the people in this room, will receive virtually no change in their tax bill at all. One of our greatest job creation measures is going to be our 15 business tax rate, down from the current 35 rate, a reduction of more than 40 . [applause] i know that is what you people have been waiting for. An explosion of new businesses and new jobs will be created. It will be amazeing to watch. You watch and it will happen. We will allow flightsbased manufacturers to fully exexpense the cost of new equipment. A big, big deal. [applause] on top of that we will bring back trillions in business wealth and business wealth that is parkedlzn overseas. Nobody knows how much it is. They say it is 2 1 2 trillion. I have people that think it is 5 trillion. Well bring them back and it will be taxed only at the rate of 10 instead of 35 . And who would bring it back at 35 . Obviously nobody becausern n y is doing that. Something that will be so phenomenal, far beyond what people even think. By taxing it at 10 instead of 35 , all of this morn any will come roaring back into our country and lots of good things we will turn america into a new magnet for new jobs, and that means jobs in our poorest communities. So important. And right now we have companies leaving the country because taxes are too high but we actually have companies leaving the country to getzez their mo. And thats first. Nobody has ever heard of that one before but believe me, thats happening. Next comes regulations. One of the keys to unlocking growth is scaling back years of disasterous gi regulations unilaterally imposed by out of control bureaucrats. Regulations have grown into a massive jobkilling industry and the regulation industry is one business i will absolutely put to an end day one. Yon [applause] in 2015 alone federal agencies issued over 3300 final rules and regulations, up from 2400 the prior year. Every year overregulation costs our economy 2 trillion a year and reduces Household Wealth by almost 15,000. I propose a moratorium on new federal regulations that are not compelled by congress or public safety. And i will eliminate all needless and jobkilling regulations now on the books and there are plenty of them. [applause] this includes eliminating some of our most intrusive regulations like the waters of the u. S. Rule. It also means scrapping epa socalled Clean Power Plan which the government itself estimates will cost 7. 2 billion a year. This obamaclinton directive will shut down most, if not all coal powered electricity plants. I mean all over the country theyre shutting down. Remember, what Hillary Clinton said. She wants to shut down the miners, justlike she wants to shut down the steel mills and shut doesnt steelworkers and were not going to let it happen. [applause]ly were going to put our great miners and our steelworkers back to work. Energy reform is central to our plan as well. According to heritage foundation, by 2030 president obamas Energy Restrictions will eliminate another half a Million Manufacturing jobs, reduce economic output by 2. 5 trillion, and reduce incomes by 7,000 per person. And today you have workers, and i see them all the time, and i meet them all the time and theyre part of this Massive Group of people that have just come on to this movement, but you have workers making less money today than they made 18 years ago in real wages. Theyre working much harder, ooxt times because of the disasterous obamacare that were going to repeal and replace. Often times theyre working two jobs. [applause] so theyre working harder, theyre older, and theyre making less. Like me. Im working harder than i have ever worked also but these are nobody cares about that. Who cares about that . [laughter] Hillary Clinton wants to go even further and her plan could cost the economy 5 trillion. A Trump Administration will lift restrictions on all sources of American Energy production. According to the institute for American Energy resources, this will increase the gdp by more than 100 billion annually. Add over 500,000 new jobs annually. Increase annual wages by more than 30 billion over the next seven years. Increase federal, state, local, tax revenues, by almosttrillion almosttrillion 6 trillion over four decades. Increase total Economic Activity by more than 20 trillion over a 40year period. The permitting process for all Energy Infrastructure projects which are desperately needed. Including the billions of dollars in projects held up by president obama currently being held up. They just wont approve anything, creating countless more jobs in the process. Finally comes trade. The foundation for everything, americas annual trade deficit with the world is now almost 800 billion a year. Who are negotiating these deals . Anybody this room negotiating these wonderful deals . Think of it. You have a trade deficit of almost 800 billion a year. That is going to change so fast. Between world war i and the year 2000, the United States averaged a 3. 5 growth rate. But after china joined the world trade organization, our average growth rate has been reduced to only 2 . Predatory trade practices, product dumping, currency manipulation which is a big one, and intellectual property theft have taken millions of jobs and trillions of dollars in wealth right out of our country, right out of our country. So sad that we allowed this to happen. Our incompetent politicians were not watching, and the ones that were watching were taken care of in some form because this should have never allowed, been allowed to have happened. It is no great secret that many of the special interests funding my opponents campaign are the same people profiting from these terrible trade deals. They are terrible. Theyre terrible for everybody. The same, socalled, experts advising Hillary Clinton are the same people who gave us nafta, chinas entry into the world trade organization, the jobkilling trade deal with south korea, another disaster, and now the Transpacific Partnership that theyre pushing so strongly. The verdict is in. All of the special interests that the media race to comment and race to get comment from, have been proven wrong over such a long period of time. Every single deal they have promoted, every lie, and every prediction has crashed, it has just crashed. They have been so absolutely wrong and they have been so bad for our country. Our Manufacturing Base has crumbled, communities have been hollowed out, wages have declined, and households are making less today than they were in the year 2000. I proposed a detailed plan to reform our trade policies and bring vast, new jobs and wealth to america. We need our wealth back. We dont have wealth. We are a debtor nation. This includes the following steps. Im going to direct the secretary of commerce to identify every violation of trade agreement that a foreign country is using to harm our country and our workers. Thats whats happening. Theyre being harmed and our country is being harmed. I will use every tool under american and International Law to end these abuses and i will use our greatest Business Leaders and finest negotiators, and i will tell you, some of them are in this room right now. Not all of them but some, and i know who you are, ande were going to be calling on you because we have people negotiating the biggest deals in the world, far bigger than your company deals. Your company deals are little deals by comparison. We have, it is true. You take some of these big nss anies and you look at some of these trade deals, hate to say it, but your companies are peanuts but were going to use our best. Right now we have political hacks negotiating the biggest, most important deals in the world. Were going to start with nafta, which is causing so much damage to our country. We will entirely renegotiate nafta into a deal that will either be a good one for us as a country and for our workers, or we will terminate it until a brand new and productive deal can be signed. [applause] well also, and we have to, were going to keep america out of Transpacific Partnership unless we can do something that is phenomenal and im not seein. It right now, i can tell you that, im not seeing it. [applause] next im going to instruct my treasury secretary to label china, and i like china, theyre my tenet, they buy condos all the time, theyre just fine, but you know what . They are a currency manipulator, and were going to apply tariffs to any country that devalues its currency to gain an unfair advantage over the United States. They are a manipulator, grandmasser level. We cant allow it to happen. Our people and our representatives and our politicians dont have even a little clue as to how to play the game. We have a trade deficit this year with china of approximately 500 billion. What kind of a deal is that . And this has been going on for years. 200 billion, 300 billion, 400 billion, for years. Im going to instruct the United States trade representative to bring trade cases against china. Chinas unfair subsidy behavior is prohibited by the terms of its entrance into the wto and i intend to enforce the rules. And im sure well deal somewhere along the way but theyre not playing fairly and our politicians dont understand how to play the game. [applause] if china does not stop its illegal activities including its theft of american trade secrets and intellectual properties, i will apply counterveiling duties until china ceases and desists. You know what that means . Just a single action of enforcing intellectual property rules, alone, just alone, would add millions of new american jobs. According to the United States International Trade commission improved protection of americas, just think of this. Improved protection of americas intellectual property in china would add 2 million jobs a year within the United States, every single year. And we do nothing. We allow them to get away with it. Who can blame them. I dont blame them at all. If you can get away with it, theyre going to get away with it. Were going to stop the outflow of jobs from our country. And open a new highway of jobs back into our country. Heres how the plan adds up. Were proposing a 4. 4 trillion tax cut that will score as a 2. 6 trillion under Dynamic Growth models, which is how taxes should be scored. [applause] this includes the child care plan that we announced the other day. Modeled that the growth induced savings from trade, energy, and regulation reform will shave at least another 1. 8 trillion off the remaining debt. That leaves around 800 billion. Through simple, common sense reforms. If we just save one penny of each federal dollar spentwmq on nondefense, and nonentitlement programs, we can save almost 1 trillion over the next decade. One penny, we can all do that. [applause] save over a trillion. Again this is spending that does not touch defense. Because we have to build up our military which is so terribly depleted. And that does not touch entitlements. If our plan succeeds, the 3. 5 , 10year growth average, then our jobs proposed will actually reduce and start really, strongly reducing the deficit. Savings will be compounded by the fact that people who are currently receiving unemployment or welfare, will finally be able to find jobs. This is the most progrowth, projobs, profamily plan put forth, perhaps in the history of our country. This is what our new future will look like. I am going to low you are your taxes very, very substantially. Im going to get rid of massive amounts of unnecessary regulation. All of these regulations on your business, and in your life, im going to unleash American Energy. Im going to repeal and replace obamacare. Im going to appoint justices of the Supreme Court who will follow the constitution. [applause] im going to rebuild our depleted military and take care of our vets who are treated so badly. [applause] and in many cases our vets are treated not nearly as well as people who come into our country illegally. We cant have that. Im going to save your Second Amendment which is under siege. Im going to stop illegal immigration, an drugs from pouring into our country. And totally poisoning our youth and others. [applause] we have tremendous problem. And yes, we will build the wall. The wall will be built. And just in case youre worried about who is going to pay for it, mexico will pay for it. Being totally serious about that. [applause] mexico will pay for it. And you understand, mexico, by the way, we look at the trade deficit we have with mexico, its massive. The wall is peanuts compared to what were talking about. Mexico will pay for the wall. And im going to renegotiate our disasterous trade deals, especially nafta and we will only make great trade deals that put the American Worker first and put the American Worker back to work. [applause] that includes our miners and our steelworkers. Theyre going back to work. We will rebuild our roads, our bridges, our tunnels, our highways, our airports, schools, hospitals. Well rebuild everything. American cars will travel the roads. American planes will soar the skies. And american ships will patrol the seas. American steel will send new skyscrapers into the clouds. American hands will rebuild this nation. And American Energy, harvested from american sources, will power this nation. American workers will be hired to do the job. We will put new American Metal and new American Steel into the spine of this country. idx jobs will return, incomes will rise, new factories will come rushing back to our shores. We will make america wealthy again. We will make america strong again. And we will make America Great again. Thank you very much. God bless you. Thank you. [applause] neil continuing to watch donald trump sort of outline his economic agenda and plans here, to the Economic Club at new yorks waldorf astoria hotel. You know, hotel owned by the chinese i might point out. Spent a great deal of time talking about that. He is going to take some questions here. His running mate mike pence is with him. Spell out a couple of things he said. He did provide a bit more detail and fleshed out what his plans are, reducing seven tax rates as they are now to three to 12 , 25 , 33 . Increasing standard deduction for almost everybody, except superrich. Even with the lower tax rate it will be revenue neutral for them and presumably revenue neutral for the entire cash puply here. His National Goal is to get growth going again. If you can double growth what it is now from 2 , 4 , specifically at the outset, you can see you how he gets to 25 million new jobs. A number of economists have quibbled with that saying that is simply not doable. He hasnt fleshed out how exactly he would pay for some new measures including parental care, Maternity Leave and the kind of things he outlined this week he said could be paid for by getting rid of waste, fraud and abuse. Now again, to the questions that are beginning for mr. Trump, maybe on some of the issues i just outlined. [applause] thank you. What happened with the teleprompter, man . [laughter] hey, he is a little late, right . Oh, well. I had nothing to do with it. First let me thank you for speaking with us today. I think many of us found your economic plan very bold and ambitious. Thank you. I was talking with Marti Feldstein of, excuse me, with glenn hubbard, who is the dean of the columbia business school. Big difference. [laughter] and, you know, were talking about how many economists have resigned themselves to a low growth, one 1 2, 2 range for the u. S. You believe, with your economic policies we can grow;[un 3 1 2 plus. Could you summarize the key components of that plan and, if possible, quantify the contribution to the increased growth. Certainly. I think that, i watched the world and i look at china and other countries, and if china goes down with gdp to 7 , or even 8 , it is like they will have a revolution. And what do they ac do . They start devaluing, devaluing. They do all sorts of things and get it back on track one way or the other. I have friend come to me that have been devastated, people that are manufacturers, great manufacturers, very successful people but they become less and less successful because they cant beat the system. In this way too its a rigged system. Theyre almost doing well and boom, there is massive devaluation in china or other countries. And there are plenty of other countries out there, and some are actually hurting china you now. But the fact when they have 7 and you see it where they start dropping to 7 or 8 , they consider that to be a disaster yet were stuck at 1 , probably real number is 1 , but6aa n cery no more than 2 and we try to learn to live with it. We cant do that anymore. So were going to unleash tremendous opportunity. Were bringing back the trillions of dollars that doesnt come into this country. And that does really, i said it in my remarks, that does really bring a lot of companies out there. They go to get their money. They leave. Not even because taxes are too high. They leave to get their money. So were going to unleash a lot. Were going to unleash a lot with the regulations. I tell you, the thing that most surprised me in going around because ive been to, ive been everywhere. I have been working. This started on june 16th. Who knew this was going to happen, right . It started on june 16th. It has been amazing thing. What really amazed me from a business standpoint. I speak to big businesses, the biggest businesses in the world. But i also speak to the Small Business people and farmers. If they had their choice between this massive tax cut from 35 , down to 15, or regulation relief, they would take almost 100 of the time regulation relief. The regulations are a disaster. Theyre killing people. Theyre killing the farmers. Theyre killing the energy folks. They killed, they have killed the mines, and you know we all believe there has to be regulation for safety, for environment, for certain reasons but it has gone so crazy and gotten so excessive. But they would take that over taxes. So were going to unleash tremendous number of jobs coming in. Plus were going to have great cutting of waste, fraud and abuse. But think of that word waste. With the penny plan, just a penny, out of every dollar, now i know you can do that very easily but we have to appoint people to head these massive, massive agencies. You know if they were companies they would be very large companies. They would be up there with the biggest. Some would be bigger than any of the companies. But you take a penny, a penny off of the dollar, and you do that for a number of years and all of sudden really great things start to happen. Tremendous amount on military which were going to increase. We have no choice. But we also defend other countries. And, those countries are not paying us nearly what they should be paying us. Were losing tremendous, billions and billions of dollars some of whom dont even appreciate the fact were defending them. And many of them dont pay us. They dont pay us. And dont pay us, i say why, because they dont ask. We dont ask. So, those countries, im sure, will start to pay for the defense but its a fantastic, it is a fantastic number. It is a very, very large, it is shocking number. It is a shocking number. I will just finish with saying this, i have Great Respect for japan but as you know, we defend japan, we defend germany, we defend saudi arabia, we defend south korea. We have 28,000 soldiers right now in south korea. These are economic behemoths, behemoths. These are wealthy countries and when i said they have to pay more a general came to refute my statement, and said, doesnt mr. Trump know that japan pays 50 of the cost of its defense . And i said, why dont they pay 100 . The numbers youre talking about are massive. [applause] and when you add it all together, a a lot of good things are going to happen. Thank you. [applause] on the Corporate Tax rate, a cornerstone of your Economic Policy, is reducing the Corporate Tax rate to 15 . Secretary of the treasury lew proposed a 28 rate. The uk is at 20 . And ireland is at 12 1 2 . How did you settle on 15 as target for the u. S. A lot of that has to do with the cutting because well be cutting costs as part of our tax plan, we have to cut costs. I think well unleash something that will be so amazing and a lot of it is competition. You look ireland being about the lowest. A little bit lower. Were not lowest but were getting down there. Essentially were highest in the world, certainly of the industrialized countries. And we set it from a competitive standpoint and we added to that, very importantly added to that the cutting, the cost cutting. There is tremendous fat. It is interesting when all of us, so many in the room do this, we buy companies, we like to buy companies that are poorlyrun, right . We have so much room to cut. We dont buy a perfectlyrunning machine where we cant do too much. Were not perfectly running machine. Which have tremendous waste, tremendous fraud, tremendous abuse. The military is orders equipment because it is politically motivated, and order equipment that is not as good as equipment they want and equipment they want, generals want and it is less expensive. We have some things we can do if we do it properly. And you know, my whole theme is make America Great again. Were going to make America Great again. [applause] now its time for Martin Feldstein who is also on our board, he is chairman of the department of economics at harvard. Part of the issue in reducing tax rates is the impact on the deficit. So what offsets would you propose to compensate for the reduced revenue . You mentioned in your speech that you believe over time your Economic Policy can be revenue neutral. Well eventually, we think, and hopefully will be on that, eventually with time, this is going to work out, absolutely. The big things in terms of neutrality is the amount of business that we generate. The fact that companies are no longer going to be leaving. You have to look at the list of companies. I told you just before that ford motor company, this is a massive amount of business theyre taking, taking small car, all small cars, they will make them in mexico. It is like, the story in the newspaper but it is devastating for michigan and areas of the country that have to go through this. Were going to keep our companies here. Our companies are leaving us because taxes are so high. Our companies are leaving us because they cant bring their money back in. Our companies are leaving us because of regulation. The regulation is so massive, that our companies are leaving us. So i think were going to, number one, well Keep Companies here. They will not be leaving anymore. Now they will have a better deal than where theyre looking to go. But importantly were also coupling that with cutting costs. Cutting budgetary costs and lots of costs. There will be many costs that were going to be cutting and it will be enhanced by certain things like i told you about with the military and defense of other countries which a lot of people didnt even know. I dont think too many people in this room, until i started speaking about it a year ago, i dont think a lot of people knew we defend, as an example, germany or japan. You pretty much knew scout cree. Were defending south korea. Saudi arabia we know, lots of wealth, lots of money. They dont pay us very much for what we do. And you know, you could ask yourself, how long would saudi arabia even be there if we werent defending them . And i think we should defend them but we have to, we have to be compensated properly for their defense. Im sure they will be thrilled to hear that. [laughter] [applause] one issue that came up previously was the, was the potential for default on the u. S. Debt. You know the u. S. Has a perfect credit history. Is there any scenario you would consider defaulting o debt . No. No. There are scenarios where you could buy back debt. Somebody put that out. I said buy back debt. This isnt like youre building a real estate project and the market crashes and you have your shot at a bank. I love those days. I loved that. [laughter] somebody said im one of the great in the world at that i love buying back debt. I love negotiating debt, but with the United States youre talking about something beyond a gold standard. No, the answer is no but you can buy back, were not talking a discount. You can discount, you can do things but no, the debt of this country is absolutely sacred, absolutely 100 sacred. You have to [applause] regarding regulation, you said that we have too much regulation and that excess regulation impeeds growth. What would be your strategy for reducing excessive regulation . Well i go back to the heads of the various groups, agencies, you know, all of the different parcels of government, and i would be putting very, very top people into negotiate. We dont do that. We, honestly we put political people into negotiate. We put people that gave contributions. We put people that you know, worked the system. We put people that shouldnt be there. And when you say, can you cut 1 off your budget, they look like this is impossible, whereas people in this room, i know a couple of them, theyre total killers. I wont call them that. They hear 1 , don, i can do it all year, down 25 in one year, maybe more. Take it easy, just relax. But there are people in this room that would say that. When you hear 1 a year for 10 years. That is massive difference but 1 a year for 10 years. So i would really have it done at the level of the Group Running whatever individual thing within government theyre running. And they will be able to do it if we have the right people. We dont have the right people. We have people that shouldnt be doing what theyre doing. We have people that have people under them that are far, far more competent than they are. And they lose, those people lose respect for the system when they see whats coming. And i cant tell you how strongly i believe this. The trade deals are so bad. Nafta has destroyed our country. Nafta has destroyed the manufacturing leg of our country. You look at places upstate new york where they lost 40 of their manufacturing. And theyre going to lose a lot more before its out. Dont forget Hillary Clinton said when she was running for the senate be she will bring jobs back to new york. She meant new york state but new york. Upstate new york, long island, look at things happening. Unbelievable, building after building is empty. She didnt bring anything. They left, they all left. So when we negotiate great trade deals, were not even including that to a large extent in the numbers that were giving you, but when we take nafta make it a twoway highway, not a oneway, yes, things go out but we have at least equal, at least because we have a lot of catching up to do. They have absolutely stripped this country of its manufacturing jobs and jobs. Companies have destroyed companies, thousands and thousands of companies, millions of jobs. Were going to get that back, were going to get that back. Whenever i talk about tax cutting and i talk about balancing, a big part of it is were going to have great trade deals. He would be a man to negotiate. I think i will put him in charge of china. [laughter]. You know what, well do very well. Put him in the room for a few days, well do very well. Seriously, we have the greatest negotiators in the world. We have to use, when china enters that negotiation, they come in with 20 people that are the toughest, smartest, meanest, they dont say good morning. It is not lovely day, is it wonderful, how did the yankees do last night. There is no talk. It is like, we get down to business, boom, no games. We put people in there that dont know what theyre doing, because this is pnm why we have deficits of 500 billion with one country. We rebuilt china. And i say that with respect for china. I have a great relationship with china. They used to tell me before i i announced i was running, they cant, i have many friend from china, biggest people, the richest people, they can not believe what china gets away with. We said we cant believe it. When they announced running for president , they called, we really didnt mean that they didnt know this was going to happen. [laughter]. But, in the good ol days they would tell me, we dont believe, your government is stupid. [laughter] you but now they deny they have ever said that. [applause] on staffing, how would you run a government to make it more effective . What would be your criteria in choosing the senior administrators . Track record. Great competence. Love of what theyre doing. How they are getting along with people. References. I mean no different than when youre running a company how you hire top people. It would be no different. The government, you need people with heart also. You know, it is probably one thing you need in government they dont have in business quite as much but, some do. But not a lot. [laughter]. But, you need people that are truly, truly capable, and you need, and i think so much has to do with past history. How have they done . How is it all worked out . You understand what i mean by that, perhaps better than anybody. And we have to get the best people. We can no longer be so politically correct. You know we do things today, were so politically correct. People are afraid to walk, theyre afraid to talk. They cant speak. Theyre afraid they will say the wrong word and be shunned from society. Dont worry, it only lasts for about a week if that happens. Not that bad. But we have to stop being so politically correct. We need to get the best and finest and if we dont, well be in trouble for a long period of time. And maybe never come out of it. I honestly believe, and im not saying this it is because myself, this is the last time, this will be the last election we have a chance to make this country great again, to really make it wealthy again, make it strong again, make it all of the things that we want to see. We have to have, but i really believe this is the most important election weve been involved in, you know, for many, many, many, many years, many decades, and because it is going, it is going down. The Supreme Court justices that i told you about before, i mean if they you put certain people on to the Supreme Court, our country is going to be a whole different country. Well be a largescale version of venezuela. Were going to be a totally different deal. And this is the last chance that, in my opinion, our country has to really get better, to get well. And i just think this election is so important. Not because of me but because of the ideas, the ideas that we have. The ideas that we need to do what we have to do. But i think it is going to be a very, very important election. That is why were seeing such enthusiasm. We go make a speech, john, and we have people who are showing up, 25,000 people show up and 30,000 people. And we announced [applause] we announced one day, we had one in pensacola the other day, we had this massive, tens of thousands of people showed up. We announced like a he day 1 2 before the speech on twitter. We dont even take ads. People want to say great things happen to this country. People really love this country. The people of this country really love this country. Even other countries want to see great things happen because it is so important. I think this will be the most important election weve had for many, many decades. Im not sure you are going to have a Second Chance at it. [applause] donald, on jobs, what industries do you expect would benefit from your economic plan to create highpaying jobs Going Forward . Bs well i think h r block would be a disaster. Because were simplifying, youre not going have how about people, the tax it is so complicated. You need 180 i. Q. To understand it. And people that frankly are making small amount of money, they have to go and have their tax returns done by people and by the way, when theyre done, you will have 10 different tax people and you have 10 different answers to the same person. The whole thing is crazy. So that would be one industry that wouldnt do well. But i think almost all industries. I can tell you an industry that will do well and an industry that we can use and i know prices are low now, but when prices go up is the energy industry. We have amazing people in that industry and they are just being decimated. They are being absolutely decimated and, energy is, you know so important. We found out because of new technology, whether its fracking or many other things, were sitting on top, our land turned out to be, we have more than just about anybody in the world. Our land has turned out to be so valuable because of what is underneath it. We have to be careful. We have to be very environmentally sound, that is very important but its incredible when you look at whats happened in the last five years. We can be selfsufficient, which we have to be. Otherwise well be stuck in the middle east forever and we have to get out of that war. We have to knock out isis. I didnt want to be in that war but i wasnt a politician. Nobody really cared. But, i didnt want to be in the war but we have no choice. The way they got out was bad, to get out so quickly and not leave anybody behind. Isis developed. We have to knock out isis. You see the atrocities they committed. Yesterday, i guess, 22 or 24 people hung from racks of a slaughterhouse, like a slaughterhouse and then throats cut. I have mean can you imagine this . Nobody ever heard of things like this before. And then we talk about waterboarding. Its, it is an incredible thing. No, it is incredible. Were not playing on the same playing field. But if you looked at what the atrocities committed, just yesterday with the meat hooks, we have no choice but to totally decimate isis. We have to do it. We have to do it rapidly. We have no choice. [applause] then we have to get back to rebuilding our country, folks. We have to rebid the instruction struck of our country. We have to rebuild our country because its a mess. Last question, if you, if you, if you were to advise the fed, what would you advise them to do regarding Interest Rate policy . Well, as a real estate person i always like low Interest Rates of course, but i think what will happen you have them until january 1st. Obama wants to go and wants to play golf. He wants to leave. He doesnt want to have any stock market disruptions. And i think there, i think the fed is being totally controlled politically. Theyre not raising rates. And theyre being controlled politically. I think theyre going to be low until you know, i dont even know if; u they will have a raie but they are going to be low until the end of the year. Obama he wants to go out. Shouldnt be working this way. Shouldnt even be discussing it. Martin may or may not disagree with me. I think it is terrible thing thats happening because were doing it for political, i believe the fed is very political. It has become very political, like many other groups in this country, beyond anything i would have ever thought possible. And so i think youre going to have low Interest Rates till the end of the year, maybe no increase at all. And the market will stay artificially high. And then well have to see what happens after that but i think, theyre not doing the right job. Now with all of that being said, you know, all my life i liked low Interest Rates. Can you imagine, because im doing this, i cant even take advantage of it, but thats okay. But i will say, its very, it is becoming in my opinion the fed has become extremely political. I dont think they would do, i really believe, if it was a political decision or the right decision, theyre going to go with the political decision every single time. [applause] well, that concludes our fire side chat. Once again, on behalf of myself and everyone here, thank you very much for joining us today. Thank you very much, everybody. Thank you. [applause] neil you have been listening to donald trump outline sort of the economic agenda and im putting a little bit more details to some broad based proposals that call for taking seven tax rates that we have now, reducing them to three 12 , 25 , 33 . Not too long ago, mr. Trump talked about a top rate no higher than 25 . He would limit deductions for the very wealthy. That would be a swap for them. That would mean it would be revenue neutral for them. That would mean revenue would be there to avoid large deficits which a number of people said he would produce with this economic plan, is in the eye of the beholder. He also said key to his plan is Dynamic Growth. In other words, the dynamic revenue you get from cutting taxes will propel a reaganlike advance in the economy. His National Goal is growth of 4 1 2 . Starting at 3 , which is essentially double what we have now. He also called for reducing the Corporate Tax rate to 15 , a number of investmentrelated tax rates would go down as well to put us as he said, competitive with the rest of the world, particularly ireland. He cited ireland a number of times. Keep in mind this is group concerned about other aspects of the trump position including what they think of his tariff plans, for example, on companies that leave this country. Like ford, now, vowing to go to mexico to build all of its small cars. Mr. Trump saying he would slap a 35 tax on the cars when they come back to the United States. Others said that would lead to trade wars around the world. By and large he did fill out some of the details and stated his rationale for them. The question is what kind of reception he got. Connell mcshane there today. Connell, what were you hearing . Reporter he definitely filled in some blanks, neil, youre right about that, when he talked about the three income levels of 12, 25, 33. Put income levels at 75,000 and 225. People who make 225,000 or more per year. But in terms of Broad Strokes here, what we heard today, is that more growth, higher growth will be the result, if you cut taxes. That is the bottom line. Especially Corporate Tax rate by going down to 15 . That probably got the biggest applause line from this room at the waldorf astoria. He earlier in the speech took shots at or drew contrast with his opponent, Hillary Clinton and her economic policies. Watch this. Not one single idea shes got, will create one net american job, or create one new dollar of american wealth for our workers. The only thing she can offer is a welfare check. Reporter a welfare check. That was early on in the speech. Trump started to go through his own policies, talking about, as i said the tax cut, particularly the lower Corporate Tax rate, trade and energy. Even talking about his new child care proposals he unveiled the other night with his daughter ivanka by his side. That brings to biggest question about this, you heard it in the q a, neil, a little bit, how do you pay what youre proposing, mr. Trump . His advisors, talking the cost of the tax plan has come down, when Tax Foundation previously over a decade would cost 10 trillion. Now trump advisors are putting number 3 trillion. He said 3 trillion for 4. 4 trillion tax cut. A lot of numbers to put together. The Trump Campaign is saying closing loopholes in large part, they brought undo the cost of this plan, with higher growth, you will see higher growth, especially if you cut taxes on businesses. That is where we are. Back to you, neil. Neil thank you very much, very much. To update well continue to pursue this and look at it including a guy took a look at the first tax plan donald trump offered at the primary season and graded it a d minus. What does douglas holtzeakin think of that republican plan right now. You might be surprised. Stick around on a plan already getting criticized roundly by some economists in the press saying his numbers dont add up. Idea of static versus dynamic accounting doesnt add up. Dont get me started when accountants start fighting. More after this. announcer vo who says your desk phone always has to be at your desk . Now, with one talk from verizon. Hi, pete. Im glad you called. announcer vo all your phones can Work Together on one number. You can move calls between phones, so conversations can go where you go. Take your time. Im not going anywhere. announcer vo and when youre not available, one talk helps find the right person who is. Hi, john. announcer vo so wherever work takes you, you can put your customers first. Introducing one talk another way verizon connects your business better. Learn how at onetalk. Com. Did you or anyone. Ve an asbestosrelated disease, you may have a right to vote on a plan to reorganize and pay claims in the garlock coltec bankruptcy. Garlocks and coltecs products were used in industrial and maritime settings, including where steam, hot liquid or acid moved in pipes. Votes must be filed by december 9, 2016 call 844garlock or go to garlocknotice. Com. Used to be cars were made in flint and you couldnt drink the water in mexico. Now cars are made in mexico and you cant drink the water and flint. The regulation industry is one bliss mess i will absolutely put to an end day one. I am going to lower your taxes very, very substantially. Im going to get rid of the massive amounts of unnecessary regulation. All of these regulations on your business and your life. Neil you were riveted that the people because they been eating lunch. A detailed possession. It is the luncheon. The connect club Economic Club of new york. I dont know. I might get myself out of the camera appeared i dont know, thats me. Many say the numbers add up. Others say they didnt add up. Static accounting. Nevertheless, donald trump point that the fact these are the ratings that will help him get to double the growth we experienced it we will keep that up a number of years and off we go to a regular broom with 25 million jobs. Trump economic adviser Kathleen Hartnett white. And last but not least, charlie gasparino. I read the remarks before his numbers today at which time you greeted him a d. Now you give it an incomplete. I dont know if thats better or worse, that explain. First i would say the one thing he accomplished at the outset was the strong contrast between his approach which relies on better Economic Growth which we desperately need in the clinton approach where theres no growth policy whatsoever. That was the first accomplishment. The second is to take seriously that his plan didnt add up. This news is static tax law from 10 trillion to 2. 5, maybe 3 trillion. There will be growth effects in there. You have to give some details to see if it adds. But he took it seriously and said well have growth over also serious about protecting taxpayer dollars. Neil the top rate, which originally earlier this year dont jump has put up 25 . That might have brought it down as well as limiting rich folks deductions. We hear a lot of talk about static versus dynamic. You do get the argument that you get the bang for the buck in tax cuts just dont materially show up right away. Just to point out, he didnt change the business tax features much at all. So he cap process that produces growth. He got rid of the stuff that was wasting taxpayer dollars and that was the right way to go about this. Tree until it comes back to paying for tax cuts. The school of thought says tax cuts will trigger revenue from the score them dynamically. Others say no, its like a program. Move on there. All too often we have complete static analysis meaning you have to pay as you go for the tax cuts or you have people say the supply side immediately you get the bang for your buck. We do know from the reagan years there wasnt an immediate supply side pushed inside the growth for the economy. So youve got to draw come right in the middle. I thought this was a great speech from that standpoint. Im against his rhetoric on trade. I thought rhetorically the line about flint and mexico. To me, this is music to my ears. I wish he would stay on this topic. I wish he would give his speech every day, maybe variations come a change around the world to little bit every day until the election. Given where the economy is, the fact that people dont feel better no matter what the recent numbers came out about income inequality getting smaller. I think he can win. Neil let me ask you about that appear former aide to Chuck Schumer was very critical about the numbers of donald trump uses on the Hillary Clinton and her plan to boost the middle class and spend more money to do so is the way to go. Its worked with barack obama. It will work with her. Donald trump is outlining a different way to approve the anemic growth we have seen. Put more money in everybodys pocket. It is better than the governments pocket. I certainly defer to the ceo commissioner on the numbers. My gut is i see for the numbers in a further rhetoric. I absolutely agree with my previous colleague who correctly pointed out the disconnect between recent reports that show income inequality shrinking and families making more money. People are feeling that in the disconnect is where trump is going to thrive in pick up more votes and a stronger message in swing states. It actually comes across as condescending before you leave and for economists to say really youre doing better. You are doing well. People look around and say i dont feel like im doing any better. This guy is telling me things will get better and i will feel better. If their economic improvement in some families in favor of the Income Administration party . Yes. If people dont feel it comes across as condescending. There is a strategy to this. This is his comfort zone talking about these matters. You can win but the prospect of the potential trade were in the Trump Administration whether he was five for 35 tax on those Companies Like ford that want to build cars and bring it back here because americans pay that. Not the government. Having said that by targeting those Companies Come in the populist pitch is certainly nothing elitist via it is a strategy . And youre speaking to me, is that correct . Neil correct. Yes, i think it is. In the policy arena, getting away from the numbers at the heart of the effort of great jobs and really lets the ignition switch to Economic Growth. Two elephants in the room. Energy and the regulatory state. I thought more than any previous speeches that really starts to put meaningful meet on the bones of those issues. Tree until you know this is different accounts come up with different ways to crunch them. Charlie, the one thing i noted as he wanted to go at it this way not only to get that crowd in that room, but also to remind them you are not going to be cozy and not in everything am going to tell you including the trade name. It was a popular page. Somewhat popular. Neil i wonder how resonates in the campaign. Is obviously a contradiction. Ive been to the economic work. David is right behind them. I dont know if larry cut the receding, but he was back there. The food isnt that good a chicken wings with via an upgrade. Horrible food there. But i will say this. It is a contradiction. You can tell larry kudlow has taken a deep rat when he started to speak and you could see their wheels turning because they are free traders and theyre his Economic Team. Neil reaching out to average folks. Everybody i talk to insert the campaign thinks the trade stuff is pure rhetoric. They think is full of you know what. He uses that as a wedge issue in the battleground states like pennsylvania, michigan, where theres High Percentage of bluecollar people who he thinks really believe straight is the root with your group but are not. I dont think now because detroits demise for chumps at one point. Its absurd. But it will say this. Its the bargain that the conservative supplysiders are making within. They will take his trade stuff which they know is absurd. They will say he doesnt need it inside the tent and theyll say look at all this other stuff that he doing which is recognized to the max. Truth to if you can help me with some of the numbers here because depending how you score this, the only way you can get the deficit to drive, the only way you pay for a lot of stuff is growth. You get a boom in the economy and sustain it for a few years. It can work like magic and fast did bill clinton discovered that, Ronald Reagan discovered. They get the extra revenue impulse ended and then some. He didnt really fret much about deficit. He talked about the debt, but he didnt talk about taking a lot of days to pay it down should be worried about that. Or is that too boarding . Totally boring. Whoever wins is going to inherit from this president a mass quite frankly in which deficits will reach a trillion dollars over the next eight years. One where an unsustainable track. One of the difficulties mr. Trump has pledged not to do Social Security 6 a year on medicare at 5. 9 on medicaid at 5. 2, all of which are much faster than even his best Economic Growth would produce. So it is hard to make progress on the fundamental problem they inherit when even growth can catch up with them. Educate growth going first . Youve got to do it, charlie. Im with you on not. If we dont get better growth, they wont have the nerve to fix any of this stuff. This 2 economy is a disaster and i applaud him for recognizing that. Im genuinely concerned that democrats are checked out. I dont understand it. Neil we will watch closely. Youve got more growth, more people paying taxes. You have the whole enchilada here. One irony on this event today where he would frequently criticize china so they have one up on all these deals could the chinese on the hotel in which he was speaking. In the meantime, people have been crunching a lot of the numbers here and what this means politically for donald trump. The number of poultry got one to share with you right after this as well as fundraising developments. Whatever is happening here, they are getting a lot of money. 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I watched it with a bit soaked into it and really like the story minds. Really realistic. The price continues to have very hard, you name it mike wallace type line of questioning with Hillary Clinton. The cable so i guess shes a fan. I got a kick out of that. Heading out to North Carolina at the key swing state trailing in the polls. Other tough issues will. Im sure the journalists will be asking those questions. I do want to show you this. A new iowa poll, one of those swing states and donald trump has built up a considerable lead. For a 5 to 37 . He led by 2 in july. This continues a trend that larry sabado follows this better than anyone on the planet. He is a fan of the little intricacies of the politics. There does seem to be a trend. What is driving it . Whats driving it is a horrible week for Hillary Clinton can there really a horrible week for Hillary Clinton. We are seeing this burst in and quite a number of states. Theres just been released a third poll in ohio that shows trump ice cream together to adding up by five. We are denial about florida, one in virginia that has clinton up by only three. Shes supposed to be secure here. Shes had a horrible week. If she doesnt come roaring back in that first debate, then the pattern may be said. Neil you are great at the history of all of this. I am wondering what happens or what is that profit if there is such a thing about this unique collection or trend is changing at this point in the campaign and it might not last because your mini me is how the candidate the lead around labor day is the candidate who sustains that in wins. Maybe the exception which george bush in 2000. But what do you make of this and whether that holds . Well, that is the rule and it has worked most of the time. Probably the example you gave in the year 2000. Maybe this is another exception. We have thrown away so many rules this year that ive got to get a new rulebook except one hasnt been published yet. Will have to work on that together. Im going to split the royalties they do. Thats the kind of guy i am. 50 50. Neil of the last century is any indication, those world. People can look at the numbers, but i feel this is his sweet spot, his comfort zone. He feels most comfortable expressing business and economic issues. I think he is more at home in that environment discussing these issues than he has than he is when it veers offtrack and goes into other areas that i think to me are perilous for him. Should he be doing more of this . A lot of people dont know this economic plans. They get sidetracked discussing other things as all candidates do. Well, most survey showed he has a match when the economy is mentioned. He seen as better in the economy probably because his identity is as a businessman and hes a successful businessman. Hes done while in his personal life and he could apply those lessons in the oval office. The more he talks about the sorts of issues, the more he also reunites the republican party. Listening to your earlier panel, there is something for everybody. The republicans dont like to trade part of it. He is kind of antifreetrade that they love the tax cut, corporate and personal. They love the high growth rate hes promising. But they love that part. If you are trying to reunite republicans and hes still in the low to mid 80s among our public hints he has to get up. Neil professor, thank you. Always good. We have Donald Trumps National Financial chair with us, steve chin. Good to have you. Thanks for coming. Banks. Great to be here with you. Neil have you seen any traction given Donald Trumps poll numbers in one battleground state as well as nationally with money thats coming into the campaign . Yeah, its been an incredibly exciting few weeks both in terms of online donations as well as traditional fundraisers. But its really about the economic plan. Today we couldnt be more excited about what the second Major Economic speech going through a plan that will create 25 million jobs for americans, go into releasing the details on the website. We will have the tax ban model by the Tax Foundation. Donald trump is a pain to get to 3. 5 or 4 growth in the 4 we pay down debt and we couldnt be more excited about the announcement in the details on this. Neil part of getting the numbers down so this wouldnt be a multitrillion dollars had was to try to maybe raise the top rate on what mr. Trout proposed at the outset from 25 now 33 . A substantial of the 39. 6 prevailing rate. But is it going to move again . Some people read into this, wait a minute, he we figured this to raise the rate and he might do it again. What do you think . He didnt refigure this at all. There is a tax land that came out in the primary. We acknowledge that tax plan costs too much money. I redid the Detroit Beach we came out with their personal tax rates. We said there would be another speech that goes to the details. This is the same plan we announced in detroit but now we announced other details of the tax brackets, details of the business tax, having a model by the Tax Foundation. Go into the job numbers. This is merely a refinement of the detroit speech in the plan donald trump will put forth as president. Will quickly as a successful businessman are you comfortable with the prospect of a potential trade war that critics say donald trump could unleash if you start typing 35 tariffs are taxes on in this case the ford vehicles made abroad . We are definitely not going how trade were sundry Trump Administration. I heard youre just talking about donald trump not been for freetrade. Donald trump is for free and fair trade. The only thing he is paying is America Needs to stand up for itself in this trade agreements. If this trade agreements in mexico and china are not honoring them, this is not about creating a trade war. This is clearly about fair trade and protecting americas interests and americas jobs. Neil youd be happy with a 35 tax on American Companies that need to make their product cheaper. Again, we will not have a 35 tax. Neil he just said 35 before he goes through with this one. No, what he said was to the extent that Foreign Countries dont honor our agreements and we dont have fair agreements. Neil hes talking about ford who did that. Again, let me be clear. What he was talking about was that there are incentives that afforded others dont need to leave. We will put tariffs to have forced their trade. This is the most incredible tax plan at economic gains and this is about putting america back to work. Neil thanks for taking the time to finance terrorists. Teen trump. Hillary clinton. Whats going on with her . A lot. Remember here at ally, nothing stops us from doing right by our customers. Whos with me . Im in. Im in. Im in. Im in. One, two, wait, wait. Wait wheres tina . Doing the hand thing . Yep we are all in for our customers. Ally. Do it right. We are all in for our customers. We ship everything you atcan imagine. N, and everything we ship has something in common. Whether its expedited overnight. Or shipped around the globe,. Its handled by od employees who know that delivering freight. Means delivering promises. Od. Helping the world keep promises. Guys, whats happening here . Hey nicole, this is my new alert system for whenever anything happens in the market. Kids a natural. But thinkorswim already lets you create custom alerts for all the things that are important to you. Shhh. Alerts on anything at all . Not only that, you can act on that opportunity with just one tap right from the alert. Wow, i guess we dont need the kid anymore. Custom alerts on thinkorswim. Only at td ameritrade. There is no question phone calls made to get appoint for people, Mohamed Yunis a nobel laureate. Melinda gates. These are people that any secretary of state would have seen courtesy appointments. Business people. There were also business people. No question about it. I dont see any evidence that there was policy decisions made as a result of that other than courtesy appointments. Neil all right. Former clinton aide, key member of Clinton Foundation president donna shalala, whether anything pay for play for those that made contributions to the Clinton Foundation whether they got anything out of it. She says no, there was no. Judicial watch attorney on that. Michael, is she telling the truth . Can you hear me, michael, is she telling the truth, donna shalala, there was no pay for play, quid pro quo, that those that had access to bill or Hillary Clinton were getting not getting favors cash or otherwise . All right. We dont have that a little more after this. Just the kind of thing you dont want to sea happen on otherwise great show. Bottom line, she is still arguing that there is nothing there. On the heels of a report on her health, as she goes to North Carolina, she hopes to put away two days recuperating from pneumonia. This issues still dogs her. Michael is good right now. Can you hear me . I can hear you now. Neil i apologize. Donna that hail lay from the Clinton Foundation says there is no there there and no quid pro quo or pay for play. What do you think . Surprising to hear somebody from the clinton team tell the truth. She actually said that individuals were large Clinton Foundation donors that gave significant money were getting time with the secretary and senior officials. But you know, what she says everybody does it. First of all that doesnt make it right. Second of all the Obama Administration went after the former Virginia Governor doing the same things, receiving money and getting favors in return, getting meetings. So you know, she tries to say there is nothing there there but, you know that is just not true. Neil i heard that analogy too. One of the things they said about governor mcdonnell, he got stuff, rolex watches, ride in ferrari, 20,000 in clothing for his wife. And that this is a little different. Just getting access or someone gets a chance to sit down with bill or hillary because they give a lot of money. You and others argued said there is same thing with big difference there. The others are saying fact is, that it helps if you give money and we discover, in politics, that it does get you a seat at the table. Absolutely. Mrs. Clinton may have not gotten a rolex from some of these people, but the Clinton Foundation, Judicial Watch released emails about two weeks ago, that showed dow chemical gave between one and five Million Dollars to the Clinton Foundation. And president clinton was pushing pretty adamantly that mrs. Clinton as secretary of state and sit down to meet with president of that organization. Maybe she didnt get a rolex but one to five Million Dollars to the Family Foundation is not nothing. Neil all right. Well watch this very closely. Michael, thank you very, very much. In the meantime were keeping eye on what is going on corner of wall and broad. Triple digit runup on the corner of dow. I believe apple playing a big run in that. Tomorrow people get their hands on iphone 7s. The stock increased 13, 14 billion with value. That has to do with the heavy demand for the phone and samsungs keep blowing up. Across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, Creative Business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades are creating a stronger economy and the right environment in new york state for business to thrive. Let us help grow your companys tomorrow today at business. Ny. Gov i just saved thousands on in less than a minute, i found out how much home i can afford. I like how you shop for loans the same way you shop for flights online. I didnt realize that lendingtree you can save money on almost any sort of loan. I consolidated my Credit Card Debt with a personal loan. I found a new credit card with 0 interest for 15 months. You just shop, compare, and save, and its all free. Go to lendingtree right now and start saving. Neil all right. Something is going on here. Take a look at latest iowa president ial poll, donald trump opening up his lead against Hillary Clinton there. It was statistically even a little more than few weeks ago. Far from that now. This is playing out in number of states. What is congressman steve king think about all this. The republican, the other congressman king, fine fellow from the fine state of iowa. Congressman, i apologize for that. Were doing fine, thank you, neil. Appreciate being here. Neil good to have you. I screwed up there. Let me, first of all get your take on these polls in your state, other states, donald trump seems to be getting traction. Whats going on . Well i can feel this momentum. And what i have said to people over the last two to three weeks is, that i think donald trump is in a better position to win iowa right now than george w. Bush was to win iowa in his reelection in 2004. I know what kind of work it took to pry people out of their homes in 2004 and bush, that is the last time a excuse me a republican has won iowa for presidency is 04. It was only by 10,000 votes. That tells you a little bit what is going on. You can feel the current flowing in trumps direction. Momentum definitely on his side. Neil i heard a professor on this issue, larry sabato saying more Hillary Clinton imploding than donald trump soaring. I guess it really doesnt much matter to the trump folks because theyre in front. But, what do you think of that, that, her people are getting nervous . She is back off the bed and recuperating and now, you know, in North Carolina another crucial swing state she suddenly finds herself trailing. What is going on . Well there are two components to this. One of them is that trump has articulate ad populist argument and that touches people, their senses, their instincts. They feel it in their gut and in their bones. You can feel momentum picking up. They are to the point where they dont believe washington is serving them. Someone that will come in here and shake this place up that continues to sell. The other side of that equation is, that hillary is just continually gets more holes poked in her boat. As she takes on water it will be hard for her to row her way across the finish line to hold the lead she has held. It is both sides of this thing. There is populist energy on one side. She is taking on water day by day by day. Question really is does she sink between now and november 8th. There is still some concern that trump might make some sort of a blunder. He pretty much inoculated himself from blunders. Neil i want to know your thoughts. Some conservatives in your party what they would think would be a trade war position on the part of a Trump Administration advocating a 35 tax or tariff on a lot of these ford cars that are now going to be made abroad in mexico once they get here. Are you concerned about that . Well, i am concerned about that and im concerned about some of the positions that have been taken with regard to making border adjusting for currency manipulating coming out of china as well. That has iowans concerned it could launch a trade war. What im hopeful about, i watch people donald trump put around him. I know a new president that comes in, there is all kinds of things coming at him. So, i only has so much political capital. He will have to make some decisions where he wants to spend the political capital. I think these issues get pushed further back on priority list with some more important issues, neil. Neil congressman. Sorry i moved geography where you eside. Very good having you again. It will always be iowa, neil. Neil thank you. It will always be massachusetts for liz warren, the liberal senator. Icon of the left. Next. With this level of engineering. Its a performance machine. With this degree of intelligence. Its a supercomputer. With this grade of protection. Its a fortress. And with this standard of luxury. Its an oasis. Introducing the completely redesigned eclass. Its everything you need it to be. And more. Lease the e300 for 549 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Reporter live on the floor of the new york stock exchange, im lori rothman with your fox business brief. Stocks rallying on expectations that the fed will not raise Interest Rates when it meets next week. Weakerthanexpected economic data, retail sales and Industrial Production is kind of locking in wall street fed outlook on rates not going up next week. You see the dow up 142 points. You have technology and Energy Sector stocks leading the charge today. Look at the list of names driving the dow. Apple, that is class all its own, up almost 3 , along with intel, chevron, walmart stores. Walmart up 1 . Apple up today, up nearly 7 on the week. All thanks to stronger than expected iphone 7 sales. That is giving a nice lift to some apple suppliers too. You have cirrus logic hitting alltime high today with gain over 7 . Skyworks, broad come, all up on the apple news. Back to coast to coast. Neil welcome back, everybody. Apparently we werent only ones following Donald Trumps comments before the Economic Club of new york. So too was peter barnes, but so too someone he just finished talking to. Hey, peter. Reporter neil, that is right, senator Elizabeth Warren, democrat of massachusetts, the progressive rock star and today she pointed out is the 8th anniversary of the failure of lehman brothers. Got wells fargo scandal to talk about and Donald Trumps speech. Here is what she said. Could you work with a President Trump on, and find some Common Ground with him on some of these issues . Look anytime there is something that advances the economic interests of hardworking middleclass families i will work with anyone. The problem ive got right now with donald trump on this is that donald trump is on record saying he would repeal doddfrank. I think he said first day after Trump Presidency its gone. That includes the Consumer Financial Protection Bureau which is the Little Bureau that has been set up now for five years, and that exposed this whole wells fargo fraud. So if donald trump had his way, that Little Agency wouldnt be there. Wells fargo would still be cheating its customers and you and i wouldnt know anything about it. Reporter ceo of wells fargo, john stumpf is coming up to the Senate Banking committee which youre a member to testify next week. What do you plan to ask him . I want to ask him, we have only five minutes. I would like to ask him a whole lot of things but i really want to ask him about what exactly has gone wrong as wells fargo . Is this a case of a bank that is so giant that you really cant manage it . You cant tell when 5000 of your employees are cheating your customers, when theyre opening more than two million checking accounts and credit cards against, without permission of the employees and generating millions of dollars in fees . You cant even manage this place . If thats the case, this is a bank that is too big to manage and it should be broken up. Or alternative, did you actually know and in which case, there is personal responsibility here. Reporter and on that point, do you think that as a result of this john stumpf should quit or be fired by his board . I got to tell you, i just dont how there is no responsibility. So here they fire thousands of lowlevel employees, the people actually on the line who have been squeezed by their management to get out and sell, sell, sell. The people who preside over this widespread law breaking within the they keep collecting their bonuses. Reporter so what should happen . There needs to be accountability. You shouldnt be able reporter now we know several u. S. Attorneys launched criminal investigations. And they should. There has to be personal accountability. Not enough to say the bank will pay a fine. We need to hold people personally responsible. That is the only way were ever going to get change. Reporter heads should roll including john stumpf eventually . I dont understand how he answers the question, either you didnt know in which case theres a problem and or you did know theres a problem. He is responsible. Reporter you wait to see how it plays out . Well see how it plays out. Reporter speaking of prosecuting banks you released letters to the Inspector General of Justice Department and letter to head of fbi, mr. Comey. What are the letters about . Following the 2008 crashed, we got in place a financial crisis inquiry commission, bipartisan, republicans and democrats and god bless them, they went out and they brought in tons of testimony. They looked at financial records. They poured through everything. And they issued this huge report about what had gone wrong during the financial crisis. They then as was required by law, sealed up all their other stuff, sent it over to the archives to be opened five years later. Reporter national archives. National archives. Reporter they just released it in march. They just released it and it started in the papers, turns out the financial inquiry commission, the ones gathered all the data, had recommended to the Justice Department that they prosecute both ceos and cfos of some of these large Financial Institutions, and the large Financial Institutions themselves. In other words, they said there is ample data here, ample information, evidence, to suggest that federal laws have been broken. So they give this to the Justice Department. They named names. This is not a vague go after them. They named names. And essentially nothing ever happened. So i sent a letter to the Inspector General and i said to the Inspector General, what happened to each one of those referrals . Thats what i want to hear. Reporter this was during the Obama Administration under eric holder. Yes. Reporter the attorney general, former attorney general. And as you know, set one that testified to congress that, asked this very question, why werent there any prosecutions of big banks and some top officials. He is one that suggested they were too big to jail. The Obama Administration dropped the ball here, that what youre saying . For me, this is not about politics this is about the failure to have real accountability following this financial crisis. And i also want to put one other piece in here. There were two letters. One to the Inspector General of the Justice Department. The other one to the head of the fbi. You know, the rule has long been, their practice has long been the fbi, if there is no indictment, they dont say anything more. They dont release any of their notes. They dont release any of their investigation materials, and they dont stand up and make any Public Comment other than to say there is no indictment here. However, in the case of Hillary Clinton, with her emails, director comey released a lot of information. He had a long press conference about it and came down to congress and testified about it. And his standard for doing this, he said there is intense Public Interest. That was, those were his words. And he said when there is intense Public Interest, you dont have to follow the usual rules. The rule is complete transparency. That is what he wanted, transparency. My view is, there is intense Public Interest over who caused the financial crisis of 2008, that cost millions of americans their homes, their jobs, their savings, and so i want him to do the same thing here. I want him to reveal the documents. I want to see those notes and i want him to hold a press conference. I want him to come down to conference and testify. Reporter and just to rewind for a second, neil, on one hand donald trump supports repealing doddfrank, but he also supports reinstating glasssteagall to break up the investment banks, pull them out of commercial banks. So i asked her, at beginning, could that, could you then work, she favors that. Could you then work with a donald trump and you heard her answer. Neil that was riveting. First time i heard her a lot of problems and acknowledging going after wall street and big banks allies with this administration well, not pursuing this administration aggressively enough. Reporter thanks. Neil as peter barnes was talking about the things with the senator where this gotten to be potentially big issue, at least Elizabeth Warren hopes to be, stocks are riding higher with same financial issues, which she alluded, apple is riding high here on growing optimism that the prephone orders for iphone 7 are off the charts. Tomorrow when people get their hot little hands on it, it will be even more off the charts. Or will it . After this. announcer vo thats right, keep rockin. Siriusxms free listening event might be over, but now you can turn us back on with packages starting at 5. 99 a month, plus fees. Just call 8558747746 to keep hearing all the things that make you love taking the long way home. So call 8558747746 or visit siriusxm. Com getsxm to turn us back on. And up. Neil all right. Sew what did the top brass at wells fargo know and when did they know it . Liz warren has her concerns as you heard. Adam shapiro is breaking news left and right on the story. What are we learning . Reporter the head of the Consumer Financial Protection Bureau tells fox business the investigation into potential criminal activity at wells fargo could rise as high as the csuite. Wells fargo paid 185 million in fines and restitutions for illegal activity against its own customers. The wall street journal reports that they are subpoenaing documents from the bank and Richard Cordray says it could go up the managers chain when you say managers of managers, how high up did it go . Did it go up to mr. Stumpf, the ceo . Some of that is still being determined. I think it has been acknowledged by the bank the firings of employees included hundreds of people who were not simply front line employees committing fraudulent acts with accounts but people who were managing those people and people who were managing the managers. That goes up the children a good ways. Reporter neil, we reached out to wells fargo. They declined to comment the. Neil you know, adam, what i was hearing Elizabeth Warren as im sure you were with peter barnes and she finds it incredulous that, i guess he damned if he does or damned if he doesnt. If he did know thats bad, if he did know thats bad. He seems to be in a real precarious position here. Reporter he is in a very tough bind, you might say. For instance the fine you paid, it is shareholders who wind up taking the hit. The executives dont pay the money. Shareholders of the bank who pay the money. He has to explain that to the shareholders. What he really has to explain is, if you were firing people in 2011, if you knew your front line employees were doing this in 2011, what did you do to stop it and why did it continue . Neil and if you didnt, a whole set of questions with that. Thank you very much, my friend. Adam shapiro with breaking news development. All right donald trump says we can get up to 3 1 2 growth and there would solve all our problems. Does it . After this. Its scary when the lights go out. People get anxious and my office gets flooded with calls. So many things can go wrong. Its my worst nightmare. Every second that power is out, my citys at risk. Siemens digital grid manages and reroutes power, so service can be restored within seconds. Priority number one is keeping those lights on. It takes ingenuity to defeat the monsters that live in the dark. Neil lets look at the latest polls, we will get more tonight that will update a trend that is widening a lead in this crucial battleground state as he has in ohio and florida, brought it to Single Digits in pennsylvania. Something is going on. But i handed to you. Trish may have to do with the economic plans we are hearing. Donald trump laying out a very detailed, bold economic plan that focuses on creating jobs he says will put america first. He vowed 3. 5 growth and says his plan will add 25 million jobs, promising to cut taxes and make china and our trade partners play fair. Donald trump blasting president obama and Hillary Clinton for the economic mess we are living with today