Likely be appropriate in the near term. The fed is also worried about asset price inflation. And remember, the fed always slow and loathed to call anything a bubble says quote several participants expressed concern about a potential buildup of financial imbalances. They worry that sharp reversal of asset prices could have damaging effects on the economy. And on tax reform quote it was noted that the expansion in businessfixed investment could be given additional impetuous if legislation involving tax reductions was enacted. A few participants judge that the prospects for significant tax cuts had risen recently. Back to you, trish. Trish all right. Thank you so much, adam. Joining me right now, bulls eye brief author adam johnson. All right. So the fed is still on track for its third rate hike in december. No surprise there. The markets taking it in stride. Were not seeing a huge reaction. I have a question, though. Yeah. Trish if were in the Interest Rate rising environment. Yep. Trish and the republicans continue to do what republicans are doing, and theyre able to actually get tax reform do, what does that do to everyones portfolio. Okay. There are a number of Different Things we can attack right there, trish. Number one, as weve been saying for months. The two es in earnings. Thats a powerful story whats driving stocks higher right now. Number two, i do think were going to get tax reform because even the spoilers, corker, its all the cs; right . Murkowski, all right. Shes a k. On and on and on. Theyre actually starting to go radio silent. Even ron johnson who was the stickler and Susan Collins of maine are finding wiggle room. Trish why do you think theyre willing. Because they want to get reelected. And even though this is an incredibly imperfect tax plan. I mean, this thing is complex, and its a mess and theres a lot about it that you and i dont like. Trish yes. They could have done better. They could have done better. Trish if they dont get it through, then democrats come into office. At this point, its about political survival. And, by the way, the flip side to republicans actually getting this through and stimulating the economy is democrats dont stand a chance if that happens. And the dems know it, and thats why theyre not voting for this thing. Trish yeah. When we we look at it, though, do you actually do you think it will be a win for the market sales. Oh, yeah. Trish 23,532. Yeah. Trish if it happens, how does that change, basically, the multiple on earnings. What it effectively does is add, and were talking about the Corporate Taxes here, as well as the fact that people are going to get more money, so they spend it. Theres that Multiplier Effect in the economy, trish. It adds another 5 to 8 . Maybe even 10 to earnings. So if companies are making more, willing to pay more for stock prices. And so it becomes a kicker for the market. We already have earnings in employment because of economic growth. If we get tax reform, trish, thats a 10 ticker. I know that it may be delayed until 2019, you know . The Corporate Tax can a cut, but we still know its out there and markets always look forward. Trish so what do you think that means for the dow. I think we go right through 24,000 based on just the two es. I think tax reform gets us not only to 25, i think we actually go through it. This is a powerful story. Remember, trish, whats going to happen is its not about the 2018 elections. Its about 2020. So if we get tax reform now and start stimulating the economy, trish, im confident that whats going to happen is theyre going to pull out all of the stops to get donald and the republicans in general reelected in 2020. So the dems are already looking not for 2018, theyre looking at 2020. This is a big story, and this is why we go a lot farther here. Trish thats encouraging news. And theres a lot i dont like about the tax plan, but i do like the corporate side. I like it a lot because we need to make u. S. Companies more competitive period. Its not fair that were competing against the rest of the world, which has a better tax. A tax rate than us. I mean we have the highest tax rate in the world. Its crazy only the japanese. Incredibly bullish. They have that exportdriven economy. The world is leveraged to that. Theres a number of Japanese Companies i like at the moment. Trish jerome, how is he going to do. Its basically contingent yellen 2. 0. This is a guy whos a gradualist, meaning he doesnt want to raise rates too fast. He does think we need to raise rates, and i agree with that. But hes a gradualist, so were going to see continuation of policy. Trish so would you put it to work right now . Oh, sure. Theres 40 names on the portfolio. Im up about 20 this year on those names and some of those names are hitting the target because thats just Standard Operating Procedure when a company hits your target, you sell half. Trish and where do they find your newsletter. Bulls eye brief. Com. Trish check it out. Adam has names and ideas for you. Another big story right now, Net Neutrality. Following through on his plan to repeal these government regulations that will put back into place the rules known as Net Neutrality prevent Internet Service providers, such as comcast, at t, verizon from savoring their own Digital Services and slowing down those. I know it sounds really complicated, but i promise hes going to make it easy for you. Believes that these rules are discouraging. Basically, investment in networks and being able to provide faster Online Access in remote locations is pretty important stuff right now. He joins me now. And congrats. This is what you wanted to do. Well, thanks, and its great to be with you again, trish. Trish im looking at the word Net Neutrality on our screen right now, and im sure people are glazing over. Explain what that is because you, i think, do it better than anyone, sir. Well, thanks. It involves the basic concept with how the internet is governed. Do you want it to be governed by engineers and entrepreneurs or bureaucrats and lawyers . Starting in the clinton administration, there was a consensus on light touch regulation. We would let the market as opposed to micromanaging regulators decide how it was governed. That changed in 2015 under the obama administration. And all it proposed to do was return to that bipartisan consensus that served us so well for 20 years in favor of the market. Trish so president obama and his team didnt want to see the market at work. Essentially, yeah, after the 2014 elections, he instructed the fcc to adopt these heavyhanded regulations that were developed in the Great Depression for the telephone monopoly, and they applied it to this very dynamic marketplace. 1,000 of Internet Service providers are now under the sledgehammer of socalled title 2 regulation. Trish well, youre up against some critics, including the Mainstream Media. Maybe just call them what they are. The leftist media. The Washington Post writes this. The fcc plan would give power to choose the sites customers see and use. And they go on to say the job of the fcc is to represent the consumer. Tragic, this decision is only for the benefit of the largely Monopoly Services that deliver the internet to the consumer. So tell us why the Washington Post is wrong. Well, theres a spectacular about misinformation out there, and i predicted this in my wall street general oped yesterday where i rolled out this proposal, and i said, look, theres going to be a lot of antimarket ideology youll hear about how the internet is going to be destroyed, how consumers are going to be harmed, and its simply not true. If you look at the past two years heavyhanded regulations, it is impeded investments in next generation networks. And when i travel the country, when i go to places like iowa or kansas, what i hear is that theyre promoting Smaller Companies in particular from spending capital to build out networks to connect americans with digital opportunity. And thats why if we go back to the marketbased regulation, companies will have more incentive to invest and entrepreneurs will have a better chance to reach more americans and consumers will be much better off. Theyll have better, faster, and cheaper internet access. Those are the facts. Trish i think people arent understanding how cumbersome these regulations are. If youre a Radio Station in kansas city, youre not also able to own the local newspaper. But nowadays the Radio Station, you would assume have a web presence and therefore is almost kind of like a newspaper in some ways. And, to me, at least, the job of the government is not to dictate how the market is structured or to say who wins and who loses. Thats up for consumers to decide. And from my perspective, at least, if we adopt president clintons approach from the 1990s and update it for the digital age, well see unparalleled innovation and investment going forward. Trish what does it mean for the Media Industry and what does it mean for consumers . How could the world look different with this new set of rules . I think well see more opportunity in smaller towns and lower income areas and urban cities. Well see more of a chance of investment in infrastructure. Well see more entrepreneurs who are able to compete using these ubiquitous networks, and also, consumers are going to be much better off. Trish you know i have to ask you. I know you dont want to talk about it. But this at t time warner thing is heating up now. Where is the doj coming from on this one . Unfortunately, i cant tell you. I havent even had a chance to review the complaint. Obviously, weve been pretty busy on some of the plans that weve been rolling out. But ultimately, well see where it goes. Either in negotiations or in court, as i understand it. Trish what would be the court hope for the Media Industry as we move forward based on the changing rules less burdensome regulations . How do you see media developing . For me, at least the hope is if the fcc does its job and modernizes these regulations, brings our rules up to date instead of being in 1975, that all kinds of Media Companies will have a better chance to compete. Will have a more of an opportunity to collect local information and distribute it on a number of platforms. And ultimately, well have a more informed citizenry. Thats good, obviously, for america. Thats good for also a lot of these journalists who are struggling in a lot of these smaller markets. Trish you cant argue with that. Happy thanksgiving to you and to your family. Thank you and likewise. Trish thanks. Good to see you. Senator Lisa Murkowski, republican from alaska says she will vote for the republican tax plan. Its a big deal because the margins are raiser thin here, and she was one of the three republicans whose no vote sunk the republican obamacare reform bill. All of this as we learn that the house bill stops Illegal Immigrants from getting cash from the government. Can you believe they hadnt stopped it already . Why were they getting taxpayer money in the first place . I would like to know. And how does it change it . The intel next trish breaking right now, everyone. We are just learning that the big four congressional leaders will meet with President Trump this afternoon in the oval office to hammer out a yearend agreement to prevent a government shut down. This as alaska senator Lisa Murkowski says she opts the repeal of the obamacare mandate, a major reduce to the tax bill, which the senate is expected to vote on next week. Our own blake burman is live at the white house with the latest for you. And, blake, does it look like its any closer . Well, they have razor thinmargins here and decent news for Senate Republicans as it relates to Lisa Murkowski because she says she supports a repeal of the obamacare individual mandate. That potentially makes her leaning, at least at this point it appears, potentially closer toward a yes. Now, heres why this is especially noteworthy when you talk about murkowski because as you know earlier this summer, she voted against the larger Obamacare Repeal and replace package, which is why one of the reasons why Senate Republicans couldnt get that across the finish line. Murkowski in an oped in a alaska newspaper today explained her decision to at least support the individual mandate repeal, which is what Senate Republicans are including in their tax package as this. She said and i quote here. I do not support taking care away from these people, but there are many for whom this law has not been helpful. It is important to emphasize that eliminating this tax penalty does not take care away from anyone. Now, murkowskis office is reiterating today that she has not made a final decision yet on her tax vote. But, again, this is one step closer for her potentially moving toward a yes. Earlier today, the top Tax Legislature in the house kevin brady told Stuart Varney that he feels they are still on the correct timing that they need here in washington to get legislation to the president s desk by the end of the year. It all depends upon the senate next week. Look, tax reform is not easy. There is a thin margin in the senate. Im credentialed by the direction were going. Were eager to get to work with the senate to find that Common Ground and get this to the president s desk. Trish, as it relates to the president , the white house tells us he is making calls to lawmakers on this day trying to push forward this tax reform ball. And, by the way, we can confirm to you now i believe you mentioned it off the top and now we have confirmation from the white house here as well within the last few seconds that the president will be meeting next week with congressional leaders here at the white house for what is being called end of the year legislative issues. Of course, that would mean tax reform. But also, oh, by the way, theyve got to fund the government come early december. Trish all right. Blake burman, thank you very much. Joining me right now is americans for tax reform president grover norquist. Good to see you. I know you like this thing. Yeah. Trish so lets start with the good news first. Corporate taxes. We know that story. We need to be more competitive. But theres also this nugget in there, grover, and thats that, basically, the Child Tax Credit would not be allowed for Illegal Immigrants. I guess, grover, its kind of amazing to me that it is allowed right now. That Illegal Immigrants do get money back from the government. Explain that one and how it needs to change. Well, we havent on some of these issues really looked for fraud in the tax code. You hear about people getting refunds who dont pay taxes. People getting refunds who arent citizens. And i think that the republicans with the Republican House senate and republican president are willing to look at some of these refundable tax credits and be serious about not writing checks to people who ought not to be getting checks from the government. Trish makes sense. So theres a lot of we talked about pro growth policies, increasing the value of the stock market, reducing the tax burden, simplifying the tax code. Theres also an antifraud part to this tax reform, and thats one of the things youre talking about right there. Trish good. We need that. So lots of good news in there in that it does give the middle class a little bit of a tax break. It does provide a tax break for corporations, which will mean great things for our economy. Im all for that. Im all for getting rid of the fraud. But you know me, grover, and you know im a little bit greedy. So theres still deficiencies in this, which im a little disappointed with. And ill start with, for example, this bubble tax thing, you know . If you make a certain amount of money, youre going to wind up getting taxed more. 12 more, in fact. What is your thought on that or rather 6 . What is your thought on that . You could see your rate go up to 45. 6 . There are a number of pieces here that take place because theyre trying to fit two pounds of sausage in a one and a half pound bag. And so they have certain things that lapse after a few years or ten years that we really know would be made permanent. Faster appreciation, the per Child Tax Credit, on the senate side, sod good news for those, you look at this and say when are we going to fix that . In april, we have another reconciliation package. Meaning, were going to do welfare reform, medicaid, welfare, just as bill clinton did, obamas undone a lot of the welfare reform that clinton and bush had. Food stamps and so on. When you block grant those out to the states and bend the cost curve down just a little bit, you save a great deal of money out over the next 50 years. Trish so you think you can change things be back on the individual side so that you dont disincentivize people from earning money . And were going to take those resources, and that opportunity and make permanent a lot of the tax cuts on the individual side and fix any of those things that were there simply because you were trying to fit inside a too small package. So make a list of the things that trish i will. I have been. Ive been making a list, grover. Ill ask you about it in april, but i kind of wish they could have fixed some of this stuff now. I mean, im talking about the private equity interest that the president complained on. He promised to get rid of it and no one bothered to get about rid of it. So private equity bankers on wall street ca