Transcripts For FBC Mornings With Maria Bartiromo 20180109 :

FBC Mornings With Maria Bartiromo January 9, 2018

People say the be good for america. Maria more from exclusive interview with jamie dimon this morning. Market this morning. S p and nasdaq had close to another record high yesterday. The dow down a fraction that the s p and nasdaq continue in record territory. Features right now the kick off of the program indicating the markets will open higher once again. Momentum continues in the market will not quit. Dow industrial 40 pints a day, 25291. S p and nasdaq also higher in unchartered territory this morning. Checking European Industries right now. Higher across the board. At the third of a percent from the cac in paris of one half of a percent in the dax in germany at the quarter of a percent. Asia overnight the rally continues mostly higher. Japan was the biggest winner of the one half of 1 in the hang seng in the shanghai also in positive territory. Fixing the flock on the promising to pat the chip issue that led to billions of vulnerable to hackers when to hackers in a row let the update coming out. The former computer engineer over his antidiversity memo filing a classaction lawsuit against google, why he claims the Company Discriminates against conservative white men. Plus, how apple is giving parents more control after facing investor backlash over iphone addiction on children. Then the crimson tide will enter the competition yet again. Fire to the end zone. Touchdown. Alabama with another comeback against georgia yesterday. The championship title in less than 10 years at all of the highlight in atlanta coming out. Joining us from new york studio this morning, Fox Business Network taken it out will. Good morning. Dagen good morning, maria. I read the transcript of this interview he did with jamie dimon and all i have to say is People Better listen up, turn the volume up and Pay Attention because it is incredible. He was really bullish. Thats our top story right now. The impact of tax reform and i tax reform in a fox exclusive. Chairman and Ceo Jamie Dimon tells me he is bullish about the year ahead. He expects to be paying out consistent dividends and investing in his business consistently. He shared the Corporate Tax rate to 21 of the way down from 40 . What do you feel is the impact of this when you talk about a 21 corporate rate versus all the way down from close to 40 . Thats a big deal. What is the impact . Somehow the impact tomorrow will have a huge cumulative effect and im kind of surprised people say it would be good for america. If you go back 20 years ago, the world is that almost 40 . Now most of the world is close to 20 and we are 40 . I look at competitive taxes. Its a bad idea and by most measures its overseas in Price Waterhouse estimated 5000 companies that wouldve been headquartered here are now headquartered overseas. It is a huge disadvantage and doing things in the short run like increasing wages than a bunch of stuff like that are onetime bonuses. We will announce it sometime later, but over time, and every teen capital will be used to grow businesses, higher wages and competition in overtime will be very good for america. Dagen joining us to weigh in, jon hilsenrath. Good to see you. Thanks for weighing in here. Jamie dimon talked about the Corporate Tax rate coming down and basically having an impact not over the nearterm, but the midand longerterm. He certainly did. The other thing, i looked at the transcript in what jumped out at me is he saying we could get to 4 growth over the medium term. That is pretty striking. We talk to economists all the time you may say no, no, we make it a little more growth right now, but 2 is the track where and because of product to be in labor force. Jamie dimon missing economists are wrong we could get 4 growth. Maria you know Goldman Sachs is out with a report talking about 4 in the atlanta fed came out. Now people are speculating about for rate hikes and the fed in 2018. This kind of talk and action from the likes of jamie dimon, one of the great ceos in america regardless of what you think about his politics is critically important because as john has talked about, optimism begets optimism. Momentum leads to more momentum and ultimately, these decisions fall in the hands of jamie dimon and if they are optimistic and positive about the direction of policy in this country, that will lead to more spending. It will lead to more job creation. It will lead to even more powerful economic expansion and i think thats why a lot of people are underestimating how fast the economy could grow with the Corporate Tax reform in the months and years ahead. Maria gap, we also talked about the individual side of the tax plan. Remember hes a new yorker. I wont give it away when he said, but even there he was quite positive. By the way, they have the thing called the jpmorgan is to do plan, which is basically their database. The database about what individuals are pending, what theyre making, how much money is going in, how much is going out and what theyre spending their money on and when. Ironwood dakin en masse. The real action you mentioned, and the individual site, and the real action in the tax reform is a go in on the corporate side. When jamie dimon talked about in your interview, which struck me was the international comparison. How much American Business has been driven overseas by the disconnect between the 40 tax rate here and a 20 , 15 tax rate in places like europe, ireland and such. What hes talking about about is the Playing Field is level in overtime, not overnight. Its not going to happen tomorrow, this quarter or even messier, but over time the leveling of the Playing Field means more business in the United States. Maria that is why we saw those deals happening. Ireland, Corporate Tax rate fall by 5 . Dagen you questioning Jamie Dimon Company boasted on why Corporate Tax reform is important and to all the democrats out there who acted like a false facts that you saw across social media, that this is going to hurt more people than it helps. This is what we are talking about. This is how average workers come average americans ultimately feel the benefit of Corporate Taxes been cut dramatically and put on a level Playing Field with the rest of the world. They are sharing the wealth. 100 Companies Giving back already to their employees in one way shape or form. Can i make one other point . Maybe four times this year instead of three, the fed is doing it because the economy is doing well and that is not necessarily a bad thing for markets. Markets dont like when the fed raises interest rate, but if they are doing it because we got a 3 growth rate and inflation running below their goal for years now is finally getting up to their target and thats not necessarily a bad thing for markets or the economy. Maria gap coming you are right. I did ask about risks around the Federal Reserve unwinding the Balance Sheet, does the fed risk snappiness economic traction as soon as it starts in addition to taxes and bitcoin. He refused to attack the president s personality as weve been hearing on other networks. You may remember in November Jamie dimon is asked how many years he expects them to be in office and he says, quote, back in november if i had to bet, i would bet three and a half but the democrats have to come up with a reasonable candidate for trump will win again. Today hes backing away from that. Here is what he tells me now. The president has criticized the law. Now his skeptics are questioning his Mental Health. Is this something you worry about . I dont like the politics to anyone ever. I just dont like it. Makes me angry, especially kicking people down. Im uncomfortable. What i focus on his policy. Im not going to get into personalities. The First Business president you were asked recently what she thought it would be. He said another three and half years providing democrats have a real candidate. You still feel that way . That is not my job. My job is to have good Public Policy done, get the economy growing and help finance a decent stuff like that. Maria so you dont know if hes a one term president or not. Of course not. Maria d. One around . No. Trained to ask if he wants to run for president , obviously he said no. Another thing he said which will run later on in the program is the fact that democrats have to democrats have to democrats have to come up with a centrist candidate. Not an extremist who wants to raise taxes to 80 . Not an extremist either all the way raising taxes in huge government. He is looking for a centrist and that is what donald trump has been. I think you should listen to policy, policy, policy appeared you have democrats literally talking down the economy, somehow hoping its going to fail. Jamie dimon has to act didnt speak in the best interest of his employees, his shareholders and has customers and that is what he is doing. It doesnt benefit anybody involved with jamie dimon for jpmorgan. Only to stand up for what is right in terms of policy and thats what hes doing. He really did. Of course we know the policies will include infrastructure and he is pretty clear in terms of having a role in now. Jpmorgan is among the financiers of any infrastructure programs we see. Back in september he called bitcoin a fraud. We talk about those comments as well and he certainly back track slightly after we had a conversation about his daughter. Watch this. Maria let me ask you about bitcoin. Which i regret making. You cannot crypto dollars and stuff like that. I see a lucrative one individually. As always but about the governments are going to feel about bitcoin. I had a different opinion. Im not interested in that much of the subject at all. Maria sir john, he went on to say his daughter bought bitcoin at 11 now she thinks shes a genius. By the way, she obviously is. She might be better at speculating in the market and jamie dimon is. He seems to be waffling a little bit on this one. He says on one hand block chain is a really important technology. On the other hand is not that interested in it. On the other hand a few months ago he says it was a fraud. Its hard to figure out where jamie dimon comes down on it. I happen to think it is very interesting, but in terms of replacing the dollar i dont see how they do it anytime in the future. Absolutely. I thought you said was pretty adamant. That is one thing i love about jamie dimon. As a straight shooter has not afraid afraid to tell you his opinions. Jon hilsenrath, great to see you. We will have my entire exclusive interview later on in the program. We give you a couple, but weve got a lot to come on the interview, not. Many more interviews this morning at 36th annual health care conference. I will be speaking at the ceo of merck, ken frazier courtesy of myelin, have airbrushed from the ceo celgene, mark ailes in a sea of Quest Diagnostics. Also next our therapeutic ceos here as well. Big three hours ahead. You dont want to miss a moment of it. We will be right back. The day after chemo might mean a trip back to the doctors office, just for a shot. But why go back there, when you can stay home with Neulasta Onpro . Strong chemo can put you at risk of serious infection. Neulasta helps reduce infection risk by boosting your white blood cell count, which strengthens your immune system. 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I dont have my keys. on intercom all hands. We are looking for the captains keys again. They are on a silver carabiner. Oh, this is bad. As long as people misplace their keys, you can count on geico saving folks money. Fifteen minutes could save you fifteen percent or more on car insurance. Maria welcome back at a powerful storm causing mandatory evacuations. Good morning to you. Good morning, maria. Talkin bout california where you are. Potential mudslides and flash flooding forcing people to leave their homes in areas charred by those massive wildfires in california. Several inches of rain expected from the first major storm in the golden state. Well, breaking moments ago, Small Businesses losing optimism. The National Federation of independent businesses since its optimism index fell just over 2. 5 points last month. One of 4. 9. The group says overall Business Confidence did in iraq in 2016 thanks to a probusiness policy about washington like tax reform. The second in the latest Company Promising to share the benefits of any tax reform law with their employees. Raising the corporate match for its 401 k plan comes a 5 of salary up from 3 of the whole salary would take effect in late february. Boeing, at t and wells fargo among the other companies passing along benefits of the Corporate Tax rate to employees and as of last night, 100 companies in this country had given their employees at least 1000 bonus or more and they were telling their employees this is because of tax reform. Companies are sharing the wealth. Dagen they really are. Its extraordinary how Many Companies have done this already. We are seeing after tax reform is surely saying that that is one on the whole list of companies trying to give back to actually acknowledge that we are saving money here and we want to pass it on. A lot of these are just a onetime bonuses. 300,000 people alone getting thousand dollar bonuses because of the action of comcast and at t. This is just the beginning of what we can see because ultimately we want higher wages in this country. We want more, better jobs in this country and the tax reform could certainly lead to this. By the way, with the 401 k match, that is free money for individuals. It might not be a bonus in your hand or salary, but one way of compensating employees and noting after the financial crisis, companies started massively cutting these 401 k matches to save cash but this is a way of getting that back to the people who matter the most amount of the workers. Maria some of the bonuses they wanted to give 17 rather than eight team because they are losing deductions and the ability to deduct. You see that moved up to 17. On the 401 k , you and i are the old school. The second we got a job, its worked out. Dagen and joining a party. I was 22 when i started my 401 k . Maria we havent spoken about this, but we speak about this all the time that its such an important thing to do. The one to make sure we pass that onto our viewers. Take a break. Weve got a lot to come. Live from San Francisco this morning, i was helping patients in treatment and recovery and help him late in their demanding workload. Weve got it right here. Stay with us. How do you win at business . Stay at la quinta. Where were changing with stylish makeovers. Then at your next meeting, set your seat height to its maximum level. Bravo, tall meeting man. Start winning today. Book now at lq. Com start winning today. The markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. Maria welcome back to the future menace and for many patients given access to adopt there is half the battle. Telemedicine helps connect patients with Health Care Professionals to the internet. The need is only growing paid an annual survey from the Business Group found that 96 of employers plan to make telemedicine available to employees as possible. Joining us now to 36 and the Jpmorgan Health care conference in San Francisco is in touch how ceo joe devito. Thanks for joining us. This is an important trend because people need to be able to see a doctor when they need to see a doctor. Tell us about in touch. In touch is the leader in high acuity telemedicine. We are able to allow for the shortage of specialists to be mitigated. A lot of regional hospitals dont have access to some of the high Specialty Care. Some of the largest hospitals are putting their services to the regional hospitals. Train to tell us about that because of a stroke you have a limited amount of time to get blood to the brain. The definition of a stroke is a clock has gone to the brain and is a ticking clock. The faster you can get a blood clotting drug, drug that can get that caught. Unfortunately, specialist and available for dont diagnose the patient quick enough to get into the hospital. We help get neurologist to the patient faster. We can actually get him into the ambulance in some situations to do a diagnosis of the moment they get to the hospital and eme

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