You know, and the president s expected announcement tonight as he takes executive action on immigration policy as well, right . Thats exactly right. Bill, we were at the white house this afternoon. I can tell you people are buzzing about the fact that hes doing this. The questions it raises about the office. The executive action itself and what it means for the Business Community. And for the future of employment and wage growth in this country. We will get to all of those topics coming up. We have many important interviews to come over the next couple of hours here, including senator from wyoming, we have Mary Jo White, the s. E. C. Chair, Chris Van Hollen, the always outspoken and controversial Michele Bachmann coming your way as well. Youre going to be talking to the president s council of economic advisers chair, jason furman and in a separate interview this hour, we have John Barrasso from wyoming as well. A lot of things to talk about here, kelly, in terms of economic policy, political direction, where we go as we head into the new year in 2015 and we begin the new congress where the republicans will be very much in control of both houses. Thats exactly right. The language is already heated, bill, as greg put it, going to be something for everyone to hate in what the president s doing on immigration. All hell will break loose. Again, after the bell, when we are going to speak with more heavy hitters, s. E. C. Chair Mary Jo White on a big day a big week for them. The s. E. C. Moving forward with some regulations on the equity markets, but a lot more to talk about we will also hear from top ranking house democrat, chris van who will. , always outspoken and controversial Michele Bachmann on the gop side and cant forget about the big, huge issue of regulating the internet. Former fcc chair, reed hundt will be here. Show what you is going on in the markets right now. Anymore, especially this month, kelly, as soon as the european markets close, thats when we see our markets settle down quite a bit and thats happened again today. The industrial averages up just three points, as you see, the s and p is virtually unchanged now and the nasdaq is up 18 points. By the way, the dow and the s p are very close to record territory once again. Lets talk about it all, our Closing Bell Exchange today, ron wiener from Rdm Financial Group is with me here at the big board. We have kyle brownly from weimer brownly, jim low lowell from adviser investment and own Rick Santelli joining us from chicago. Jim lowell, this decided lack of volatility in the marketsing we have seen in the month of november, does that mean the market has everything figured out right now . Absolutely not. Clearly, we have seen low volatility. I think the sense is that we have really got to get more data to provide a catalyst for sustainable further gains, but against that backdrop, despite sort of mans inhumanity against man, we continue to see good fundamentals continuing to pave the way for slow growth, not no growth, thats reasonable road for intermediate longterm investors to take. Ron weiner, what did you think about the Consumer Price inflation data this morning . What does that tell us about the environment here . You know, i dont think much at all. I think employments growing reasonably. People can handle any increase in inflation on a relative basis, taxes, a different story there going up, though we dont actually see it till we get our tax bill. I dont it tells me that there demand out there, tells me that its okay for the economy to grow but grow slow. Are you worried about deflation at all as a possibility here, especially in do the lar continues to strength here as well . Ron brought up things happening outside the u. S. That may be contributing to this lets talk about iron ore prices, commodity space, outside of oil, a lot uglier moves this year, what does that tell us about the health of the economy . Well, i think it tells us a lot about weather, a lot about growing cycles, a lot about cattle feeder cycles, i think really energy in agriculture are some of the big movers and i think for two very different reasons. I think the Energy Commodity move is something we should pay a whole lot more attention to, because i dont think the weather on that is going to change very much. We are making permanent longterm generational changes on energy and coming home to roost in pricing. That is not the case with iron ore, rick. Im sympathetic to iron orself. A different scenario. Thats what im [ overlapping speakers ] the message is that china overbuilt out the sector, probably overcompromised their collection of various resources like iron ore and like copper and then they were forced to use them as collateral on loans and none of it worked out well. I actually think in many ways that the picture of the man in iron ore is as important as it may be is not the Biggest Issue. The Biggest Issue is that china really screwed things up. They got a bit greedy in the cycle about two and a half, three years ago, my opinion. Kyle brownly, for the first time in a long while, a communication came from the fed in the form of yesterdays minutes, yesterdays meeting and the markets did absolutely nothing with it, but at the same time, we are seem to be focusing more on whats happening with the European Central bank and of course, the Japanese Central bank. Is our fed becoming a little more irrelevant now . You know, i dont really think some i think that weve seen this fed movement, we have expected it for years, actually forrant for months recently. I think it is healthy for the u. S. Economy to be on its own and off the government stimulus. And really, we are doing the inverse of what those european nations are doing as they continue to inject money into their economies. I think its healthy for europe, as has been discussed before, since we are dependent on part of that economy, but im really pleased for the fact that our fiscal policy conservative and more independent going forward. Go back to rick on a point here as well, which is that we see whats happened in europe, those breakevens if you think Inflation Expectations are. I donting here, take a look at what they are doing, rick. I know do you follow this. We can shrug it off. [ overlapping speakers ] prices to move down to loosen up the economy, they are going to prevent a healing process and going to spend a whole lot of money and create a whole lot of debt not to be any better off. Now that you asked me something, i like in washington on the immigration speech night. My big question, i was just mazed that the major noncable networks arent covering it and that the white house really didnt seem to mind much. [ overlapping speakers ]. Who are the Major Broadcast Networks . The broadcast. Staggering and the conspiracy theories running rampant what it means. Im not sure i believe any of them but really is kind of surprising. We are hearing some reports that the white house does care to some degree about that, rick, but your point is well taken. In the past when they had these issues with football and whatnot, there was a give and take between the networks and the white house. I havent read that thats been going on very aggressively with regards to this speech. I can tell one of the questions we are going to ask the democrat who is joining us from congress is going to be, you know, how upset are people in owe bam ins own party with the moves that hes making on the immigration front here and the precedent that it sets, bill . We have a lot to talk about on immigration. We will get to that. Let me get back to the markets for a moment. Jim lowell, ron wiener points out the multination as have a problem with the strong dollar here, you like the u. S. Megacap nationals now, how is that make the case for them if the dollar continues to strengthen here as expected. The case made for them for years, the dollars continue to strengthen, see europe enter into deflationary spiral that is going impinge some of the dollar badge our u. S. Blue chip Balance SheetCompanies Continue to plow their way forward to better Earnings Growth and i think they will get a slight tail wind if they can start selling goods and products into a recovery midyear next year. We continue to hope europe recess but bic quick and recoverarecould have recoverable, [ inaudible ]. I know the way the president is going about it being one part of the issue, do you support Free Movement of labor . In other words, do you support immigration policies that loosen what we could see in this country today if it were to come from congress . Listen, im old enough to remember the executive orderers from ronny reagan, executive orderers from bush. Didnt like them then, dont like them now, two wrongs dont make a life. All my grandparents were immigrants, immigrants, the cornerstone of the United States of america, but so is the rule of law. They have to find a way to work both of those together to the advantage of the country. All right. All right. We got to go at this point, ron, thanks for joining us today. And everybody else, too. We will see you a little bit later. Heading toward the close here, we got 50 minutes left in the trading session here, its early, but art cashin came by the bias is slightly to the upside now, kelly and we do have a slight upward bias the major averages now. The dow is not in record territory. The s p very close right now on the end. The nasdaq up 20 points. We will have much more ahead on this special washington edition of the closing bell. Jason furman, the chairman of president obamas council of economic advisers will be joining us next, how will the president s unilateral move on immigration impact wages, already depressed . We will get to his views on that and more. Plus, we have wyoming senator John Barrasso with us, he is warning that the president s executive action on immigration would, in his words, and i quote, hurt cooperation on every issue. We will get his viewpoint on that coming up in a little bit. And then later, securities and Exchange Commission chair Mary Jo White along with Chris Van Hollen and Michele Bachmann on each side of the aisle and former federal communication chairman reed hundt all joining us on closing bell. We are back in two. Music. The getaway vehicle for all the confidence you need. Td ameritrade. You got this. Ugh. Heartburn. Did someone say burn . Try alka seltzer reliefchews. They work just as fast and taste better than tums smoothies assorted fruit. Mmm. Amazing. Yeah, i get that a lot. Alka seltzer heartburn reliefchews. Enjoy the relief. Fewith up to 400 off. Its posturepedic vs. Beautyrest Serta Icomfort and tempurpedic go headtohead with three years interestfree financing. Mattress price wars are ending soon at sleep train. Your ticket to a better nights sleep generally speaking what kind of macroimpact do you expect this executive action to have . It is important to understand this action is motivated by strengthening our borders, Holding People accountable. When do you that its also going to help our economy. It will expand our labor force some people here are now able to work but even more importantly, it will expand the productivity of our economy, as people can match themselves to better job, as it brings in people with ideas and innovation, people that will start businesses, hire americans to work. You will see it add to our economic growth. You are going to see that growth reduce our deficit and see that help people here in the United States today. Are you largely talking about the impact of work of socalled lowskilled workers or highskilled workers . Both of those contribute to our economy. Businesses talk a lot about uncertainty and what it does to their investment. Just imagine people who are here in this country facing uncertainty, take some of that uncertainty away, they can make investments, they can start businesses, they can go to school, other things that will contribute to our economy. Now its not going to be everything you would want to do. Were going to continue to pursue legislation. Only congress can fully address the set of issues we have. But there are some the president can address, and he will be addressing. Is it probable in the near term this will depress wages on the low end of the market . No. I dont believe that would happen. We did a huge experiment on this in effect in 1980 with the mariel boat lift when a large number of cubans showed up in miami. It increased the labor force in 7 with lowskilled workers. Economists who have studied that didnt find an adverse effect on wages of workers there. N in fact, if anything, they went up as the new people helped the economy and complimented the work. Youre not going to see anything like that quantity here. In fact, were going to toughen up enforcement at the border. Its going make it harder for people to come over. And it is the people what do you mean toughen up enforcement. A lot of employers across the country will be wondering if they have a de facto wink from the federal government if you will to allow illegals to keep working for them. So what do you mean by enforcement . I dont want to get ahead of any of the details. Thats something the president is going to be talking about tonight. By better focusing our resource on the problems we have, for example, felons in this country and deporting them, people crossing the border, rather than the people who have been in the United States for a long time who can create jobs, contribute to our overall economy and society. And this isnt the only executive action the president is taking, or that we expect him to take. But there are other things as well that were trying to debate the impact of that are happening at the same time. The Keystone Pipeline, which failed in a vote just earlier this week, for example. There have been plenty of people saying look, if we wanted an economic stimulus, that would be a great one half. Is your understanding of how many jobs the passage of Keystone Pipeline and the building and construction of it would create in this country . Keystone is something that is being evaluated by the state department. They have to figure out if its in our National Interest. And thats something that theyre working on. The president has pointed out before, though, that there is only about 50 permanent jobs at stake in keystone. And thats why the president said that our National Interest is not served if it significantly exacerbates carbon emissions. And thats what the state department is look at. Sort of related to that, there is going to be a lot of focus on how healthy the petroleum part of this economy is. And as you know better than anybody, it was a huge part of the contributor to our recovery. Its a part of wages and jobs that are relatively high skilled and high income in this country, and the oil price has pretty much cratered as of late. Are you concerned about having the negative impact and could having projects like keystone offset that . I think it says something i mazing that were even worried that falling price might hurt the economy. It wont. It will help the economy. It will add to our growth. And were going to continue to see growth in the oil sector as well. Weve added production equivalent to discovering a new iraq here in the United States. At the same time, weve cut our consumption. As a result, our net imports are down 50 . That makes us much less vulnerable to fluctuations in the price of oil than we were before. But the fluctuations at least when theyre in the down direction are still a net positive for americans. I would be remiss not to ask. We learned you are one of the people Jonathan Gruber visited with while he came to the white house over the last couple years. And you worked on the Affordable Care act. Do you feel as though the true cost of that was hidden from the American Public . I think the Affordable Care act was enormously transparent, was enormously debated. Every one of those numbers came out from the congressional budget office. Every one of them was scrutinized and understood at the time. But why would he use that language then . Youd have to ask him why he used that language. All i can tell you is there wasnt any ambiguity about what the policies were, what the consequences were, and ultimately, that the goal of it was exactly as you just said in the language, making health care more affordable, expanding it to more people. Premiums are lower than anyone expect theyd would possibly be. Does it matter whether it was framed as a tax or whether it was framed as a tax on the consumers or on the insurance companies. Was that part of the discussion that you had . You can leave these types of debates to others. What im focused on is just look at premiums. Premium growth has now at the lowest rate its been in 50 years. The Affordable Care act has contributed to that. Its helping create more jobs and its helping raises for workers. Thats what is really important in the Affordable Care act. Jason furman, thank you for being here this afternoon. As we continue our special coverage here in washington. Bill . Back here on wall street, kelly, still the major averages seem to be showing a quiet day on wall street. Right now the dow is up three points. The s p up a fraction. But that is masking some of the big movers were seeing today. Best buy, for example, surging almost 7 right now on the heels of a strong earnings. 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