Session and right now, stocks are in the green and soldly so. Tech stocks the big winners with the nasdaq up more than 1 . Heres a look at the biggest winners right now. Sky works, nordstrom, e trade and Marathon Petroleum with a multipercentage point gains. Melissa . Im melissa lee. Heres what else is happening. Pandora rolling out a new verlgs of its ad free aid owe service that will allow you to replay and skip songs. And julia downgraded to a tropical depression as it weakens off the georgia coast. Trump just wrapping up his speech on the economy. Lets bring in john harwood, larry kudlow and former adviser to the Trump Campaign is going to join us. You can see him sitting behind donald trump. Robert reich is the cnbc contributor and author and steve, the last thing. The fed is political. Wouldnt raise rates even it wanted to because it would be good for obama. Donald trump makes no sense to me. As josh brown just said from the fast money group, if the economy is trouble, why should the fed be raising rates . If the economy is terrible, whey is the fed keeping rates low. Somebody needs to Ask Donald Trump what particular spres rate he would have for the feds. Wheres the politics in the rate that says is out there. John harwood. Donald trump also said he likes low Interest Rates, but criticized the fedor for being political because theyre keeping rates low, so i agree with steve. Doesnt exactly make sense. But look, donald trump was trying to identify himself with the aspiration of a lot of people in the country for faster Economic Growth. Where in midding kind of recovery right now, although weve got good numbers on income and poverty reduction, but he talkeded about three and a half percent growth, maybe going more than that. He was a little vague on how you get there. Just said you put the elements of my plan together and good things happen, but of course, a loft economists were concerned that what he wants to do on trade would be ant thet cal. I was eager to see the difference between donald trump on telepromter when it started working because he was reading off the speech at the beginning because apparently, it wasnt, then when he was having the sit down and answer questions. So the very scripted donald trump book it right next to the unscripted donald trump. Never sure he answered paulsons first question, but did he manage that because that was where all the doubt was. Look, i think donald trump was, he has been performing more effectively lately. Thats been about a r more disciplined style. Thats partly related to tell prompt er, but also simply to a greater reserve that shes shown about picking fights with people. He was not very responsive in specifics to the questions that he got. But he was evenly demeanored. Robert reich sh did you get to hear the speech . I did and i was looking for some coherence. Now, maybe i am being too optimistic. I couldnt find it. Its the same isolationism, same donald trump with generalizat n generalizations and no numbers and its beyond magic asterisks. This is asterisks into the stratosphere. I dont know what hes talking about. I mean, not only are there internal contradiction, but the ice laigsism itself is going to create so many problems. But his tax plan that i see secretary, does have some numbers attached to it. Hes going to raise the standard deduction for couples and individuals. Hes going to limit deductions to i believe its 100,000 for singles. 200,000 for married couples. Hes going take the tax rates and reduce them. Hes going to allow companies to repate rate at a rate of 10 . There were some specifics. But not on the spending side. Hes talking about gigantic military spending, a huge infrastructure program. Combine that with the tax cuts and what about the deficit . I have not seen any deficit figures at all and if you at in all of that to what we would expect in terms of higher consumer prices, because you cant import as easily from places like china or any place else. Whats, i mean, toxford unit jut came out with a disastrous estimate, of what truchs economics would mean for the economy. Over trillion dollar losses. Steve, do numbers add sunup. No. They add up ke pending upon your flosty about the impact of Regulatory Reform. Let me show you the map and robert can comment. The map first. He has a 4. 4 trillion tax cut. 4. 4 trillion in savings. Hes saying no addition to the deficit. He says his tax cuts create 1. 8 trillion of growth. He says his trade, energy and Regulatory Reform will add 1. 8 trillion to growth. Or to the budget. And then hes going to have 800 billion in spending cuts. All that adds to zero. I dont see any room in the plan for its 500 billion infrastructure plan and i dont see any room in the budget for any increase in defense spending. The story from a republican economist i talked to earlier today is that Hillary Clinton doesnt solve the problem, but donald trump when it comes to the problem of deficit, is thought to make it much worse. Soo, shes neutral, hes negative. Shes neutral. She has spending increases. This is a republican economist. When eyou look at the two ta plan, if youre an individual whos in the middle or upper income bracket, youre looking at in increases under trump or lower taxes under trump as opposed to Hillary Clinton where youre almost guaranteed higher taxes. Not sure, i believe that Hillary Clinton has a tax cut for middle income. If im not mistaken. For wealthier individuals, that number goes up. She says shell have one. Not yet. Thats the problem is that we have some detail, but now shooerks behind trump at least in terms of laying out the impact. And details. What she has done is lay out a series of Spending Plans and revenue raisers. To pay for those. Said she would add a small amount to the deficit. She has not announced the middle class tax cut, which we have been expecting from her. I think thats right. I want to just go back for a second to Donald Trumps magic asterisk. All of the assumptions about Economic Growth are baseded on a kind of namic scoring mentally. Can we explain that . Dynamic score, so, you can look at tax cuts and look at hikes and tax, you can look at hikes and spending. Use static analysis. If nothing changes as a result of human behavior, run fr those change, this is what the outcome is going to be. Dynamic scoring is when you assume there are changes to behavior because tax rates move. Either because of revenue, et set rachlt and dynamic scoring traditionally has seen if you cut taxes, you get more spending from individuals, which lead to more growth. Can i tell you what the problem is . You are correct and by the way, the whole profess is a dynamic story. The question is, what score do you give it. Donald trump is saying he gets back 40 of his tax cut through growth. I believe the standard is more like 20 . If you have a dollar of tax cut, the budget gets back 20 cent of that. Thats the dynamic scoring. What theres also a dynamic scoring element with regard to regulatory. Even the notion tax cuts and what kind of return you get on tax cuts is very controversial and donald trump is dramatic increasing, doubling the asupgs, even the most optimist i but theres no dynamic scoring literature r with regard to regulatory cuts an here, hes doing both and on top of that, hes not including his military build up. You find it hard to believe that reduced regulation could improve the economy. Depends. Theres a lot of regulation that may be unnecessary, but some like antitrust, reduce aenlt antitrust regulation that could make the economy grow more slowly. You cant say right across the board that regulation is bad or good. It te bend ons the individual regular laces. In terms of what kind of score sg so dramatically problematic. Well ask michelle, who explained dynamic scoringing on national television. You just saw it. Thank you. Very charming. John harwood, robert reich, secretary reich, excuse me. Steve liesman, thanks so much. Thanks. More on dynamic scoring coming up. We are waiting on larry kudlow. He will come out as you saw during this speech. He was right behind mr. Trump. Well get his reactions ahead, but first, i spoke with Elizabeth Warren, well bet get here take on the wells fargo account matter after the break. Plus, a triple digit rally for the dow. Apple, goldman, ibm leading the the way, but one top market watcher worries the fed circumstancircus and election could be railed. Back after this. [child speaking indistinctly] announcer are your children in the right car seat for their age and size . It may be too late to check when youre on the road. [blaring car horn and skidding] fortunately, youre on the couch. Anything worth pursuing hard work and a plan. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. Youre here to buy a car. Keeping the power lines clear,my job to protect public safety, while also protecting the environment. The Natural World is a beautiful thing, the work that we do helps us protect it. Public education is definitely a big part of our job, to teach our customers about the best type of trees to plant around the power lines. We want to keep the power on for our customers. We want to keep our community safe. This is our community, this is where we live. We need to make sure that we have a beautiful place for our children to live. Together, were building a better california. Donald trump wrapping up a big speech on economy. Larry kudlow, we can see him right behind mr. Trump as he was speaking. Joining us now from new york. Hes an informal adviser to the Trump Campaign. Your key take away as you saw him make the speech and speak with mr. Paulson. I thought he gave a very strong pro growth speech. Called for 4 growth target. Many of us have encouraged him to do that and emphasized lower tax rate. Biggest applause line was the reduction of rate to 15 and second was his determination to curb regulations. So, thats very growth. I thought it was well received. You missed secretary robert reich when was on. You can imagine he wasnt as positive. He had a lot of criticisms with the assumptions made about how much growth will come out of a reduction in regulation and also the reduction in taxes. And he was pretty scornful, nos outright, but dismissive of dynamic stocore so to speak. For year, ive tried to persuade him. That includes the Cost Reduction of regulation. If it pays more to work, invest and tase ris bs, if it pays more cotom back home and do business here and bring your cash with you. If it pays more after tax to make the Business Investments for the productivity we havent had in 15 years, then it will work. Trump is very much in tradition. I know this is my book, but hes in jfk reagan tradition and i think thats going to rough it up for hillary because mrs. Clinton does not have an Economic Growth plan. She has a tax and spend and regulate plan. Mr. Trump has a prosperity plan and inn the contrast couldnt be greater. Zpl i think one of the things that struck me was the idea that mrs. Clinton hasnt come out with specifics on her tax plan and it does feel to me as if she is letting mr. Trump set the debate on things like this on multiple occasions in cent days. Let me go to one of the issues raised just a few moments ago and that is mr. Trump wants an i think lots of people agree, we need to invest more in the military and vest more in americas rebuilding and infrastructure. How do those big numbers fit in to what he described as basically a revenue neutral tax and spending plan. How do you make that work . Well, listen. We have set out the numbers. The work has been done. Through a large extent. Weve worked on this for quite some time. We heard part of it in detroyou at the plan all together. The growth impact of the tax cuts. There are going to be substantial spending reductions. I dont think people appreciate that. Sorry i didnt have a chance to talk to my pal, bob reich. Hes going use the penny plan. 1 a year. I think thats a terrific idea. Hes going to go after all these wasteful and due politictive federal programs. Go after the small entitlement programs and incidentally, the better growth you have, the lower spending is. This is such a key point that people dont understand. If folks are working and investing and creating jobs, that reduces the need for government spending. Particularly welfare, unemployment type of systems. So, you have to build that that. I dont know if its perfect. These things are just on paper exercises, but hes got a large scale plan and it comes out pretty close to even over whatever ten years. All right. Youre going stick around if you dont mind on that Beautiful Day in manhattan. Were going talk about wells fargo. The shares there under pressure again today. As outrage bubbles about the banks fake accounts scandal. I spoke earlier today with senator Elizabeth Warren of massachusetts. We began our conversation looking ahead to next tuesdays big hearing on capitol hill. Shell be in it. I asked her what she thought the root cause of the problems at wells fargo were. Is it bigness per se. Zpl serious problem with Senior Management at wells fargo. Were talking about a scandal here that involves thousands of their employees. Cheating tens of thousands of customers out of money. And making millions of dollars doi doing it for the bank. And so, the question about Senior Management is is it a case that they really didnt know what was goin on . Because if they didnt, then this is a bank thats just too big to manage. Lets face it. In a community bank, that kind of thing isnt going to happen. At a credit union, thats not going to happen. At a modestly sized bank, thats not going to happen. Now, the alternative is maybe they did know who was going on in which case, they need to be held personally responsible. Either way, theres a big problem at wells fargo. I dont want to get ahead of your hearing on tuesday when you speak with mr. Stump, but i will ask what happened to him, but what do you want to hear from him on tuesday and what do you plan to ask him . I want to hear something about accountability. The idea that a scandal like this, a fraud like this, goes on for years and all they do is fire you know, the low level employees. The guys who were out there trying to make a living daytoday and they say the people who have resided over this, who were supposed to be running the bank, not only have mo personal accountability, they get to walk out with multimillion dollar bonuses. No. You cant run a bank like that. You cant have a scandal of that size and not have some Senior Management who are personally responsible. Thats what i want to hear from him. Does he need to step down . Do other top executives need to be sanctioned . And maybe even prosecuted . I would feel a lot better about wells fargo if i heard someone in a position of Authority Like the ceo, step up and say i take responsibility. And im not keeping my job and im not keeping my bonus over this. You know, but there really is a serious, big structural problem. Its not about one person. Its about or about bank. We still have a problem b on wall street. Where these giant Financial Institutions think they can make money. They can build profit models around cheating the American People. We have got, got to fight back. Mr. Stump was on jim cramers program this week and was asked whether he and the bank would go after by clawback means trk retirement and stock option settlements to the woman overseeing the branches. Thats talk about something that just tells you whats wrong with wall street. When someone cob the person thats responsible for one in charge, have a lot of fraud take place on their watch, whether they actively encouraged it or just passively encouraged it, then got to stuff their pogts with money and walk out the door, thats just fundamentally wrong. I guess she didnt say he should be prosecuted. She did say he should take responsibility and step away. Not hold on to his job. She thinks its not credible, people at the top who didnt know what was going on. I hear within those statements, her greater political mission, to praek up the banks and this is going to be something in her arsenal as a reason. The way i phrased the first question, i was surprised she it does fit. Is it bigness or badness. Her answer was as you heard, really to go at the responsibility and accountability of the executives and she said that if they didnt know then that suggests the bank was too big. She went on to the whole industry. It is hard to believe that they did not know. We just interviewed the l. A. Times reporter who reported on this behavior that had gone on years back and you know the New York Times r article today where stump is quoted as calling this woman whoes haed of the division, where the fraud took place, the standard bearer for our culture. So, there are a lot of questions here. In our next hour, youre xwoik to he going to hear my senator warren says she understands the appeal of donald trump and why americas struggling economy is still keeping trurp in the game and in some polls actually leading in those polls. You know, larry kudlow, i asked her at the end and i dont want to give away her answer, she was late to endorse mrs. Clinton, stood on the sidelines while other female senators endorsed her. I asked her whether she had a personal or political hesitancy, but i asked why given a lot of the controversy that surrounds the guy who youre an informal adviser to, why shes not leading by r more. To the extent shes leading at all. What does she say . Ill give you an answer. Mr. Trump, larly in the last couple of months, has given speech after speech after speech on foreign policy, national security. On the economy. On taxes. On regulation, hello care, law and order, et cetera, et cetera. Specific issue, rather detailed issues. Mrs. Clinton has avoided that. You mentioned before, tyler, she dunt have tax plan. Doesnt have a growth plan. Trump has delivered on a lot of issue specifics and i think its boosted him back into the tie or in some cases, slight lead in the