We will reduce your taxes. We will cut your regulations. We will support our police. We will defend our flag. We will rebuild our military. We will take care of our great, great veterans. Were taking care of our veterans. [ applause ] we will fix our broken and embarrassing trade deals that are no good, none of them. You wonder, where did the people come from that negotiated these deals . Where did they come from . Well, they came also from campaign contributions, i must be honest with you. Theyre not as stupid as you think. We will cut wasteful spending. We will promote our values. We will rebuild our inner cities. We will bring back our jobs and our dreams. So true. So true. And by the way, we will protect our second amendment. [ cheers and applause ] you know, wayne and chris are here from the nra, and they didnt have that on the list. Its lucky i thought about it. But we will, indeed. And theyre great people. And by the way, they love our country. They love our country. The nra has been a great supporter. They love our country. The forgotten men and women of america will be forgotten no longer. That is the heart of this new movement and the future of the Republican Party. People came to vote, and these people, the media, they said, where are they coming from . Whats going on here . These are hardworking, great, great americans. These are unbelievable people who have not been treated fairly. Hillary called them deplorable. Theyre not deplorable. [ crowd booing ] [ crowd chanting lock her up ] who would have thought that a word was going to play so badly . Thats the problem in politics, one wrong word, and its over. She also said irredeemable, but we wont mention that. The gop will be from now on the party also of the american worker. You know, we havent been as a group given credit for this, but if you look at how much bigger our party has gotten during this cycle, during the early days when we had 17 people running the primaries. Millions and millions of people were joining. Now, i wont say it was because of me, but it was, okay . And we have an amazing, strong, powerful party that truly does want to see america be great again, and it will see it, and its going to see it a lot sooner than you think, believe me, a lot sooner than you think. We will not answer to donors or lobbyists or special interests, but we will serve the citizens of the United States of america, believe me. Global cooperation, dealing with other countries, getting along with other countries, is good. Its very important. But there is no such thing as a global anthem, a global currency, or a global flag. This is the United States of america that im representing. Im not representing the globe. Im representing your country. [ cheers and applause ] there is one allegiance that unites us all, and that is to america. America. The allegiance to america. No matter our background or income or geography, were all citizens of this blessed land. And no matter our color or the blood, the color of the blood we bleed, its the same red blood of great, great patriots. Remember, great patriots. We all salute with pride the same american flag, and we all are equal, totally equal in the eyes of almighty god. Were equal. Thank you. And i want to thank, by the way, the evangelical community, the christian community. Communities of faith. Rabbis and priests and pastors, ministers. Because the support for me was a record, as you know, not only in terms of numbers of people, but percentages of those numbers that voted for trump. So, i want to thank you folks. That was amazing. An amazing outpouring. And i will not disappoint you. As long as we have faith in each other and trust in god, then there is no goal at all beyond our reach. There is no dream too large, no task too great. We are americans, and the future belongs to us. The future belongs to all of you. And america is coming about and its coming back, and its roaring, and you can hear it. Its going to be bigger and better. It is going to be it is going to be remember and its roaring its going to be bigger and better and stronger than ever before. I want to thank you and madam mercedes, i want to thank the two of you and all the supporters i have. They are all over the place. You are really great people. I want to thank you. And i want to say to you, god bless you and god bless the United States of america. Thank you, folks. Thank you. Thank you. [ cheers and applause ] that is the president at cpac. An enthusiastic crowd, obviously. A muscular speech. The room to capacity, hitting all the notes were familiar with criticism of the media, legislative priorities, including tax cuts, deregulation, the repeal of obamacare, military buildup, in the president s words, the era of empty talk is over. Market largely unchanged since he began speaking, slightly off the lows. Bond yields have lowered a little bit, although within some sectors perking up on mentions of the border wall, which the president said was way, way, way ahead of schedule. A lot to unpack here. Kayla tausches at cpac. Kayla . Reporter well, carl it was an incredibly loud room, on their feet most of the time the president was talking. Two particular moments that the crowd leapt up, and the first was when he started talking about tax reform, the second when he started talking about deregulation. Those are two linchpins for this conservative movement that started this conference so many years ago. He did hit all of those familiar refrains that you mentioned criticism of the media, saying that Anonymous Sources should not be used in journalism, despite the fact that his white house has just given a background briefing with no attribution there. So an interesting note that some people here were scratching their head about, but he did get some cheers from the audience here. He talked about trade. He talked about the fact that theyre not going to do these what he called quagmire deals anymore, where the United States is part of a dozen or so countries that all enter into the same deal. He said the deals are going to be one on one, and if the other country goes against the terms that it will give the u. S. The ability to pull out of that deal. He did say that the wall is going to happen. People were chanting build the wall. People were chanting lock her up at various moments. People were chanting usa. And he did say that that was on schedule and said that he has completed the most actions before taking office of any preside president , that he has been a president of action, but certainly a lot of talk today, carl, about Obamacare Repeal and replace, about this massive tax reform that is at some point going to come down the pike, and about all of the deregulation that is coming to business. Kayla, of course, he put a coda to some of the meetings that weve seen earlier in the week. He at one point discussed the strategy and the intent behind that meeting with manufacturing ceos. Take a quick listen to what the president said. In anticipation of these and other changes, jobs are already starting to pour back into our country. You see that. In fact, i think i did more than any other prepresident. They say president elect. President elect is meeting with ford, hes meeting with chrysler, hes meeting with General Motors i just wanted to save a little time. Pumlitzerprize winning columnist is joining us along with jon fortt. Jim, convincing . Well, hes certainly in his element in this environment. At the same time, if you want an illustration of a divided america, well, you just saw one half of that divide. I couldnt help but think that he immediately hits on the wall, on the immigration, probably the single most divisive issue on the entire plank. Thats number one, and he hammers away on that. Number two, the medias the enemy. Very striking to me. He barely mentioned the democrats. It used to be the republicans and democrats were the ones, you know, combating, and the media was kind of in the middle. No, its now the media is the enemy. Thats, again, that is a very controversial notion. Its also very divisive. So, he was clearly whipping up the base here, and they were responding fervently. I mean, you can recognize the passion in that crowd, but there is a whole other side of the population that i think would be, to put it mildly, cool to much of what he said. You know, and to your point, jim, about mentioning the wall, mentioning getting tough on immigration and getting, you know, criminal aliens out of the country. If you look down at the list of policy notes that he struck, taxes pretty far down there. It really was about trade agreements. Its the Campaign Themes of getting our fair share on the trade front, getting jobs back here, deregulation, a little bit on infrastructure, but not as much about a tax break, which would normally be kind of the standard line i think for this crowd in past years. So i dont know if we want to infer too much about that, along with Steve Bannons comments yesterday to the same group that basically were all about economic nationalism and about trade relationships. Well, and to read his quote im not representing the globe, im representing your country. Theres one allegiance that unites us all. That is allegiance to america. You could almost hear bannons presentation from yesterday as he referred to economic nationalism, john. Yeah, absolutely. And jim, im wondering your thoughts. There was a narrative in the past around american exceptionalism that everybody in the world wants to be an american deep down. We are leading the globe as america into democracy, into freemarket capitalism, and eventually, everybodys going to want to come along. The narrative seems to have shifted somewhat, or maybe dramatically, in this trump era, where hes saying we dont have good deals. Were going to have good deals. Were going to win. Its more of a zero sum game. Were going get certain people out of the country. You talked about the divisiveness that you heard in tone, but is there Something Else happening here just around american exceptionalism and how thats changing and implications for business . Well, i totally agree. I mean, i think the whole notion of what are these American Values he said were going to bring back American Values, but exactly what values is he talking about . Take the America First idea. Yes, i think, yes, everybody whos an american wants to do whats best for america, but does that mean you turn your back on the globe . Can you represent america effectively, in fact, maybe most effectively while also recognizing that we are part of a global community, and in fact, the economy is more global today than it ever has been in americas history . I think the symbolism of the wall that we can somehow, you know, build this, exclude everyone, turn our backs on this, and that america will be greater as a result of that is a theme that runs through all of this. I think thats highly questionable. I dont know that thats realistic. By the way, again, it strikes me, its almost amusing to some extent, that almost everything he says is an exaggeration. Its bigger, its better, its going to be better, its kind of exciting to hear that somewhat, but i dont think it is really realistic. On deregulation, for the markets purposes, he did try to point to regulations that hes in favor of. Yes. Tried to argue that hes in favor of protecting the environment and american workers. This is what he said on regs. Were going to put the regulation industry out of work and out of business. And by the way, i want regulation. I want to protect our environment. I want regulations for safety. I want all of the regulations that we need, and i want them to be so strong and so tough. But we dont need 75 of the repetitive, horrible regulations that hurt companies, hurt jobs. Kayla tausche, you can draw a line from that comment to what mnuchin said a couple of days ago, specifically to the journal, that getting to 3 growth could be a function of doing away with some of those obamaera policies. Reporter it could be, but carl, there is also a sense that deregulation is perhaps the carrot, tax reform is the carrot, and then the pressure to move these jobs back or to use american materials is the stick in this scenario. The president talked about in this speech about meeting with executives about the keystone xl pipeline, and when he heard the steel for that was coming from all over, he said nope, thats not going to happen. He talked about the Republican Party becoming the party of the american worker, about those manufacturing ceos bringing jobs back to the u. S. , but there is a lingering question from attendees this morning about what sort of incentives government is going to have to offer all these companies on the back end to actually follow through and comply with some of these requests. You know, one last thing, jim. One thing we didnt hear as much was discussion of innovation, research, education, for sure, right, of the american worker, preparing us for future eras. Did you notice that at all . I dont think there was a word about education in there. And in terms of certainly technology innovation, jon, you might want to comment on this, but you know, Silicon Valley is not the audience here, and they are not on board with this lets turn our back on the rest of the world. I mean, they are very successful because they have innovated, they have led the world, and they are selling their products globally, and they are hiring highly qualified workers from the rest of the world. They are adamantly opposed to this closing ourselves off agenda. Technology ceos, as we heard from Satya Nadella yesterday, actually have sort of a counter narrative, saying something different, trying not to contradict the president , but talking about the entire globe being important, American Values spread, a little bit more of the perhaps older message of exceptionalism we were talking about. Yeah, i think part of that was america wanted to lead by example and we wanted to export our values, our economic model, democracy and capitalism, throughout the world and that we would prosper as a result of that. And i find it hard to believe that trump really wants to turn his back on that. Jim, thank you for coming in. Sure. We normally talk about your column, but it was good to have you here to wrap around the president s speech. Jim stewart of the New York Times. Dows still down 48. S p down about 4. Clearly off the lows of earlier in the morning. Well talk about what the afternoon may bring after a break. When you have 7. 95 online u. S. Equity trades, you realize the smartest investing idea isnt just what you invest in, but who you invest with. Isnt just what you invest in, but who you invest with. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. 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We are going to massively lower taxes on the middle class, reduce taxes on american business, and make our tax code more simple and much more fair for everyone, including the people and the business. President trump speaking about tax and regulatory reform. Markets, of course, a big topic this week with secretary mnuchin talking to us yesterday on where he sees policy going and the president s comments to reuters last night. Christian rometti joins us, Oppenheimer Funds chief investment officer, James Paulsen also. Good morning to you. Good morning. Jim, you heard the president s speech, im assuming, a few moments ago. Anything to strengthen the pro growth argument weve gotten from the white house . Well, i always think the two biggest pieces for wall street, at least, carl, is just the show of less regulations and ultimately some form of a tax cut. I think the rest of it becomes more problematic for wall street. I think, for example, a massive Infrastructure Spending program could be looked at as inflationary, at a full employed economy, and getting into health care seems like could be gridlock and a whole lot of other things. I think the two most important things for wall street is less regulation, which were seeing some show of, and a tax cut, hopefully some time this year. Christian, its always hard to try to attribute what the moves are based on, what the motivation of investors is in terms of taking stocks, for example, up to this level. But i wonder if kind of you had the economic story line perfectly cooperating with, you know, a rally in stocks, and then seeing policy as a potential benefit down the road, or if there was policy uncertainty, most of the uncertaintys skewed in a positive direction. Where are we at now in the equation at these levels . I think the markets are very much discounting the synchronized Global Recovery that we are seeing. In addition, the markets are also discounting the uplift in earnings that we are getting off of that. What we need for the markets to get to the next level is real, solid policy. And trump and his colleagues are talking about it, but we havent really seen anything. And the likelihood of that is going down by the day based on the ka calfny of all of the things you hear from the policymakers. And i think for the markets, thats really the biggest risk. And let me kind take the other side of the argument that the gentleman was making, which is, in my book, what we really need is an increase in Business Investment for this recovery cycle to go to the next level. And without an expansion of the fiscal base, that is, unless we see significantly higher level of deficit, the likelihood that that happens is pretty small. So, thats really in my