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President trump has constantly tied himself to the rising market. the dow plunged nearly 1200 points closing down net 4.6%. it cast a scary day with the dow, i'm watching it, 1600 points. i'm joined by msnbc's ali velshi. this president seems to be a day trader. >> yeah. >> i'm not going to talk the market down. would you make it a correction or what was it? >> i think we're on the way to a correction. in the normal world, chris, you'd see it go up, retreat, go up, retreat a bit. we haven't seen any retreat a bit. nobody likes it when they all come in one day. what we've had is a parabolic mar...

For this market and there is no question that this market has been going nowhere but straight up since the election. you would expect to see some pullback at some point. i wouldn't be surprised to go up toward 26,000, come back, go up, come back. we need more evidence that the growth is there in terms of earnings and what this tax bill is going to provide. >> bill: the tax bill, earnings, all that, too. there is the threat of a government shutdown. historically that really is a drag on the markets. i assume they are listening on that and so, too is washington >> when you have resistance and a ...

Everything is northeastern 81 or 1982 that we are always having to increase our defense spending because we're going after the soviets. or we have to cut taxes because the tax rate is 75% and if we just give corporations a tax cut, well, they're going to invest in more factories, they're going to add more assembly lines, they are going to bring more americans streaming into the plant, catty kay, in 2017, i'm not being cynical here. this is just a matter of fact, when corporations get tax cuts like these in this economy, they buy back stock. >> yeah. >> they are as productive as they want to be...

Go up. they will get more money in their pockets, this will be the largest change in fixing a broken tax system that we've ever had. >> heather, they'll have to do it without democrats, none of them on board and many feel like senator sanders that it's just a tax cut for the wealthy. >> at the end the day, you have mr. mnuchin who is worth 300-$400 million and the president of the united states is worth several billion dollars, what we are seeing here is a massive attack on the middle class. >> here is where we are and this is always possible the nation but the senate could vote as early as to...

Business and not enough to small business the market did take a hit. you've got to remember, this is the maneuvering. steve: it's the dance. >> it's the dance. it's the sausage making, call it what you like. we are going towards a final package from the senate in the house together. a lot of people are standing up and saying what about this? what about that? hoping to get a concession at the last minute. ainsley: tax cuts are great for most of ours viewers. people who live in new york and new jersey where taxes are going to go up, what's the benefit for them? >> the benefit for most people in ...