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The start. but it just showed a preview of what trump versus pelosi is going to be like. donald trump has had republicans who were willing to bend to his will for two years, next year is going to look dramatically different. >> and ron klain, the democrats have accomplished something that i think is very important having worked in a legislative body, in the senate for a while. and that is they demonstrated their ability to stop something. they didn't achieve anything new. they didn't achieve anything positive. they simply stopped donald trump from getting what he wanted on the wall. and that i...

Different. >> and ron klain, the democrats have accomplished something that i think is very important having worked in a legislative body, in the senate for a while. and that is they demonstrated their ability to stop something. they didn't achieve anything new. they didn't achieve anything positive. they simply stopped donald trump from getting what he wanted on the wall. and that is the most powerful power that nancy pelosi is going to have in the next two years. >> no question about it, lawrence. we've seen in the past two years trump moving very few things affirmatively forward, but being ...

Something temporary. >> the chief of staff position does not need senate confirmation. so everyone serves at the pleasure of the president of course but if he chooses to leave, if he loses face with the president and goes back to the senate confirmed position as omb director, but again, i can't stress this enough. mike murphy, omb director is one of the most important jobs in any administration. it's not just the budget. it's rule making, it's all kinds of rules and regulations and decisions, consequential decisions for every agency in the government. >> it's one of the, it's not as famous but...

Make it hard to fill these jobs. it's also important to understand the fall out from it. it actually hurts the president's own policies. if you get into the weeds in rule making around the administration, when you stop filling the senate-confirmable jobs for assistant and deputy on down the line, you actually can't do certain things in terms of policy making. it shuts down the machinery. and he can't even do his dereg stuff. it's important to have personnel in place. >> maybe that's a silver lining. he can't carry out his whack-a-doo agenda without these people in place. >> the other piece is ...

Was very concerned about easing up on regulations, i shouldn't worry or i should a little bit? >> well your lawyer should worry. they're going to make a ton of money just and be paying a lot more but in general your bottom line we don't see any big impact because we never brought in the deregulation into expected earnings changes so far yet. we're still expecting them to make a little below the broader market, so it may take a little longer, but we're not expecting meaningful impact. neil: what do you think john? >> well i buy this as well because the rulemaking authority has been passed down ...