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tv   MSNBC Live With Stephanie Ruhle  MSNBC  February 9, 2018 6:00am-7:00am PST

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ever repay that debt is to some day be the man she saw in me so many years ago. thank you, sister margaret. and thank you all for watching. that does it for us. now to stephanie ruhle. >> wow, there you go. all right, joe, thank you so much. have a great weekend. that was extraordinary. good morning, everyone. i'm stephanie ruhle. i'm starting with the government, which is open for business. after a dramatic all nighter and brief shutdown, congress passes a two-year spending bill, over fierce objections from the one and only rand paul. >> what you're seeing is recklessness trying to be passed off as bipartisanship. >> and a market correction. the dow plunges more than 1,000 points, putting it on the cusp of the worst week since the 2008 financial crisis. but why? we're going to find out.
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and general defense. controversy swirls over when chief of staff john kelly knew about the porter abuse allegations, two ex-wives. as new reports detail a history of john kelly downplaying disturbing accusations. >> you'll have to explain to the president what he knew, when he knew it. >> probably explain to the american people as well, maybe even hope hicks. we begin today with breaking news. a wild ride on wall street. as of right now, the shutdown crisis in washington appears to be over. but the meltdown in the markets keeps on going. i have a great team here to break all of it down, starting with cnbc's sima moody at the new york stock exchange. we are in correction territory so that is a 10% dip from the high. we have to remember january was the 52-week high. we have been on a tear. can't we look at this as normalizing? >> well, not necessarily.
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i think a 10% move from its all-time high, as you point out, stephanie, is enough for portfolio managers, even traders here on the floor of the new york stock exchange, just to really assess how much risk they want in their portfolio and how much exposure they want to the stock market. this is of course the worst week for the dow, on track for its worst week since the financial crisis in 2008. the s&p 500 has lost $2 trillion in market cap since its all-time high. and the story extends overseas. but sharp moves in asia, on average, stocks in asia are down about 9%. hong kong, japan, are also in correction territory. and even as europe as that economy continues to strengthen, stocks there on average are trading at a five-month low. in terms of what's been impacting investor sentiment and the reason we've been seeing this wild week on wall street it comes down to the bond market. with the stronger growth picture here in the united states. a tighter labor market. inflation is on the rise.
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that's been a big concern, especially what that means for the federal reserve and whether they will use a more aggressive timetable when it come to raising rates. this is clearly an interesting week for jerome powell, the new fed chair. expectations are whether he will, in fact, use a more aggressive timetable when looking at when rates will, in fact, rise. a lot of questions around the fed and bond yields which are above 2%. that is a four-year high. >> a four-year high. might be a good time to start getting into bonds. thanks so much. we have to go from the floor of the stock exchange down to d.c. it was a late-night for members of congress trying to end the second government shutdown in less than a month. funding officially ran out at the stroke of midnight. it was not until just before 2:00 a.m. that the senate passed a bill comb byi combining short funding and a long-term budget. we learned the president signed it just about 20 months ago.
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nbc's kacie hunt is live on the hill. kacie, was this all just theater or were there consequences here? >> the consequences for the government were relatively minor here, stephanie. there were agencies looking to put contingency plans in place in the event of a more prolonged shutdown but at the end of the day, this only lasted for a handful of hours. the government can, in fact, continue its normal operations through that. we knew the white house was going to sign this bill after it was passed just after 5:00 this morning. the president of course ultimately signing the bill. this was really a show by senator rand paul. he made a very public point, this would not have happened, we would not have had a couple of hours of a shutdown government if he had not decided that he was going to object and insist this whole package was fiscally irresponsible.
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>> are lawmakers calling this thing a win? >> i think for the most part the sense is this is another thing that, quite frankly, doesn't make congress look very good. i think there was a lot of frustration after the last shutdown just a couple of weeks ago that everybody was losing. both sides were losing. particularly i think democrats felt as though their strategy didn't exactly pan out. they passed a big bipartisan deal and were able to pass it instead of getting credit and having the focus on that, they're instead looking at headlines this morning about another brief shutdown. >> i don't want to be a sassy pants here but congress got this thing a day and a half ago. it's almost 700 pages. when you speak to these men and women on the hill, do they actually know what they just passed? i mean, unless they've got evelyn woods on hand, who reads 700 pages? >> honestly, if you try and read the bill, for the average person, who's sitting at home, if you try and click on this online and spin through this pdf, it's not going to make a whole lot of sense necessarily.
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it's very hard to sort through. i would say that the reality here is they have been negotiating this package literally for months. it had been health up over immigration, some other issues. it's why you heard republicans accusing democrats of holding up this kind of a deal for issues they say are not related. obviously nancy pelosi feels as though they should be related and that's what chuck schumer led a shutdown over just a couple weeks ago. that they should be dealing with daca, with the immigration issue as part of a bill that absolutely has to pass. in the wake of that last shutdown, that's what was jarred loose, that's what broke the logjam. this deal, which, again, they have been working on for months, and speaker ryan and mcconnell, they're saying look, we are this close on a major deal that will kind of unlock everything else. that's what happened here. so i think it's a little bit misleading to say that nobody had any chance to actually understand what was in this bill. there is an argument that, you know, this was negotiated by the
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leadership so there wasn't necessarily a lot of information for rank and file members in a day to day way. so there were a lot of i think fiscal conservatives who looked at this and were very surprised and obviously angry. that's what rand paul was talking about. this idea that this deal was completely thrown together within 24 to 48 hours is simply not the case. it's not possible to write a deal this big in that amount of time. and remember this is still a continuing resolution. it only goes until march 23rd. they have to write what's known up here as an omnibus. spend this money line by line. that's going to take at least that amount of time simply to write, to put the pens to paper and write that bill. >> i need to bring my panel in. my dear friend megan murphy, former editor of bloomberg business week. nan heyworth from the great stakes of new york. what is your takeaway how this budget got done? is it a positive sign they passed something? >> obviously it helps.
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it's interesting and informative that neither side wanted to pursue a shutdown. so obviously, you know, the democratic leadership did not think that holding everything up on daca was a good idea this time around. and the republicans for their part did not want to see a shutdown either. rand paul makes an excellent fiscal point. he is absolutely right. i agree with him. this is yet another instance of our pushing debt on to future generations in ways that could be very, very troubling indeed but economic growth, which we are seeing now, we hope will make up for much of the projected deficits we see now. >> yes, wishing is always a -- >> but we are getting -- but we are getting much better growth. we're on pace to do much better this year than has been the case in the previous administration -- >> well, we've had slow and steady -- i wouldn't say that's
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true. we've had slow and steady growth through the obama administration. president trump did super charge the market with policies but was actually seeing a big draw back in the markets. did you want to comment on that? >> i guess the moral is deficits are really, really bad until they're not anymore. what is so interesting about this deal is it couldn't be more establishment politics in terms of pushing through hundreds of billions of more spending. we just had a tax cut that adds to the federal deficit. this is military spending, this is domestic spending, which -- but this is a classic spend, spend, spend bill. it goes against the very core of what republicans have been arguing about all during the entirety of the obama administration, that deficits were bad, that this will leave an unbelievable burden on future generations at precisely the time when you have aging
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demographics. it's going to be really interesting to see how it plays out. you might not like what rand paul does in terms of theater. it cuts against the very fabric of what the republican party has been arguing about for eight years. >> i think we have a clip. to that exact point, you might not like his tactics but his point makes a whole lot of sense. let's watch. >> the bottom line is you have to give people less money. if you give people more money, they'll continue to waste it at the same rate. you can say we're rooting out waste, but if you're always increasing the amount of money you give people, they'll be more waste. >> not only have republicans traditionally been against more spending, i want to share what the president said a year ago on this. >> no more wasted money. we're going to be spending the money in a very, very careful matter. our marl duty to the taxpayer requires us to make our government leaner and more
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accou accountable. we must do a lot more with less. >> listen, i'm not saying president trump has an easy job, he has a very hard job. but he said right there, it is our moral duty to do more with less. we're doing exactly the opposite. how can he cheer lead for this bill now? >> well, he has been pearing don departments of government. it is a monumental task. there's no question about it. it's a task -- it's going to take many, many years to accomplish. here is the fundamental fact, is that we don't have a governing majority -- >> you think the military -- is going to help pare that down? that's not free. >> the way i heard it presented is whatever parade might be done will be done strictly with voluntary contributions. >> who would volunteer bringing tanks to washington? from his foundation? >> i don't know. i think that's a distraction. the point being we don't have a governing majority in the senate. if we had 60 votes for fiscally conservative policies in the
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senate, then we could pass radically different or significantly different bills. but we don't. so we have to accommodate the democratic majority in the senate. that's something that mcconnell has chosen to do. he could pass legislation with a simple majority, which i think he should do. but he has not. i understand why no senator wants to relinquish that. so we are stuck with higher spending than we should have. primarily it is driven, al hoe not solely, but primarily this deficit spending. >> can i just jump in real quick. because the spending on the military. >> sure, that's a -- >> number one. >> -- for republicans, i get it. >> i mean, 300 million bucks, that ain't a pot sweetener. >> i'm not supporting all this massive spending -- >> but you can't possibly say they're deferring to democrats --
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>> they absolutely are deferring to democrats. because the size of the deficit spending in that bill would definitely be lower if they passed the bill -- i'd like them not to have to pass it with just republican votes. but if they did, the deficit spending component would be much different. >> this isn't the budget he would have wanted. he has pushed very hard for much tighter spending in terms of entitlement programs and looking for deep radical almost transformation in the social contract we have with americans. his own leadership and his own party basically said we're not even going to touch that and measure not going to touch that for some time to come. what is going to be so interesting going forward on this is now that you have this type of budget in place, it does heap on that much more pressure to look at social security, to look at medicare, to look at things of the cornerstone of paul ryan, other things in the senate. also political dynamite, as we head into 2018, 2020, they may
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have created with this kind of bill. one eye on the futures there, to see how the market reacts, given the turmoil we've seen this last week. >> quite a lot. >> it's been quite a ride. expect it to continue. >> we have to leave this conversation here because there's a lot more to cover. next, fallout over the resignation, not fired, resignation of rob porter, after allegations of domestic abuse. now new reports, that this is not the first time john kelly vouched for someone facing similar and serious allegations. first, i said it just there, we can't lose sight of the fact that porter wasn't fired, he resigned. a fact that stephen colbert couldn't get his head around. >> they knew about this and they didn't fire him? trump fires everyone. priebus, you're gone. bannon, you're banned. omarosa, hit the road-a. domestic abuser, i like you, stick around. oh, that's lovely...
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welcome back. you're watching msnbc. white house chief of staff john kelly is reassuring staffers there will be no tolerance of domestic abuse in this administration. should they believe him? this comes after former staff secretary rob porter resigned on wednesday amid allegations of domestic violence from his two ex-wives. i want to bring in nbc's peter alexander who is live at the white house. rob porter denies these
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allegations but we know his ex-wives have spoken out. one of them, jennifer willowby, spoke earlier today. help us understand what she's told us. >> she spoke in powerful terms about her experience being married for four years to rob porter. she, jennifer willowby, was his second wife. she said the process of speaking about this has been cathartic as she shared what she described as shame fful details. she's still sort of processing this entire experience. she says she was both verbally and emotionally, at times even physically, abused in that relationship. noting one time in particular where he grabbed her while she was taking a shower that she said demonstrated his rage. she also was asked today specifically about her relationship and she has a relationship with porter's first wife, the one of whom there was a picture of her with a black eye that sort of reignited this issue and ultimately led to rob porter's ouster. and here's how she described her
quote
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thoughts about colby holderness. >> you met colby, who is rob porter's first wife. she has also come forward publicly and also put out an image that shows her with a black eye. she says rob porter gave her that black eye. do you believe her? >> of course i believe her. of course i believe her. >> you think he's capable of that? >> i believe her. >> jennifer willowby says she spoke to the fbi early last year as they were doing the background check on porter. as she told them the truth. we are hearing from john kelly, the chief of staff, facing a lot of questions about how long ago he knew this. new reporting that he knew about this last year as well. but didn't do anything about it until that photo came out. here's what he put out, an internal e-mail that was sent to white house staffers. it reads while we are all
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processing the shocking and troubling allegations made against a former white house staffer, i want you to know that we all take matters of domestic violence very seriously. we understand the shock, pain and confusion these allegations have. it is important for me to tell you you're not alone. the thing a lot of people are focused on is the allegations didn't appear to be enough for rob porter to be booted from this white house. it wasn't until the photo of one of the wives with a black eye that anything really changed here. back to you. >> the photo, very fine people. i need to bring my panel in. robert costa, national political reporter for "the washington post." it's friday, so remember he is also the host of washington week on pbs. megan murphy and nan hayworth back with me. your paper has a time line of when people knew about allegations against rob porter. it's not just john kelly. white house counsel dan mcgann knew of the incidents more than
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a year ago. i want to share a quote from the piece. in january 2017, a year ago, when mcgann learned of the allegations, he wanted porter to stay put, because he saw the harvard law trained capitol hill veteran as a steadying professional voice in the white house according to people familiar with the matter. how significant is it that porter was allowed to stay in the job? again, a steadying hand. because the guy served in the military and went to harvard? no problema he's accused of beating two ex-wives? >> it's a troubling situation across the board -- >> that's an understatement. >> indeed. when you think about the white house's response and talking to sources there over the last two days. they keep saying that the fbi was going through a process. but they were aware of the allegations and they say porter continued to insist that the allegations were false. but that doesn't mean the allegations did not exist.
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they have existed at least for a year. through the fbi background check process. and the white house, the president, the chief of staff, the chief counsel at the white house, they've decided to keep moving forward. because porter if you really want to understand the dynamic, he was a confidant of jared kush next the president's son-in-law. of hope hicks, the communications director. of so many people at the upper echelon at this white house. >> a confidant of jared kushner. we know jared and aye vank ka have a lot of influence. you say a con fidant of hope hicks. wouldn't other senior members of the administration knowing he was dating hope hicks and has a history with women, with abusing women, wouldn't they want to stand up and say hold on here? >> there was a choice inside of the white house to not believe the allegations about porter. and this is going to perhaps have sweeping consequences in the coming days and weeks as the white house's decisionmaking
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process about senior staff, not just the allegations themselves, continue to become a national news story. why did the white house choose to stand by porter during the past few months? yes porter said the allegations were lost, but where was the due diligence about these allegations, about checking in with the fbi, about the real status of porter? because porter was not just a senior staffer, he was someone close to the president of the united states, controlling paper flow to the chief executive of our country day in, day out. >> where's the dual die diligen? if he's saying these are just allegations against me, we would need to see evidence over the last year of john kelly, of john mcgann, trying to sift through this. we've already heard from lawmakers who are not okay with this. take a listen. >> the fact that this man operated a year without a security clearance, i didn't understand that. i still don't. what general kelly knew and when
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he knew it is important. >> if you want to serve the public, and you want to lead by example, and particularly if you want to be on the staff of the president of the united states, you cannot beat the hell out of your spouse. >> it's a fair point. what do you make of the white house keeping him on with no security clearance? >> i think the key word has to be allegations. you can argue, well, should these not have been there in a period of time? i participated in a fbi security clearance for other people. i can't comment on the speed with which they do these things. we know this much. we know they were allegations. we know that he denied these allegations.
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for his part, when you have two parties who are making different contentions and there -- i mean, obviously this is a terrible photograph. obviously -- >> okay, how about put him on ice and say let's work through this, let's go through due diligence and then we'll give you the job? we're talking about someone with the closest access to the president of the united states day in and day out. megan, i ask you, remember, this is a white house where president trump after a white supremacist rally said there are some very fine people there. roy moore, who's accused of sexually assaulting teenagers, president trump said come on out there and vote for him. and we got roy porter, after onkelly has known for quite some time the allegations against rob porter, said he's a man of great honor and integrity. >> that just doesn't hold any water in terms of the
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investigation. there is that photograph we've seen. had even a cursory due diligence process been undertaken not by the fbi but by members of the white house administration, it is fairly evident at this point that both these women would have spoken about these allegations that have sought to raise alarm about these allegations about his history. what i'm most troubled by in the story is the focus on john kelly. that somehow this is a condemnation of his ability to bring order to the white house. this is black and white. it could not be more simple. accused of abusing not one, but two ex-wives. there's photographic evidence. they've spoken to multiple other people about it. this is when you go out there and say this has no place in our white house, this has no place in the administration. i don't care if you use the word
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"terminated." i don't care if you use the word "resigned." this is unacceptable. the entire process needs to be looked at, who knew what, who knew when. >> i want to stay on john kelly because i've spoken to people in the white house who have said he doesn't have allies who are going to back him here. when he joined the white house, it was all about bringing order and a sense of calm. if you remember, when anthony scarmucci got booted from the white house and what did the mooch do? spoke aggressive wild offensive square words, saying what are awful guy steve bannon was. and john kelly wouldn't even let scarmucci on the premises. he was out, out, out. how dare you degrade this office. and now here we are, john kelly, we're now learning this is not the first time he has defended someone who has damning allegations against them. i want to share this "new york times" quote. mr. kelly has previously played
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down accusations against someone he believed served a greater goal. he appeared as a character witness in a 2016 court-martial of a marine colonel accused of sexually harassing two subordinates. so this isn't the first time we've seen john kelly do this. >> based on my reporting, this is also a story of a blind spot for general kelly. you mentioned anthony scarmucci. when kelly comes in as chief of staff last year. he finds a white house in chaos. he sees in rob porter this rhode scholar. it's just six, seven months later, he still has been clinging on to porter as an aide in a sense inside his white house to try to keep president trump on track. there was shock at the upper ranking of the white house. why did general kelly put his name on report along with sarah huckabee sanders and so many with rob porter as the situation
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was fluid? of course, they were loyal and friendly with rob porter. but there were a lot of questions today inside the west wing. why did they rush? why did they put their names out there on things that weren't finished? if it's about being this veteran general, where was the judgment when it mattered with a white house in crisis? >> a blind spot? you're being very generous. a blind spot is what i have for my children's bad behavior in public. a brind spot is not what we call allowing someone with a history of allegations against him of domestic abuse. the fact that john kelly has defended guys like this before. we need to turn to the markets. just 25 seconds ago, the market has opened. i want to bring in my colleague and friend dom chu. remember, we are coming off another massive meltdown day. a wild ride this week. i mean, remember, this is where we're seeing a market
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correction. that is a 10% drop from the market high. we saw a 52-week high in january. we need to remember what a wild ride this has been but what a strong run we've seen really for the last eight years. talk us through the market this morning. >> let's put in perspective. we're seeing a bit of a bounce today but it's going to take a lot more to erase the 1,000-point-plus drop we saw yesterday. this is in no way meant to sound alarmist. the markets have a way to go to work through this. mentioned those record highs in the stock market at the end of january. since those record highs on january 26, the s&p 500 has lost, through yesterday's clothes around $2.5 trillion, with a "t." to put it in perspective, over the course of the since election period, the markets are still up around $3.5 trillion in total market value for the s&p 500. what concerns a lot of folks
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right now is whether or not we could see a prolonged period of this contraction. for right now, one of the things that gives a lot of people comfort, the idea we haven't seen flash crash, that is, a 1,000-point drop for something like that. for the most part, a trending lower market declining in an orderly fashion. >> a bloomberg jamboree. the editor of daily economics newsletter. all we know so far. megan murphy is still with us. and msnbc anchor david gera. brandon greely, we've officially entered a full market correction. from my perspective, listen, we got too far, too fast, the market got frothy, we're pulling back. we need to realize that interest rates aren't always at 012%.
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remember, it was a normal world when it was 10%. we saw things extraordinarily low because we were coming out of a recession. so you cannot possibly have a president who day in and day out talks about the beautiful economy and then expect to have 2% rates. >> i think that's right. i also think it's pretty clear that stocks around the world were overvalued, even relative to the beautiful economy that's happening all around the world. >> it's beautiful. >> yes. one of the things that's interesting about this sell-off is it's proportional to the overevaluation of the world, right. we saw china was overvalued just like the ones in the u.s. were and they proportionally sold off just as much. when we talk about the fundamentals are stroke, that's true. we have good purchasing manager data. wherever you look, the dat a is good. so this was going to happen. the problem with the fact we knew this was going to happen
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eventually is there's still a little bit of discomfort in people who watch the markets. the discomfort is this. yes, you're absolutely right. people are going to have to start paying more to borrow money. that's absolutely true. we're not completely certain why. it could be because of inflation. but the inflation data isn't completely convincing. it could be because of threats that central banks are making. the big things i think in the back of everybody's mind but we do have definite evidence on is are markets concerned about the likelihood the u.s. can sustain its current physical path. i don't think there's a good answer there. that's sort of the thought in the back of everyone's mind. >> the administration often talks about their pro business policies and how good they are for the markets, but think about the budget deal that was passed last night. that would boost spending by $300 billion. you couple that with tax cuts. that could lift the deficit to more than 1 trillion bucks by
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next year. how can we possibly say that doesn't affect how investors view the market? >> i think it does. i think investors have been flummoxed by what's going on. there was always interest in how new york perceived what was going on in washington and they were as confused as anybody. we're looking at the prospects for trillion dollar deficits. i think we were all living in d.c. when the fiscal hawks were flying around. when you have a real effort trained on -- >> they're all gone. >> they're all gone. it's astonishing. you look at the pieces in "the post," in "the times" today. the deficit hawks. that concern seems totally gone when you look at the philosophy behind the economics. deficits are supposed to go up when the economy's doing rotten. it doesn't make sense that you boost the deficit. >> plus how much the stock market isn't related so much to the economic portions of everyday americans.
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90% of the stock market is concentrated in the top 10%, the wealthiest of americans. most families have less than $5,000. that is not what's driving their day to day purchasing decisions. >> if we end up in an inflationary environment, that does affect everyday americans. >> it was a print of a higher than expected wage growth. something that we have been expecting and wanting for so long. which seemed delinked from this very tight labor economy, very low unemployment that we'd been seeing that actually flummoxed economists for so long. it's a higher than expected wage growth. it's better than expected growth in europe and in particular in the uk as well that's led to people being concerned that central banks are going to have to hike rates steeper and faster than they said. it's true to the underlying strength of the economy in so many respects. i don't envy jay powell right now, that's for sure. >> when you take a girl out of the seat, things get really complicated. to megan's point, it is good
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economic news. but the issue is you're not going to have free money. you're not going to have central bankers, you know, nursing you year after year when you've got a great economy. if you've got a great economy, that doesn't mean the stock market should just go in one direction. one of the reasons stocks moved so far so fast is that they were the only game in town. if you invested in bonds, you were getting butkus. >> so there's a big kind of tug-of-war developing in the marketplace now. you mentioned ultralow interest rates. they were emergency measures because of the great recession. a lot of experts on wall street are trying to figure out whether or not interest rates are rising for fundamentally the right reasons. are we in fact going to see a slow and steady gain in the economy overall? if that were to happen, interest rates on the rise would not necessarily be a bad thing. what you have to figure out now is whether or not is that the reason for rising rates or is it the nation's central bank is now
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in the process of trying to get out of the business of emergency funding and emergency stimulus for the economy? all of those things are at play. one of the real worries for a lot of traders out here is, remember, who's the biggest borrower? who's going effected by interest rates going up the most? it will be the u.s. government, especially if the projections are true. if we do have a trillion dollar deficit this year, or near trillion dollars, if we are having a trillion dollar deficit in the years to come, our government has to pay more interest to all of its creditors. those deficit hawks out there, the bond vigilantes some people call them, they're the ones who are going to be a bit of a wild card in this as well. it's just a question of whether or not they are going to overwhelm or have more or less influen influence. >> please don't be alarmed if you heard some sort of exploding sound. that was dom chu just dropping a truth bomb on you. thank you all to my bloomberg jamboree. what a great conversation. i'm sure you'll be back because
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this market volatility, it ain't going away. up next, we're getting brand-new details about president trump's long awaited infrastructural plan. does it live up to the hype? first, i have got to mention this. we never had omarosa on our show, she is back to another show, being a reality tv star. >> would you ever go again? >> god, no, never. not in a million years, never. >> couldn't hear her, but she said in a million years, never. the white house didn't let that go, responding with their flavor of some serious shade. >> omarosa was fired three times on "the apprentice" and this is the fourth time we let her go. she had limited contact with the president while here. she has no contact now. >> yes, sir, you did fire her, but you also hired her for a job in the white house after firing her three times. remember, president trump, who does he hire, the best people,
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i'm calling on congress to produce a bill that generates at least is $1.5 trillion for infrastructure. the top of the line. it will be the best in the world. >> we used to have the greatest infrastructure anywhere in the world. and today we're like a third world country. >> ooh. let's talk money, power, politics. i want to note about four minutes ago, we were talking about the market. so to the white house when you say mainstream meet what doesn't cover the markets, time stamp, four minutes ago, we did, as we do every day. one of his biggest campaign promises, to improve airports and roads and bridges. now an exclusive report detailing the president's long awaited infrastructure plan which is expected to finally be rolled out on monday. i want to bring in the reporter who broke that story. i want to say it's her first exclusive since joining the nbc
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team. heidi what do we know about this plan so far? because i know they have been trying to get the president to look at it, to focus on it, to tout it for weeks now. >> what's the big idea behind this? basically flipping the traditional ratio of responsibility for who pays for infrastructure. since we created the interstate highway system under eisenhower, that ratio has been primarily on the federal government. the responsibility's been on the federal government. this would flip that. basically telling the states to come up with the majority of the money and maybe some creative financing ideas coming from the federal government. but that's a big deal. that's why the plan has been held up. our reporting is the president himself has been very skeptical of this. what we found out was that gary cohen tried approaching the president about this idea, about private/public partnerships as a creative financing solution. the president has been
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skeptical. that explains a lot of the delays behind this. the president finally relented, agreed to the plan. but guess what, there's still no ideas in it, specifically about how to get the money. there was some debate here. the chamber of commerce was trying to propose a gas tax perhaps. other groups lobbying to encourage states to tax the internet. no dice. there's not going to be any of that in there. at least according to our reporting as of this week. they're expected to put the plan out on monday. >> if up to 80% of the funding would fall on states or private investors, do we have any feed back yet? have we heard from any states? have we heard from any private equity guys? they don't want the kind of returns that you get from a muni. a big private equity guy wants 10, 15% and states which cannot run deficits, we have a lot that are cash strapped. >> they are cash strapped.
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they are skeptical. that's a bipartisan thing. both democratic and republican governors have proven to be skeptical about this. because first you have the public/private combination, really being a challenge for addressing some of the infrastructure needs. for example, toll roads. that's easy. but who's going to see profit in going into flint and fixing the pipes there? that is a problem we have all over the country. we have an aging infrastructure in terms of water, roadways. many of our bridges are over 50 years old. and going into these rural communities. the pot of money that the administration has put forth to kind of compensate for that, i'm told by experts is woefully inadequate. >> well, i wish good luck to mitch mcconnell and paul ryan. because i watched the president's state of the union address and he urged congress to take the lead on this. so it's going to be a heavy lift. good luck, gentlemen. heidi, great, great piece.
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it's on nbcnews.com right now. thanks, heidi. up next, the president has until tomorrow to decide who to release democratic rebuttal to the nunes memo. there's a new report out that reveal an even higher level trump official caught talking to russia in january of last year. but first, we started yesterday's show with president trump speaking at the prayer breakfast. but he wasn't the only one leading the nation in prayer. >> injured philadelphia eagle quarterback carson wentz spoke at the national prayer breakfast. what better thing than a pray from an injured eagle?
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we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov. welcome back. we are following new details in the russia investigation. according to politico, former trump campaign adviser carter page says he spoke to steve bannon about russia in january of 2017. we now know from the house gop's memo that the fbi was monitoring page's communications during this time. meanwhile, we're still waiting for the release of the democrats' rebuttal to that memo. msnbc national security analyst clint watts joins me now. former fbi agent. clint, how significant is it that the fbi surveillance of page might have picked up steve bannon? >> i think probably not that significant. i mean, when you're running a fisa, you pick up people all the
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time and there's a m min mizati process. the only way it would have been if they specifically talked about the russia investigation or gave some reason about it, then it could be pertinent. but i think for the most part them trying to do message control from the white house. >> all right. i want to turn now to a tweet from the president where he said, quote, wow, senator mark warner got caught having extensive contact with a russian lobbiest for a russian oligarch. warner did not want a paper trail on a private meeting in london. he requested with steele of fraudulent dossier fame all tied into crooked hillary. this was president trump's tweet. marco rubio, fellow republican, quickly shut the president down tweeting, senator warner fully disclosed this to the committee four months ago, has had zero impact on our work. president trump was retweeting a
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fox news report. so to president trump who talks, who complains so much about fake news out there, you've got a fellow republican who's on the committee who said mark warner already told us this and it's a nonstarter. what do you make of this? >> there's so much nonsense with this hash tag hysteria around every week trying to discredit one of these investigations. >> but isn't nonsense an understatement here? >> yeah. >> the president with exclamation points and screaming is saying something that's just untrue. >> completely false. and why wouldn't they look at the dossier? i mean, the dossier's been out for a year now. warner is part of the senate select committee on intelligence looking into russian collusion. >> and he's not keeping it a secret. >> no. and this was a document initially funded by republicans before democrats and delivered to the fbi by republican john mccain one of the people advocating the fbi look at this. so naturally that intel committee is going to want to talk to steele in terms of how this was collected. >> well, what sticks out to you
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in this timeline? because this is all coming out just a little over a week after julian assange tipped off a fake sean hannity about dirt on warner. >> right. let's look at this. director pompeo comes out and says wikileaks and assange are hostile actor in the united states. you know, assange is trying to communicate with hannity, suddenly fox news has this content and wants to blow it up into a big conspiracy. i mean, how are we not -- if you objectively step back from this, we've seen him act as a proxy for russia. wikileaks has acted as a approximateproxy for russia. why wouldn't this be grounds to look into part of russian meddling or how they influence the u.s. audience space? it's bizarre going from wikileaks being the worst thing for republicans whenever edward snowden landed there. >> do you remember how sean
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hannity felt about julian assange several years ago? >> probably a 20 point swing for russia in the other way. >> what a story. clint, thank you so much. fake news. coming up, now that the shutdown is averted, what about the daca deal? chairman of the dnc tom perez will be here to talk about what, if any, leverage democrats have to get that done. nchtsz it's time for your business of the week. l.a. based million dollar baby designs cribs for some of the biggest celebrities. find out how this couple moved from china to the u.s. in the wake of the massacre and founded this multi-million dollar business. for more watch "your business" at 7:30 on msnbc. what do you th? i don't like it. oh. nuh uh. yeah. ahhhhh. mm-mm. oh.
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before we go, there's always good news somewhere and we think good news ruhles. this story i love comes from high school out of south carolina. juniors and seniors got the surprise of their lives when they found out the venn eye, suits, dresses, food, even flowers bill was taken care of cost about $800 to go to the prom. and in the past it's been simply too expensive for most of the students to go. and now they're getting to. so if you live down south where belk department stores are, maybe say thanks, throw a little business their way. that wraps up this hour. up next is hallie jackson. people from new jersey call it the prom. do you call it prom or the prom? >> ke call it the prom and go down the shore when you grow up in south philadelphia. that's the tradition. >> excuse me, when you're from new jersey, you go down the shore for every

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