Wall Street: Don't Listen To Donald Trump! | The Last Word

>>> WE WANT A VERY BIG TAX CUT, BUT CANNOT DO THAT UNTIL WE KEEP
OUR PROMISE TO REPEAL AND REPLACE THE DISASTER KNOWN AS
OBAMACARE. WE'VE GOT TO GET THIS DONE
BEFORE WE CAN DO THE OTHER. IN OTHER WORDS, WE HAVE TO KNOW
WHAT THIS IS BEFORE WE CAN DO THE BIG TAX CUTS.
WE'VE GOT TO GET IT DONE, FOR A LOT OF REASONS.
>> THE HEALTH CARE BILL IS THE FIRST OF TWO BIG TAX CUTS THE
REPUBLICANS WANT TO PASS. THE SECOND TAX CUT BILL HAS NOT
BEEN INTRODUCED. BUT A VERY VAGUE OUTLINE OF IT
WAS PRESENTED BY THE TREASURY SECRETARY JUST BEFORE THE END OF
THE PRESIDENT'S FIRST 100 DAYS. AND NO ONE IN THE SENATE SEEMS
TO BE TAKING THAT PART OF THE TRUMP AGENDA VERY SERIOUSLY YET,
ANYWAY. SOME REPUBLICAN SENATORS HAVE
TOLD THE HOUSE OF REPRESENTATIVES NOT TO PASS THE
HEALTH CARE BILL BECAUSE THE SENATE WON'T ACT ON IT.
AND ONE GROUP THAT SEEMS TO BE TIRED OF NOT WINNING ANYTHING
THAT THEY MIGHT BE HOPING FOR IN THE TRUMP AGENDA IS WALL STREET.
>> STOP. PLEASE, PLEASE, DON'T MAKE
CHANGES TO YOUR PORTFOLIO BASED ON THINGS THAT GET BLURTED OUT
LITERALLY EVERY FIVE SECONDS OF THE DAY.
DO NOT TRADE THIS NEWS. >> THAT SEEMS TO BE THE GROWING
SENTIMENT OF WALL STREET EXECUTIVES WHAT THE PRESIDENT
SAYS AND TWEETS. HERE IS WHAT A SENIOR EXECUTIVE
AT ONE OF THE COUNTRY'S SIXTH LARGEST BANKS TOLD REUTERS.
I DON'T TAKE TRUMP SERIOUSLY. I'M LISTENING LESS AND LESS.
AARON CUTLER, A REGULATORY LAWYER WHO LOBBIES CONGRESS ON
BEHALF OF BANKS AND HEDGE FUNDS TOLD REUTERS UNTIL IT'S SIGNED
INTO LAW, YOU CAN'T BANK ON IT. AARON CUTLER ADDS HIS CLIENTS
HAVE YET TO ACT ON ANYTHING THAT THE TRUMP ADMINISTRATION SAYS.
JOINING US NOW, STEPHANIE RUHLE, MSNBC ANCHOR WHO ALSO COVERS
BUSINESS NEWS FROM THE NETWORK. STEPHANIE, HERE IS WHAT IS
FASCINATING ABOUT WALL STREET FROM WHERE I SIT.
THEY VOTE EVERY DAY. THEY VOTE WITH DOLLARS EVERY
DAY. THEY VOTE WITH INVESTMENT
CHOICES EVERY DAY. THEY DON'T GET TO SIT BACK AND
TO THINK I CAN IGNORE WHAT'S HAPPENING IN WASHINGTON.
I CAN IGNORE THE PRESIDENT FOR FOUR YEARS AND THEN DECIDE FOUR
YEARS FROM NOW HOW I'M GOING TO VOTE NEXT TIME.
THEY VOTE EVERY DAY. THEY USUALLY HANG ON EVERY WORD
THE PRESIDENT SAYS. AND NOW THEY'RE CASTING THEIR
VOTES EVERY DAY ON WHAT THEY'RE INVESTING IN BY IGNORING THE
PRESIDENT? >> WHAT IS SO BEAUTIFUL ABOUT
WHAT YOU JUST SAID IS WHY MANY PEOPLE WERE ENTHUSED ABOUT
PRESIDENT TRUMP. THEY SAID PRESIDENT TRUMP IS
GOING TO GET US OUT OF THIS IDEOLOGUE SPACE, THIS WASHINGTON
GRIDLOCK. BECAUSE BUSINESSMEN, TRADERS,
WALL STREET GUYS ARE PRAGMATISTS.
THEY'VE GOT TO PLAY BALL EVERY DAY.
AND THEY THOUGHT THIS WOULD BE A MAN OF ACTION.
SO YOU'RE RIGHT. RIGHT AFTER THE ELECTION THROUGH
THE TRANSITION YOU SAW A LOT OF WHIPPING MOVES.
HE WAS THE ONLY PRESIDENT WHO MOVED MARKETS BEFORE HE WAS
ELECTED. HE WOULD MENTION A COMPANY YOU.
WOULD SEE THE MARKET JUMP. BUT DAY IN AND DAY OUT, HE MAKES
THESE PROCLAMATIONS, WHETHER IT'S OVER TWITTER OR WHEN HE
SPEAKS AT THE MICROPHONE. AND QUICKLY, HIS OWN TEAM IS
QUALIFYING, RESTATING IT. AND THE MARKET IS SIMPLY SICK OF
IT. YOU KNOW, YOU SPOKE ABOUT THAT
WALL STREET LAWYER. THAT'S EXACTLY IT.
PEOPLE ARE SUDDENLY SAYING YOU YOU'VE KNOW WHAT?
WE'LL HOLD ON. WHEN HE SAID TWO DAYS AGO HE
WOULD SERIOUSLY CONSIDER BREAKING THE BANKS UP, AT ANY
OTHER TIME, YOU WOULD SEE THE T BANK INDEX DROP LIKE A STONE.
IT WENT DOWN FOR A BIT. AND IT ALMOST IMMEDIATELY
RECOVERED. BECAUSE THIS IS A MAN WHO MAKES
A LOT OF NOISE. AND WE'VE YET TO SEE MUCH ACTION
IN HIS ACCOMPLISHMENTS FOR FIRST 100 DAYS.
HE KEPT TALKING ABOUT OPTIMISM. OPTIMISM IS A FEELING.
AND HE HAS CREATED A FEELING OF OPTIMISM ON THE STREET.
BUT THAT SURE AIN'T AN ACCOMPLISHMENT.
>> STEPHANIE, THERE HAS ALWAYS BEEN SOME VOICES IN WASHINGTON
WHO CAN MOVE MARKETS. ALWAYS THE CHAIR OF THE FEDERAL
RESERVE. ALWAYS WALL STREET HANGS ON
EVERY WORD. SOMETIMES THE CHAIRMAN WAYS AND
MEANS, THE FINANCE COMMITTEES, THE TAX WRITING COMMITTEES, BUT
ONLY WHEN THEY HAVE A TAX BILL ACTIVELY MOVING THROUGH THE
COMMITTEES DOES WALL STREET HANG ON EVERY WORD THAT THEY SAFE.
BUT IT HAS ALWAYS BEEN, IT HAS ALWAYS BEEN THAT WALL STREET
HANGS ON EVERY WORD THE PRESIDENT SAYS THAT IS RELEVANT
TO THEM. AND THE PRESIDENT IS BASICALLY
INSTRUCTED ON THAT ON DAY ONE AND FEELS THE PRESSURE OF BEING
REALLY CAREFUL IN EVERYTHING THAT THE PRESIDENT SAYS BECAUSE
OF THAT PRESSURE. DONALD TRUMP OBVIOUSLY DIDN'T
FEEL THE PRESSURE, AND WALL STREET HAS ADAPTED.
>> LAWRENCE, YOU HAVE NAILED IT. WHEN THE FED CHAIR SPEAKS, HE OR
SHE UNDERSTANDS THE WEIGHT OF THEIR WORDS.
AND THEY COULDN'T BE MORE CAREFUL OR PRIVATE DOWN TO THE
LAST MOMENT. THE PRESIDENT LOVES THAT HE CAN
SWING THINGS AROUND. AND THE FACT THAT YOU'RE GETTING
LESS AND LESS VOLATILITY OFF OF HIS REMARKS, HE IS NOT GOING TO
LIKE THAT. IT'S ALSO GOING TO BE HARDER FOR
HIM TO TAKE CREDIT FOR THESE BOOMING MARKETS.
IF YOU ACTUALLY LOOK AT THE POSITIVE MOMENTUM, YOU'VE GOT
GREAT CORPORATE EARNINGS. JOBS ARE GOOD.
THIS IS THE CONTINUOUS MOMENTUM WE'VE GOTTEN SINCE PRESIDENT
OBAMA WAS ELECTED.D. HAS GDP BEEN SLOW?
HAS GROWTH BEEN SLOW? SURE.
AND THE IDEA THAT WE HAVE A PRO BUSY PRESIDENT AND DEREGULATION
IS EXCITING. BUT WE HAVEN'T SEEN ANYTHING
EXCEPT EXECUTIVE ORDERS WRITTEN. AND THE ONLY THING EXECUTIVE
ORDERS ARE REASON TO WRITE A REPORT.
THEY DON'T DO ANYTHING. >> YEAH, THERE IS ONE PRICE
WATERHOUSE REPORT INDICATING MAKES SOME PREDICTIONS ABOUT THE
TRUMP AGENDA. ONE OF THEM SAYS EXECUTIVE
ORDERS WILL YIELD FEW RESULTS. THEY ALSO PREDICT THAT
DODD/FRANK WILL NOT BE REPEALED. LOW EXPECTATION FOR CHANGE.
MIDTERMS THEY SAY WILL PUT THE BRAKES ON FURTHER ACTION BECAUSE
THOSE CONGRESSIONAL ELECTIONS ARE PROBABLY NOT GOING TO GO
PRESIDENT TRUMP'S WAY. >> THERE IS A VERY STRONG CHANCE
THAT THAT IS THE CASE. AND THE ONE THING TO REMEMBER,
YOU MENTIONED EARLIER, TRADERS HAVE TO PLAY BALL EVERY DAY
THERE IS A BIG DIFFERENCE BETWEEN A CORPORATION SAYING
BASED ON PRESIDENT TRUMP'S PROMISES, I'M HIRING 10,000
PEOPLE. I'M BUILDING A FACTORY.
TRADERS CAN BUY ON NEWS AND SELL ON NEWS.
THEY'RE IN COMPLETELY LIQUID MARKETS.
SO WHEN YOU LOOK AT THE ACTUAL MARKET, IT IS NOT A DIRECT
REFLECTION ON WHAT THE ECONOMY LOOKS LIKE.
IT'S ONE OF THE REASONS SO MANY PEOPLE WERE FRUSTRATED IN THE
OBAMA ADMINISTRATION WHEN OBAMA SAID WE'VE HAD SUCH A STRONG
RECOVERY. WELL, IT WAS STRONG IN CITIES
LIKE NEW YORK, L.A., CHICAGO. BUT OTHER PARTS OF THE COUNTRY,
THAT WASN'T THE CASE. SO NOW WHEN THE PRESIDENT IS
TAKING ALL THE CREDIT FOR THIS BOOMING ECONOMY, YOU'RE NOT
NECESSARILY GOING TO SAY YEAH, MR. TRUMP, THAT'S ALL RELATED TO
YOU. IT'S NOT THE CASE.
>> STEPHANIE RUHLE, THANK YOU VERY MUCH FOR JOINING US
TONIGHT. AND OF COURSE STEPHANIE WILL BE
IN THE ANCHOR CHAIR H

Wall Street: Don't Listen To Donald Trump! | The Last Word | MSNBC

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