>> HERE IS CHEERY NEWS, WALL
STREET WELCOMING IN HOLIDAYS ALL
3 MAJOR AVERAGES CLOSING AT
BRAND-NEW RECORD HIGHS.
AND THE EIGHTH IN THE ROW FOR
NASDAQ LONGEST RECORD STREAK IN
21 YEARS, ON TWO YEAR
ANNIVERSARY OF PRESIDENT TRUMP'S
TAX CUTS, ARE YOU REALLY BETTER
OFF NOW THAN YOU WERE TWO YEAR
AGO BECAUSE OF THIS.
ARCHITECTS OF TAX CUT SAY
ABSOLUTELY BE THEY POINT TO NEW
DATA THEY SAY, PROVES IT THIS IS
"BULLS AND BEARS," I AM DAVID
ASMAN, THANK YOU FOR JOINING
YOU, JOINING ME TODAY.
JONATHAN HE
JONATHAN.HE
>> TRUMP FORMER CHIEF ECONOMY
ADVISOR GARY COHN.
AND KEVIN HARK HASSETT DEFENDING
TRUMP'S TWO YEARS OF TAX CUTS.
IS THIS JUST PRFROM TWO GUYS WHO
FORMULATED THE PLAN OR DID THE
TAX CUTS REALLY PAYOFF.
>> THE TAX CUTS REALLY PAID OFF.
THERE IS ALWAYS AN ANECDOTE.
ON MACHINE WHO
ON SACHINE WHO
ON SOMHINE WHO
ON SOMEONE WHO
ON SOMEONE MHO
ON SOMEONE MAYBE DID NOT DO AS
WELL, BUT THE MAJORITY OF
AMERICANS GOT TAX CUTS, IF YOU
HAVE A FINANCIAL
HAVE A 4INANCIAL
HAVE A 401ANCIAL
HAVE A 401(KCIAL
HAVE A 401(K),AL
HAVE A 401(K), YOU PARTICIPATE
IN THAT, THIS YEAR ALL ASSET
CLASSES ARE UP, YOU HAVE RECORD
LOWS IN UNEMPLOYMENT ACROSS THE
BOARD, INCLUDING MINORITIES AND
WOMEN.
OVERALL, THIS WAS A GREAT
SUCCESS.
>> YOU CANNOT ATTRIBUTE THINGS
LIKE UNEMPLOYMENT GOING DOWN,
RISING MARKETS, AND GENERAL
GOODWILL IN THE GDP TO TAX CUTS,
THOSE TRENDS WERE WELL IN PLACE
--
>> WHAT?
>> WOE --
>> LET ME FINISH.
>> AND WAGE GROWTH PAST 2 YEARS
2.4%.
BOTH SLOWER THAN IT WAS IN 2016.
AND 17, AS IN END OF OBAMA
ADMINISTRATION, AS YOU KNOW, I
DON'T THINK ANY OF IT SHOULD BE
ATTRIBUTED TO OBAMA OR TRUMP.
DAVID: ANOTHER FACT FEDERAL
RESERVE HAD A FORECAST AT
BEGINNING OF THIS ADMINISTRATION
THAT UNEMPLOYMENT RATE WOULD
INCH UP TO 5%.
IN FACT IT CAME DOWN TO TO 3.5%,
THIS LOWEST IF HAS BEEN IN 50
YEARS.
THERE IS STRONG EVIDENCE THAT WE
WENT COUNTER TO TREND RATHER
THAT THAN WITH TREND.
>> DAVID, IT IS NO BIG SURPRISE.
TAX CUTS, PUT MORE MONEY IN
HANDS, STOP HEARING WHEN PEOPLE
SAY GIVING TAX CUTS TO WEALTHY
INDIVIDUALS IT IS LETTING THEM
KEEP THE MONEY THEY HAVE EARNED,
PUTTING MORE MONEY IN HANDS OF
THE PRODUCTIVE PEOPLE WHO HAVE
EARNED IT.
THERE IS A FANTASY ABOUT RICH,
THEY PUT ALL THEIR WEALTH IN A
BIG YOU KNOW ROOM LIKE SCROOGE
McDUCK.
WHAT DO THEY DO WITH IT.
DAVID: I DO THAT.
>> THEY ARE THE ONE THAT VOTE OF
IT AND CREATE THE JOB -- THAT
INVEST IS CREATE THE JOBS.
>> THANK YOU, FOR, JOHN
>> THANK YOU, FOR, JONN
>> THANK YOU, FOR, JONATHAN, WE
GIVE THEM MONEY, THEY DON'T GIVE
US MONEY, WE'RE THE DRIVING
FORCE, GOVERNMENT DOES NOT TURN
ON LIGHTS WITHOUT THE DIME THAT
WE GIVE THEM.
>> RIGHT.
>> AND BE CLEAR, AND CONSIERKS I
>> AND BE CLEAR, AND CONSIERKS C
>> AND BE CLEAR, AND CONSIERKS N
>> AND BE CLEAR, AND CONSIERKS I
>> AND BE CLEAR, AND CONSIERKS E
>> AND BE CLEAR, AND CONSIERKS ,
>> AND BE CLEAR, AND CONSIERKS I
AM SORRY ZACH --
>> HE TOOK A DEEP BREATH.
>> MARKETS ARE SKYROCKETING, I
SPEAK TOO SMALL BUSINESSESSING
ALL OF THE TIME, CAROLL IS THE
QUEEN OF SMALL BUSINESS THEY ARE
HAPPY OF ALL HECK ABOUT MASSIVE
REGULATORY CUTS THEY DON'T HAVE
TOO LOOK OVER THEIR SHOULDERS
EVERY DAY, AND CALIFORNIA WANTS
TO SCREW THE INDEPENDENT
CONTRACTOR THERE THAT WILL HURT
BUSINESS.
DAVID: LET'S TALK TO A MAN WHO
SPENDS HIS LIFE DEALING WITH
SMALL BUSINESS.
GARY COHN AND HARK
GARY COHN AND HASK
GARY COHN HND HASK
GARY COHN HAS HASK
GARY COHN HASSEASK
GARY COHN HASSETTK
GARY COHN HASSETT.
BRING IN HECTOR GREAT TO SEE
YOU.
WHAT DO YOU THINK, HAVE SMALL
BUSINESSES DONE AS WELL OR
BETTER THAN BIG CORPS?
>> NO DOUBT.
REMEMBER THAT OLD SAYING TRUST
WITH VERIFICATION.
WE WERE TRUSTS IT WOULD WORK,
NOW WE HAVE A LOT OF RESULTS,
YOU DON'T HAVE TO TAKE MY WORD
FOR IT YOU TALK TO SMALL
BUSINESSES EVERY DAY, THEY'RE
HAPPY WITH THE WAY THINGS ARE
GOING RIGHT NOW, THEY WANT IT TO
KEEP GOING THEY HOPE THIS
ENVIRONMENT THEY HAVE BEEN
LIVING UNDER, WILL CONTINUE TO
GO ON TO FUTURE.
BUT, ALL ACROSS THE BOARD,
WHETHER YOU LOOK AT UNEMPLOYMENT
RATES WHICH ARE AT HISTORIC
LOWS, ESPECIALLY THE HISPANIC
MARKET, WE HAVE NEVER SEEN
NUMBERS THIS LOW, PEOPLE ARE
INVESTING MORE INTO THEIR
BUSINESSES, AND EXPANDING
OPERATIONS.
SO, WE WANT THIS TO CONTINUE,
AND BY THE WAY WE THINK THAT
THERE MORE THAT CAN BE DONE WITH
REGARD TO TAX INCENTIVES FOR
SMALL BUSINESSES.
DAVID: LIKE WHAT?
>> WELL, AT END OF THE DAY, AS
YOU KNOW MOST SMALL BUSINESSES
PAY THEIR TAXES AT THE
INDIVIDUAL RATES, WE THINK THAT
INDIVIDUAL RATES COULD GO DOWN A
LITTLE BIT MORE.
A LOT OF LARGE CORPORATIONS VA
MECHANISM THAT SMALL BUSINESSES
DON'T HAVE TO DETUCK THINGS, AND
HAVE MONEYS OFFSHORE AND ET
CETERA, SMALL BUSINESSES DON'T
HAVE THAT ADVANTAGE.
WE THINK THAT TAX CUTS ARE GOOD
ARE THEY ARE HELPING SHALL BE
BUT WE COULD DO MORE AND GROW
THE ECONOMY FURTHER FOR THE NEXT
COUPLE YEARS.
>> GARY?
>> MAY I ADD, GIVE OR FAKE A FEW
BUCKS HERE, WE'RE GOING TO SEND
GOVERNMENT FEDERAL STATE AND
LOCAL THIS YEAR LIKE 5 1/2
TRILLION DOLLARS.
>> THAT IS A LOT OF RUN.
>> THERE IS ROOM TO CUT, THEY
HAVE NOT PROVEN THEMSELVES TO BE
APPRECIATE WITH OUR DOLLARS, I
WOULD TAKE A FEW BUCKS OUT, AND
NOT FEED THE BEAST AS MUCH AND
WATCH THE ECONOMY GET STRONGER
THAN IT RIGHT NOW.
WE THE PEOPLE THAT DRIVE THE
ECONOMY NOT THEM.
>> ON OTHER HAND.
LET THESE THROW SOMETHING IN
HERE, WE WERE TOLD TIME AGAIN IF
YOU CUT TAXES AND CUT TAX RATES
YOU WILL HAVE LESS TAX REVENUE.
>> WE HAVE PROVED THIS WRONG.
>> MORE.
DAVID: MORE TAX HEF
DAVID: MORE TAX REF
DAVID: MORE TAX REVENUE HAS COME
IN, SUPPLY SIDE THEORY THAT
INCREASING ECONOMIC ACTIVITY
WITH LOWER RATES CAN LEAD MORE
REVENUE THAT IS A GOOD THING.
>> I AGREE WITH GARY, AND WITH
SOME OF YOUR OTHER PANEL ONISTS,
WE -- PANELISTS, WE HAVE A
SPENDING PROBLEM.
SOME INCENTIVES BUILT IN HAVE
BENEFITS US IN WAYS NOT SEEP
BEFORE, TRILLIONS OF DOLLAR
REPATRIOTED BACK UNITED STATES A
LOT OF MONEY IS BACK INTO THE
COMPANIES, THEY ARE HIRING MORE,
THEY ARE LOADING UP ON
INVENTORIES, I THINK WE'LL SEE A
LOT OF THAT EVIDENCE IN THIS
LAST COUPLE DAYS.
>> I MEAN --
>> YOU WILL SEE NUMBERS GO UP IN
TERMS OF SALES.
>> HECTOR NOT LIKE A LEG
>> HECTOR NOT LIKE A -EG
>> HECTOR NOT LIKE A -- THANK
YOU FOR BEING WITH US, NOT SUCH
A MYSTERY ABOUT WHERE PROSPERITY
COMES FROM.
LOWER TAXES, LOWER REGULATIONS,
AND LOWER GOVERNMENT SPENDING,
HOPEFULLY TRUMP WILL WORK ON
GOVERNMENT SPENDING IN 2020.
>> PLEASE.
>> THE NOTION OF SMALL BUSINESS,
WOULD YOU SEE BIG BUSINESS IS
TOR
PORTRAITED AS EVIL, AMAZON FOR
EXAMPLE, IN A PROSPER IOSOUS ECO
EXAMPLE, IN A PROSPER IOSOUS ECY
A RISING TIDE LIFTS ALL BOATS.
>> NO BOUGHT ABOUT IT AMAZON WAS
A SMALL COMPANY ONCE.
THE SMALL BUSINESSES THERE IS
NOTHING SMALL ABOUT THEM THEY
ARE THE ENGINE THAT FUEL THE
ECONOMY.
A LOT OF THE INNOVATION COMES
FROM THOSE SMALL BUSINESSES,
WHATEVER WE CAN DO TO GIVE THEM
MORE OF THEIR OWN MONEY, THEY
KNOW WHAT TO DO WITH IT THEY ARE
NOT TAKING VACATIONS AND BUYING
NEW CARS.
>> ONE THING TAX CUT -- HAVE LED
TO HIGHER GOVERNMENT DEFICITS.
DAVID: WHY DO YOU SAY THAT,
SPENDING HAS LED.
>> NO.
>> RIGHT.
>> IF YOU DON'T CUT YOUR
SPENDING, YOU CUT YOUR TAXES GET
HIGHER DEFICIT.
>> TAX REVENUE UP 4% IN 2019.
OVER 2018, NOT A REVENUE
PROBLEM, IT IS A SPENDING
PROBLEM.
>> ZACH ON THE RECORD HE WANTS
TO CUT GOVERNMENT SPENDING.
>> I DID NOT SAY THAT, YOU ARE
MY GOD DEFICITS ARE GE TO
MY GOD DEFICITS ARE GOITO
MY GOD DEFICITS ARE GOING TO
KILL US, NOW THE FUTURE IS GOLD
IN.
>> NO, WE HATE DEFICITS WE HATE
INEFFICIENT AND TOO HIGH
SPENDING THAT NEEDS TO BE
ADDRESSED MOVING FORWARD OR
THERE WILL BE A DAY OF
RECKONING, I AM IN THAT CAMP.
>> HECTOR, YOU HAVE TO COME
BACK, YOU SORRY A LOT OF DEBATES