MARIA-00
Celebrates Holiday in Florida, His Administration Continues To Take Shape;
What to Expect During Trump's First 100 Days; Florence Henderson Dies;
Chasing Black Friday Deals; Nintendo Fans Line Up - Part 2>
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Casone, Vera Gibbons, Kirsten Haglund, Mike Murphy, Morgan Ortagus, Mike
Murphy, Scott Brown, Morgan Ortagus >
President-elect; Donald Trump; Airports; Busses; Train; Nikki Haley; United
Nations; Ambassador; Secretary of State; Mitt Romney; Apple; 3D; Nintendo;
Arcade >
PETER BARNES, FOX BUSINESS NETWORK: Hey, Dagen. The president-elect seeming to struggle with that pick for Secretary of State with some supporters pushing him to choose Mitt Romney, and others wants Rudy Giuliani. Romney critics note that the former Massachusetts governor trash Mr. Trump during the Republican contest, calling him a conman, phony and a fraud. Trump campaign manager, Kellyanne Conway, weigh in with a tweet yesterday writing, Kissinger and Shultz as Secs of State, flew around the world less, counseled POTUS close to home more. And were loyal. Good check list.
Meantime, New Jersey governor, Chris Christie, still in a running for a top post according to newjersey.com, a source close --nj.com, actually. A close source to the Trump transition said Christie is a contender to become secretary of energy or secretary of homeland, website quoting -- a source is saying the only person who really values what Chris has done and how loyal he's been is Donald Trump, and the Wall Street Journal following our own Charlie Gasparino, and reporting billionaire Mr. Wilbur Ross is in line to become the next commerce secretary. We are here working today, Dagen, on transition watch to get it all to you as soon as we get it. Back to you
MCDOWELL: And I can't wait. It's exciting.
BARNES: Yeah.
MCDOWELL: He's turned the entire thing into this reality show beauty pageant and I'm digging it. Thank you so much, Peter. Will Donald Trump be good for the U.S. economy? The president-elect has outlined his agenda for the first 100 days in office, and on top of that list is a bold tax reform plan. It could grow the economy 4 percent, more than that a year, creating at least 25 million new jobs. The question is can Trump and his advisors deliver? Joining me now is former member of President Ronald Reagan's economic policy advisor -- Art Laffer and economic advisor to President-elect Donald Trump, Steve Moore. Steve Moore, can you do broad tax reform, corporate and individual, in -- I'll give you 150 days? Can it be done?
STEEVE MOORE, ECONOMIC ADVISOR: Well, I think we've got a good shot at it. And by the way, you talk about the impact of Trump on the economy, my goodness, look what happened to the stock market since he was elected. It's clear that investors are very pumped up about this Trump agenda. I've been question about whether you move forward just with the business tax cut or you do what chairman house ways and means committee chairman, Kevin Brady wants to do, which is do the big boom to the whole tax package all at once. I'd love Arthur Laffer's advice on that. But, look, if we can get this tax cut passed this year, I think it's going to be a huge stimulus for the economy. I do think we get to 4 percent growth.
MCDOWELL: All right. Steve More is on the record at talking at least initially, you can correct me if I'm wrong about doing the corporate tax cut by itself first because it would be -- it quick to move on. Do you do the whole thing together, individual and corporate or do separate them? Go.
ART LAFFER, ECONOMIC POLICY ADVISEOR FOR PRESIDENT REGAN: If you can do it altogether, that would be wonderful, wonderful, Dagen. But if it takes a lot longer to do the personal, I'll just do the corporate right away, and then go back and do the personal later. I mean, I agree with Steve totally on this. And there's also the expensing of capital purchasing, the estate tax should be done in the first day. There's no more tax more disgusting than the estate tax, it's just revolting. But I think we should do it as fast as we can if it takes it breaking into pieces like Steve said or takes it together. I'm relying on Steve because as you know, Dagen, Steve is very, very important in this transition, and despite him having a little frog in your throat, Steve, you've got hoarseness, don't you?
(LAUGHTER)
MOORE: Too much yelling in these meeting. Was it a football game or-- no longer yelling at liberals because that's not in the cards anymore. Well, you know, just to be very serious about this for a minute. You know, we look at what happened when you guys put the Reagan tax cut through, you signed that into law in August, right? Of that first year in office. And once that tax cut really kicked in, we saw unbelievable growth, Dagen. We saw quarters of 5, 6, 7, 8 percent growth. So, and all these people say, oh, gosh, we could never get to 4 percent growth. I don't know what they're talking about. I mean, we had -- unbelievable years of growth when we had the Reagan tax cut, and I think we can do the same thing. It's a question of how fast we can get it done. But you look, Dagen, at the plan that Donald Trump put together and the plan that Paul Ryan and Kevin Brady put together in the house, there's very little difference. We think we can reconcile those differences in a couple of weeks, Arthur, moment it get signed, get it through, I like to see it done with Democratic votes the way you did it in 1981, so you have some sustainability and some buy-in with Democrats.
LAFFER: I think we can get it with Democrats. Because, frankly, there's a group of 52 Democrats, sort of the blue dog group, and they don't mind our tax bill at all, as long as we're willing to work with them and make it happen. And I think that's a really important point, Steve. Let's get some Democrats on board so it's really bipartisan.
MCDOWELL: And Art, you're talking about the broad tax reform that includes individual, right?
LAFFER: If you break them apart -- the problem with 1981's tax bill, Dagen, we phased in the tax cuts. If you know that they're going to cut taxes next year, what do you do this year? You defer all the income you can to next year. We caused the 81-82 recession by phasing in and delaying tax cuts. This administration should not make that mistake. Kennedy made the mistake, Harding and Coolidge made the mistake, Reagan made the mistake. God, I hope that Trump doesn't make the phase-in mistake.
MCDOWELL: And one thing I'll point out. And Art, you can respond to this, is that if you cut corporate taxes, but then what about the small businesses who are taxed at the individual level. You want to hand out the goodies, so to speak, to all business owners.
LAFFER: Yes, you sure do. And what Steve says is correct. In the past there one would you put their tax rate at 15 percent as well, I think it's very, very important. But, you know, you don't have to do everything in one big gobble, Dagen. If you can get these corporate tax cuts and expensive, and estate tax, and some of these others right away, repeal of Obamacare, undoing a lot of those executive orders, if you could do that in the first 60 days, let's do it and then do the next one. Brady and Ryan have great proposals and plans, some of them are fairly complicated, and delicate, and have to be vetted by committees. But the stuff we can do quickly, don't make the mistake of waiting two years and then doing something, because then you'll have a hell of an economy and you'll be fighting uphill battles all the way.
MOORE: Dagen, just to be clear on one thing when we're talking about doing the big business tax cut possibly first, that would include the tax cuts for the small businesses. I mean, every meeting I've been in, Arthur, with Donald Trump, he said when we do this business tax cut I want it to be for the 26 1/2 million small businesses in this country. I loved when he said that. It was music to my ears.
MCDOWELL: That would be -- that makes it sounds like you've got to do the whole kit-caboodle at one time.
MOORE: But then, you'll do -- for personal income taxes, you do it for workers, and obviously we want it deliver a big tax cut for working class people as well, but you that and possibly a second tier. Now, look, again, if Kevin Brady and the members of congress think they can get the whole kit-caboodle down in one big swoop, I'm in favor of that. Not necessarily advocating one or the other, I'm just saying there's two possible tracks to go.
MCDOWELL: Steve, real quick, one thing the Democrats love talking about that spending. And Donald Trump talked about spending a trillion dollars on infrastructure. Is it a trillion dollars in borrowing, is that what's going to be?
MOORE: Oh, no, I think that trillion dollars is going to include things like building pipelines. And, by the way, that doesn't increase the debt at all. That will be all privately financed, you know, maybe some public- private partnerships to build toll roads and so on, that don't cost the taxpayer a penny. So I think you can do a lot of new infrastructure without massively increasing the debt. And maybe put a little infrastructure spending in this business jobs bill, and there is where I think you'll get those Democrat votes because those are union jobs.
MCDOWELL: Yeah. Art, I would give you the final word. Go ahead.
LAFFER: Yeah. I want to say, Dagen, throughout these years, I've watching you on TV, and you've always talked about government spending and infrastructure with an eye to it being damaging. You are correct. The only way infrastructure spending makes any sense is it the products makes the economy more efficient. Just remember, every dollar the government spend they take for someone else. This is not a jobs bill. This makes our economy more efficient. So, I would love it if they'd stop talking about jobs, and start talking about making the government sector and capital stock more efficient and not jobs.
MCDOWELL: That's why it always stuck in my throat.
(CROSSTALK)
MOORE: Arthur, remember what our old friend Milton Friedman used to say, there's no such thing as a free lunch. -- it has to come from the private sector.
(CROSSTALK)
MCDOWELL: What's the line, I'm from the government and I'm here to help?
MOORE: Run, when they say that, run.
(LAUGHTER)
MCDOWELL: Art, Steve, love to you both. Happy Thanksgiving, happy holidays, and we want to see you often.
MOORE: Thank you.
MCDOWELL: Coming up, the Black Friday frenzy upon us, shoppers pours into stores across the country and search for the hottest deals. And Dominos taking a page from Santa's book, the pizza company's plan to slay the delivery competition, next.
(COMMERCIAL BREAK)
MCDOWELL: Welcome back, everybody. We're exactly 45 minutes away from the opening bell. Take a look at some stocks on the move this morning. Apple's next iPhone could have the ability to take three-dimensional photos. There's a report out saying that the iPhone 8 would be able to give you the ability to add extra 3-D effects with this dual camera mode, module. The phone is expected to launch in mid-2017, about the time in the early fall that most phones come out. Apple planning a major redesign for the iPhone to mark its 10-year anniversary. The U.S. health care company, Johnson & Johnson, approaching Swiss biotech firm, Actelion, about a possible takeover. Deliberations are reportedly in the very early stages, following an initial offer from J&J to Actelion. Actelion declining to comment on this. Actelion is valued at about $17 billion.
A wrong way driver crashing into a Greyhound Bus, Lauren Simonetti had those details right now. Hey, Lauren.
LAUREN SIMONETTI, FOX BUSINESS NETWORK: A horrific story. You've got to see this video. It's a head-on hi-way collision this morning, and it was deadly. A driver slammed into a Greyhound Bus causing the closure of the interstate 10 in Arizona. Troopers tried to stop the wrong war driver, they failed to do so before the crash happened. The driver was pronounced dead at the scene. Now, 35 people were on that bus, and some on them taken to the hospital. They sustained minor injuries. Look at that.
Well, folks in Tokyo, amused by the first November snow since 1962. Snow doesn't usually appear in Tokyo until January or February. The snow actually cause minor train delays during the morning commute. Temperature did drop to record lows in some areas of Japan. And you're not going to believe this one, you really not, Dominoes is training reindeer, reindeer to carry your pizza, that's right. -- Japan, actually using reindeer as a contingency plan for the especially snowy weather, they're expecting to get this winter. They're using animal trainers and they're putting insulated pizza containers strap to the backs of the animals. And I'm a little disappointed by this, but we want to clarify for you, the reindeer will be walking, not flying, unfortunately. And Christmas coming early for Star Wars fans.
(BEGIN VIDEO CLIP)
UNINDENTIFIED FEMALE: Our rebellion is all that remains to push back the empire.
UNINDENTIFIED FEMALE: I think he might be able to help.
UNINDENTIFIED MALE: When is the last time you were in contact with your father?
UNINDENTIFIED FEMALE: What is this?
(END VIDEO CLIP)
SIMONETTI: Tickets for Rogue One, a Star Wars Story, will go on sale on Monday. The new movie is both a spinoff of Star Wars and a prequel to it. A group of rebels try to steal the design for the empire's first death star weapon. It hits theaters December 16th. So we're talking about the same weekend as last year. I mean, last year, the gross was more than $2 billion worldwide, Dagen.
MCDOWELL: I waited to see it. I don't like fighting with people for seats and stuff.
SIMONETTI: OK, I got you. I thought you're going to tell me that you got on-line early and all that, but, OK. Very peaceful, Dagen, thank you.
MCDOWELL: Yeah. It's very rarely can you use that word in relation to me, but thank you, Lauren. Coming up, stores launch a price war in the battle for Black Friday shoppers. We are live, keeping an eye on the crowds.
(COMMERCIAL BREAK)
MCDOWELL: That is the line for the Nintendo store in Rockefeller Center. You can look at there, people are lining up for the classic console that you can't get anywhere else at this point. Maniac, that's what people are if you go out shop Black Friday? No, not at all. The mad dash for deals is heating up, as costumers are legit out looking to get a head start on their holiday shopping season. Take part in the spirit and save some money. Cheryl Casone is at the Galleria Mall in White Plains, New York, with the very latest. Hey, Cheryl.
CHERYL CASONE, FOX BUSINESS NETWORK: Save some money, spend some money, Dagen, $27 billion is the projection for spending today on Black Friday. A lot of that is going to be electronics and toys. I want to show you a couple of toys that we found, they're actually very fascinating. First, it's all about the drones. Zohar, is with me right now. Zohar, just put this drone together. Go ahead, and fly around and show us how this works. It's got a camera on it, right?
UNINDENTIFIED MALE: HD camera with live feed to your phone. You can live stream it and watch it where we're flying.
CASONE: And then it comes against your phone. And it hits the box -- and also your wife, Esther, you're in charge of the driving. Esther, I love this.
UNINDENTIFIED FEMALE: It's a transformer.
CASONE: It's a transformer, wow, check that out. And this is one of the hot toys, right?
UNINDENTIFIED FEMALE: Yeah.
CASONE: And, Zohar, you were telling me that you expect the drones to sell out?
UNINDENTIFIED MALE: Correct.
CASONE: All right. That's going to be -- are the toys here at the Galleria, in White Plains, transformers and drones, Esther and Zohar can help you out. And you guys, guess who I found, you're going to be so excited, Santa Claus is here, and Mrs. Claus as well. We've got to ask you now, Santa. What are the kids asking for? What are the parents -- came to shop.
SANTA CLAUS: Toys, trucks, computers. What do they call that stuff?
CASONE: No drones yet, right?
SANTA CLAUS: No drones, no drones, not yet.
CASONE: OK.
SANTA CLAUS: But I don't think they've seen them yet.
CASONE: They haven't seen the drones, once they do the kids are going to want them.
SANTA CLAUS: Oh yeah.
CASONE: Mrs. Claus you must be tired. This is a busy time for you.
MRS CLAUS: Yeah. I make a lot of cookies, too.
CASONE: Oh, thank you for coming to the Galleria. I know you're all super busy for the holiday. We really appreciate your time today. And I know the kid are going to be so excited to have all of them. We've got Santa, we've got drones, and we've actually got a lot of folks that are now starting to stream into the mall. And we're going to be here all day on Fox Business because that's what we do for you. Dagen, we help you shop and spend your money, back to you.
MCDOWELL: It's actually fun, a fun place to be on this day. Cheryl, thank you so much. Cheryl Casone out in the field for us. Let's bring in personal finance journalist GasBuddy.com senior consumer analyst, Vera Gibbons. You know, you said, you thought there were a lot of people -- at least in that shots, there's a good number of people for a mall this time of day.
VERA GIBBONS, GUSBUDDY.COM SENIOR CONSUMER ANALYST: Because all the analysts I've been speaking to are saying, oh, foot traffic is going to be down, people aren't going to be spending. But at all accounts, it looks like a lot of people are in the mall, they are shopping and probably doing quite a bit of shopping on-line as well.
MCDOWELL: It's something that's retro about it. There's a study that shows that millennials are more likely than baby boomers to wait in line for Black Friday -- we're talking about it earlier.
(LAUGHTER)
(CROSSTALK)
MCDOWELL: Because they're crazy.
(LAUGHTER)
KIRSTEN HAGLUND, FOX NEWS CONTRIBUTOR: Baby boomers, and people, and parents, and grandparents have waited in line and done this. And millennials it's their first time out there. So they want to do it. They want to tweet about it, they want to share it, #blackfriday, are they trending, I saw it earlier this morning, so they want to be a part of that experience.
GIBBONS: But in your mother's generation, your grandmother's generation, people use to say about their money and, you know, have their one big splurge on Black Friday. So things are definitely change. People are spending sort of on a staggered in a stagger basis. A lot of people have finished their holiday shopping. They started back in October kind of thing. So it's not the about like it used to be, and a lot of growth, of course, in the on-line spending specifically.
MCDOWELL: And there's a front page story in the Wall Street Journal today that the discounts started earlier. Like a lot-- like JC Penney started the discounts earlier, Walmart was offering mini holidays promotions on November the 10th.
GIBBONS: Isn't that crazy, and we even have Christmas in July, yet again. So the deals have come so much earlier, I think it's really confusing for consumers this year. I think unless you're using like a deal aggregator site like Fat Wall which is teamed up with -- it's pretty hard to even track the sales. Now who's got one at what price point, and what store is open when. And make sure you'll get the best possible price.
HAGLUND: And does that actually then impede people from doing the massive Black Friday stuff, if they're getting the same deals early on November, isn't that the whole appeal of Black Friday?
GIBBONS: It's been diluted in many ways in terms of its importance, but it does set the tone for the holiday shopping. And the tone is very positive right now.
MCDOWELL: Vera Gibbons, we've known each other for a very long time and worked together in the late '90s, early 2000's. It's great to see you.
GIBBONS: You too, Dagen.
MCDOWELL: Black Friday as always, we'll see you soon.
GIBBONS: All right.
MCDOWELL: Vera Gibbons. Coming up, final thoughts from our all-star panel.
(COMMERCIAL BREAK)
MCDOWELL: Kirsten, final thoughts.
HAGLUND: Get out there for Black Friday. Make this economy great again, and have fun.
MCDOWELL: Mike.
MIKE MURPHY, ROSECLIFF CAPITAL FOUNDER: Thankful for my family, I love you guys.
MORGAN ORTAGUS, MAVERICK PAC CO-HAIR: Let's remember all the troops, everybody who's deployed oversees, thank you for what you're doing. God bless America.
END
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(Show: MORNINGS WITH MARIA) (Date: November 25, 2016) (Time: 06:00:00) (Tran: 112502cb.231) (Type: SHOW) (Head: Black Friday Madness; Democrats in Disarray; Photoshop for Tots; Consumers Rush to Stores; Reddit Targets Trump; $400M Jackpot; Trump's Tax Plan ) (Sect: News; Financial)
(Byline: Dagen McDowell, Cheryl Casone, Lauren Simonetti )
(Guest: Grover Norquist, Mike Murphy, Morgan Ortagus, Kirsten Haglund, Howie Carr, Jeff Gardere )
(Spec: Retail Industry; Business; Politics; Government; Technology; Children; Trump )
(COMMERCIAL BREAK)
DAGEN MCDOWELL, FBN ANCHOR: Good morning, everybody. I'm Dagen McDowell, in for Maria Bartiromo. It's Friday, November 25th.
Your top stories at 7:00 Eastern time.
Shoppers across the country rushing to stores to save big money. As the lines grow, major retailers are looking for more ways to improve sales. Why big names are betting on luxury items to bring more folks to the store including Wal-Mart offering an $18,000 watch.
A top Democrat going after Trump -- why he says some of the President- Elect's supporters have been lied to.
And Hollywood mourning a legend.
(BEGIN VIDEO CLIP)
FLORENCE HENDERSON, ACTRESS: Sweetheart, daddy has gone to play golf. And any way we don't want to bother Daddy about this on his day off. Maybe we can figure out what happened.
UNIDENTIFIED FEMALE: I told you what happened. He took it.
UNIDENTIFIED MALE: What is going on in here?
UNIDENTIFIED FEMALE: He took it.
UNIDENTIFIED MALE: He did not.
UNIDENTIFIED MALE: Hold it.
UNIDENTIFIED MALE: It's slow motion, I think. Very effective, you know that.
(END VIDEO CLIP)
MCDOWELL: Florence Henderson, best known for her role as Carol Brady on "The Brady Bunch" has died at the age of 82. We are looking at her life, her career of this beloved star.
Outrage as one of the company -- one company targets your kid's self- esteem, the app parents need to know about and, well, shut down.
Turning to markets, a shorter trading day here in the United States market closing at 1:00 p.m. Eastern time. We've got gains across the board. So all your major market gauges potentially looking at another record day.
In Europe stocks are heading lower, you've got losses across the board although modest.
And in Asia overnight markets ending the week on a positive note -- higher across the board.
One town has a big reason to cheer this holiday season. The giant surprise as the founder of Corona buys everyone more than just a drink.
All of that and so much more coming up this morning. Maverick PAC national co-chair Morgan Ortagus is here; Rosecliff Ventures founder and CEO Mike Murphy; and conservative commentator Kirsten Haglund. Lovely to see all of you.
MIKE MURPHY, ROSECLIFF VENTURES: Good morning, ladies.
MCDOWELL: Have you started -- you've got a gigantic family -- have you started Christmas shopping yet.
MURPHY: No, we just got through birthday season in my house so no Christmas shopping yet.
ORTAGUS: I did my cards yesterday.
MCDOWELL: You do Christmas cards.
ORTAGUS: Well, it's Christmas and joint Christmas/Hanukkah because our family celebrates both. And so yes, it's like it's my Thanksgiving tradition on Thanksgiving night I look and stamp them and --
MURPHY: Good for you.
ORTAGUS: Yes. It's good.
KIRSTEN HAGLUND, CONSERVATIVE COMMENTATOR: I did neither.
I ate a really, really great meal and I will deal with shopping like everyone else does, a week before Christmas.
MCDOWELL: I ate a fair meal in a restaurant. It caused my face to blow up. So that was my Thanksgiving --
ORTAGUS: Oh no.
HAGLUND: Oh my God.
MCDOWELL: Well, I told you.
HAGLUND: Yes.
MCDOWELL: Preparation H under the eyes. It's magic. Not really. Not really. (inaudible) works.
HAGLUND: You look gorgeous so I think it works on you.
MCDOWELL: Thank you so much, everybody.
And coming up we have former senator, possible Trump cabinet pick -- Scott Brown; Americans for Tax Reform president, Art Laffer; and Trump economic adviser Steve Moore will be here. We cannot wait to talk to those two guys because they're the brains behind the Trump economic plan.
And it's the busiest shopping day of the year -- Black Friday upon us. Shoppers are flooding both big and small retailers in search of the biggest discounts on their favorite items.
Cheryl Casone, we miss her here, but she's at the Galleria Mall at White Plains, New York with everything you need to know. Hey -- Cheryl.
CHERYL CASONE, FBN CORRESPONDENT: Hey, good morning -- Dagen. Good morning -- guys.
Yes, it is Black Friday, and of course, this is the day where all of the deals begin to flood to the malls across America.
But what we are seeing this year, very different from last year, is that for instance, we are here at Galleria at White Plains, New York. Last year they opened, Dagen, at 1:00 in the morning on Black Friday. This year they just opened the door to shoppers, why? Because foot traffic is down across malls across America and down here as well.
So they said, ok, let's wait. There's still going to be a lot of deals coming in -- the Black Friday deals as you can. You can get socks $4 and up, beanies, scarves, leggings, tops and dresses. And also as we look across the country you look at places like the big box retailers whether it was Target or Wal-Mart or Best Buy -- electronics, that's where all the deals are, in particular televisions. We're seeing a lot of that movement in numbers.
Now according to the National Retail Federation, they are expecting to see 137 million Americans, millions shop over the entire weekend from Thursday morning, well, Thanksgiving, not many openings, there all the way into Sunday. That's the total number and then they believe that sales are going to be up 3.6 percent.
Now real quick, guys, before I let you go, I want to bring Ron Williams (ph). I grabbed him to find out what he was going to be shopping for. You said you're going to be going to Macy's -- right Ron?
RON WILLIAMS, SHOPPER: I'm headed to Macy's -- the wife and I. We are trying to pick up a few things for our daughters, and for our nieces and nephews -- maybe a few electronics as well. And we figured this is the best time.