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BARTIROMO: Well, Donald Trump says he want to put America first. He said yesterday that he's got a meeting with Theresa May in the U.K. in next couple of weeks, he wants to put the British-U.S. alliance up front.

And, Larry, look at these markets, we've had 17 record highs since the election. There is an expectation out there that with lower taxes and a rollback of regulation, that businesses will use that money that they are saving to hire more workers, to invest in their business. We've seen businesses sit on cash these last several years.

You don't think they are going to unleash that cash with lower taxes?

SUMMERS: Two points, Maria. As far as United States and Britain are concerned, Britain is now a small economy by global standards. And if our global economic strategy is to trade only with people who speak English, that's going to be a poor strategy, relative to the strategy that China is pursuing, relative to strategy that Europe is pursuing.

With respect to breaks for businesses -- yes, the corporate tax rate does need to come down. But instead of that money flowing to top 1 percent that have been most successful, what we should be doing is raising the taxes on all income that's escaping taxation to the Cayman Islands and the like through a range of tax shelters.


SUMMERS: There is a case for corporate tax reform, but we need to do it in the right way. And, frankly, I think that the danger is that the deregulation that is being proposed the set the stage for the next financial crisis. And we have seen the damage that they could do not just immediately as in 2008, but over years and years, in terms of holding back the quantity of investment.

BARTIROMO: But, Larry, isn't there a case --

SUMMERS: There may be --


SUMMERS: There may be a sugar high. But that is all it will be from the policies that are being suggested.

BARTIROMO: Isn't there a case to be made that we need manage something different? I mean, you know, the national debt has soared under Barack Obama's tenure from $10.6 trillion in January `09 to nearly $20 trillion today. I know that stimulus package after recession was parts of that. Real wages have remained stagnant, Larry. Six million manufacturing jobs have been lost since 2011 despite that huge infrastructure spending, and businesses have suffered under red tape and federal corporate tax rates, the highest in the world, the industrialized world.

Is it fair to say make the case, that something needs to give? That we need a different approach?

SUMMERS: Maria, did not realize you were part of the Trump P.R. operation --

BARTIROMO: Not at all, just looking at the numbers.

SUMMERS: That was a very eloquent speech.

BARTIROMO: I'm factual. I'm factual.

SUMMERS: We to need to change our strategy towards that emphasizes having prosperity bubble up rather than trickle down. There's no reason why the top priority in United States should be cutting taxes for companies at a time after profits have tripled. We need to broaden the tax base, as well as cut the rate.

No, there is not a case for savage deregulation from people who believe that global climate change is some kind of myth of the environment. No, there is not a case for wholesale financial deregulation that will let banks go back to the things that got them in trouble before 2007 and 2008 crisis. No, there is not a case for systemically erecting tariffs and other barriers to trade with other countries, at a time when anybody knows that our businesses don't just import products. They produce as part of global supply chains. And if we cut ourselves out of that global supply chains, and if we cut ourselves out of those global supply chains, we'll cut ourselves out of being competitive.

Are there elements of this that are right? Of course, there are. And I tell you one thing --


SUMMERS: -- which is again losing focus, that is renewing our country's infrastructure. Look at LaGuardia airport.

BARTIROMO: Yes, absolutely.

SUMMERS: Look at Kennedy Airport.


SUMMERS: Look at the fact that Americans pay the equivalent of 70 cent gasoline tax each year in extra car repairs with extra pot holes because we're not doing or jobs. Those are important priorities to be addressing.

BARTIROMO: And he's talked about this infrastructure plan.


SUMMERS: His infrastructure plan is a --


SUMMERS: -- Potemkin village of nothing. It is a --

BARTIROMO: A trillion dollars of nothing? Almost a trillion dollars.

We have to go. We're up against a hard break, but this is going to be an incredible experiment to watch, but it really is a completely approach than we've seen.

Always honor and pleasure, Larry. Thanks very much for joining us.

SUMMERS: Good to be with you, Maria.

BARTIROMO: Larry Summers there.

We'll take a short break, and we're talking next up with former A.G., Michael Mukasey. Stay with us.


BARTIROMO: Welcome back.

Senator Jeff Sessions will be headed to Capitol Hill this week. It's going to be a big week for what could be a contentious set of hearings to confirm him as the next attorney general.

I want to bring in Judge Michael Mukasey right now, former attorney general under President George W. Bush.

And it is good to see you, Judge. Thanks so much for joining us.

MICHAEL MUKASEY, FORMER U.S. ATTORNEY GENERAL: Good to see you. Thank you for having me.

BARTIROMO: What are your expectations out of this hearing upcoming this week?

MUKASEY: Well, my expectations are that he should not have a hard time certainly on the merit. He has all of the experience you could hope for. He also has all of the qualities of mine and character that I think the job demand.

He was a United States attorney in the southern district of Alabama for 12 years. He was attorney general of Alabama. He served in Senate on the Oversight Committee that is actually having this hearing.

So, he served with these senators. He had direct oversight responsibility over the Justice Department, so he understands what it's about and what its problems are. And he is very much committed to its mission.

BARTIROMO: You know, in last several years, Judge, we have seen IRS target conservatives. We've seen the Department of Justice try to squash an investigation of Hillary Clinton, and her Clinton Foundation. We have seen so many government agents get politicized. In your view, how easy or tough is it going to be to unwind that politicizing of what we've seen in government?

MUKASEY: Well, from that standpoint, I think it's going to be relatively easy. I think he will be able to refocus the Justice Department on its job, which is enforcing the law, and enforcing it impartially. I think he will develop or restore good relationship between the Justice Department and state and local law enforcement authorities, which are suffering under what the FBI director called Ferguson Effect, which is the intense hostility that existed between some -- existed between some parts of justice department and state and local law enforcement that's resulted in police officers withholding or hesitating in getting involved in situations, and that operates to the detriment of minority communities that are hardest hit. I think we're going to see that stop.

BARTIROMO: Yes. Do you think, just based on numbers and in terms of votes required, do you think that the skeptics are going to be able to push back and change Donald Trump's proposed cabinet?

MUKASEY: I don't know about other positions in the cabinet. Frankly, I seriously doubt it. The Republicans have majority in the Senate. The -- Harry Reid did away with the filibuster as a tactic in opposing appointments like this. And there will be Democrats who I think will the support the areas of the president-elect's cabinet proposal.

I think, certainly, Jeff Sessions should not have any problem. People -- there will be hullaballoo from people who are -- have hurled false accusations against him in the past, and they very will do it in present. But I don't think it's going to affect him.

BARTIROMO: All right. We will leave there. We'll be watching. Always a pleasures, sir. Thanks very much for joining us.

MUKASEY: Good to be with you.

BARTIROMO: Former A.G. Michael Mukasey there.

President Obama preparing to give a farewell address as his time in office draws to a close. So, what kind of legacy does he leave behind?

The panel is deck to talk about it. We're looking ahead on "Sunday Morning Futures" right now.



BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Right now is that I'm busier than I expected these last two weeks. A great deal of emotion around the people that I've worked with and I think I will still feel that same appreciation for what Churchill and others have said is the worst form of government, except all the alternatives.


BARTIROMO: That's President Obama today, preparing to give his farewell speech this upcoming week in Chicago, the city that launched his political career.

The panel is with me now. Tony Sayegh is a Republican political analyst, executive vice president of Jamestown Associates, and a FOX News contributor. Jessica Tarlov is a Democratic pollster and senior political strategist at Schoen Consulting. And former Massachusetts Senator Scott Brown is a FOX News contributor.

It's a pleasure to see you all. Thanks so much for joining us.



BARTIROMO: Senator Brown, kick us off here. President Obama's legacy?

SCOTT BROWN, FOX NEWS CONTRIBUTOR: Well, it really depends where you're sitting. I had a personal interaction obviously with the president. I think his legacy really begins in earnest in changing it when I won the election in Massachusetts, which took away super majority. And therefore, he wasn't able to ram through a lot of things that they tried to do, merge Obamacare, and as a result, you have Obamacare failing.

I think his legacy also will be one of being a divider rather versus uniter, missed opportunities. And then, also, when it comes to foreign policy, looking and really not supporting our allies and emboldening our foes by drawing lines and not fulfilling, you know, promises, that kind of an apology tour mentality.

And then, finally, putting his legacy, putting all of his policies in play in this election with Hillary Clinton really losing a third term, by having his policies rejected, which will, in fact, be rejected in first 50 to 70 to 100 days.

BARTIROMO: Yes, it's funny when you said I keep chuckling when I see President Obama say, I could have won if I a run a third term. He keeps talking a third term.

BROWN: He did. He did run. He did run.

BARTIROMO: Jessica Tarlov, your thoughts on his legacy.

TARLOV: My thoughts are more positive than Scott, but I think we knew that was going to happen. I think that President Obama will in his speech in Chicago reflect upon the economic gains that we've seen of his time, he'll talk about 70-plus months of private sector job growth. We just saw wages go up 2.9 percent this quarter.

And he will talk about Obamacare and the fact that now, polling shows we're just breaking even on popularity, which is actually a huge upswing for that. But that costs are rising at a slower pace than decade before Obamacare. He'll talk about 20-million-plus insured because of it. And, you know, hopefully, he'll also reflect on some of the challenges that still face us, going forward, but how important it is to make sure that you know Americans have affordable. And I know affordable is still in question at this point. But affordable care going forward, and I think he will also talk about climate change pact.

BARTIROMO: Well, I don't --

TARLOV: He has role there.

BARTIROMO: I mean, I think you make great points.

TARLOV: Thank you.

BARTIROMO: But, of course, we know that President-elect Trump is looking to reverse that.

TARLOV: He is --


BARTIROMO: I don't know that anyone would say that Affordable Care Act is actually affordable, right?

TARLOV: Well, no, I think, listen, premiums have gone up. They're going up at a slower rate than they were.


SAYEGH: Triple digits in some states.

TARLOV: No, if you listen to President-elect Trump, you listen to Kevin McCarthy, you listen to Kellyanne Conway, Republicans know that they cannot get rid of Obamacare without a plan to put in place of that. So --

SAYEGH: Maria --

BARTIROMO: Yes, Tony Sayegh?

SAYEGH: Let's go back to the legacy real quick.

BARTIROMO: Tony Sayegh, legacy.

SAYEGH: President Obama came into office on the theme of hope and change. And if you look at data, the most disappointing aspect of his presidency is more people after his eight years have less hope. That's the only thing that's really changed.

Seventy-six percent in a "Wall Street Journal" poll say they don't think their children will have as good an experience in this country as they did, a secure future as they did. Economically and if you look at record, I mean, anemic growth, 1.5 percent average, 9 percent drop in wages, Maria, that's one the reasons Donald Trump's populism was able to win, explosive death, added more than all of his predecessors combined.

But the real problem is, he replaced the American doctrine, held by Republicans and Democrats of peace through strength, with the doctrine of chaos and weakness, from Iran to the retreat in Iraq that led to ISIS, the complete chaos we have now basically because Russia has reasserted itself.

This is the most unfortunate part of the legacy. But I think Senator Brown hit on something. Forget about just policy failures, spiritually, this is a man who came to office in a very special way, at a very special time, and he could have united us. But instead, he chose to take his power and divided us on lines of race, class and political division and that's saddest part of the Obama legacy.

TARLOV: He did that by himself, right? Republicans have nothing to do with what happened.

SAYEGH: Well, he was a big leader in that.

TARLOV: Well, we should also mention that he is first African-American president and that will be a crucial part of his legacy I think going forward.

BROWN: Of course. Maria?

BARTIROMO: Well, for sure. Yes?

BROWN: Of course.

TARLOV: Oh, my God, everyone agrees.

BROWN: He was the African-American president and that's great. And he was to be president of everybody, he chose as just referenced, to divide us. We have many opportunities to move this country forward, I was there, Jessica, with all due respect --

BARTIROMO: We've got to jump.

BROWN: I was the most bipartisan -- I was most bipartisan senator there. There were many, many opportunities to work together. He only checked out by not visiting the Democrats --

BARTIROMO: Thank you, guys.

TARLOV: Thanks, Maria.

BARTIROMO: We've got to jump.

BROWN: -- to move our country forward. So --

BARTIROMO: Great panel. Appreciate it. Have a great Sunday. Thank you so much, everybody. That will do it for "Sunday Morning Futures". I'll see you tomorrow, Fox Business Network.


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