china. >> a fascinating article for one of our reporters in china with the state funds from keeping the market kind of artificially steady ahead of that meeting, limiting volatility is really a grind higher their not a very interesting thing to watch. >> things for having me. one of the various starts right now. >> happy thursday to you. good morning, everybody. i maria bartiromo. thursday, over 12. top stories right now 6:00 a.m. on the east coast. we are awaiting earnings reports from both citigroup and jpmorgan due out before the bell this morning. what you need to know before the number is 50 k. full coverage and analysis. markets flatlining again ahead of the results. that's what the case was yesterday at this time. yet another all-time high situation yesterday. other majors in uncharted territory. european indices this morning at

955. cac down six, dax germany dan thinks. stocks mostly higher with the exception of china. shanghai composite could not get it done. the others up fractionally. get it done. president trump calling on congress to take action as he sells his plan for historic tax reform to the american people. >> america is finally back on the right track. but our country and our economy cannot take off like they should unless we transform america's outdated, complex and extremely burdened some tax code. now it's our chance to reclaim america's destiny. >> borne the major push for tax reform including what the commander-in-chief cause a pay raise for the middle class. the white house is not stopping there. president trump moving forward without congress to sign an executive order on health care which will allow people and

organizations to buy insurance across state lines. fox business life to the president's event that begins at 11:15 a.m. eastern this morning. /evacuations are underway as massive wildfires grow across several areas in the state. the latest is a firefighters struggled to control blazes that have now left at least 23 people died. the death toll has risen. hollywood's nightmare continues this morning for harvey weinstein as he reportedly enters rehab. the justice department launching an investigation into all of this. the latest on the claims that are shot tinseltown. so that demands a billion. wendell reportedly wants remover as any summit in its trade secret lawsuit against the ridesharing service. all of those stories coming up this busy thursday morning. fox business network dagen

mcdowell. editorial editor james freeman is there and see if our investment strategist on the ballots here. great to see you. good morning. dagen: good morning. i'm so fired up. so much stuff going on. maria: me to give effect to harvey weinstein stuff, more developments there. the tax-cut plan and then debate parenting. this is going to be a big deal? >> i don't think expectations are too high. bone growth continues to decelerate. it is a tough year-over-year comparisons. i think the expectations are low, but it's interesting to see how they react. train two of course are going to take a look of market reaction. to join the conversation, sean duffy is here. small business administrator linda mcmahon will join us in the ceo of pharma is here as well. the program ahead. let's focus right on bank earnings, that will likely set the tone for markets.

jpmorgan chase set to report a third were to result in the next hour. here are the expectations. expected to post earnings of $1.69, roughly 25 billion in revenue. take a look at the stock this morning fractionally lower. estimates have come down. bank analyst with vertical group today. good to see you, sir. thank you for joining us. what are you expect in terms of the big drivers of the quarter at jpmorgan have your expectations come down? >> as has been a kind of sloppy quarter for the banking industry because it's noted you haven't had the ability to sell a lot of products. the growth in commercial loans which was about 10% two years ago is about 2% now. commercial real estate loans are not where they were the last couple years. credit card loans are hanging in about 4% to 5% increase. in general, we are not seeing

any loans anywhere. in addition, you've got this problem with training or it could be down 15%, could be down 20% year-over-year. none of these numbers are particularly strong. debate slowed be able to perhaps pull out the quarter with making slight increases in margins, keeping their costs lower and will have a moderate increase i think for the quarter in both cases. but not exciting in any way. >> this is lindsay bell. will this be enough to the jpmorgan stock obtained% going into this print which is a very impressive move in a one month time span i must add. is this on the news tip of that? >> well, these thoughts have been moving in the past month. that has nothing to do with the fundamentals of the company. in other words, bank stocks did really poorly through most of the summer.

if you go from the peak in march on march 1st 2 roughly september 1st, they were down in the market. they are doing some catch-up in the month of september. generally speaking they have underperformed the market and therefore i don't see this -- i don't see anything will happen with earnings which will get people very enthused about them or get people very depressed about them. >> the financial sector in general is up, which is the best and the s&p 500 index. i'm sitting here wondering how much higher can financial skills. seems like some incidents in the last month as he just said. >> again, a huge move in the stocks from november 8 to march 1st. and then they died. they just stopped moving whatsoever. the move that you got from november to march was based upon the fact that they had an under performing prior to that. as they say, they died now they seem to be coming back.

the fact is the fundamentals have been pretty weak and if you will, showing moderate gains through this hole. the stocks are jumping up and down around the fundamentals but the fundamentals are not suggesting you should be going out and buy everything is aggressively. >> i'm wondering what that tells us about the economy. he would lindsay mention this though long growth over the last year. are we still not really seen a trump bump other than expectations? what do you think the economy is doing here? >> i think you're exactly correct. expect patients remain extremely high. tax-cut potential of big infrastructure spending, all of those things keep expectations relatively high. again, if you look at what the banks are doing day after day, week after week, they are not saying it. businesses are not going to bankers say they have all these plans to make all of these

investments and borrow more money. they are going to the bank or insane we don't know what our tax rate will be next year. we don't know how the economy is going to be doing so we don't want to borrow any money. they've been holding back. there's just no signs coming from the business community to the banks that things are getting better. >> given the state of the banks, it's dagen mcdowell, what does that say for the broader economy? the most recent meeting we had it growing at 3%. does it look much worse in the quarters ahead? >> if you're looking to this one very limited prism which is bank lending, the economy will not grow 3%. it is indicating the economy might have difficulty staying at 2%. but again, a whole bunch other influences on the economy which is what banks are doing. i'm repeating to my chair.

banks are not growing. >> there were some expectations on the impact of the tax-cut plan. a couple of panelists were singing 5% decrease in the corporate rate is equivalent to 5% to 8% on earnings upside to the banks. if in fact you were to get the tax-cut plan year-end in 18. >> given the fact they don't know what they'll do with interest rate deductions. if corporations lose the ability to deduct interest rate on tax forms, basically that is going to lower loan growth. if banks are going to have to be impacted by their inability to take an interest rate deduction on their tax forms, that will have a huge negative impact on the banks. so you know, we don't know. we don't know what's going to happen with the interest rate deduction issue, which is a huge

win for the banking industry. we say there's not an interest rate deduction and now we see as the tax rate, of course the banks will benefit. it doesn't look like it's going to be that simple. train to go ahead, james. >> just wandered from the taxpayer perspective, shareholders have been excited about doing since election night. companies are returning more capital now. we've got the anniversary of the financial crisis last year. should they be concerned? >> i think this whole concept which whole concept would just left him if he will, the industry, which is to pay that earnings in payouts for stock buybacks and dividend increases to me is the same as jamie dimon going to the top of this building on park avenue and throwing money down in the street to people who don't have anything to do with the company. big earnings fundamentally on increases in capital.

you can't give away or n. particularly you can get lawyer capital in such a fashion that you lower the growth rate of the institution. it's a huge mistake. maria: citigroup, jpmorgan both out, it any in terms of citigroup? any takeaways in terms of what we should be looking out? >> you are looking at a company which is not yet reached a point where it can grow revenues in a meaningful fashion. this is a company which hosted at 3%, 4% growth in revenue because the underlying business which has i'm not going that rapidly. still again the whole buybacks story. they promise to give people $20 billion a year in buybacks. i think that's crazy. trade that we will leave it there. always a pleasure. thank you so much. full coverage and analysis of jpmorgan chase later this morning as soon as does have the

tape that will bring that to you. president trump hits the road. the folks back in washington get the message. get moving on tax reform. although that's billion dollars today. the new report about how the division is trying to muscle over over in its trade secret lawsuit. back in a minute. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. i own my own company. i had some severe fatigue, some funny rashes. finally, listening to my wife, went to a doctor. and i became diagnosed with

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bigger taxes for american workers. my council of economic advisers estimates this change along with a lower tax rate would likely give the typical american household a $4000 pay raise. could be a lot more than that. >> and our great congressman, congresswoman, all the people we are working to, all i can say is you better get it passed. maria: president trump taking his tax plan on the road. he sends a strong message to congress yesterday to get this done during a rally in pennsylvania. the president promised voters that would give american householders a pay raise, $4000

pay raise on average. how do you get there james freeman in terms of that number? >> the president was speaking for all of us telling congress to get it done. it is great to hear him talking about middle-class tax cuts, but i think he needs to talk about tax cuts for everyone if we want to encourage growth. the top 1% of income earners in this country pay more than the bottom 90% combined. maria: preaching to the choir. >> if you are designing a growth plan and the ideas you cutting taxes, you have to go where the incentives matter. i am hoping there is a consensus on corporate tax reform. a lot of research on other economists to show when you cut corporate tax rates, workers benefit. their wages go up because

businesses invest more. that means there's more productivity and they can demand more money. maria: 20% of the red redline. >> b. average in developed nations are the corporate tax rate is 22.5%. so we do need to get that rate down to 20%. the president has said that this redline. he needs to cut because again we talk about this is going to be middle-class tax cut in either this kind of tap dancing about the upper grade and how that rate will be structured. they need to stop getting in as you said over and over again to the rhetoric from the left and rhetoric for democrats that this is some handout to the rich. when you have the top 10% pay more than 70% of the taxes, those are the people in businesses that create jobs. you have to actually cut those

taxes. let's talk about getting this done. there are some republicans who have already said i'm not signing this. i'm not voting yes, like rand paul. they need democrats. do you think they'll get it donnelly, heidi heitkamp, do you think they look at the vote? >> a look at votes republicans only because the heady heights and so the democrats. and they make tax cuts have been. they only come on board once it's obvious republicans are going to pass it. it may not be pretty, but i think they will find the senate republicans to pass the tax. dagen: if you listen to the democrats to come on this program, they talk about the 25% rate entities which would benefit smaller businesses enormously. people are going to take

advantage. >> there's going to be back. again throwing a pause to data and that is really what politicians in some way have been promising small business owners and entrepreneurs in this country for 40 some odd years. maria: which is why the right keeps on getting bullied because the left is coming up with things you expected anyway and then you've got president trump having to defend they will not cut taxes on the rich. >> certainly doing the background were up for the democrats in the state ts one. maria: will take a break every come back we'll talk more about the president's live coverage. we will bring you there at 11:15 this morning. there's a report looking into harvey wines seen as more women are coming forward with allegations of sexual assault. the incredible stories getting worse. google admits its new smart speaker can record your conversation.

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maria: welcome back to the showdown between uber and whammo. >> more trouble appeared rigorous reporting also got asked for a billion dollars in damages in a public apology from bluebird conditions for settling their fight. suing for allegedly stealing trade secrets. the unit has also asked if independent vehicle doesn't use their technology in the future.

goober rejected those terms as nonstarters and no settlement talks are currently scheduled. google decides to remove google home many. it was designed to allow users to a back to the by tapping on the device. some would register touches even when nobody was there. basically they were constantly recording their owners. just a little privacy issue. florida is taking a florida is seeking relief for citrus industry devastated by hurricane irma. state officials in washington asking congress for $2.5 billion in emergency funding. lawmakers warned that the federal government does come through americans will get oranges for their juice from brazil. oranges are not as sweet as regular oranges out of florida. what is the best birthday gift you can get? how about puppies? that is what vladimir putin just got. the rear outlook by poppy was

given to him from the president of turkmenistan as a belated birthday gift. the puppy which means faithful onrushing. putin just turned 65. he's a dog lover apparently. maria: i don't know. does that make it more lovable? >> i'm not so sure, but the puppy was cute. dagen: when he was in a meeting with angela merkel, angela merkel is afraid of dogs and had been attacked by a dog many years ago. his dog wandered into the meeting. dagen: a very large dog and he was terrified -- she was terrified. he uses his dogs for intimidation purposes. we will treat a photo of that meeting because the look on her face was quite terrified. >> also a big lover of wildlife.

he enjoys back and killing people. [laughter] maria: coming up, the california wildfires. what a story. 23 people are dead. the death toll has risen last 24 hours had firefighters struggling to contain the flames that's been raging for nearly a week in wine country. and then more women have come forward with allegations of sexual assault. back in a minute. the ♪

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activate your within. ask your doctor about once-weekly trulicity. maria: welcome back, good thursday morning, thank you so much for joining us. we are happy you are with us. it is thursday october 12th, 6:30 a.m. on the east coast. jpmorgan and citigroup set to report earnings, we are waiting on the numbers out soon.

profits expected to rise from a year ago but the lack of market volatility will likely weigh on trading revenues slowing loan growth also something to watch. as you see the stocks right now are up going into the quarter. futures nearly flat this morning. nasdaq composite up. in europe right know major indices look like this, the european markets are mixed with the ftse up 12, cac quarante is down but dax is up a fraction. nikkei average in japan up a third of a percent. kospi index with momentum, continues there, 2 thirds of a percent overnight. there's this, devastation in california continues this morning. massive wild fires ripping across the strait with wine country the hardest hit. we will take you live and get an update straight ahead. disgrace mogul heads to rehab. the justice department is launching an investigation into this. securing a tax break for owning nfl team, we are taking a look

at how the tax code has been good to them, plus president trump weighed in on how the league could have prevented the controversy. >> frankly the nfl should have suspended him for one game and he would have never done it again, they could have suspended him two games and suspended him if he did it a third time for the season and you would have never had a problem. maria: the president with sean hannity last night. arby's looking to capitalize on hunting season. offering elk, where you can find it coming up. brewing up a cold one or three maybe, the show teaming up with brewery to offer beer. stories coming up. top story coming up. entire towns are urgently evacuated as flames in continue to be unrelenting. the deadliest destructive in state history. death toll 23 people have died.

will carl live right now in santa rosa, california, he has more on the devastating wild fires this morning. will, what can you tell us. >> well, good morning, maria. the neighborhood we are in looks like a waste land. more than 3500 businesses and homes destroyed and as you walk along, you can just see the destruction, we go street by street, property by property, pretty much everything is gone. this car looks like it went through armageddon. at least 23 people have died in fires but the number could go up because hundreds of people are still missing, if it does, it could set the record for deadliest fire for california's history. previous record was all the way back to 1933 when 29 people died. as for today, another red flag warning day. that's not good news for firefighters on the front line or residents. there's still thousands of people who are not allowed to come back into their neighborhoods and for people who are not in the direct line of

the fire, there's still the air quality issue. it's terrible out here throughout the course of the day you get into the afternoon and there's smoke that sits down and pretty much every area across the region. people who live in this area are being asked to wear face mask just like this but they are hard to come by. most stores are sold out right now. a number of problems heading in to the rest of the day, maria. maria: all right, will, thank you so much, devastation is heartbreaking, will carl, we will come back to you as news develops, thank you so much. disgraced hollywood mogul harvey weinstein reportedly in rehab as the justice department has ordered investigation into the sexual assault allegations against him. tracee carrasco with all the details. tracee: good morning, maria, the story keeps unfolding, breaking silence in a, quote, saying there's been a lot of pain for my family that i take responsibility for, i sat down with my wife who i love more than anything and we

discontinued what was best for our family. we discussed the possibility of a separation and i encouraged her to do what was in her heart. in the end, she made a decision to separate. tmz has reported daughter called 911 claiming her dad was suicidal and depressed. boarded a plane overnight heading to sex rehab in arizona, meanwhile the justice department has reportedly ordered the fbi to open an investigation into weinstein. the district attorney defended his office decision not to pursue sexual abuses charges in weinstein in 2015 saying his office did not have enough evidence to prosecute weinstein. former new york city commission here what what he had to say about the da. >> i have a lot of confidence, good district attorney and he calls it as he sees it. tracee: spoke at an event in

manhattan and said, quote, it's obviously sickening but at the end of the day, we operate in a courtroom of law and not the court of public opinion and our sex crime prosecutors made a determination that this was not going to be a provable case and according to new york times interview with david, a lawyer who represented weinstein in 2015 during contract negotiations, the wine stien company was made aware of three or four confidential settlement that is were made with women. his brother cofounder to have company has said to employees, we didn't know, so contradiction there. dagen: i will say twitter, they continue to pivot and try to deflect attention away from that

and shine the spotlight somewhere. you are trying to disrespect weinstein's victims, if you move it back to the president who you love to bash for whatever reason, a form of shaming, you need to stay on this. literally i read one tweet that said, well, he's lost his job, his wife has left him, isn't that enough? no it's not enough because the victims are just now coming out of the wood work, it's that kind of shaming, if you will, that basically kept this quiet in hollywood and in the liberal circles for literally decades. it is that kind of bullying and trying to silence people on this. you need to continue to talk about victims and stop trying to come up with some moral equivalence. maria: that's the only way this will stop. to keep talking about it. that's the only way people --

women will not feel intimidating to fall prey to these people. dagen: i said this day one, a week ago, it was an open secret in hollywood. maria: yes. dagen: everyone was complicit. all the big money donors, all the democrats who took money from them, all the moguls and even members of the press or wanted deals from harvey weinstein, everyone kept it quiet. maria: right, they lied and so in doing so they enabled more. dagen: i'm not referring to the victims, i'm talking about the people who were buddy-buddy with harvey who wanted his money and have taken money from him. maria: how has this impacted business? tracee: they are thinking about delaying it. they talked about it, speculation that they could because of everything that's going on. you know, tmz also said that

jay-z was looking to buy out weinstein's share of the company. maria: really? tracee: some interesting development there. but the future is unclear right now. maria: what do you think, james? >> this is an industry that obviously likes to get a lot of moral lectures to the rest of us. i think a lot of people tuned that out a while ago and made more now. it's really kind of heartbreaking and depressing when you see all the people who had to have ignored this for so many years and it's -- it's pretty damming of large part of the culture there. maria: for sure, tracee carrasco. the president weighs in on nfl protest again. controversy keeps on getting bigger. why he say ifs the 49ers colin kaepernick had been suspended the response by other players would have been different. bring on the meet, elk hitting

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maria: welcome back, markets are quiet this morning, we are waiting on key earnings, markets expected to be down on dow industrials, earnings will be out in next 45 minutes that will very well sway the markets. couple of names we are watching including financials, facebook, users in several countries reporting widespread outages of social site and instagram site yesterday. facebook has apologized for the problem blaming the headache on networking issue. shares of facebook this morning are flat. we are also watching kroger, grocery store chain, it's exploring possible sale of convenient store business. kroger currently operates 780 stores in 18 states.

shares of kroger have lost 40% this year. markets are searching for direction ahead of jpmorgan earnings. you said earlier, not too much to look at in terms of excitement because we are also expecting low or slow in demand. >> right, i don't think that the ceo's -- jamie dimon will tell us much. loan growth is slow, businesses are wait to go hear what tax reform and these other policies are going to be before they take out more loans. you are seeing -- the debt capital markets, this is decently well ahead of interest rate hikes, corporations want to have that. maria: you're getting all the mixed pictures. dagen mentioned the gdp last week, yet household income or report yesterday showed household income down, we've got, you know, slow loan growth, so it's still where we were two steps forward and one step back

in terms of the economy, right? >> i would add really good data on manufacturing recently so that would be kind of those bullish signs and then we talk about loan growth, we know the storms happened, you look at the household survey and that was encouraging and so i think this is one of the things the bank earnings will tell us, are we finally breaking out of the growth path. >> the other thing with the job's report, wage growth was outstanding, 2.9, i don't know, people got excited about it talking about 3%. i want to see more economic data and hear more from ceo's before i get -- maria: you see more numbers like that, 2.9% on wages, you will see interest rate story continue to move higher. we will keep watching that. in china, cheryl casone with

that story, interesting development, cheryl. cheryl: it really is maria, wall street journal is reporting that beijing companies companies like alibaba to sell a mall share to the government so the government can have a direct role in corporate decisions, the ban on private ownership was lifted in the 80's but the relationship between businesses and beijing remains pretty tense. well, russia's alleged use of a popular antiviral software to spy on the u.s. is actually broader than originally believed, russia is using to secretly scan computers around the world for classified u.s. documents and top secret information. russia is denying the accusation, they call it absurd. and just in time for hunting season, arby's is bringing back a sandwich, venus and rolling out the elk steak sandwich.

toasted roll, only available wyoming, colorado and they were big sellers. hollywood director david, he's teaming up with the danish brewing company, they will be introduced at his festival of disruption in the weekend. one made from coffee from organic house blend coffee. so dark brewery, scary twin peaks beer. dagen: the new twin peaks, i basically drink any beer but that new twin peaks on showtime and the original, is horrible. maria: not good. dagen: it is awful. the original doesn't age well. [laughter] dagen: it is not that good. i'm just letting people know

that. maria: such a desperate search for content. they have to come up with good content with the massive competition going on for everybody's eyeballs. dagen: i can't wait for mind hunters, starts tomorrow on netflix. it is about the early cereal killer, the behavioral science unit at the fbi that tracked serial killer. anybody who loves david and his sick mind will love it. [laughter] >> maybe tv shows are teaming up with brewers to get more viewership. >> that could help, i bet. >> it happened in different shows. dagen: you have to be drunk to watch a minute of it in. >> i'm worried about the content of the sandwiches. maria: the elk. >> and venison.

i think it's fun when you start going rustic, but i don't know. i mean, seems like a gimmick. maria: yes, it does. what if colin kaepernick had been suspended and president weighed on how that would have changed on nfl controversy. the details on that back in a minute [fbi agent] you're a brave man, mr. stevens.

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maria: well, long time new york yankees announcer john sterling always says you can't predict

baseball, you couldn't predict it last night. jared max with all the details on major league baseball and big upset, jared. jared: i don't know one yankees fan who said they would come back and win the series. yankees pitcher c.c. sebathia put down indian hitters like shoes. makes it 3-0 yankees in third inning. trying to become only the tenth game to win best of five series, yankees tacked on a couple of runs on single. sloppy defense. goes to win 5-2, the celebration was on. yankees take on houston astros and series will get underway tomorrow. we have a game five winner take all tomorrow night between

nationals and cubs. was cut by the team because before last saturday's game he went against the team decision and kneeled for the national anthem. >> at some point in your life you have to take a stand and for me this happened to be on saturday afternoon. you fight for what you believe in and you never back down from anybody. you don't bow down to nobody. jared: had agreed that the team will kneel in coin toss but stand for national anthem. this action which was supported by coaching staff expressed unity and team members have for one another and the value they place on differences. question, if the san francisco 49ers had disciplined colin kaepernick the first time he kneeled for national anthem, where might we be today. president trump weighed in last

night speaking to sean hannity. >> frankly, the nfl should have suspended him for one game and he would have never done it again. they could have then suspended him for two games and they could have suspended him a third time for the season and you would never have had a trouble. jared: nfl, maria and the players association announced that they will meet next week to try to advance talks and lead to progress. maria: all right, jared, jared max with the latest there. exciting day. we want to get to exciting breaking news that's hitting the tape, jpmorgan earnings, better than expected, 1 point -- 1.76 a share. lindsey bell your take right here. >> you see the stock really isn't reacting. it was 10% going into this, we have to get on conference call, we have to hear what jamie dimon has to say about all the trends he's seeing and what he's looking forward into the future.

also i want to hear about the equifax breach because it's a big concerns for banks, are they going to ramp up cybersecurity spending, how are they going to impact with consumers, number of cars, number of loans that they are seeing. maria: that will probably come up in the conference call then. >> yeah. >> you probably want to see was this better than expected on the consumer side, is it telling us something about more energized economy and was it trading in investment banking and more of a shareholder point of information. i think that's going to be interesting. dagen: cost-cutting. >> has been driving the banks all year long. how much more can we take? the good news is they did beat and the consensus earnings estimate really haven't come down in the last three months so this is a good thing, i think. maria: we did see a reaction in the premarket on jpm.

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maria: welcome back, good thursday morning. thank you so much for joining us. i'm maria bartiromo, it is thursday october 12th, your top stories right now 7:00 a.m. on the east coast. major day for financial sectors, jpmorgan hitting the tape. 1.76 a share, topped expectations so did revenue at 26 and a quarter billion dollars. we are waiting for citigroup due out this morning. full coverage and analysis coming up and the ceo jamie dimon says increase in interest rates help offset decline in revenue. take a look, dow industrials have worsened in the last 20 minutes. down about 17 points. s&p and nasdaq also weaker. in european trading this morning, take a look at indices, they are mixed. ftse is up 15 points, the cac quarante and dax index are lowered. in asia overnight, stocks mostly higher at the close. nikkei average in japan up a third of raw percent. kospi index continues to show momentum of two-thirds of 1%. thiest for tax reform, president trump calling on congress to

take auction as he sells his overhaul plan to the american people last night. >> it's a massive tax cut and, you know, it's a reform but a massive tax cut. [cheers and applause] >> the problem with the word reform, nobody understands what it means because reform could mean you are going to raise taxes, this is the largest tax cut in the history of our country. it is incredible and it's going to put people to work. maria: details as the commander in chief promises a pay raise for the middle class. wewe will tell you about. the president is moving forward without congress he says, he will sign executive order today on health care which would allow people and organizations to buy insurance across state lines, we get into that. 11:15 a.m. eastern, stay with us so you can see live the president signing executive order on health care this morning. meanwhile the timeline of a madman, authorities are questioning just what happened and when during the massacre

that left 58 people dead in las vegas. the very latest as the gunman's girlfriend is now put on a tsa watch list. and new concerns this morning for parents talking drones, the tactic predators maybe using to target young kids at school. a must-watch coming up on the story. there's facebook, plan to go make virtual their reality, the massive user goal the company has set for vr future. all the stories coming up this morning and joining me to talk about all about it dagen mcdowell and james freeman and cfraa investment strategists lindsey bell is here. good to see you. >> thanks for having me. bitcoin is all-time high. china is apparently going to reverse ban on currency but there would be more regulation from what i've read so far. dagen: and social media outrage in all-time high because boy scouts announced they are going

to open ranks to girls, i want people to actually read what the boy scouts are doing before they lose their minds. maria: you like it, actually, the boy scouts are opening up? dagen: i like it because i got kicked out of the girl scouts, they made me go to jimmy carter speech when he was president and i spoke my mind. i always thought the boy scouts and what they were doing was way more fun, so i think it's awesome. [laughter] maria: all right, we have earnings to talk about right now, bank earn negotiation focus this morning. jm morgan chase reporting third earnings this quarter. 1.76 a share beat estimate of 1.65. joining us now to break it all down global economics editor jon hilsenrath joining the conversation. jon, good to see you. your reaction to the results? jon: jpmorgan numbers are really strong. 1.76 beat a year 1.58, 11%

increase in earnings per share over a year. the expectation on wall street was a 4% increase. so this is a solid and start it is number off on really good note today. maria: look at fixed income revenue, down 22%, huge numbers in terms of trading. i know jamie dimon is saying higher interest rates upset decline in revenue, but trading revenue has been under a rock now for several quarters. >> right from the perspective of the economy and how americans are doing, i'd rather see banks earning money because they are lending -- because they are putting out loans to households and businesses than doing a lot of trading that only benefits wall street. the markets have been calm, very predictable and so they're not seeing a lot of trading revenue. you know, so what if the guys aren't bringing home a lot of money for trading, if you're getting loans into small businesses and households, that's great for the economy. maria: good point, jon.

>> what do you think he's going to say about as far as 2018 goes and outlook for the economy and growth going? jon: what this says is that the economy is on upswing right now and i think we will see evidence of that. you know, so they get a little bit better on net interest margins because the fed has been gradually raising interest rates, loan volume is up and that's good news. >> how much tax policies have been price intoed the banks, the entire group run up in 30 days significantly, you have the new fed chair of financial oversight there? jon: right, i think you mentioned bank stocks being on a tear for the last 30 days and that's true and that's really important. again, it's a sign of strengthening the underlying economy and in expectation that

something is going to get done on the tax front. i think there was a burst in bank stocks after the president was elected and then they kind of just plateaued for a while because people were saying is this tax deal ever going to happen. now i think what you're seeing is a little bit more optimism as congress is really getting down to the hard work of writing a bill. maria: yeah, you're right. jon: they are pricing in. the market is correctly -- republicans have to get something done. after failing on health care, they have to get something done. i don't know if it's everything the president wanted but it's going to be something. maria: the stock is up 38% since election day, jpm. dagen: as lindsey was pointing out 10% after weakness earlier, diamon say that is the global economy continues to do well and u.s. consumer remains healthy can solid wage growth. this is something that jon talked about often in the program.

it's really the global economy with all of the developed economists growing in sync for the first time in a decade. what we were talking about is the wage growth with 2.9% that we got in most recent employment report which is a very good number getting close to that all important 3% mark. maria: yeah. jon: go ahead, i don't want to interrupt anybody there. >> it is encouraging because we have seen the small businesses that got very optimistic about trump and expectations are good but they still been reluctant in this era to borrow. they are concerned that they are going to have the higher renew to justify new investments. let's hope as jon referred to, this is a sign that small businesses, they are not just confident and optimistic but making investments, borrowing the money. maria: yeah, i want to talk more about it, we will talk to linda

mchamon. the president talked about it last night, jon, he spoke in middleton in pennsylvania and saying that it's going to lead to jobs, watch, jon. >> the biggest winners from this transformation, everyday families from all backgrounds, from all walks of life and are great companies which will produce the jobs. we will be bringing back probably very close to 100% of the money back in to our country where it can be put to work and jobs will be created. made in america, remember the expression, made in the usa, made in america, you don't hear that so much but you're now starting to hear it again. maria: the president also revealed that the average u.s. house -- household could save

and what's your take on the 4,000-dollar number? jon: well the answer to your first question, no, i don't expect to see bipartisan support. i think that the democrats are going to have a very hard time getting behind a plan where, for instance, they are talking about repealing the estate tax, which acrudes to wealthy households. the democrats have drawn a line in the sand. they're not going to accept any kind of tax cut for higher-income households. this is a republican plan and they've got to make it happen. in terms of the 4,000 tax cut, we still need to see the details of how this thing gets written, there's a lot of moving parts, they want to get rid of personal exemption and increase the child tax credit, they want to get rid of state and local taxes but they might keep deductions but they might keep property tax deductions, it's going to be different things to different families based on where you live and what tax bracket you're in and, i think, what we saw -- there was a report out last week

that this was going to raise -- raise after tax income for higher income households a lot more than middle incomes, that's all premature. we really need to see the details before we make pronouncements. maria: we don't have brackets yet. dagen: we keep talking about the bank stock and stock market overall and the wall street journal actually has a survey today of economists and the economists see former fed governor kevin as the most likely person to be nominated by president trump, not janet yellen or fed governor jarome powell who are run second and third respectively. gorsh has been spectacle of central banks, policy, communications, criticizes asset purchases. the issue would be if you have somebody like kevin, jon, who comes in as the fed chief, that's a big change while just as the fed is beginning to unwind that giant balance sheet.

that could create volatility. maria: nuifn is pushing for jarome pole. jon: if i'm sitting in the oval office saying, the unemployment rate is down 4% and bankers are going, economy seems to be picking up, the fed pulling back from easy money policies, things are going pretty well, why are people not giving janet yellen more of a hearing on this? this is the best economy we've had in more than a decade and so many people are saying janet yellen has to go because she's a democrat. it's hard for me to register -- dagen: 4.2% unemployment. >> they're not going that well. it's still fairly slow growth. maria: yeah. >> we are hoping, looking at different signs and hoping it moves up but i also --

maria: so far a lot of anticipation and hope. jon: i will throw the stock market. president pointed to record stock high prices and, you have to look at the fed, they are unwinding, walking away from easy money policies that everybody hated and we are still getting the record highs in stocks, does the president really want to take a chance on a new person when the person in there has at least things improving, there are a lot of people who have been left behind in recovery, but the fed doesn't wick the winners and losers, it helps us set overall tone. maria: we will see. jon: maria, can i point out one other thing? i think you missed an important story that broke in the last minute. maria: do it. jon: dagen mcdowell getting kicked out of girl scouts. i would like to know what's behind that and details behind that? maria: can you explain on that?

dagen: i complain today jimmy carter speech. dagen: my big mouth has always gotten me into trouble but got me a job on tv miraculously. we will see how long that lasts. maria: thanks for pointing that out. jon: i want to know more. maria: we will talk about it when you come here. jon: thanks a lot. maria: have a good day. the president tweeted this on puerto rico right now, here is what he's saying, puerto rico survived the hurricanes, now financial crisis looms likely of own making, total lack of accountability says the governor, electric and all infrastructure was disaster before hurricanes, congress to decide how much to spend, we cannot keep fema, the military and the first responders who have been amazing under most difficult circumstances in puerto rico forever. he wants a plan on puerto rico.

we will keep watching that. facebook is revealing new virtual reality head set, costs under 2200 bucks. airline passengers turns flight delay into kareoke session. watch this. maria: wouldn't you want to be that happy when you get delays and you're in travel hell. the hilarious video that went viral back in a minute.

maria: welcome back, mandalay bay on defense this mourning about how it responded and when it responded to the las vegas mass shooting. cheryl casone with the details. cheryl: two hotel employees called for help and reported the gunman stephen paddock shot guard in the hallway several minutes before he opened fire in the crowd. abc news indicates phone records the hotel refuse today alert

police. police said the guard was shot six minutes before gunman steve paddock started deadly assault, mgm which owns hotel, are casting on entire timeline and releasing audio clip of hotel's first call for help. >> call the police someone fired a gun, rifle down in 32nd floor hallway. cheryl: wife had been put on travel watch list even though she's not raw suspect in the massacre. washington state wants to challenge the newest version of the white house's travel ban. washington attorney general bob ferguson asking a federal judge to lift his state that halted the state's case against the travel ban. the state says lifting the stay allows to challenge the third and latest version of the ban before it takes effect later on this month. fiver other states including, oregon, maslansky + partners, massachusetts, new york and california are also all involved in the same case. well, facebook ceo mark

zuckerberg wants to push virtual reality at an annual facebook developer's conference. zuckerberg announce an ambitious goal to get a billion people in vr, he wants to ensure that the technology is, quote, a force for good. now, they unveiled a new virtual reality set, the price tag $199, head sets are scheduled to be shipped early next year. shares of facebook up about 50% so far this year. look at that chart. and finally this, delays are so much fun at airports, airline passenger turned that delay into a kareoke session. ♪ cheryl: this happens in new orleans airport. internet sense sayings. -- sense

maria: i love that guy. i love that guy. you know, you need something like that when you're in travel hell. we've all been there. cheryl: yeah. dagen: he's wearing a redskins t-shirt. thank you for that. maria: great, when we come back -- [laughter] maria: president trump gears up to sign executive order on health care. we are breaking the details there. your parents never told you to talk to strangers, right? but what about drones, the new warning for children at the playground with talking drones, straight ahead.

>> great health care across state lines, people can buy it and cost the government nothing and go out and private insurers are going to give incredible health care. maria: that was president trump telling sean hannity about executive order which he will sign this morning, we will take you there live, goal to expand options by allowing them to buy insurance across state lines. joining us is steve, ceo of pharma, pharmaceutical research and manufacturers of america. his group represents leading biopharmaceutical companies. what's your take on the the executive order that the president is going to sign so insurance can be sold across state lines? >> i think it's a good idea. insurance design has really

changed in recent years where more patients are in high-deductible plans and paying more out of pocket. we have to take every step to lower patient out of pocket costs. >> you want waivers to allow states to tell insurers in their jurisdictions, you don't have to cover everything that obamacare wanted you to cover. is there hope that that might be part of this as well? >> yeah, i think states want flexibility to shape insurance markets, plans want flexibility to shape benefits and as long as we continue to make sure that patients have access, things like breakthrough medicine, i think it's step in the right direction. dagen: when president trump was campaigning he seemed to suggest as democrats that government control prices, has your industry has been in discussions with the trump administration because the high costs of drugs particularly new life-saving therapies relate today cancer, they are incredibly expensive

and it is going to be -- it will need to be addressed at some point not just for younger individuals but older americans on medicare. >> we have had very productive discussions with the president and with the administration and i think the president is focused on a few things, he understands that we lead the world in the development of better treatments and cures and he wants us to continue the lead the world. secondly, i think whether it's tax policy, trade policy, regulatory policy, he understands we want to level the playing field with our competitor nations to stimulate more domestic investment in the united states, more u.s. jobs and finally on health care, particularly with drug pricing, i think they want to enhance the competitive marketplace and just to give you an example, hepatitis c, we now have a cure for that disease, there's now three companies in that space and prices have come down by 60%. we want to stimulate -- maria: more competition.

he's trying to take leadership position on the opioid epidemic. we talked about in the commercial break. opioid, this epidemic in this country is responsible for the deaths of 91 americans a day on average. this is at a cost of nearly $80 billion a year. the industry is talking about this more and more now ready to help, backing a provision that would limit opioid pain-killer subscriptions to 7-day period. typically what do they give you, 30-day period? >> 64,000 americans died of opioid-related overdoes, we need to be part of the solution and typically our organizations, our industry really jealously guards the relationship between physicians and patients. we think health care decisions are best made through that relationship. maria: so do we. >> in this case, there's just too many patients that are getting 30-day supply for dental procedures or minor health care

procedures and we want to take bold steps to be part of the solution. we did endorse 7-day limit on opioids. we initiated -- dagen: that's a huge burden on people who need opioid. maria: 30 days. dagen: an individual has to drive two hours to get a paper subscription every week. >> we are not talking about chronic pain. acute episodes. maria: important point that you bring up. dagen: with cancer patients it's a huge burden on them dealing with restrictions putting on opioid prescriptions for people who are abusing them. >> there has to be exceptions, in general patients are getting more than they did in minor procedures and short-term pain. maria: when they run out of opioid, they go to heroin. >> this is a tremendous public health crisis. one of the other things we we ae trying to do is bring the best and brightest scientists, the real answer to this problem,

nonopioid alternatives, we have projects and trying to streamline to get more products -- >> a lot driven by the medicaid expansion under obamacare, right? >> you know, i think that, you know, it's not access, improved access to crisis that's driving opioid crisis, a very complex health care problem and we want to be part of that solution. maria: we will leave it there, steve, good to see you, thank you for weighing in this morning. steve ugl there. why the hermit kingdom is now vowing a hail of fire against the united states, next. plus could president trump replace nafta, details on new potential trade tax can canada and méxico after meeting with prime minister of canada, back in a minute. the 2018 audi q5 is here.

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intelligent technology can help protect it. the 2018 audi q5 is here. welcome back fit there's a morning everybody. thank you so much for being with us. your top stories right now. 7:30 a.m. on the east coast. back -- big earnings and focus this morning. jeremy diamond seen higher loan growth. he also said the global economy is doing well. citigroup earnings out in 30 minutes time. checking broader markets there also down. the big bank stocks are leading this to the lows of the morning.

check the european indices and here is what we see. in asia overnight close mostly higher. escalating tensions with north korea. the very latest predication that the foreign minister now says president trump has lit the wick of war. they ramped up their own tough it talks. the little bit of a different attitude on north korea. ultimately my attitude is the one that matters is not. that's the way it works. drones. take a look at this. they tried alert children.

the company is rebranding itself. changing its name tapestry. they have a new offering for teens but it was raising concerns for parents well have all the details. they now have a halloween costume. we kick it off now with the top story. in the latest provocation from north korea the foreign minister spoke out against the present trump reportedly seen this. trump, you can say has lit the wick of war against us. we need to settle the final score only with a hail of fire not words. present trump also addressed the rogue nation in an

interview on hannity. clinton gave them billions of dollars. they were already starting again with the missiles. we are in a position we are where close to $800 million in spending. jordan is right now is fox news correspondent. lighting of the wick of war. i think what were seen as a matching rhetoric with the rhetoric right now. present trump is absolutely right. this is done on way too long with north korea. when south korea was meeting with us and talk about the concerns over north korea building a nuclear program. it have gone on and on and the

focus for some years it was on iran and that's why there's such a focus on this plan. that focus was there. they have said we will never agree to any talks in which our nuclear weapons will be the subject of negotiations they look at what happened in libya and not a great fate. and they did not want to give up the nuclear program. i think ultimately it will come to one of two things. to put the squeeze on north korea. it would affect everyone in the purchase of their electronics. or the military action. or were you have to accept that north korea will be a nuclear state.

this is a situation where they can probably argue with some of the language and the president tweets but there's no question with the hostile actions. they are the one hiring missiles near their neighbors. they have made some progress in terms of persuading other countries. not as far as we would like with china so far he seems to be getting something done here. he is raising the concern. when you look at the interest of countries like russia. they want to destabilize and make it more bipolar world. they don't want so much power and influence in the united states. they aren't really working and the best in the best interest of the united states. and in our position as a leader in the world. yes there is growing focus on this issue but i don't think

you can count on all of the players really considering it in the best interest to support the u.s. in trying to keep north korea from having those. they've cut or curb the business operations of the north korean government all expelling north korea. we always highlight in a very important nation certainly china and russia. if you get the rest of the world a sighting with the united states annexed a putting pressure on north korea that goes along way. it comes down to the well of the north korean leaders. unless he is forced to do so. he is expected to unveil the strategy.

listen to what he said and then i have to get your reaction. i think it was one of the incompetent deals i've ever seen. i $50 billion given. they have to pass that nuclear weapons quickly. do you know how many airplane loads that must be. this wasn't an easy deal to broker. including the europeans. they don't want to you as a to to decertify the steel because the iaea they agreed that they are compliant with the deal. he has good reason not too.

he doesn't like that they can continue developing the missiles. and he doesn't like that all of this money that has been essentially released for iran is being used in iran. i think what were you here working here is the new strategy and plan for the broader picture of iran. the big question right now is will he certify are not certified. then it gets pushed to congress. the consensus for those who have been in the government for a long time. including the secretary menace. if i ran is compliant with the deal for what it is we should probably recertify.

if they do more sanctions against them while they get will they get there. with a lot of what he is saying he is trying to assess whether or not some of these countries may play ball with us. they don't really want to decertify. what you actually want is to go this is what the deal is and this is what is it. maybe let's get together as an international community and come up with a different plan of action for some of the other -- other meddling. they have the likes of the french oil giant. along with a chinese company. they have moved into the fray.

you're absolutely right on this. it's also from the perspective of people like secretary menace. we have made a deal. and if the country is compliant with the deal it speaks to our credibility. that is the issue here. they are changing the brand identity -- identity. and then kfc cooking of the customs we've a sneak peek right here in the studio back in a moment.

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present trump working in the art of the deal for north american trade. the president said he is opening to negotiating that. between canada and mexico and the u.s. police in ohio reminding parents that it's always a good time to talk to kids about stranger danger. a talking drone attempting to alert children away from an elementary school playground. they are keeping an eye out for it. and warning parents about it. at the end of the much coach

will become tapestry incorporated. don't worry the bags and accessories and stores will still have the brand name on them. a new colonel sanders costume. the mask of colonel sanders. it sells for just $5. and there are some special trick-or-treating buckets. in we should also say we have a model on onset today with chicken. this is a little too big i guess you are supposed to eat this with a fork.

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nothing says breakfast like fried chicken. amazon introducing a new parent controlled shopping allowance. is this a phone?

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welcome back so has amazon silenced the universal team complaint. everyone has on. they will allow teens to link their accounts to their parents account. parents will keep a total control of their account and they will receive a text or e-mail one item that they like to buy and then have the ability to accept or deny the purchase request. they can also limit the amount their teams can actually spend. thank you so much for joining us. let's talk about the new amazon feature.

it's a way to get teens to spend more money. i've been going all around the country talking to parents and teaching financial literacy to kids. and the one thing they say is my kids think money grows on trees. it's not really a way to teach kids about money. it's always good to be there on the atm machine. you want them to not replace talk with tech. a friend of mine recently went to a store with her son. mom, don't pay for it. use the card. kids don't realize that cash is the same as pain with the card. it's really important and there is a famous mit study. when we use cash we spent less than when we use a credit or plastic because there's the pain of pain. to give kids cash.

then they can learn about debits and credit cards in college. if i don't have it i won't buy it. it's all what you head in terms of cash. amazon is having this new thing amazon for teens. first of all you're missing out on those teachable moments. i see my dad comparison shop. today it's all online your texting your kid you had pain attention. you're at work. it's important to give the kids cash and have these conversations teach them the money basics. all of that has to do with the numeracy and understanding that money doesn't grow on trees. and you have to spend it wisely. such a good point. now one of the biggest selling

points with the 14 feature is that massive control that they head over their children's purchases. they will push back and say you can approve or not. every time your kid spent something. there the freedom to buy the music or the close. they learn i have a goal. if the save up and save your money and see it building and your wallet and use it to buy something you really want. and giving kids the independents with parameters. this is i have okay every purchase or you can turn that part off. seventy parents are telling me around the country. they are spending hundreds of dollars on video games. they are punching in the numbers. and they don't see cash. they don't see money.

the ice cream truck would come down the block. i would say can i get an icy --dash me ice can come you can't but how do you pay for it. that stayed with me my entire life. you save some and you put something aside. thank you for writing this book. still have wayman versus huber. they demanded a billion dollars in damages from the ride healing company.

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maria: welcome back happy thursday good morning to you i am maria bartiromo it is thursday, october 12 your top stories right now 8:00 a.m. on the east coast, a major day for the financial services sector citigroup hitting tape third quarter revenue 18 and quarter billion dollars above expectations jpmorgan reported, and revenue topped estimates full coverage

analysis ahead the banks are lower, right after the numbers, markets holding near flatline to lower ahead of the on this morning, the dow industrials, off the lows nonetheless a decline of 20 points at the open the nasdaq down, about 5 points, in europe, this morning, take a look at indices as the bank earnings beat expectations ft 100 off a third of a percent cac quarante down a third of a percent dax is weaker by a fraction in asia overnight, stocks most higher as you see here kospi korea up two-thirds of a of a percent momentum continues get it done president trump calling on congress to take action, if he sells his plan for a historic tax reform to the american people yesterday. >> it is time to take care of our country. to rebuild our communities, and to protect our great american workers, it is about time. >> the confidence in our country is back. >> the fact is america is finally back on the right

track. maria: more on the major push for tax reform including what examine commander in chief calls a pay raise for you middle american family white house not stopping there the president trump mahogany forward without congress set to sign executive order on health care would allow people organizations to buy insurance across state lines fox business network is taking you live fought's speech at 11:15 a.m. eastern and we will watch the president sign that executive order on health care this morning, over in california, the devastation continue evacuations are under way massive wildfires across several areas of the state very latest firefighters struggle to control the blazes, so far, this death toll 23 people, have died. the allegations continue against harvey weinstein the mogul reportedly enters rehab the justice department launches an investigation, very latest on the assault climbs. plus alphabet demands a billion dollars massive

settlement waymo reportedly asking from uber as part of any settlement in trade secret lawsuit against ride-sharing service, should stairs take a knee on nfl as president criticizes lead for not suspending colin kaepernick for national anthem previous to the taxi break into question a possible looming headache for owns coming up all those coming up joining me dagen mcdowell, assistant editorial finaling editor james freeman, cfr. >> strategist. >> saul people on line why don't you read what the boy scouts put out before you start lecturing people about the importance of the difference between boys and girls, you know what the dems can be all boys if they want to they need to actually read

on it before you rush to judgment, start lecturing on twitter that is all. maria: thank you for that rant, we needed it we are also looking at earnings this morning, citigroup reporting fird crater earnings and revenue be the expectations on citi the fixed income revenue down 16% from year earlier the trading environment has been pressured zero volatility. >> i know. >> the citi numbers your take. >> it was a greet top and bottom line beat same with jpmorgan numbers did not come down into the report the stock traded down going into the report. and, today, you know it was up going into sport not surprised the fixed income component especially weak both banks also being -- responding to -- >> suggests maybe this is a nice report for the economy, for people generally even if it could have been better on citigroup, obviously, not a

lot of volatility in the market, so that means, customers paid less to hedge financial risks, and guessing we don't know but you would think with higher revenue we also saw out there the way you saw jpmorgan maybe a sign small businesses looking to boro and expand. >> we knew that you know trade volume was under pressure the loan growth seems offseting that what jamie dimon said in conference call. dagen: which is good news about the economy higher as jamie dimon said growth and higher interest rates and looks based on the fed minutes yesterday looks like fed will raise again to end of this year. >> consumer loans helping cnicommercial industrial loans weak kind of where business loans come from like to see that strength at citigroup in pillar took over costco credit

cards supposed to start to become profitable generate more revenue second half of the year we will see numbers related to that we heard from costco xhrz spending more. maria: breaking news from white house, of course to do with -- blake burman at the white house with the story, go ahead blake. reporter: remarkable story to us now, out of pakistan this morning, involving the hostages handful of western hostages katlyn coleman american siz canadian house josh boyle young children captive since 2012 last seen on video in december of 2016 pleading for rescue we can report they have been rescued. pakistani tv is reporting that at least according to this portion from them, that this was the pakistani officials rescued them with helpful united states intelligence, remember last night in speech

in pennsylvania that president trump had talked about a country that now respects us, the administration had put into place, earlier this summer new policy, involving afghanistan and pakistan southeast asia they wants to work with that area much more closely it appears at least maybe that is comment last night of a country now respecting us had to do with this ask you of katlyn coleman american citizen josh canadian husband young children button i believe in captivity held by haqqani network in afghanistan in pakistan the incredible news this morning is katlyn coleman josh boyle and young kid are now free, and presumably heediading back home the speech from tournament practice involving taxes seemed trivial you think about

news out of pakistan this morning something obviously we have been following in white house has been rolling out, sort of a new sales pitch involved with tax reform the repatriation of trillions of dollars overseas new pitch if that money comes back from overseas, then the average american family will see some 4,000 dollars in return, it is a hefty number, of course, but one that the white house is citing number proud by council of economic advisers. >> could be a lot more than that. . >> you haven't heard this about a 4,000 dollar amount of mon ditional for american family to spend very exciting you are going to spend that money --. reporter: later today at the white house the president will also sigh executive order during the 11:00 hour dealing with health care, that will allow for the we are expected to believe selling of plans across state lines also

associations to form but at some point today i got to imagine we will also hear from request commander in chief maybe at least white house how all unfolded in pakistan involving katlyn coleman josh boyle young children. >> in captivity since 2012 incredible development thank you very much blake burman at the white house, right now, joining the conversation right now to weigh in wisconsin congressman sean duffy this family in captivity since 2012 what is your takeaway taliban released them now. >> listen we have -- family coming home great news for all of their relatives back here in states that in canada. but i guess we need more details i have to imagine, that donald trump frank engagement he put forward last nine months brought this prult glad to have them home. maria: james freeman you can only speculate as far as what this family went through, being in captivity since 2012. >> yeah, we don't know what it

means but let's hope this is the beginning of a trend, because, you know, we talk about donald trump a lot of weird tweets approach to foreign policy is not always conventional to say the least but we just talked about north korea getting more people in sanctions now, wondering is this beginning of a turn the united states has been saying pakistan we've got to stop tolerating, radical islamic group you've got to stop allowing hack cani network to operate with impunity maybe again early maybe this is the beginning of a turn fp become a real ally. maria: we will see about that we want we will get back in a second congressman talking about tax reform all morning here, does the president need the democrats to vote we know that they are already are a couple of republicans who said we're not fwhoontsdz are you going to do to get this done. >> we talk about this morning, talk before morning what is going to happen with tax reform. you know it is -- i think

greet if we can dote democrats onboard i think most democrats agree with the idea that corporate rate too high americans not competitive we need a lower rate the fact that we are -- >> not where the fight is not aboutor is it? they are not even -- in on 20%? >> well, on the whole package but i think the resist movement doesn't want to give donald trump a win put pressure on senators not to join him that is the problem they have. and then, you know where, other you know brackets, break down, is going to be key for democrats, but i think shocking if we don't get all republicans onboard for tax reform, shame on the party shame on the senate, we are getting our job done in the house as we did on health care maria, of course, can the senate rally around you know one simple idea lowering taxes, simplifying tax code is great for the american economy i hope we can do that. >> are you lowering on highest earner to yet to be determined donald trump made it clear he

does not want to give a tax break to wealthiest americans he want to reserve those breaks for middle income americans. maria: even though they pay all the taxes. >> you are right, we don't -- >> james freeman -- >> yeah, top 1%, income earnings by a more than -- combined in federal taxes. >> do you think, that if we focused on corporate tax cuts that could benefit republicans. >> to me? >> yes. >> listen i think when middle income voters which is huge voting bloc in america, unnecessary that tax reform is going to help them not just you know keep more money but also going to grow the economy also offer better wage better opportunity that is how you sell this package, to the american people -- there is no better salesman than donald trump, on tax reform what it means for america in american economy, the fact that he that

-- yesterday, but he needs to do two or three speeches a week to sell this to american people he is the best guy with biggest bully pulpit get out there do more of it, to be successful. maria: dagen you have to sell the cost of this thing right? do you need to pay for it without just the assumption of growth? dagen: right, sean he needs to sell it to your brethren over in the senate, that rather -- because again you see one by one, the senators getting alienated into fights with the president with bob corker, and that is not helping the cause because you already got one senator mccain willing to do the big thumbs-down on virtually anything the president wants. >> john mccain, a great american served his kin valeantly. dagen: that is not the issue the issue is -- >> we know a great american we

are talking tax reform, the vote. >> i want to make sure i am saying in very clearly i respect his service however, in this case on health care maybe on tax, he -- he hates donald trump more than he loves his country in regard to tax reform. maria: bingo! >> and in regard to tax reform to grow economy this isn't a small personal fight between a few senators and donald trump this is about our people this is about making america competitive the fact our country on a downward spiral if you don't make this happen not best home for investment anymore that is a real problem for us as conservatives if you want to see last collectiveist ring thrive see middle class get staggent in wealth weight wealthy that is worse if we grow economy people have an opportunity, that is is what enterprise thrives, and this fight is bigger than -- growing the economy wages for people this is about the ideas

that made the country great. maria: let's hope they feel that way good to see you cease-fire good to see you can't wait for dagen to lead a boy scout den, i can't wait. maria: all right, sean duffy. dagen: i need to stop stalking so much. somebody who worked here i am going to -- >> you are going to get -- we will see you soon thank you. we got to get to california, in flames, 23 people are dead hundreds of others missing, wildfires raging across the state we take you to wine country back in a minute.

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had role of former secretary of state colin powell in a biopic about former vice president dick cheney in titled going to star christian slater playing dick cheney rockwell president george w. bush steve corral donald rums feld in production right now. >> thank you still ahead stomping in spotlight former president obama, returning to the trail, first time since leaving office, what his reemergence means for the democratic party we check it out amazon makes alexa a better listener listen up on this how a.i. assistant can key into each member of your family back in a minute. [vo] the grille is distinctive. but it's usually seen from the rear.

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maria: he is back, former president barack obama hitting trail first time since leaving office democrats hope he helps virginia lieutenant governor win the governor's race set to appear at rally in the state thursday before voters head for pols next month fox news political analytical caldwell strategic partner, your reaction to the president obama coming out on the campaign trail? >> well -- i have a magic number for you 1042 that was number examine democratic of state federal and local levels lost under president obama he may have been able to get himself elected two terms, however -- his constitutetails aren't so magical, raising money for democrats it is not going to end well when it comes to him or michelle

obama, campaigning for did democratic candidates. >> is -- maybe trying to improve numbers up there seems like this is bound fob a democratic year new jersey, virginia having governor's races you think he is kind of jumping on winning side here how do you see that virginia race going? >> i think gillispie has a good shot momentum obviously on their side for a while virginia is a very different state you got towards dcmore blue more rural areas bit more red, so i figure, it is i believe gillespie will pull this thing off, i think president obama you know at this point media covering him for reaction for trump, not because he is such a -- a sustaining popular figure may be popular in some regard but has not changed to he races won he is good for himself

popular when it comes to him giving speeches of a half millions or more but in terms of other kitdz hasn't worked out so well. dagen: really quickly to correct you northern virginia is real blue and -- virginia -- >> [laughter]. maria: real red. so not a little bit blue or a little bit red but by obama -- that state in both elections, by the way,. >> snoovk why time for obama involved in politics? >> why is he doing it. >> me. maria: i guess -- he thinks going to be able to -- sway this party, by the way, dems have beenjacked by extreme left face it i know that voters want that since elizabeth warren barack obama bernie sanders the reason the party has no message. >> democratic party in complete disarray have been quite a while no won knows who

leader is some say nancy pelosi some say you know, president former president obama. there is no message there there is still antiworking class i believe in they just didn't understand especially in election, the reason why president trump had a message that a lot of people could get with, because really spoke angstof voters, it will felt to many including myself that obama administration was a bully, so now, the people who are people that religion no longer good, clinging to a gun, bible, disenfranchise a rost voters when it comes to president obama seems media covers this because they want to get the edgey trump sound bites what it has become through the politicization of news is what is the one

anti-trump that is -- >> the media keeps missing where american people are the american people were even with the president on nfl, the president is doubling down this morning on fight against nfl spoke with fox news sean hannity last night in middleton pennsylvania, slammed the league again for waiting too long to stop national anthem protester that is what america wanted listen to this is. >> o i watched colin kaepernick up thought it was tenaciously and then got bigger and bigger starting mush region frankly nfl should have suspended him for one game he would have never done it again any will tell you "disrespect our country our flag our anthem you cannot do that. >> the white house said it would support a rule requiring players to stand during the star-spangled banner the nfl and players association released a joint statement yesterday saying this there has been no change in the current policy regarding anthem agenda will be a continue ages how to make progress on posh social issues

players vocabularyinglived if nfl owners expected to talk about this controversy next week at league meeting, what are you expecting therep? . >> well, when president trump starts talking about outrageous, i imagine going to come to rule fairly quickly probably obviously this is probably the genius of president trump found an angle no one was talking about said look these guys are getting rich can wipe down exaction about liability to zero now, you don't want to stand for anthem i have people -- family members serve in military you don't want to stand give respect to the symbol of freedom hay we got something for you going to hit your pocketbook i think owners are definitely respond to that. >> because of that flag and because of that anthem, that you are actually able to previous to that is why you

are actually able about to get on your knee remember why you have that freedom, general good to see you. thank you. >> thank you. >> coming up more on breaking news out of middle east american woman and family rescued from grips of the taliban after five years in captivity we have more details from this incredible story when we come right back. alerts -- wouldn't you like one from the market

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maria: good thursday morning thanks so much for joining us he welcome back. i'm maria bartiromo. it is thursday, october 12 your top stories right now 8:30 a.m. on the east coast. breaking news earlier this hour, an important story american woman and her family have been freed by their taliban affiliated captors, katlyn coleman and family held captive since the 2012, they were kidnapped hiking in afghanistan. president trump may have hidden at news during his tax reform speech last night listen. >> america is being respected again something happened today for a run that totally disrespected because called with some very, very important news one of my generals came in i have to tell you a year ago they would have never done that a great sign of respect you will probably be hearing about it over next few days. maria: we heard about it this morning more on story coming out banks earnings focus on

wall street in markets j. morgan citigroup better-than-expected results for the third quarter the banks report aing double-digit declines fixed income trading but other areas of the business, were able to offset declines lindsey bell said as soon as she sat down probably sell on news story that is what we are seeing take hold today markets near flatline to lower ahead of openly dow industrials down 20 appointing nasdaq s&p 500 down fraction, we just got economic data producer price index in line with expectations was up 4/10 of a percent jobless claims 243,000 second trait weekly decline, no reaction really in markets, to these two economic reports that just hit the tape in i wouldn't can you repeat major indices like this it is a mixed story ft 100 up almost well third of a percent 2 points higher the cac quarante down a quarter of a percent dax down a fraction, in asia overnight, stocks closed mostly higher as you see here the kospi korea nikkei in japan o-upside power of the

pen president trump mahogany forward without congress to sign idea on hvk will allow people and organizations to buy insurance across state lines, doing that today 11:15 a.m. eastern. topping news this half an hour right now, the president's tax reform promises, lower taxes more money in the pockets of americans, and their families, especially small business owners the president building momentum for the overhaul by taking his message right to the people. he also has a warning for lawmaker back in washington, this was last night in pennsylvania. >> for more than 30 million americans who have small businesses, will see listen to this a 40% cut in their marginal tax rate 40%, [cheers and applause] i wouldn't want to be a politician against that. they are going to have a long, hard winter. maria: joining me to talk more about that is administrator u.s. small business administration, linda

mac may honor thanks so jump for joining us. >> great to see you thank you. >> row important is tax plan, for small business? you know we talk a lot about that pass-through rate the president wants 25%, said rode line for corporations 20%, how do you see that impacting small business owners? >> well i can tell you what small business owners tell me i returned yesterday again from a visit in houston, where not only looking at disaster relief but talking to small businesses, traveling around the country i have been to 22 cities last couple months meeting with small businesses and every one of them tell me you don't talk much about tax reform as tax cuts if more money in pocket they will reinvest that, in their companies they will hire more people. and will continue to grow our economy i hear that across the board without fail. maria: what is holding small business back right now? because the truth is we are looking at banks earnings this

morning, and one after the other, you know jpmorgan citigroup talking slow loan growth the loan growth story at jpm, last quarter was up 2%, quarter over quarter it is good you know offset weakness in trading only 2%, how come small businesses have not gen getting the loans they need? >> well i think the small businesses are just now gearing back up to approaching the lenders for their loans. they are more optimistic tax reform is going to go through, they are willing to take a little bit more risk that slowed down for a while. and the optimism i think with president trump, and this tax policy, is going to encourage more businesses to grow, and to take more risk, i mean, be able to take you know write off for investment and equipment one hundred percent, probably for about five years we will have manufacturers applying more equipment that they need, to grow their companies, and i hear that all

across the did you know. maria: a really good point do you think the slowdown in loan growth that we've seen over the last year is -- is largely due to demand not being there? or was it just that the regulatory environment was so hard and tight that small businesses couldn't get the money that they needed because of bureaucracies i know the president was trying to change. >> i think this is a combination, you know, the small business administration, you know loans that we deal with, are the loans that businesses can't get elsewhere. and so that is that is what i deal with the most, in listening to small business across the country we want to provide more access to capital with guarantees of the loans that we can make happen matching lenders with more to consumers through lender match program that we have at fba, proving to help grow that base. >> the president also says this tax plan is going to help american companies workers have advantage in the global marketplace i got to get your

take on the global story here. >> we will cut the corporate tax rate from 35% and more. all the way down to no more than 20%, below the average of our major competitors from other countries. maria: because the average from the global the global is 22%, isn't that right. >> that is right. and clearly, if we make it more attractive affordable for businesses to operate here, we will see a decline in that exodus from companies looking to create headquarters establish headquarters outside the united states those companies will stay here grow jobs here, wages will grow up here, will go up, and we will see additional growth in small business. >> i am glad you k mentioned expending one of the items on the plan why so important the idea a company could write off you apply a lot of equipment,

you buy the stuff that you need to operate your business, and rather than have it deappreciate over several years you can right that off on balance sheet, the year that you actually make the make the buy; right? >> clearly, that is -- it is great incentive for businesses to do that because they get the equipment they get in it service quicker, they are growing jobs, they are -- increasing their output for products, and hiring more people, to get that done, and to have that immediate cash, this makes a huge difference pile it back into company. >> we know a lower tax burden will create more jobs, grow companies, earnings are they going to do that with the money they save in other words, there is talk out there look if you lower you know, taxes for businesses maybe they will buy back stock, you know maybe pay out districts they won't necessarily hive workers how do you ensure that is not the case they put that money to work? >> i can till this -- just my

interaction with small businesses, that is not with a what they tell me they tell me they will reinvest in their companies they are looking for ways to grow, and as i confidentialityly tell small businesses you can't remain status quo you grow or start to slide back a little bit so they are going to take these tax savings and they will grow businesses i think they are just waiting to know what what the tax is going to be they can't plan right now we were talking about the loan volume may go down i think also because our small business don't really know what the tax rate is going to be to they don't know how to plan don't know what is in their risk space, as soon as they can nail that down, i think you will see small businesses really start to reinvest. >> you are right, what strikes me how hard to get anything done we agree that tax reform is necessary. and yet the president still faces pushback within his party, look i want to ask you about most recent trip linda

we learned, of course, so much devastation at hurricane harvey small business association instrumental in disaster relief you are just back from houston as you just mentioned it had crisis now in northern california with massive wildfires, what is the small business administration doing there? >> we have already got boots on the ground setting up some disaster relief offices we are waiting you wait for the final presidential declaration for individual relief the first presidential my understanding is also in something happened, last night while i was traveling we are on the ground looking at how we will start to get these businesses back on track in homes, it is during disaster the only time sba makes loans about directly ordinarily we guarantee loans during disaster relief make loans directly only time we make loans directly for home mortgage so a great

preponderance of the relief that has request from puerto rico also will be in california at outset will be for homes getting people back in homes so we already have putting -- in place on the ground, the disaster relief areas to start receiving the applications so we can do loss verifications, et cetera. >> they need money so much. >> they droll. maria: k thank you so much for weighing in. >> thank you. maria: winda mcmahan joining us a woman and family rescued from taliban five years after they were cap turd very latest this morning. >> banks earnings focus on wall street the stocks are turning higher right now jpmorgan citigroup delivered better better results despite declines in fixed income trading stocks in positive territory, jpm up a third of a percent back in a minute. .

maria: welcome back earnings on focus, in focus on wall street results both jpmorgan citigroup driving action nicole petallides on floor stocks are up now. >> that is right absolutely right we have a conference call this morning pieces of news coming out within that take a look at jpmorgan chase, boat companies jpmorgan citigroup a breakdown of the conference call the numbers, the real bright spot for jpmorgan asset wealth management reported record numbers for net income up 21% year-over-year jamie dimond on call not talking about bit cohn -- noting demand for credit remains strong talked

about financial he reform and saying these take time complicated, trading revenue fixed income was top part, down 27%, big picture here good numbers strong numbers and you see looking at citigroup the results, also higher for that one consumer bank 7.6% rise in profits citigroup up a half of 1% if i say hello to alexa you say hello one house together alexa will know who each one of us is, now finally catching up to google six months later it is voice recognition for amazon looking higher this morning, this is something that alexa was lacking now each person in the household will be recognized if i have a shopping list my brother has selection somebody else on something else this is something that is going to be a little bit of a catch up for the holidays, also for holidays 120,000 hiring for holiday for amazon.

>> wow, thank you nicole on for mr. we check backbreaking news want to get out president tweeted this the fake news is going all out in order to demean denigrate such hatred i will tell you has got it with fake news but it keeps on coming switching gears want to tell you about this a christian group reportedly banned from partisanshiping in a fair at oxford university organizers say their appearance with would ayennate students who practice other religions the host of "varney & company" stew artist what? yes, what? if ever a cradle of free speech it is oxford university, then yes where they staged the great debates last toov five five or six centuries, saying if you are an incoming student a christian group may not address you.

you may not go anywhere near these incoming students because you may what is it alienate them the quote many students especially students of color and other faiths may already feel alienated vulnerable in oxford, so ban them kick them out. that is what it has come to i was astonished when i saw this i thought oxford university was cradle of free speech i think many justified. dagen: i was about to say something i might regret i will say, stew artist as you would say they are not other rngz they are secularists. >> that is true they appear to have taken over if not them the atheists, to ban christianity what they are doing banning any opinion with which they disagree a way of shutting up everybody but the left i think absolutely

outrageous i am waiting to see administration as it promises to do here, take action, to ensure free speech on american campuses. >> i am sick of it really this is america! quick. >> well you know we -- as you presentation there got people to come here start a new country maybe over more -- >> talking about -- oxford. >> reports that. >> america dealing with same thing that is what i said in america, but still stuart disgusting. >> just is, i am apoplectic about it as you can tell. >> me, too, we will see you ten minutes more on that "varney & company" top of the hour after "mornings with maria" more breaking news out of middle east an american woman and family hostage half a decade by taliban they are free this morning details on the incredible rescue next, stay with us. d midsize pickup? i'd go ram. i would put it on ford.

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maria: more on breaking news this morning u.s. citizen caitlan coleman and family have been freed, five years after the fwan took them hostage, reports that pakistan aideed in rescue joining is now is former intelligence operator news correspondent lea gabrielle your reaction to this. >> right now a lot is unfolding waiting for details we are hearing, that pakistan was involved, they were held by haqqani network they have structure what is interesting about this haqqani network is headquartered in northern wirs stan pakistan across eastern border from afghanistan run cross border operations into afghanistan targeted u.s. troops, in afghanistan targeted local forces responsible for some most

violent attacks including one on hotel in kabul, so what is interesting about this that the he cani network has close ties to pakistani intelligence interesting to see how this rescue or release whichever it was -- was performed the level of involvement from pakistan. >> do we know why they decided to go hiking in afghanistan in the beginning. >> -- that is a big question, they were on big trip where they had been in russia in kazakhstan, afghanistan, and the -- the joshua boyle's family heard from him what he described dangerous place in afghanistan i don't think anybody knows what they were doing haqqani network motivated by politics, being able to influence if they release one brokered release something they gain interesting to know what they may have gained politically -- >> bergdahl with same network. >> a reason called by united

states did not tell pakistan when fox colleague shot bin laden you know this would be interesting if a new turn word to cooperation pakistan wanting to help in a big way taking out these extreme groups. >> we have seen possible hints by president trump, that potentially, he receives or united states received a call, he alluded to this in a speech earlier this week. maria: last night. >> right last night that we have heard from a country that hasn't respected us in the past, and that one of the generals told him they wouldn't have happened a year ago but remember we just also released new strategy on afghanistan they have just loosened rules of engagement for transcription fighting in afghanistan no longer have to be in contact with enemy to engage, secretary mattis's office said that -- that groups like taliban, haqqani network will no longer find safe haven in pakistan we are

hearing a strategy much stronger towards pakistan harboring, networks. >> final thoughts from all-star panel back in a minute. .. .. my name is jeff sheldon, and i'm the founder of ugmonk. before shipstation it was crazy. it's great when you see a hundred orders come in, a hundred orders come in, but then you realize i've got a hundred orders i have to ship out. shipstation streamlined that wh the order data, the weights of , everything is seamlessly put into shipstation, so when we print the shipping ll everything's pretty much done. it's so much easier

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expanded medicaid under obamacare, so i think that's a big part of the answer if they want to -- maria: like north dakota? >> much more in south dakota. dagen: amen. maria: varney&company begins right now. stuart: this is the day when the president does what congress could not do with obamacare. he has a pen. two hours from now president signs executive order that brings changes to health insurance, limited coverage instead across the board mandate that we live now. that will be cheaper, should be cheaper. new rules allow small businesses and individuals to ban together to organize coverage that suits them. congress could not do this. today the president will. here is something else that seems new. a one-time ultra-low rate on