mnuchin. on the contrary, speaking of the main set of allegations regarding foreclosure practices of onewest thanked them all independent valuations of the company's actions resulted in high marks. this includes reviews by the fdic inspector general and the department of treasury. second, any claims that mr. mnuchin's businesses contribute d to the housing and foreclosure crisis that precipitated the financial collapse of 2008 are similarly lacking in merit. mr. mnuchin had no involvement in the mortgage market in the years leading up to the collapse. in fact, it is my understanding that after purchasing indymac and all of its toxic mortgage assets, mr. mnuchin's company offered loan modifications to the vast majority of its delinquent borrowers and was one of the first institutions to make offers to forgive portions of the loan principal balances in order to reduce foreclosures. to that point, mr. mnuchin is joined by a guest today, ms. fai th bautista, president and ceo of the national asian

back to the hearing with mnuchin . -- with steven mnuchin. steven mnuchin: any operating business, we need to make sure -- david: there he is, the president-elect and his wife emerging from the government plane at joint base andrews. the president-elect flying down from new york just moments ago. he will now head to washington, d.c. and arlington national survey for a wreathlaying ceremony this afternoon. should makein: we sure we collect the most money and not have lots of loopholes. on the other hand, we need to reflect fair valuations. sen. thune: senator cardin and i if wed a working group -- get into comprehensive tax reform, how will you treat pass through businesses? they employ 55% of the people in this country. reform,ink about tax i'm asking you if you would commit to work with us to ensure that pass through businesses are treated fairly and whatever we come up with in terms of policy reflects the economic impact that llc's and partnerships and organizations have on our economy. steven mnuchin: i spend a lot of time on this issue al

mnuchin: i agree. the only other thing i would say because i think we have a lot of capital in the united states now, but we have a business tax system that is incenting u.s. companies keeping the capital of broad. the other thing we want to incent is that money comes back to the united states now as well as going forward and that money can be deployed to create new business here and create jobs and that we stop things like inversion because it makes economic sense for u.s. companies to do business here. sen. cassidy: the incentive is both for the company to use their money more wisely, to invested to create jobs, and to keep companies from moving abroad? mr. mnuchin: correct. sen. cassidy: on behalf of all the folks in that small parish, i look forward to your nomination. >> senator warner. senator warner: i appreciate our visit and congratulations on your nomination. i will try to move quickly. the united states obviously enjoys enormous advantages around the state with the reserve currency. that all

going to hold mnuchin to what he calls the mnuchin rule and that's a comment mr. mnuchin made on cnbc right after he was named as a treasury secretary pick by donald trump in which he said there would be no absolute tax cut for the upper classes because they'd be pulling back as many deductions as they would be giving tax cuts to upper class folks here in the united states. so very much suggesting they're going to hold him to that. there's some questions about whether mnuchin got out over his skis in making that comment in whether the trump transition will be able to deliver or wants to deliver on that promise. widen here this morning saying very much they're going to hold him to it, carl. >> eamon, there were questions about the expeditious manner in which the incoming administration named some of these designates. and there were questions about -- there are questions about some of the vetting and whether in fact there would be vetting in the senate. we are getting questions to steven mnuchin. let's get to the hearing now. >> what have you done with my -- here it

mnuchin. treated his role as a movie producer. i don't think there are many treasury secretaries in the united states who have ever been movie producers but mr. mnuchin was. i believe he produced of a have tore. do you know him -- of "avatar,"o you know him as movie producer or a money guy. >> i know him as money guy. i'm not an actress yet. i live near hollywood so there is hope. stuart: is he fish gent guy? he is good negotiator? is he purposeful? is he forceful? what kind of guy is he? >> i think he is remarkably direct, tells it like it is whether you want to hear it or not. he is incredibly intelligent. i think he is driven. so he will be on a mission to get things accomplished. stuart: you say he is very direct, looks you in the eye, tells you no, you can't have it, is that kind of guy? >> or yes you can and here is maybe and here is how you want it. stuart: what is the role in the transition team. are you formal role or advisor? >> no, my formal role is to support the again today the pr

stevene there to say mnuchin came in and bought this. the trouble for steven mnuchin will be that they are both right. he was part of a group of investors who are willing to off the take indy mac hands of the fdic. it was at the bottom of the crisis when things were looking terrible. hand, they had the reverse mortgage operation. lots ofeclosed on people. he will have to talk about that. bank ran a relatively big after the greatest financial crisis of our lifetime centered on the mortgage market. fiduciary for his shareholders and investors, he had to maximize the value of the assets which included mortgages in the fault. -- regulatedse institution to keep people in their homes, he had to comply with those rules as well. it's both stories that are true. chairman ofave the the senate finance committee, orrin hatch, giving his opening statement. after that, we will hear from the ranking member and it will likely be the testimony of steven mnuchin himself. overall iscriticisms that many people heard by the goingial crisis are not to be held

mnuchin: so i read. senator mccaskill: isn't it true that much of his debt is held by foreign interests? mr. mnuchin: i don't know. i've only read it in the papers. sen. mccaskill: you think you should know for someone who runs the committee on foreign investments if we are talking about the commander in chief? should you, as secretary of the treasury, know what percentage of his debt -- i'm told by people who are familiar with his business that it is a huge percentage of his debt that is held by foreign interests. mr. mnuchin: well, as i said, if i am confirmed, i assure you that i will make sure that the requirements of the constitution are upheld. and i think you have a valid point about -- about understanding foreign debt and foreign things. if i am confirmed, i will research that and get back to you. would likeaskill: i a commitment for me today that you will report in his committee what percentage of the debt against the trump enterprises is hold -- is held by foreign interests. that is your job as

mnuchin. recovering governor from delaware, and a lot of my time as governor, and even now, i think about how we create a nurturing environment for job creation and job preservation bread i want to talk about that in just a moment. but before i do, some of my colleagues who raise tax havens, cayman island, a gorilla, you have mentioned the irs. in the past years, several times in the past several years, the commissioner of the irs, it's a position that he has been selected to serve, it's a five-year term, i think he has maybe another year to run on it. he has in his 70s, he took his job not because there's something inspired to do, but he was asked to do it for his country. he is one of the finest public servants i know, he is often operated, there was an attempt to impeach him in the house of representatives which i that was lunacy. he said to us many times, as has the general accountability office, and you have said here today, we give the irs less money than they need, they don't have the p

mnuchin hadn't filled these forms out properly. we did it because the american people deserve to know about mr. mnuchin's offshore investments, even though they hadn't been originally disclosed and disclosed fully but our track record has been bipartisan and we've called out both democrats and republicans, as i mentioned. >> i think so, that's the purpose of it but let's be fair about it, too. >> thank you, mr. mnuchin for being willing to serve and to go through this process. i want to thank you for meeting with me in my office and go through many of the accounting financials and initiatives that you'll be managing. i don't ask those in these kinds of meetings because i've noticed it puts the audience to sleep. but they are very important. i was really impressed with your answers. i'm empressimpressed with your sector experience. i've always said that every business looks really simple unless you're the one who has to make the decisions on it and how far ahead you have to make the decisions and how you find employees, how you trai

mnuchin. did one west have any interference with the program and was that program successful in preventing foreclosures on struggling american homeowners or could more have been done by the administration? thank you for: that question. it is a very important issue. when we did see the deal, we to continue the modification program. was after that that the obama administration came up with -- and we had no obligation. we felt it was the appropriate thing to go into the u.s. treasury program as were the other major banks. so we voluntarily went into the program. the loan modification program was a very prescriptive program, including us having to follow net present value calculations that were discovered by the treasury models to see which was atter, either foreclosing on home or providing a loan modification. and to the extent that the net present value was higher on foreclosing, we unfortunately had to follow the rules or we would have been severely penalized if we had not proceeded with forecl

mnuchin. i don't want to interrupt. i have very limited time. i appreciate the additional information and the clarification and all that. but my question goes to what you were actually disclosing, particularly the cayman islands. did you use the cayman islands corporation to avoid paying taxes? would you support closing tax loopholes that very wealthy people have consistently used in the cayman islands to avoid paying taxes? that really is my question. >> let me just be clear. again, i did not use a cayman islands entity in any way to avoid taxes for myself. i paid u.s. taxes on all that income, okay? so there was no benefit to me from the cayman entity. as i said, the cayman entity was set up to accommodate nonprofit and pension funds that want to invest through offshore and a -- >> so you helped others avoid paying taxes. >> again, i'm not going to make a comment -- again, they didn't avoid. they followed the law. because i have experience as a hedge fund manager, i am committed to tax simpl

mnuchin's record. republicans to come pretty aggressively to his defense saying he's being attacked. in fact, mr. mnuchin in his opening statement is expected to say something along the lines as my character has been unfairly maligned, and he's had extensive work in the financial sector and is well prepared for this job. one other issue hanging over this, democrats have not been happy with the paperwork he's been submitting back and forth to the committee, leaving out some of his investments in the initial round of questionnaires submitted to the senate finance committee. he has since amended those. democrats are already jumping on that omission. expect that also to be a line of questioning, but no question about it this will be one of the more contentious nominations, democrats hoping they can flip republicans to oppose mr. mnuchin. no sign of that happening just rhett. >> manu raju, thank you so much. steve mnuchin just one of the controversial nominees the democrats are going to attempt to draw some

it's steve mnuchin is a very compassionate person. what's left out of that narrative is he saved a lot of jobs out of one west when he went in there and he did save 100,000 homes. last piece left out of the narrative, because of the way that the regulations are, even if you're trying to save somebody's home, sometimes because the government is set up in a way where the banks have to keep a certain amount of capital, the foreclosure happens anyway. so it was a near perfect storm. you and i both lived the 2008 for example crisis. it was a terrible situation for me at that time. and so my heart goes out to them. what they are missing is the opportunity here to have a financial genius, a policy wonk, someone that is super close of the president of the united states to prosecute an agenda that leads to working class families and middle class families having higher wages. for me, i understand that. i understand why they are upset. >> anthony, he didn't -- >> i want everybody to look at the totality of the situation. >> he didn't get into th

amy: donald trump had sued stephen -- steven mnuchin? >> yes, that is true, regarding some sort of deal that was made prior. mnuchin was a goldman sachs for a long time and then started his own hedge fund on his capital management. obviously some trump has been involved in real estate and involved in the source of hedge fund deals and using them as investment vehicles. there was apparently a lawsuit between trump and mnuchin, but i guess they have made up a this point. a makeup mnuchin intends to eliminate government control of freddie mac and fannie mae to privatize the largest players in u.s. home mortgage market? >> yes, this is an interesting deal. mnuchin -- one of the first thinings he said as treasury secretary nominee is that he would seek to privatize fannie mae and freddie mac. hedge funds, quitting former partners of mnuchin's in ononest bank like johnhn paulson, purchased fannie mae and freddie mac stock at a very low rate, less than one dollar a share, on the expectation that if those were privatized and returned back and al

mnuchin. >> delivering a middle class tax cut, make u.s. business taxes to compete effectively and aggressively and create more jobs. this is about creating better economics and more jobs for the american public. i'm very concerned about the number of jobs lost, the decrease in manufacturing, number of people still leaving the work force. these are concerning issues. when you look at the unemployment rate, that absolutely doesn't tell the story of what's going on in this country. >> follows that same thread, what do you think about similar mying the tax code, could be a challenging conversation about the expenditures in the tax code. i hoped administration plans to treat very carefully the mortgage deduction and the charitable deduction going forward. i know that the house plan, i believe, capped the mortgage deduction at a home value of around $1.1 million. i saw at least in your political document that the approach that you guys were taking had more to do with the interest that you pay and not the actual value of the home, so i would not

mnuchin. >> all right. senator casin. >> thanks, mr. chairman. mr. mnuchin, i wanted to start with a question you've no doubt come across in your preparations. >>> we're going to break in for a moment here as we continue the coverage of the confirmation hearings of steve mnuchin as the treasury secretary. we welcome you to "closing be " bell." if you haven't been binge watching these hearings, we have eamon javers to catch us up. >> reporter: yeah, i'll give you the concise version. speaking of binge watching, these folks in line, this hearing has been going on for five hours. there are still folks in line waiting to get in to this hearing. there is high demand, high interest. a couple of testy moments, a couple of interesting exchanges on policy. let me get you both of those and start you with a clip here in which senator cardin raised a question about anthony scaraducci who is a financial advisor. asking mr. mnuchin if he would participate in an investigation whether or not he violated russi

mnuchin, i found a tweet of your future boss that i agree with. keep it fast, short and direct, whatever it is. so that's what i'm going to try to do. first, do you oppose lifting the kunc current sanctions on russia? >> right now i do. >> you think we should lift -- >> i'm sorry. i oppose right now lifting the current sanctions without -- >> do you support new sanctions against russia? >> well, it -- >> yes or no. >> the answer is, i don't have the information. i haven't been able to receive classified briefings. i would want to understand the classified information, and i would want to work with others to understand it. so i don't have an opinion right now as to whether we should have more. i have an opinion we shouldn't be lifting the existing ones. >> would you agree your new boss is famous for firing people? >> well, he has a show about it, but other than the show -- >> do you think -- >> sometimes it's a blurred line at this point. we're not sure where the show stops and where the reality begins. do you think he'll hesitate to fire people if

mnuchin. the highest iq, apparently. donald trump, a couple of days ago, publicly talked down the dollar. he said he does not want a high us dollar. the dollar did actually drop. this mnuchin bloke is the opposite. he is in line with america's central bank. he thinks a high dollar is good. a strong dollar. the american economy is growing and doing well at the moment. that is one of obama's legacies, he has grown the economy. it is growing at 2.5% at the moment. you have got to question whether in fa ct you have got to question whether in fact the new guys in town, steven mnuchin, foreman goldman sachs banker —— former. will they continue the status quo? they don't need to change too much because the economy is growing again. what is interesting if they need unity. they need to agree what is the party line, what is the message. that is the whole point of cabinet. the work with the leadership team around you who are strong, united and speak from the same message. that is the situation. with the tweets, you have to be p

mnuchin's offshore investments. but our track record has been bipartisan and we called out both democrats and republicans as i mentioned. >> i think so. that's the purpose of it. but let's be fair about it too. >> thank you, mr. chairman. thank you, mr. mnuchin for being willing to serve and to go through this process. i want to bank you for meeting with me in my office and going through many of the accounting functions and initiatives that you'll be manage. i don't ask those in these kind of meetings because i notice it puts the audience to sleep. they are very important and i was impressed with your answers. i'm impressed with your private-sector experience. i've always said that every business looks really simple unless you're the one who has to make the decision on it. how far ahead you have to make decision and how you fine employees and train employees and meet all the federal regulations. well, you've actually worked with those rules. you actually have been forced to learn some things that are going to be sto

for mnuchin. his private sector past. >> one west independent oughta' firm said it violated the civil service member act by initiating closures on 54 active duty military families. yes or no? >> you have the document in front of you. i don't. we unfortunately did foreclose on certain people in the military. it was quite unfortunate. it was inappropriate. we responded to those people and made them whole. as i said, every single person had the opportunity to have their mortgage reviewed and we corrected any errors. our errors were less than anybody else. it's not that i am being defensive. i am proud of our results. >> i wouldn't be proud of all these findings. >> let's go to kelly o'donnell on capitol hill. the president-elect becomes the president tomorrow. when realistically will he have a cabinet actually confirmed and in place? >> one of the lesser-known traditions of inauguration day is, after the president -- the newly sworn-in president leaves the capitol to watch the parade and head to the

mnuchin and chairman orrin hatch. here's what they said. >> ultimately though do you think your nomination is in good stead at this point. >> just appreciate the idea. >> he's going to get confirmed and he should be. we got a really notch person who i hope will help pull this country out of the mess its in. >> can you clarify where you are about tax reform. border tax for example. where you think we should go on obamacare taxes. >> i think you heard a lot today from the committee. >> he's not going to do that right now. this is a complex issue. we all know we have to do tax reform, the question is what form. >> reporter: so the question is what form. mnuchin didn't want to say more than he said in that hearing. the chairman thinks mnuchin will get confirmed. not clear at all whether democrats can peel off any republican votes which they would need to do in order to block mnuchin. that might not be the case. mnuchin generally seen as relatively weathering the storm today under tough democratic question. >> thank you ve

mnuchin. neil: we're continue to monitor steve mnuchin. he is picked to be donald trump's treasury secretary. so far no bodily blows. i was goldman sachs banker and gone on to produce and finance movies, "sully" was one th went on to acclaim and academy award success. i don't know if he get as academy award for his performance on capitol hill. they're throwing everything they can at him. one thing they laid at his feet and he bristled at it, he profited from the housing meltdown and profited of closing of a lot of folks that had to give up their homes. i at the position at time, banking institutions, indymac, he was following federal statutes and rules an sticking to them, and sticking to them. this was federal policy and policy on federally sponsored loans. as treasury secretary he would not be in the business of bailing out big banks. this is particular issue in both parties populist wave after the meltdown where institutions were bailed out but individual mortgage-holders were not. they said that wasn't fair. he doesn't favor that. that

but most of the focus was on mnuchin's business background and investments. lisa desjardins has our report. >> desjardins: he came prepared for a broadside attack. >> i have been maligned as taking advantage of others' hardships in order to earn a buck. nothing could be further from the truth. >> desjardins: steven mnuchin began his appeal to become treasury secretary by defending his record at the helm of onewest, a bank that democratic critics say was a "foreclosure machine" during the housing crisis. >> onewest extended over 100,000 loan modifications to delinquent borrowers to try to help them out of a bad situation. >> desjardins: but oregon democrat ron wyden disputed mnuchin's version. >> investigations found that the bank frequently mishandled documents and skipped over reviewing them. all it took to plunge families into the nightmare of potentially losing their home was 30 seconds of sloppy paperwork and a few haphazards signatures. >> desjardins: it was some of the most dogged questioning of president-elect trump's nominees yet, and it was tense bet

mnuchin. democrats going in felt that mnuchin might be the one trump nominee they had a chance of derailing. by the end of the day they might have been felt differently about that. take a listen to this exchange. >> it seems to me in all due respect you just want to shoot questions at me and not let me he explain what are complicated issues. >> i'll ask you to complain after i go through my -- i'll let you explain. >> at least understand these are complicated questions. let me at least explain them otherwise there's no point in shooting them all at me and i don't have the ability to respond. >> reporter: mnuchin also said something we're not accustomed to treasury secretaries say when he was asked about the u.s. dollar. he didn't give that reflective explanation that the united states prefers a strong dollar instead he offered a more nuanced answer on that and several other points. >> the u.s. currency has been the most attractive currency to be in for very, very long periods of time. i think

mnuchin: correct. it is something we look forward to working with you on the details and how we can make sure that is preserved. senator: all right, thank you very much. thank you, mr. chairman. mr. chairman: senator nelson. senator: thank you, mr. chairman. you no doubt are that one of the things as treasury secretary you will have to face is the multi-employer are direunds that straits -- in dire straits. these are ones that have become --table and they are ones pension plans for people like truck drivers and carpenters and minors. miners. and the secretary treasury has the ability to reduce the pension benefits if the plan is projected to run out of money. therein -- there are two bad outcomes. one, it is running out of money and you are going to be faced with the problem of what to do about it. who are living on the edge and a reduction in the pension is going to mean something that they have to go without. what do you think about this and how would you approach this heart wrenching issue? i apprec

nbc's casey hunt inside the capitol hearing covering the hearings for steven mnuchin. casey, democrats really went after him today amount of lot of focus on taxes. a lot of focus on the cayman islands and a great deal of time spent on his tenure at one west bank. critic called it a foreclosure mill. what was his day like? >> hey craig, well you played that tense part of that back and forth that kind of underscores how tense the reasonable was and how angry some of these republicans and democrats are over mnuchin. he is possibly one of the most controversial of the trump nominees. and there's a pretty long list of them. but the focus really on his record, as you mentioned, one best financial. we've talked a lot of people today who say they were foreclosed on inappropriately. we talked to people who have reverse mortgages who say that his company tried to remove them from their homes. but then we're also learning today about his role in this group that was offshore in the cayman islands. this is something that according to a democrat memo from the committee came to light

mnuchin's nomination to be treasury secretary and dr. tom price to be health and human services secretary. it means that donald trump would have to recess appoint these two nominees, avoid the senate altogether and directly install these cabinet nominees when the senate goes on their recess which the president is allowed to do under his constitutional authority. it's something that presidents tend to avoid doing as well because there's some limitations to the extent these members, these officials can stay in office if they are recess appointed. we don't know if democrats will eventually acquiesce and eventually attend these committee votes. they are saying they want more information from congressman tom price. they say he was not forthright with the committee during his testimony. similarly with steve mnuchin who has sort of been wrapped up in this as well because of committee votes on both nominees. we'll see how this plays out. for right now, the last week could be a recess appointment. >> at a standstill at the moment. and you say the

mnuchin. i think it's very important, especially for the benefit of those among us who have no experience in banking at all. but you made a point that i think is really, really important. i have never heard of a bank that wouldn't prefer loan modification every time over foreclosure. not only to avoid the misery that that results for their customer, but also because foreclosure almost guarantees locking in substantial losses for the bank. would it be fair to say that virtually any time that it's possible there would be -- your bank would have preferred a loan modification for the borrower? >> absolutely. assumptions. and we put in the assumptions. any time we could collect more money, okay, by doing a modification, we were allowed to do a modification, and by definition we were incented to do a modification. and by the way, i think we would have done those modifications even if we hadn't received the incentives from the u.s. government. which on our fdic loans, were rebated back to the fdic. s

mnuchin, one west churned out

mnuchin, welcome. we haven't had a single year where the growth rate has exceeded 3%. a lot of the current administration describes that as the new normal. that's a reasonable expectation in terms of the growth rate in our economy? historically if you go back to world war ii, what is a reasonable growth rate? >> hang on. i'm just looking at some of my notes. the short answer is i've said publicly and i believe that we should be able to get to 3% to 4% sustained gdp. i think that that's absolutely important. i think that as a country, the most important issue we have is economic growth. that whatever issues we have, as republicans or democrats, i think we can agree that with more growth, it's a lot easier to solve these issues and we should all be focused on things that help grow the economy. in 1984, we had 7%. in 1998, we had 5%. in 2005 we had 3%. that was the last time we had appropriate growth rates. so i share the president-elect's concern of low growth. our number one priority from my standpoint

i'm sure steve mnuchin is done with the grilling. that is overused word talking about these confirmation hearings. he came under fire from the senate finance committee over a whole bunch things. when he ran company one west, they purchased indymac bank and turned it into one west. they allegation that it was a for closure machine that shunned workouts for poor people and elderly trying to keep people in their home. however no laws have been prone in anything he did with indy mack. maybe it fails the smell test. that he failed to disclose 100 million doll blaster -- $100 million of assets that he failed to disclose. he said it was omitted. timothy geithner was eviscerated for not gist closing he didn't pay taxes on a housekeeper. senator mike rounds rushing out of that room to get before other cameras. we'll ask him how this went and come back. stay tuned. ♪ >> i'm lori rothman on the floor of the new york stock exchange with this fox business brief. let's have a look at benchmark averages falling a bit. the dow up 75, but off the o

mnuchin's career began in trading financial products that crash and the great recession. after nearly two decades at goldman sachs, he left in 2002 and joined a hedge fund. in early 2009, mr. mnuchin led a group of investors that purchased a bank called indymac, and they renamed it onewest. colleagues, onewest was truly unique. while mr. mnuchin was ceo, the bank grouped it could put more vulnerable people on the streets faster than just about anybody else around. amy: that was oregon senator wyden. later in the hearing, republican senator pat roberts joked by -- offered wyden a valium pill before the next round of questioning. >> senator wyden, i have got a volume pill here that you might want to take before the second round. amy: during the hearing, stephen mnuchin came under criticism for not initially disclosing about $100 million in assets. "fortune" magazine recently reviewed financial disclosures by mnuchin and reported that he's worth as much as 10 times richer than previously thought, worth as much as $400 million. former texas governor rick perry also underwent

steve mnuchin did not have an answer. i was not there, i would imagine of the real president of president lincoln was contentious but since then, there is nothing contentious. >> we did not know on that day, temper were certainly flaring. ali and heidi, we'll be coming back to you for your counsel and journalism. we appreciate you being with us tonight. we'll take a break here, behind the pomp and circumstances of the inauguration of the man who knows it most. this is "the 11th hour." >>> tomorrow we have a speech at 12:00. it may rain or it may not rain. i don't care, it does not matter. if it really pours, it is okay, people will realize it is my real hair and that's okay. >> president-elect trump ready for the worse tomorrow when it comes to the weather. josh king a veteran man for the white house. he's used to prepare for the worse. he knows his way around the white house. he's the author of "off script" and "campaign specticles." chance of rain of 7:00 a.m. goes to 75% and at noon it jumps to 70%. 46 degrees for your

i hope mnuchin is right. if it happens, there will have to be an increase in productivity --productivity. joe: you mentioned the entire world is looking good right now. here's a chart i've been tracking in my bloomberg, all the major surprise indices. aat is really striking, it's five-year chart. every single one is above the red line, every single major region. all the em's, they are all above zero. they are all coming in better than expectation. scarlet: that's pretty zero. remarkable. you said you were in europe last week talking with clients great in your discussions with them on economic growth, profit outlooks, stimulus doesn't come up a whole lot anymore, does it? >> it doesn't, but all. when i look at the things that are most important to me, that is one of them. remarkable. you said you were in europe last week talking withthere a very rn abouttrump, about china, europe, about the vote coming up, about valuations. there's almost no discussion about what central banks are doing. ecb today saying they

mnuchin, from the. mnuchin,e distinguished ranking membersis remarks i understand you're -- >> president-elect donald trump'shed undereside spokesmani concerns about the absence of a latino messmber of th aebout cabinet. cabinet. trump selection of sunny perdue for the position of agriculture secretaryec finalizes his cabinet andhis cai makes it the first cabinet absent a latino in nearly ne three decades.ades. >> fox5 special inaugurationgurn coverage resumes.covera resu we'll take a look at theat crowds riding to the national n mall and tucker will let you know when the rain moves n remember you're allowed to t bring collapsible tote styleible umbrellas with you on the mall and only on thewith mall. ml. essentially it should be ablebel to fit in your back pocket orcko your purse. >> in the meantime the fox5time5 team will be with you.h you we'll be here all day long long bringing you the most complete e coverage of the day's eventss and we want to you be a part par of it. be a part of our team today.

mnuchin, i'm surprised you don't know these things. >>> and rick perry learns about his government. >> after being briefed on so many of the vital functions of the department of energy i regret recommending its elimination. >> when "all in" starts right now. >>> good evening from washington, d.c., i'm chris hayes. in 16 hours, around noon tomorrow just a few miles from here donald trump will be sworn in as the president of the united states of america. just hours after having received a briefing that only 11 other americans have ever gotten on how to launch a nuclear weapon and potentially start a nuclear war. this was the scene tonight, trump at the inauguration concert at the lincoln memorial where he took in performances from among others lee greenwood, toby keith, three doors down and an act known as the piano guys who did a cover of a one direction song on an open piano then performed a strong for the trump faithful called "it's gonna be okay." when all the singing was over, it was the president-elect's turn to address his supporters. >> i'm the messenger. i'm just the messenger.

steven mnuchin in 2009 bought the remains of a bank off the federal government. indie macwas in receivership. it failed and the reason it failed because it was one of the worst lenders, subprime loans, loaning people money who quite frankly did not have the ability to pay it back. so he takes this bank and all these toxic mortgages off the government's hands, gets a great deal, yes, and then, though, is left to work through all the mortgages, many of which can simply not be saved but many are. in the end he saves the bank, he sells the bank for a big profit, and in the process onewest did foreclose on thousands of home owners. relative to the number of loans it had, especially the toxic loans it took over, you can't say one was worse than the other banks. by the way, the new group that took over onewest sent us a statement this afternoon saying it's strengthened what it calls the overall operations and controls at onewest bank. we'll see what steven mnuchin says about it tomorrow. >> we certainly will because indie mack one of the worst actors. all a lot more com

i would like to introduce my brother, alan mnuchin and his wife alessandra and my father robert mnuchin who has always supported me and taught me that hard work, determination, and the ability to bring people together can make anything possible. i would like to acknowledge my late mother elaine turner cooper, who was an inspiration to me. i would also like to acknowledge my grandparents, emanuel and matilda turner, who were also a tremendous influence in my life. my grandfather was a first generation american whose father emigrated from europe. he truly embodied the american dream. he started out blowing glass bottles by hand and later built midland glass into one of the largest glass manufacturing companies in the united states with five factories employing thousands of workers. my first job ever was in his factory when i was in high school. it was there that i first learned the importance of humility, hard work, and commitment. for those of you who don't know my background, i studied economics at yale university. at the age of 22, after graduating from yale, i got a job at goldman sac

mnuchin didn't build them, he bought them. he bought them for one reason. he knew he could make money on them. it was all business, had nothing to do with race, red lining or denying any minority group access to banking, had to do with making good business decisions. precisely says the transition official why steve mnuchin is trump's pick to run the treasury department. >>> coming up, her husband committed the deadliest mass shooting in u.s. history. now she herself is under arrest. there's a meteor hurtling towards earth. how long until impact? less than a minute. what do you want to do, sir? listen carefully... if we all switch to geico we could save 15% or more on car insurance. i like the sound of that. geico. because saving fifteen percent or more on car insurance is always a great answer. of your brain can make it hard to lose weight? contrave is an fda-approved weight-loss medicine that may help adults who are overweight or struggle with obesity lose weight and keep it off. contrave is believed to work on two areas of the brain: your hunger center...

steve mnuchin facing tough criticism. donald trump is officially kicking off his inauguration events. in moments he'll be taking part in a wreath laying ceremony over at arlington national ceremony at the tomb to have unknowns. the theme will be kicked off by a make america great again at the lincoln memorial. that's where we find jake tapper and dana bash. jake, it's going to be a lively two hours there. >> reporter: that's right. crowds are beginning to fill the national hall here all the way down to the washington national monument. these events will serve as something of a tribute to one of america's greatest attributes and that's the peaceful transition of power today will feature three doors down, lee greenwo greenwood, right now there are all these citizen performers going on at nearby, high schools and the like. >> that's right they're trying to make this sort of as accessible as they can by local washington washingtononians, there are going to be the lee greenwoods but also the staples which tends to happen at in

today treasury secretary nominee steve mnuchin getting a grilling. the former hedge fund manager and goldman sachs executive confronting accusations he profited by fore closing on vulnerable homeowners. >> have been maligned as taking advantage of others' hardship in order to earn a buck. nothing could be further than the truth. >> reporter: during the height of the financial crisis mnuchin bought and turned around a distressed bang, we renaming it one west, which foreclosed on families including military families. >> you have been rather defensive, for good reason about what happened at one west. >> i do want to comment for the record. we did foreclose for certain people in the military. it was quite unfortunate, and inappropriate. we responded and made them whole. every person had the opportunity and corrected our errors. it's not that i'm being defensive. i'm proud of our -- >> i wouldn't be proud of all these findings. >> reporter: mnuchin also pressed on why he failed to disclose to the senate committee nearly $100 million in assets. >> i think

yousef: again, you had steven mnuchin talking about an excessively strong dollar having a short-term economic impact, but that is not what you should be looking at. there is a different and more accurate perspective, what is happening with 10 year treasury yields in the u.s. this chart.at that is your 10 year yield and the bloomberg dollar spot index. see, i've highlighted this for you. take a look at how close these to move. yields are leading the dollar, so extending the slide after steven mnuchin's comments, then clawed back those losses. thing we do have to keep in mind when looking at treasury yields, after they fell from last week's peak, you need to breach the key technical level, the 50 day moving average. take a look at my chart on the bloomberg. you can see we are still hanging but there has not been a breach of that level. that would be a key support level. rising yields have been the main catalyst of their strength. is gaining, yield at 2.39.0 year yield in this part of the world, two hours away from the opening of the emirates markets, dubai and abu dhabi. next, earnings

steven mnuchin is a dedicated team building. he will work to hammer out a tax package that will allow businesses to compete on a global basis. we'll have further staff announcements today on the commission staff, special assistants, deputy assistants and assistants to the president. we'll release some of the noncommissioned support staff as well. this morning as the vice president elect noted we have officially filled the cabinet with announcement of sonny purdue as secretary of agriculture. the president-elect understands how it's important to ensure the continuity of government. so in addition to the appointments that we've announced and will announce, the president-elect has asked over 50 individuals to stay in critical posts throughout the government. included in this group are the deputy secretary of defense, chuck rosenburg, rick rasmussen, the office to monitor and combat trafficking of persons, brett mcguirk to counter isis, cody kinsley, adam suban, acting undersecretary for terrorism and financial intelligence to the d