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The president -- -- four cornerstones.
For his view this through the response to a lack of jobs and a and at least -- almost stagnant economy.
Joining us what -- political perspective on this initiative by the president his economic speech and Illinois.
Former Clinton advisor Doug -- with us here in new York and Washington Genevieve wood vice president of The Heritage Foundation.
Fox News digital politics senator Chris firewall -- Well let's begin with you -- your reaction.
Well there was not much new that was in the speech.
There was some.
Gift to the Republican.
That thanking Republicans for being willing to consider immigration but it -- mostly attack in that area.
And it what it was I think.
As a frustrated president.
You have you heard a lot of frustration.
From the president that his vision his economic vision.
Hasn't been brought to bear that oh Obama non X has not been embraced in a broader sense.
And he's frustrated with Republicans frustrated with Washington that they are non interest in higher taxes on top earners and -- -- -- To expand it does this Darden played to his base say this is cathartic -- some -- because in terms of economic policy.
In terms of social policy as advertised by this administration.
There was nothing new here.
-- is that correct let's be very clear.
This was the beginning of campaign 2814.
No more no less he set up the contrast for what the election will be fought on.
His vision of fairness -- a Republican Party that's both divided and intransigent.
There is nothing about free markets nothing about growth.
Nothing about specific policies to help poor people bottom line a campaign speech.
I campaign speech is it any is -- From from scandals from from all they are -- -- slowing down on re distributed teams that won him the 28.
Twelve election and in his mind is his best course of action for 24 team.
Well look I I agree with -- I think this -- wanted 2014.
I think -- -- looking ahead of -- fight that's coming up over the increasing the debt -- this fall.
And what they weren't what -- talked about the speech class warfare.
Up blaming those who came before.
The imperial presidency if if you know other branches of government don't do what he wants specifically congress.
Phil was -- do it himself we've seen not.
Any talk about reversing trends in Washington but the very trend.
That I think most Americans understand we need to reverse in this town is spending money you don't.
Path he didn't talk about that at all almost everything everything that he propose -- there have specifics.
Would increase that and that's actually what to grow more and this.
An -- -- than almost anything else isn't it the US public that and what every household in America out hope.
He said that the deficits are dropping -- the greatest trade ever under his administration.
This is startling.
Startling stuff from a man.
Who's presided over his trillion dollar deficits and -- -- them and now he is the man who has reverse them.
Is this say this is this or reach too far -- Well look it this is his opening I think Doug is right that these are some echoes that you'll hear from the campaign trail in 2014.
Which you won't hear them from him.
You'll hear them in any states that are contested because there's no state that's contested where he would provide.
A substantial aid to an embattled democratic incumbent or somebody fighting for an open seat.
What this primarily as -- I think this is I think you guys have all touched on this.
This is his opening bid in what is going to be a hideous battle in this town over increasing the debt ceiling.
And then coming up with a new full year federal fiscal plan on October 1 and the implementation of his -- while the Republicans say.
Delay obamacare he says raise taxes and increase domestic spending.
There wave -- far apart and that's a dangerous place to be 68 or 69 days away from the class you know.
I look over the markets and that as the president began speaking of the market was lower but not much.
Moving to session lows.
As he spoke and right now in urgency in the the Dow down 64.
Points the S&P down nine points but aspect.
Fighting around four points -- more on the day.
It is it's not much of a reaction.
Two to this president.
Is today your reaction that is commensurate to the effectiveness.
The charm of the speech well.
I mean I think the president has enduring charm that's one of the things he's counting on to get -- -- but turning to your specific question we'll.
Bottom -- the markets are trending down because it was nothing new.
Nothing to give Wall Street soloists at the same time there's nothing dramatically -- the least he didn't propose explicitly.
Raising the marginal rate again are increasing capital gains and dividends taxes and the Republicans -- very quickly.
How they respond.
With raspberries and -- ignore it and they move on to the next thing.
But the president can call -- win.
Because we didn't talk about William Wilkins in the IRS and we didn't talk about all the other stuff that nagging at them so they can call that -- to win but we've got a plan at 7 PM right here on the Fox Business Network from his Hollywood does that spring of this -- firewall Genevieve wood and Doug -- thank you so much.
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