Transcripts For FBC Cavuto Coast To Coast 20240622

Weve been watching and you can tell john kerry, the secretary of state, visibly getting frustrated with lawmakers as he is trying to defend the deal he put together and this is getting more contentious back and forth as this hearing is going on. A couple issues have been brought up that john kerry has tried to defend. One of them the arms embargo, weapons that embargo being lifted after five years, Ballistic Missiles after eight years. Kerry testified he said the fact that they got an extension of that was actually a victory because he said iran was calling for it to be lifted immediately. Heres a little bit of that portion. Take a listen. When we end up with a bottom line where in eight years they get the missile, it doesnt look to me. It an but they dont. They may not get the missile at that time, but they can buy the technology at that time. The embargo is lifted. Actually, they cant, mr. Chairman, because we have happily, we have several other protocols which prevent that from happening. Another issue neil, of course, this 24day Inspection Period that iran could delay this to. Ernie moniz, the head of the energy department, said he was confident with that. And as ive been watching secretary kerry, neil, sometimes you can see him just sit there with his hand on his head and just kind of wipe the frustration away as this is going on. Neil . Neil all right. Well, i think the questioners too, might get that experience. Its interesting, blake, thank you very much. What are the facts of the case . The president says the republicans are not aware of the facts and have not presented a factual case against it. We think otherwise. We have looked at the facts. There are a whole bunch of ones that are not being honored here like the fact there were no side deals when it was first announced and there are, in fact, side deals or that americans were free to inspect these nuclear facilities, now weve come to learn, i guess, secretary that no, americans are not free to be among those nuclear inspectors, and the fact of the matter is that its just the opposite, the u. N. Voted on this before congress. But those are some of the things you and others have cited. Are there other goodies in there we dont know . What dueck . Well neil, thanks for having me on. This is something thats so incredibly important, we dare not pass it up. The fact is this deal was signed. John kerrys own recognition of the fact, he didnt know what was in it. He doesnt know what was in the side deals. This isnt trust but verify its the equivalent of alfred e. Newman saying what, me worry . The point comes down to we cant trust the iranians, our own negotiators so why should congress approve this deal . You know its just supremely regrettable that congress has pretty much put itself out of the picture neil you know, but i guess what youre saying, and i always look at the markets when these back and forths are going down. For example, were up about 121 points on the dow right now. So if the markets were worried about the possibility this deal is going to be shoved down our throats, if thats the position you take and if youre nervous about iran theyre still going to get what they want out of this then they wouldnt be doing so well. Or do they just dismiss this and say ignore it for now, its not an immediate threat now . Well, i think its the latter. Well okay, its going to be eight or ten years in the future. The markets are not going to deal with that, and you have a situation where obamas saying, well, dont Pay Attention to the republicans. Instead of answering the criticisms, he and kerry are saying this is the best deal possible. Why . You dont have to listen to the republicans. Why . Thats all obama and kerry know how to do. They cant defend b this deal in real terms because even as kerry said susan rice said it too, they dont even have a copy of the side deals. Neil heres what worries me and you were early on this, the idea of the sanctions and how early theyre lifted and whether congress has enough vote toss override a president ial veto orbit the fact of the matter is that those on the United Nations Security Council voted unanimously to approve this deal, those countries, you know the likes of england and france, germany, they could lift their sanctions amounting to the equivalent of tens of billions of dollars of immediately if they wanted to. So the pain for iran even if congress were to do the unthinkable and override a president ial veto which, as you said, doesnt look likely theyre sitting in the catbird seat. That is, iran has edge. Iran definitely has the edge especially under this agreement. Were not going to retard their progress towards a nuclear weapon. Europe is just salivating. These are nations i hate to say it, neil, well, actually, i dont hate to see it. These are nations of shopkeepers. France is saying, oh, boy, we can get more Oil Contracts and in the meantime the russians are saying, oh, by the way, were going to slip those antimissile aircraft in there so the israelis are not going to be able to attack at all. These guys are going to make a profit were going to have a nuclear iran and its going to be in short order. Neil its always good picking your fine brain on this subject. Hes the fact no one is disputing, central to the core of this agreement was trying to get sanctions lifted and freeing up what could be, ultimately, 150 billion worth of sanctions that have, that could automatically be lifted and free for them to do god knows what with. Now, the issue with that is why that was front and center for the iranians, to get that money and to get those sanctions lifted very quickly. That is a fact that was very pivotal in these negotiations. Yet to hear the president yesterday tell it its the gop thats pouncing. Take a listen to this. The general pattern that weve seen that is, would be considered ridiculous if it werent so sad. Neil all right. Ridiculous if it werent so sad. He was talking about republican criticism of this measure but any regular viewer of this show would know that weve had a host of democrats on as well who have been very, very concerned. So the fact is, there are quite a few of them out there, and i want you to see the facts. Here are some of those democrats. Were in a bad situation. I mean, you have the president right now accusing all of us. If you oppose his deal, his deal, then you are like one of those people who supported the war in iraq. I think theres a lot of very big concerns that still remain that are going through this negotiation process. Reject this agreement and tell the administration go back to the table and negotiate a better deal. Neil all right. So thats a fact. Its not just republicans who are worried about this deal. Its a fact that a number of democrats are too. Now, the president might be right, this is something hell be able to withstand and still have enough votes to override a an expected veto. The fact is it is likely both the house and senate would reject this iranian measure. The only issue up for dispute here is whether they would do so by enough of a margin to override an expected veto. To Jamie Weinstein on if they do and what they do and how Many Democrats are joining along and making this look ridiculous as well. Jamie, the fact of the matter is there are, as you and i know, quite a few democrats, quite a few liberals who are concerned, but the feeling seems to be at least from the white house if you posit this as a republican issue, that theyre the ones trying to to break this deal, its just a bunch of crazy rightwingers trying to do it, it makes it easy to sell to democrats right . Well no question that the administration has been putting up a lot of straw mans to try to sell this deal. But there are democrats, as you mentioned, who oppose the deal, bob menendez, new jersey senator, of course is one of the most vocal, jim webb, who opposed the iraq war. And iment suspect, neil, theres going to be more neil do you think therell be 67 . In the senate that seems to be the crucial figure i get depending on who i talk to maybe 61 optimistic 62 votes but nowhere near the 67. I hear mixed statements, its hard to say what will be right now because all the evidence is not out there yet. Were learning, for instance, that there might be secret side agreements that allow iran to get their own soil samples to be tested. I think thats the type of issue thats going to make a lot of democrats scratch their head and say, what . Were going to allow iran to get the soil samples were testing . Arent they going to contaminate those samples to make them look better than they are . I think theres a lot of issues that might shift some democrats to opposing this deal, especially if Chuck Schumer decides to come out and oppose this deal. He may be kind of the key democrat here. Neil well i wouldnt hold my breath for that, but we could be surprised. We are learning some of the facts behind this deal and one measure, no u. S. Personnel are involved in those nuclear inspections. Maybe thats obvious, but seeing as we had the wherewithal and the the expertise with this sort of stuff we should at least be in conjunction with those inspectors, but there wont be american personnel. So whos to say that there isnt ample opportunity for the iranians to hoodwink others . And since we cant just drop in on em, to give enough warning and enough advance notice that they can hide stuff. Well, theres no question about that. And i think the illustrative debate to watch is not actually the one in the United States but its the one in israel. Israel has the most to gain from a peaceful resolution to the Nuclear Issue in iran. They should want a deal like this more than anybody else. Yet theres near unanimity 71 of israelis think that this deal will help iran get a nuclear weapon. Both major parties in israel including the opposition to netanyahu, oppose this deal. So if israel thinks this deal is bad and they have every incentive to want this deal to be good, it says something that maybe this deal is not as ironclad as the Obama Administration is making it out to be. Neil all right. As you said, still about, what 53 54 days to go before they do vote on it. Always good having you, my friend, thank you very much. Were getting word now from u. S. Senate leader Mitch Mcconnells office that he is hoping to hold a vote halting federal funding for planned parenthood before the summer recess. I believe thats just a couple of weeks away, in fact, they were talking about holding it even earlier but again all this dustup over the selling of fetal parts and the rest and the controversy over how that operation is run and whether it warrants federal funding. Well, he is going to hold a vote, that is in the senate on halting all federal funding for planned parenthood presumably in the next couple of weeks. That is just in the senate. With me now is congressman trey gowdy. Weve had him, obviously, on a number of other developments including the push to get the irs chief, john koskinen, to step down. Its very good to have you, your thoughts on this planned parenthood development, the senate looking to hold a vote to defund it. What do you make of that . I hope they do. I and many of my house colleagues have voted to defund planned parenthood for years now so its important enough that the senate do it as soon as possible but, frankly, that was true even before these three graphic videos emerged. So more power to em. I hope they get it done and every member of the house that i know is welcome to postpone their august recess to get this done. Neil you know congressman, on that same point the head of planned parenthood and others in the Democratic Party more to the point have argued this was a rightwing cabal, it was judicious editing, this was a pileon and that this was sort of like a planned parenthood scam tape deal to catch people and to make a big deal out of nothing. What do you say . Well, if it was a plan to catch planned parenthood talking about selling body parts, service successful. Theres nothing wrong with having a plan. Some of the folks ive heard on the tape essentially have embraced in infanticide. Yeah im sure they are disappointed they were caught on tape, but they need to blame the people talking, not the people reporting it. Neil congressman, thank you very much. And i must stress we played the bites, strung them together, and then we also took each one individually out unedited and let people decide when they found any or all of the remarks offensive. Congressman, i do want to pick your brain a little bit on whats going on at the irs right now. You have an institution that is not handing over stuff to you to the degree you like. A lot of people said just give up the irs isnt forthcoming, the president all but saying theres no there there now others are saying maybe its time for the head of the irs to go, but hes not going. Where does this go for the next 18 months of this administration . Chairman chaffetz has done a fantastic job. Congress has appropriations which we have tried, contempt of congress, chairman chaffetz laid out other legal remedies yesterday. I have not been a fan of commissioner koskinen for some time. I think he had duties that he owed to congress which he failed to meet, but chairman chaffetz has laid out kind of where house is going to head and well start incrementally and i think the next step is whether or not we can convince a majority of our colleagues in the house that he owed a duty to congress and he breached that duty, and that would make contempt warranted. Neil all right. So i guess the next thing we could be witnessing. Thank you, sir. Yes sir, thank you. Neil all right. I want to take a look at the corner of wall and broad the dow up about 114 points, far different from whats going on in china, big selloff that has now wiped off a third of that averages value since june. Think of that, that would be like our dow falling about 5000 points in the same interim. Think it cant happen here . Weve got a guy coming up who says hes surprised it hasnt already. Same issues, same problem same government, same meddling. Same outcome . After this. Neil well, if we are worried about whats going on in china, we had a funny way of showing it today the dows up 132 points. Connell mcshane and wayne rogers joining me on this bubble that appears to be bursting. A lot of people,com, are saying its very connell, are saying its similar to the nasdaq in 2000. I have my chart to show you in a second. Neil i cant wait. I know you love your charts this has nothing to do with commodities or whatever neil did you say commodities . First of all, what is happening there does affects here. Affect us here. China was down 5 plus today and finished lower by 1. 7 so it stabilized and now were doing well today. Yesterday was a disaster in china we were down. Now, it does look almost identical to what happened here when the nasdaq bubble burst. Thats the cavuto coast to coast chart of the day nominee. Neil right now showing [laughter] now were going back give it time neil. This chart that were about to show here, now look at this neil now im looking at im looking out of the corner of my eye. Neil oh, boy. Whatd i tell you . Nasdaq bubble bursting back in the day, 99, 2000. Chinese stock market crashing in the present day thats almost an exact replica. What is happening there has already happened here neil whos leading whom . Now theyre leading us to the extent that there are more and more people concerned about the word account contagion, and they say, well, if china catches a cold or pneumonia and spreads it to the rest of the world thats the trigger that starts something bad in oh parts of the other parts of the world 1998 asia. Neil you know, wayne, you have been of the opinion that governments cant fix this sort of thing any more than our government could after the meltdown because you artificially prop things up, and the chinese are discovering controlling their markets, no matter how much money they throw at it, they might delay a contagion but they cant stop it, right . I dont think anyone can stop a contagion when it starts. When you have a pan bic, theres no way to panic, theres no way to stop it. We know that from the 30s in this country and then you get a kind of selloff. But i dont think its going to be as bad as everybody else seems to think. The chinese are going to correct this neil how are they going to correct it . Maybe intervention, but how are they going to correct it . Theyre going to have the intervene. They have to deleverage it, thats all. And in the deleveraging of that thats going to be painful, but thats the only way they can do it. Neil all right what does that mean when he says deleverage . That means youve got to if you borrowed all of this money to buy the stocks and the stocks go down and you dont have the value there to cash in youre going to have to borrow the money, put money into the economy in order to do that. Neil that does sound familiar. To forbid short selling to punish executives to sell shares of stocks you cant force that issue. Theyve tried to. I think the larger question for china is even if their market and i know its already gone down a lot comets continues to swoon, does it necessarily mean that it spreads . I mean, i think theres another school of thought that says we can kind of sidestep it to some degree, that our economy can continue to grow and our stock market can stay stable even if china continues to crash. Neil what i worry about is this reliance on the government to fix it. The idea the governments going to have a crucial role in deleveraging this market, getting traders off the government fix. Much as weve tried to do here with slowly introducing the prospect of higher Interest Rates in this country. Easier said than attorneys general right . Much easier said than done but the banks have got to cooperate with them, thats the only way it can get done. Neil well n china, they force the issue. Its not a volunteer system here. [laughter] no. Cooperation is not a choice. Not much is a choice. Neil all right. Guys thank you both very, very much. In the meantime apparently theres a lot going on in New Hampshire. They like town Hall Meetings and ive got to tell you under the radar Chris Christies getting rave reviews for his. Hillary clinton, not so much. So whats the difference . What if i told you the crowds . Its all about the crowds . After this. [ male announcer ] some come here to build something smarter. Some come here to build something stronger. Others come to build something faster. Something safer. Something greener. Something the whole world can share. People come to boeing to do many different things. But its always about the very thing we do best. Neil all right. Hillary clinton is wrapping up one of those town Hall Meetings. She hasnt had many, but this was in New Hampshire just a few minutes ago. Wait you to contrast styles a little bit. First, Hillary Clinton. Wow, thank you all so much. Thank you. [applause] thank you. Thank you all. Thank you for being here. Please be seated. Neil that went well. Now, i want you to contrast that with another fella whos been busy in the state and has already held more town Hall Meetings in New Hampshire than all of the candidates i think, combined. See if this rings a bell. Do you want to hear the answer or dont you . Damn, hand, im governor. Shut up for a second. By the way, i vetoed the state id system youre wrong about that too, but dont come in front of this group of people and lie about my record, which is what you did. [applause] neil all right, to be fair, those are from new jersey town Hall Meetings that the governor has had. We understand that he has toned that kind of rhetoric down considerably, although he did get in a dustup the other night. But the fact of the matter is there is a difference in style and a difference in approach and even a difference in crowds. Charlie gasparino on how thats playing out. How you doing, bud . You are comparing the least accessible candidate, someone that puts ropes around her as she walks on a parade neil wait a minute, i do that everywhere i go. Red velvet ropes you like it when people breakthrough. Neil i do. Compared to the most confrontational of all the candidates. This is a stark sort of neil although, to be different, different hell confront you. Theres something honest about that. Listen, i used to cover Rudy Giuliani when i was a cub reporter, and you asked him a pain in the rear end question hed get in the face. His press people were pretty much they were kind of jerks you know . They kept you away, but rudy had no problem answering every single question and in a confrontational manner and i thin now whether that works on a president ial campaign trail, i dont know. That shtick was good when christie was riding high as a guy that was a take no prisoners, you know, reformist sort of governor. The blooms within off that rose particularly in the last couple years because weve seen still high taxes, economic issues, they have budget issues. He would counter neil absolutely. Right right. But in New Hampshire where they like to that kind of quirky in your face not at all, you know business as usual politician, that might help them. And does a donald trump and his resurgence kind of help christie to remind people there is a way to do this without offending people . Among my wall street sources and christies backed up by several significant financiers that was the initial theory. I just wonder if trump has sort of taken that mantle away from him in a major way now. Neil heres why i think trump could help christie, he might maybe people tire of trump, i dont know but they look at a christie in your face without all the denigrating, and maybe that might help. Maybe. Listen neil but those debates are crucial. We have a long way to go, and i will say this about christie in his Campaign Speech he hit all conservative themes. And ill tell you, if youre that was a really good speech, you know . It hit on taxes, it hit on government, it was, it was honest. I dont think he used a teleprompter at all. Neil very few of them did. He didnt use the word rapist once without using a teleprompter, you notice that . Neil thats right. But thats a good thing. Neil very good thing, is right. Look at the time. [laughter] all right, thank you, my friend. In the meantime, you know Energy Prices have been going down so ive been watching this odd development with energy, gas prices following suit, and im wondering where is the cabal . Where is the talk of a concerted effort to fix prices on the downside . Wheres the demand for the Chuck Schumers and the like . The man looking into this mysterious collapse in oil prices, where where are the violins for the thousands of Energy Workers who are now facing pink slips . Wheres their lobby . What happens when these guys bleed . We report, you decide which is fair and which is just unbalanced. I sure had a lot on my mind when i got out of the hospital after a dvt blood clot. What about my family . My lil buddy . And what if this happened again . I was given warfarin in the hospital but i wondered if this was the right treatment for me. Then my doctor told me about eliquis. Eliquis treats dvt and pe blood clots and reduces the risk of them happening again. Not only does eliquis treat dvt and pe blood clots but eliquis also had significantly less major bleeding than the standard treatment. Knowing eliquis had both. Turned around my thinking. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling numbness, or muscle weakness. While taking eliquis, you may bruise more easily. And it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis treats dvt pe blood clots. Plus had less major bleeding. Both made switching to eliquis right for me. Ask your doctor if its right for you. So youre a Small Business expert from at t . Yeah, give me a problem and ive got the solution. Well, we have 30 years of customer records. Our cloud can keep them safe and accessible anywhere. My drivers dont have time to fill out forms. Tablets. Keep them all digital. Were looking to double our deliveries. Our fleet apps will find the fastest route. Oh, and your boysenberyy apple scones smell about done. Ahh, youre good. I like to bake. With at t get up to 400 dollars in total savings on tools to manage your business. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . Neil every dog must have its day but blackberry is up 6 , Morgan Stanley and bring the Company Looking at its prospects being a tad more favorable, industry kingpin and the iphone came along and the host of others and it was considered done. Maybe not. We will keep an eye on it. Phil flynn keeping an eye on oil. Be careful what you wish for, you might like what you are enjoying at the pump but this keeps going it could be problematic. We are seeing a bounce back. We have been all over the map that people tell me in the near term it keeps sliding. What do you think . We are getting pretty close but a lot of people dont. We have the biggest speculatively position in the market in over three years. A lot of people, the big traders betting on sharply lower prices, some as low as 40, some as low as 25 but i dont know about that. We have seen in this last week when we got bad earnings from all the Oil Companies, we heard about Capital Spending cuts, projects getting splashed. We heard about job losses and usually that is the type of thing we hear when we are getting very close to what bottom so this big selloff in oil prices has had a dramatic response from the oil company and it will take a toll on production in the future and we can pay the price for lower prices down the road. It is cutting down on supply, it will pick a price is. Absolutely correct. Why isnt anybody complaining about the Oil Companies losing money. We have one of the biggest losses from bp, lost 6 million in the last quarter but no one is holding a case for big oil. Neil where is the call on the south side. Very good. As always my friend. Where is that eldridge . When prices were running up and that was going crazy and you were paying more at the pump every week, then oh my gosh, you remember. Americans are paying more than double than when president bush took office. Interested in the whole show will company profits. Get tough on big oil. The president refuses to do that. There ceo is getting a retirement gift of 400 million. Neil when crude oil when i ask you. We are one accident for terrorist attack away from oil at 100 a barrel, not just 75, we have no leadership. Neil when prices mysteriously go the other way and drop precipitously without any real adequate explanation, supply and demand seems cliche. Naturally the same democrats and the same anti oil guys are wanting to get to the bottom of it. There are no bites. There are just it is not happening. It is not fair, not balanced and former shell oil ceo, that is not even human. The fact of the matter is a lot of your old buddies and colleagues are losing their jobs. And halliburton coming together all oil giants at a minimum will lay off 27,000 people and no one, no one in washington is crying about that. What do you think . You get used to it. In other words neil not on my watch. All jobs matter but i digress. All jobs joy matter and we have lost probably upwards of 300 to 350,000 jobs in this current downcycle justin u. S. And you are correct, former speaker is correct saying with all of the deferred Capital Spending there is going to be an enormous pentup demand for knew all oil in the coming years, 20172018, and yes, we will see higher prices again because secured to low prices is low prices, so we just stop building new projects, stop exploring and suddenly we are short and when we are short people get desperate, traders get rich either way going up or going down, so we face the same scrutiny by democratic republican politicians. In the meantime neil here is what bothers me. If you are suspecting a call on the upside than by all means suspect the downside but i could apply that to the meltdown when we have the stockmarket meltdown looking at housing guys no one was complaining when housing prices were increasing and family assets were soaring, no one wind about that even though there was evidence to suggest it was a bit of a bubble but no one could blame that. Was only when it went down. Conversely with this only when those prices are going good does it warrant attention. Not when theyre going down. It does really wreak of hypocrisy. I heard a lot of hard lesson, the hard lesson is politicians are essentially passive reactive players. They only respond to problems when they can criticize but they do not step up and take accountability or responsibility for proactive ideas, proactive plans except for of very few. I give credit right now to senator mikulski trying to push an energy bill through the senate. I give her credit for that and she deserves it. That is leadership but we dont see much of that. We havent had an energy bill since 2007 in the latter part of the Bush Administration and we have been throughout the cycle with no leadership coming out of either the senate or the house or the white house for that matter. So we had going to set ourselves up for highpriced oil and 24 to 36 months and there we are. Neil the passive reactive thing you lost me but that is a question on the as 80s which i am happy to say at least if you are looking to go to George Washington university you neednt worry about it which i understand the whole idea was to get a score that went at least into the triple digits. I had no idea. Now we are going to explain what it means if there are no more as 80s, it will depend on your kids great point average for your grade point average, that could be evening the spot as far as hellish possibilities. The move, for the saps to set yourself down. S to set yourself down. T s to set yourself down. S to set yourself down. Technology empowers us to achieve more. It pushes us to go further. Special olympics has almost five million athletes in 170 countries. The microsoft cloud allows us to immediately be able to access information, wherever we are. Information for an athletes medical care, or information to track their personal best. With microsoft cloud we save millions of man hours, and thats time that we can invest in our athletes and changing the world. Neil why didnt they think of this when i was applying to colleges . Knicksing the entire sat . George Washington University, a gerri willis son that. George Washington University adding their names to a list of colleges not using standardized tests like the sat and act because it does not say whether someone will succeed at college. Students are excited. If you are applying for a scholarship you may still have to take this test. They are dropping the test only for admission at this point. In this end it may make him look better in some of the rankings because the people who do take the test will probably perform better at the test. One more note, lot of cheating goes on when these tests are applied overseas. You have probably heard stories of websites whether they put up a answers to the test so that people can get them when they are in the testing facility. Lots of questions about these tests, if they do the right thing the George Washington has their own answer today. Neil i wonder whether much of this, theyre not getting as many enrollees and this is partly to address that. Hypercompetitive situation. Thousands of colleges competing for a declining number of students and this appeals to students. Last thing you want to do is take a standardized test so you are on to something. Neil someone like you get top scores on tests, perfect grade point averages, which brings me to my next guest, steve more is wondering whether anyone in congress particularly on the republican side of the ledger even passed the act because theyre coming up i got to tell you, i cant distinguish between parties anymore. In that previous discussion with thousands of schools looking for students they could lower their tuition costs. Neil that is question. This is becoming not political fiscally responsible, this is everything but that. Neil everything but the kitchen sink. And talk of a gas tax increase. They want the democrats and many republicans in the senate want to add funding for the export ban, the godfather of the state talk about more irs enforcement to get more money out of if this goes through as written it could be such a political debacle, it could lose congress for the republicans because voters will say wait a minute. Neil road and bridges are falling down, you are not doing anything about it but i dont think republicans are saying we spent a lot of money is budgeted and earmarked for one of them for this purpose and we can trace it. We cant follow it. What happens is i have testified on on highway bill last month before the Senate Finance committee, the only person in the entire room that was against more funding for these things because there is an army of lobbyists coming in. Neil cant keep track of the money we spent. We passed the most expensive public works, if we have a bridges falling down is not because we are not spending enough money but we are not spending very efficiently. This is a gas tax money that is supposed to be for roads, bridges and highways, 0. 75 to a sense of every dollar is not going for that purpose. Is going for transit and auto museums and all sorts of projects that have nothing to do with neil only for this purpose. If we spend on highway gas tax money on highways and road and bridges we would not have potholes, we would not have the Funding Crisis that republicans would not be looking all over the place to raise more money. One other aspect of this, the davis bacon act adds it is it adds 15 to 20 . Neil thank you very much. You can tell he got a perfect score on his sats. Oil prices godown, fuel prices go down, so too, Airline Ticket prices. True or false . You are going to fail. When a moment spontaneously turns romantic why pause to take a pill . And why stop what youre doing to find a bathroom . Cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. 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These are the only Medicare Supplement insurance plans endorsed by aarp an Organization Serving the needs of people 50 and over for generations. Plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. Remember, medicare doesnt cover everything. The rest is up to you. Call now, request your free [decision guide] and start gathering the information you need to help you keep rolling with confidence. Go long™. Neil all right. Oil prices down so you would think Airline Industry profits would be moving up because ticket prices would be nothing down. And that would be the end list with. You are right on profits soaring. Not so much on discounted tickets because that is not happening. Dagen mcdowell land Connell Mcshane on why this is not happening. Connell they figured it out. The usedit used to be funny, no one made a profit of the Airline Industry since the Wright Brothers but now they have. The perfect storm in some ways, of oil prices have gone down and they have a formula of feeding us to death. They charge everything. 17 and joy to cents per passenger and they collect that. Dagen they do it because because the planes are full and they dont need to reduce air fares and they dont need to give you a deal because they are filling the airplane. One reason they do the and on fees, they can remove them if they want but this is 7. 5 excise tax on base fares. They dont get taxed by the government. Baggage these are huge. Theres no 7. 5 excise tax on that. People complain about airlines, we really love the airlines when they are teetering on the verge of bankruptcy because the service is so much better when that is happening. Let them make the money, air fares are going down, theres one reading from this group the looks at your leisure air fare that people would pay. They are down to four year low next month, they are going to be down 2. 8 from last year for the rest of the year, down 7 . They are going to be lower. Connell everyone hates these fees especially baggage fees, throw a pair of shoes out and a 50 pound limit on that. Why those people dont even let her answer that . Dagen doesnt everyone . Connell i thought that there we go. Connell just a slip from neil. We all hate these fees but at the same time what is the other option . More regulation to give the government would step in and say pedicab on. Neil the government will start looking, wyatt with Oil Prices Going down. Dagen the bigger issue is they are not expanding capacity and adding seats in a way that the government sees fit, Justice Department looking at pollution that they are polluting allegedly on keeping capacity at a minimum. Connell sometimes they mimic each other on routes but that is not colluding. Connell going to be that seemed like when you had 2,000 from washington to new york, that was a lot of money. Dagen allegations, price gouging and i have an answer to is that. Dry. Connell dont do it, and joy. Dagen the whole thing about getting in an accident. Neil is the same insurance. You are wearing underwear. Look at the time. Meantime we are hearing the senate is going to go through and try to vote on the planned parenthood thing, it would be symbolic because the president would reject that and there are not enough votes to override of the joy like that but they want to get that done in the next couple weeks, this comes at the same time they are going back and forth with secretary of state john kerry on this iran deal and whether the votes are there to override what would be a president ial veto their, the rejection of that deal. Are the votes there after is this . Push your enterprise and you can move the world. But to get from the old way to the new from a partner who knows how to make your enterprise more agile, borderless and secure. Hp helps business move on all the possibilities of today. And stay ready for everything that is still to come. All right were going to raise a question that might be controversial but hearing now 30,000 Illegal Immigrants thats the latest surge despite all of our crackdown on presumably watching boarder and latest argument now is the lift in minimum wage across the country to 15 in some places is what is propelling this in other words it almost come o peels businesses or who are trying to find a cheaper situation be it an illegal one. Far more illegals so theyre feeding the beat. We have former spokesperson sadie who says minimum wage hike is actually making things worse. Democratic strategist says there is no evidence to support that. It is tempts, though, when you look at it, such a gap now and increase for businesses, and especially those in border areas, what wouldnt stop them . Well, first of all this minimum wage increase is not taking place everywhere in the country right now. It is actually just happening in select cities and states across the country so theres no doubt l happening in 22 states. 28 different cities, so it is happening, and you know writings on the wall. Sure it is happening but no evidence that in and of itself is bringing people here and undocumented immigrants here since the beginning of time. Not saying that saying that is not helping matters all im saying. You going to sacrifice prosperity and take care of their family double in wages where i draw the line. Higher minimum wage, i dont think you double it. Go ahead. Lets look at three factors that are driving this surge clearly violence occurring in Central America. Highest murder rate in the world in fact, secondly it is definitely going to be the immigration policy, the fact that president obama what human traffickers are basically saying in Central America theyre saying go to the United States. Theres a loophole and you come in and you can say third factor is economic opportunity. Take the case of a average 60 of those families are living in poverty. Theyre making 183 a month to survive. So what are they looking at . Big numbers, ideas they can come to the yieghts get these jobs, and sure isly when you look at these higher minimum wage especially in the cities where theres a lot of hispanics in these cities, theyre connected families are telling them come over. We can get you jobs. Im not advocating one policy or the other. What im here to say is you cant tell me that were tempting this with higher wage in this country and im not condoning business that hires illegal any stretch of the imagination but saying developments like this and businesses are making it very tempting. I would flat out disagree with that but i would actually agree with one thing that mercedes said theres violence in countries that is really driving a lot of folks that are coming here. But this is existed back into at minimum the 80s when religious groups were creating sanctions not on speed everyone if the numbers play out that it is picking up speed not because of a minimum wage increase. So this was because im saying, though, that youre going to hire illegals and look at the risk of that, youre going to look at that as another reason to consider it potential then it also drives a stronger conversation to try to create a path for citizenship for those individuals. How about a stronger conversation that those countries should get their own house in order rather than pushing everybody on us and thinking were going to pick up the tab . Wouldnt that be a fabulous option but as we know thats not going to happen in this current environment that were living in. But to the point of the businesses is yes, because the immigrants if you have a higher minimum wage. What happens . It impacts the low skilled immigrants, so where are businesses maybe going to look for employees . Theyre going to look for Illegal Immigrants who can maybe fill in spots. They run that risk by doing so. But i do believe it presents a big problem for these businesses especially because at the end when you have the higher minimum wage, the first ones to go first jobs to go are those lowskilled jobs lowwages as well to both of your points it is very, very early we dont know. What we know is that this problem continues and now 30,000 surge it it is not slowing down at all both republicans and democrats got to do something about it. But guys thank you both very very much i appreciate it. Well you have a move right now. Both the senate and the house to crack down on sanctuary cities those that protect illegals in this country. And that is not sitting well with a lot of folks. Who think that it is unfair to illegals but if youre Border Patrol agent and youre trying to get a handle on this problem, it certainly beats the alternative for you, national Border Patrol counsel, what do you make of this effort to at least crack down on sanctuary cities were told it is going nowhere fast because the president would never accept this and votes just arent there to override what would be another likely [inaudible] it is definitely something that needs to be done. Sanctuary city policy is something that is ridiculous, it is inhibits Law Enforcement officers from doing their job. Were out there, were trying to protect the public, an i thought we learned something after 9 11 that we need to cooperate in order to do that. And a this is just one of the tools that we have to combat this, and if you have a sanctuary city, if you have a city that can pretty much thumb its nose at the american government, the federal government and say were not going to comply with these rules that are meant to protect the citizens of the United States, if it doesnt make in new york there are some areas within cities that are not called sanctuary cities themselves, but look the other way. In other words within illegal reports the crime or something. That fern is never going to be dragged to ice if something goes wrong. Isnt that something thats quite common, going way beyond socalled sanctuary cities . Yeah, that is quite common, and in this instant, what were focusing on right now is the criminal illegal element, and we would even attack that for a beginning. Because i dont think anybody disagrees with the fact that if someone comes to this country, an they commit crimes over and other again that they do not want to be here and that sanctuary city with a tax on american citizens, they come from illegals youre right but not necessarily those protected in sanctuary cities, right . Yes, it comes from all over. But that is something that is exacerbated in sanctuary cities because that happens everywhere. Correct. The detainers are ignored elbow 12,000 detainers were ignored in 2014 we have 30,558 criminal Illegal Immigrants that were released into the communities all over the United States. So yes, it happens in more than just the sanctuary cities. Well put thank you very, very much you have a Herculean Task we appreciate it. Democratic congress joining us a lot of people talking about providing for their workers and overtime rules all of this stuff that they have for and putting his money where his mouth is and making sure overteam rules that are extended to those doubled now from those earning in mid20s to those now upwards of mid50s and doing for for his staff as well. Congressman good to have you. But essentially what youre doing my friend is the big on our money. Our taxpayer dollars are going for your generosity here. Well, you know these are wonderful employees in my office, about 11 of them will now get time and a half after 40 hours. Who have a budget congressman right, make those numbers meet . They will meet. They will meet how . It is the right a it is the right thing to do. Fine. But how are you set budgets how are you going to cap for people we have looked at our budget. It meets were going to be able to do it. Other thing is obl well look at how many hours they work a week and make sure that it fits into the budget. But look neil if i need somebody for 50, 60 hourses in the week should they only get paid for 40 . I think thats wrong. So what we want to do is set an example for the rest of the working america. Private sector has to do it. Why is that politicians always get exempt from what the no like give you credit because a lot of times theyre very good at a handing out medicine but not taking it themselves. I did want set an example. Heres what i want when you just said you have to cheese burgers you celebrate labor. Okay fine, you have to make adjustments for this so look at the budget. You want to know something how are you going to make that . Fewer workers working overtime or shuffle this their schedule . Heres what were going to do. Well take the budgets that we have and last year we had how say this excessive budget last year. And surplus of budget last year in our budget were very frugal so you just think i spend every dollar i get were very frugal and careful in the way that we use our money. Doing the right thing. Listen to me, thats what a private ceo is going to do that is what a private business is going to do to make adjustments to make this work, and it will. But the understanding seems to be for all of these workers pay them the extra overtime whether you agree or disagree and all of a sudden businesses suck up costs, but you are doing this out of the goodness of your heart or taxpayers hearts but youre doing this and making adjustmentings that businesses have to do. Businesses are doing the same thing. No, neil, neil, heres my charge as congressman for the district one eve of them is to have a staff that is fully representative and working hard for the people, and it has same benefits and same prebses that i wish for everybody else that lives in the floor of the congressional thatware constituents too that live in the diste district theyre wonderful employees. They work hard theyre working for your budget. Things are not going to spengtd more theyre going to make adjustments to make this work. Neil, neil, no were going to get an increase two or three percent increase in our overall budget im sure it will be there. We can take care of it. Let me just say this, somebody has to spend day in and day out away from their kids, away from their husband spending the weekend working because we have to work sometimes, you know 24 7 make sure that we should get paid. Well figure it out o. Why dont you call me back in six months into the process . I will. I like the way congressman heres why im tipping my hat making adjustments trying to make that adjustment hoping you dont vilify adjustments acknowledging same sort of adjustment they have to do, right . All im doing so the public is clear. Youre doing what theyre doing. What theyre doing. Everybody else is always doing. Why is it that politicians get exempt from the very rules we impose on others . I want to say live by the same set of rules we have for everybody else. Comengding what youre doing. I want to welcome you to cap capitalism youre making adjustments to do something to something that government has ordered, an youre trying to make sure you dont spend too much extra money which is same thing businesses small, medium and large are doing. So youre joined at the hip with business of the budget that were already allotted work, that budget but i will assure one thing were going to make sure people get time and a half after they work 40 hours, 100 employees theyre happy. They love to work. That would be against the law. They work for a great guy. Congressman thank you very much, very good having you in the meantime of all of this finding out that Home Ownership is at a 35year low. Never been lower in the last 35 years. Wait a minute, i thought housing was coming back . Wait a minute after this. All right, these last couple of days have not been fun for secretary of state hes taking a hip of grill over this iran deal, with the senate, they were just blistering even to democrats like menendez in new jersey going after them and whether the deal made since or giving it away and met with top jewish leaders in new york city and they have pretty much the same take, giving everything away. Now, of course, with the House Foreign Relations Committee among his question is will be questioning questions republican congressman medicine. What do you want to ask the secretary what is most important issue to you right now that you feel is not being addressed because youve heard all of the factses are out there, that you and your colleagues dont have any facts to argue this. Empleght well, neil good to be back with you. But i will say that a lot of questions already have surrounded about the fact that this ideal of which secretary of kerry said theres no side deal. But where others have acknowledged at least theres couple of other deals but only they have not read that congress hasnt been provided that information and so today were hearing that we may be briefed on it. But something is that is this critical you need to have a document, you need to be able to read it, and i find it very troubling that we have these side deals out there that are not going to be provided to congress. What i dont understand about the side deal is educate me in the process o story beaters than i ever will. Does it seem like when john kerry was asked initially he didnt know about all of the side deals. Im thinking to myself youre the guy who signed this deal. How would you not know about side deals . Now hes saying hes been briefed today in the hearing just a few minutes ago under questioning he said there was one side deal actually secretary of energy had to correct him and said no there was two. So when we start to see that people involved in negotiations, yet what were finding is, that they dont really have all of the facts, and i think that American People deserve facts. But what they said about you. Not you specifically sir but republicans not raise a legitimate factual case against this deal. I think you and others have said we can raise the fact that no american inspector are included among those policing these nuclear facilities. Thats a fact. We also know that it is a fact that iran i dlp get their money fact thats neat but there are many others, right . There are many others in one in particular has to do with Ballistic Missiles and the arms sale. You know, the deal says eight in five years respectively but theres another caveat or wherever the iaea says that they are in compliance with other testimony just a few days ago in another hearing could be a year or two from now. And so the whole thing is very ambiguous more you read more questions you have. So troubling not only to me but other members of congress. Congressman thank you very, very much. Good to see youre out of the closet by the way. The janitors closet when youre been relegated to that against house leadership. So you rose like a phoenix. Thank you, sir. It is good to be back with you, thanks, with neil. Thank you very, very much in the meenl meantime do you think that the mood on the hill is so poison that nothing gets done. One remember it got done. Ronald reagan can go back to jfk but gilbert talked ab a time and period and Ronald Reagan said rather give 80 . He told jim that, he said jim lets get 80 and not go flying over the cliff with our flag. What happened to us . I was remembering with john kennedy he said, you dont want to go overboard rubbing the soviet faces in a deal that might appear to be negative for them but he would work with republicans on tax cuts. Everyone against his own party and cobble together a coalition to do so. Ronald reagan, of course, oneal and white house residents and negotiating, why cant we do that . I think we can. I think that some of the leadership has got to step back now and emulate what reagan did. When you really think about it reagan had as a republican president and he had both houses as in thes and he worked with them very well. It helped that he was elected in back to back l oh, yeah that helps. But you know why . People believed in him. He gave them a lift. He made the country believe again. Happy, constructive. He was a really a great president. In the book, i find that 81 people that we had in the book i mean, they worked their heads off for him, and they have wonderful stories about how the president got things done. You know, i noticed ambassador he did in a way without being childish or nasty almost too good to be true. Reason with the message today were told it is my way, the highway, were told compromise is a sign of weakness an reagan seemed to see it very differently. One of the stories in the book secretary schultz was invited to dinner with his wife at the white house, and he knew that the president which was new and president wanted to meet the soviet leaders and size them up. See if he could do business. He said tuesday dont bring ambassador for 24 years to the u. S. And knew the whole Foreign Bureau part it have. He said i can bring them over, and reagan said, i got ten minutes lets do. He brought them over and it was an hour and a half. Schultz said without notes or anything, very well about human rights, and about soviets jewelry, and there were kind of those held up in the Embassy Since the carter days and 60 of them families. So reagan said, look, he said there are 60 pentecostals in our embassy if you work out so that we can take them i wontabout you. Two months later soviets let them go, quietly, and he knew he could do business, and thats the beginning of what he did with him real quickly. Anybody in the republican bunch strike you as a deal maker. Jeb bush said he would be a coalition builder. Do you buy that . Rchg . Yes, i think his father was a most loyal. One of the stories in the books is that, bill webster head of the fbi talking at a dinner for reagan all it be that. How loyal he was. Weekly luncheon. Sons are learned from him a lot, and i think that we have three governors going a year of the governors. Okay we have a crowded field ambassador. You know ambassador was there nixon days i told him he had to be eight years old. Been around a long time. He knows what hes doing very good having you. All right we told you housing news now might be distressing here a sign of the times Home Ownership. Instead of 35 year low. Whats doing that . Why is that . Have we given up on the American Dream . After this. Neil we are up about 17 of 6 176 points right now. These are the highs of the day. China lost another one or 2 . Shellacked a third in value since where they were last month at this time. But they are not us, at least for time being. A lot of optimism over earnings in the latest data coming in a tad better than expected and Forward Guidance which is always crucial to these guys, coming in a little better than expected despite a few moments ago alarming news on housing. That we reached a 35year low on home own lettership. The bullish argument it is coiled spring to move up or sign of the times that housing isnt the end all, be all especially for younger people. Who knows better than the guy who won a nobel prize studying this, robert schiller. Robert, good to be with you. What do you make of the that the homeownership rate being so low . There are many of different factors. Im thinking of factors whether someone decides to buy a house. People get married later now. The divorce rate is up. We dont, were more social media oriented than we were back then. You know, values are different. Culture. We have an industry now that has been growing now, rentals of Single Family homes which almost didnt exist before. Neil do you think the bloom is off the rose though, robert, for a lot of young people . Either they saw their parents burnt in housing from the meltdown or their own memory is such that, hey, i mean i was told growing up that housing was, you know, a trickless investment and we were tricked . I saw people tricked and im not going to go there . That is exactly right. The other side of it though is that people have felt tricked about the stock market too. Neil well, very good point. They like homes pause they can see them and know theyre real. You dont have to trust accountants to tell you that you have got a house. Neil wellput. Do you think though that what is happening now is a sign of something worrisome . In other words, i think last time we were chatting we were buoyed by some unexpectedly good news. I think at the time existing home sales. New home sales were off the pace many thought they would be. Permits though strong are not following to the degree many had hoped. So it is rocky. But i still argue the confluence of data weve got for the most part has been good on housing. Where do you stand on this . Well, it is good for multifamily housing. That is where the permit activity is. I dont think this is a bad thing. You know, i think homes may have been overvalued for many years by people just having an incorrect view of how advantageous it is to own a home. One thing it does, it ties you down. It is hard to move. So youre not quite as fluid and quick to jump at opportunities of new jobs and the like. I think people are you end up doing a lot of chores. Do you own a home . Maybe you dont do chores but most people are out there mowing neil i try not to. I understand that is a requirement being a homeowner that you have to do chores but i try to get out of it. Modern times, we can organize these things better than individual activities. There is a Real Advantage to living in an Apartment Building. Maybe you dont like everything about that but there are real ad advantages freeing up your time. Neil where do you live . I always picture when you talk about housing you live in a cave, watching this all unfold. Do you live in Apartment Building . We have two houses. We have a home and summer home. Neil there you go. That is why you get the nobel prizes. Always good having you. Thank you very, very much. Appreciate the insight. My pleasure. Neil be good. In the meantime Hillary Clinton was finally asked it, what would she do about keystone. And she answered. Im not going to tell you what that answer is just yet. Meantime twitter earnings after the bell. We know exactly what theyll be. But youre just going to have to wait. It is not appropriate nor fair for me to prejudge in a public arena what secretary kerry and president obama eventually have to decide. And therefore i will not do it and i am sorry if people want me to. Ive been very clear. I will not express an opinion until they have made a decision. Neil all right. That was Hillary Clinton when asked by keystone what she would do. They will wait until they have expressed an opinion and there you go. That is something that would come up if she were elected president. This doesnt apply to issues where she hasnt as sirted herself. The issue came up i think again, ralph, my producers, listen, do we have that . That was the followup to said question about waiting. There you go. Now, i understand completely which can explain why im a little confused. She never answered either question, in either event which is weird but Charlie Gasparino says is in keeping with the politics of the moment but, what i would love to get him on that and i will. I want to get you on twitter which is all the focus. Notice her pupils were dilated. Neil she didnt answer. This is simple question. What are you going too do on key he stone. This is Public Policy question. You think the president of the United States would have an opinion or wannabe president of the United States. Neil she has gone on record disagreeing with the president and wouldnt be a huge leap on something. Most contrived candidacy ever would be hers. Neil youre a little bit of a hater here. But lets move on to twitter. Everyone focuses on twitter. Now you of course are mr. , you know, hightech, online, millennial. I barely know how to use my iphone. Neil attention will be on this. I do follow twitter a lot because it is in the news and we were first reporting on your show on fox business, the executives there are more hope now to a potential sale than ever before. The problem is the stock price will have to go down a lot more before someone is going to buy them. When i talk to my wall street source who is are pretty tight win investors at the usual suspects that might buy twitter, facebook or google, what they say is, you know, facebook, for example, even though Mark Zuckerberg has the controlling shares in that, if he buys twitter at the price now, you know, with a premium, he is going to have a shareholder revolt and the price neil wouldnt that be kind of like anticompetitive deal there . Maybe, maybe not. Some people say google for a lot of other reasons is more of an anticompetitive thing. Neil i see. But i would just say, and zuckerberg really likes twitter. He expressed interest in buying this. This is company, its interesting, it is ap can that the president uses to get his message out there. Neil a lot of people do. Revolutions occur on twitter yet they cant make a profit. Neil they dont know how to leverage off of that. Yeah. Here is the other thing, a massive exodus of csuite people. That is never good at a top company. I remember citigroup, when jamie dimon was fired by sandy weill. It was a stupid move for a lot of reasons, when he left citigroup a whole slew of csuite executives. Hollowed out the executives that was the main reason we had a financial crisis. Twitter doesnt have a economic impact. Neil chairman and founder is running night it is even worse. A lot of people under that. The most experienced guy is anthony note toy. Very smart guy. Used to work at Goldman Sachs. They need a lot of Anthony Notos there. My guess at some point someone will buy them. The stock has to go down a lot more to justify it because you have to pay a premium. Where is the stock trading at today . Do we know . Neil 36 . 36. You have to do a premium on that. That is Something Like a 40 billiondollar neil clearly a double top going on there in the early day. You are a daytrader. You know, i know youre the type of guy that goes home and daytrades. Neil i do it here. Kidding. I do not. You, people tweet you even if you dont tweet. I get like i dont have the most followers but i have the most haters. Neil no one tops you in terms of haters. You rule the roost. I have 49, 48,000 followers. Neil theyre all angry millenials. But 894 of them hate my guts. Neil Charlie Gasparino, the best in the biz. Meanwhile we have stocks up, gold going down to a fiveyear low. Is there a reason for that . After this. When you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. Thats where at t can help. At t has the tools and the network you need to make working as one easier than ever. Virtually anywhere. Leaving you free to focus on what matters most. All right. Im Connell Mcshane back here on cavuto coast to coast with your fox business brief naturally to talk about, sports. Were waiting for this tom brady decision, whether or not brady gets suspended for four games this season. Theyre having talks on a possible settlement. That is happening right now. Decision they say today or tomorrow. So were waiting. Brady is suspended the first four games of the season after the wells report says it was more probable than not the patriots cheated, deflated footballs well below the legal limit but he is appealing it. If the suspension is upheld he it is widely expected he takes it to federal court. Gives us a chance on the Business Network to talk about sports. We take the opportunity to roll that in unrelated stocks related to sports. You see what im doing. Under armour, that is alltime high. Nike as well up over two bucks. So that is your fox business sports brief and markets are up. 172. Neil back in a moment. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . We are taking a look here at the markets. Energy leading the way. With that we saw the xle, the energy etf move from negative territory into positive territory and take a lot of those Energy Stocks up along with it. Our dow leaders also include caterpillar, pfizer, and intel. And were keeping a keen eye on gold at 1096. Weve had calls from Goldman Sachs saying it could go under a thousand. Morgan stanley said worstcase scenario could be 800. Busy day on a wall street with heavier volume than usual. This is after five days of selling. Neil. Neil thanks very much nicole. We have Keith Mcdonald and liz macdonald. What is going on . It is earnings season. Were on the phone with wall street. Were talking a lot about china. What they are telling fox business, when china had a problem with taiwan they could shoot off a missile in the strait of taiwan or conduct naval exercises but you cant move taiwan. Money moves. So that is whats happening. Peoples bank of china and the government in china is at a loss as to what to do with the cratering of so many stocks over there. They have been massively in the markets there and im hearing now that the government is considering about buying even more shares in listed companies in main mainland china. Neil why arent we being more effected by this . Is there something im missing here . Just we dont have that much exposure ironically to the market. We do have exposure if there are serious hiccupping . We dont have that much exposure. Chinese markets, with global transparency between europe and south america, chinas markets are inwardly focused. Only four inwardly focused banks. Most are traded shares by chinese nationals inside the main land there. Is not a lot of take for the western investors. Neil you would think western investors would think twice if theyre in the middle of a meltdown . Yes. Not Market Forces supply and demand. It is the government controlling listing prices effectively. Neil what is the government doing . Much different than our fed buying up securities. Theyre buying stock. Theyre buying stock. That is a good point. Theyre doing things like pumping liquidity and outlawing short selling during height of financial crisis. 799 Financial Institutions the s p banned short selling. This is what wall street is talking about. The government could take on the leverage in the markets, wow. What does that mean for us . It means the u. S. Dollar strengthens as chinese currency weakens. What does that mean . Bigtime hit to u. S. Companies that do sales overseas as the dollar strengthens when they translate profit overseas back into the stronger dollar. Many of the companies saying a stronger dollar is affecting their earnings picture. You see that at Kimberly Clark pepsi and yum brands talking about it in their Earnings Releases just recently. Neil do we benefit being the better game in town, the global town, keith . Whatever the worlds ills, whatever our ills we have fewer of them by comparison . I think that is very asstatute horse. Were best looking horse in the glue factory. That highlights the thing. You know what the real danger is, neil . Not that china is propping up the market or learning about capitalism the hard way. The real danger is Chinese Government use this is as excuse to stop Economic Reforms that in fact have to then us to this point. Neil that is a very good point. Guys, thank you very, very much. Sure. Neil in case you didnt hear a fan of robocop or iron man, you might think that is the vision of elon musk. He is not big on that. He says, i do rockets to space. Not soldiers. Stops right there. After this. We live in a world of mobile technology, but it is not the device that is mobile it is you. Hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here were here and weve got your back. Legalzoom. Legal help is here. eeeeohmumohweh hush my darling. dont fear my darling. the lion sleeps tonight. hush my darling. man snoring dont fear my darling. the lion sleeps tonight. woman snoring take the roar out of snore. Yet another innovation only at a sleep number store. Neil all right. Rockets, electric cars and maybe electric planes. That would be weird to have electric plane. But, what, what we get from elon musk, so far in this technology, for example, he and number of others are saying, we draw the line at these military robots, this robocop thing or iron man thing. Were not going quite that far that would be a very dangerous precedent and not direction we have to go, which leads me exactly what he is doing now to lead us off the trail. We have dagen here. We have connell here. What do you think, dagen . I think they make the Artificial Intelligence experts, elon musk, by the way, i dont know what accent that was. Elon musk is from south africa. You were doing some weird do it again. Neil im not doing it again. If i did german accent would sound sinister. Picking on the germans. Neil if we do this, germans are want to hair the scottish . I love that one. Elon musk, Stephen Hawking steve wozniak, cofounder of apple, warning about the use of Artificial Intelligence in weaponry. Neil were doing it now, right . No, no. This is an independentlycontrolled using artificial brain to neil but it is the next stage. You mean drones, is that what youre talking about . Neil drones to sophisticated weapons system. A drone has to be human operator. Doesnt have brain of its own. Autonomous weapons, to dagens point would make their own decisions. Neil youre agreeing with dagen . Yeah. Get that fox business alert out there. Neil there we go. You have one of those robots being able to decide who to attack. Stephen hawking neil providing technology which you eventually could do that. It has uses helpful for other things. Stephen hawking says a irobot could be a pet in for the family. Neil isnt there are rob boats at crossings to direct traffic . We already have the technology. We have to be careful about how we use it. Neil but were not. Did you see robocop . What about terminator . Neil terminator, he doesnt even know these movies. The ability to make decision on its own. Neil sometimes they make good decisions, Arnold Schwarzenegger in the latest one, makes good decisions, very nice robot. That is always a good model. Neil now there is austrian accent i could do. From war and peace. Robots you think friendly like in west world, yul brynner, not so much. Im aging him out of the conversation. Neil you mention the jetsons he goes they equate this if you have Artificial Intelligence weaponry it will be like nuclear arms race. Neil but both of you have been hoodwinked you never knew all the years working with don imus he in fact was a robot. Not growing to do it. Neil do you do imus. But he decide actually 22 years ago. Whoa. As astro would say ruroh. Neil this this technology is here today, not decades. Neil i think it is here now. Her hubby. Which have a lot more. Stick around. Well be here all week. Neil we call it coast to coast. Here in new york. What are you talking about. Neil all right. These hearings are getting a little hot and nasty on capitol hill where john kerry is under fire from lot of congressman interviewing him. Including exchange, dont have the actual tape but verbatim. The secretary was asked back and forth over this deal by scott perry, republican from pennsylvania, whether it was really all that he said it was. We do have it. Take a look. Congressman, i dont need any lessons from you who i represented. I represented and fought for our country since i was out of country. God bless you for your service. Dont give me any lessons about that okay . Neil all right. Congressman perry, also dedicated veteran whose interest the secretary represented more the deal or the American People . And you saw the tail end of that exchange. It did not go down well. But it has been that kind of week for john kerry over last week, having met with the senate on this very same controversial iranian in measure and meet jewish leaders in new york. Bottom line, john kerry has advantage and administration has advantage. Even though the numbers weve seen, deal will likely go down in defeat, 54, 55 days well have vote. Things can not change, muster 67 votes from the senate to override a likely president ial veto. So the irony will be despite the jawboning back and forth the administration will get what it wants, secretary kerry gets what he wants. Iranian deal and majority of the United States senate and house are told we do not want and United Nations wants . This is worry for the markets . At least at this juncture they have funny way showing it. Trish regan is next. Were up about 186 points f they are worries they are not worries right now. Hey, trish. Trish hey, neil. Nice rally. Welcome to the intelligence report. Nice on a nice rally. Were up nearly 200 points as the fed begins its twoday meeting. Well get to all of that. 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