Transcripts For FBC Cavuto Coast To Coast 20240714

Talking. Forget mueller, what about making moolah . Voter rates on the economy for this president the highest level weve seen since 2001. That is leading to an uptick in president ial approval. A lot of this, the source of this is improving economy but his overall numbers picked up a little bit. They are lower than where a president should be at this point going into reelection. Not all that much lower. Again the catalyst for that seems to be the economy, by extension what is happening in the markets of late. Not necessarily today for the dow. Well get into that in a second. Real clear Politics White House reporter phil wegmann, the connection between the economy and maybe inching up poll numbers. We always draw the comparisons. It is the economy stupid but this president has not, up until now, up until lately benefited from that. Maybe it is just beginning to hit now, what do you think . Because trump is trump there are always voters uncomfortable with him, but if you look at the poll, specifically the fox news poll released a few days ago, while there are still voters who disapprove of his handling of the job overall, his Approval Rating is below 50 , we see that his Approval Rating on the economy, that continues to increase. So that really has buttressed him Going Forward, especially as 2020 is around the corner. Neil phil, when you talk to a lot of folks, stories, one of the big surprises for this president he is overseeing a very strong economy. He calls it the strongest ever. I think there is some point of dispute there, leaving that aside he should be up a lot more in the polls against all of these opponent, yet he is not. Again, you always remind me very early, but could that be changing . All these other personal issues people have with his style, his demeanor, whether he makes racist comments and all, is it a sign that people are beginning to put that aside . How would you describe it . It certainly could be changing. The Trump Campaign hopes it is. If you look at the president s twitter account where he talks to those Campaign Officials they will tell you the economy is one of the best arguments going into 2020. The argument, is your life better now than it was in the past . If you want to go back to the years of the Obama Administration when there was anemic growth . I think republicans, they look at poll numbers, look how the economy is doing, theyre starting to feel a little more confident. Neil the mood in washington and the you know the vitriol, that is not unusual as we chatted in president ial elections, Midterm Elections, but it seems to be a focus of the Democratic Candidates to make the president s character, to make character an issue but that can slip both ways, right . You better be a saint if youre going to point fingers at someone else you claim is not . It is interesting here to take something ephemeral like character, to translate it in dollars and cents. This will be incredibly difficult task for democrats who have to explain a way a priority usa would spend one Million Dollars to combat the trump argument on the economy. So far the candidate who really laid down the template for how you respond when the markets are going up is elizabeth warren. Her argument is very simple, which is, yes markets are rebounding but the rebounding for people at the top. Theyre rebounding for wall street, not for main street. That is her argument t will be interesting to see whether or not that is winning in states like michigan, pennsylvania, wisconsin, when there is low unemployment, people can go back for a job that they couldnt in the past. Neil interesting, phil. Thank you, sir. Neil that twoyear debt deal, you know that trouble is out of the way. It is technically not out of the way. Some conservatives within the president s own party are revolting right now. I dont know for sure how widespread it will be. It is picking up steam. Blake burman at white house with more. Reporter neil, as it relates to the white house President Trump is over at the pentagon to celebrate the new defense secretary mark esper. A ceremony is going on there. President trump is speaking about the ladies and gentlemennest budget deal just struck. The president said quite literally seconds ago, we have rebuilt things nobody thought rebuilding. Rebuilding the military is a priority for the president. At least adding military funding has been a priority for the president i should say. The latest budget deal would do just that the deal struck by white house negotiators, treasury secretary steve mnuchin, Top Democrats up on capitol hill including nancy pelosi, would add 22 billion to the military for a total of 738 billion for the next fiscal year. And, the defense side of it would change at well. There would be addition of 27 billion to 624 billion for next year. So you have got all of this new spending which has some conservatives very, very leery as this vote in the house will take place later today. Earlier today the president implored republicans to vote for it sending out a tweet but already Republican Study Committee, for example, has said they cannot support this budget deal. They point the finger at democrats, saying in a statement, quote, what has resulted is a massive spending deal that will further indebt further generations and remove reasonable safeguards to prevent the growth of government and the misuse of taxpayer dollars. Freedomworks, which is a network backed by the koch brothers, essentially is pointing the finger at republicans, calling them hypocrites, saying in a statement, quote, the gop has been misleading the American Public on spending for years now. Yeah, they talk a great game on the campaign trail but when it is crunch time, they fold. So, neil, you have the pushback from republicans on this spending deal even though the president today, is imploring republicans to vote for it. That vote coming later today. Well see how the vote matrix shakes out. Neil real quickly, blake, timing is everything. This is happening the same day were learning a number of Senate Republicans want to sanction saudi arabia and its behavior against the president s wishes. What is between that and the budget front you wouldnt call it a brush fire. But a lot of balls in the air. You have the budget vote that is going to be taking place. Meantime republicans celebrating right now as it relates to the testimony for robert mueller. So on the one hand as we saw republicans come to the backing of the president yesterday, it is interesting, the head of the Republican Study Committee i believe, neil, was also one of the quote, unquote, closers for republicans yesterday as it related to the mueller hearing. You have them backing the president on one issue on one day but at the end of the day as you started off your show with, a lot of times it comes back to money and the economy. Many republicans today, whether it is in or out of government are saying this budget doesnt pass the test. Neil there is no way you can defend it. Republican or democrat. Were going 320 billion beyond caps. Mandate on top of a mandate. Thank you, my friend. Great as always. Peek at corner of wall and broad. The dow is down 135 points. If i took boeing out of that we would be up. Boeing is the most expensive stock in the time being for the dow disproportionately weights the dow. A minor selloff it exponentially rises above that. There are concerns about european growth, whether they will cut Interest Rates sooner rather than later on the heels of our cutting rates, maybe by the end of next week. You see a lot of folks saying maybe we get ahead of ourselves. Jackie deangelis at new york stock exchange. Reporter boeing is adding down 3 1 2 of a lackluster earnings yesterday. The company also saying that it could possibly suspend the 737 max jet if it continues to be grounded. That explains what is happening with the dow today. The big question, where is the market going to go from here. That is what Everyone Wants to know. There are a number of things to consider. The ecb is ready to get into a stimulus situation, maybe cut rates, not moving from the time being. Next week we hear from the fed in the united states. Will it cut Interest Rates a quarter of a point. That is what the market is expecting. Speaking of the fed, theyre looking at data, these are lagging indicators. Durable goods was a good number. Gdp will be out tomorrow. Watch that closely. Investors want to see fundamentals, you could argue maybe they dont. Maybe that means it would deter the fed from acting. China the talks will resume next week. Investors are not expecting much this summer. They want to see progress, moving on, final point, Jpmorgan Jpmorgan out on the market saying we could go higher from here. But earnings season could be a disappointment. We could see a pullback, maybe even a correction. Still earnings, they have been up 3. 8 from a year ago. The expectation was to see a dip. Most companies are doing better. The problems that were seeing are Company Specific stories, neil. Neil thank you very, very much. Well follow it closely, jackie deangelis. The guy literally wrote the book on investing how to deal with it, in fact was a number one bestseller. He might look familiar to you. He has gotten very conservative looking here. Kind of looks like clark kent. Cody willard. You remember him very well. Bestselling author. Good read of the market. Zigs when others zags. Thanks for having me back. It has been nine or 10 years since ive been on here. I dont see, i can hardly read the prompter these days even with the glasses. Neil right now youre doing better than mueller. Bad joke. That was a mean. Let me ask you a little bit about this market and you know, it has been on its tear, yesterday notwithstanding. People are your for rick, cody, should they be . Yes. It has been eight, nine, 10year, i call a bubble blowing bull market. We had a bull market has now, probably a little bit bubblicious. Not like im telling everybody to get out of the markets. Get short. Neil what are you saying . Be more defensive than two or three years ago. Neil defensive . Cash is king. Neil cash in bonds for tbills. Just cash, literally. If you buy bonds, buy tbills. There are still risks owning those assets. Neil really . You would extend that to the tbill . Treasurys not too risky but you have capital risk in treasurys. Neil youre absolutely right about that. Youre right on paper. If youre raising cash, obviously youre selling some equities. So would you get of highflyers like tech . What would you do . I have owned apple, google, facebook, i mean for many years. Tesla is one of my favorite positions right here right now. Neil even after this . You probably got in ive been buying it for last few months. Cost basis 230. Im break even at this very moment. It has been a rollercoaster after ride. Neil you like that whole technology . I do think technology, we live in a revolutionary time. These companies have the marketplace they can get to billions of people that can buy their products or use their products in the case of facebook. That is is being we never had on this planet until the last 10 or 20 years. This is something you want to be involved with. I think in 2010, the app revolution, smartphones were coming out. We would have a billion smartphones sold in the next five or six years that cycle played out. Maybe you can make that argument. Neil it has been a drive for 10 years, so it is okay to be amazed by it and doubt it at the same time but are you saying its over now . Just a matter of time . No. I dont want to declare it is over until you really see the downturn. Elizabeth warren out there predicting the crash is coming. That makes me bullish. When trump is out there alltime record stocks prices, that makes me bearish. You have, you need to be conservative. This is not the time to be aggressive. Not the time to get short. Neil i tell young people, the trend is your trend. Invest in the long haul. Dont invest woo week by week or month by month. Need money for kids education or going to retire, how do you advise people with different age groups. How do you do that . If youre in the 20s, upwardly mobile, making good money already, you should be very aggressive and ignore me telling you to be defensive and raise some cash. But if youre in 50s, 60s, 70s, youre not upwardly mobile anymore, you need to be aware neil why are you looking at me that way . I do not age but. Neil sort of,. You do need to make adjustments for your age or for your profile. You cant look blindly at anyone, this is what you should be doing with your portfolio. Neil bearish, bullish, where are you right now . Im bullish overall on the world and the economy, for the next six month. I might be, i wouldnt even call it bearish. Call it cautious. Neil you have come a long way from giving stocks tips in a bar. Youre doing all right. Cody willard, bestselling author. Very good investor. All around nice guy. Looks at you, not any agenda. Neil north korea, i dont know what its agenda is, but you could say the same about iran. This is one of those pictures approved in north korea, their leader, this one he is smiling but the other one it was kind of menacing. I think the menacing one is matching his actions right now, after this woman somebody would ask her something and she would just walk right past them because she didnt know they were talking to her. deborah i just could not hear. I was hesitant to get the hearing aids because of my short hair, but nobody even sees them. avo our nearly invisible hearing aids are just one reason weve been the brand leader for over 70 years. deborah when i finally could hear for the first time, i started crying. I could hear everything. avo call 1800miracle to start your 30 day riskfree trial and schedule your free hearing evaluation today. Neil at least this is over. The longest gap in the nations history between defense secretaries is over with mark esper formally taking on the helm with formal ceremonies at the pentagon, with the Vice President. But at a very auspicious time. North korea, launching not one but two missile tests. Some say they are violating promises may to us on this particular test or tests. Retired fourstar navy admiral, William Fallon on all of that. Admiral, i dont know technically what theyre breaking or not breaking, but theyre being provocative. What do you make of that . Neil, kim jongun is saying hey, who is paying attention to me . Whats going on here . Youre all worried about iran and japanese and south koreans are squabbling over a pile of rocks, what about me . I think that is what is really going on here. Neil when you say that to draw someone to the able by doing very thing that chases people away from the table . In a way. What else can they do . They have no economic power at all. Reality, nobody is paying much attention to them. They will do what they know how to do, that is launch missiles or beat the drum or do something just to get attention refocus. We open the door, the initial meeting, followup meeting were very interesting, very unlikely, given the past here but i think its time to start figuring out how we move ahead. Obviously they want to talk. Neil no, youre absolutely right. I am reminded, admiral about the fact, the latest debt ceiling deal secures more funding for defense. That is something the president wanted. It is not exactly an act of fiscal discipline and greatness getting it all done, but having said that, it was important to the president , were told to make sure that we are at the strongest defense levels we could be, maybe incident like this. Maybe what iran is doing is a reason. Should we be concerned . I think what we ought to be doing is taking a really hard look at what our policy objectives are, and there have been several of them stated, the two most important countries, north korea and iran, are to remove the nuclear threat. So north korea has Nuclear Weapons right now. It seems to me that given the foundation of the initial two meetings, it ought to be time to sitdown, figure out a way ahead. I dont believe for a minute, well give them all up if you take the sake shuns away. I believe it will be a measured, long, i dont know how long, but drawn out, it will not happen overnight, a series of discussions to get where we need to go. There was a terrific piece of work that was done a couple years ago by dr. Hacker, and a fellow bob carlen, published at stanford. They looked at north korea for decades. It laid out what happened had the past. It laid out a will series of potential steps to take moving forward to get where we want to go. They know where they want to go. We have been idea what they want. Seems might be time to dust off that tome to see if we can move forward. Neil i will have to give a peek at that. Thank you for your service to this country. Thank you, neil. Neil i want to pass along news from the faa, it concerns boeing, one of the big hits today, in fact that stock down more than 3 today. It was off about that yesterday here. It is the reason why the dow is down. The faa, the acting administrator says the agency has no specific timeline for the return to service of that 737 max of boeing. It echoes what boeing said at its Conference Call when those horrific earnings came out yesterday. Remember the worst in the companys history. Saying that there is a distinct possibility that not only is production of the 737 max in question, at least anytime soon, maybe permanently, maybe never returns to the air. Well have more after this. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. While managing your type 2 diabetes why think about your heart . Lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event. And thats why theres jardiance the first type 2 diabetes pill that offers a lifesaving cardiovascular benefit for adults who also have known Heart Disease. It can significantly reduce my risk of dying from a cardiovascular event. And it lowers my a1c, with diet and exercise. Jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. Ketoacidosis is a serious side effect that may be fatal. A rare, but lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. Do not take jardiance if you are on dialysis or have severe kidney problems. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. So, now what do you think . While my a1c is important, theres so much more to think about. Ask your doctor about jardiance today. Theres so much more to think about. A cockroach can survive heresubmerged ttle guy. Underwater for 30 minutes. Wow. Yeah. Not getting in today. Terminix. Defenders of home. Neil it has the government suing it. It has a lot of bears circling it, yet the facebook, the company itself is on fire. Revenue, earnings, handily beating even more robust estimates out there. And the company doing just fine. Selling off today, but by and large holding its own and then some. Kristina partsinevelos how this is possible. Kristina . Neil you said it perfectly. Theyre on fire, what data scandal, what wall of worry . 2. 4 billion people flocking each month to facebook every single month to use the platform. It is not just facebook. Whats up and instagram doing very well for the past quarter. User are happy. Advertisers are happy. 7. 05 which was much higher than anticipated. All of these results come when we know the ftc charged five billion dollars in fines for privacy issues with facebook. Yet it seems like the analysts are very bullish. They are bullish before the earnings came out. Some changed a lot of price targets after the earnings came out. Facebook acknowledged in the earnings report, if they didnt have the settlement you would see operating margins 12 liar. You would see diluted earnings per share higher. Talking about the word on the street. What are some analysts saying. Wedbush, increasing price target to 265. They feel with the ftc overhang, there is no chance that the company would split up. They dont think that is possible. Rbc Capital Markets citing advertising growth. The price target of 260. The range is 240 to 270. There is one bearish woman, laura from needham. She is very troubled by the fact that the ftc will continue their scrutiny of the company. That could possibly slow down any longterm investment. That is a general concern from a lot of these guys paying attention to facebook. For all the investors out there that maybe facebook will be a little bit more hesitant Going Forward with new ventures and new ideas. We might see a little bit after slowdown. Like you said, neil, still a stellar quarter. Back to you. Neil it is amazing the body blows it had to absorb. Kristina, thank you very much. You know by now puerto ricos governor rossello decided to call it quits. The pressure was building. A lot of people want to know whether his successor should even rule out trying to move into that Office Amidst a search for Something Else. The billions of dollars that that country was given or that the u. S. Has given now seems to be missing. After this. indistinguishable muttering that was awful. Why are you so good at this . Had a coach in high school. Really helped me up my game. I had a coach. Math. Ooh. So, why dont traders have coaches . Who says they dont . Coach mcadoo you know, at td ameritrade, we offer free access to coaches and a full education curriculum just to help you improve your skills. Boom mad skills. Education to take your trading to the next level. Only with td ameritrade. If we have a case for impeachment, that is the place we will have to go. The fact that, why i would like it to be a strong case is because i dont it is based on the facts but the stronger our case is, the worse the senate will look for just letting the president off the hook. Neil all right. Nancy pelosi, walking a very fine line between wanting to gather more evidence and maybe just see what comes up as, democrats continue to pursue more on this Mueller Report after his hearing yesterday. But where is this actually going she has a very tough mission to try to keep those who want impeachment in our party going strong, those focusing more on Midterm Elections and this would be simply a distraction and isnt worth the time . Lets go to our capitol hill producer chad pergram. Where does this thing stand now . Some democrats are clinging to impeachment but republicans are reveling what happened at the hearing yesterday with robert mueller. Listen to House Minority leader kevin mccarthy. It was there for everyone to see. Democrats on the floor said that was a major failure. As they listen to their leadership they continue to try to change the course of an election they didnt like the outcome to. Some people feel the big winner yesterday was nancy pelosi. She is the person who has been resistant towards impeachment. She walked out of the press conference after the hearing said it was an historic compelling day. She doesnt have to make a decision. Here is where the rubber will meet the road. Tomorrow afternoon, House Democrats and republicans go away for 45, 46 days on their august recess. They wont be back until early september. That is where the proof will be in the pudding. Do constituents, voters say hey we want to impeach the president . There wasnt an onslaught, avalanche of democrats coming out after the hearing saying we should impeach the president. The she said this cant be openended. They have to have a timeline. Keep in mind the fall of 1973, that is when the Judiciary Committee started impeachment inquiry against Richard Nixon going into Midterm Election year. Were going into president ial election year. The track is pretty tight for nancy pelosi. Maybe this is actually kind of what she wanted t puts moderate democrats who face tough reelections in swing districts in a bad spot, neil. Neil we didnt have a report for congress to go on as we do here back in the nixon days. That evolved into its own story. They did have the saturday night massacre and the tapes. That was the smoking gun. Here there is not as much. Neil that is what maybe they cling to. Thank you very much, chad. Meanwhile there was much relief when both sides, democrats, republicans agreed to a twoyear extension keeping the debt ceiling going, essentially the government lights on, with the view, it added to our debt, it will add deficits in the next two years but its done. Republicans are not all going along with this including my next guest Arizona Republican congressman, House Freedom caucus member, david schweikert. Congressman, you dont like it, do you. No, not happy. It is a missed opportunity to deal with reality of the math. Demographics which are about to explode our debt are not republicans or democrat. It is just math. Once again well put everything on hold. Well walk by the graveyard for the last two years. Neil, remember this deal is only on the discretionary. That is only 1 3 of our spending. Over the next 10 years, just social security, medicare, the Health Care Entitlements are 91 of the spending increase. So were talking right now about 8 , 9 of the spending . And were avoiding the big conversation. Neil so youre going to be a no vote on this. Do you know whether every member of caucus, 40 strong i could be off, feel the same way . I have not done a census of them but i cant imagine look, there is passion to be a dolt about the actual reality of whats coming. When you start to see these, 30year projections of 100 trillion of deficits, and it is solely driven by earned entitlements, earned benefits of social security, medicare, why is it so hard to have an honest conversation, tell the American People if we provide retirement security, we need to deal with this math today . Once again, you know, having lost control of the house here, were going to completely avoid even mentioning it. Neil the president apparently is okay with it. That could change but do you feel any pressure that he likes it, you dont . That could get messy . No. Look, for those of us who are on the conservative side, more libertarian side, there is a passion to do the right thing n this case just talking about this small portion of the budget which is the discretionary, and the vast majority of our spending that is on autopilot, just pretend that doesnt exist, were just not telling the American People the truth. Neil so does that mean the president praising this because it helps the military, it helps our vets, he is not telling the truth . I think actually what you have here is both republicans and democrats have to step up and just, could you ever use an election cycle like this and educate the American People . Because my personal theory is politicians have lied to the public for so long. The left says, oh, if we just raise taxes on these rich people, it almost does nothing. Republicans often have said it is just waste and fraud. That is a rounding error. So how do you reach out to the American People who havent been told the truth for decades that what is about to happen . Remember there are 74 million of us hoe are baby boomers born in an 18 year period. Were well into earning our Retirement Benefits there, is not enough cash. Neil i admire your guts, congressman. But youre going to run into a buzzsaw of criticism. I cant tell you how many event i will do, i will get conservatives and liberals get very angry when you show the math. But every day we wait, we make it more difficult. Neil youre absolutely right. Well watch it very closely because we think its a big deal. Guys our age, we avoid these disasters but our kids, that is another thing. I have already told them. Youre on your own. Worry. Because some of this disaster will happen to you and i. Neil that is another matter. Well talk later about that. Congressman, thank you very much. Be well. Want to update you that Boris Johnson is now the official Prime Minister of britain. He was saying end of october, deal or no deal this brexit thing is happening, were breaking away from europe. That was supposed to put pressure on the European Union, what does he want . Web we should do something. Someone different than theresa may. Some people call Johnson Donald trump with a british accent. Well the eu, you know, chief is coming on the wires right now saying that the current brexit deal is the best and only agreement possible. So theyre not open to negotiating it or changing it. With Boris Johnson the signal seems to be, well leave without one. Hence the craziness begins. Samsung in case you didnt hear will return to the fold with its now six phone. The galaxy phone opening up and cracking apart. They think they fixed that. They think everything will be okay. It will still carry 2,000 price tag. It will be out in september. They are saying that early orders are returning to being off the charts. Well see. Hey there people eligible for medicare. Gimme two minutes. And ill tell you some important things to know about medicare. First, it doesnt pay for everything. Say this pizza. Is your part b medical expenses. This much about 80 percent. Medicare will pay for. Whats left. This slice here. Well. You have to pay for that. And thats where an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company comes in. This type of plan helps pay some of what medicare doesnt. And these are the only plans to carry the aarp endorsement. Thats because they meet their high standards of quality and service. Review aarp Medicare Supplement plans and their rates in this free decision guide. Call United Healthcare Insurance Company or go online. Visit aarpmedsuppfacts. Com to request yours. Even apply online. Any time. Oh. Speaking of time. About a little over half way and theres more to tell. Like, how. With this type of plan, youll have the freedom to choose any doctor who accepts medicare patients. Great for staying with the one you know. Or finding. Somebody new, like a specialist. There are no networks and no referrals needed. None. And when you travel, your plan will go with you anywhere in the country. So, if youre in another state visiting the grandkids, stay awhile. Enjoy. And know that youll still be able to see any doctor who accepts medicare patients. Learn more with this free decision guide. Call or go online to request yours. Tick, tick, tick, time for a wrap up. A Medicare Supplement plan helps pay some of what medicare doesnt. You know, the pizza slice. It allows you to choose any doctor, who accepts medicare patients. And these are the only plans of their kind endorsed by aarp. Whew call or go online and find out more. Neil one of the things we try to avoid on this show going tick by Tick Movement in the markets but were obligated to pass along news that might or might not explain the movement in the scheme of things. I keep charts on the dow going back to the beginning of the last century, these gyrations, pronounced they are in the moment youre going through them, really dont have an effect when you step way, way back. You see one direction or the other. The reason i bring it to your attention, were in and out of session low, the dow down 200 points. One catalyst, there are several here, this one notion, Boris Johnson assumed ownership of 10 downing place, the new Prime Minister, is talking about brexit. He will make it happen with a deal or without a deal by the end of october. The inference or pressure he was applying, really concerned the European Union can say, you guys, there is a new sheriff in town, you might want to make a new deal with me. The European Union, the top chief is saying right now well not alter the deal out on the table. It is your best and only agreement take that. What little we learned about Boris Johnson he probably doesnt respond well to ultimatums. He is hellbent, overwhelmingly elected the conservative leader saying, lights go out with brexit right away if we get a deal, we dont get a deal. Were out of this thing. The reason why i mentioned that in context, excuse me, greece hit a record low Interest Rates, below 2 , he is betting, Boris Johnson is betting that the europeans are concerned about the status of their club, one of its members is in deep doodoo, real trouble, italy in financial disarray. Extend to portugal, spain, germany is slowing down. If they let britain go, stick to the old deal here. The concern isnt for britain, my friend. The concern what happens to that club . If people see britain merrily survives afterwards, all the hellish schemes are realized. That is what investors fear. Throw it out here. The prevailing opinion, all on great britain. They are the ones that have with be worried. I think it is the other way around of the club is concerned that it will be lose a key member. The club may be fine. Analyst at wedbush securities. I know brexit isnt your focus but it is part of the noise out there. I get a feeling, Boris Johnson, one way or the other is bolting. I think this calamity everyone fears, i dont know. What do you think . I can tell you covering tech stocks, what type of disruption you can see from some of these events, especially companies exposed in europe and others that is something this earnings season is bigger focus. Neil in other words he bolts, that is all in doubt, people would sell first try to sort it out later . Right now it is about risk factors. Right now the street is putting a risk factor the big focus especially covering tech stocks what type of fundamental disruption could have. In earnings season that is question coming up in management teams. Neil we were mentioning during the break that nasdaq hit an alltime high, not the case today, even with the wagons circling around big names that the chiefs were getting kicked in the you know whats, that the indians were doing fine and we get a new record. What do you think . That is the next leg up. We think tech stocks have another 15 upside here. Neil do you really . If you look at valuations, look at fundamental trends in terms of cloud, 5g, what ultimately happened there, there is really, were still in early innings of a massive growth cycle. In that point of course fang names led it. Youre starting to see broad rotation among midcap names that ask bullish for tech investors. Neil talking about names, facebook, apple, netflix, some of these others, google, are they in trouble . Do you sense that the wagons circling around them here in our country, that slapped them down to size, would that make you avoid them . I think right now doj and ftc. Feels like there is a line within the beltway lining up to really investigate the likes of a facebook an amazon. They do have a bright spotlight. In terms of fundamentally, i think it is viewed by the street that is more noise. Really not seeing that there will be a core breakup of these business models. At worst case a tweak or a fine. The stocks are telling you it is more grandstanding than teeth. Neil youre still bullish . In our opinion every time these stocks trade off on Headline News we continue to buy them higher. In my opinion, they continue to have a leg up. We saw that with face being yesterday. You will see it with amazon again today, in terms of what happened to the underlying groups, stuart. We are not worried that the doj or beltway headline risk will significantly impact these models. Neil dan, thank you very much. Dan ives. Again if we get updates on what is happening in britain right now, the tough word between belgium and london, well keep you posted. For the timebeing the dow down 172 1 2 points. Boeing is virtually all of that. There are other red signs, dont get me wrong. If boeing were not in the picture we would be up but were not up, are we . More after this. Wow. Thanks, zoltar. How can i ever repay you . Maybe you could free zoltar . Thanks, lady. Taxi only pay for what you need. Liberty. Liberty. Liberty. Liberty. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installe. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of min. Neil tmobile splint where it is going now . My association with you gets me in a lot of trouble on social media. Im called a nevertrumper every day. Not like youre a nevertrumper. You and cavuto, never drummer. Neil really . That hurts my feelings. Were sometimes trumpers. Neil youre always a pain. What is going on with this . We would talk about this merger for months. I like this merger. This merger feels like being put in a bag and being beaten with reeds. Neil what is going on. If i can quote dr. Seville. Neil he knows this verbatim. Save that. The rest of it i will not neil no, no. What is happening . I can cannot understand. I understand this. Sprint is down a little bit today, but trading at a level you expect the merger to happen. Neil right, right. I hear it is dotting is, crossing t, time, it could be announced today. Were getting sprint earnings, excuse me, tmobile earnings after the bell today. Neil okay. There may be something there. I think what is holding it up to be honest with you, the Justice Department want as big rollout on this thing. I think the Trump Administration views it as a huge victory for itself. They will create a new firm. The firm will give up some divested assets. Not a tremendous amount of divested assets. Another wireless carrier will come in to kick up competition. They believe to combine tmobile sprint will be able to compete with the chinese on 5g. So i think theyre planning a big thing here. And neil what is delaying it . I think that press, that whole notion of the press. That is what i think so far. If i find out Something Different in the next looks like the stock ticked up on my tweet there. Sorry to short sellers out there. I always like screwing shorts. S. You know, it looks like, it looks like the rollout is whats delaying it. A couple things, odds and ends here. Doj is likely to put in its Consent Decree. They will do a settlement to the parties through a Consent Decree. They will divest this, do that, thus we will not sue. They will put dish in the Consent Decree. That is kind of interesting. When you do a Consent Decree, you will give up this much spectrum, someone buys think, they will sort all this out. I understand they put that directly into the Consent Decree. They will sort it out. This is not could not. People would like to buy the spectrum. Neil Charlie Ergen is sitting on it. They would like a decree that he uses it. This might be in the Consent Decree. You might get in the Consent Decree for your penchant for pumpkin spiced lattes. Neil look at the time. The companies do not move unless they clear it with him first. Were by the way also focusing on microsoft. Its a trillion Dollar Company right now. It is coolest of the tech companies. One of the only ones not being targeted by the Justice Department, at least now, after this. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Expedia. A cockroach can survive heresubmerged ttle guy. Underwater for 30 minutes. Wow. Yeah. Not getting in today. Terminix. Defenders of home. Neil stocks are down but Business Investment is picking up. The president s poll numbers are ticking up slowly but you are starting to see a trend here. Lets see how long that holds. This occurred at the same time big Brokerage Houses are saying we are heading toward recession. It could start sinking in in a matter of months. The first sign of that would be a slowdown in manufacturing and nissan might have provided ammunition for that, saying it will lay off better than 12,000 workers worldwide. Ford is also in a world of auto hurt and dont even get us started on tesla. We will get start orded on that shortly. Uber going way beyond what you think is its core business. We will explain because our second hour is now. Neil okay. Im going to go on to business developments here but i would be remiss if i didnt pass along sort of a grand old rumble within the grand old party. We told you about some of the members of the Freedom Caucus and others who are very, very concerned about this twoyear debt ceiling deal that keeps the lights on for another couple years, but they dont like the added spending, 320 billion worth, that go beyond caps that were already put in place as some sort of fig leaf for fiscal discipline. Theyre not supporting it. Theyre not buying it. Many of them now, we talked to one of its members, saying he will be a no on that and expects some of the other members, up to 40 of them, to be similar nos. This is not a signed, sealed and done deal. But the overall macro environment, still very very strong. Business investment picking up and the indications are that that is going to be the big catalyst to keep the economy going strong. Lets get into that and the political fallout from all of that. Cfra Research Investment strategy lindsey bell, new York City Council republican minority whip, very close to the president , joe borelli and after the bell cohost connell mcshane. This Business Investment surge and the fact one company after another, we are close to a third or halfway through the earnings process, most companies are handily beating estimates, but they do talk with very few exceptions of an environment that still looks good. Do you view it the same way . I absolutely am seeing that. In the last couple days especially, apart from a lot of Industrial Companies which is where you would expect to hear some maybe slight sluggishness and pressure because of trade and the weakness we are seeing in the manufacturing environment, and the numbers have been really good and guidance has been pretty good, too. More companies are actually raising guidance in the industrial space than lowering it which was a shock to us. Neil you know, you report on this every day, too, but im always amazed at the ones who prepare you for the worst, beat on the upside, i pulled that in school, told my parents i would get ds and fs, they see a couple cs, im mensa material. Are we being pessimistic . Yeah, maybe. I think lindsey generally is right because those are what the overall numbers show. Then we see some exceptions to the rule kind of creeping their way in, caterpillar was an example of that where some companies are obviously having issues with the tariffs, others anticipate that they will have issues in the future. But in general, if you look at durable goods today, another good example of it, this part of the economy is holding up so that brings up the obvious question. If thats the case, then why are we almost assured 100 that the Federal Reserve will be cutting rates. Thats kind of the push and pull here. Neil or leave it at a quarter. Joe, obviously the president has been crowing about this economy, has reason to, but going the other way, everyone would be blasting him for it. You think it holds on . Is the white house hoping we keep this going, he likes to quote the market, hes going to get reelected . I think if you cherry pick some indicators that would reveal there might be some storm clouds on the horizon you might be able to make a case but if you look dwroeat the overall tr things are going well. If you look at the poll numbers, those are going well, too. I wouldnt be surprised if this continues throughout the rest of the year and then has a Significant Impact on the rhetoric we see coming out of the 2020 candidates. A couple interesting things in that poll on that issue, in the fox poll. His overall numbers are up. The numbers on the economy are terrific. Best since 2001. You talked about this a few times, when president bush had those numbers in 2001, 59 approval on the economy, his own personal approval at gallup was about 57 , i believe. You could argue that President Trumps personal Approval Rating at 46 probably should be higher, then i think it will be. I think it will be. The biggest storm cloud that hung over this administration was largely lifted yesterday with the performance by robert mueller. This is the one sort of major thing that was an obstacle in my opinion and the opinion of a lot of people that were keeping the president s numbers artificially down. That was lifted. That was a disaster yesterday and i wouldnt be surprised if we see some of the numbers not just in a few polls but a lot of polls trending up. Neil it is interesting because even democrats who said oh, no, there was a lot of stuff that came out of that hearing and the president perjured himself, that might be the case, i dont follow this closely enough, but the end issue is i didnt see a storm of democrats going beyond the 90 or 95 who have always been for impeachment, adding to that. The needle hasnt really moved. Absolutely. When you think about it, the consumer is still feeling very good at this point in time. Thats why they are thinking the economy is great. Maybe President Trump isnt getting the entire credit he should for that, but do you really think they are going to go and sway to the democratic side of the party, like things could change more significantly if the leader changes. We are looking at wages up eight months in a row over 3 , unemployment at a near 50year low. Neil this is where you guys, speaking generally about people who follow this stuff, you really arent red or blue. Its all about green and the environment has been for making money. Thats why wall street collectively did not want to see bill clinton thrown out of office because he was good for them. The internet boom was going on. You dont want to chase that. Right . Right. In fact, the market is a good tell sign of who is going to become the next president , too. Before trump was elected to president , you saw the market decline sharply. Theres a historical pattern. A change in leadership interesting point, because at the end of the day, just look by the numbers right now, there will be people who dont personally like the president. Probably a fair amount of them that still vote for him. If enough do in states where he needs them to, then he wins because hes doing well in the economy on a number of other issues, hes under water as the pollsters say. His worst issue by far in this poll was race relations, where it was only 32 approval. There are other issues where hes struggling as well. There will be people who say he hasnt done a good job on that type of an issue who still vote for him, because they agree with his policies. The numbers suggest that it will be how many of those people in the states that are willing to cross the line say im not a huge fan of the guy personally for whatever reason but i do like his policies. That probably decides the thing. Neil i dont want to make a big deal out of this, but i wouldnt call it a revolt as much as maybe a brush fire among republicans on this debt ceiling agreement. Where a good many of them say i cant sign on to this, this is a sham, we are supposed to be the party of fiscal discipline, good luck on that one, but democrats hardly are in that position either. To a man or woman, we talk to many saying no, im going to vote no on this. The very same day we are hearing in the senate at least three republicans joined democrats on sanctions against saudi arabia over the president saying not a good idea. So what are you going to make of that . There is always going to be differences in the party between house leadership and Freedom Caucus and other senators over a lot of issues. If you want to compare apples to apples, though, you have to look at the dissension within the ranks of democrats to see that one is almost lopsided overwhelming whereas the other is sort of the traditional spending opposition that we saw. When you have members of Nancy Pelosis own caucus attacking her outright, youre not getting that. Republicans have historically had a better time coming together neil are you worried that they dont mean what they say . That if you were going to politicians . Neil i hear you, but eventually the debt will be an issue. I dont know when, but we are spending ourselves into oblivion here. We really are. I think the market, you know, the general American Public have been waiting to find out when this is going to be a major problem. Neil it polls nowhere in the top ten issues. Maybe thats what theyre thinking. Exactly. Its not a problem until its a problem, right . I think the American People, thats not going to impact what they will vote a problem for the president would be a downturn in the economy or in the stock market. It will be really interesting to watch over the next few months how many decisions are kind of guided by that. This is a situation because he made the deal with the democrats in the house and the speaker that he probably has to cover with the democrats supporting to get this through, the idea is that you stave off quote unquote, disaster with the debt ceiling not being raised and all the jitters that might come for the stock market but does he handle china in that way as well, and is he more likely to cut a deal on china because it would help the stock market, or is there political pressure the other way that he knows he would be attacked by the democrats if he cuts a deal on china and pushes it off until after the election. Im not really sure. Neil china deal, market reaction. The market would go higher. Neil do they even not have to see its a great deal . Is it any deal . A deal removes uncertainty. Neil what do you think . Another check mark in the trump box if he signs a deal, i think the market reacts positively and again, poll numbers react positively as well. Neil even if hes up against, you know, bill de blasio. Thats an easy one. Neil guys, we will be seeing you later on in the show. Boeing continues its cascade south. It has lost another 3. 5 or so that even with all those red signs here, if not for boeing we would be up. It is the priciest stock in the dow. You know how the math goes. It is a bigger hit for the rest of the dow and thats whats happening today. This is really kind of centered on boeing and of course now, reports out of the faa that there is no timeline for returning the 737 max. The company admitting as much yesterday. So they have all those planes, most of them brand new that might not ever fly. After this. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Neil all right. Tesla plummeting on plunging profits. The revenues just fine but it doesnt appear to be making money. Thats generally the concern. That despite the deliveries and all the orders that have been fulfilled so it is taking it on the chin. Not a good time for auto, auto related stocks. We already told you about what nissan is dealing with, likely laying off better than 12,000 workers worldwide. More on that a little later. Now to whats happening with some of the earnings. We are about a third, little more than a third through earnings season. Some big names start cascading today, including google, amazon after the bell. As you know, they were the targets and remain the targets, were told, of a probe into getting too big for their britches. Microsoft is not on that list. Microsoft the only company right now with a trillion dollar valuation. If you think about the irony that microsoft isnt on something for which it was targeted, what, more than a decade ago as being, again, too big for its britches. That was a very different microsoft. Microsoft stock right now, the former microsoft Vice President and c. O. O. , bob, good to have you. Hello, neil. Neil what a different world. I know you were there when the government was all over you guys. That was then, different world now. Microsoft has suddenly become very it, very cool. What the heck . Well, microsoft, they are in a very different business than the social media guys and the retailers like amazon. Microsoft basically is an infrastructure company. Their customers are primarily companies, be they small, medium or large, and they sell them operating systems for servers, they sell them Cloud Services that basically enable companies to move their applications over to the cloud so they dont have to have their own servers, and continue to sell windows operating system for pcs and a variety of other things. But you have to classify it as a distinctly different business than what you see in facebook, google, amazon, et cetera. Neil you know, whether people were promicrosoft during that government, you know, assault as some called it at the time, i remember covering it, there was a thing that, you know, called advancement and competition that was the argument, you know, microsoft made at the time that, you know, whatever youre saying were owning is fleeting and we have learned that again and again in technology, but now were expanding it to these other names, and im wondering, lets say the government is right to look into them. Could it destroy, you know, the baby, destroy the bathtub, kill everything around the house in the process . Its possible, when you get that many lawyers involved, lord knows whats going to happen. But i think one issue that its going to put on the table is antitrust law in a digital context, a very different breed. If you look back at amazon when they bought the shoe company, it was an emerging online shoe company, amazon gobbled it up and now they are the primary shoe vendor, so to speak, online. They have done that over and over. You say to yourself is that bad or not . The antitrust people are going to scratch their head. Similarly with google. You sit there and say wow, i use the gmail system for my email, i go to their browser, chrome, i use their search engine, i go to youtube, watch things, and in each case, they know what im doing. I use my cell phone and it happens to be an android cell phone which is their operating system, they know a heck of a lot about me. Now, is that good or bad . It depends on what they do with that and one thing thats a downside for google is they have been very very private and not transparent at all in breaking out the Financial Results of these entities within their shop and i think theyre in for real heavy weather but the lawyers will also be trying to figure out what antitrust law really is in this digital world. Neil youre right. I didnt think about that. When google comes out with something, sort of its not item by item. Apple did that, i remember, with the watch. That was about the only thing, though. But yeah, its just an aggregate number and youre left to go through page after page of the other stuff. You raise a good point. Bob, thank you so much. Bob herbold. Now, there is a bipartisan push in washington, not for maybe some of the obvious things you think, infrastructure is one, but a push now to lower drug prices and both parties are signing on, and the president is leading the effort. After this. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity cant see what it is yet. Re . What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. Neil more jobs than there are workers. Thats the latest word we are getting, particularly in the manufacturing sector, where theres a labor shortage. Now the chance may be to train 1. 2 million of them at the white house, to get them ready for that manufacturing wave the administration is convinced is already there. Jeff flock has covered business facing this issue and has all the details. Good to see you. Reporter good to see you. In some ways its a good problem to have, i guess. More jobs than people. But if you are a manufacturer, not so much. Thats why the National Association of manufacturers and the Manufacturing Institute today will get together with President Trump and sign a pledge to train 1. 1 million folks that work in manufacturing but dont have the skills to do the jobs that are needed today. Youre looking at an auto plant, look at all the robots in there. Used to be a guy with a welding torch used to, you know, used to go around and make those welds. Now a computer assisted robot is doing it and the problem is we need folks that can program those robots, that can invent those robot, that can make them work. Those folks dont exist. Its even worse because of the numbers under President Trump but thats not a slam on the president , thats a good thing. Take a look at unemployment. When the president took office, it was declining under president obama as well, but it was down to 4. 7 . Hes lowered it another 1 to 3. 7 . And created a total of 5. 37 million jobs. Thats an amazing number and a great thing also. Many of those, manufacturing jobs, 486,000 created under President Trump. But the problem is, 509,000 manufacturing job openings. We have seen this, i tell you, it goes back to president obama and the recovery from the recession as well, that manufacturer, we go to a place and they say we just dont have the workers to do what we need them to do because they are increasingly more demanding. We need folks with more skills, manufacturers today saying theyre going to commit to train over a million of them. To make them take the jobs that they need to do. Neil there you go. T its a good problem to have but a tough problem to have. Reporter it is a problem. Exactly. Exactly. Neil thank you, jeff flock, in the mif the middle of all of that. A bipartisan effort to lower Prescription Drug prices has republicans liking it, democrats liking it. How often do you see that . Hillary vaughn on capitol hill with whats going on. Reporter well, the bill made its way out of the Senate Finance Committee Markup session, and this bill would reportedly save taxpayers billions and also patients, a lot of money too. Making sure that the consumer has more market power. Thats really the driver. These Monopolistic Companies guard their patents like gollum guards his ring. What senator wyden and i have worked out is a sensible, particularly commonsense approach that maybe a lot of people will be looking for if they want to get anything done at all. Reporter the cbo says the Prescription Drug pricing reduction act could save taxpayers and patients billions. Taxpayers would save a combined 100 billion over ten years through medicare and medicaid savings. Patients would save 27 billion in outofpocket costs and 5 billion in premiums. Some of the changes include modernizing Medicare Part d with an outofpocket spending cap including incentives to negotiate between Prescription Drug plans and drug manufacturers. The white house of course has made lowering drug prices a big priority. Deputy press secretary judd deere tweeting moments ago about this bill making it out of committee. Now it will head to more debates on whether or not it gets out of congress. But they are behind making sure this proposal sees its way through congress and on the president s desk. Neil very encouraging. Thank you, hillary, very, very much. Hillary vaughn. Bernie madoff, remember him, one of the biggest embezzlers and ponzi scheme artists of all time, he is begging for a reprieve from the president of the united states. Sentenced to 150 years in prison for screwing a lot of people out of their money. Well, now he wants a break. Suffered enough. Done enough. Pained enough. Whats the white house saying . After this. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Is it to carry cargo or to carry on a legacy . . Its show of strength or its sign of intelligence . In crossing harsh terrain or breaking new ground . This is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedesbenz summer event, going on now. Lease the gla 250 suv for just 329 a month at the mercedesbenz summer event. Mercedesbenz. The best or nothing. Their medicare options. Before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company now or visit aarpmedsuppfacts. Com for your free decision guide about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. To learn more about the range of aarp Medicare Supplement plans and their rates, call or go online today to request your free decision guide. Oh, and happy birthday. Or retirement. In advance. Neil all right. Jeffrey epstein is reportedly on suicide watch after being found injured in his cell. Rick leventhal has more on this. What do we know . Reporter well, its still not clear exactly what happened to epstein inside his cell here at the Metropolitan Correctional Center in Lower Manhattan. We did hear from the u. S. Marshals service which would only confirm there was an incident and its being investigated. We know that epstein, a 66yearold convicted sex offender and accused sex trafficker, is being held without bail here inside the federal lockup in Lower Manhattan while he waits for trial. Multiple news outlets are reporting a possible suicide attempt, saying he was found injured, possibly blue in the face, either sprawled out or in a fetal position with marks on his neck. He reportedly either tried to hang himself or could even have been attacked by another inmate. There is also a chance this was simply a ploy to move since he reportedly complained about the conditions here. Epstein could spend the rest of his life behind bars if convicted on the federal charges of exploiting dozens of underaged girls at his 70 million new york city mansion and down at his estate in palm beach. He was denied bail even though his lawyer offered epsteins half a billion dollar fortune as collateral. The judge ruled that he was a flight risk since he has his own plane and multiple other residences including paris and his own island in the u. S. Virgin islands. We did get a statement from the federal bureau of prisons which says Jeffrey Epstein is currently housed in new york and not in a local hospital, as has been reported. As with all inmates for privacy and security reasons, we do not share information on an inmates medical status or their conditions of confinement, and by the way, his attorneys did appeal the no bail hold earlier this week. We are still waiting for the judge to rule on that. As far as we know, epstein is back inside his cell here at mcc. Neil all right. Rick, thank you very, very much. Rick leventhal. Bernie madoff, remember him . The ponzi scheme artist extraordinaire . He was thrown in jail for the better part of 150 years. He wants that sentence reduced, some help from the president of the united states. No word what the white house is going to do. No word how long this request has been in there. Former Justice Department official james trusty. Good to see you. You, too. Neil what do you make of that . I think bernies going to need about ten Kim Kardashians to make this work. I dont really see him as being the poster child for criminal justice reform. Theres a lot of bipartisan approaches right now to try to lessen some of the federal sentencing guidelines, to try to help some people out that are nonviolent offenders but bernie is literally the poster child for deception and fraud, and victimization, mass victimization. So i think his chances are pretty remote. Neil thats a pass, right . May be three or four. Neil lets go to something separate. Attorney general barr ordered the reinstatement of the federal Death Penalty for the first time i guess in 20 years. What will that mean . Can he just issue that on his own . Whats happened is really kind of a pocket veto. The attorney general is responsible for something called the capital procedure protocol or Death Penalty protocol. Really, what its been held up with for years is the attorney general has to designate essentially the cocktail of drugs that are going to be used to carry out executions. Thats been a real litigious areas where Defense Attorneys and Even Companies have stopped distributing certain types of drugs used for federal executions. Theres been all this kind of sciencebased fighting about whether people feel pain and suffering, whether this manufacturer can distribute the drug in the united states. That has all somewhat cleared up, and the attorney general has just issued this paperwork that basically says we can go back to doing executions. Now, i dont expect hundreds or dozens or any huge number but it is something that literally was sat on by two preceding attorney generals with inaction. They just refused to touch it which effectively shut down the Death Penalty. Neil but various states have death penalties, right . States are all over the place and they change, but federally theres been a Death Penalty for some time. You have to work hard to get the Death Penalty in the federal system. Its the Boston Marathon bombers, the World Trade Center one type guys. The five that will be the first in the cue, so to speak, are if you look at the underlying facts, they are horrific. Whatever your feelings are about Death Penalty versus life in prison, these are guys that killed children, that killed people in very brutal ways, killed elderly, killed witnesses. They really kind of touched the nerve of why you might want to have a Death Penalty. Nl neil let me switch gears while i have you here. Your thoughts on the whole mueller thing yesterday. Well, look, i dont get any joy out of pointing out kind of the weakness of the presentation. I dont think that really matters all that much. Mueller was certainly not engaging in reverse psychology when he said i dont want to do this. He came in, he spent six hours on the chair, it was halting, it was difficult, there were fundamental moments like fusion gps where you thought man, how does he not know these things. But i dont want to be neil hes an honorable man and a hero but that he didnt know or he was trying to just avoid the question by pretending he didnt. I dont think so. I give him the same benefit of the doubt, hes an honorable guy with a long history of public service. I think what it shows more practically, if you are trying to drill down to figure out how did this get started, whats going on with the hiring, with the fisa court, with Christopher Steeles usage, youre not going to get it from him. He was kind of a delegator, somebody that was fairly aloof to it, maybe too aloof. Neil the other thing that was surprising was the letter that was sent eventually to attorney general barr mischaracterizing, that wasnt even sent by him. That was sent obviously by a staffer and he couldnt even remember. Well, that was one moment that i didnt think was that great where he said the letter speaks for itself. I have seen the letter, no, it really doesnt. It just says we have a problem. I think hes got a lot of loyalty towards the people on that team. Neil how would you check Party Affiliation . You cant do that, right . Obviously he had people who were dead set against the president and out to get him. Let me just say, there are a few people on that team i have known for years i would absolutely have on that team. They are good aggressive appellate people, they make pay lot of sense. I think there was a delegation. I dont think mueller did most of the picking. Probably andrew wiseman, his deputy did. If you are doing it right recognizing two incredibly sensitive public corruption probes, you wouldnt violate the hatch act, say whats your party, how long you been a democrat, how long you been a republican. But you can ask questions about conflicts, im doing due diligence, have you ever represented somebody who might be connected to the Hillary Clinton campaign. That would get rid of somebody who actually defended the clinton foundation. Or have you made donations. That could be fair game, too. Again, theres a lot of career prosecutors that work for the government, dont have a lot of money to sprinkle around on Campaign Candidates that arent going to celebration parties for campaigns, you could find a lot of people that didnt bring that baggage. It was always kind of an unforced error by the mueller team to have so much obvious bias in their background. Neil the proof in the pudding might be the fact a new wave of democrats are storming the microphones today to say the impeachment thing goes on, were not going to let go, its still around 90, 95. You know . Look, theres political hay to be made. There is always going to be facts in that report that will give people who are inclined to do it some argument neil they are mentioning that he injuperjured himself in answg written questions. I dont buy it. There was a sloppy answer by mueller at one point that seemed to suggest there was dishonesty in those answers. If you are getting to the point where you are letting the president send in written questions with his team of lawyers, its unlikely he will send something thats provably perjurious. They had to dig up something. There was no real headline that came out of it. That was at least a nugget people can play with if they want to keep it alive. I think a lot of people are interested in the prequell, how did we get here, not so much the current movie. The movie is kind of over. Neil the one thing i did take, im going long here, but very good, you are helping me with a lot of stuff, is the end of the interview back and forth within the house intelligence committee, not whether the president did something illegal but whether it was untoward or unethical or not befitting a president. It had already racheted down from what it was originally supposed to be. Right. Well, theres the old saying, the law condemns much or permits much which wisdom condemns as folly. Look, you can have a president who is doing nondisclosure agreements with porn stars and you may think thats really ugly and embarrassing, but doesnt mean its something illegal. When i think to get into kind of the ethics of this probe, when the facts have been known this long, theres a little bit of a hail mary, too. The legal part has been determined. I think most of america is like we have heard this verdict, lets move past it. But obviously theres a political interest in keeping it alive in some quarters. Neil everyone sees things through their prism, left and right. You have to argue does anything move as a result of what was said yesterday. People with their prism, they hate the president , it didnt move any of them off that. Those who love the president , didnt move anything off that. Right. Within two days, there will be some tweet or Something Else that distracts from it, right . Neil thank you. The former Justice Department official, good read. Knows a lot of the principal players here. We told you earlier, when you hear this talk that a Brokerage House was talking about, about a potential slowdown, recessionary sign, they point to things like this. They might be just anecdotal but for better than 12,000 workers at nissan, they are very real. They are going to lose their jobs. Then there are troubles going on at ford. Likely layoffs, far from guaranteed. Then teslas issues. This is the type of noise they point to that maybe you should be looking at. We will point them out and you decide. After this. Here you go little guy. A cockroach can survive submerged underwater for 30 minutes. Wow. Yeah, wow. Not getting in today. Not on my watch. Pests never stop trying to get in. We never stop working to keep them out. Terminix. Defenders of home. Neil nissan is cutting more than 12,000 workers after a big plunge in profits, 99 plunge. Susan li has more on that. Susan global headaches for global car makers. As you mentioned, nissans profit virtually wiped out in this recent quarter. The problem for nissan stem way before carlos ghosn, former chairman and ceo, was arrested in japan. So as a result, the try to turn this business around, nissan like other global car makers will be cutting jobs. 12,500 around the world, 1400 in the u. S. , most of those at its headquarters in tennessee. Whats going wrong for nissan . They never really had a strong u. S. Business, but they have also been selling a lot of their cars to rental companies. When you sell in fleet sizes, you also have to offer discounts as well. There have been struggles with renault in that Tense Partnership so there has been some uneven strategy and as a result, nissan as you see today, really struggling but its other car makers as well around the world. We also heard from, say, gm last year cutting 14,400 jobs across north america, telling us 15 of its salaried workers will be cut this year. Ford, some disappointing news yesterday and results after the bell. Ford also cutting just around 7,000 jobs or so. Tesla, this used to be the stock of the day, down double digits for tesla after they reported a record delivery number of over 95,000, but they expanded that loss and elon musk earlier this year said they were kucutting around 9 of its staff as well. Its not just traditional car makers. Electric ones suffering as well because of slowing demand in the u. S. And also china. Back to you. Neil you covered a lot of ground there. All right. Susan li, thank you. Meantime, i think Boris Johnson just got his slapback from the europeans and something tells me hes getting ready to slap back at them. After this. So, i needed legal advice, and i heard that my cousins wifes sisters husband was a lawyer, so i called him. But he never called me back if your cousins wifes sisters husband isnt a lawyer, call legalzoom and well connect you with an attorney. Legalzoom. Where life meets legal. Cant see what it is yet. Re . What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. 4 out of 5 people who have a stroke, their first symptom. Is a stroke. 80 percent of all strokes and Heart Disease . Preventable. And 149 dollars is all it takes to get screened and help take control of your health. Were life line screening. And if youre over 50. Call this number, to schedule an appointment. For five painless screenings that go beyond regular checkups. We use Ultrasound Technology to literally look inside your arteries. For plaque which builds up as you age and increases your risk for stroke and cardiovascular disease. And by getting them through this package, youre saving over 50 . So call today and consider these numbers for just 149 youll receive five screenings that could reveal what your body isnt telling you. Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. I apologize for interrupting. Theres far too much noise in this chamber. And far too many members who think its all right for them to shout out their opinion at the Prime Minister. But the statement will be heard and it will be heard with courtesy. Theres also far too much negativity. I think you will agree in the 98 days that remain to us we must turbo charge our preparations to make sure there is as little disruption as possible to our national life, and i believe that that is possible with the kind of National Effort that the british people have made before and will make again. Neil how great a system is that . We cut up the tape right before Boris Johnson did what a great country. He was obviously referring to the new Prime Minister, Boris Johnson, by hook or crook, im going away with this brexit thing, its going to happen the end of october, with a deal, without a deal, which was supposed to put pressure on the European Union to say well, you know, maybe we better make a deal with this guy. Signals are for the European Union, no, the deal we had with your predecessor stands, were not going to start again. The signal hes sending is the hell with it, im out of here and well see what happens. The conventional view, consensus view, is the brits need the european blessing more than the europeans need the brits. That might actually be just the opposite. Lets go to lindsey bell, joe borelli, connell mcshane. What do you think . I think the eu is preparing for a nodeal brexit. Neil they are now resigned to the fact this guys going to do what he says, right . Exactly. Neil how are they going to feel . I mean, its going to be tough. Its really all about that, the northern border in ireland and how they are going to negotiate that. May wasnt able to negotiate any deal there. The eu is saying were not going to negotiate with you anymore on this, take it or leave it. If its a leave it type of situation, theres going to be a lot of upheaval, i think. Neil we were talking to one investor earlier, to lindseys point, its just the uncertainty around that, connell, is beginning to rattle Big Technology names who have offices there. Then im looking at some of the members within the European Community who are in a world of financial hurt which is about half of them right now. The leader of that group, germany, is falling close to recession. Maybe im thinking they should be more concerned than they are. Maybe they are and theyre just not budging. I think thats what Boris Johnson was trying to do today, if you listen to his remarks in the midst of all the backandforth with the speaker and everything else. He would say things like we want to give time to companies to prepare saying that i want to have a deal but in case theres not one in place, now you know either way, like you said, by hook or crook, were going out on the 31st of october. As much as businesses might be able to adjust to that, it would be difficult, i think. Maybe not catastrophic, but difficult. The irish backstop is a thorny, thorny issue in that area. I probably have a little bit of bias there. I grew up spending a lot of time in ireland growing up, so i always remembered crossing over from the republican to the north and the time when it was a quote, unquote, hard border in the 1980s. This is a scary deal with the british soldier with his machine gun checking the cars as they come in and out. Its been a huge boom for that economy in the last 20 plus years to have the open border, the free flow of goods between the republic of ireland and northern ireland. So going back in time there, thats a real difficult thing. Neil its a legitimate issue. Joe, what im thinking is its been painted as brits wont be able to even cross into the other country, let alone whats happening in northern ireland. The fear is that its going to hurt them more than its going to hurt the europeans. Im thinking of greece with record low Interest Rates, under 2 , lowest they have ever been, spain is staggering, portugal is not the worlds economic envy, even france is having troubles, germany is having troubles, italy, basket case. Maybe they are secretly worried the European Community that britain survives this, all these issues notwithstanding, and others are going to get ideas. Well, i think brits are looking at the fragility of the eu in general, using that as justification to leave. I think for Boris Johnson, its less about the economics of it and more about the culture. Johnson is almost like disraeli and churchill, he reveals himself through his writing. If you read the things he writes over the years, its not necessarily about economics. Its about the legal colonization of the eu over britain. I dont think for him the purely economic message will motivate people that supported him, that supported the leave movement, and that want to see a deal. Neil what did the president tell him . The problem with you brits dealing with this is you are always on defense. Get back on offense. That could work both ways. The other issue is uber, testing a bundling of its services. What other services . Scooters, uber eats. Neil you would pay a monthly fee . 25 bucks. Neil i dont understand the whole uber thing. It just seems weird. Its great. Any restaurant, some guy in a car, who knows neil how do i know whos bringing it to me . You dont. You dont care. Neil what if they have Driverless Cars . Driverless cars might be the line you might not cross. Look, im a millenial, albeit an older one thats losing his hair, but my family would turn into a onecar family if Something Like this, where uber would give you a one size fits all, a deal where you can get food delivered, you can get free access to micromobility and you can get discount cars. I would be the person who actually loses their car and gets an uber. Neil what will they do with this, bundle it all together, set monthly fee, whatever, you get all that versus now its all yeah, its all like trying to beat amazon prime, offering everything you can to a customer, make it a subscription service, then you have recurring revenue. These are companies that are losing money, right. This is a way for them to have that recurring revenue. By the way, investors will love that. But yeah, im with you. I think if they are able to make this work, it could be a really good thing. They will get a lot of brand loyalty. If you are signed up 25 bucks a month, you arent taking lyft or hailing a cab here in new york or wherever. Neil would you have to order the food through uber . Or the restaurant . You order from the restaurant and the uber driver delivers it. Neil i see. You get a discount on it. They do it for 25 a month. Here comes a guy on a motorcycle. Neil this is ashley webster, earning money on the side. Real quickly, Dunkin Donuts is selling beyond meat breakfast sausage. What do you think . Joe . Look, look, look, this is why donald trump is going to win. There are redblooded americans, they want their microwavable sort of meat to be somewhat meat. This is the line. Neil its got to be lower in calories, though. Thats my point. Im a meat eater. Im not going to go for this. Im fine with my regular pure beef. This has chemicals in it. Same amount of calories. Whats next, caffeinefree coffee . Neil im a lifelong vegan, as you know. All right. Look at the time. Samsung, the fold phone is back. Will anyone buy it . Its out in about six weeks. Fact is, every Insurance Company hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . woman somebody would ask her something and she would just walk right past them because she didnt know they were talking to her. deborah i just could not hear. I was hesitant to get the hearing aids because of my short hair, but nobody even sees them. avo our nearly invisible hearing aids are just one reason weve been the brand leader for over 70 years. deborah when i finally could hear for the first time, i started crying. I could hear everything. avo call 1800miracle to start your 30 day riskfree trial and schedule your free hearing evaluation today. Neil all right. There have been a lot of big flims reporting quarterly earnings. The big ones getting attention from the general public. Amazon, alphabet set to report after the bell. The trend has been the friend of the earning are looking pretty good as charles payne. Charles intel that was one of the big names. Nobody talked about it. They report after the bell. Who cares. Neil im sure you do. Charles but im weird like that. Good afternoon, everyone, im charles payne. This is making money. The stocks are lower as investors wait two powerhouses, amazon and alphabet google. Buying stocks after everybody writes off the company. I can tell you how when we go in depth. Most americans in decades review the economy postively. They are giving p