Predicted every last recession weighs in. Now to Edward Lawrence at the white house, on the trade front where things stand. What is going on there . Reporter looks like better than expected numbers coming out of china helping markets today. China says their exports have increased 3. 3 from june to july. Surprise with some with escalating trade tensions. Export numbers deficit from the United States has shrunk 2 billion from june to july. It is still a huge number, look at yeartodate. It is 168. 5 billion yeartodate. Also thursday, Chinas Central Bank made moves signaling future devaluing currency even though today theyre stablizing. Should the currency weaken too much that should cause Asian Countries to cut their Interest Rates even more. White house Economic Advisor Peter Navarro down playing that this morning. Listen. The yuan has gone down 12 . We put on tariffs at 10 . The yuan goes down 12 . Theyre basically trying to offset the effect of the tariffs but it does have ripple effects but this is not, this is not something thats threatening to the Global Economy. Reporter still the raise to zero Interest Rates could have the effect of strengthening the dollar, making it more expensive from other countries to buy our products. The president tweeting about this morning. He said in a tweet some think he like as stronger dollar. He doesnt. He went on to blame the Federal Reserve for making the wrong moves, hurting American Companies trying to sell overseas. Some chinese experts believe that chinas move is to offset the impact of possibly additional tariffs that could be imposed on september 1st. Trade sources are telling us that china does believe that those tariffs of 10 on 300 billion of additional imports will go into effect on september 1st. Those sources also saying that china is preparing right now for those 10 tariffs to be 25 because they will refuse to buy u. S. Agriculture. Back to you, neil. Neil Edward Lawrence on white house. Real quick correction. I think we were showing you a wrong level on the 10year you might have seen before at 2 point something percent. That is not only reversal, that is a problem. The 10year now is around 1. 75 . Remember for a while it had gotten slightly below 1. 59 in this global freefall on Interest Rates. Were not out of the woods. That is still a very, very, low, low rate. Germany, france, some other countries are sporting negative rates. That has not changed. That is the Global Environment which we live. Where do we go right now . Get the read on trade front, especially on talk we might not get a trade deal at all before the president ial luck shun. Former secretary under barack obama, and lee spieckerman. Very happy to have you. Lee, first on impact if we dont, forget about the market impact, if we dont get a trade deal from the chinese, for whatever reason, then what . You know, it is, our client have told us time and time again that the rollercoaster ride that were on is disruptive to their longterm business planning. Tariffs are a tax. Tariffs, especially when you look at our clients who are manufacturers, who source many of their inputs from china, you know, their manufacturing process will be more expensive. They will shift to third countries. They are not coming back to the u. S. The winner here will be vietnam and other countries in Southeast Asia where the cost of manufacturing is lower. I think that this is corrosive to market confidence. It is corrosive as weve seen with global markets. It is something that we must end at sooner than later so that businesses can begin to do longterm planning and investment which creates jobs and maintains jobs in this country. Neil lee, you could flip it around, saying a lot of businesses made alternative arrangements. That changed the Playing Field no matter what happens with the deal, that they found alternatives to china. That they sort of cushioned themselves in the case this were to drag on and it will be to chinas detriment, not ours, what do you think . Absolutely, neil. We have nearly a 400 billiondollar trade deficit with china. They export to us almost five times what we export to them. Obviously any type of retaliatory trade activity will enure to our benefit and be detrimental to china. Nicole was born in detroit. She has seen firsthand how detroit, baltimore, philadelphia, cleveland, other once bustling Manufacturing Centers in the United States were ravaged by the horrific trade deals were made. We a lot of 10 or more of our middle class over the last 20 years. The overwhelming reason for that the deindustrialization of the industrial heartland of the United States. In terms of these trade agreements not having a trade agreement with china, that would be great because you know what . China cheats. China cheats. Those trade agreements are not worth the paper theyre written on because they are unenforceable. What i endorsed we have a uniform trade tariff, uniform import tariff on all goods imports into this country. That is easy to enforce. Something our country has a great deal of experience with. We built the mightiest economy and highest standard of living in Human History on tariffs through most of our history. So we know how to collect tariffs. That would be a boon to manufacturing and as far as importing components, instead of going to third countries like vietnam, that should come back to the u. S. If we have a tariff on all imported components, whether theyre from vietnam, china, germany or any country, that will facilitate that happening. We have got to redomesticate american manufacturing. We have to redomesticate our supply chain. Yes we can bring a lot of that, if not all of that components goods manufacturing to the u. S. It will take a little time. Neil i dont know time is on the side here but, ambassador, one thing, the chinese are all but admitting they can manipulate their currency still taking offense to being called a currency manipulate when they tried to finesse a stable yuan. I deal with that with you. We had to deal with this, as president obama, as did many of your predecessors, the same china plays currency rigging games. I suspect no matter what deal is scored they will continue doing so. Do you worry about that . I do. Currency manipulation is a problem, it is distorttive to global markets. The irony the trade war is putting, china some respects theyre propping up their currency somewhat because as weve seen in reports chinas economy is suffering. I do agree with lee on that, but i have to say it is important to remember that supply chains are integrated in the u. S. The taxes are, tariffs are taxes, and when you look at 300 billion of products may be subject to 10 tariff come september 1st, that will cut into u. S. Consumers pockets. The very people that President Trump is trying to support are the people who are going to be hurt by this. This is cell phones. This is neil lee, do you buy that . That the very people longer term this lee and i will have no. Neil lee that is the feeling all of sudden. Will tell you why. Tariffs are taxes. Ill tell you why. Neil go ahead. I agree with nicole that tariffs are taxes but that was the tax revenue that provided vast majority of our federal revenue up until well into the 20th century. I would rather have tariffs as taxes than income taxes. We can make the trump middle income tax cuts permanent if we had a 15 tariff on all imported goods. Just a 15 import on chinese imports would give us 80, over 80 billion a year. Neil that might be fine. Im sorry. Lee, just get to the point here. It would cost 50 billion to make the middle income tax permanent. Neil i wish we had more time. You didnt answer my question. Well follow up on this story. I do want to follow up on this, whether youre for a tariff on said country at a said time, really escapes the meaning what is happening right now. Right now the feeling seems to be there is going to be, in fact on the consumer, sooner rather than later. Whether the consumer is prepared for that, particularly the latest wave, is going to hit them, since mostly consumer items tariffs kick in on september 1. That is one of the reasons why this slowdown you hear a great deal you talk about here in the United States is so pronounced. How low do we go, what does it mean for the markets and everywhere . Jack mcintyre with us. What do you think, jack . Were rebounding a little bit today, a slight backup in yield. I didnt think the day would come saying 1. 75 sounds like a nice bounceback, but it is what it is. What do you think . I will not read too much into todays price action because i dont think anything has changed. Obviously bonds had a huge rally. We need to kind of consolidate. There will be profittaking. We have a 30year auction in about an hour in here. So the market kind of building in a concession. Im, i still like treasurys. I think yields are heading lowers but might be we need another catalyst and the catalyst could be that we actually start to see weakness in the u. S. Labor market. Until that happens, we might not see another big move lower in treasurys. Neil you know treasury yields. Neil i get it, is there a level which you say 1. 75 on the 10year is one thing, negative Interest Rates on the extreme end what is happening with germany, france which is quite another thing but i mean we dont have a lot of wiggle room globally so then what . You raise a great point because i dont think there is a lot of what i kind of view monetary ammunition globally. Rates are low. They have had to go negative. We havent seen the response yet from a positive Economic Growth standpoint to those negative rates. I look at treasurys, i dont think treasury yields will go negative but there is a gravitational pull lower from those countries that have negative yields. Were up to 14 trilliondollar u. S. Equivalent of negative yielding bonds. The u. S. Is not immune to that well see yields drift lower. One other quick point, i think yields can go lower until they affect some type of change. So in the u. S. These low treasury yields will mean lower mortgages. If the worlds healing, our u. S. Is healing housing should do better. If it doesnt, it means yields will go even lower. Neil how much lower . Well, okay, so you have got a Global Economy challenged, low inflation, u. S. China trade. So i think yields can go, 10year yields can go towards that 1 . It will not be a Straight Line but i dont see why they cant go to 1 , if youve got treasury or german bund yields going to minus 80 basis points. Neil interesting, holy cow. Thank you, i think, all right. Jack, thank you very much. You be well. Well see what happens with all of that. Were looking at all these battles back and forth political statements over what a company is doing, but let me ask conservatives out there, conservatives, do you like ben jerrys ice cream . Do you care they give to liberal causes like Bernie Sanders . Probably not. Doesnt matter to you. So on the left the push to go after steve ross, the guy behind equinox fitness clubs and soulcycle clubs he is giving to donald trump. Now does that make you more inclined, less inclined to go to his establishment or to accept a boycott . What is the difference between ice cream made by people on the left and operations owned by a guy on the right . This is over the top. Hey im bill slowsky jr. , 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. Neil how is this for a little bit of pressure . Equinox and soulcycle facing boycott over investor steve rosss ties to President Trump doing a fundraiser this weekend. Patrice lee onwuka, we have david burn steen and constitutional lawyer gem ma ellis reeves. I generally think boycotts are risky from the left and right. I love ben jerrys. It would have be to a crane to claw me away from chunky monkey, stop buying their product, no matter who they are giving money to. Enough already. Especially when you look at soulcycle having a passive investor, people are willing to boycott. This is a free country. We all have political beliefs. We can support any candidate. Well boycott your product because you support a particularly president ial candidate, that is absolutely ridiculous. Im a conservative goes to starbucks. People told me for years you need to boycott neil riddle wrapped in a conundrum. That is what my husband says. Just because there are certain things that worth standing up for but this i dont think is one of them because weve seen that boycotts work. Look at effect of chickfila. When the left was calling for boycott, that then had the supporters going in, were going to support this company because we believe in their values. But in this country everyone can stand up for what they believe in and they can have their message and so people want to boycott, thats fine. Do i think it is effective . Absolutely not. But people have the right to support their political candidates. I think especially the difference here is that soulcycle said in their statement, we dont condone this, were not holding this event. For people to boycott them one of their passive investors is supporting President Trump neil he is the head guy. He doesnt speak for the company. Exactly. Neil having said that, david, im worried about, maybe you are, when you look at the Democratic Party that is big on inclusion, big on being open to all points of view, ideas, doesnt this smack of hip Proctor Gamble chrissie . It is problematic, youre either for everyone speaking values or for a certain set of values, right . I think the issue here is that, you know, and in particular case equinox and soulcycle are known for, they have a lot of lgbtq members, they have a lot of affinity and sponsor of pride. Insults to them because it represents a good part of their base. They have to say something. Everybody has to do damage control on everything. I hope that the president ial candidates dont get involve in this. This seems to be a fine thing for people to talk about on social media. My hope is that people can see this is issue that will stay here, we wont be talking about this by the end of the week. Neil sure we will. Patrice, help me with this. I have seen it in my profession certain hosts are boycotted or no one is going to watch their show, urge viewers to boycott products advertised on the show. I have seen it on the right, on the left. You have to calm down. Life is short. Stop it. But the other issue is, if you dont want to watch that particular personality, you dont have to. You have something called a remote control, move on. But i do think it is going to put the fear of god into companies in general for fear of offending anyone on the right, for fear of offending anyone on the left, just to cater to whatever the prevailing view is at the time and i think that is slippery slope. Your thoughts . I will counter, jenna made. I actually think it could be damaging if people actually believe it. Look at ivanka trump brand. She had a loyal strong following, loyal strong brand. That has all but disappeared. The left turned out the machine against her Closing Company as soon as her father became president. I dont think this will have effect on soulcycle, basically with Companies Like peloton. They are trying to do as much damage as possible to insure that doesnt happen. Yes, it could become a slippery slope every company is scared like somebody like Chrissy Teigen sure social media patrols against them. Neil what i worry about, guys, i was one that used ben jerrys analogy here, kind of funny if youre one of these facilities, especially the equinox fitness and youre eating ben jerrys ice cream while youre on it but i think it gets past reality here, you know . Everyone is free to their own political point of view, but when you extend it, im going to economically try to destroy them because of that, that gets a little dangerous. That is, castro coming out and doxxing some of trump donors, this is, and saying specifically on msnbc, that it is for the intent so people think twice before donating to President Trump. Neil didnt he reveal one of his own people. He did, which is super ironic. Neil i think that is castro calling david right now. What do you think of that, david . Does it go too far . I think the other thing the companies have to be willing to stand up. We can talk about the role of citizens in this, also i think a lot of companies have been very quick to cave. A lot of people would find their business is just fine. Im a member of equinox. It has a very loyal neil ive seen you. It has a loyal following. So does soulcycle, they will not be destroyed by Something Like this. Neil i dont know. In this city that is so bad, when we have a culture that is saying were going to punish you for your political beliefs and try to silence you, what castro is doing. That is not america. Weve also done a lot to divide these things. Whole foods in the last election cycle. Whole foods is for democrats and other supermarkets are for republicans. Neil that is accurate. But, there has been a push, more and more people, more and more companies are focused being values aligned. That is important to them. But they have to be consistent what those values are. Neil there is a difference between the company and guy runs i can understand easily get blurred. Patrice, where is this going . Because you know, youre free to support politically anyone you want. I dont know whether higher burden for someone who run as company, passive billionaire investor in that company, but, i do think that we have to dial it back a little bit . It could have a Chilling Effect on a lot of founders who will say, you know what . A lot may be conservative. Tax policies that reduce taxes, that deregulate, that make it possible for the environment to be conducive to business is how i was able to create this. They will maybe, potentially step back from, you know, from supporting candidates or politicians and lawmakers who create probusiness policies and that would be devastating. Honestly, neil i think it would be hurtful. I think, as consumers we have got to be careful, parse when were being used by celebrities for their own leftleaning or rightleaning frankly, political, causes. Versus really understanding whether you know, a founder and a company are doing something thats harmful. In this case that is just not the case. Neil you were going to say . I think the difference between investor, part of a company, being founder of the company or ceo of the company is a important distinction. Neil like chickfila founder. There is big difference between that i dont want neil chikfila is delicious as ben jerrys. Between what the Company Actually does versus just the political. Neil im not listening to you. Im boycotting you. [laughter]. What . im here to steal your car because, well, thats my job. What . What . . What . laughing what . . What . what . [crash] what . haha, it happens. And if youve got cutrate car insurance, paying for this could feel like getting robbed twice. So get allstate. And be better protected from mayhem. Like me. Neil this has been getting lost in the sauce here, background ever china, everything else. Secondquarter earnings are in right now. The vast majority are in right now, up about 2. 8 , so far, a little ways to go. Lyft, other big names helping boost that number a little bit. Remember this is the quarter they were expecting a contraction or decline from year ago period. Jackie deangelis has been following all of this. Jackie, what do you have . Reporter neil the market is up 202 points. I think youre right, earnings is driving momentum. Lets say in the absence of any other china headlines that could move things around. Youre right, lyft was a pretty good quarter. A beat on the top and bottom line. The Company Adjusted earnings per share was a loss of 68 cents. That was a smaller loss than expected. Revenues, 867 million higher as well. The company says it is taking big steps towards profitability. Raised sale guidance. Ridership was up 40 . The shares were down 15 from the march ipo price. It is having a nice day. Uber, the competitor is reporting after the bell. Looking for loss of 3. 23 on 3. 9 billion in revenues. Were looking at the two companies in comparison to each other. There is pricing war between them, a fare war. Lyft is saying pricing increases can help it with Sales Guidance that it gave you in terms of its revenue. Finally want to hit on roku, it is having a banner day. A loss of eight cents on 250 million in revenues with a double beat. Seeing Revenue Growth from advertising. Monetized video impressions more than doubles yearoveryear. Investors definitely liking that one. Up 20 on the session. Neil . Neil thank you, Jackie Deangelis following developments at the big board. It is iowa fair time. Candidates are descending on the state like locusts. Will this win over especially the farmers . After this. Here you go little guy. A cockroach can survive submerged underwater for 30 minutes. Wow. Yeah. Not getting in today. Terminix. Defenders of home. Neil have you ever been to the iowa state fair . I actually gone a couple times. Man oh, man culinary. How many funnel cakes did you eat . Neil i think there is a record. Farmers are a little bit nervous what is going on with these tariffs. That is probably an understatement. Hillary vaughn there with much, much more. Hey, hillary. Reporter neil, if you want pork this is the place you want to come to. They sell 90,000 pieces of pork at the iowa state fair. They see a lot of candidates come through. But if you want to know how tariffs are hitting pork producers there a lot of people around to ask. We did. We talked to one farmer with a pig farm and grows soybeans and how china tariffs are affecting the industry. He said he is getting hit twice as hard. We raised soybeans and i think [inaudible] i applaud maybe the idea what he is doing, but [inaudible] reporter but not everyone is as worried. We talked to a pork producer, jared baker, who says they are Still Standing behind the president even though the trade fight has had a trickledown effect on their business. Farmers are used to playing the long game. Were rolling with that. But, yeah, i mean, things, we would like things to change. We would like them, everybody, human nature like them to change as fast as we can. In terms of playing the long game, pig farmers are still on the president s side. Reporter but the trade fight is difficult to for the pork producer to trade on the issue in china. The african swine flu is taken out a third of chinas pig population. It is threatening 200 million pigs. Iowa pig farmers want to fill that hole in the industry. I think what we do know that china does have a big hole in their pork supply. This is a tremendous opportunity for pork exports to fill that need. Reporter today is day one of the iowa state fair where a deluge of 2020 democrats will descend on the soapbox to make a pitch to voters. One of those candidates, senator Kamala Harris is rolling out a new campaign proposal, 500 bucks in basic income, money in your pocket from the government, paid by rolling back the president s tax cuts. But harris plan is not the best basic income plan out there. Businessman andrew yang has campaigned from the start on 1,000 a month in base being income for all americans. Neil. Neil battling over who can give away the most dough. Hillary, thank you very, very much. Hillary vaughn. One of the things i like about my job, getting to talk to hillary, getting to talk to Charlie Gasparino, i get to talk to big deal wall street investors. Certainly byron wien amounts to that historic figure. The blackstone vice chairman who has seen market turbulence on the upside, downside, presciently predicted what was the last meltdown, is saying when it comes to the president , he is kind of apolitical on this stuff, he agrees with him wall streets Immediate Reaction to his defeat would be to sell off. At the very least the tax cuts would be reversed. Only one who would take out some of them, joe biden. The others would remove them all, go after the rich again, i. E. , people like Charlie Gasparino who joins me right now. Long time Morgan Stanley analyst. Known byron for years. Neil absolutely. He is saying, without getting into it, is critical of president s approach to the china trade thing, just basic math show you all tax cuts are reversed, threat of that. A whole new game. I think yes, the initial Market Reaction to anybody but biden would be very, very negative. Neil initially. Initially you frame it. The reason why because when you have divided government you do have a degree of gridlock. Neil assuming we do. If we have divided government, there will be a degree of gridlock which will make it more difficult for the president , not impossible, i mean, remember obama was still able to get tax increases, not major ones. Neil can he return the top rate to the old . Yes. Through budget deals and thinks like that. Neil they can wield big clout. The executive has a lot of power. They have the power of regulation and a lot of stuff that can reimpose lots of regulations on banks and neil he raised a possibility it could be a good excuse to sell. Might not be necessary but that would be a reason if you get a committed socialist like Bernie Sanders or semisocialist like Elizabeth Warren in there, people will sell like crazy. That will be a scary proposition. Particularly if they have the house. They have 2 3 of government. They will put socialists in the supreme court. Neil what if complete run of the table . Forget it. Opposite what happens with trump. Neil will you stay in the country what will you do . Will we have live gaspo reports . I will report you decide. I will report how crazy the policies are. Neil you wouldnt say whether you will stay in the United States. I will stay with cover. If the end of the world comes i want to break the story. That might be Bernie Sanders or Elizabeth Warren. Might be end of the world. Trump came in, markets went up dramatically, right . Neil remember kneejerk reaction election night. Because, i mean i think, i think there was so much pentup worry. The smart money came, carl icahns, everything neil we dont expect to see it overnight. Let me ask you a little bit on cbs and viacom, where is this thing going . I hear it is not going to happen today. That is kind of obvious. It could happen tomorrow im hearing. Neil well listen, it will be a big deal, it is interesting, cbs is always thought of, one of the biggest, greatest names in broadcasting, and it is, part of a company now that is not that big. If you even merge it with viacom, which owns mtv, nickelodeon, other properties with cbs, you have Something Like a 30 billiondollar company which is small between tech. The question why is it taking this long . They would like Joe Ianniello to stay on with his contract as stablizing force with the company, sell the merger to analysts, see what happens. Going forward it will be interesting. There is talk of growing the property, buying nickelodeon, by i hear theyre looking to sell, shari redstone, has everything in one, is looking for a nest egg for her grandkids, children, grandkids, you name it. You know, theyre looking to sell out. So, but that, ill tell you, buying this company now, given what tech is doing, think about big tech right now creating content, going into content. Theyre creating content. Theyre not buying content. Very interesting. Neil real quickly, markets today versus yesterday . Theyre all over the place. Like chinas, headline, its a headline. These headlines are over the place. Neil isnt it interesting chinas exports are increasing in the environment . Isnt it interesting the trade deficit not really moved. All the stuff the president is doing with trade, everything, it hasnt moved the dial. Neil unless he get as deal, for nothing. Heres the thing if he doesnt get a deal, were stuck here. By the way neil bad place to be stuck . You have not made much money in the market over the last 18 months. Neil i forgot. Youre a hater. I know markets. I am telling you, this is not good. The minute he got involved in this neil look at the half empty glass. Maybe he should have gotten involved. It is worth the price. What is a better, what he should have done is focused on china, left the other stuff alone. That is the real problem. Neil you belong on another network. By way i think youre the one has a problem with the president. Somebody said that. By the way, someone said that, you have to straighten your deal out. Neil who did . Yes, you did. Ralph wants to cut off the mic. What did he say . Neil thank you, my friend. He is the best, the best. Controversy eel, kind of what makes it edgy. Meantime a 30year Mortgage Rate that has dropped to 3. 6 , less in some places and housing is not doing squat. What is going on with this . After this. On it staying active . On it. Audrey thinks shes doing all she can to manage her type 2 diabetes and Heart Disease but is her treatment doing enough to lower her heart risk . [sfx crash of Football Players colliding offcamera. ] maybe not. Jardiance is the number 1 prescribed pill in its class. 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Nato is now very worried that china is extending its influence, forget about the south china sea. Think the arctic. Former deputy secretary of defense, former general jerry boykin. General, good to have you back. Good to be with you. Neil by militarizing islands in the south china sea, going to the arctic, i almost get the impression it is a rambunctious kid, seeing now what are you going to do, now what are you going to do . As long as no one does anything they keep doing it, so what do we do . First of all, they are strategic in their thinking. As you know, as we say they think in centuries while we think in years, maybe decades at the most. This is all part of this belt and road, string of pearls concept they have. The arctic is the obvious next place to go. What do we do about it . We have got to do what the president is doing right now. Weve got to push back on them on economic as well as military issues. And, i think that they have to see strength from the american administration. Neil have they slowed the militarization of these islands. Not as if they will dismantle, take them apart. They proceeded to other locales to do this. What do we do . Again, we have to make sure that we have strong alliances with many of these nations. Neil, most dont realize they have business invests, influence in 152 countries at least right now as part of this string of pearls and belt and road initiative. What america has to do is make sure the alliances are strong. One the ways we build alliances, and show them strength, especially countries like china and russia and north korea. Neil real quickly, if we dont score a trade deal with china, does it heighten some of the hostilities in the military sphere . Most probably. Listen, neil, we have to recognize china is hurting too. I heard your previous commentator. I have respect for him. China has lost over five million jobs just in the production industry, you know, manufacturing, so, theyre hurting as well. Question who, the American Election will dictate at some point the u. S. May have to blink on this i hate to see that. Its a reality. Neil general, thank you very much. Good seeing you again. Thank you, neil. Neil all right. Must be good times for samsung to say you will pay 1000 for our latest phone or at least one of our latest phones. Why they are banking on you spending, after this. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Neil ahead of the fold which debuts in september, samsung rolling out its latest note phone. It is 6. 8 inches diagonally. I dont think there is bigger phone on the market but that can quickly change. A tech analyst on the fact that these guys are gravitating around that 1000dollar price tag, despite all reviewers people are not buying such expensive phones but they must be buying them, eric, what do you think . They are buying them, neil in a certain subset of the market that market is interested in productivity. It is interested for looking for ways for better experience, whether a camera or speed. So theyre focused on that. But the challenge is with a lot of these brands apple as well, there is not a lot of additional kwan tom unknow visions theyre being able to bring into these phones. So these, youre talking about subtle changes. Whether the majority of consumers out there really are going to be interested, there are a lot of skeptical questions about that at this point. Neil eric, i wonder if everyone waits for the next bigs big thing, next big thing for samsung is the fold phone they had problems with in the last incarnation. They say they have solved them this goround. That is 2,000. I would imagine it would be a smaller slice of potential buyers. If they were to succeed at that, prove that you can sell a 2,000dollar phone for more than just a few gadgets, then what . Well, i think if they can show that they carnival date at mass a 2,000dollar phone, investors will be dancing in the halls because, that would be a phenomenal shift within the current playing feed in the smartphone arena. Im skeptical. I dont think you will see that kind of number. The types of individuals that will spend 2,000 will be fairly small but i think the whole concept of a foldable phone is definitely in the future because it gives you the ability to have bigger screens. I think people want that flexibility, assuming that its easy to use and its functional. Neil what about the phenomenon of huawei, particularly in china . Maybe because the ongoing trade war, because a lot of their phones and related technology are so much cheaper than say apples, theyre making significant inroads abroad, not so much here, because were all about preventing that, what do you make of that . Look, i think they have great technology. I think they certainly have innovated. Theyre, the products are wellliked by consumers. And theyre, you know, within china, i mean theyre the darling. Certainly looked at almost as a national treasure. I think americans given what the allegations have been, i think the administration has been proactive in protecting intellectual property and concerns about the phones vulnerabilities which i think is smart given the macro environment that were in with china. Neil yeah. I think what people have discovered just because theres a lesser price doesnt mean these days with this technology youre getting much of a lesser phone. They all have some basic bells and whistles, you know . Absolutely. You have core functionality with most of these. You know, look, its amazing what the phones can do and the ability from a productivity standpoint. Look, people can literally work from anywhere with these phones and it is a sea change in the way people are living their lives, getting information, being able to experience their families, and really being able to have a better quality of life at the same time there is also movement again amongst what i would call dumb phones for people that want to unplug. I think that is an interesting counterphenomenon thats growing as well. Neil wellsaid. Eric, good catching up with you. Thank you. Likewise, neil, thank you very much. Neil you heard a lot about these negative Interest Rates abroad, well it will never happen here because we got our act together. What if i told you it will . After this. 448,134 to be exact. 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In advance. Neil all right. Expected trade talks to resume between china and the United States next month, but in the meantime, china does have a secret weapon. We will tell you about that. In a swing state, voters are feeling all of this. Pennsylvania, a lot of companies in that state rely on china trade. Senator pat toomey will join us shortly on that. And the whole push for gun legislation, thats a big hunting state as well. We will get his thoughts on that. The united nations, meanwhile, urging a lot of folks to save the earth by eating less meat. Dont ask. Here we go. Weve got stocks rebounding. Weve got only actually, they are all up right now. For awhile, United Health care wasnt joining along but all 30 stocks are in the green. This is at the high point of the day, up about 341 points. Yesterday we were down, and we started the week with a 760 plus point loss on monday. We are remaining to see whether this talk on trade, stabilization on Interest Rates, things kind of getting quasi back to normal is helping propel these markets. Barrons associate publisher and author jack otter, Elizabeth Macdonald and glenn hall. On the trade front, i know we moved from no optimism for a deal to well, at least theyre going to talk next month and thats good enough, right . Its not good enough, right . Because we have been at this, what, a year and a half. Now we see neil thats right. Year and a half. Yeah. Gdp growth which went up because of taxes and deregulation, now getting undercut by trade uncertainty, now coming down to 2 . Whats really striking about whats happening now is the Federal Reserve too much listening to President Trump because you have the september 1st tariffs kick in, then two weeks after that, you have the september federal open Market Committee meeting at the Federal Reserve, where they will set the rate. Is the president being smart as a fox or crazy as a fox, you know, he will get his rate cuts by threatening more tariffs because the fed chief, jerome powell, said two dozen times trade uncertainty, thats why we are cutting rates. Neil thats right. So is that what the president will do, get more rate cuts by threatening more action against china. Neil where does this go . Well, as we have been saying, 18 months is a long time. These are here for the long haul. I dont see a shortterm fix. We arent going to get an answer in september. I think the markets are going to continue neil what about an answer before the next election . Increasingly, a lot of smart folks, firms, are saying dont count on it. The signs are there that china has less at stake in the long run in the sthohort run. They can wait out President Trump and see if they get a different dynamic after the election. Neil different president. Perhaps. Theres no real pressure on them to do anything in a hurry. Neil what do you think of that . Not only does china perhaps want to play that longer game but im increasingly suspicious that maybe trump doesnt want to win this right away. First of all, lets say trade wars are clearly not good and not easy to win. But maybe as a reelection strategy, its a great foil. I like the graphic you had, it shows the two containers smashing into each other. We are playing a game of chicken and theres no indication either person will turn the wheel. Two gentlemen who dont show any indication of blinking. Neil its one thing to wait until close to the election to score a deal, quite another not to have one. By that time, especially to your point, lizzie, the latest tariffs go into effect on largely consumer items, that would be immediate, that could drag right before the election. Right . Yeah, and heres the thing. Three states the president needs and they are getting affected by the tariffs. Michigan, pennsylvania, wisconsin. Remember, Hillary Clinton only lost them combined by 78,000 votes even though the president is plowing a lot of money into those states. You cant have a china trade fight going into the election. It just wouldnt be good optics. You would have the 2020 democrats capitalizing on it because it could hit Consumer Confidence if we see prices going up. If it hits Consumer Confidence, the economy gets hit. Neil were not at that point yet, right, or are we getting close to that . Were not seeing that yet. We are seeing strong economic signals from other sectors and we are also seeing the markets generally still in strong territory. But if we see the markets really reacting necessityi ining negato see Companies Pulling back on investments more than they have, you will start to see overall sentiment impacted. Neil we had ken fisher here, the investment billionaire, who said the markets will tell you if they think the president will lose reelection. He didnt give me a time frame how soon before the election Something Like that would happen. His point was markets will sort this out. For the time being, its steady as she goes and the markets are telegraphing president makes a trade deal, you know, something materializes, markets are often wrong, they are not always 100 but thats what hes saying. I would agree with that with a bunch of really strong caveats. Number one, clearly the markets had no idea what was going to happen in the last president ial election and even when it happened, the markets didnt know what to do, right . They plummeted 800, then they came back up. So i think the markets are a less reliable indicator this time around. Another factor is of course, we dont know what the democrats theyre not a reliable indicator for this one thing which is the upcoming president ial election because we also have no idea what the democrats are going to throw to us. To your point about the very close elections in pennsylvania, michigan and wisconsin, while the democrats could do a great job of finding someone who those voters like even less than they like President Trump. Its like do they want to lose, the way they are campaigning. Those states are key recipients of that message that i am fighting for your jobs. I am bringing manufacturing back. Theres a point which you were making in terms of this could be a good election tactic to keep the fight on, show your strength. Neil you can be feeling pain at the same time, though. Like the farmers. I love the farmers, the president is saying that, and he does, hes trying to do what he can, but theyre feeling this. These credits and tariff monies hes redirecting to them, its a drop in the bucket. I think thats right. Thats where it comes down to in every election, how is the electorate feeling economically as you go in to vote. Neil let me switch gears a little bit because the backdrop for this, you touched on it, you actually all did, this idea the Federal Reserve will have the president s back, cut rates, thats probably all the more now given the craziness of the last week or so, but how low do we go . And why arent we seeing more bang for the buck . Forget about here, where its still early in the process, but abroad, where there are negative rates, i dont see them firing on all cylinders. A quarter of the market overseas or the bond market is negative rates, its 14 trillion in debt. Whats incredible, too, is that how closely aligned now more than ever before central bankers are with populist politicians. Remember 2008, they were going to help the central bankers, then they were going to step back and normalize. That hasnt happened. You see populist politicians rather the central bankers more in line with what the populist politicians want. You can see it at the ecb, you can see it certainly with italy, spain. You see it certainly in china. You see it with japan. The central bankers worldwide are listening more and more to what politicians want and they dont want the political antenna neil it would be like someones following me on eating healthy, i would say well, i would have better role models if i were you. If were following europe, theyre a disaster and we are going to follow them to lower rates, i dont know how low we go, what are we proving here . We will always be a better alternative for cash than them, you know, at any rate. Im worried about the precedent were setting here. Sometimes i tell my kids that if they are struggling over a decision, think about it from your future self looking back. In 10 or 15 years, if we think wow, 14 trillion of investments guaranteed to lose money and we werent sure whether that would end well or not, obviously this is a massive bubble. Now, its always dangerous to predict whats going to happen to that bubble. But at least cisco in 2000, we said if every person in the world bought routers, then this valuation would be justified. Right now, we know this valuation is not justified because it is a guaranteed money loser, this 14 trillion in negative yielding debt. So i dont know when we are going to pay the preacher but at some point we are going to. It is not a good model to follow and we shouldnt be lowering rates. Neil normally that leads to default, right . Why default . They are paying you the hold their money. Neil i understand that. It doesnt have a happy ending normally. Where is the next crisis . Is it staring us in the face . Is it china . China has more than 1 trillion in dollar denominated debt and its banks are upside down because it has more dollar denominated debt than it does assets. China is a dramatic debt load priced in u. S. Dollars so thats probably why it can devalue its currency even more because it has to pay back in dollars. Thats the thing. Im wondering if china is the next thing to blow. Certainly could be. Yeah. Neil arent you cheerful. All right, guys, we will take a quick break here. Do you boycott a business when you hear chiefs at the company are supporting a president ial candidate one way or the other . The controversy over big supporter of President Trump is already prompting talk of a boycott. For example, you might not like chickfila, comes to mind, because the companys closed on sundays and has a very religious orientation, but have you tried their sandwiches . You know, theres a slippery slope on that. After this. Let me ask you something. Can the past help you write the future . Can you feel calm in the eye of a storm . Can you do more with less . Can you raise the bar while reducing your footprint . For our 100 years weve been answering the questions of today to meet the energy needs of tomorrow. Southern company to the wait did frowe just winners. Prouders everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you preorder a new samsung note. Click, call or visit a store today. Neil all right. It is midweek, time for another boycott. President trumps Reelection Campaign responding to a backlash against a top fundraiser. Blake burman has more. Where does this thing stand now . Reporter you might not necessarily know the name but stephen rosss portfolio touches just about every part of the country. For example, soulcycle and equinox, which is at the heart of the latest controversy now, but hes head of the related group which has the newest, biggest buildings in some of americas largest cities, for example, hudson yards down the road from you in new york. Hes the owner of the Miami Dolphins franchise. The hundreds of millions of dollars hes also donated to the university of michigan has put his name on buildings there. It was found out that ross will be holding a fundraiser here for President Trump tomorrow and that is what led to this backlash, especially from those who often use and visit soulcycle and equinox. Ross has since tried to distance himself a bit from the president , saying in a statement quote, i have known donald trump for 40 years and while we agree on some issues, we strongly disagree on many others and i have never been bashful about expressing my opinions. The Trump Campaign today is standing up for ross, saying in a statement quote, hes a great american, exercising his First Amendment right. Now, ross is also the chairman of the board of the Nonprofit Group rise which says its mission is in part to eliminate Racial Discrimination and improve race relations. The Miami Dolphins wide receiver kenny stills, who is an active voice in the miami community, has since tweeted this about his boss, saying quote, you cant have a nonprofit with this mission statement, then open your doors to trump. Soulcycle has also rebuffed ross, saying that he is a passive investor, that is the way they describe him. They also say that they are not supportive of this fundraiser that he is going to be hosting for the president in new york. Neil . Neil i think even more intriguing was that you somehow thought i was unfamiliar with equinox and soulcycle. Making his last appearance, blake burman. Reporter got that first membership. Neil absolutely. I got in. Good for awhile. Thank you, my friend. I want to go to our panel on this. It just seems whether youre on the right or the left, guys, i mentioned going into this chickfila, a lot of people dont like the religious connotation, the fact theyre closed on sunday, a little heavyhanded to them, but the chicken sandwiches are great. I talk to a lot of conservatives, how they feel about ben jerrys ice cream, their allegiance to senator sanders and a host of others, try to claw chunky monkey away from me. Stop. It just seems crazy, doesnt it . I think its just the nature of where we are in the political cycle. The divisiveness has gone all the way out the door. Neil did you see anything like this with firms whose chieftains were doing fundraisers for barack obama . We have seen this in past election cycles. Neil im not an apologist for donald trump. This is over the top. Part of what were seeing is the power of social media and the celebrity presence on social media. Its not necessarily a massive boycott. Its celebrities calling for a boycott right now. Neil right. But if they get their way and impact sales, this is why these Companies Get very anxious. Yeah, thats true. It only lasts as long as the media pays attention to it. Youre right, we have seen in the past there were two nfl threatened boycotts, there was the bp oil spill boycott, you know. Neil but this is, you know, going after firms that are tied to the passive investor head of those investments. This is absurd because hes not an active manager of the company. His statement says it, his companies have said that. Neil should the investors avoid goldman sachs, these other firms that give heavily to democratic causes and candidates, or do you say theyre pretty good managing money, i will stick with them . We know socially responsible funds really dont go anywhere, right . Neil if youre checking out the Company Based on where and to whom they are giving money, thats a slippery slope. I am a big fan of equinox. Hes a passive investor. If i had more time i would be there five days a week. Neil you and me both. Exactly. Citizens united said speech is the same as money and corporations are the same as people. So this is what you get when you have a decision like that. So you have stephen ross, he has every right to have a political fundraiser for whoever he wants. I think consumers using the products that he is even a passive owner of have every right to have their feelings about it. Neil there was a controversial article in barrons, got to boycott the wall street journal, got to boycott anything glenn attaches his name to, you see what im saying, it can be very dangerous. We have seen in our business where someone doesnt like what a liberal commentator said at msnbc or a conservative one here at fox. What im saying, if you dont like it, you certainly dont have to watch. It is another level to go to economically punishing them and everyone that works with them. Thats a form of vengeance that goes over the top. Yes. I think youre right. Its intimidating, its bullying. I think people get old very fast, people lose attention and move on. There are hundreds of boycotts every year you dont even hear about because people lose interest and move on. Neil you can do what you want. If it hurts people to do what you want, i just think it changes the whole notion of free speech on whatever side youre on when people feel chilled or cornered or cowed into just reserving. It takes it out of the political arena and puts it into the everyday life of people. I think those businesses and those employees had nothing to do with this fundraiser. Neil yeah. But in the end, you Pay Attention to frankly, i say do we Pay Attention, yes, absolutely, but it doesnt change the way we report either the news or our theories on investing. But we do Pay Attention. I say it comes back to politics and money. I think the two ought to be more separate. If stephen ross could only give, really only give 2500 a year period, full stop, you wouldnt have stuff like this. Which is why it was so jarring for the times to change its headline, trump unity versus racism headline. Mark penn, the clinton pollster and adviser, was saying the twitter mob is now going to take over the paper of record. Effectively thats what he was saying. Its jarring to see that. You wonder if we come to the end of this cycle where social media does not have that much of an impact and people say all right, just go away, enough already. Were not going to listen anymore. We are the only ones who read twitter anyway, right . Neil i commend that. All thats fine. I think we need to take it to the next step of trying to, you know, destroy a business and an operation based on one person or a persons allegiances, that is dangerous. The right or the left. Its to me, wrong. Thats just my opinion. You can boycott me at this address. All right. You know, roku is on fire right now. Streaming suddenly is back in vogue. Is that an anomaly . Is whats going on there indicative of the cord cutting wave that some thought had slowed down . Has it really . After this. Neil all right. Have you been watching roku shares . They are soaring after a much stronger than expected report and stronger than expected guidance so it did seem to put an end to the notion that maybe streaming was going. Fox business susan li with much, much more. Who thought streaming was going . Its catching on and getting bigger and bigger. Roku hitting an all time high today. In fact, its up 800 from its ipo and it was a stellar report card. Sales jumped 59 . Impressive on its own but its an acceleration from the First Quarter and when you put in numbers like that your stock gets rewarded. They put in 250 million in sales as you see there, added 1. 4 million active accounts. That brings the total customer count past 30 million and 9. 4 billion hours of content streamed in three months, up 72 from last year. Some big numbers there. Its important to note theyre still not making money. I guess its the amazon era. They are looking to i guess invest in market share before they count on making that profit. Now, as the ceo mentioned, its going to be a Better Future for roku as well, especially as more streaming platforms come online. Its no longer just netflix. We have disney and disney plus will be launched in november. Then you have hbo max, Nbc Universal getting into the streaming game and at t tv as well. This sets up roku pretty well for the future, since roku have 43 market share in the streaming tv market this year, 2019, and amazon fire has the second largest market share at 18 . I think we have that graphic, dont we . Also, we do have apple tv which is what i use, only 10 of the market surprisingly. Then xbox sees 9 or so. This is, you know, i guess it sets us up for big growth for roku. There you go. Thats 173 up from last year. Fire tv, 145 . The future is bright. Neil . Neil all right, thank you very much, susan li. What do you mi think of all thi . The idea that netflix was getting hardpressed to make as much money on all this stuff Going Forward . Two different issues. I think netflix does face a real problem which is that its content is getting much more expensive. Roku is sort of a symptom of the problem netflix faces. The massive debt that that company has incurred arguing that its Subscriber Base will grow so fast that it will eventually reconcile all the money its spending on content by building up that Subscriber Base. I think with all these competitors coming online, thats tough. The interesting thing from the consumer side is you arent really saving that much money by unbundling. Consumers will have to pick and choose if they are going to actually pay less for, say, disney plus espn than they did for neil by the way, all of these services, you are paying more than you did before you cut the cord. Yeah, thats right. Whats the upper bound limit . I think its what can people handle. They get stressed out saying i have four accounts, i cant do five, you know what i mean . Im going to stop at hulu. Do the ones that planted the flag early, are they the winners . Is it disney, hulu, netflix, amazon . Im not sure it is. Theres a couple Different Things going on. Like roku, they are really the Distribution Platform and everyone is welcome to come in. Then theres the content plays, who are spending all of that money making content. Then like amazon, they do both. I think its going to be a world where the ones who are distributing the content are at this point in time neil but all these amazon analogies, build up something that wont make much money in the beginning, because what you are building, you know, eventually will pan out and be profitable, but they cant all go that route. I think its mobile on demand world. People will want ten different apps they are watching so they will consolidate around a few. Thats where i see a divide between content makers and content distributors. Neil people just have to go outside, go for walks, talk to each other. Go climb a tree. Neil climb a tree. All right. A lot more coming up. Pennsylvania senator pat toomey will join us. His state of course one of those very very much in play, and all this at a time republican senators are under enormous pressure to do something not only on the trade front, advising the president , but now in light of some of these recent attacks on the gun front. Hes next. Introducing the allnew chevy silverado. With fifty industryfirsts. Its the strongest, most advanced silverado ever. 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 a cockroach can survive heresubmerged ttle guy. Underwater for 30 minutes. Wow. Yeah. Not getting in today. Terminix. Defenders of home. Neil they are urging congress to get back into session and do something on these Mass Shootings, reining in guns, doing something to prevent those of questionable mental status to get those guns. Pennsylvania senator pat toomey in the middle of all that. Hes sponsoring a bipartisan bill to address these issues. Good to have you. What will your measure do . Well, ive got a couple bills. One that i introduced with chris coons from delaware, which is simply about better enforcement of our existing laws. Its against the law for someone who has a prior felony criminal conviction to lie about that conviction and apply for a gun purchase, but yet, that happens every day across america, and they are almost never prosecuted. Chris and i have a bill that would simply require the fbi when they discover that someone has lied about their criminal history in order to try to get a gun illegally, when that happens, we would require the fbi to notify the states in which the person resides so that the state Law Enforcement could decide whether they want to prosecute this person. If you think about it, the example were talking about is a convicted criminal whos lying about his past on an application to buy a gun, maybe we want to keep an eye on that person. Neil the nra is even against that. The nra is even against giving a heads up, family members or friends of those who are acting strangely and pursuing that. So obviously many in your party will have to have some sort of break with the nra, or is it overstated . Well, i will tell you, so i have another bill with senator manchin which would broaden background checks. You know, we all agree that violent criminals and dangerously mentally ill people shouldnt have firearms. Personally, i think the entire focus of this discussion ought to be about how do we make it harder for people in either of those two categories to get a firearm. Im not interested in banning firearms that are commonly owned by lawabiding citizens at all. Neil what about assault weapons . I put that smack dab in the category of very commonly owned firearms that are no more dangerous, no more lethal than an ordinary hunting rifle. They are cosmetically, they look different, but they dont operate differently and they are no more dangerous than an ordinary rifle. So i dont think it makes any sense at all to ban a commonly owned firearm thats no more dangerous than any other. What i do think neil that would apply to ak Assault Rifle or semiautomatic weapon that can in the is ka da fire over 100 rounds . Almost all firearms sold in america are semitaut particulau. Thats a slight overstatement but a majority are semiautomatic which means one bullet comes with each pull. Thats the nature of firearms. Has been for many decades. Neil should there be a limit, senator, on those that allow, the case of the dayton shooter, to kill that many people in seconds . So if you are talking about a bump stock which is a technology that effectively converts a semiautomatic into the equivalent, into an operational capacity of a fully automatic firearm, in other words, it takes a semiautomatic and makes it a Virtual Machine gun, i think that should be banned. It is banned by regulation today. The Trump Administration put out a prohibition against bump stocks. I would be perfectly happy to do that legislatively in addition. But i really think the focus ought to be on the people who shouldnt have any guns because they are dangerous people. So my background check legislation is designed to do that. My legislation with senator coons to alert local and state Law Enforcement when someone lies about their background to try to buy a firearm, would also focus on the people which is where the problem lies. Neil you come from a state where hunting is very popular. Im wondering what those folks have told you in response to these shootings and the efforts to sort of rein guns in. So as it happens in pennsylvania, we have a state law that requires a background check on 100 of hand guns sales, no exceptions. If i want to sell a hand gun to my wife, we have to go to a Firearms Dealer and do a background check. I never had anybody tell me that background checks are an onerous infringement on the second amendment. You know why . Because theyre not. So i think requiring background checks on commercial sales which is what senator manchins bill, senator manchin and my bill does, sales at gun shows, sales over the internet, i dont think thats terribly controversial. When people understand whats actually in the bill, they very broadly support it. Neil all right. Where is this going . Many have urged Mitch Mcconnell, maybe its all political, reconvene the senate, try to do something. You are talking about tightening up laws that are already on the books. In the case of some of those, that give a headsup to someone dangerous who might be getting access to firearms, 17 states have that in effect right now. Im wondering if the fact that we have so many of these Mass Shootings, senator, 256 already, talking about Mass Shootings that claim the lives of three or more, it dwarfs whatevers happening abroad, what is the distinction in this country versus other countries . You are quite right to say this kind of stuff happens in other countries but not nearly to the frequency that it does here. What is it . Look, theres a cultural problem, theres a Mental Health problem. I dont think we fully understand what it is. But the gun doesnt go off by itself. Its very very similar profiles, very frequently, you know, its a young male who is typically isolated, alienated from society, often exhibiting some kind of violent tendencies before he actually acts out. I dont know what drives this. And its a real challenge. Weve got to understand it better, weve got to learn how to predict the actual acting out better than we can today. But thats where the problem really lies. A gun doesnt shoot itself. Neil i remember after the parkland shooting, you were among the select few the president invited to the white house to talk about in your case some of these bipartisan measures you had back then, yet that crisis passed and we got on to more shootings since. Cynically it makes a lot of americans think this will die down and the senator will still have his bipartisan measure and it will go nowhere. What do you say to those who are saying been there, done that, tired of that . I understand that. I sure hope thats not what happens this time. I do think it feels a little different this time. I know i have republican colleagues who voted no on the Manchin Toomey bill in the past and are now rethinking that. Neil have you talked to Mitch Mcconnell . Whether hes open for revisiting . I have spoken with the president repeatedly and the president definitely has an interest. He has not made a commitment to a specific bill but hes definitely interested in doing something in the background checks space. I have spoken with senator mcconnell. As usual, Mitch Mcconnell is about getting a successful outcome. So i think if we can put together legislation that has broad support that the president s willing to sign, then i suspect Mitch Mcconnell will put it on the senate floor. There would be overwhelming pressure on him to do so. But the key predicate is to have the votes, to have the support. Thats what im working on. Neil we will watch. Senator, thank you very, very much. Thanks for having me, neil. Neil senator pat toomey. The dow up about 303 points. A lot of things hit hard yesterday are coming back today. For a couple of the other averages, they just barely squeaked into positive territory on the week. Not all, though. More after this. What about him . Lets do it. [ sniffing ] come on. This summer, add a new member to the family. Hurry into the mercedesbenz summer event today for exceptional offers. Lease the glc 300 suv for just 419 a month at the mercedesbenz summer event. Going on now. You wouldnt accept from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. 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 today to request this free, and very helpful, decision guide. And learn 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. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs. Oh, and happy birthday. Or retirement. In advance. Neil all right. Oil trying to claw itself back and of course trngs beits been week for it. It was in bear market territory for awhile. Cheaper gas is at the offset of this. Gas buddys Patrick Dehaan is here. What are we looking at as a result of this drop in prices . Whats the delay or lag effect we are seeing with lower gas prices . I think we are continuing to see the decline but i think theres probably still a week, week and a half of catching up that the National Average has to do. I think in the meantime, the good news in light of all the bad news, stocks going down, oils gone down. I think we are going to soon see the National Average reach its lowest point of the summer. That will probably happen in the next 72 hours. Neil im joined by jack otter, Lizzie Macdonald, glenn hall. They are free to talk to you as well. The one thing i did get from this is this fear of a global slowdown, and whether its real or not, thats the perception. Normally then, that would affect demand for gas, you would think, and for drivers even in a busy summer driving season, you will see that, too. What do you think . Yeah, without a question. I think what were seeing in oil has more to do with the shock and awe over wahats going on between the u. S. And china. Certainly theres ways of President Trump, a week and a half ago, announcing the surprise tariffs, we are going into a season where motorists will consume less gasoline, petroleum demand will go down in the fall months. Theres not a lot propping up the price of oil. Not only that, its looking like opecs production cuts arent doing as much as they had anticipated. The market is still well supplied and theres worries over Economic Growth and its pushing oil prices down, and perhaps the worst is yet to come for oil. You know, so what does this do for the u. S. Economy . Because certainly, these lower brackets like and need lower gas prices, right . Nothing drives people to the brink of insanity faster than when gas prices are going up, because they want to drive to walmart, walmarts are located in faraway places, they need to drive there. This hits the lower bracket harder. So what is the offset here, i want to know, is it lower demand here, is it a recessionary signal, or is it good for the consumer when gas prices go down . Well, theres a whole lot of different audiences to look at here. And those that arent in the stock market arent subject to obviously lower unrealized or hit to their own realized gain. For the average American Consumer who will go into the holidays who dont hold stocks, they are looking at gas prices as significant form of relief that may help drive some improvement in how they perceive the economy, though they are hearing all these things coming out of china, all this economic worry. They are simply going to be paying less as we go into the holiday season. It could actually help with a little bit of positive perception on the economy but still, with all the news media and all the talk over u. S. china, it may not do as much as we hope it will. Neil you know whats weird, when you think about it . This is the week iran promised if we dont take back these sanctions, theres going to be the mother of all wars. Now in the past, that would have prompted a huge drop in oil prices. Now because we produce so much of our own oil, whatever, we dont need these guys as much. Thats right. That has been the big factor in terms of oversupply of oil in the marketplace, right. Theres other sources of oversupply and in the opec side, we see that there are many members that are not in a position to necessarily play along and they are getting a de facto exemption. Theres a real supply challenge right now that opec hasnt been able to maintain. I think theres an absolute limit in terms of how far they are going to let it go. Remember back in 2008, oil was at 146, 147, president obama said you cant drill your way out of the problem . Yeah, you can. Remember back then it was draw, baby, draw instead of drill, baby, drill . Yeah, there was you know, Maxine Waters wanted to bring in the Oil Speculators into hearings for capitol hill. So you know, i bring it up because im always skeptical when i hear anybody in d. C. Weigh in on whats going on in the oil markets. Two important points to remember. One is that in addition to your pocketbook, there are very few prices that have the psychological impact. No other price is on the side of the highway in ten foot tall numbers. If you can really benefit that way. But the other side of this is as prices fall, you are going to see people in the oil patch losing their jobs. Many of these companies actually have really ugly Balance Sheets anyway. Neil you think thats going to warrant a Congressional Committee investigation . Oh, no, not at all. What im saying is an economic matter. An economic matter. If prices go down too far, you will see people losing their jobs. Neil quickly, are you seeing that happening . Obviously, their earnings season just hit for a lot of the oil companies. A lot of them look a little challenged. Shell was not terrific. Bp surprised. But its looking ugly on the Balance Sheet for now and could get worse, depending on what happens. Now we are kind of accustomed to what iran is doing, the theatrics there have really slowed down. They kind of shot themselves in the foot by announcing they seized a tanker that held just 4,000 barrels of oil. It was kind of a laughing joke after that. Thats nothing. Now so the market has adapted to what iran is doing and its not really shock and awe anymore. Neil youre right about that. Final word, pat. Always good seeing you. Thank you for taking the time. My pleasure. Neil we are mostly through this earnings season. A big name comes up after the bell, uber. What the expectations are and what that could mean 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. You said the following, moneys in the wrong hands and you want to tax the hell out of people. What should the federal tax rate be for individuals . 70 . For folks who make over 70 . When you combine everything. That means they get to keep 30 . Yeah. You take 70 cents out of every dollar. Neil thats what he said. Bill de blasio is not alone. A lot of the 2020 democrats are pushing taxes on the wealthy and their wealth. Back with me, jack otter, Lizzie Macdonald and glenn hall. Glenn, the 70 thing the guy made famous because hes saying we have to tax the hell out of the wealthy because theyre not paying their fair share. Where is this going . To a man or woman, the 2020 candidates are talking about raising taxes on the wealthy. This is going nowhere. We arent getting to a 70 tax bracket. Its part of a divide the country strategy in this election cycle. Thats just another way to do it. Neil what do you think . Why doesnt de blasio Start Talking realistically with common sense with what the American People already know, its that the government sure does spend more than its fair share of taxpayers money and blows it on empty federal Office Buildings across the country. Time and again we see individuals like de blasio bring into the argument raw statistics. They like to talk about income inequality but the numbers they use dont acknowledge all of the programs the hard left and rightfully so, many people wanted, it leaves out social security, leaves out medicare, leaves out eitc, all the tax credits, food stamps. I just find it so breathtakingly tedious and stunningly, stunningly overblown, you cant listen to bill de blasio. He treats the studying up on this issue with the same alacrity of his job going into work. A very lazy neil youre a no. Im a no. Neil jack, one thing i see, i see a lot of creativity when it comes to ways to get revenue. Not so much as a way to control spending. Republicans are hardly great fiscal stewards themselves. They just wrote off on what will be trillion dollar deficits for the next two years, each year. Which is extraordinary number. People sometimes conflate the National Debt with the deficit. Neil that someone could realistically talk about a 70 tax rate. I think we will have i dont have a great answer. I wish i would love the days of simpsonbowles to come back. Pain on both sides of the Balance Sheet is the only realistic way to solve the problem. Neil there are very good ideas to control and slow spending but im reminded of paul ryans issue where he just wanted to slow, if memory serves me right on this, glenn, the growth of medicare and you know, hes pilloried for throwing granny off a cliff. People see that and say i dont want to do that. I think we in the broader deficit discussion, we have lost sight of how much is already spent. Theres very little Discretionary Spending left to work with. Thats where they tie themselves up in knots on the spending side. The only way to get past that is to think about these entitlements which have become sacrosanc sacrosanct. Thats a good point. Right now its the loudest voice ins the room are dominating this argument, the likes of bill de blasio. Neil why cant we just explain this is not sustainable . Weve got to do something. When you have republicans doing the same thing as rand paul said, rightfully, the tea partys dead. Right . Neil but anyone urging fiscal restraint, theyre gone. I dont see them. Where are they . Even the bond markets allowing it. Neil yeah. Thats interesting. What does that tell you . It tells us this is just going to keep on going until we have a crisis that ends it. The crisis is getting worse, the bigger these numbers get. Neil you have to pay more taxes. Bottom line. Lizzie, thats where its going to go, right . Yeah. Neil more taxes. Yeah. Maybe not. Hope not. Neil we are a banana republic. We are a bright and happy bunch right now. Neil really. Exactly. All right. If you have any sharp instruments, please put them down. A lot more coming up. The dow in and out of session highs, no matter these concerns. These are longer term worries, very real worries. All 30 dow stocks up. Think about it tomorrow. Right after this. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Neil we are up about 315 points on the dow. It was this time yesterday the big losses we were seeing in the dow started to reverse themselves. They yet to make up ground from the beginning of the week. Theyre trying to make it a positive week. Charles payne to take you through all that. A fellow who believes with mayor de blasio that we should be taxed more. Charles sounds great. Mr. President , here we come. The market picking up on yesterdays amazing intraday reversal. The question is this the calm after the storm, time to buy or will these markets actually dive again . I have some great experts to help us with this. Plus when the trade war shifted to a currency war spooked investors. What happens if the next move is an arms race . Well have the latest from the white house and hair from china expert michael pillsbury. We will hear from former white house communications
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