Even when there is great news. We have a tentative deal to break the strike between the uaw and general motors. Tentative truce between china trade war. We have tentative deal for the Great Britain to leave the eu fox businesss Benjamin Hall live with the very latest. Benjamin . Reporter charles, youre absolutely right. Tentative. The hardest part of this deal we have so far what is being ratified by the european parliament, deal between 27 european states and uk. It needs to pass through the british parliament, something theresa may couldnt do after three attempts. The fact is, there is a vote coming up on saturday, when they will see to push that through. At the moment it doesnt seem if Boris Johnson has parliamentary numbers to do that. That is because his Northern Irish allies, the dup, do not support the deal as they currently see it. They dont like the deal on Northern Ireland. Nevertheless today Boris Johnson was sounding upbeat. For us in the uk, it means we can deliver apreal brexit that achieves our objectives. The uk, leaves, whole and entire on october the 31st. Reporter there were a few major sticking points to overcome before reaching this deal. The main one as for the last three years, how to avoid a hard border between ireland and Northern Ireland. There were protests on the island of ireland today. The solution they reached, for next few years, Northern Ireland remains closely aligned with eu with tariffs and customs than the rest of the uk. On the other hand the deal hits key points that Boris Johnson thought crucially. Allows the uk to negotiate its own free trade deals. It is also out of the customs union. Boris johnson talked about a deal with the u. S. Its a big selling point. He managed to secure end of freedom of movement and unchecked immigration from europe. Boris johnson has two days to sell the deal to the british parliament. He has to bring a coalition of people from the dup and Northern Ireland, labor rebels, conservative rebels. It is not clear how he will do that. The question will he make same mistake as theresa may or something up his sleeve to see it through. Brexit after three years will finally be over. Charles . Charles thank you, benjamin. We have Maryland University economist peter morici. The fact that bore press johnson was pushing a potential quick u. S. Uk trade deal. Will this help he it get through. There is incentive to do it. The labour people dont want britain out of the e. U. They want a referendum what is ever negotiated. What they might get in the end is election. Theyre liable to get their tails whipped in an election right now. That is what the polls say. The folks in Northern Ireland are taking a gamble as well. By nixing this deal theyre sort of hoping no deal will ever happen. But if Boris Johnson wins an election, they find that is he much less sim threattic to their outrageous, unreasonable demands. How can you have open border with the ireland and rest of britain if britain is out of the eu . That is fitting 75 clowns into one of those old volkswagens. I cant do it. At some point reason has to prevail in Northern Ireland, if they risk an election they might get reason they dont like. Charles peter i see 75 clowns come out but i never see them go in. You might have something there. Or 75 peter moricis who knows. Charles talk about the economics of it. Also there is another aspect of this as well, control your borders, it is an issue we talk about and debate in the country as well. Many folks in the uk want to control borders. It is not just about terror. You had inexpensive labor coming in, particularly from the eastern block nations. Former russian countries where plumbers were coming in saying i will do the job for half price. Hurting a lot of folks in those Skilled Labor issues. So political gambit here to push back on this is huge. Absolutely. Basically the people that like being in the eu are london people, financiers, the analog of goldman sachs. They are doing very well. They want housekeepers. They get housekeepers from poland. The trouble they get plumbers, carpenters, masons, all the rest. They basically subvert the jobs of ordinary britons with no privileged background. They are the ones who voted for brexit. At some point democracy has to work for everybody, not just the folks that went to harvard. Good morning Larry Summers and liz warren. But that is the basic problem with the elite Democratic Party is up against. That is the basic problem the elites in london are fence. They ought to ask themselves, do they want to ally themselves with Jeremy Corbyns socialism . Charles i dont think they do. I want to ask you where we are with this tentative that is our word of the day, perhaps here, trade truce with china. President trump saying it is being papered right now. They have begun to buy Agricultural Products . I think it is sort of a dream that president xi and president drum they had of this deal, one buys more agriculture, the other one doesnt raise anymore tariffs. If you look how much Agricultural Products china historically purchased from the nights United States, swine flu, they cant hit 50 billion without breaking chinas guidelines, coming in at reasonable prices, competitive prices. It doesnt displace its other traditional suppliers . Will they shut down farms in china to let in american soybeans . I really doubt that. My feel this is no deal at all. It is something these guys did to paper things over, right now both of them have terrible domestic problems. Xi has hong kong and President Trump has got adam schiff. Charles all right. Peter morici. Always appreciate and enjoy your insight, thank you very much. Take care. Charles the rally we saw in all the major indices at the open, in part because of this break through on brexit negotiations has been waivering somewhat. Were still bias is to the upside. I want to bring in keith fitzgerald, chief investment strategist for money map press. Keith, they liked the short press conference with juncker and Boris Johnson but his own countrymen and women he will have to sell this to. It is. That is always the way it is, people that think about money, limousine liberals, champagne liberals, you dont really work with money you have a very different opinion. That is the argument fought out with brexit, how will we handle cheap labor coming across the border very derived benefit from financiers in london. Charles a trade truce, a little iffy, a lot of speculation how it is going. Larry kudlow seems to be upbeat and optimistic. President trump says theyre papering the deal at this very moment. Where do we need visavis the stock market . You know, i think that book has yet to be written. I think the stock market is little ahead of itself expecting from a deal, partial deal. I have no doubt they are working diligently behind the scenes. China we have their attention. I think theyre serious negotiating. Whether they want to sign that antithetical to the chinese tactics. They want to drag this out as long as we can. Stock market wont care. If we have certainty the traders can bet on investors will return. Charles keith, meantime to your point bias is to the upside. Were right in the shadows of alltime highs which surprise a lot of people. Earnings coming in well above expectations. Again though, the rally, it feels tentative. But it is to the upside. How do you explain that . I tell you what, i use one of those words you dont associate with investing. This is just cool. That is how capitalism works. You have the promise of future, profits, future value, you invest in the Companies Creating our world of future, world of tomorrow. Guess what, your money grows over time. The problem we have especially with new highs, people try to secondguess that. This is like saying you will have 18 feet of snow on the ground in july based on the fact that you got three inches in november. Charles the stock of the day is netflix. The guidance was so so. Beat on international subscribers. What i like, margins are going higher. Good oldfashioned stock Market Analysis there are questions how much market share they keep. Are you surprised how many firms hate the stock, trying to talk it down . Well, no. Because respectfully i will disagree with you a little bit on this one, charles. I think they will have a very hard time protecting margins when apple plus comes up, disney plus comes up because those are bundles, effectively bringing in the rest of the revenue from the corporations. I think netflix will have a real challenge on its hand to keep the lead. So i am very, very cautious on that particular stock given the fact it ran up so high, so fast on nothing more than what it did in the last 24 hours. Charles keith, you have got three or four things right. I appreciate that. See you soon, my friend. Thank you very much. I have a fox business alert for you. Juul is suspending the sale of e flavored cigarettes and lobbying on guidance. Coming as vaping industry faces fda review amid from calls from the white house to ban all flavored ecigs. Mark zuckerberg giving a speech about freedom of speech in d. C. That has a lot of people saying too late, zuck. Backlash on lebron james comments. Next he says why the he is concerned about the nba more concerned about selling jerseys and shoes than freedom. You dont want to miss that. On h place the right people in the right jobs, so employees like dave can achieve what theyre working for. Im off to college. 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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 buy an eligible phone. Call, click, or visit a store today. Today the United States and turkey have agreed to a ceasefire in syria. Im grateful for the president s leadership. Im grateful for the more than five hours of negotiations with president erdogan and his team, that arrived at a solution that we believe will save lives. Charles breaking right now, Vice President mike pence announcing moments ago the United States and turkey agreed to a ceasefire in syria. This following President Trumps decision to remove troops in there. The president waiting on the news there. This deal could have never been made three days ago. There needs to be tough love in order to get it done. Great for everybody. Proud of all. How big of a step is this towards everlasting peace in the region . I want to bring in republican from florida, member of Senate Armed Services committee. Rick scott. It is always positive to hear about a ceasefire. We dont know about the terms. We have to understand the kurds were our partner destroying isis. We cant just be walking away from them. Turkey has not clearly been our friend. They bought the russian s400 missile system. I prosed when they did that we do sanctions. We have maybe only thing erdogan listen to he understands his economy will get creamed if he continues this aggression against the kurds. Charles there is no, there is no doubt that turkey reacts pretty quickly to sanctions. I think because of the from gillty of their economy, which helped drive the sees fire to your point. We dont have all the details. What do you make of the political calculus, most americans think the middle east as a quagmire, someplace where a lot of our best young men and women died, a lot of americans think for nothing, for two decades now . Well it has been frustrating. We havent had a lot of success. Iran is acting up. They will do what they can to stop the flow of oil. We have to continue to defend our significant ally israel. We have to understand how this impacts israel. So clearly a messed up place. And look, i understand we want to get out of protracted wars but weve got to take care of our friends. We cant just walk away from them. So its a very difficult time. I hope erdogan understands its wrong to be invading syria. And killing kurds. Charles were you surprised how quickly the kurds picked up the phone to call assad . No, if you think about it, the only military bigger than the Turkish Military is the American Military in europe. So i think they have got a formidable military. So they will have to find partners. What is iran going to do now . What is russia going to do now . This is clearly changing the calculus for everybody over there. Iran is not going to be our partner. I doubt they will ever be our partner. Turkey could come back. Still a member of nato. Will they help us to prevent russian intrusion into europe . Its a frustrating time right now. Charles extraordinarily confusing. The enemy of my enemy could be my enemy. One of those things, it changes daytoday which makes it even more confusing. Is there any chance we could hold on one second. Take a listen to president pump. Our secretary of state mike pompeo, great job. All of the people that we sent over the last three days, we sent and early group. This is an amazing outcome. This is an outcome regardless of how the press would like to damp down this is something they would like to get for 10 years. You would have lost millions and millions of lives. They couldnt get out without a little rough love i called it. I just put out. They needed a little bit of that at the beginning. Everybody said wow, this is tougher than we thought. When those guns start shooting they tend to do things but i will tell you on behalf of the United States i want to thank turkey. I want to thank all of the people that gotten together to make this happen. This is an incredible outcome. You have a 22mile strip for many, many years, turkey in all fairness they have had a legitimate problem with it. They had terrorists, a lot of people in there they couldnt have. They suffered a lot of loss of lives also. They had to have it cleaned out. But once you start, it gets to be a point where tremendous amount of bad things can happen. So a process started and we started to negotiate. And i think that obviously the sanctions and tariffs were going to be very biting. Im glad we dont have to do it. Well be taking them off very quickly, as soon as this is finalized but this is an incredible outcome. This outcome is something they have been trying to get for 10 years, everybody and they couldnt get it. Other administrations. They never would have been able to get it unless you went somewhat unconventional. I guess im an unconventional person. I took a lot of heat, from a lot of people even some people in my own party. In the end they were all there. Look, this is about the nation. This is not about republicans or democrats. This is about our nation. So we have a fiveday ceasefire, during that five days, the kurds and other people will be taking take care of, moving around, moving out after safe zone which something turkey always wanted. The isis, call them daesh, we call them isis, isis fighters we captured they will be under very, very strict control of various different groups. We will be watching. Well be in charge. They will be under very, very powerful strict control. We gotten everything we could have ever dreamed of. Well bring our people back home. But well be able to have control of isis total. Well be able to do whatever we have to do to get the rest of isis, wherever they may be. Theyre never going to be ruling us. And i want to thank everybody. The other thing i want to thank as a group, i want to thank the kurds because they were incredibly happy with the solution. This is a solution that really, well it saved their lives, frankly. It saved their lives. Weve done a great thing for our partner. If we didnt go the unconventional tough love approach, you could have never gotten it done. They have been trying to do this for many, many years. Could have never gotten it done. I want to thank everybody back in washington. Were in texas now. Well be opening up a phenomenal new plant. One of the greatest men in business, all of business is here with us. You know who he is. Theyre opening up a plant in texas. The first time i believe, one of the Great Companies of the world, First Time Ever in the United States. Then were having a big rally in dallas tonight at the American Airlines center. So we look forward to that weve been, they have been standing in line for three days as you know. Its a record crowd over in dallas. But i didnt know it would work out this quickly. I didnt know it would work out this well. It is a great day for the United States. It is a great day for turkey. Its a great day for our partners who have really worked. I mean a lot of people questioned some of them. Im not questioning anybody. They really did. The kurds were great. Great day for the kurds. It is really a great day for civilization. Its a great day for civilization. So i want to thank everybody. Reporter [inaudible]. Sanctions wont be necessary because turkeys doing what theyre doing. I didnt need congress for sanctions because i can do sanctions that are tougher than congress. I was prepared to do that. I just want to thank and congratulate president erdogan. He is a friend of mine. Im glad we didnt have a problem. Frankly he is a hell of a leader. He is a tough man. He is a strong man. And he did the right thing. I really appreciate it. I will appreciate in the future. Reporter [inaudible] turkey has a great military power. They are a friend of ours, a neighbor of ours, and a member of nato. What turkey is getting now, they will not have to kill millions of people. And millions of people will not have to kill them. This would be a war of lots of other groups coming in. This wasnt going to stop with turkey against the kurds. A lot of different groups were coming in. We might not have been involved. I dont want to be involved in that kind of a war. By the way we have the Strongest Military in the world. Weve been there for 10 years. Weve been in the middle east for 19 1 2 years. This was a great thing for everybody. Turkey is, i really appreciate what they have done. They did the right thing. And i have Great Respect for the president. Reporter not any sanctions in place doesnt that [inaudible] no, no, if you let this go you would have lost millions of lives. Dont forget your friend president obama lost more than a half million lives in a very short period in the same region. Weve lost very little. But without that gunfire going back and forth, without those rockets going in both directions, without other countries moving in and potentially moving in and creating virtual i a world war, without all of that happening you would never make this deal. Weve tried, we have tried, but everybodys tried to make this deal for 15 years. They could never do it. It was only when it started, people started seeing how nasty it was going to be. It was going to be very nasty. Not only sanctions and tariffs, the war itself would have been very nasty. So they did things that they wouldnt have done. I just put out, everybody agreed to things that three days ago they would have never agreed to. That includes the kurds. The kurds are now much more inclined to do what has to be done. Turkey is much more inclipped to do what has to be done. Turkey wouldnt have done this three days ago. The kurds would not have done it three days ago. This is a situation where everybody is happy. And im happy because there is no fighting. We can bring certainly most of our people back home for the first time in many years. Reporter mr. President , youre talking about all the shooting as it was part of a plan. Are you saying planned for these people to attack each other . No, i do think david, it had to be an unconventional solution. The solution was to sit down and negotiate, 15 years, more i understand, that was never going to work. All of sudden they saw how nasty it was, how rough it would get, it would get 100 times worse than what was happening. When they saw the level of nastiness, they said lets make a deal of everybody together lets make a deal. Reporter are you sure this will last more than five days . A lot of stuff can i think it will last. President erdogan wants it to last. He wants safety for his people. Say what you want, a lot of bad things happened from turkey, from that district, 22mile stretch a lot of people in turkey were killed. So that is not fair. Nobody likes to mention that. This was a great thing for the kurds. This was a great thing for turkey. This is great for everybody. Frankly the thing im hose happy about, i took a lot of heat but that we were able to do it so fast. I thought this would go on for longer. This was such a smart thing to get it done so fast. Reporter president erdogan still coming next month to the white house . I would say that would be very much open. Yeah, he would come. He did a terrific thing. He is a leader. He is a leader. He had to make a decision. A lot of people wouldnt have made that decision because they dont know. They ultimately would have made it but what he did was very smart. It was great for the people of turkey and theyre lucky it was him making the decision i will tell you that. Reporter u. S. Militarily will you leave anybody in the zone to monitor this . Well have people that watch it. Most particularly, well have people watching isis. Well have people watching and isis will be largely again controlled by the kurds because what a lot of people dont know, most of the areas where isis is, is outside of the war zone or the 22 miles. So isis will be, very few have gotten out. Most have been recaptured. Whats happened is, isis is outside of the war zone. So that is going to be controlled very much by the kurds with out supervision. Reporter [inaudible]. He is going to be very happy. They have, spoken to him. The kurds are very happy. Turkey is very happy. The United States is very happy. And you know what . Civilization is very happy. Its a great thing for civilization. Thank you, everybody. Port can you talk to president erdogan throwing your letter in the trash. Charles President Trump taking a some would call victory lap. This is great day for turkey, our partners, the kurds and civilization. 22mile buffer would be created which satisfies turkey. He went to great length saying that isis will be watched by us and the kurds and everyone involved are happy with this arrangement. I want to bring back senator scott. Just your initial reaction to what we just heard, sir . Im glad the president is so focused on this and pompeo and pence are so focused. If it works out the way the president said, there is a lot of positive. Lets still remember though, turkey bought the russia s400 missile system. Theyre a mate know, a member of nato. They should be an ally, they are done a lot of things that are not acting like a friend. I want to know what happens there. Isis being controlled is good. Kurds not being demolished is good. They have been our partner. Turkey not intruding more into syria. That is all positive. Lets get all the details to find out what happened here. Lets all remember, they still bought the russian s400 missile system. They are a member of nato. They shouldnt have been doing that. We have to understand what impact thats has on us. Charles do we have to bring your nato tall lies, bring them to the table, there was opposition to the purchase, after the purchase, and to your point they accepted receipt of those missile system. I dont get europe. I dont get why theyre not more focused on russia. I dont get why theyre more focused on huawei. Not more focused what china is doing, issues in iran. I dont, i dont understand europe and why they dont, theyre not looking at existential threats they have with russia, iran, china. Theyre sitting there, expecting us to do all the hard work. Charles real quick before i let you go, of course breaking news, kind of truncated our time, you did have some thoughts whats happened with the nike situation, lebron james and i wanted to give you an opportunity to share that with our audience . Charles, this is what is disappointing to me, lebron james and nba are more focused selling jerseys and shoes than freedom and liberty. Were supposed to be the country and group of individuals that care about liberty and freedom for everybody. Right now president xi has taken away freedoms granted to the citizens of hong kong in 1997 when it was turned over from britain to communist china and it is being taken away, nba dont care. They just want to sell more jerseys. I think wrong lebron approach, nbas approach, i dont understand why the Olympic Committee thinking about having the olympic there is. Why would we do this to communist china, a communist country doesnt believe in our freedoms . Charles boils down to money over Everything Else unfortunately. Thank you for sharing so much time. We really appreciate it. Thanks, charles. Have a good day. Charles were diving more into our relationship with china. Are big businesses ready to sink the economy because they dont Like Administration fighting against china and jeopardizing juicy profit streams. Mark zuckerberg is talking about freedom of speech as delete facebook continues to trend. Is zuckerberg trying to relate to both sides of the political spectrum . No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no commission my body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. 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Well actually Mark Zuckerberg says theyre doing something to better address the decisions that have been found controversial between conservatives or liberals, that disagree with what content stays on their platform and what content goes. Theyre establishing an independent advisory Oversight Board that decides what stays and what goes. He says even he cannot overturn the decision that this board makes. He also says that he thinks people are prioritizing the political outcomes they want to happen on these platforms overvaluing more voices and freedom of expression. Well i certainly worry about erosion of truth, i dont think most people want to live in a world where you can only post things Tech Companies judge to be 100 true. Reporter zuckerberg explained his decision not to ban all political ads on their platform. He said they did think about it. Ultimately he wants to give people as much information as they, as possible. He also says he is not factchecking political ads because he doesnt think facebook should be in the business of censoring or factchecking politicians. He also responded to a question about senator Elizabeth Warrens calls to break up big tech and his company. And he says doing that bo actually make it harder for them to these key issues, freedom of speech, combating extremism on their sight because they will have less resources to do it. Charles . Charles hillary, thank you very much. Here to break down zuckerbergs plans he laid out for promoting free speech, combating hate speech, fighting disinformation, civic pac chairman Ford Oconnell and our own kristina partsinevelos. Let me start with you. To a degree Mark Zuckerberg is between a rock and a hard place but many people believe he created that himself. He created this platform. Charles he let it run amok. He put himself on the moral eye ground, do you think . Lets allow freedom of sweep to go because he doesnt have to address specific issues of privacy violations. He doesnt have to address algorithm bias. Doesnt have to address maybe some political ads will be higher up on your feed. So i think by doing this he is taking away the responsibility of his platform. And he also inadvertently compared his platform to broadcasters i think opens the door to a whole shrew of regulation. He did that slew of regulation. He thinks Donald Trumps ads. Charles that was interesting. Ford, who will be happy with this . You have this delete facebook, hashtag delete facebook on twitter. It has been trending for 24 hours right now in part because Mark Zuckerberg had timidity to have lunch or meet with conservative voices . Democrats basically want to regulate facebook or break them up. They see facebook as a case of capitalism gone wrong. They no longer believe in the principle of economic of freedom and freedom of speech. No matter what eventually happens, republicans will push for regulation as well, essentially they do not believe that facebook and other social media who have the power of god to shape Public Opinion will be able to police themselves internally and enforce free speech. Basically they have a target on their back for both parties but for historically Different Reasons . I was going to say it is a bipartisan attack on both sides. That is why he said he would put forth this independent Oversight Board. Do we really trust zuckerberg and his team to have absolutely no tentacles to that board . Charles Oversight Board could be like algorithms. You have to put them together. If composition of the same people vetting right now, you get the same out come anyway. Precisely. Charles ford, where do we go from here or not. The question is whether donald trump wins election in 12020. Elizabeth warrens beef, says facebook makes too much money, doesnt censor speech. They run donald trump ads and that facebook might have been a big factor helping him win in 2016 this is primarily political. The way democrats see it, they see facebook an economic bad. Their day is coming. The only question is when. To warrens ad point, it was very clever of her to retaliate putting up a faked a as well. It did get people notice that facebook was not monitoring it allow fake news up on the platform. The second part of the ad responded to trump. It is weaponizing falsehoods. Putting more fake news on the feeds we dont really need to see anymore but it is up to decide. Charles most would agree, we dont know if we want facebook to be the final arbiters what is factual, and whats not. Ford and kristina. Thank you. Thank you, charles. Charles i will go beyond the headlines, how manufacturers could be signaling a china trade deal in the next six months. News beyond the headlines. Talking heads dismissing netflix earnings. Im calling it the stock of the day. 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Morgan stanley reporting solid Third Quarter both on the profit side and top line. Then there is netflix. It is the stock of the day. They beat some of the forecasts. Here is what im pressed with. The idea companys contributing margins continue to go. We have michael block, rebecca wallser. Rebecca, let me start with you and the overall market. The bias is to the upside and we cant break out. If it doesnt happen this earnings season, it may not happen . Yeah. Charles. I mean obviously this is a little bit of a concern. A lot of people going into the Third Quarter earnings will not be that great. So far weve had really positive news. We should see some market based growth and some jump outs if we arent that is a little bit of alarming news especially still expecting a rate cut with the fed this month. We definitely should see all positive signs. Charles i love it when the street is expecting doom and gloom in earnings. They did it last quarter. The quarter before then. It is also intriguing that the bias to the upside. The closer we get to the milestones, the more anxiety sets in. If it doesnt happen, there is massive disappointment . There is serious resistance here. Lets face it. We came into the quarter, i believe the consensus estimates was yearoveryear earnings down 4 . What have we seen so far from jpmorgan, citi, bank of america, overnight netflix, we have seen a lack of disaster. I could sit here argue netflix is up, everyone leaning the other way. Everyone was worried about disney, time warner, everyone else taking their content back, nbc universal. Maybe it is squeezing. Im worried about sub adds here and margins going forward. How will they compete against this . They were the disruptor and now it is circling back. They are being focused by people with deep pockets that could lose a lot. Charles it will take six months to a year. When the other folks come in, they will have to prove to the world there is more than one winner. I dont know people will say get rid of my netflix because i want come down to content. Orange is the new black and house of cards, that may come down to content. Charles feeling the burn. This is the one year of Legal Cannabis in canada. That was supposed to send the weed stocks to the moon. They have come crashing downtoearth. Talk about a buzzkill, rebecca, i get a lot of individuals who are not necessarily active in the market. They want to own the stocks and many do. They are getting hit. Classic example of the hype coming much faster than reality but can they turn around in your mind . I think there is other things you could do for the short term that would be a better bet than this. They have gone down 50 . Charles. We had a big crash. I was literally looking yesterday in florida, where im based out of, medical marijuana licenses, two licenses in the state of florida to have medical marijuana license and deal it is 95 million. So we have a huge growth market. It is just that the stocks came out of the gates so overpriced and so overvalued. Were not even profits. Didnt have eps numbers. We had to basically to valuation numbers. That is what youre seeing, charles, reaction to reality. Now where the real true growth can go from here, it is truly uncapped market. We still dont know. Charles michael . Cannabis is a big part of the landscape. Just like we saw the recent private names payment public, throw beyond meat and others came public, you have to have earnings and cash behind the growth. You cant buy concepts. As a guy who spends a lot of his time in the private markets. There are disruptive consumer plays and software plays, cybersecurity coming down the pike and theyre actually real businesses with real numbers. We should all be excited to see that. But the market is starting to scrutinize this a little more. Cannabis and Everything Else. Charles lesson here, beware of the hype when there is no substance or little substance. Mike, rebecca, appreciate it. Consumers are clamoring for products an innovation. Mike made that point. But paralyzed on hiring key businesses for investments. Are the businesses going on strike at the wrong time and are they doing it deliberately . Al cs your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. Charles 2018 u. S. Corporate profits rose to alltime high in part to greater revenue growth, made possible by removing regulatory obstacles and lowering tax rates. All changed since President Trump pushed back against unfair china trade with the use of tariffs. Business organizations from a recent Business Roundtable through the chamber of commerce are expressing frustration and threatening to lower investments and sit on their cash. For many this seems to be odd considering you have strong consumer demand and competitive nature of business, but for others it seems outright selfish. The answer may be though that maybe big business is indeed john gault, a main character who led the strikers, we are on strike, we the men of the mind. Has big business gone on strike because they cant get everything they want . Maybe their profit wills decline because we might have fair trade with china . Lets bring in macros cio to discuss this now. So donald, its you and the big business, folks, man. You guys are the producers of the world shutting it down. We guys . [laughter] i dont know whether to be flattered or mortally wounded. Look, this isnt about business versus government. This is about the individual versus the collective, that was inrans basic idea. And john gault took the individualists who were the great businessmen and brought them with him at great personal sacrifice to go on strike against a government and against crony capitalists who were dying in collectivism. Now, the right way to go on strike is say, for the nba, instead of taking a cheap shot at china and then apologizing for it, stop doing business with china. Right . That would be the john gault thing to do, to go on strike, but that takes sacrifices, and the true john gault in this situation, the one who is making the sacrifices is donald trump, because hes saying that china is an evil collectivist empire, and that we should be doing less business with them, no business with them, until they reform and respect property rights, human rights, all of the things that make individualism possible. And if there are corrupt crony capitalists like on the Business Roundtable who dont like that, they are not capitalists, they are not businessmen, they are just lobbyists, they are just cronies, they are just rent seekers, they are moochers to use inrans famous term. Charles do you think they have sort of checked the public winds and they know particularly now because the nba has really stepped in it that they have made a huge mistake . If so, how can they walk this back . Last i heard the koch network was training 100,000 people to go around this country and explain how good the china relationship has been to americans. Actually youve mised the latest story on that. The koch people have admitted that thats a complete failure. They stopped doing it. They stopped wasting their good money on it. These are smart people who know how to spend money to create influence. Now, what trump has done is in a year and a half that hes been conducting this trade war, he has completely turned Public Opinion against china. So, you know, the idea that people like the nba are speaking out, they would never admit it but thats because trump woke them to the danger of china; right . What does Elizabeth Warren say . She says i wouldnt take trumps tariffs back, its just that in addition to pursuing a trade war, i would want to call them on human rights, environmental protections, not having labor unions; right . They are all trying to out antichina each other. Charles donald, thank you very much, always appreciate a conversation with you. Thank you. Charles folks, we will be right back. Our 18yearold was in an accident. When i called usaa, it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family and we plan to be with usaa for life. See how much you can save with usaa insurance. See how much you can save i get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. Were engineers. Cloud architects. Developers. woman data scientists. We Keep Companies ready for whats next. We do things like protect their data. woman with security built right into their business. We virtualize their operations with softwarebased network technologies. man even build ai into their customer experiences. woman we also keep them ready for the next big opportunity. Like 5g. Its gonna make things just. Incredible. Almost all the fortune 500 partner with us. Plus thousands of other companies of all sizes. woman no matter what business youre in, Digital Transformation never stops. Verizon keeps business ready. Charles now we go beyond the headlines for a moment to philly fed manufacturing report came out this morning, slightly below consensus but inside the data is a development that i think is far bigger than the headline miss. It looks like manufacturers see a deal on the china trade front. All the major categories including general activity, new orders, work week, all sharply lower for the month, conversely sharply higher looking six months out. Now my interpretation is many see a true trade deal being signed, sealed and delivered within the next six months. You do not see that divergence ever with that. Now the market is up 68. Climbing back pretty good. Liz claman, over to you. Liz you know what . We blinked and it tripled. Okay. Charles well take it. Liz maybe it is on a couple of pieces of news. Two agreements that are trumpeted as deals at this hour that appear in part to be energizing the bulls, but both have question marks swirling around them at this hour. British Prime Minister may have been smiling and gladhanding in brussels this morning after announcing a, quote, great brexit deal but hes now fewer than 36 hours away from a major showdown that could possibly derail the whole plan to exit the eu. The big question, can johnson get it past one particular group of lawmakers in parliament and how heavily do stuff you may own depend on that outcome . Meanwhile, behind closed doors, right now, united autowo
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