Transcripts For FBC Cavuto Coast To Coast 20240713

Well get to that in a second. There are a couple wrinkles we pick apart. Fox news contributor liz peek. Ann stovall and last but not least, charlie gasparino. Charlie, begin with you, end with you, on this notion, it is an ideal environment for stocks. That is what theyre pouncing on . It could be an ideal environment for stocks. 9 one sort of fly in the ointment on the stock market. The market has been flatlining 18 months. The reason why it is trade. If they get a modest trade deal, that should be plus for the markets. Decent trade deal. Maybe Business Investment picks up. It has been going negative. Neil 18 month figure since the trade thing started . Were up 18 on the dow. 23 on the s p. 27 close to it on nasdaq. Do you see that continuing, liz . I think earnings prospects are brightening as opposed to getting worse. There is old adage, dont fight the fed. As long as fed is accommodative, the earnings will possibly accelerate in 2020. Neil do you buy that . 5 1 2 , 7 1 2 in the Second Quarter. Thats a pretty tall order . I am kind of coming from a place where all the prognostications have been so negative. They have all been wrong. Remember the Third Quarter earnings, one of the reasons the market is doing so well right now, Third Quarter gdp was better than expected. Third quarter earnings were better than expected. Jobs number was better than expected. I dont think it is necessarily concerted effort to talk down the economy but man, people really have been talking down the economy. So when the data actually comes in. Were all like wow, that is really terrific. 128,000 jobs. Another 95 up in revisions in the last two months. How can you not celebrate that . Neil you always wonder people getting ahead of themselves. You reminded mae as well, ample cash positions out there. A good number of people who are skiddish, you want that in a market like this, right. Where do you see this going. I think we head higher. As liz said, it is because were going into several of these earnings periods, expecting numbers to be lower. They end up being higher this is the 31st consecutive quarter which actual results exceeded end of quarter estimates. The bar is set low for the fourth quarter. Neil still a minor contraction . Possibly. The average beat has been four Percentage Points that would imply like a 0. 2 gain if we get that kind of a repeat. Right now were still in negative territory. Neil all right. Heading into 2020, switch gears. Middle of all this, just about an hour ago we got word the president lost again in another appellate this fight to keep his tax records private. New York Southern District Court wants them in the worst way. Looks like they will get them short after the battle in the Supreme Court. Markets shrug them. It is down. Neil down from where we were . This shouldnt be impact on the market. I have guess you would make the case if trump looks like a guy who doesnt pay his taxes or stiffs charity, isnt very charitable, lies about how much money he is worth neil not that issue. Whether this could feed could feed impeachment leads to Elizabeth Warren becoming president . That is sort of the market trade. Listen, we should point out gdp is at 1. 9 . Thats not great. They just raised 2 1 2 in the next quarter. Fyi, donald trump was predicting 5 . He cut corporate taxes. Neil you dont think the tax thing is market mover unless it source quickly on him . The bigger problem he has is Business Investment doesnt pick up and gdp continues to be two, below two, then you have, Elizabeth Warren and they can make a case rich is getting richer. Neil you have to look at numbers. Still pretty solid. Liz, on this issue about how the tax stuff, all the other stuff plays out. However you want to view it politically, it is very polarized to put it mildly. Linda mcmahon was here the other day talking to me about the fact that it does baffle business for fundraising. Linda mcmahon, how the tax plan helped republicans. Does this rally the troops . Can you spell out what youre seeing . What we saw from our fundraising at america first, our superpac, when nancy pelosi announced we were moving forward with the impeachment inquiry, the next seven days we raised 7 million. Almost a Million Dollars a day. Neil wow. Versus what was it prior . Far far, fraction of that. Neil she raises dough for the president , bundles it like a lot of people do. A lot of democrats told me it has been a gift for them as well. So i get that. For the president , for when you follow the markets, tethered to the president in many respects is this issue . The specifically tax returns . Neil right. You know this, mystifies me. I think it is more about embarrassing the president than anything else. The reason he hasnt given them out supposedly, being audited. My guess he has been audited and has been forever. People neil you can hand over your returns when being audited. When theyre in their industry, Real Estate Industry known to take huge deductions of all different kinds, highend americans charitable way of looking at it though. Neil to his point is there something illegal there . Neil we dont know. The irs would be on to that, right so. Neil let me ask you. It is always considered noise out there. That this is another battle that could go all the way up to the Supreme Court. He loses it, returns, come out, people pounce on that, handles, certain paints to individuals payments to individuals. Dont drag into the weeds. That this will drag on as longer . The intent to drag on as long as possible. Could be benefit to the base. The base would simply say, look theyre trying to victimize him, trying to make him book bad. Obviously on the other side what we can do to embarass him, bring down the ardor associated with him could cause these on the fence. Neil i dont see, charlie, traders being dissuaded. Algorithms kick in, suddenly trade off the negative headlines. There are two things going on. More looks like Elizabeth Warren will win, more money trumps raises. I done a lot of reporting on. This he could raise 1. 6 billion for this race. That is off the chart. He is heading into that direction. Democrats, joe biden started superpac, got a few checks in i heard. You heard Linda Mcmahon theyre raising money hand over fist. That said, it is interesting and complicated, Michael Cohen when he gave his testimony said, if you look at trumps tax returns he inflates them, for insurance purposeses to get more coverage on insurance, deflates them when he has to pay. Tell you, we dont know what is in there. My guess there is some embarrassing stuff in there. Beyond the average joe real estate guy. Neil that is the only wrinkle i see otherwise in earnings, to your point, look pretty solid. Pretty good economic numbers looking steady for a fed with three rate cuts, that looks very poised to help out any way it can to keep the juggernaut going. Short of an economic collapse, that is pretty Good Environment if youre living in the white house. I think so too. Back to charlies point. I agree President Trump promised 3 growth. I dont think he talked five. He talked five. The answer it will not be five or three or probably, 2 1 2, three, maybe. For people already benefiting from this tight job market, who already see opportunities they havent seen in a long time. Whose iras are up. House prices are up. Whether it is 2 1 2 or three orfour, i dont think they will really care. You dont know. The only wrinkle, neil, dealing with the chinese, you never know. You dont know. Neil nothing is given there. Plan on all of this. I have to wait that much longer forevers vision. Which is indication economy is going well. I try to go out to dinner on weekends and keep getting turned away. Neil the olive garden exactly. Neil quick break here, folks. We have been bouncing around this 100 point gain. All it would take to close out record territory 12 point gain. S p 500 for do the same. Anything from where we were. So that is where we stand right now. The trifecta of a lot of buying going on corner of wall and broad. We have situation going on at mcdonalds, one of the big stocks down today much after its former ceo admitted to having an affair with a fellow worker t was a consensual affair were told. The damage was done. He violated Company Policy now he is out. The implications after this. When you rent from national. Its kind of like playing your own version of best ball. Because here, you can choose any car in the aisle, even if its a better car class than the one you reserved. So no matter what, youre guaranteed to have a perfect drive. [laughter] vo go national. Go like a pro. See what i did there . [maniacal laughter] gold. Gold right, uh. Thank you, for that, bob. But i think its time we go with gbtc. Its bitcoin exposure through a traditional investment account. Nice rock. Its time to drop gold. Go digital. Go grayscale. All right. Were up a lot right now on the dow. We would be up a lot more if not nor mcdonalds, down better than five bucks a share. Continuing to cascade after word that Ceo Steve Easterbrook is stepping down over inappropriate relationship, that violated company policies. Grady trimble joins us from mcdonalds headquarters in chicago. Sir . Reporter we dont know much about the relationship other than the company says it was consensual but were getting details about the severance package easterbrook will receive. Six months of pay he will get six months from now. That will be half a Million Dollars. On top of that he will cash out a big chunk of mcdonalds stock, likely worth many millions of dollars. Speaking of mcdonalds stock, while the rest of markets are in record territory today, mcdonalds is not. It is down on the news of the leadership change. We should point out though that while easterbrook was at the helm of the company the stock doubled in five years. In departing email he reminded employees, the company saw 17 consecutive quarters of growth and helped modernize mcdonalds brand. Mcdonalds moved quickly to name a replacement for easterbrook. He recently oversaw u. S. Operations for mcdonalds. He took over for the company when it recently missed earnings according to analyst expectations. Mcdonalds wouldnt say exactly which policy easterbrook violated but if you look at the website, it is clear on a dating policy outlined, employees cannot date other employees that report to them directly or indirectly. If they do feel like theyre in violation of that policy, theyre supposed to report it to hr. Easterbrook in a statement and email to employees acknowledges he made a mistake. He agrees with this decision. I step down, resign from the board. Ultimately cost him his job. Big shakeup today. Neil thank you, grady. Ed rensi, former mcdonalds ceo, still actively involved in all things in that industry. Ed, did this policy exist in the days you were there . For even all franchisees, that sort of thing . It did for a very long time. You know, mcdonalds has got a family image. We serve families across the country. We held ourselves to a very high standard. And, mr. Easterbrook had a very serious lapse in judgment. I think the board acted quickly. I think consequences are correct. I think mcdonalds is a very strong organization. They have great talented people. You see how swiftly they replaced him. I look forward to a prosperous journey with mcdonalds as customer and stockholder. The greatest strength mcdonalds has, nobody should ever forget it, are the mcdonalds franchisees, owner operators, people in the Stores Running stores, meeting public, selling product, engaging in a way that makes that company extremely strong. They will recover from this. They will make smart decisions. I think the new leadership will carry on, improve what has been happening. I think its a great company. I think they will do well. Neil as i understand it, ed, employees at mcdonalds candidate one another. What got thorny here the fact it was a boss with a subordinate. We dont know who leaked out this relationship was going on. Or maybe it was not exactly a widelyheld secret, but what do you make of that . Well reality of it is, anytime a superior officer of the company is dating a subordinate, that has an adverse effect on everybody around them because other people in the company say, is that person getting an advantage because of the relationship with the boss . What is going on . It is just inappropriate. In this day and age it is just unthinkable that anybody would do that. The mistake was made. It has been corrected. But everybody better take note in all industry across the country. This is a bad relationship when a superior is dating a subordinate because everybody gets hurt. The stockholders got hurt today, the employees got hurt, the reputation got hurt. Easterbrook will walk away with a lot of money but he was terminated. Nothing good will come out of this, except it ought to wake people up to do whats right. Neil what is interesting about this . You mentioned usa operations with chris since ski taking over, will continue policies easterbrook was orchestrating, more efficient drivethroughs, more variation in the menu. Not much changes as far as as Business Operations i guess to your point is a netnet good, right . Absolutely. The strategies are pretty good. The reality of it is, every time mcdonalds executives get off and ships taking on water, take it off course, franchisees bring it back. They have immense interest in the company succeeding. They dont mind speaking their mind. They were at crosspurposes 18 months ago. Management woke up, listened to the franchisees, on much better footing. Mcdonalds has a good path ahead for them. They will make adjustments as they need to like any business should do when things get into rough water. Neil this is happening under easterbrooks reign, somehow they stumbled with chicken, and chicken sandwiches dominating by chikfila and popeyes. How did mcdonalds screw up there. I have no idea. Frankly mcdonalds is in the business of selling food for money and profit. Chicken is one of the most profound proteins in the United States today. Had been for the last 15 years. Mcdonalds has a great wealth of chicken products across the globe. Many are very interesting. Chicken mcnuggets led the way originally. No reason why mcdonalds shouldnt have portfolio of great chicken sandwiches. Neil think of chicken mcnuggets all the stuff you created. Good talking to ed rensi. Stocks pounce through records. All three major market averages. You look at that, gee, i want in. What does the guy who founded Td Ameritrade of all that . The timing getting in and out of a market like this . He is here. He is next. Great riches will find you when Liberty Mutual customizes your Car Insurance, so you only pay for what you need. Wow. Thanks, zoltar. How can i ever repay you . Maybe you could free zoltar . Thanks, lady. Taxi only pay for what you need. Liberty. Liberty. Liberty. Liberty. Was a more secure diaper closure. There were babies involved. And they werent saying much. Thats what we do at 3m, we listen to people, even those who dont have a voice. We are people helping people. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. 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Were related to them . Were portuguese . I thought we were hungarian . Grandpa, can you tell me the story again . Behind every question is a story waiting to be discovered. Neil developments moving fast and furious. Blake burman with the very latest including the quest for the president s tax documents. Blake . Reporter neil, its a document dump kind of monday day. What a week we have on washington. House democrats now just released the transcripts of the two of the first depositions taking place behind closed doors. Democrats say this is the start of the public phase of impeachment that will soon be unveiled and it is starting now. Those depositions just been released, the former u. S. Ambassador to ukraine and michael mckinley, former Senior Advisor to secretary of state mike pompeo. Yovanovitch deposition is and mcneil deposition, they are starting to go through the headlines as they come out in the afternoon. Different document, near by your area, came from the u. S. Second District Court as it was a big win for prosecutors in new york as the second District Court has said that a subpoena essentially can go forward for eight years worth of President Trumps tax returns. Now the, this really essentially boils down to two things. First the second District Court of appeals says the president can be investigated while in office. Cant necessarily be prosecuted but can be investigated. They say impeachment has nothing to do with action involving the president. Rather it is involving a third party. In this case mazars, the president , the company that handles President Trumps taxes. The ruling reads at one point within the 34 pages, quote, after reviewing historical and legal precedent we conclude only that president ial immunity does not bar the enforcement after state grand jury subpoena directing a third party to produce nonprivileged material even when the subject matter under very pertains to the president. That is part of the ruling from the second distribute court. The president s attorneys, neil, say they will take this to the Supreme Court. Jay sekulow saying in a statement, the decision of the second District Court will be taken to the Supreme Court. The issue raised in the case the heart of our republic. The constitutional issues are significant. As far as timing here, neil, the working assumption on this one there will be 10 days or so before a appeal has to be filed before the Supreme Court. Neil . Neil blake, thank you very much. Were monitoring adam schiff on all the development. He is speaking to reporters right now. The release of the first transcripts were made today. Some eyebrowraising developments there well keep you posted on that. Keep you posted on a market up 94 points right now. And crackdown on capitalism. What the founder of Td Ameritrade is worried about. After this. Were carvana, the company who invented car vending machines and buying a car 100 online. Now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Neil apple doing its part to step up investment to combat a housing crisis in california. Susan li on that, much, much more. Susan they can afford it, neil. 2 1 2 billion dollars from the worlds Biggest Company to fight housing shortage in california. Theyre investing in what they call shove ready projects. Helping firsttime home buyers with focus on teachers, firstresponders and other valuable members of the community according to apple. Those that need help, coping with skyhigh San Francisco real estate. Apple donating 84acres, worth 300 million, in northern san jose. More than 30,000 left San Francisco in the Second Quarter of this year. Homeownership in the city at a sevenyear low. It is just too expensive. Under armour sold off heavily today, despite beating on sales and profit in the quarter. Cutting fullyear guidance again for second time what theyre calling traffic challenges. Even more concerning is that the fact that the ftc and the doj are now investigating underarm more for what theyre calling accounting irregularities. Meaning they are shifting sales from quarter to quarter to make Balance Sheet concerning. Kevin plank announcing he is stepping down at end of this year, with coo patrick frist stepping up in the ceo role. Gm last week contract with 49,000 uaw members, and workers at ford voting on the diehl. Gary jones will take a leave of absence. Jones has not been charged charh any crimes but the uaw accuse of embezzlement and corruption. Fbi agents raided jones home in august this year, neil . Neil susan li, as thank you very much. Another shoe dropping at mcdonalds. David barris announced he is leaving. Bloomberg is passing item along on the heels of Steve Easterbrook leaving the company over inappropriate relationship with a, with a worker. Subordinate on the violated company policies. Mcdonalds stock is already down better than five bucks a share. All these other developments greasing the skids so to speak. All this at a time, when take mcdonalds out of it, the dow itself raising along nicely. It is sort of a very good read on markets themselves. A man who profited very handsomely off these markets, you can argue democratized them, the man who founded Td Ameritrade, has bestseller out on it, harder you work, the luckier you get, for some people it is opposite. Nevertheless god premise for a book. Good to see you. Nice to be here, very kindly. Neil you talk at a time were focused on corporations what theyre doing, whether they can maintain it, i want to get into the nuts and bolts of the book. This has been one hell of a market. Do you see it continue being . Do you see it, whoa . I know there will be ups and downs. It cant continue. Really kind of depends on a couple of things. In my humble judgment, first of all, depends on government policies. We need to let young people know, hey, you need to start your own business if you have that urge. One of the things that really kind of bothers me, one of the reasons i wrote the book to encourage young people to follow inclinations to start a business, if they have those inclinations. The relationship between number of new businesses that start every year and number of businesses that close every year is a very important relationship to keep track of and neil the environment in this country the way it is now conducive to that . So now, say the stuff youre hearing out of Elizabeth Warren and bernie sanders, does that make it more or less conducive . That makes it probably less conducive because a lot of people dont know about the Free Enterprise system and socialism is so attractive when you hear it. It is always failed. It brings miss remember misery an poverty. If you never experienced that, you dont they you think that is the best way to go. That concerns me. Capitalism is being vilified. Using a line Elizabeth Warren said two months ago that she is a capitalist. There are a lot of rough edges around capital i will. Free enterprise shows a balance of regulation and control into the environment that makes it good and healthy. Free enterprise brings jobs. We need the Free Enterprise system just to have a job for young people coming into the marketplace. Neil you said Many Americans im afraid no longer respect Free Enterprise. The term becomes the property of conservatives while liberals are drawn to socialism. Apparently im taking the leap, you arent, in record numbers. We as conservatives, people that adhere to the beautiful aspects of Free Enterprise have allowed the socialists, really to kind of take over the megaphone and talk about neil isnt that indicative of a failure of capitalism or should good capitalists step up, here, this is how it is done . Somebody should. You, it should be the whole country should really kind of embrace the Free Enterprise system. Neil you dont buy this, extreme gap between the very rich, very poor, you dont, is that capitalism failing . Government not taxing guys like you enough feeling, what . There isnt any question the gap between the rich and poor probably needs some oversight. Neil yeah. But you if youre going to take away the benefit of getting rich you will destroy capitalism. You will destroy the Free Enterprise system. What happens . People cant get jobs. The poor get poorer. If people want to step out of poverty they have to have a healthy economy that will rear capitalists. Require people who take advantage of the Free Enterprise system. Neil do we need billionaires . Im looking at one i know. Youre looking at one. Im going to say we need them. We need me. We need people to invest. We need people to put money back into the economy. It comes from people who have it. And there might be millionaires and billionaires but they have got to have people who accumulate savings to make the system work. Neil you were doing this when no one thought stories are legendary. You echo in the book. Started with a little more than 12,000 from friends and family. I hope theyre all rich today . Theyre all rich. Neil it was based on rather ridiculous notion that the average guy had a chance in this market as well. Do you still think that is the case . Sure. The markets may have changed. You have to study the markets to understand how they changed. There isnt any doubt there are more people educated to be able to take care of themselves than ever been in the marketplace before. Yes, they can. You have to put time in it, energy into it. Neil you know the old market gets out of hand when the taxicab driver day trading. Doesnt that scare you, the little guy is the last to get out, the first to get hosed . I think that is probably not true. I dont think that the individual investors are the ones that do the following. I think, from my experience, at a discount brokerage firm, which catered to the very investor, that a lot of those people are leaders. Everybody else kind of follows. Neil statistics bear you out. All this socalled smart money that has some insights others dont, it doesnt pan out. A lot easier to get in and out as an individual investor than in and out as an institution. Neil you dont mention this stuff in your book, controversy of Steve Easterbrook stepping down in mcdonalds, should ceos be held to a higher standard . I think they should. They are the leaders. They have to set the standards for the whole company. Neil im not here to besmirch politicians, including ones in the white house may not be held to the same standard. I think, my observation people hold the president of the United States to a standard that is impossible to meet. They want him to be perfect. No human being has ever been perfect so i neil is he held lesser standard than a guy who runs a hamburger place . I, he should be held to a higher standard. No doubt about it. Neil thats what im saying. But i dont think the president has committed infractions that would say he is not reaching that higher standard. Neil you think it is in the markets interest, this president survive all of this, get reelected . I think so. Neil he says it would be loses it would be thousands of points on the dow, do you agree with that . I think he might put a lot of emphasis on his thousands of points but i dont think it would be good for the economy f we would especially have a socialist come in, that would neil any one of these democratic candidates, front running candidates they worry you, in some of their ideas . Who is the biggest worry to you . Oh i think they all are. I think Elizabeth Warren is a big worry. If we did what she did, we would go broke. Our country would be in poverty. It is unreasonable. How she can get to the position that she has with those type of policies as her planks in the platform is amazing to me. It indicates we have really let down our young people in traneing them, letting them know, the strength of the america, the United States has always been the Free Enterprise system. Nothing else. Neil do you think who you are, your family predominant owner of the chicago cubs. You got into a controversy, earlier this year, emails came up defamatory to minorities. You apologized, went to all the cubs fans, but would you have gotten kind of scrutiny did if you werent who you are . Correct. I would not have neil get back to the notion that there is a higher standard . There is a higher standard. Yes. I think so. With respect to myself i wish i would have said things differently. Ive apologized for that. Bigotry is wrong and, we all suffer but when we managed ameritrade we, in my book, we talk about just putting hr people in our lobby to hire as fast as we can. We didnt want to hire people that were not competent. We looked for people with talent and skill. Neil you had booming growth. Had to deal with that. You always get winners that come in, right . Yeah. Neil weve had the same. Finally within your own family i find fascinating, we have a lot in common, not billionaires, our wives hated us when first going out, cruel to say hated but she wasnt a big fan. She grew to become one. Yeah. Neil my wife rallied in decades. Even in your family, dealing with your daughter, who is gay, you open all that up to be looked, what all my success, im not above any of the things that average folks have to deal with in their own families. That i found to be most refreshing insight . I think that we have a great family. Most of it is due to my wife. She was the one that really has neil put up with you. Kind of controlled things at home. Like i said in the book, my wife said on the way home one day from work, you may be boss at work but at home im the boss. So neil you were very understanding of the daughter, at a very tough time, hardly the case. Not at all like environment today. That says a lot about you. Neil thats true. It was, a difficult time, that afternoon that she told us she was coming out of the closet, that she was gay. I love her. She is my daughter. Neil you are a great dad. How you handle thanksgivings, she is more left of center than the boys . Right. Neil everyone manages to eat in peace, thats correct . We have a great time. The family enjoys themselves. Neil i highly recommend the book. It is humanizing look what is possible in this country, knock on wood for now. We have a lot more coming up. Thanks. Its been reported that theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. Call 18005016000 today. Neil adam schiff remarks to reporters. Key players who, questioned by, largely democratic interrogators. President trump is obviously watching developments closely. Because it all occurs on the same day. Court has ruled the tax documents, you have to hand them over. This is expected to go up to the Supreme Court of the United States. So you know, buckle in as they say. We have one of my favorite guests on the show, to take a read of stuff. Robert davi is great actor. Also a even better singer. He joins us right now. Great to see you. You too. Neil you look fantastic. You travel the world. I was asking during the break. When youre going around, besides people who are afraid you might beat them up. The or sing to them. Neil no, no. I heard you. Great voice. What do they ask you . It is curious, neil. No matter where i go around the country, around the world, i will get a Certain Group of people that will be, we saw you on fox. Thank you for speaking up. This happens in a starbucks in los angeles. It happened on the plane the other day. Neil starbucks, man of the people. I like that. Mingling among all of us. Neil at least the crowd. They are impressed how you support the president. Most of hollywood is not on board. Neil might be understatement. Big understatement. Neil they havent punished you for it. I dont know about that. Ive been punished. Neil you missed roles . Absolutely. Wing and nod, that has been the reason . Mob town, david arquette, jennifer epo cito. Another episode were doing. Casting people, also producers, when they put me up for certain parts they say to the director, we would like to use him. Then he would say i love to but they would never let me. That happens. Neil really . I sang in event hollywood for science. They honored Barbra Streisand and michelle beautiful booed duchdin. There is something going on with the climate. People did not want me to perform. And, because of my political beliefs. But i went on and i did it anyway. So there are, there are some other, instances where you do get blacklisted for, you know, they want to equate, this era with mccarthy which was totally different. I get really upset when they try to equate mccarthy with today, with conservatives today or people that are, have a conservative event being blacklisted. That is upsetting. Nowhere the same thing. Neil i know you have done your share of mob characters and all that. Coming out. Neil exactly. You know, there is a big buzz about the irishman, limited number of theaters. I dont know what is more impressive that movie, computergenerated effects that can make you look younger or Robert De Niro playing irishman. I think his father was part irish. Neil im asking you, did anyone knock on your door, were doing this movie . Irishman . No, no knock on the door. Neil really . That happens. I did a film kill the irishman. I did the ice man, knocks on the door. Those are independent thinkers. People not so, all respect because im a supporter of trump, i dont think Robert De Niro would, i did meet him at the friars club, when i sang for tony bennett on his 90th birthday. Neil how was it . It was cordial. I dont know if he knew it was a trump supporter at the time. When he said he went out with the f trump thing, i commented that. On dmz, they caught me at midnight coming from lax, i was already grumpy. Neil would you get same pressure you had Something Like that about barack obama . I would never do that in the first place. I would do more pressure. Decorum of presidency. I did write a piece for the hill. Five minutes with president obama. I was very respectful with, i wouldnt say critical, very aware. I did bring up some things, big differences. But i rao he suspected the office. When i did meet him, oddly enough, nancy pelosi introduced us on stage at a event in washington, d. C. Neil oh, wow. Interesting story. Turned around, getting standing ovation, mr. President , robert davi. There were other actors and people. He turned around, robert davi. Youre a great actor. I said god bless you, mr. President. Neil you felt that way. Despite of divisiveness. Neil youre a human being. Youre that and much more. Robert davi. Well have much more. Only one things more exciting than getting a lexus. Wow giving one. How did you guys. . Dont ask. The lexus december to rembember sales event get 0 percent apr for 60 months on all 2019 models. Experience amazing at your lexus dealer. And with the sXfinity Stream app, screen is your big screen. Which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Whether youre travelling around the country or around the house, keep what you watch with you. Download the Xfinity Stream app and watch all the shows you love. Stuart where we stand right now. Records across the board. The last of mohicans to go into record territory. We have to close, you know, a little north of 27,359. 16. To make it happen. Were comfortably there at least for the timebeing. S p, nasdaq, any gain today, would be another record. There are a couple of underpinnings the markets are focused on. As giddy as investors are, a good many are not. That could be contrarian indicator some people hagging on to cash, so many think its a good thing to hold on to cash. That could be a counterindicator. Seeing unlikely evident of places. For example, berkshire hathaway, the warren buffett, juggernaut if you will, has more than 128 billion of cash sitting around. Ditto that. Add another 75 billion for apple. All these companies and financial titans, sitting on so much cash, if they were so convinced market was place to put it. They would have it there, but theyre not. Theyre keeping powder dry. Keeping powder dry part that is favoring the bullish argument that this can continue. So they hope. Stay with us. Well look at that well get update on the latest impeachment saga. That could be a back and fourth on a black swan development. Nothing we heard from adam schiff a few moment asking indicate were closer to that. Jarring buyers of that. Were focusing on battle for president s taxes that got one step closer to being released. Just one step. Doesnt mean it will happen. It got a little closer. Stay with us neil all right. The dow is at an alltime high right now. It is following on the highs of course we have been seeing the s p and nasdaq almost on a daily basis. Again, just to hold to a gain of a little more than a dozen points would cinch it for the dow. All three market averages running into record territory. A lot of this buoyed of course by better than expected earnings and the prospect that after three rate cuts in a row, the Federal Reserve can stand pat and everything will be hunkydory. That and the fact were closer, i stress closer, to a potential trade deal with the chinese and both sides are echoing that although they have echoed similar things. Its washing out whatever fears might be out there of impeachment. You dont need to be on the right or left to know it could be a marketjarring event if it ever gets to that stage. Right now the markets clearly do not appear jarred. We have politico congressional reporter melanie, normally we are talking remotely. Not so today. Stanford school of business lecturer, i prayed for a professor like this. And the remain former ted cruz n pollst pollster. Whats normally, about the impeachment stuff, i talk to investors factoring in the president will likely be impeached in the house but posit that to say wait a minute, not in the senate so no worries. What do you think . Are you exayou are exactly r. Yes, it looks increasingly likely the house will impeach the president but theres a near zero chance the senate will vote to convict him, because you need 20 republicans in the senate to break with the president. So far we havent seen a single one do that. Perhaps other than adding an unwanted chapter to the president s legacy, there probably wont be any tangible effects of impeachment that should affect the markets. That being said, the one thing im looking out for, and that im sure investors are as well, is whether theres a government shutdown. In fact, the president was asked yesterday are you willing to shut down the government now that democrats are trying to impeach you. He did not rule that out. So its something we are looking out for. Congressional leaders in both parties dont want a shutdown, just to be clear, but at the end of the day the president does have that veto power. Neil its interesting because i talked to Linda Mcmahon, former sba head who is now raising money, they are raising money hand over fist as a result. What do you make of that . What the president has done from a fundraising standpoint not just on the large donor side, but on the small donor side, is take really eight to ten years of republicans running behind the Democratic Party in terms of technology and donor base and erase that deficit almost overnight. Its been an impressive operation because what it does it its now frightening the democrats because they know they are going to be so heavily outspent. I saw president obamas Campaign Manager from 2012 or 2008, sorry, tweeting out that the president being on the air during the world series is unprecedented. Never happened in american politics before, someone being on that early and with what was a good ad. I think from that standpoint, what mcmahon is doing on the super pac side, what the campaign is doing through Brad Parscale and the overall donor building is going to have reverberations for the Republican Party for years to come. Neil one of the things thats interesting here is the money obviously is coming in no matter which side you are talking about, it can drive each base. I get that. But whats interesting about it, too, is that the president is also benefiting in battleground states, not in National Polls but in battleground states from that improving economy. That could be shortlived. Polls are fickle. What do you think of that . Well, first of all, it was interesting you said the money issue because going into this election, we could find something very different which is that money doesnt matter like it used to. It really becomes an issue of data. If i can just comment on something chris said, the president s got a two and a half year head start because hes known for two and a half years he needs to find the 50yearold woman in wisconsin and find out whats going on in her head, whereas Elizabeth Warrens got to worry about south carolina, which wont matter. So hes going to be collecting all of this data which is not expensive to collect, but its going to be a treasure trove going into the 2020 election. In terms of the earnings and the economy, you know, i think what matters is what does the 27yearold in michigan, what do they think. I think they will ask two questions. How am i doing and does this person care about me. In 2016, they said im not doing very well, and this guy donald trump who, by the way, is a real estate mogul who flies around with goldplated bathrooms, he cares about me. He gets me. So they voted for him. They are going to ask those two questions. They are not going to care about neil you might be right. The world series pitch you remembered something to the effect, not perfect but better. That seemed to be what he was saying. Im not a saint but what im delivering is the goods. How effective is that . Whats really important especially about these economic numbers is now it gives the president a counternarrative to this impeachment probe. He can say while the democrats are busy trying to impeach me, im working for the country, working for the economy and working for you. Thats why you hear republicans on capitol hill really urging the president to stick to that message, to not get too consumed by impeachment, to focus his twitter fire on things like the economy. I know you talked about this, too, not try to get bogged down in that. The challenge for the president is can he stay on message. Neil can he do that. Its hard to do it when people are trying to throw you out of office. Not to make a comment about them. Adam schiff today was talking again about pretty soon we will have open hearings, we are already releasing transcripts from some of those interviews. The only reason im showing my age here, i can remember with the Richard Nixon impeachment stuff, i was 2, but what i do remember Something Like that what i do remember is it started out with the overwhelming majority of americans saying this is a political hit job and it was a waste of time, and then it changed as hearings went on in the house, then later sam irvin in the senate. Not saying the two are remotely comparable, even the economic environment but does this worry you it could be a dripdrip . Not so much. It is a very different economic and political environment than it was neil that helped bill clinton. Thats where i was about to go next. It is a more comparable a better comparison to look into what happened with clinton. You didnt see any democrats break against him. I think you maybe see one in romney, perhaps, break against trump and for the most part, it wont be and the fact is under any other environment, less polarized partisan environment with the economy we are in right now, it wouldnt be a question about reelection but because of the polarization of the environment and who donald trump is, i think it creates a more difficult situation for him. But even all that said, look at the way the Electoral College breaks down, all trump has to do is get 47 , 48 of the vote to get reelected. Right now, whenever i analyze the polls on a state by state basis, theres not a national election, theres a state by state election, he looks very good in the states that matter. You bring up michigan and you look at other states that are going to make the difference here in the same way they did in 2016, donald trump right now is very well positioned. Neil we forget that. You know, when you think about it, we look at these National Polls which were borne out accurately the last time. We forget that Hillary Clinton was favored to win by a couple points. She won by a couple points. But we miss the fact its state by state contest and in a state by state contest, the president stands pretty good. Right . Yeah. I mean, i agree with you, chris, given that the economys doing well, he should be crushing it in those states. The states that matter, the six states that really matter, its kind of a flip of a coin but we dont know who hes running against so its a little like shadow boxing right now. And neil they say its Elizabeth Warren. Elizabeth warren, well, i think it comes down to, you know, People Discount Elizabeth Warren. They say because her economic policies are kooky, okay. What doesnt matter is what i think. What matters is what the welder thinks in wisconsin or some state like that. Neil we have a calamity going on, all bets are off, right . The meltdown certainly greased the skids for barack obama, take nothing away from him, but if we didnt have that meltdown it might have been a much more competitive race. Thats right. But the second piece of it is whether china is going to buy all the agricultural goods. Neil you have your doubts. I do. I dont always trust the chinese. I cant tell you why. Those agricultural purchases are going to be between june and august of next year. If they come through, hes going to win iowa. If they dont, i think hes going to have a hard time in iowa. Im also curious about texas because everybody is talking about texas being a swing state. Still a lot of agriculture in texas. I think 2018 was an anomaly there. You look at governor abbotts win over valdez was far more representative of what texas looks like in a traditional environment. The only thing that would change that if orourke ran for senate. Now they say zero chance he does. Neil he would never live down damn right we are going to take your guns away. Thats right. It wouldnt look anything like it did in 2018. Neil theres another development i want to share and maybe you can help with this. Interesting study they did on the virtues of a fourday work week. Microsoft in japan experimenting, saying it increased productivity 40 . What do you think . First of all, i would point out congress is already on the fourday work week plan. Neil doesnt really work, does it . Very good point. In all seriousness, corporations would not move to the fourday work week unless there was evidence that it could help their bottom line. It does appear that if you shorten the work week, they are under pressure to come up with a deadline to get things done. They also were experimenting with shortening meetings, doing more chats, but it will be interesting to see whether other Companies Follow suit. Neil apparently they took fewer sick days and were much more careful about the time they took off, period. What do you make of that . Well, when i used to run a company, we went to fourday work weeks and it was shift work so 24 hours a day. People loved it. The problem i think that people are going to have is if, you know, ibm is on monday through thursday and microsoft is on, you know, what happens on friday . So the problem is, we all sort of need to line up from a workday. Also, i got to tell you, im a little skeptical on how they come up with an even 40 neil i wondered about that. I deal with a lot of data, and you can pretty much make the data these days anything you want. Im skeptical. Neil especially if you are doing say squat nothing, then you are doing 40 more than nothing. If you were the ceo of microsoft and you had a 40 improvement in productivity, the next day you would be doing that globally. Neil there is that. There is that. But its changing peoples view of what is a Productive Work week. The way its reported, its changing peoples view. I also think its very difficult and problematic to take the environment that exists and the type of worker that it takes to be successful in a microsoft, and then try to plug those into other industries or other verticals and say because it worked in microsoft, you do need to refresh and write code, i do it on an ongoing basis, its challenging. Having said that, if you watched the documentary on bill gates, he was anything but a fourday work week guy when building the company up. He worked seven days a week and so i think to take whats going on in microsoft and say we can apply this across the board to other industries is myopic. Neil i told my producers stupid idea for a segment. I dont know why i did it. There goes that quest for a fourday work week. A lot more coming up. We are getting more details right now on exactly what prompted the now former ceo of mcdonalds to leave. We are told that he had violated Company Policy on a relationship with a subordinate but then we find out that the head of personnel or its equivalent also stepped down. Whats going on there . After this. vo the flock blindly falls into formation. Flying south for the winter. They never stray from their predetermined path. But this season, a more thrilling journey is calling. Defy the laws of human nature. At the season of audi sales event. Here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil by now you know mcdonalds has fired its ceo, Steve Easterbrook. This of course only a few hours before jettisoning its chief people officer. Im not sure what a people officer is, but anyway, hes out. Im wondering if its a onetwo, this was Company Policy, it was violated, he should have known about it, boom. Whats going on . Well, you know, i dont know. Neil i think you do. You are a conspiracy theorist. Look, we have to recognize that people fall in love with each other in the workplace and sometimes they report to each other. I mean, obviously he had to be fired because that was the policy and adherence to the policy only gets stricter as you go up. The problem is neil even if its mutual and all of that . Well, thats the problem. Thats the problem. I have seen in other companies where they say if it happens, and love happens, okay, report it to whoever your superior is, in this case it would be the board, and sort it out. Okay . Instead, easterbrook was presented with this problem which is either im in love or im fired. In which case, you keep it quiet. Now, with the chief people officer, i get a kick out of all of the things you can put behind the word chief these days, but with the chief people officer, my guess is that person was in somehow that chain of command and probably knew what was going on. Thats my guess. Neil that makes sense. That makes sense. I guess the issue that makes this all the more remarkable, we have seen this in corporate environments, he had an incredible track record. The stock had doubled under his stewardship, and sometimes when thats the environment, Companies Look the other way. Sometimes they dont. I work at one where it was the latter. So thats good. Thats good. I get that. What do you make of this . Its interesting because as you said, he really was credited with turning mcdonalds around. He inked a bunch of deals with uber eats and other Tech Startups and stocks went up under him. Perhaps this wasnt an easy decision rules, its a clear violation. Metoo really changed the National Conversation not just about Sexual Harassment but also about these consensual relationships between someone in a position of power and a subordinate. We actually saw something similar play out on capitol hill last week with a female member of congress who was accused of having a relationship with a staffer and that was against house rules. She had to resign. I just think the conversation is different now in the wake of the metoo movement. Neil i was raising that before with the founder of Td Ameritrade about do we have a double standard for politicians. Not so much this one over past affairs but even something almost exactly like this occurred under the clinton administration. And almost got him impeached. Did get him impeached in the house. What do you think . I look at everything through the prism of the political angle. Neil thats why i admire you. There are a few things you can do in Corporate America today that you will never get away with. This is one of them. Unless you are a democrat member of congress where you had her colleagues rally around her and say its ridiculous and i would argue what she resigned for is not the committing of the act, more the way she covered it up, lied about it and then to prevent what was ultimately additionally likely to come out regarding her finance director, all those things kind of came together. So you look at the way democrats rallied around her, i cant help but think he wont be a keynote speaker at the dnc coming up next year. Neil you know whats weird, when i look at these type of instances, its still a germane subject. Its still happening. Its still going on, these incidents pop up even in the face of all this International Attention and in our case, National Concentration on these type of issues. Relationships . Neil yeah. Its as old as the bible, right . Isnt that the problem, when you have a policy that says you cant behave in a way that is just how people behave, people fall in love and they like each other and so forth. You say we dont have a policy that facilitates that and its just youre out of here, thats not realistic. Neil that is a wise corporate policy . It can be abused, right . The best policy that i ever saw was the woman who ran hp for years and she explained the policy there which is that things happen, you report it up, we address the organization and move forward and we wish you well. Thats the only policy thats realistic, i think. The idea that im interested in your thoughts on it, the idea that a subordinate and their superior cant have a relationship without violating, you know, a power structure, thats going to be tough, because sometimes people fall in love with their boss and vice versa. I think when its the ceo they should be held to the highest standard. It would be different if it was a manager and subordinate, perhaps if he was the ceo of the company and i think thats why mcdonalds felt the pressure and had to get rid of him. Neil now if its the woman in the position of power, like the congresswoman, alls fair. As a woman, do you find that a Productive Development over the last couple of years, how that workplace has changed . It has changed, especially on capitol hill, but i do think that whether its a female lawmaker, male lawmaker, the rules should apply the same way. Katie hill talked about a double standard, but at the same time, there were other members, male members of congress in previous years that had to leave for similar accusations. Neil guys, nthank you very muc. We got that through without any potential followup lawsuits. Meantime, texas officials are moving in to try to get homeless camps out. The goal sounds good. The details right now, very controversial. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Keep going, keep going. To one that can take on a bigger challenge. [maniacal laughter] gold right, uh. Thank you, for that, bob. But i think its time we go with gbtc. Its bitcoin exposure through a traditional investment account. Nice rock. Its time to drop gold. 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I have it within me to lower my a1c. Ask your doctor about trulicity. And you know what they isay about curiosity. Itll ruin your house. So get allstate and be better protected from mayhem, like meow. Neil texas is stepping in over the homeless crisis going on in austin right now. This is unprecedented whats going on, actually. Weve got fox news correspondent Casey Steagall following the very latest. Reporter hey, neil, yeah. Unprecedented in that the governor of this state, governor abbott, has ordered this cleanup of the homeless encampments, particularly under the bridges and overpasses in metro austin, saying that he gave that city a deadline to do something about the issue and he says the city didnt meet that deadline so thats why state officials are now stepping in to do something for them. On twitter, the governor saying, im quoting here, San Francisco chose to tolerate homelessness and drug use. It did so in the name of compassion for the homeless. It made problems worse. The result, street squaller and misery increased. The while government expenditures ballooned. No sf in tx. State Officials Say they are also working to link those displaced with other shelters or charitable groups for help and that a cleanup like this is not new for austin. Critics say there is nowhere to go because the resources are just lacking. [ inaudible ] for a few years and we transitioned them back in march to the city of austin so it is not unusual that we would come in and do these sorts of cleanups. Really, what are we supposed to do . I dont want to be out here. But i can guarantee you that [ inaudible ] out there. Reporter according to the people who track this type of data, more than 2200 people are said to be on the streets every night in the city of austin and that the sheltunsheltered homeless population, people with nowhere to go, only the clothes on their back, that number is the highest the city has seen in a decade. Neil . Neil incredible. Thank you very, very much. You know, we do a lot of polling around here, some polls the president likes, others, well, he doesnt like. The fact of the matter is there is one particular area in which his edge over joe biden is Something Like 46 million to about 2 million. What do you think im talking about . After this. Peyton, what are we doing here . Brad, welcome to peytonville. Whats this for . Song inspiration. I started in my garage, but nationwide protects so much i had to expand. Nationwide helps protect everything you see in here, brad. Every family, every business, every dream. See mrs. Hoffman . Nationwide protects her home and car, but also her dream of retiring to become a yoga instructor. Oh, they have backstories. Of course they do. Here, i got more to show you. Keep up, now. A little hustle. Neil its hard to believe, 52 weeks from tomorrow, we are all going to be voting. Its the president ial election. We have graphics and music set. We have polls that will be on top of polls that will be polling the polls. What we do know is that weve got a lot of battleground and state workers who are reacting to all of that. Connell mcshane is kicking off a threeday swing through the swing states beginning with pennsylvania. Hey, connell. Connell hey, neil. Here we go again, right . President trumps reelection were based solely on how people in areas like this, suburban philadelphia, feel about the economy, he would probably sail right in, no questions asked. We were talking to people in Chester County the last couple days. Almost every single one of them tell us the economy here is strong, some say even booming. You look at the numbers, there are figures to back that up. Statewide the Unemployment Rate in pennsylvania was 5. 2 when the president took office. Its an even 4 now. The trend is certainly going in the right direction there. But for some people, its just not enough. In areas like this, theres a balance, as people make a choice a year from now looking at Economic Performance balancing that against things like president ial personality. Take a listen to voters we spoke to. Head into recession whether we have a democrat or republican leader, maybe economics isnt the thing we should be looking at. Theres his personality, then theres how he performs his job. So i mean, you kind of got to look past some stuff but at the same time, hes getting the job done and hes doing good things. Personalitywise, i think theres things he could do better on. But it doesnt bother me. Hes still doing what i believe that his intentions are for the country to do good for the country. Connell the best thing about it is what . The best part about the three years so far of the Trump Presidency is what . The economy. Connell that last answer, the economy, thats what the Trump Campaign hopes to hear more of, no matter what the concerns might be outside of that. In other parts of this state, the reverse may be true in some ways. The president is still personally popular in many rural areas of pennsylvania, but there, the economy, the manufacturing portion of it, at least, has started to slow down. The state has lost more than 9,000 manufacturing jobs so far this year. Thats kind of what were looking at as we begin this swing state series. After pennsylvania, today heading to michigan tomorrow, then racine, wisconsin on wednesday. Well have after the bell from all three states. I will say one thing about pennsylvania. I will tell you literally, i think three years to the day just about, producer dan hilton and i were in this exact location and not much has changed. The economys still strong, you know, and people are still still have a tough decision to make. They still think it will come down to these same states. Same thing as the last time around. Neil it would be a kick if the same states would decide it all over again. Connell, looking forward to your travels. Connell mcshane going from one battleground state to another. We always look at polls and thats important because fox news, we have a lot of polls but theres another interesting one that just shows social media hits. In other words, something or anything the president says that generates 46 million social media interactions a week. Now, compare that to joe biden who gets two million. Now, social media is beyond my comprehension. Im told people say awful things about me online so i prefer not to investigate that. But one thing, if that is an indication of just interest, advantage the president. What are we to glean from this . Absolutely. Trump has the bully pulpit. He has a massive megaphone and this is the benefit of being the incumbent, right. This number to me is just fascinating because you have joe biden who is the frontrunner who has the most name recognition in the democratic field and his impressions were two million versus trumps 46 million. What trump did so successfully in 2016 was reach voters in a way we havent done before. This will be the challenge for democrats, how do you fight against this, how do you compete for attention and not get drowned out by trump who has the power to really change the narrative with just like a single tweet in the hit of a button. Hes so good at it. Exactly. Who wants to follow joe biden, really . The leader of isis, trump got up there and said he died like a dog. Okay, well, thats fun to read. Joe biden would say todda, da,. So trump is entertaining. Newt gingrich said when he was trying to become speaker of the house which he eventually did, he said i want to be in the news every single day. Trump wants to be in the news every single second of the day. It works, right . He can do that. Neil know what i wonder . I know theres that old line, theres no such thing as bad publicity but sometimes there can be, right . If you generate and you are out there all the time, you can muddy your own message. Is there a danger of that with the president . You know, the one thing the president does, to that end, is he has amazing connection with his online base. From that, thats what creates the level of interaction, level of amplification of everything he says. Is it too much of it . Many of us would argue yes. But it works with his base. Neil you need more than that base. You do, but that gives you a good starting point. But one of the things thats kind of untouched on this is last week, the ceo of twitter, jack dorsey, said we are not going to take political ads. You had a lot of democrats saying thats great, we dont want you to take political ads. That is so stupid on their part. The reason why they dont realize it, you had a lost democrats who primarily, from the Obama Campaign, said this is not good for us as democrats. Thats exactly why. Because they are losing the online fight. Trump doesnt need ads to amplify his message. The democrats do. Neil they do. The democratic nominee for president is going to look back on that decision by dorsey and twitter and say wow, that really hurt us from a fundraising standpoint and from a matter of connecting with our base, connecting with volunteers, building up new donors and connecting to the media. For all those reasons i think what dorsey did is a bad decision for the democrats and probably helps President Trump. Neil you know, i was even thinking the reverse with Mark Zuckerberg testifying on capitol hill. Remember he said im not going to police or edit or correct ads, and democrats coming down hard on him, he should have said that includes yours. You could make up whatever you want, too. But he didnt. Im wondering if thats another message to democrats on social media, which you know, made barack obama president , he was so adept at it. They are screwing this up. Yeah. There is a lot of concern on capitol hill right now, to your point exactly, that democrats are losing this social media battle. I think these numbers completely underscore that. But with facebook, its interesting because he did not say zuckerberg, that they were going to change ads that were false or misleading but i think he could m could undko false or misleading but i think he could m could uncould come u pressure to do that, especially as a way to get regulators off their back before something happens. Look, if boeing has a jet that is not working, they pull it off the market, fix it and put it back on the market. Facebook has a product that is not working. We know that from the 2016 election. If dorsey said im going to pull political ads off and maybe he did, and never put them on again, that makes no sense at all. But if they say look, this is not working, we are going to pull it off the market, we are going to fix it and reintroduce it once its fixed, thats what companies do all along. Thats what Johnson Johnson did i disagree with the premise its not working. What happened in 2016 on facebook is you had foreign governments should not be able to do political advertising. That part, and thats been fixed. From communicating with voters, look at what the Trump Campaign did and what the Obama Campaign did, it allowed National Campaigns to connect with voters at an individual level. You look at primary after primary in the general election both 2016, 2018, we had record numbers of people turn out to vote. Thats because once again they are feeling a connection from politicians on both sides of the aisle. Thats whats causing this level of increased turnout. Neil how do you solve the misinformation thing . Because in democracy, when voters go to the voting booth they have to have some resemblance of truth. So thats the part that i think is not solved yet. Two aspects. Broadcast tv has always had to take ads no matter what. Its sort of a similar scenario. Number two, assume the American Public are smart and can discern whether or not advertising, what they have seen is right or wrong and make decisions based on that. Neil be careful who polices that. Guys, i want to thank you all very much. Fantastic job. Great seeing you all. Meantime, you want to wake up wealthy . It isnt about doing something entirely different. Just different in a little way. Driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. Neil to housing and Government Housing at that and those who oversee it. Mark calabria on fannie mae and freddie mac. They are under government control, have been since the financial crisis. Calabria tells us exclusively hes pushing to privatize them, get them out of government control by 2021. Now, a lot can happen between now and 2021. Including a presidency of Elizabeth Warren, not his current boss, donald trump. What would happen if Elizabeth Warren was president and she probably wont want to privatize fannie and freddie, the big housing agencies . Listen to what he said he would do. My experience is that most people in washington actually want to tackle this so i dont know what way the election will turn out but we are trying to strengthen fannie and freddie because regardless of how the election turns out, fannie and freddie need to be strong. If Elizabeth Warren becomes president shes not going to want to release them, probably. Im an independent regulator so whether the new administration comes in and wants us to do something different, we are going to be bo building up these enterprises. If Elizabeth Warren says no, i dont want to release fannie and freddie, i dont want to do an ipo, you say . Im going to say the law requires me to get them out of conservatorship. If you dont like it, change the law. Wow. Wow. Listen, a lot can happen between now and 2021. Elizabeth warren might not be president , obviously. But if she is, if the democrats control the presidency, not just her, and maybe keep control of the house, theres going to be a battle because they dont want to release fannie and freddie. They think releasing these as private companies are a bad thing, its going to hurt, its going to be a boom to shareholders, and they like the fact that they are under government control and can be forced to expand home ownership. But calabria says pointblank hes in there for the next four years, hes going to be in there through 2021. Its hard to dislodge him. Hes an independent agency chief. He does not report to the president. If there is that showdown, he plans to release them no matter what. So this could get very interesting. Back to you. Neil good stuff, my friend. Charlie gasparino. Meanwhile, Td Ameritrade founder warning about democrats winning next year. Take a listen. What if one of these democrat frontrunning candidates worry you, some of their ideas . Who is the biggest worry to you . I think they all are. I think Elizabeth Warren is a big worry. I mean, if we did what she did, we would go broke. Our country would be in poverty. Its just unreasonable and how she can get to the position that she has with those type of policies as her planks and her platform is amazing to me. It indicates that we have really let down our young people in training them and letting them know that the strength of america, of the United States, has always been the Free Enterprise system. Neil Charles Payne agrees with that, by the way. The president probably would salivate at the prospect of Elizabeth Warren becoming the president ial nominee of the democrats. Right now hes welcoming the Washington Nationals to the white house. So we are looking at that. Charles, this is something that the president pounded again and again in that one ad that was airing during the world series, not perfect but better, that the message to anyone who would listen, you might not flip over me but im better than all the alternatives. This is a case where theyre going to pound that exact message, right . Absolutely, no doubt about it. People are going to have to say you know what, am i offended by the tweets, the personality, but they are going to have a hard time arguing with themselves if they are offended with the outcome. The real reality. You know, i went through this morning in fact and looked at everything President Trump inherited from the Prior Administration and to what they are now. Every single metric i thought was important from wages to unemployment to labor participation, even prison, federal prisons, and those prisoners have gone down, this is something progressives like, and every other metric increased, most of them increased exponentially at a faster pace than what he inherited. People will have to grapple with that. But i will say this much. Im A Joe Ricketts fan. But when he starts talking about young people, there are a lot of young people that see the world through the prism of Elizabeth Warren. Let me give you an example. Options, if you take the options thatter with realized, in 2007 the average ceo made 345 times the average worker. 2007 helped usher in president obama. That number went down in 2009 after the crash but its back up to about 280 times. When she starts to throw that out there and says these are the young people, the reason these young people dont get it is because they are flipping burgers for ten bucks an hour while the ceo is flying in private jets. So capitalism and the captains of capitalism have to figure out an alternative message other than that young people arent educated enough. Neil yeah. You cant ignore it. Theres something there. Got to counter it with something. Charles payne, look forward to seeing you in about 12 minutes. More after this. More exciting than than getting a lexus. Giving one. This is unbelievable it really is. The lexus december to rembember sales event lease the 2020 rx 350 all wheel drive for 419 a month for 27 months. Experience amazing at your lexus dealer. But you dont feel good. With polycythemia vera, pv, symptoms can change so slowly over time you might not notice. But new or changing symptoms can mean your pv is changing. Lets change the way we see pv. You track and discuss blood counts with your doctor. But its just as vital to discuss changing symptoms as well. Take notice and take action. Discuss counts and symptoms with your doctor. Visit takeactionpv. Com neil you know, we dont necessarily wake up wealthy but we are introducing this wake up wealthy segment, a new series highlighting successful businesses that started from scratch and made a lot of scratch since. Sometimes doing it in ways you wouldnt expect. Normally you think a person who comes up with an idea, its so novel and different it just changes an industry upside down. That wasnt the case here. A founder and ceo just had an idea, we all love beautifully framed pictures, artwork, et cetera, but the devil has been in the details about getting them fast, doing them efficiently and not waiting forever. Thats a 4 billion industry that oddly enough, had not been addressing that simple need. She joins us now to explain. Good to see you. Thanks for having me. Neil everything i read about you says you have super energy. I get tired just reading about it. But your concept was that basic, wasnt it . It was really basic. Neil what were you saying . I was saying people have things that matter to them, they love to surround themselves with these things, but the way custom framing traditionally was set up meant it was too expensive and confusing and took too long. Neil that was my problem with it. I wanted my velvet matador picture framed. I would wait forever. But you took that away. How did you get that logistically going . Yeah. So that has been what the efforts been in. So we knew customers wanted it, faster, easy selection of styles, so i knew we could do that part of it but how would we scale the back end. We had to figure that out. So we built a manufacturing facility in lexington, kentucky that is able to streamline the back end so we are able to deliver it faster, high quality and good price. Neil now you were first in this area. Yeah, we were. And it has been the devil in the details. Its just being a little bit better on every aspect of it. Really, the traditional industry sort of had forgotten new customers, right. Younger people have stuff that matters to them. They are running marathons and they take photos and they like custom framing, too, but theyre just not going to deal with the long time and high prices. Neil heres the danger about being first. People see how much you are succeeding and i know you are still private and all that, but say you are a multimillionaire. Now people say i want to do what shes doing. How do you differentiate . You just have to stay ahead. You have to please your customers. We created our business because we thought customers werent being served well. So thats how we stay ahead. We continuously think what do they need. Our customers said i buy more than one frame from you but i just dont know how to hang them together. We started putting a hanging guide together so people could put it on the wall. Just these simple things but always staying ahead. I tell you, its amazing, we look at emails from competitors and of course, people will rip you off really quickly. Neil what about the others who just cite an set up an online s, send us your pictures. How do you counter what theyre doing . Weve got to be a quality message. We have to make sure that our customers tell other custome customers neil all the money in the market so certainly we market a lot but the way we can get bigger is by pouring it into quality, right, by strengthening our manufacturing team, by making sure our digital experience is great. Neil so someone who doesnt even know what a hammer is, this is what you do, right . Youre busy, right . Busy people dont need to learn im just not good at it. Busy people dont learn about a new industry. We wanted to make this as easy as possible to learn how to do this and have the confidence you will get a great end result. Neil let me ask you, its one thing to aim for success and then to get it. Do you ever find yourself i can chill now, im loaded, im doing great, i dont have to worry . First of all, no. We are still in it. I raised a lot of money from investors and have a lot of promises neil going public . Never say never. But i have a lot of promises to keep and a lot of promises to keep for my team. We have over 400 people. That keeps you going. Also, the pride of building something great. I want this to be great. I want people neil ever thought of merging with the other players . No. No. We really believe we should own this category and redefine it so that when people have Something Wonderful happen to them neil its not about the prize or the success, its keeping it going . Keeping it going. Then you always want something bigger. Like i just want this to be i want it to be a household brand that means something to people. Neil i could have stopped after my first ten or 20 million, said the founder of Td Ameritrade but he started thinking more about the challenge. Is that you . Its always been about the challenge for me. Yeah. I will tell you, when i have his success, i will come back and tell you. Neil i understand you dont sleep. The energy, i mean, is incredible. Keep at it. The train rides, going back and forth. Thats what it takes. Neil it does take that. Theres no substitute for hard work. In case my teen anagers are watching. No substitute for hard work. Open up your books. More after this. Critical skills for scientists at 3m. One of the products i helped develop was a softer, more secure diaper closure. As a mom, i knew it had to work. There were babies involved. And they werent saying much. I envisioned what its like for babies to have diapers around them. Thats what we do at 3m, we listen to people, even those who dont have a voice. At the end of the day, we are people helping people. Does your broker offer more than just free trades . Fidelity has zero commissions for online u. S. Equity trades and etfs, plus zero minimums to open a brokerage account. With value like this, there are zero reasons to invest anywhere else. Fidelity. Neil uber says theyre out ahead of earnings coming up after the bell. Just thinking american success story, this woman who started this. If you think about it, Charles Payne, you know, it is everything you talk about. The American Dream is reality. If you work your heiny off for it. Charles work for it. You have the best backdrop in the world. People work their heiny all over the world, might as well be here. Neil right. Charles good afternoon, everyone. Im Charles Payne. Breaking at this moment. We have a trifecta, folks all three major indices hitting alltime highs today. Can we keep up . Why this market can go even higher. Is President Trump recessionproof. New data has the president claiming victory even if the economy turns lower. Apple taking matters no their home hands to combat california homeless crisis. Is it time for others to step up to take responsibility. All that and much more on making money