Transcripts For FBC Varney Company 20160624

Donald trump and a loss for Hillary Clinton because the brits voted on the same issues that we vote on here in november and they voted for trumps point of view. The financial reaction and here is where the drama comes in. Dow jones industrial average, the futures suggest a 500 point loss. The price of oil this morning is down about 4 . Roughly 47 per barrel. 5 right there. The price of gold, now, here we have the flight to safety. It is way up. 70 higher. And what, 1333 per ounce and gold mining stocks as a group, they will be perhaps one of the biggest winners of the lot. And thats got the 10year treasury, thats a key number. 1. 54 . And our regular viewers may remember that at this time yesterday, 24 hours ago precisely, that number was 1. 74 . You rarely see a drop of that kind in a key Interest Rate just like that. You rarely see it. Now, the big american banks, they are going to be the biggest losers, look at j. P. Morg morgan, and the sector thats getting slammed, british stocks, mainly their banks. Will you look at barclays . Thats going down 25 . The royal bank of scotland. 20 lower. Another british company, bp, an oil company, of course, down roughly 10 . Now, look at the big name american tech stocks, theyre also going to be down not in the same percentage terms as the british stocks, but google will be down below 700 a share, roughly 4 down. Same story with apple. It will drop about 4 , that will particular it all the way down to 93 on apple. It will be a broadbased selloff. Lets get the reaction from the United Kingdom. The cover of the sun, the largest newspaper there, and ceulater. They want out, they got out. Thats the sun. The mirror tends to the left. Simply says we are out, and by the way, soo is Prime Minister David Cameron. Hes resigned. Roll tape. I will do everything i can as Prime Minister to steady the ship over the kcoming weeks and months, but i do not think it would be right for me to be the captain that steers the country to its next destination. This is not a decision ive taken lightly, but i believe its in the National Interest to have a period of stability. Theres no need for a price timetable today, but we should have by the time the conservative Party Conference in october. Stuart you heard it, hes out. Here in the u. S. , Major Political implications, as i said at the top of the show. President obama during a trip to the u. K. In april, he came out in support of the Stay Campaign. And he made a not so veiled threat. Listen to this. I think its fair to say that maybe some point down the line there might be au. K. U. S. Trade agreement, but its not going to happen anytime soon because our focus is in negotiating with a big block of the European Union to get a trade agreement done and u. K. s going to be in the back of the queue. Stuart he shouldnt have said that. Back of the queue, thats a british term, stand at the back much the line. The american president said britain should stand at the back of the line, having been our foremost ally for 100 years. Back of the line says president obama. Donald trump is the big winner in this, he pounced on what president obama said and listen to this. President obama did say, i guess, they should move to the back of the line. That wouldnt happen with me. The u. K. Has been such a great ally for so long. Theyll always be at the front of the line, theyve been amazing allies in good times and bad times and sometimes they make mistakes together, but, as we know, but theyve always been great allies, i will tell you, i think that i was very surprised when i heard president obama say that. Stuart here is my interpretation of the politics this side of the pond, hillary lost, trump won because of the issues voted on there yesterday are the same ones voted on here in november and the british vote went Donald Trumps way. Thats quite an opening to the show because its a bombshell day. Let me assure you. Weve got an allstar cast of literally thousands to bring you through the next hours, i dont know if we can get them on the screen. Liz macdonald. Debra bolten, wall street week host anthony scaramucci, barrons Senior Editor howe and Nicole Petallides. And despite the faces on the screen, Ashley Webster has been m london not exactly vacationing. I want to focus on the vitriol, this is real vitriol from the left at the campaign. Whats that about. Ashley its interesting, large crowd gathered outside of forest johnsons house this morning and we even had tv crews knocking on the door, boris, what do you have to say . He didnt come out, when he did, he got a surprising reception, listen to this. [booing] that was an angry crowd, shouting at Boris Johnson. He didnt get a chance to speak to the media. They called him scum, racist scum. They said its time to man up. You see what the pound is doing for us. He was whisked away into a police car and he was out. So there you go. Interesting stuff. I guess if you dont win you get angry, right . And let me read you this tweet, stuart. This comes from Michael Moore quickly, youll want to hear this. This is interesting, Michael Moore after the results of the vote saying, hail trumptania, fear wins out in u. K. , britain votes to build a wall by building eu, hatred of immigrants, xenophobia, nationalism reign. Fellow americans, were up next. Stuart that from Michael Moore. Ashley so much for the will of the people. Stuart the left is going to say, you guys, youre just a bunch of haters. Shut up. Its their way of trying to clamp down on the debate which they have lost. I think youre going to hear a lot of that. Ashley, stay right there. Well come back to you soon. Ashley webster, everyone. The markets, they are the story of the day for sure because you wait to see whats going to happen on wall street this morning. Im going to nicole and the New York Stock Exchange. What measures are in place, if we really drop like a stone . Nicole they have circuits breakers and we watched the s p 500 closely. They use the s p 500 here now to actually institute the circuit breakers. So if a level of this threshold is broken on the s p 500, we would have to drop seven full Percentage Points and were not there right now. Our futures are looking down three Percentage Points and look at the level of 1965 in the s p 500. If we would break below that halt for 15 minutes and there are further levels, 13 , 20 , but at this time it doesnt appear that well hit the circuit breakers, but the big picture though, youre seeing a selloff for dow futures. One trader came to me and said nicole, every trader in america is in today. For two reasons, following this votes, whether or not britain was choosing to leave the European Union. And later today there is rebalancing of russell, which will bring volume and trading later in the day. Expect some busy trading and big selloff across the board in every sector. Stuart lets talk about that, this deep selloff that is indeed coming. I want to know if the market, the marlth is going to go down at the opening bell. Does it stay down. Thats my question for our money experts today. Anthony, it goes down 5 or 600, does it stay down . I dont think so. I think people will recognize the United States is a safe haven relative to others and the fed fund Interest Rates, theyre not going raise rates until february of you expect a bounce back, all the way back . I didnt say that. Wherever it opens. Lets say 600, my guess it will be down 2, 300, not 600 by the end of the day. Stuart jack, are we going down and will we stay down . I think that people misunderstood. The u. K. Didnt vote to leave the planet earth. Theyll still there be. It will take a bite economically, but i dont think well stay this low. Stuart a lot of people, small investors, theyll say its a panic situation, should i sell . My advice, dont take advice from me, but my advice would be dont sell. You do not sell into a panic market, you dont do that. Okay. cause in the past its always bounced back. Deirdre bolten, youre our market expert in the afternoon. In Great Company as well. To be boring, im with them quite frankly. Stuart were down were down and as you talked about with barclays, Goldman Sachs, j. P. Morgan, amazon rather, amex, will take it the hardest today. But its not leaving planet earth. And any changes are like a slow iceberg melt. Like anything is going to take two years to talk about. I know Angela Merkel said this morning, essentially, i want a quick divorce. Its not going to be quick, its going to be slow and measured and im sure theres a plan liz weve got headlines crossing the Federal Reserve theyre ready for liquidity into the markets, be existing swap lines. Stuart wait a minute, wait a minute, wait a minute. Liquidity, whats that . Theyre going to chuck money at the market [buzzer] there you go, up and running. The buzzer. And let me give you more headlines, Frances Francois hollande says its testing the eu. And weve got the french and German Foreign ministers plan to accommodate other eu countries on the fence about further integration. And this is about the breakup of the eu. Stuart the french and german markets are down the most. I suspect thats because the integrity of the European Union as a unit as we know it, i think its going to break up and thats why germany and france are down so much. If there are other movements to leave, its among rich countries and the European Union will look like one of the malls, where the big ones are gone and all you have left two pretzel stores. The Intercontinental Exchange put out a statement saying free market trading is orderly, but heavier than usual. We are prepared for the market opening with all systems operating normally. Thats great, youll see heavy trading, but no technical glitch. The second thing, something called rule 48, youve mentioned it many times, that basically does two things. When they have heavy trading on stocks, they have to give out the indication and hey, this is looking down, 2 to 4 and that would slow things down or sometimes when they want to speed up trading, they say you dont have to do rule 48. Today, no rule 48 today. They want indications on every stock before they open it to make sure its opened in an orderly way. Stuart okay, so the bottom line here is that measures are in place to stop a disorderly route on the stock market. The measures from the New York Stock Exchange and also from the Federal Reserve on the monetary side measures are in place liz no buzzer for you. Stuart never,ever. The problem is the implementation of the volcker rule is goes to cause a lock of liquidity in the market today so youll see a lot of stocks bouncing in a way, stuart, they wouldnt have bounced prior to the introduction of the volcker rule. And some countries arent exactli exactlied affected by this. And its in the health care business, we need the services they provide, mainly, the u. S. Companies, its not like a big bank thats going to be affected. Stuart i think there will be some bargain hunting. For financial services. Stuart to the driven trades will drive some of the big, big names way down and some savvy individuals, weve got a little cash on the side will say, you know, i kind of like apple at 89 or whatever it gets down to. I kind of like google below the right day to do it. Stuart takes a strong stomach, doesnt it . Thats the point. Been up all night and the man is running on one hours sleep. Stuart a lot of coffee, you know what i mean . Bargain hunting, you can see that happening . I think there will be bargain hunting and i think that the Hedge Fund Community has seen the volume because theyll want lower volatility. Stuart and we can see the stock market, already, were talking bargain hunting liz its a once in a lifetime event. Stuart you could say that, could you not . Im curious, how many hedge funds do you think will get caught out on this. The polling indicated another direction. I think some people are going to get and the bradley effect. You remember tom bradley, people said are you going to vote for him. Yes, winkwink, they liked him as a person. When they closed the gate they voted for the other day. Thats going to happen to donald trump in november and thats what happened the brexit, its the bradley ect. You are shamed when youre called on the phone by a pollster, you dont want to say im going to vote to leave or im Boris Johnson and im going to vote for donald trump. Even if someone in conversation says, look, im feeling apprehensive about some of the rapid changes going on in my town and what it means for and some will tell you, i know whats wrong, youre a racist and bigot and generally bad person. And im going to stop saying this, and when the calls come, im for hillary. This vote is for people on the continent to say, hey, wait a second, maybe we should hold a referendum in our country and some in the l have reforms this year and the next. Stuart it opens up free speech. Why is it that someone says i want to do something about the 11 Million People here illegally. Why do you call that person a bigot, to shut you up . 86 the country came out. Thats amazing. Thats what we need and im assuming and hoping thats what we see in the general election. On hannity last night. Donald trump called for waves and waves of immigration. The notion that hes a bigot is nonsense. He just wants it to be legal and thats the stuff that the left distorts. Stuart i believe we have on our i think weve got from london right now, hes on camera, this is alan mack. Welcome to the program. Good to see you. You believe you are you were very much in favor of the Stay Campaign, is that correct . You wanted the brits to stay in europe. Good morning, stuart, thats right. Stuart are you mad as hell about this . No, i think the british people have given their decision on one of the biggest of democracy in our history. Our job is now to carry out the will of the people. Stuart what do you make of when Boris Johnson walked out of his house this morning in london. He was met by an angry crowd booing him. Some calling him scum. Some calling him racist scum. That seems to us the kind of approach that weve seen with donald trump, shaming people for supporting trump. Shaming people for supporting the lead campaign in britain. Well, i think that this campaign has certainly been very passionate, but whats important is the campaign is now over and we now have to enact the will of the people. And all sides of the campaign will come together and there will be no more name calling. Stuart come on, i want a little fire here. Youre really disappointed, arent you . Certainly not the outcome that ive wanted. The british people have spoken and our job is not only to elect a new Prime Minister, but to make the best of a situation. And more at the economic consequences that come from. Our job is to make the best of our economy and standards and wages remain high. Stuart are we going to get the kind of recession that you talked about . Because the brits are leaving . Well, of seen today the markets responded instantly. Weve got volatility and uncertainly. But the banks are well capitalized. Were members of the European Union central bank and our bank of england made 250 billion pounds of liquidity available. Well make the situation. Its not the outcome i hope for. The people have spoken and our job to get on with it. Stuart and you sound remarkably calm. I was told you were mad as hell about this. Are you determined to get it together. We had a passionate campaign and we were around the country working hard and talking about the big issues, the truth is the people have spoke be and weve had the campaign and vote, and too much caffeine why do you think you lost . I think it was a narrow lost, 5248. Thats quite tight. Just over a million votes and its been a tough campaign. I think ultimately. Stuart come on, why did you lose . Why do you think you lost, alan . Tell me. I think its too early to dissect those things, and remember, we need to make sure that the shortterm impacts of the decision is actually neutralized. We need to make sure that our Party Politics comes back together and the country comes together. Stuart could it be that the fear mongering, they got it wrong . Could it be that the british people really dont like to be talked down to by president obama or the elites within their own country . Could it be any of those things. I dont think its those things, i think theres a whole bunch of issues, and ultimately the people decided and going around in my industry, people meet and think about the issue and considering this deeply. Campaign is over the decision it made and get on with it. Stuart alan, if id lost as big as you just lost id be mad as hell, i had he a id be pounding the table. Its been a passionate campaign and a lot of it over the last couple of months and our job is to make the best of the situation. Stuart are you a member of parliament . Im a member of parliament, proud to be. Stuart we here in america, we look at Britains Parliament and we really like it because you have a real tight and sharpedged exchange of views and yet, i get you on the air this morning and youre cool, calm, collected, not upset at all. You keep going back to your talking points, got to get everybody together. Im sure theres passion inside and really mad. Isnt it there waiting to boil 0 over . Weve had huge passion the last couple of months, all the issues have been aired fully and today what the british people need and our economy needs is stability and calmness and a plan for the future and thats what we all have to do in parliament regardless of what party we are and campaign we are, come together for the good of the countrys future. Stuart are you a Labor Party Member . I got it. Im not, im a conservative member of parliament. Stuart youre a conservative . Geez, i didnt know that. Im sorry, alan, i apologize. Do apologize. Alan mack conservative member of parliament. Thank you. Keeping your emotions in check, we like that. Thanks, stuart. Stuart good stuff. Now, were still going to open sharply lower, roughly 500 points for the Dow Jones Industrial average. 76 points down for the s p, thats a 3 1 2 loss. The nasdaq composite, 3 1 2 on the down side. Whats this . Okay. Im being told get back to the crew in the studio. [laughter] your guests are waiting. A cameron conservative. As we know that i thought he was a socialist, i was going to go after him for a socialist. No. Cameron faced revolt from his own party as a conservative. Hes a man of the day for certain and weather i think that Boris Johnson is the guy. Boris johnson even with the boos and taking the the booze . The boos. Stuart oh, i thought boo. The sounds effects. Stuart its 9 22 a. M. Eastern time. And all the sound effects. Stuart i honestly thought that mr. Mack, alan mack was a social iis socialist, a member of the labor party. s globalist, he wanted that. Stuart he was essentially a cameron style conservative and cameron lost his job. He is out. What do we have from europe, you mentioned the netherlands . This is the key and talking about it last night and until 2 00 in the morning. How are countries reacting. We have polling coming in, a lot of people dont like the continent and separate countries dont like the way that eu hand their affairs. Were seeing half of the median. They dont like it and the refugee crisis, majority of the population the eu faces some kind, going through some kind of national election, this year or next. And its a referendum on the vote, whether they want them to leave, too. And thats like me, too. Hold on, everybody, weve got a statement from the white house, president obama, the people of the u. K. Have spoken and we must respect their decision. Thats from president obama this morning, his side basically lost. Hes having a bad week. Donald trump is having a great week. Hillary clinton, you cant hear from her, theres no press conferences, theres no communication, its interesting. What does Hillary Clinton do after she had t get to a camera after this. President obama said the u. K. Would be at the back of the queue. And nato im not sure that defense officials and Law Enforcement would agree with that. Stuart the second line of what president obama had to say is this the special relationship, that means between britain and the United States, the special relationship will remain. Is that right, exactly what he said, justin . The special relationship will remain. Lets hope so. Stuart remains a vital cornerstone, lets get this right. Vital cornerstone. And the European Union, it comes in my ear and out of my mouth. The way it works in television. The president is sort of placating to some degree, the special relationship with britain stays and special relationship with europe remains. No more getting to the back of the line. Theres too much. Anytime you breach your contract with the lower and middle class, you get a revolt and thats going on in Great Britain and likely to take place i like the journalist who said back of the line. Did churchill say back of the line when u. S. Got bombed at pearl harbor. Afghanistan, going in there and giving troops after 9 11. Did brits say, oh, were going to hedge our bets here. The president also said that words dont matter. Islam jihad i. Stuart sarcasm is a low form okay. And i hear about president obama doesnt know how to campaign. I think that provides something for him to point to, people fearful of the unknown. I dont know if you know this, americans secretly suspect that the british are like smart and respectable. If you point to something theyre doing, look, its not just crazy people with these ideas. Theyre doing it, too, i think you get people to come on board. At 7 00 time eastern time, donald trump, the man you saw there, he spoke about the british vote, speaking from his golf course, turnberry in scotland. It was a nailed down performance. He did know the use a prompter. But he answered a whole bunch of questions from the assembled media. Rapid fire. He never lost control. He never spoke in any outrageous terms whatsoever. He wasnt waving his hands around. He was cool, calm and collected and dealt with the media and switched to the white hat from the white hat. I dont know if thats from this morning, i dont remember the hot that he was wearing, was that from this morning . Yeah, thats what he wearing. Red hat off, white hat on. Something symbolic. And he responded to president obamas back of the queue performance. Stuart weve got three minutes to go before that stock market opens. Let me bring you uptodate with what has happened and what will happen. If youre just joining us, the brits decided voted to leave the European Union and thats a threat to the United States, its a threat to the Global Economy and thats why youre seeing all of these stocks going down. What im looking at now, is British Companies, actually bouncing back a little. Is that yesterdays close . Thats not thats yesterdays close, isnt it . Its got to be. Lets get rid of that because i dont think thats the way its going to work out. Now, that is is that yesterdays close . Tell me. Thats yesterdays, we dont want yesterdays close. Lets not get into that. Were going sharply lower on the Dow Jones Industrial average at 9 30 two minutes away. We will be down about 500 points. 3 1 2 loss for the s p 500. 3 1 2 loss for the nasdaq as well. Interest rates tumbled, flatout tumbled. At this time yesterday we had the yield on the 10year treasury at 1. 74 . Right now, the yield on the 10year treasury, 1. 54 . You guys are financial professionals, have you ever seen anything like that. 1992. Stuart thats a long time ago. When the euro thats a long time ago. The pound moved 11 cents in one hour, that ive never seen quite frankly one thing to take to the bank, the change rates never worked and the euro it did nt sell off 11 cents in one hour. Stuart im sorry to interrupt you. I got this from the floor of the New York Stock Exchange. The sentiment among the traders are very much in line with you, anthony. Well get a sharp plunge tt the opening bell, but well come back, that there will be bargain hunting. The United States is a safe haven in a time like this and thats why the flood of the capital is going into the treasury as well. Stuart the u. S. Dollar is doing straight up. If youre somebody in europe and britain, you want a safe haven and the safe haven is dollardenominated assets. Whether its a u. S. Treasury bond or a stock. Are you with me, jack. Up to a point. He think youll watch the banks and seal them sell off several Percentage Points, but nothing that supplies any risk. They shut up shop in london. Stuart okay, the bell is ringing and you can see them applauding. Theyre rather reluctant applause, if you ask me, they know the market is going to go down. Bang, were 9 30 off and running. Were down, down 100 points in the very, very early going. And on the lefthand side of your screen, what youre looking at is the dow 30 stocks. 27 of them are down in the first couple of minutes of business and the dow is down 200 points. Top left, two companies which i believe are unchanged, so 28 of the dow 30 are down and 29 of them are down, 29 are down, 30 are down. There you have it. 241 points down for the Dow Jones Industrial average. Were off and running and down. Ive got to say, i was thinking wed go down 500 points just like that, very quickly. Indicating at 700 last night. And those people give it a few minutes. Stuart give it a few minutes, youre quite right. Whats happening, its machine trading and theres a lack of liquidity in the marketplace. The voelker rule evaporated the trading desk. And there we go, down 400. The nasdaq and s p trading down. Stuart this is not our viewers sitting at home saying sell. Thats not whats going on here. The etrade and its computers basically saying, sell, and in the blink of an eye thats going on. Thats machinebased trading. I was going to say financials are clearly the ones to watch. It bears repeating. They bring in about 11 of total governor receipts and its about 7 of the work force. We heard from jamie dimon, j. P. Morgan saying maybe we have to pull staff and then we wont because the u. K. Is the place. Stuart for one moment, top left, verizon, gone in red and then in green. Any idea why verizon should be the one stock out of no, no. Stuart now its down a cent. Its yielding. The big threats and find the service and has to do it goes back to your point. If its u. S. Centric, its probably going to have better day. Stuart i like the dividend. If i buy at that price, what do i get, 4 . 5 . I dont know. Thats where the companys cash on a Balance Sheet are doing. Mari maria what were experiencing, high yielding dividend paying stocks are typically the ones doing the best. Dow jones industrial average down almost 500 points, lets get to the other indicators. The s p 500 is down 52. Thats similar in percentage terms to the drop of the dow. Same with the nasdaq down 3 1 2 . It looks like some of the Big Technology companies could be taking it on the chin. How about oil . Were down to 47 a barrel, yeah, 47. 77, thats kwoo it quite a drop. Not huge. How about the British Companies . This is an active live market. Will you look at that . Glaxosmithkline 4 1 2 , but look at the banks, and thats an extraordinary move. Diageo, thats a lucker company. Only 4 drop. Theyve been down big time. More british stocks for you. Lets go to bh billiton, a mining company. Bp down 6 . The Tobacco Company bat, down 4 . Hsbc, thats a bank. Formerly known by a corporation. Larynx are taking it on the scene, theyre down 6, 6, 8 . Jack howe why is it we have a sharp in banks . Theyll have cost moving in europe. Ng is, rates arent going anywhere, not with this economic rates went up. And le rates are bad for banks because the lending spreads get squeezed. Were waiting for the profits to rise. Now thats put off down the horizon. Thats quite a selloff for the banking stocks. Down 5, 6, 7 , move away from the Financial Companies and go straight to the big name Technology Companies, how are they doing in this . Not that bad. Apple, 93 a share, down 2. 7 , its a drop and a half, ive got it. Netflix at 88 a share, down 3 1 2 . Am nonholding just above 700 a share, down nearly 3 . Google, microsoft, oracle, big name techs, where are they. Microsoft, i own some of it, holding at 50 per share. Alphabet formerly known as google. 687 is your quote on alphabet. Orcle not bad, 2. 7 , i was going to say stiebllizing, its down. Facebook is down 3 . Twitter is back to 16 down 3 1 2 . Go pro, the one trick pony Camera Company, theyre down 5 and a half . How about infell, where are they . They used to be a door stopper of a stock, theyre not moving down that much. 31 on intel. Linked in, theyve got a deal to be bought from microsoft, hardly moving, down 49 cents. Priceline down 7 . How about some of the airlines . They are i cant get it, they are down. Ryanair, delta, united. Ryanair actually taking the biggest hit. Theyre european based, down 8 . American companies, American Carrier i should say, American Airlines down 6 of the jetblue 3 . Southwest airlines, 3. 2 . Let me see the automakers, please. How are they taking it, gm is down at 28 a sharement ford at 12. Fiat at 6 bucks. A driver about 7 . Nissan 18 bucks a share, thats a 7 percentage point drop. How about oil companies, with nearly trading, exxon, chevron, bp, royal dutch shell. Here is where youre making money, how about that, just for a change. Instead of the red arrows and good morning companies, all slightly higher. Cold itself is up about 70 back up a bit. 61 per ounce. I should report nasdaq there has been a temporary trading halt, theyre calling it volatility trading pause at the nasdaq. Stuart come in, nicole, youve got a reason verizon is not down and holing its old, why . A very different picture for verizon. All of the sales are in the United States. This one is hovering around the unchanged line. While everything is selling off, 3, 4, 5 . Verizon holds steadiment any of the stocks that do all of their business inside. Th the restaurants are economically sensitive. Verizon is an a classic staple now at that everyone need home service. Stuart and a slowly of the economy one thing i want to mention, its going to put china to do another evaluation and evaporation, and a slow down in china thats going to effect emerging markets. There will be a pressure on the strength of the u. S. Dollar. Stuart i want to go to scott shellady. Scott, let me ask you about the Central Banks. I dont think theyve got tools or arrows in their quiver to deal with what theyre looking at this morning. What say you . Its not an Interest Rate problem. Weve got a government regulatory problem. Its not Interest Rates. Rising or lowering Interest Rates isnt going to solve this issue. Now what . Ive got an issue with corporate cronies and the political elite that want to continue to lead us down this road, yellow brick road of opium, and i want to say thats worse than your own sovereign and make your own decisions. En im happy to see to suggest that the country the size of wisconsin with 65 Million People and Global Economy, is farcical, i think we ought to get a hold of ourselves. Stuart the vote in britain wasnt about trade, money, it was about emotion and thats the sovereignty and krolg your own laws and country. Thats what its about, scott. Shame on the people that say, slowly, but surely theyve turned patriotism into racism, thats barge number garbage number one. Move to ireland, and jamie dimon, the people that are being fired, go ahead. Theyre scaring us with what they want to do. Is your emotion matched by other traders on the floor. Not as much, i have a passport it says European Union on it. No more. Its going to say british passport. Stuart i like you more and more. Hold on a second, what chance of a modest bounce back for the stock market. Were down 500 points and now down 470. Any chance of a bounceback here . Is this a shortterm sell yoo of . We dont have an Interest Rate problem. Were going to continue to have to reach or a return and money pull back from the stock. As anthony says, there will be a flight to safety. There theres chance of a modest recovery today. Stuart let me repeat that, a chance of a modest recovery today. And that all good stuff. One last question for you. Liz and i were working overnight as the vote results were coming in and one of the things we found was that the yield on the german 10year bund as its called, they actually did it, i dont see what good it might do. Right, again, its not an Interest Rate problem. They can make it go more negative. On june 10th of this month, we surprised government debt. Its going to get better and we need to get the government out of our back pocket. Its the regulation. And those are negative rates on capital. Stuart scott, will you stay there for a moment. I want to bring in dr barton, listening to the conversation and watching the big board. What do you think we have of somebody coming in and what chance of a rebound today. I said the word thats the key one, stuart, already, thats emotion. So, overnight, as you and liz making the great coverage and action. I was glued to the screen and you hit it last night when sky and the different stations said were calling this for leave. Emotion peaked at that point in time and i think that weve seen now just naturally, okay, thats behind us where and where do wii we go now. I think it could get better. However, over the next weeks or months, im not counting back to us racing back to the top. Theres a lot to work out. As we hear the work theres a little pain before the longterm gain that the u. K. Will get from this. Theyll get longterm gains and well see some volatile markets and i wouldnt be surprised over the next few weeks if we dont go back and try to check down those globex lows again before we get liftoff. Stuart you appear frequently on the program, dr, and you know we cover heavily the big name stocks people have been filing in, microsoft, google, talking apple, talking netflix. Would you thinkle there be bargain hunting in the very big name, widely Held Companies . Weve got them on the screen at the moment. Apple at 94. Got netflix at 90. Amazon at 709, i think it is. Do you think you might see bargain hunting, people buying a little here and there . I think its a wise thing you and i always talk about. B big pullback. I think we will see that and its somewhat prudent to find the quality stocks that are going to be lasting, those names that you mentioned to buy them a little here and there on these pullbacks so you can Start Building up for a longer term future. I think some of the other names that people are going to run to and theyre going to be stable are some of the things that we always like in defensive times. You look at utility stocks, they dont have any overseas exposure so those stocks are going to be doing okay and will be a safe haven right now. Stuart utilities and Telephone Companies are falling the least. Maybe about a half percentage point across the board for those two groups of stocks, so thats the least down two groups that weve got. Verizon is now up 3 cents, okay, 54. 69. Does its business in the United States and no global risk. Thats why its up in an otherwise very down day. The airlines, you can see down 4 or 5 there. Not quite sure why they should be sold here, overseas services. Ryanair is a european company. Let me wrap this up and see where we are after 15 minutes worth of business. The Dow Jones Industrial average is down 426 points. If you look at the all 30 of the dow stocks, 29 are in the red and one, verizon is on the up side. Caterpillar is down. Orion overseas, down is goes 4 . General electric, where is it today . Where indeed. Its at 30 per share. Down 38 . Starbucks, it has global implications, its down 2 , knows as big of a loss. Tesla has been taking it on the chin recently. Nicole, what have you got for me . I dont know where there she is. Nicole, im sorry, i surprised you. Okay. And let me move on to what you just put on the screen there, 1. 5, what was it, 1. 57 . 157. Higher in the yield and going lower. Its gone up a little bit. Scott shellady, what do you make about the 10year treasury yield. Going this time yesterday to 1. 57 today. Youre asking the wrong guy, i think its going to 1 and 1 4. I say that because the technology is taking over and leaving the middle class behind. Number two, its not an Interest Rate problem anymore, need to get government out of our back pocket. I still say this, globally with whats happened. You mentioned the bund. We cant keep the higher rates and delve into negative ratesment we couldnt have the spread as wide as they are. Thats a capital killer and we have to be careful because its dangerous. Stuart our treasuries 1 1 2 way above the negative rate on most european governments at this time. As scott was saying, jacks, youve got to even it out. Yesterday i had a conversation with the top bond guy saying the 10treasury is the best deal in town. Its 5, 6 , looks terrible compared with what it was. Compared to every other place at least you can get a scrap did i hear you say i dont think giving my money to government 1. 7 , but the environment that were in, the percentage gain on the bond holding outperformed stocks the last few years. Keep in mind were not going to be in this for the long hall. Its when things are nervous, have you been long to 170, its not a bad place to be. If you take a look at the globe at all. I thats why i say with japan and ecb. Theyre two of the biggest out there. Already in negative. And being long our bond cant be a bad deal. Stuart i had. Nicole petallides on the New York Stock Exchange, what do you have liz i want to tell you what some of the traders ever saying to me. John cortina, he said at opening bell some were in wait and see. The traders, are it sdided to go. After they so its a rouled and we have Steven Guilfoyle who said we have key Technical Levels at the open and thats reassuring. And also we may see european money flowing here because they think its a safer bet. Stuart okay, understood. I want to be very cautious here, we did drop 500 points on the dow industrials and now were down 430 points. I will not say that the volatility is over. Im not saying the market is coming back. Dare i say jack howe theres stability. No, i dont think so. I want to caution some of your viewers looking into buying stock. Dont look at what are perceived staff havens. Son are 20 times eearnings, but youve got to look at price. Apple, we looked at that earlier. I would call it not quite a consumer staple, but a stable condition. Ten times earnings. Delta only one of four mainly carriers in the u. S. Six times earnings. The tech stocks are under pressure because of europe. Not much talking facebook, cisco, apple, google, a quarter of sales from the euro zone. So thats a question ments i would call those the new consumer staples. Were not going to start goggling. And this woun r one down 1. 8 . Thats not a gigantic selloff by any means and thats one of the premier stocks on the nasdaq at this moment in time. Dr, i want to be very cautious here. I dont want to say that the volatility has stopped or that the selloff has ended. But can i say realistically that theres just a little bit of stability floo the market in our that were down 450 points . I think you can say that, stuart, and i believe that whats happened is that, as we were nicole reported from the floor, some of the emotion has come out and people took away from the wait and see attitude at the beginning and saw we werent going to turn back down. The news came last night, so, we are going to see probably some stability today, stuart, and Going Forward in the next few days until we theyre that flex little bit of news when something in spain or france or czechoslovakia or hungary or austria on the fence at the eu start making some chirping. The problem were going to be, the volatility up and rebound, and everybody is okay about todays trading and jumping back in and then Something Else could knock it down. Thats what i think that viewers need to watch. We were going to get some rollercoaster news the next few days. Noon eastern time, the europeans markets are the biggest losers, jack. Makes nre. I dont think it will make a big difference in our trading. Were giving back some of the gains from recent days. Its not as frightening as i would look. Were fully priced on share valuations in the u. S. , theres not much Earnings Growth out there. I dont think its a bearish level for stocks at all. Im willing to pay for the the Dow Jones Industrials records 183, all time high, the dow is at 175. Its not a big selloff. No. Stuart scott, i hear you want to get into something. Were higher opening than last thursday. The bad news, stuart, lets take a look at our own u. S. Economy one more time, i know we dont like to look at it. Durable goods and we still have bad economic yums throwing through the system. Whats she going to do . We got donald trump responding to the british vote. He said he was on the right side of thing because he suggested that the british people leave. Were getting something from Hillary Clinton liz the same taking aim at donald trump and starts out saying, we respect the choice of the people of the u. K. To vote to leave and make sure that the uncertainty hurts families here and now she takes aim at donald trump. This underscores the need for calm, steady, experienced relationship in the white house to underscores the need for us to pull together and not tear each other down. Stuart pull together, not tear each others down. The sting was in the tail there. Scott. What have you got . Look how they both, clinton and obama worded those. They respect the decision of the voters. No congratulations of voters. They want today stay, old establish establishment and cronyism. Thats a losing statement. You notice how they said respect instead of congratulate. Thats a good point, ashley, didnt say well done. The voice of the people have spoken, you spoke well, none of that. I like when you say i mean it with the utmost respect. Missing in this debate, especially from the likes of michael more. How antidemocratic the European Union is. Four unelected president s. And making rules for the u. K. And the European Court of justice reserving the right to overrule the u. K. On laws. Stuart if i say i object to 11 million illegals living in america, why am i labled a bigot . If i want something done about immigration into this country, why am i an islamophobe . Why are these labels chucked at people. British said that the u. K. S Immigration policy, they voted scott shellady, politically i think its a loss for Hillary Clinton and a win for donald trump, i am a im talking about the british vote. When you noticed how Boris Johnson came out of his house it was like for trump, sitting outside of his house. The king in america, if he was like the king the british had in 1775. And down how they would have been marketed, theyre coming, theyre coming. And if its a win for trump and a loss for clinton, it makes me wonder what happens to the u. S. Market over the summer. It the british exit wont have that much affect for us. If people are coming out of the closet for trump, if i can appropriate that trays. An increased chaps, the thkt doesnt like the uncertainty and the other side campaigning with fear and it could make investors nervous. I wonder if well have this over the summer if trump looks like a viable candidate. Stuart it could be like the british polls, they underpolled. And. Thats why the bookies got it so wrong. Thats so wrong yesterday. The leave campaign was underpolled. People said, they were relucky people were reluctant to poll because they were afraid of being labeled a bigot. Were seven minutes into the trading session, coming up to the half hour mark and were down 400. At one stage we were down 500. Again, im unwilling to say theres stability there. Im not going to say that, although i did say, im not going to say theres stablility in the market. [laughter]. Stuart shouldnt be laughing because our viewers are tuning in here, nearly 10 00 eastern time. 7 00 california. They are waking up to a 400 point loss for the dow industrials. The last word, first to dr. What have you got for me . Lets talk quickly about the brexit and then the market. The brexit gives us something to think about. A vote of the socialism leaning spreading the wealth from germany, britain. Big producers to the other countries and i think its a quo vote against that and. Hillary dragged to the left by feeling the bern. I feel like the markets and stability we need to keep our eye on it, because it could be a shortlived bounce here. I wanted people to feel like its not all over. As scott said we have some negative numbers coming in. In one stability and the other to say lets sit on our laurels. Scott, 20 conds, last word before we close out the hour. I think that they should congratulate the brits, stuart, theyve thumbed their noses on them and they want to lead them down the yellow brick road of opium. Theyve left of club of 17 others, the size of wisconsin with 65 Million People, to suggest there will be worldwide calamity is crazy. Stuart call three of you thank you for taking part in the coverage, of a dramatic opening. One and all, thank you very much indeed. Bang, its now 10 00 eastern time. 10 00 on the east coast, 7 in california. Hey way through the trading day. Were down exactly 400 points. British companies, were reacting to the british vote to leave the European Union. British companies, some are taking it on the chin, especially the banks, look at barclays, royal bank of scotland. Down. And pharmaceutical company, glaxo, thats down. Diageo. More British Companies, taking it on the chin because of the decision. American tobacco and were down 2. 8 . Okay . Big name tech stocks, google, networks, apple, amazon down with you not as much as some of the other Major Companies on display. There you have it we have one minute to joins us now as we have our Sister Network getting in on the action and you guys have done an amazing job covering the story, stuart, youre in a unique position, born in the United Kingdom and now an american citizen, what do you make of this . Well, the brits vote today leave the European Union, we all know that by now and its a surprise. People were expecting that the Stay Campaign would win, even by a narrow margin, they were wrong, they decided, the brits decided they would leave by a four percentage point margin. The result of that is that weve got what looks like the falling apart of the European Union. If the brits pull out, theres not much left that they can cling onto and stay together. Thats why our market is down 380 points as we speak, martha. Whats the longer term ramification . We heard from so many people who were in the remain camp that these consequences would be dire and long lasting. Do you believe that . No, i do not. There was fear mongering to attempt to keep the brits to stay in the European Union. There were outrageous suggestis that there would be a war or wed go into a cataclysmic design or recession. I dont think its going to be that bad. I think there are negatives for the futures for the british economy and certainly but for america, i dont think there will be much of a down side at this point. When i listened to the shock and awe and surprise this morning, i couldnt help by think that the sentiment that drove this vote has been existing in the United Kingdom for at least 20 years, stuart, by my estimation. Do you agree with that . Yes, i do. The british have become increasingly frustrated by being ruled, essentially in many aspect of their life by an alien foreign where the European Commission. All the eu countries have to conform to the foreign bureaucracy. That does not go down well in a country which has several hundred years worth of experience of direct democracy thank you Britains Parliament. Youre right, martha, this unhappiness and resentment has been building and exacerbated by the migrants crisis and promises to swamp the british people. And they didnt like it, they want to control their border. The sentiments there, issue there are very, very similar to the issues which motivate the american electorate as we go forward tornado november. They absolutely are. When you look at the true situation, stuart and hear voices of the people we have he a heard speaking out about this morning. About taking their country back. Clearly, tech it echoes, and will we see it rise and speaking out in the u. K. . A very good question, martha. I think the leave campaign in the polls before yesterdays vote, i think the lead campaign was underpolling. That is to say, many people who wanted to get out of the European Union were shamed into saying, well, im not sure, maybe we should stay. Because in britain, if you wanted to get out, you were labeled a bigot, labeled islamophobe. Didnt like foreigners, you were a hater. So the exit people, the leave people were underpolled. May see something similar in the United States. With people being shamed not to be overt about supporting donald trump. Ttheres a parallel here. A very sharp parallel. Its amazing and quite interesting to see whats happening on both sides of the pond today. Real tremors that are existing between our two societies. Thank you very much. Were getting a lot of reaction, martha, we heard from donald trump. Stuart there you have it. That was simulcast with the Fox News Channel on fbn. David malpass is sitting right next to me. David malpass is a trump Economic Advisor if im not mistaken. Thats right. Stuart get your title right, trump Economic Advisor. Senior Economic Advisor. Now, i say that trump underpolls in the United States because people say, youre a hater if you support trump. So he underfollpolls. I think there more support for him than people give credit for. Thats right, i think that people are desperate for change and stronger leadership. They dont want to speak out so far, but as the momentum grows there will be more of that. People willing to say that they really want something different. The problem here, a big problem is secretary clinton represents a continuation of the old regime. So, the u. K. Vote is very important because it shows people are willing to vote and the margin was much bigger than expected, willing to vote for change. Now, donald trump said he wanted the brits to leave. He thought that they should leave. That was largely for sovereignty reasons and immigration reasons. The brits ignored the threat they were going to go into a recession if they left. They ignored that. Do you think they will go into recession . No, i think that people overstated the case against. That was fashionable thing to do and its very rare that people actually get to vote on change. And most of the European Union countries that joined, the people didnt actually get to vote, so the parliaments did it, the establishment did it, this is a big sign that globalism has exceeded its bounds. Remember, christine lagarde, theyd gone to the u. K. And said dont leave. That was the voice of globalism and that was rejected in the vote. Stuart youre a trump Economic Advisor, a guy from wall street, i know you well. Youve worked in the economics business, if i can say that, many, many years. Whats the negative of the United States of america for the british decision to leave . I dont think its a negative. The question is what do people do as the eu evolves. Im worried that the eu is in decline, thats probably good, but i think its going to break apart. Thats bad for us. No, i dont think thats right at all. What we want is a faster growing world and the eu bureaucracy has stood in the way of that. Its in the u. S. Interests to have europe growing a lot faster. How will britains exit from europe make them grow faster. How will it break the brussels socialist bureaucracy. Thats where leadership comes in. There are calls to netherlands and france for their own referendum. As e retrospects and they will look at the polls and the french dont want to be in. Thats a chance for change. I think that you can have constructive between countries and in the guise of free trade. Its the giant written deals that only lawyers can understand. I think theres a good chance for better trade, more trade in europe if they find a new path. Stuart its going to take a while. Take a long time for that. You cant bust apart a bureaucracy just like that, cant do it. Right, so one problem is were moving from the status quo, which worked for the rich, you know, bond issuance has been huge. If youre big enough to issue bonds, youre doing well in this economy. And moving toward one thats more focused on Small Businesses, you know, trump has proposed cutting taxes on businesses, not just corporations, but Small Businesses, whereas mrs. Clinton wants higher taxes on Small Businesses through the income, individual income tax. So, thats the distinction thats going on. Do you want more growth or less growth . I really want some growth. Id love to see 4 growth sustained for at least a couple of years, i think that would help everybody, especially the middle class in the United States. Now, Donald Trumps plan is to cut Corporate Tax rates, to cut individual tax rates and to cut the taxes which apply to Small Business. Thats a whole bunch of tax cutting. Is his entire growth plan based on cutting taxes. No i largely . I wouldnt say largely. One thing he makes clear when he talks with voters theyre more incensed by the regulatory policy of the government, even than the tax policy so i think you have to do both. You have to have more effective regulation, we have this giant government overreach that has a chance to be rolled back. Thats what creates growth. You get lots more jobs, meaning millions and millions of more jobs, if youve got the federal government more within its own boundaries. Stuart liz liz Hillary Clinton just now tweeting out, another statement that runs counter to what youre saying, dmalpass. She says our first task has to be to make sure that the Economic Uncertainty created by the events in Great Britain does not hurt working families. That speaks to more Government Spending to get the bernie sa sanders vote to stay in her camp and not to go to donald trump. Stuart david. Thats going to be a call by Big Government types to say, dont to say fear, that youve got to say if governments get smaller youll be left in the lurch. And people, certainly people in england realize they can make more money if they werent tied down by a big bureaucracy. Stuart before we leave this, i want to ask the following question, i may be right, and may be wrong. I think that the british vote has impact on american politics. I think the impact is hillary lost some ground and credibility and donald trump gained some ground and credibility. Did he . Thats very clear. Certainly, the people are voting for more independence from their Big Government. In the case of the u. K. , it was from brussels, and that was distinct and didnt show up in the polls. The point you made on that, that trump, his polls are probably under whats actually available, is a good one. Stuart david malpass, ive known you a long time. Please stay there, more in a moment. I want to get back to the markets for a moment. The Dow Jones Industrial average is down 330 points. It was down 500 points when we opened up 40 minutes ago. Im not going to call it a comeback and dare not say its stability. You never know whats going to happen next. Its a 200 point comeback and i think we should say that. Weve got another allstar cast for you this hour, look who is here. The intimidation game author, kimber kimberly strossel. Jeff sica, colonel ralph peters. I want to deal with kim, ive got you, didnt i . Hello. Stuart ive got you right there. My producer said, you forgot kim, you cant do that. Dare i say, lets look to the market for a second. That would be jeff and john, dare i say that theres a little stability coming into the marketplace right now. Jeff first . I dont know if its stability. The bottom line what we have is a knee jerk reaction with a market falling and now were starting to see that there are a lot of bargain hunters out there that are going to use any decline has a reason to buy. I think its emotional. I dont think that investors should take the bait. I think they have to wait for this to settle out, but i dont see this as anything significant. Stuart john, what do you think, were down 355. We were down 550. Again, im not saying theres stability, but do you think maybe the its been stopped for now . Ive been sticking my toe in the market, and the glaxosmith, a former Company Located in eu im sorry, in the u. K. And thats the main reason i stepped in. 5 1 2 yield right now. I think that jack howe was right on your show earlier this morning. Britain just dropped out of the eu, didnt drop off the planet. I dont think that a lot of things are necessarily going to change. A lot of things are going to change geographically and politically, but as far as gm selling trucks and being down this much, i think its a bit of an overreaction. Stuart we were told earlier on the show, some market watchers told maybe wed go down sharply, we did, 550. At the end. Day, we could end the day at 4 00 eastern time this afternoon substantially above where we are now, 176 now. Maybe higher than that at the closing bell. Jeff sica, what do you say to that . First of all, what we have to do is focus on the reality here. The market is grossly overvalued without the implications of britain. I think this is a tremendous triumph for the u. K. Tremendous triumph in the fact that the European Union was one of the biggest menaces we had to the world economy. This sets in motion a very difficult time, but i think if investors are just going to use the fact that maybe the u. K. Dropping out of the eu is going to be positive, as a justification to buy into this market, i think its far too soon. Stuart okay. I want to get to the politics of this and kim, i want to bring you into this one at this point. I said on the program earlier today that the vote in britain, because it parallels the issues which were voting on here in november, the outcome of the vote in britain is actually a plus for donald trump here, and a minus for Hillary Clinton here. This is a straight political question, kim, what do you say . I think it certainly helps donald trump in the themes hes trying to make out there. And the main theme, this gets to the populous aspect. In britain, this was a country attempting to take control of its destiny again and donald trump says as well, make America Great again. His argument, cast off things from the past and do things differently. Watch him try to capture some of that fervor and give himself a boost with the theme in the u. S. Stuart is it a negative for Hillary Clinton . Its a negative. Certainly its a rebuke off the start in she said they should stay. Clearly, they didnt take her advice. The Main Campaign theme shes going to have to make if she talks at all about her agenda, she doesnt done that much. Shes going to try to continue with what barack obama has done. That doesnt sit well with american voters. And one of the things weve been saying this morning, my opinion, the british when they leave the European Union, open up the European Union to not collapse, but unravelling. Ralph peters this is one of your themes, is the eu about to speed up its decline and unravelling. Well see a somewhat chasened and somewhat diminished eu and thats in the longterm good for the eu because the eu has metastasized and gotten far too unwieldy and overreached. And i think, stuart, after you and i have gone to the big brokerage in the sky, there will still be an eu because bure kra thes are like termites, hard to get out of the woodwork. I think its a once against, the people of england, little england, specifically, stood up to a continental european tyranny, stood in the cause of freedom and their way of life and handed another german attempt at empire a defeat. Stuart you make me feel proud that i was born and raised in england. Thats a pretty good statement. Were all english today. Stuart yes i like that expression, ill take it. Wait a second. Hillary clinton just tweeting Something Else out liz. Our first task has to be to make sure that the events does not hurt working families. Yesterday she said that donald trump would bankrupt the United States just like he bankrupted its casinos, this is a play for the Bernie Sanders voter via more Government Spending. Stuart she will spend a lot more government mean to ameliorate the effect of the british votes. What do you say to that. Its weird to think that Hillary Clinton thinks that beating up donald trump on his business good way to go. Lets look at the clinton business he sort of detailed out in his own speech, its largely been the business of making the clintons themselves lots of money. Im not sure how her employment record would stack up next to his. But this is going to be her Main Campaign Going Forward is beat up on donald trump . And, yeah, try to suggest bigger government to swing over those bernie voterers because she is at risk of losing them to him. Stuart one of the things weve been doing this morning is looking at the Interest Rate situation because thats certainly in flux. 1. 58 a the yield on the 10year treasury. It was 1. 74 this time yesterday. Thats enormous decline in the yield on the 10year treasury, that means an enormous runoff in the price. What does that indicate, jeff sica first. You have the flight to safety. Stuart thats it, isnt it, flight to safety. And that investors are willing to accept these minuscule yields as opposed to taking the risk in other risk investors. If you look at gold. Gold is surging and i think whats important to realize at this stage. If the treasury market has more upside and continues to decline, its still moving towards that negative yield range, you know, which ultimately could happen. So, theres a lot of implications to the flight to safety. Stuart i am blown away by the idea that the United States should enter a negative Interest Rate situation like germany, and japan. Janet yellen to talk about it, ben bernanke talked about it, minneapolis fed president discussed it, its on the radar screen. Keep in mind, they have not ruled it out. Anytime anyone asked them about it they have not ruled it out. I think theyre as desperate and ridiculously stupid as you can be as the fact that strong stuff. We should go farther. The Central Banks are buying huge amounts of longterm government bonds so you have to realize that this is being caused, remember, the bank of japan, the European Central bank and even the fed, is lengthening the duration of its Bond Holdings at a time when were in a really high priced environment for bondsment it doesnt make any sense, but it goes with the government. The government is often investing in the wrong things at the wrong time. Right now, this giant flow of money, 200 billion dollar per month of Central Bank Bond purchases at the very peak. Stuart thats an enormous amount of money. That is the bank of japan and in the euro seen german Corporate Bonds and thats picking winners and losers. Stuart John Layfield is with us, come from the beach in bermuda where he lives. He told me the other day, that he was buying gold. Thats a good move, john, you did that, you bought some gold. As a typical flight to safety. The naivete of the president obama and Hillary Clinton getting out of the eu, i think its the beginning. I have the same rivalries and problems with france. 61 of the french have unfavorable view of the eu. 90 of sweden sides with Great Britain. I think youre going to see this is just the beginning of whats going to happen. I think the flight to safety continues not only to gold and to low Interest Rate bonds, but to high yielding stocks. Stuart i want to throw up some individual stocks and put them on the air, please, these are 10, i believe 10 of the s p 500 stocks which have reached lifetime highs. Isnt that unusual . Its an overall big down day for the stock market, but those companies, those stocks that you see on your screen right now, theyve hit lifetime highs. Some of them are relatively small companies, wisconsin energy, these are all on the s p, all of them. Lifetime highs. Theres going to be a special story for each of these stocks because theyre up on a down day liz weve got some utilities in there, theyre safe haven plays. Stuart whats going on here is that these companies are pure american plays. I think thats right, jeff, right . They do all of their business within the United States. Theyre not exposed to foreign risk or currency risk. Is that why theyre up . Thats it . Yes, here you have to group of stocks, no exposure to europe and money needs a place. Youre going to see the Banking Sector is a disaster, youll see money out of the Banking Sector and findings stocks like this these are the types youre going to see appreciate. Stuart kim, i know you have to go in a moment, but i want to get you in for a last word. I want to return to the british vote yesterday. You were surprised, im sure. Yes. Stuart are you pleased . Look, i think theres a mixed view here, okay . I agree with all of those who say that this is a sovereignty question and, you know, the eu, this horrible nanty superstate that has imposed too much regulation. The question here is what comes next . Who becomes the next Prime Minister . Does he actually take the reins and lead britain in a positive strong new direction. I heard the numbers of people that supposedly in france and sweden agree with the british, youve got to remember thats the population. The question is, does the government of germany and the government of france worry that theres going to be a following of britain and so as a result, try to punish britain. Make it harder to do trade deals and business with england and send a warning message out to other countries . We dont know how its going to turn out. Its going to take a couple of months for things to settle. Stuart ralph peters, come back in, please. Do you think that the germans and other countries in the European Union. Will they try to take it out on the brits and be nasty to them to stop anybody else from trying to leave . Its tough for germany, theyre so close and export so much to the United Kingdom. They can be vindictive and may try something in the shortterm, but germany is obviously the key and Business People in germany want trade to continue. There are about 3,000 german corporations active on english soil and about the same number vice versa, and stuart, i just dont like hysteria. General keane and i were in the green room talking about this, this is why you dont want wall street traders running military operations because they absolutely panic at everything. One shot and a thousand birds take off. [laughter] and if i had a lot of a chunk of cash today i would have bought into americanbased corporations so back to the original question, two points, one, germany is the power, but germany needs trade above all. And germanys gotten away with a lot. Greece locked in debtors prison basically become a new form of german empire. The brits stood up to it. I know a lot of people say this is Angela Merkel. Before you get rid of the kaiser be sure what comes next. Stuart im wondering before we came on the air and liz and i have been on virtually all night. We said its a huge deal. A history making moment. Was it . Is it as big is it a history making event or are we overblowing it. The financial 2008, was that the government was going to be hamhanded, intervene, and too heavyhanded stepping into the markets and it did. We have now europe and america in horse race, who can grow more slowly. Now we see the u. K. Shaking that off. Theyre saying we want our sovereignty back. We dont want accountable to unaccountable in europe. Stuart kim is in the lefthand box, the last word from you, am i making this too big a deal . No, its a big deal. The European Union has been a fixture and the wrong direction for a long time the desire to tell the countries what to do and put them in a terrible economic situation. So this is a moment that if nothing else, is a shot over the bow and an opportunity for the eu to rethink what it is and an opportunity for britain to chart its own course again. Stuart what do you say on this, ralph peters . Well, you know, no story is ever as big as the news media makes it out to be. [laughter] but this is a historic moment. My problem is, at the moment, right now, its also a hysterical moment. I think its important and the vital role, im sure serious, about the vital role theyve played in european history, the stand alone out lier for freedom. I dont think the eu will go away, but it needed to be chasened. Mrs. And clinton and president obama have so much sympathy, it has to be reversed. When you have, again, this government unelected, and the clerks in brussels mattered, and when you have control of everything from immigration to the fat content of the cheese, something is wrong and i just feel there was a turning point last year and youve alluded to it as have others, when Angela Merkel, opened not just germanys, but europes gate to a million migrants. That tipped the hand. She did not consult with the others in the eu and she expected this em to salute and fall in line and the brits today, god bless them, said no. Stuart ralph peters, thank you very much indeed. We appreciate you being here. Kim strossel, i know we have to say goodbye. Thank you for being there on a big day. Dy not make too much of it, its a big deal. No, you did know the. Weve got european stocks for you, individual stocks by the way, where are we. I know theyre going down. Banco santander, a spanish bank down 18 . Deutsche bank, thats a gigantic banking operation, its down 15 . Banco duval, im not bill boa, its down. And the bp down 16 . And credit swiss , way, way down. And i guess thats because theres now the threat that the European Union breaks up and goes into a worse recession than theyre in already, is that right . Yes, it is. Especially with financial. Morgan stanley talked about, dealing with the fact they are not a part of the eu. Thisesith a led by the old not the young. They voted 66 to lead 18 to 24yearold 72 to stay. So, you have these old rivalries. And go to england and germany soccer game and listen to the talks from englands crowd and chant for two hours, two world wars and one world cup. Stuart thats right. These are old rivalries, its hard to sweep under the rug especially when germany it certainly appears that theyve have a hard thing to swallow. Its interesting to see where they fall. Stuart you wouldnt touch a european stock right now, would you, john . Certainly not a financial. I might touch Something Like i said like glaxosmithkline or a global stock thats going to benefit from issues, but certainly not continental. And jeff sica, you wouldnt touch a financial stock . No, i think what will be revealed is the level of interdependency that the eu has manufactured just for the fakd fact that theyve manufactured, that countries have used eu status to build incredible leverage. What were going to see is a lot of the leverage like with the bank stocks is going to start to unravel and thats where its going to get dangerous and investors have to realize its not over for europe. These referendums that everybody is talking about, the italian banking system, the spanish banking system, they were in shambles before this. So, this is not going to get any better. Stuart you wouldnt touch it with a 10 foot poll. Not with your money. Stuart not with my money, certainly not. Stuart look who is with us now from london, Charlie Gasparino, what have you got with big ben behind you . What have you got . I want to know if you were humming rule britannia all morning. Stuart sort of. No, no, you know, im now an american citizen and an americanized kind of guy and vote in america and wont say rule britannia. Were all brits today. The play that song, thats the first thing i did, i put it on youtube, its a great song. Ill say this, does it do Something Else . That is where you will see markets all over the place with towns trading up and down, british stocks. You also have the us impact and that was overblown. Not saying the market should be priced where it is, pumped up by the fed but britain leaving the eu should be equal 300, 500 points, kind of preposterous. Stuart it is a good point. It is overblown. A good point to make. Maybe the impact on america is overblown by a simple vote in britain. That is true but also true is it is really slow, durable goods up this morning, they were really weak. We are ready, in a rollover. A big question is how does europe sort out this problem on the weak side of growth, it isnt going to add unless they grab the opportunity, you have been asking the question is this a big deal . This is a really big deal because it indicates voters asking upheaval from their government. If it spreads in the world. If it doesnt spread we are left where we are. Only place i think it can spread is the eu, a socialist dictatorship, a bunch of bureaucrats in brussels called the shot, it is not what britain is. Has been an entrepreneurial place for entrepreneurs and if britain goes to thatcher it is not going to matter. If it go the opposite way and adopt what is going on in europe as a separate country then guess what . It will be really bad but it goes thatcher we are going to have a place where people want to set up his this. This could be another silicon valley. Why should businesses set up in ireland when they have the infrastructure rate here. One other thing, Boris Johnson, richard tice, part of the league movement, did a pretty smart job, explaining this thing, in economic terms they did not rile up the nationalistic fervor to fever pitch. Donald wants to get his message across, donald trump, call richard tice and figure out how they did it. They did it by explaining the economics and the way economics were screwing the average brit, not the notion of nationalism. To charlies point, Great Britain was paying 19 billion in the eu budget, now they want to take that money back and point toward the National Health service, anywhere from 10 billion to 19 billion. We go with ben carson tweeting out essentially saying like the people of america, the people of Great Britain decided they want to take their destiny into their own hands. Talking about rust belt workingclass. Stuart is it possible, i remember, i am old enough to remember the relationship between Margaret Thatcher and Ronald Reagan and between them they fixed the soviet union, opened up to prosperity in the western world. Am i grasping at straws if i were to suggest the new leadership that is coming in in america and installed in britain could have the same relationship and do the same thing . You are not overdoing. Thatcher was before reagan, reagan learned from thatcher. We have a much different world, different issues, different problems. In 1981 it was high inflation. I worked in the reagan administration, i dont think we want to go far with the parallel except to the idea that the wave of uk opinion does matter in the us, the us looks at it and thinks they are pretty thoughtful, they had a fair fight, decided to go away from Big Government. This is an upheaval against Big Government and the same applies to the us. Stuart does america still look at england and think they are a pretty smart bunch, they have been allies for a long time, we could learn from them. Liz i am hearing people say what is going on in the uk, they want to understand it. They are not buying the leftwing line that this is racism or nationalism. They say there is Something Else going on. Margaret thatcher didnt want to join the euro. She said no to that as well. Stuart we all know Everybody Knows we have a cast of thousands on the program this morning calling on people in london or new york or all over the place to let me identify who we have available to pass judgment on the stock market selloff and british vote. Right here is Melissa Francis from the foxbusiness network, Elizabeth Mcdonald we know and love. Jeff zika, not bearish today, a trump Economic Advisor i know from his wall street days when you were a wall street kind of guy, Charlie Gasparino is in london, wake up, you are on. Who else do we have with us . John layfield. That man is steve moore. Dont look so glum. Until 3 00 in the morning. Stuart John Layfield. I am keeping you standing. Got me standing here. I would fall asleep when i was waiting for you. At one point i want to make, this wasnt quite a referendum. They 50 they won by 5248. It wasnt a landslide. This is a pretty divided place. As much as it warms my heart to say the brits want to take the country back, why export your sovereignty to brussels, i could not understand that as an american. It is still a divided country. Over my shoulder a lot to be put out over there. Stuart it is not going to happen charles that is for sure. I wholly respect you. You have been on the air for 150 hours. I have so much respect for you. Let me break this down simply. It is all about peas and toast. The European Commission was about to unveil regulation taking away posters, electric tea kettles, taking away hairdryers and all of a sudden everybody in britain woke up and went what is this person from brussels doing in my bathroom and my kitchen . Who are they to take away my teakettle and my hairdryer that makes my hair nice and big . Who are these people . What are they doing . Why is brussels showing up to confiscate a new design restriction. Have you ever heard of anything so stupid. They take away their high power electronics. Heresy to touch england but they strain it given what is going on with the migrants crisis. Stuart why would they want to do that . Everyone has the same toaster . What is going on . That is happening worldwide. That is why we have such an uprising, the loss of freedom. Stuart on that note, steve moore, i want to bring you in. I have a great hope that the british leaving is that your phone . Probably his alarm. Stuart the brits leaving the European Union really says something. I hope it says socialism doesnt work, we are withdrawing from it. It is not sustainable, get rid of it. The start of something new. Am i wildly dreaming . I think that was the big story. Socialism is the big loser from the vote last night. Margaret thatcher you said so many times it only works until you run out of other peoples money and that is precisely what is happening in europe. Germany doesnt want to pay for greece anymore. The uk doesnt. Melissa said 19 billion a year that the uk has to send from brussels and take away their hairdryer. That is not what people want to see. Now what does europe do . I asked my friend, i tell you what they will do, they got to dismantle massive welfare states, they need a big tax cut to get back in the game. Stuart lets get real here. That is not what they are going to do. The new migrants crisis dismantle the welfare state. Two separate issues, what is the tax rate, what is the welfare state. In greece a impose, germany forced them to put a 24 valueadded tax on every trade you are trying to do, that doesnt work, you can separate two issues, you can have a better welfare for everyone if you have more workable taxation. That is important of tax cuts, in europe it was violating that rule all along. David has it right. Europe now has to change or die, they have to change their Economic System and become more free market oriented or they will become more economically irrelevant. Britain said we dont want to be toned down. I was in favor, you know this having come from britain, targeting two directions in the direction of the free market system in america or do they want to go to socialism, this is a vote for a more freemarket orientation of britain and if they do that the economy will soar. Mass migration at the exact time you cant have a welfare state, you have people flooding in korea you cant have open borders and the welfare state, you go bankrupt. These go hand in hand. Stuart open borders and the welfare state. Higher median income, middleclass income has been killed and this will make them go higher. Take 30,000 in 2008. Government intervention would backfire and this is a tipping point, uk voters saying enough government intervention, bring it back to sovereignty and free market. Stuart preaching to the choir. Charlie, get into this. Charles waiting for europe to do the right thing and adopt adam smith and frederick hayek, dont hold your breath on that, it aint happening. The tail is going to wag the dog, the tail being britain, if britain shows the way to prosperity, i think that is going to happen, show the rest of continental europe. You cant have borders in a welfare state, you cannot get rid of the welfare state as all these people are flooding and. That is not going to happen. Stuart i will give you the last 20 seconds. Charlie is right. The uk and the decisions on how to grow faster will be the driving for this and the us will be watching. We have growth ourselves, the weakest growth, 7year growth record in history and that has to change through decision. Stuart thank you very much for joining us. One last market comment from john wayfield before we get back to the beach in bermuda, 386 points, a little bit of stability, one hour and 15 minutes into the session. Charlie was right about not affecting the us market. We were 5 from an alltime high, trading range since december 2013 from 16,000 to 18,000 and you see a full pullback but not a significant pullback Going Forward. Britain is the key. What happens with scotland and Northern Ireland has a big domino effect to what will happen with continental europe. Stuart thank you for joining us on a very big day. We are looking at big name tech stocks down 2 . I am talking apple, netflix and microsoft down 2. 8 , alphabet, google, 2 , looking at 2 drops for bigname Technology Companies. You wouldnt by any of them. Too much focus is on britains status is not going to drop the market. The fact is we are in an earnings recession. We have been in an earnings recession, the market is overvalued. Stuart this would have happened anyway. Basically built on janet yellen, mario draghi, all of a sudden, what makes it very obvious that there will be shortterm pain but the vote still goes through and a lot of other things to focus on. Get the focus off of britain, complement and celebrate this tremendous victory of freedom and look at the reality of the reality is this market has a ways to fall. Stuart charlie, last word to you. Charles the market is overacting in the us over this so i agree with jeff, other reasons to sell stocks. It will be a bumpy road for the town and european stocks until they figure out what is going on and this could be a great thing, it could be a bad thing if this generates into a trade war. Stuart thank you very much, see you again soon. Steve moore, want to get to you, and it was continental europe, and it was totally stalled. In germany in all places, negative Interest Rates, never heard that anyplace else any time except now in japan and europe. The brits pulling out of the European Union. Do you think it is possible european economy just crashed . It is possible. Europe doesnt get it. They have gigantic welfare state policies, take from the rich and give to the poor. What is striking to me is how Many American politicians including obama and hillary look over the pond at europe and say lets make america more like europe. We dont want to be like europe, we want to be less like europe. The longer term, the axis of economic power is going to be the americas and asia and increasingly unless europe gets their act together, cut their tax rate, get the welfare programs under control and union regulations, they will become an increasingly irrelevant Global Economy. Stuart i want to talk about politics in america. Seemed to me the issues voted on in britain, integration, sovereignty, antielites, the same issues that are popping up in the november election. The british vote was not good news for Hillary Clinton because it didnt go her way but was good news for donald trump. Cheryl anyone who thinks donald trump was in scotland today by accident has a few screws loosed. He was there on purpose. Not that he knew they were going to vote to exit but he knew if they stayed in he would be doing business and if they exited, standing on the hill and talking about freedom and how small government is beautiful and people are fed up. Hillary is as out of touch with the sentiment of the American People as David Cameron and president obama, they dont understand that people have had enough of being told there slurpie has too much sugar and their hairdryer has too much voltage, they can do better for themselves and their families than some bureaucrats far away. Donald trump understands it, he was on point and on message, Hillary Clinton has no clue. Stuart hillary, something new. Donald from making remarks over there in scotland, now we have hillary on twitter, saying at this time of uncertainty, underscores the need for experienced leadership in the white house. Hillary clinton saying this is the first test to make sure this Economic Uncertainty does not affect him it is not hurt working families. Stuart she wants to spend more money. Silent majority came out in droves in Northern England. Leslie marshall you are a democrat. Left of center we often spar on this program, the vote in britain is a plus for donald trump, negative for Hillary Clinton. Absolutely no, i disagree. Let me tell you why. Some people might think we are part of the eu but we are not, not looking to get away from the eu and though people may want to say lets look at the borders, very different geography for the United States and the uk and different way we run our governments as you know better than i being formally part of the uk. Dont think it is that at all. How close this vote was, almost a 50 50 split, with regard to not just immigration and the need for reformation but how we should reform the system and whether you like Hillary Clintons ideas or Donald Trumps. Stuart a four point spread is not expected. This is the exact opposite of what was suggested. Do you think hillary, the british vote in a positive way, she got it wrong. It is against president obama and Hillary Clinton. How can she come out of this with a positive . First of all a lot of people i spoke to, Small Business owners were angry and rightly so. That is why i am not surprised at the outcome, they dont like people in brussels telling them what to do and having so much regulation to make a scone and the amount of paperwork they have to submit just to have business and flow. In addition to that, appointments made of individuals legislating on their behalf as opposed to them voting for elected officials in parliament to make such decisions. We dont have that type of issue here, separate from immigration we are not beholden to brussels and no one in brussels is telling the United States what to do. Stuart you know what the british objected to was being called bigoted if they object a very large numbers of people flooding into the country, people who resented that a little bit were called bigots and they did not like being called bigots and you got a similar thing going on in america. Why is someone a big it if they object to having another million illegals living in the United States . Why is that bigoted . That is what has come to the 4. That is why i suggest this is not a plus for Hillary Clinton. I dont consider somebody who wants to uphold the law. Stuart i dont. To be a big it. Stuart islamohphobic, bigoted, racist as soon as you start to object to the status quo on immigration there is something wrong with you. That is how the left shuts people up. I dont agree with that. There is a difference between being against people coming into the country illegally versus banning an entire religion of people coming from every nation of the world regardless of their background and they have any criminal background or terrorist ties or ties to isis at all and i do think people of one religion or one color or gender or ethnicity coming here stuart we are rolling video of boris yeltsin, the leader of the leave campaign leaving his house this morning, being greeted by a very hostile crowd shouting racist scum at him. They branded him racist scum. There are a lot of people who want to return to common sense. That is what a lot of this is about. Donald trump may not say it so eloquently all the time but there are people at home saying wait a second, before we let people into this country we should at least figure out who they are and why they are coming, it is not about banning an entire religion but having some common sense. When people hurl the epithet racist at you, you keep your opinion to your self but internally it has not changed. Plenty of people at home saying wait a second, the world is insane. We need to take a moment, take a breath. By the way they are not racists. Stuart i have to say goodbye to you but one last comment from you about donald trump. I watched closely when he met the press in scotland. I thought he handled the press extremely well and he answered many questions, he was nailed down, he wasnt outrageous in any way, he answered question after question after question, that press conference made him look good. I dont think you agree with me, do you . This is your last 20 seconds. 20 seconds. From where i sit, not much make donald trump look good especially because he is championing the vote in scotland overwhelming the people want to stay in the eu and they break away from the uk in the future. I thought it was interesting where he was standing when he said that. He actually does well with press conferences. I will give him that. Stuart thanks for joining us, big day. Steve moore, i got to say goodbye to you, two minutes until the hour, last word to you. I know you have become an american citizen but you still sound british to me. That is what i have to say. I am very excited. I think i am a trump supporter, trump advisor. I think all the current of anger and revolt we saw last night are very evident in the american electorate. He will win this election because people are so unhappy with the direction the economy is going. Stuart thank you for joining us, very big day, very big deal and appreciate your input. Coming up at the top of the hour let me wrap up where we are on the markets, down 400 points, Dow Jones Industrial average, a chunk of the selloff. We were down 500, came back to320, we are down 400. There are two stocks on the tao 30 which are down hire. 28 are down but we have verizon and walmart, both of them are pretty much american operations. Certainly verizon has a worldwide operation. Those are the two stocks which are up at this moment in time. The nasdaq composite is down, the s p 500 is down. All of them down about the same amount which is just over 2 . We have the biggest of big names, Technology Companies also down 2 . Right there, that sums it up, 2 down for the tao, 2 for the s p, 2 for the nasdaq, 2 apple, 2 down for netflix, amazon just above 700 per share. When we came into the open market this morning it looked like we were going to sell off, we were going to spiral down. It didnt really happen. We are holding at a loss of 400 points, google is down 2 , microsoft 3 . I own some of it. Oracle is down 21 2 . The Technology Companies are down about 2 . Facebook not so bad, 1. 7 , twitter 1. 4, gold pro, one trick pony Camera Company down 4 at 10 per share. What is next . Look who we have here . In my immediate right, not politically but geographically on my immediate right is peter turner, former partner at Goldman Sachs. On my left we have ed rollins, a man who is raising money for donald trump. Trying to. Stuart brief and to the point. Chicago lonnie is with us, a market watcher. What does he have to say about the selloff . And Keith Fitzgerald joins us on watching the stock market. We are down 426 points. There i suggest we have a little stability . A little stability. To you first. It will be headache for a lot of companies, a lot of work in terms of organization and that is what we are seeing but keep in mind this is 2. 3 . I would caution people to make sure you come back and watch the last hour of trading because the rubber meets the road. That is true. You should tune into the show at the end of the day but that is when everyone will set up for the weekend when people over the weekend have a chance to sit back and decide. Stuart with you get into the market and do a little bargainhunting . If you saw a stock you follow closely, look at apple, in the low 90s. Would you think about taking a flyer and buying a bargain . I already am. There are things im looking at that i am very keen on. Very keen on the defense stocks. This is the need for those things and medical supplies the eu sets off a migration wave and you need medical supplies to come across the border that are not prepared to. Technology im interested in. No question i am on the hunt. Stuart Lockheed Martin, talking about defense stocks, Lockheed Martin is up 3 as we speak, they benefit from the sharply lower british pound. They are a defense contractor and they are up 3 as we speak. Shaw gilani, you may be putting your toe in the water with bargainhunting or follow the advice never try to catch the falling number. I try to catch a falling knife now and then. What i was watching at midnight when s p futures were down and dow futures were down 700 points, it will be devastated this morning, come back rather nicely. At some point if this continues there are bargains to be had the too much uncertainty to dip my toes in the water. Im happy with my portfolio which is balanced and quite a bit short in terms of european banks. Stuart one of the people you were watching last night who is sitting next to be now is peter turner, former partner in Goldman Sachs and it was peter who last night, you said the market drops like a stone at the opening bell and then incomes some bargain hunters. Do you think there is room for bargainhunting . I love a market like this because people i panicked and never get in the way of people who are panicking. Look at where euro stocks, two weeks ago, 10 trading days the euro stocks were 27. 90. Today they are 2833, higher than they were two weeks ago. What we really see is an advance over the past two weeks that traded on the remaining rally. When that game up, you see jpmorgan was at 61. Today 60 and change. The stocks have not been punished. We traced the last we 10 days of gains. Be cool, take it easy, there will be great bargains. Stuart go back 10 days and stocks were higher than. Stocks higher today than they were eight trading days ago. Stuart that is extraordinary. The ftse is off 1. 8 . If you look at the people who are Foreign Investors who went naked and bought in pounds because pounds are down 6. 5 , their portfolio is down 8 or 9 . They had a rough day but unless you are speculating naked in other currencies it is not so bad. We will let it settle out, wait and see, you can orchestrate this, typically people want to hide in gold stock. Dont hide too long in the gold. Liz european stocks are up. Like the Gertrude Stein quote, everyone gets information all day long and lose their common sense. Common sense tells you it is to be in markets given where treasury yields are around the world. Stuart come in, this is not a black swan event at this point. It is rather controlled, isnt it . That is the beauty of things like this. We have known this was coming for a long time. Coming down the way it did is Proof Positive that people are willing to go with the devil they dont know as opposed to the devil they do know. European politicians and american politicians got the message that you guys got us in this mess, screwed it up, we want something different. That is what people are voting for. From the financial perspective what that means is traders, the cool ones will keep their heads, walking logically, take those companies we talk about all the time but have a viable economic future, Good Business case, they wont that is shortterm dislocation get to them. Stuart shaw gilani, is this not a black swan event, not a cataclysmic event as some people thought it might be 12 hours ago . It is certainly not but it can turn into one. One issue no one is talking about is the black swan out there. And the capital the ecb has. And at the ecb, and the 20 Balance Sheet, and a leveraged 271. Any other bank would be out of existence. The fact the rest of the European Union relies on a more amped up ecb, the European Union countries lose face in the ecb to support growth which has been nonexistent, this is the black swan, Central Banks. Stuart two responses. Melissa they lost face when the ecb didnt support growth. I like keiths point, you have been talking about the 4 margin between people who want to leave and stay. It is bigger than that because you have the smartest minds trying to scare people to death what today would look like especially in the markets and people still decided the w dont know is better no matter how bad it is going to be. Liz cnbc ran us uk relations under threats, says who, based on what . The New York Times before the brexit votes at the market could be under threat too. Has not been so great from that market, since last year it starts to trend down. I dont get the fear mongering. Stuart it is still out there. Peter kiernan, the mess of the European Central bank, it is a mess. It is a mess and here is how it might affect us and a lot of viewers. I think the dollar is at risk not because there is expectation of Interest Rate bumps but this will become what that will do is make the head winds for exportoriented companies and harder to sell. There will be issues with oil prices, oil prices will have a tough time staying where they are. They will come down because the dollar is so much stronger and this will be a tricky time for banks. They are seeing uk banks get screamed. Down 25 . It will be a time where banks, particularly us banks need to be adaptable and nimble even though you get two years to get things out under article 50 you do not take two years, i think us banks have to start moving, very close to Angela Merkel, what proposals she might have for us because i think it will be a 20 hours if you will, instill a superpower and look for frankfurt to emerge of a stronger money center. Stuart we have a dow jones average down 430 points, that loss in percentage terms is similar on the s p 500 and the nasdaq. That is the Market Reaction to the brexit vote yesterday, if you just found this out, believe campaign won by four points, britain will leave the European Union. David cameron announced his resignation, he will stay briefly to handle the transition, he is gone as of october. Lets get to politics, lets bring in red rollins who has a smile on his face. I told you a week ago on this show. Stuart did you tell me a week ago this was going to happen . About 11 through that, the undecided drops in. Stuart take your moment of glory. I invest my money and good times and scotch. A revolution going on in this world. What the European Union has weak leadership for a long time and the brits and the middle class and older people are basically very stuart i want to know about american politics. The issues they voted on yesterday in britain, same issues we will debate and vote on in november namely immigration, sovereignty, distrust of the elite. It is why Bernie Sanders did well at the republican nominee is going to be donald trump. Two totally unexpected, the establishment, Hillary Clinton may win this thing but it will be a stuart she will win this thing . She can win. There is an advantage for democrats but trump will come back, had a pretty good day yesterday and it will be a close race. Of the when you are out there raising money for donald trump because Hillary Clinton might win. Roger ailes doesnt pay me to do this, but to give you an honest analysis. Stuart do you think the british exit vote is a plus for donald trump . In american politics . It can be. It is how he handles it. He handled it well this morning, the critical thing is how an american president can deal with getting into their thing as obama did . The Prime Minister came here and said i think Hillary Clinton should be the nominee, it backfired on him. At this time this is a wideopen election. Most establishment people, it will be a great race. Stuart did you see his press conference this morning . He did well and was careful getting into this and basically sees the opportunity for change and a new alliance with the United States and britain. Stuart that was a new donald trump. He handled it very well. Someone said how can you justify leaving the campaign trail and you come over here promoting your golf course and he said im here to support my kids, next question. He shut everyone down. Ed rollins is a many points but one is president obama went over there and lectured them what they should do. I watched that live, the first question from the audience was where do you get off coming over here and telling us what you do . Very disrespectful. British question from a reporter who said he got a lot of nerve basically. Stuart i want to bring this to everyones attention. This is another Michael Moore tweet and i will show it to you directly. Europe, you are better off without brits, now that there is a vacancy, we want what europe has, free healthcare, free college, real beer. Hold on. Around the clock, everyone to comment on Michael Moore who thinks america should be like europe. Melissa i willing to pay for his ticket. I think he should join them if he loved europe so much and wants to take that by all means we have a Kick Starter Campaign and pack your bags for you. Stuart isnt he reflecting what president obama and Hillary Clinton want to do . This is another example how the liberal sides have misread the message, misheard what is being said. What is great about this is this activity that just occurred in the last 24 hours is causing americans who never thought about brexit to ask questions of themselves, ask questions of their government, if you look at the Euro Parliament it has 7 Political Parties spread over 700 members, god knows what they do all day over there but they dont get anything done. This could be the ghost of christmass yet to come or maybe we will go in a different direction. It is great for the United States and people who never thought about brexit are thinking about it today. Stuart Keith Fitzgerald is with us in seattle. You feel like transplanting answer the question. Michael moores comment is preposterous. If he wants to leave, get out of here. Abandon our Economic System of the withth a socialist if you want, last time i checked he made a lot of money on movies which come from people who voluntarily pay for them. That is capitalism. He doesnt like that very much. Liz he makes a lot of money on movies the dont question the dangers of socialism as in cuba. We are growing like europe, at a snails pace. And the 20 trillion deficit. Stuart what Michael Moore is saying, the president and Hillary Clinton, shot gilani, they are making america a lot like europe. I have ranted on this program about this because america is going down that road. Michael reflect the policies of president obama and Hillary Clinton. He is an icon of the left. These comments are outrageous. Far too beyond left, comedic in fact. I dont hold him in high esteem as a politician which he has become. He is outrageous and illequipped to handle what is going out there. Stuart a quick word on this. Of socialism was a stock i would short it, so many examples in venezuela, the collapse there. The second richest country in Natural Resources on the planet and they are starving. Here is britain, case after case a lot of lines pointing in a direction away from socialism. Bernie sanders weighing on Great Britain but not venezuela. Stuart i want to introduce you to someone who has been on television more than i have in the past 24 hours, he is everywhere and he is here now, sebastian gawker. Dont think you slept a wink in a day and a half, we welcome him to the program and i want your opinion. It is my opinion president obama and Hillary Clinton are making america a lot more like europe, taking us down that road and i think you will agree with me. Totally. Where do you stand on brexit . Stuart i wanted to leave, get out, leave it, go. Can i tell you a call in radio call in guest today said something that caught my eye and for all the hysteria on the market people need to understand britain is not an economy, it is a culture, get over it. This is about pushing back on centralization, senseless federalization, sovereignty, culture, the uk will do just fine but the eu is dead in the water. Stuart do you think the events in britain, the vote in britain is a plus for donald trump . What we see in the last two years is the rise of populism in a positive sense, the idea of nationhood. Not xenophobia. Getting back the national identity. It is all about borders, culture, the same connection to the southern border in america, and the trump phenomenon, kissing cousins absolutely. Stuart do you think we will be in this situation with the british vote had it not been for the migrants crisis that has hit europe . No. We have to be careful here. It is not because of the migrants crisis, but the migrants crisis illuminated the issues that have been festering under the surface in such a fashion they cannot be ignored. Hundreds of thousands of people into the continent and see attacks like paris and brussels where jihadists come in on false syrian passports, claim Refugee Status and kill europeans by the truckload. That was the last known. Stuart what is the mechanism by which europe falls apart . You will simply see nations vote with their feet. Look at the polling figures, 70 want to leave now . That and germany and no balancing from london. People are going to say really . Do i want frankfurt . Do i want berlin wanting my economy, can i get reelected of germany caused the shots. You will see these other nations on the periphery start to trickle off the center of the eu. Stuart i will make a stock market prediction. Melissa will be on the air when the market closes this afternoon and i want to know where you think, not trying to put you on the spot but we are down 459 points. Melissa we will close down but not this far. We will come back off of this level and close lower but not by nearly this much. I think people will take time over the weekend to decide where they want their position to be and what they want to do but this is the European Union officially running out of other peoples money. This isnt happening right now. 16. 3 billion Great Britain was putting into the kitty over there and they wont do it any longer and this is it. Stuart we are going to see you later when the market closes. Melissa we will be watching the close very closely. With david asman, my partner. Stuart i know sebastian is nodding his head especially when we mention market fascism. The problem with socialism is sooner or later you run out of other peoples money. It is so true. Let me ignore that. Let me talk about america. In what way the vote in britain yesterday was a plus for the United States . It is a plus because it is a reassertion. Brexit is really a 1776 for the brits. We have to have a little bit of a historic perspective. They have reasserted their independence and these are the things that are healthy for a nation the idea that you dont have to give up your sovereignty, there is such a thing as british and such a thing as american. I am an american. I know i speak strange english but i am an american and i think that only strengthens the nation when you can be proud of what it stands for. Whoever you are going to vote for in november is good news for america. Stuart you have got to be proud of it. Stand up and say i like this. I want this. I am proud of this. I have to ask a quick question about europe. Is Angela Merkel finished . I think she has to be. Either that or you are going to have the lapdogs continue, the hangers on, the greek politicians, spanish politician running basketcase countries and have to have the german motor of europe save them. Either she is finished or just going to be a potemkin, figurehead who is keeping the shipwreck mildly afloat if you will. Stuart you have a tweet from joan collins. Supported the uk leaving. Here is what she tweeted out. The journey is about the miles, begins with the first step. We had a number of actors and actresses saying no, the uk should stay, remain in the eu. James bond actor, harry potter, jk rowling, musicians, daniel craig was for it, Elizabeth Hurley said leave. It reminds me of the liberace and Rolling Stones position, celebrities, dont get into politics. Stuart back to the market, i see the dow industrials down 479 points. It is not the low of the day, it came after the market opens, 500 points, we are down 480. Shah gilani and keith fitz. Should i be worried about this new leg down for stocks . Not particularly. Here is what is happening. You have gotten over the initial stock, your seen Portfolio Managers trying to figure out as melissa said how to go into the weekend so they are setting risk, offsetting positions, figuring out what they want to keep, what they want to sell. That is what theyre getting rid of, they are trying to figure out a way to hold onto that because they know coming into monday, tuesday, wednesday there will be a position to reassemble, they dont want to let go of this stuff so it is going down but as an investor im not particularly concerned. That is something for traders. Stuart what do you say . Investors and institutions are looking at their position to hold on throughout the day. Of the same token, we are going into a weekend and the unknowns i simply unknown, far too many to be comfortable or take any long positions going in this weekend. It will probably be more selling towards the end of the day. The thing to watch is the currency. If the euro continues to fall and this may happen for some weeks and months ahead, the american stocks that sell the goods and services in the uk and in europe and other countries where currencies will fall in a race to the bottom, us earnings are going to get hit hard. We are in a three year earnings recession that doesnt bode well for stocks. It should be and will be some profittaking because markets have held up pretty well. Stuart 496 points down. Not to worry too much. We will test new lows, you have seen resetting the table, no reason to hold risk over the weekend, i would be risk off, selling, people are expecting much worse on the downside and the head winss that cause funny corporations to slow their earnings are going to be found in the appreciation of the dollar. Watch the dollar. Stuart that is a problem to you. The value goes up, american corporate performance would tend to go down. Before the s p is looking at 120 of earnings and that is rich. We are trading at 16 times which is not cheap but i think we can literally expect 10 or 15 less and suddenly we are 17, 18 times multiple, that is high. I say take it easy. I dont think we are looking for a big leg down but going into the weekend no reason to be risk on. Something dramatic happens over the weekend, take it up, it is asymmetric, likely to go down. Stuart most small investors dont follow the doings of the dollar. Watching it against the canadian dollar, japanese yen, euro, they dont do that. That is not the way they operate. They really dont. You are correct. They dont but they should watch it because 50 of earnings of the s p 500 Companies Come from overseas. They should be watching the dollar because it is vital to the earnings of us corporations and that is a problem for small investors and Institutional Investors keeping a close eye and trade currencies and youth currency hedges so this is something individual investors need to take a close look at in the weeks and months ahead. Keep an eye on the euro, pound, global currencies, the dollar is strengthening relative to all these other currencies and i think it will continue to strengthen. Of the one last word to keith on this particular subject. What small investors can do is watch ceos because the worlds best ceos understand this and have finance functions and those companies will maneuver through this and they are not going to disappear anywhere and that is something small investors cant watch and importantly understand as well. Stuart breaking news from france. Liz there is an area of france across the English Channel from england called the calais region. There is a big vibrant camp called the jungle. They have been having a lot of problems with this. The governor of this region, this is a news point about sovereignty. There are more voices speaking up saying we want to act individually as frenchmen. They are calling on the uk to renegotiate a migrant deal. The tagline, you said no to europe but he has not said no to france, they are saying talk to us, lets find federal deals the deal with a migrant crisis. Stuart you are talking about a problem in the calais area 20 miles away from dover, a huge migrant camp, literally thousands of people, trying any way they can to get across the channel and get to england. Tell me what happened. We won the french governor of that area is saying, hey, england, you got to take some of these people. Not a crisis but a real bone of contention. I was talking to the producer, go ahead. Stuart i am wondering how this plays into your story about the migrant crisis really messing up the whole of europe. A large encampment called the jungle. The french are saying come on, you might be out of the European Union but might have a responsibility to take some of these people. What do you think of this . This is political grandstanding. It is a nonnews item. I dont think we should give this guy the time of day. The uk was the only nation that maintained border control. You are not going to undo 20 years of compliance because of brexit. He needs to get his historical facts right. Stuart i think the migrant crisis was an element in the british vote. A lot of people thought when the million or two migrants who are not in europe when they get european passports. They will have free access to britain. They speak english, the migrants, the migrant crisis was very much a part of the british vote. Am i right . Another element in that if you look at what happened with turkey, theyre sitting there today with two and a half million refugees there and for the eu to make moves to bring turkey in and turkey would be the second largest country in the eu, i think that terrified a lot of people. Here are some thing thats minor, what part does that have in the European Union. I think the threat of what it meant for turkey and now turkey has negotiated a deal where they are getting paid to get the refugees. Thats the kind of sanction i will sign up any time. Stuart im back to the politics in america of what is going on, again, its in trumps favor the migrant crisis in europe, strangely enough. This is a democracy, extraordinary vote, dont let anybody pretend that was a close vote. This was 5point margin, the margin obama won by, at the end to have day this was a gigantic vote. It was a very deliberate decision for a variety of reasons. It clearly shows unhappiness in this country also and the same things are at place. So this was a generational older voters voted for exit and younger votes were worried about the change. Stuart dow jones down 440 points and look at that, 29 of the 30 dow stocks are down. One of them walmart is up. Liz, i know you have to go. Liz yeah. Stuart why dont you take the last word . Liz i think we were astounding at the outset how the pollsters got it wrong, the Northern England working class voters stepped up and said we are going to leave and how nobody really caught that silent majority and i think ed rollins are right, what is going to happen if theres a silent majority here in the United States that steps up and said, enough . Stuart that would be for trump. Any way you slice it. Liz thats why we have Hillary Clinton saying we have to do more to protect the working class, people out there about the brexit vote and more Government Spending because she doesnt want to lose those voters, sanders voters to donald trump. Stuart as always, liz, mr. Thanks for all your help last night and this morning. Appreciate it, liz. Peter, what do you have to they about this in we are showing the big board down 460 points. I thought it was going to be worst worst quite frankly. Me too. I was reading what the remaining people said, the leavers didnt know how bad it was going to be economically. Whats happening here is this is this is a reflection a of two things, a, we saw it coming. We didnt know for sure they were going to leave. We had plenty of time that they might, so we were prepared unlike a crash that came out of the blue. The second thing is we are a strong resilient powerful economy. We are a 17 trilliondollar and we have the ability to repair and absorb a bump like this and carry on. Stuart you have been around almost as long as i have and i have seen the very sharp selloffs, october 19th, ive seen it all. In my lifetime, the market has always come back relatively quickly. Its not like in 1929 where the market took 15 to 16 years to come back again. This time around every time ive seen a loss, ive seen it come back s this time any different . I dont think its any different and particularly because youve seen a runup in the last two weeks and anybody who is worryied, take a look where we were. Stuart 17, 551. Im just fascinating by donald trump. He seemed to have a bad two or three weeks. Hes rebounded very nicely. He has to run on strong leadership and build the economy and get energy and independence, Strong National defense, fight terrorism. Those are the issues and he continues to make that case. He could be perceived as a leader and she cant. And the more she wraps herself around obama, thats another eight years. Stuart why dont we include california in our coverage today, larry elder is with us. We cut him short. Larry, im making the political judgment and i want to see if you agree with me that the british vote, because there were voting on the same issues that we are going to vote on here in november, i think that the results of the british vote are a plus for donald trump and a minus for Hillary Clinton and you say what . I couldnt agree with you more for the same reason that is americans recent the idea that every man, woman and child has to buy obamacare. Hillary bragged about putting them out of business in favor of more cleaner fuels. The brits dont like the idea of being told what to do by brussels, having their fiscal policy, migration policy set by brussels. I think the elite are not listening. Theyre listening now. Stuart when you go out on your radio show and you say the kind of things which you say on this program, whats the response . Right. Stuart you have callers and people you see in the street, whats the response to you . Well, you know, when i grew up my father had a greasey spoon. I was at one not too long ago seven months or so ago when trump had his coming out party, i have to tell you the blue collared workers, people with paint on their clothes said how much they resented working harder and how much they resented that the party that are date catoring to minorities. People in the bluecollar area specially are working harder and making more money. The very top people, the ones in the stock market are doing well, these are the ones Hillary Clinton hangs out with and barack obama hangs with. Stuart why does he have such a low level of support among African Americans . Well, well look at the polls, hes got 8 which sounds small, thats still twice as what mitt romney got in 2012. Hes goingo make the argument, i believe, that the Obama Administration has particularly fail it had black economy, black poverty is up, the socalled wealth hasnt been this wide in 25 years. The lowest ever since you measured, Home Ownership down, home equity down and theres a relationship between the loss of jobs and the inner city and illegal immigration. Donald trump needs to make the message and i think he can get 25 to have black vote. Stuart 25 . 25 . Stuart i dont believe a republican has won 25 in decades. In california we had a proposition called proposition 209 which got rid of racebased preferences affirmative action and passed overwhelmingly. 30 of blacks said we dont need to have handouts, we dont need to have lower standouts. Stuart is there any way that donald trump can mend fences with the Hispanic Community . Youre in southern california, large community, theyre oppose today anything trump, can trump do anything to get over that . There are a lot of people in california who are latinos who cameere legally and recent the idea that everybody thinks hispanics want unbridal illegal immigration. They dont. The same downward pressure thats based upon urban workers that are black, latino workers cesar chavez hated illegal immigration and worked with authorities to stop it. Stuart its very difficult to get the message across. Does he have to go to the areas or address africanamerican audience and hispanic audience . All of the above. Donald trump should and will come to the black community and Hispanic Community and make that case and i think he will. Stuart larry elder, thanks as ever. Im sorry you cannot see the day in my lifetime you will not see a republican win california. When pigs fly. Stuart very graphic, thanks very much, indeed. Big board down 462. Im not talking stability, im not talking below of the day. Thats where we are, 462 at 17. 05. All right, everybody, we do have to take a break. We will be back, promise. Im Nicole Petallides with fofox business brief. With that the Dow Jones Industrial average right now down 466 points, off the lows of the day, had been down close to 540 points. But we are selling selling across the board particularly the economic sensitive areas such as financials, here are some of the names in particular. Take a look at morgan stanley, jpmorgan, Goldman Sachs. Morgan stanley now down over 9 . Jpmorgan down 5 . Lockheed martin, to buy 35 fighter jets. Thats up right now and verizon, hit a new 52week high and thats because they have no exposure to europe. Statute stuart two market washes still with us as dow holding a ls of about 430 points. , first, keith, are you buying anything at this moment in time with the Dow Dow Jones down 430 . Technically no but very keen on defense stocks and medical stocks. The common characteristic in both is they have the power to maintain market. Stuart is this what you would normally do in a friday afternoon when a market is way down, would you normally actually buy something in a way down market as you go into a weekend . Normally no because i would be looking at risks and say what do i really want to hold for the next 72 hours. In this case, we know this is a kneejerk reaction. Youre seeing a lot of support coming across the rest of the market. Traders are on board. The big names are going quickly. Its like an auction, Everybody Knows they are on sale. For investors, this is a great opportunity and history shows that beyond any shadow of the doubt because the markets have always come back. Stuart dow is done 442 points, coming on friday afternoon, what if anything, are you buying . The only thing im buying here is time. Theres no reason to rush specially on a weekend and given the fact that this is essentially morning in terms of the long future of what this means, what the brexit means for europe and the world, this is the first day. So theres absolutely no reason to rush in. There probably will be bargains down the road and if anything very high dividend yield stocks because the Central Banks around the world are going to keep rates phenomenally low. Their equity is getting hammered and Central Banks are going to do whatever they can to support the banks. Dividend, stocks are where you want to be. This is a long time to watch. Stuart okay, im sitting next to peter who is a former partner at Goldman Sachs and nodding and youre the guy that said last night in the middle of the night, you said the market would come way down and you and a lot of other people would look for bargains. I have to say whats missing right now is conviction. We are trading water here. We came up a little bit from the lows. I view this in wave, the first wave of investment if you watch is gold and utility stocks. Thats the first wave. I think very soon youre going to have real bargains in technology, i agree with some of the others, defense, go big or go home, i would wait a little bit. Have a little poise, in time you will make money looking for well priced bank stocks, oil stocks, insurers and i think some of the companies that are in that who are best of breed wait for your moment, youre going to get a historic buying opportunity. Stuart keith, you wouldnt advise the small investor to be selling into the down market, would you . No i would not unless they absolutely have to for personal reasons making a kneejerk reaction to anything specially a move like this ends badly and never goes well for future profits. They have twosided razor, they sold out and cant get back in, stuart. Stuart you would agree with that . I agree with my friend and colleague keith. If you dont have any defense positions on, you may be able to put some on, it would probably be still prudent. In the longterm when the dust settles, theres going to be fantastic opportunities. Its just a matter of when. Stuart we hear you. Thank you, gentlemen. I want to get back to politics. I love politics. To me the british vote was obviously a political event. Gigantic. Stuart how do you read that . What ramifications here . The critical thing here if trump is the candidate of change and a one man that could project the leader, if he makes that his and doesnt get sidestepped by ideaic phrases, im im goino fix the economy, im the one that will change, i think thats a strong message. Stuart it just happens to be that we have a senior trump adviser, tana, are you there, yes, you are. Great to see you. Nice to be here, thank you. Stuart today Hillary Clinton is raising the question of whether shes raising the question again of whether we want a man like donald trump running the economy, shes responding to the british vote and what mr. Trump had to say this morning at the press conference in turnberry, look, we are not sure if hes the right guy to run things, were not sure if he has the temperament. How would you respond to that . Go for it, youre a trump senior adviser. I know mr. Trump temperament better than Hillary Clinton, i can guaranty you that, stuart. Hillary, thats quite funny because as we just had learned about a book written from her from a service secret agent who knows her really well, that she does not have the temperament, i personally have many stories from people in Law Enforcement saying Hillary Clinton is has a horrible temperament, she would be a disaster for this company, this has sold out the American People. To me thats comical that she would question mr. Trumps temperament. Stuart not afraid to go down markets. Youre going kind of tabloid here and youre looking for gossip. Are you comfortable doing that . Dont you want to take a slightly higher road . Do we want to take the higher road with Hillary Clinton, we are, we are letting the American People know exactly who she is and what shes done, shes been tried and tested and failed the American People. So mr. Trump, hes letting everybody know exactly what shes all about and exactly what she stands for that she has sold out the American People and shes corrupt. The list goes on and on. We dont have all day. I wish i should share with you. You know what mr. Trump is saying, and he just wants the American People to know what you get with Hillary Clinton. Stuart now did you see the press conference that donald trump held up this morning in scottland. I did. Stuart what did you think of it . I thought it was brilliant. The support was fantastic. I think what we are seeing well, i know what we are seeing is once again the power of the will of the people. The will of the people are 100 saying that theres a similarity and a parallel with mr. TrumpS Immigration policy and theyre making a stand and i thought it was great. The independence that they asserted, i thought mr. Trump handled it perfectly and i know hes getting criticized for being there and i think thats wrong. Stuart i thought i thoughtmaybe the new trump. He did not use a teleprompter but he was contained, he seemed to be very much on message, he dealt with numerous questions from the press without getting aggressive with anybody, put a couple of people down, but he didnt get aggressive. Is this the new trump and if youre inside the campaign, the trump campaign, is there active discussion about the new trump and how to shape him and fashion him in a way that makes him more acceptable to the American People . Well, mr. Trump is mr. Trump. Yes, this is a new mr. Trump, more contained, a more on message, mr. Trump, hes a fighter and wants to defend our country and wants to defend reputation so i understand that because thats the type of person that i am as well, but hes on point and the point is Hillary Clinton, thats what we need to do, we need to let the American People, mr. Trump is needing to let the American People know who exactly she is, what she has done and how she has failed, he is on point. He was great with the press. Mr. Trump is not staged or scripted. Hillary clinton would have never taken questions from the press. She would never have answered questions she never knew about. Stuart i was just going to say that. I dont recall the last time Hillary Clinton did hold a press conference. No. Stuart ed rollins is with us. 200 plus days ago. There it is. Wow. Stuart nothing like the press conferences that donald trump holds. There must have been 20 questions that he answered rapi fire. Ive never seen other ive worked for president s. The bottom line the president makes three or four decisions every single day. She has not she has fail today make good decisions. She failed on benghazi, she failed on syria, she failed on libya, what you have to do talk in terms of here is how a president functions. The next president with all of the things in the world, who do you trust, do you want more obama who doesnt make good decisions, more hillary who doesnt make good decisions or want an economy to move forward. Stuart i find it entertaining. He is so much fun. Stuart when hes out of control and outrageous, i think people have had it with that. I dont think they like that. They like the entertaining donald trump that we saw this morning. Exactly. What people love about mr. Trump and why 14 Million People went out to vote for him is hes very likable. Hes there to support his children. Hes there to do a Ribbon Cutting on a beautiful property, he is there showing america and showing the entire world that we are all together. I thought it was great how he said that the uk will never ever be in the back of the line and they will always be our biggest allies. I thought he was so perfect and he is so likable and i thought, you know, today just taking question after question stuart he wasnt to perfect. You know what i mean. Of course, theres always room for improvement. I wont disagree with you. [laughter] stuart thank you very much for being with us. We appreciate it. We are going to take a short break and be back in a cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis and a 200 savings card. Stuart what a day it has been. To wrap it up in 20 seconds, his view on the market peter. Please dont panic, wait. Watch things that you might not ordinarily watch. Watch oil. Youll be happy. Stuart ed rollins last word on politics. The election of change coming up. Thats what it was in europe. Its going to be an election of change. Stuart is it like 1980 . Very similar. Stuart maybe a better relationship between england and america now as it was in 1980, am i crazy . Depends on the new leadership. Stuart lets get them together, shall we . Absolutely. Gentlemen, thank you very much. My time is up, its been a long time actually but its been fun. Thanks for being with us. Here we are what 12 hours in to do day on the east coast of the United States at least and it has been 12 hours, theabsolu. We had jaws dropping and stocks dropping. Both Lauren Simonetti are here and will be for the first hour of the show as we go through everything that has happened and what may happen next. You know by now that the british are out and also know that investors are getting out and getting out fast from stocks, down 455 points on the Dow Jones Industrial average but theres time to go in the day and Nicole Petallides with some perspective on all of that before we talk about it from the new york