Medium term what i say the markets will be reacting to first. The market will be heavily down and thats because the economy is looking at the potential for the very least trade disagreements in europe of one of the biggest economy in the world. They are saying what effect is this going to have on the worlds economy. Would you think that the last major recession back in 2011 was caused by the prime market that you know it had at domino effec on that. Now, it appears to be in prospect and could be very, very damaging for jobs and 401 ks and all around the world. The question of the 24 hours will not just be how will the british Prime Minister will react and how will european leaders will react. And betty, what is washington going to be saying as it follows european leaders and count them on what the United States would like to see what happens. I would imagine washington will be saying, guyguys, can you get grip on this. The world views europe strong and not weaken by this. Reporter thats a good point and we understand that the president will be speaking with Prime Minister, David Cameron, a little later this morning. As we are looking at live pictures and waiting for cameron to come out to speak. A lot of people are wondering if hes going to resign on the spot. The big question is what now . What of this new government if he does decide to leave leading to be so many questions this morning here . There are so many questions. Thats why the Financial Markets are so worried. I dont think the Prime Minister is likely to resign. I suspect and we dont know until he emerges. I suspect that he will come out and britain needs for him to stay in place. He has the experience and he has the relationships to try to help the uk through whatll be a difficult period. Everybody period will expect it to be volatile. In terms of what happens next, the issue betty is that we dont know whether European Countries will decide that they too are going to have a referendum whether those referendums are voting by other european country or ultimately, this is the beginningbegi beginning of the break up of the union. And they have to punish britain and have to be tough with britt in a britain. Leaving europe is not a positive option. If they do that though, thatll damage trades and the economy, not just the pretty britain. There are no good choices here for politicians Going Forward. Those who argued that britain should lead the European Union including one of the leaders who were just speaking here a moment ago saying that is victory for independence and a victory against big business and a victory against big politics. This is of the fifth illusion of mainstream politicians and i guess is this a democracy . Reporter well, however you spin it, it is unprecedented. There will be at domino effect n this. Keir simmons, standby. Nigel faraj. The netherlands say the majority there may want to leave. And in denmark, a majority there are in favor of leaving so we can be quite close. I am told the same may apply to sweden and perhaps austria and italy, too. The eu is failing and the eu is dying, i hope we knock the first brick out of the wall. I hope this is a First Step Towards to a nation state that is trading together. Joining me now from San Francisco is nicholas, economic professor nyu stern, all right, of the ramifications unraffveli of all of this. Well, you are seeing the Financial Markets of 5 down or 3. 5 . Banks will start to intervening and central bank of japan already intervened so as the bank of england and the federal reserved and so onto make sure it will be on central bank and to make sure things don fat fa apart. We have had a bad experience of financial crisis of the sub prime and hopefully, it wont be that bad. In terms of what this is going to happen Going Forward has to be a complicated negotiations between britain and the European Union, i have the general feeling that the European Union is not going to be punishing to britain. Why is that is . Well, because they really need to have good relations with britain as well. Trade goes both way. If they dont do something, these other countries can file suits. Thats correct and right. At the same time there maybe other measures more of the positive type that the European Union can keep to its own members to persuade them to stay here rather than being punitive towards somebody who might want to go out. I think faraj saying all these people are ready to move out are pure garbage, it is things he made up at the moment. There is no evidence what so ever that there are other countries ready to leave the European Union. Now, at the same time, it will be useful for the europeans to come out quickly this morning and calm people down and tell them, look, whatever happens with britain, we are not going to punish britain, well still keep working for the european immigration. It is okay if britain want to stay out but well keep working for the european immigration. Younger president of the commissioner it is important for them to come out and take the lead in this kind of situation. Well, there needs to be some kind of calm, nicholas. And to give you an idea across europe depending on which market you are looking at, they are down 10 and the dow future is down 600 points. This is having major implications. We are going to turn now to our nbcs kelly, whos in london. There is a lot to be said in this and people in tust au. S. Dg okay, why did they decide to leave because it was a narrow margin with the vote. It was, betty, if you look at those results and work closely, you will see much of england which voted to leave is part of an area in england thats outside of the uk. Sorry, it is outside of london and the places in england which we are seeing strong growth and positive economy and you are talking about working class areal. Birmingham voted to go out. And middle england, that manchester vote was fairly close. When you look at the towns outside of those two major cities, most of that section of middle england voted to leave the European Union. Those are a strong sense that these people have been left out of globalization and they have been left behind and jobs have disappeared and working class jobs and factory jobs that wages have stagnated for people who are in these blue color jobs. They dont feel of any positive effects of being apart of the European Union. There is also at the same time of this reaction to a very large immigration that changed in the demographics over the past 20 or 30 years in this country where you see small towns becoming more influenced by workers coming in from europe who are willing to work for lower wages and willing to do low wage jobs where english people, british people are not so willing to step in. Also, in a sense that the influx of immigrant population is pushing down wages. So thats really the environment that you are seeing in the uk right now and the reason for this exit vote, scotland, has a completely different case and scotland they benefited quite a bit from their connection to the European Union. You saw a huge vote in favor of the European Union. A different scenario there. In much of england, there is an an antagonistic feeling to europe and thats been building over the past several years, betty. I want to ask you about scotland and northern ireland, both of them voted to stay in. What could this mean for them, are they going to split from the uk . Well, as we know there was a referendum vote in scotland two years ago. Scotland voting to stay in the United Kingdom, voting to stay apart of the United Kingdom and the big factor is there were concerns of scotland itself can become part of the European Union and desperately wanted to stay which is why they voted to stay in the United Kingdom. Now, this vote happens to leave the eu and there is new talks of yet there is new referendum in scotland. The scottishs leader spoke about this. She did not go so far as calling for another referendum. This voting in scotland is indicative that people in scotland wanted to stay in the eu. Thats maybe the direction that scotland is going sometimes down the line. As for northern ireland, slightly different situation and the population is different there and the vote was different there and which i think 55 or 40 some in favor of stay ing in th eu of a remained vote, different demographics when it comes to ethics. Northern ireland, some leaders talking about the possibility of breaking away from the uk. A lot of disruption and a lot of uncertainties of what will happen in the years to come. Kelly, thank you so much for that. Joining me now is susan hobs for t the clinton and president obama administration. I want to talk about seeing uk, this could really unravel on many levels. It could. Part of what we are hearing from leaders this morning is lets all try to calm down. Calm down, take a breath. Walkthru this cautiously, it is not going to happen over night. We are seeing a dramatic impact in the Financial Markets. The uk looks like it is down 5 already and british pound thats down unfortunately. Theyre going to feel the impact of breaking away because the pound is going fto be worth it. Everything that they import is significant. They import more than they export in the uk. People are going to be feeling an Economic Impact but not in the way they expected. Is it going to be an immediate recession where somebody is warning us. Thats a strong term, i think Economic Growth could pull back a little bit in to short term. In the longer term, it is going to take them two years to unwine all of their negotiations that they had with the eu in order to figure out how theyll manufacturing this exit. When people talking about them losing gdp and exit growth, t r theyre talking about longterms of what it is going to look like the next month what will it look like for americans right now and figuring out why is it important to me and what does it affect in the u. S. Families. When you look at the futures, they are already down. Again, thats not a surprise. The thing that we wait the most is uncertainty. You will see volatility and uncertainty in our markets today. It will be choppy. Over the next couple of weeks, it will start to calm down in the u. S. Fundamental fundamentally, the economy in the u. S. Is doing pretty well. There is all this conversatieses and are they going to raise interest rate. Just because of all the uncertainty thats going on. Toupt loyou want to look at silver lining. This could be on the plus side there and for us politically, there is a political impact of this within the eu, the uk has been a strong voice oftentimes of the u. S. Interest. We are aligned on what we are looking for on the global stage. Thats not helping u. S. Interest as much. It is going to get complicated. All right, thank you so much susan. Well continue to follow this breaking news out of United Kingdom. They have made a historic vote there to lead the European Union, stay right here on msnbc. 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. Welcome back everybody, we are looking at live picture of london there, it is just a bit past 8 00 a. M. We have been waiting for british Prime MinisterDavid Cameron, the world is watching what he had to say following the historic vote there. Here he comes right now. We are going to take a listen to hear what he has to say. Good morning everyone. The country has just taken pause in a giant democratic exercise, the biggest in our history. Over 33 Million People from england, scotland and Northern Island have all have that saying. We should be proud of the fact that in these islands, we trust the people with Big Decisions. We not only have a Parliament Democracy but on questions of arrangements for highway governor, there are times when it is right to ask the people themselves, thats what we have done. The british people have voted to leave the European Union and they are not fairly respected. I want to take everyone who took part on the campaign on my side in the argument and including all of those putting aside Party Differences to speak in what they believe is the National Interest. Let me congratulate all those who took part in the lead campaign for the spirited and passionate case that they made. The british people is that instructions must be delivered. It was not a decision that was taken lightly, not least because so many things were said and so many different organizations about the significance of this decision. There cannot be no doubt about the results. Across the world, people have been watching the choice that britain has made. I would reassure those markets and investors that Britain Economy is fundamentally strong. There will not be any immediate changes in your circumstances and no additional change of the way people can travel or goods can move or the way our services can be sold. We must not prepare for a negotiation with the European Union. This will need to involved the engagement of the government to ensure the interest of all parts of our United Kingdom are protected and advance. Above all, this will require strong determine and committed leadership. I am very proud and very honored to have been Prime Minister for this country for six years. I believe we made great steps with more people in work than ever before in our history. We reform to well care and education and increasing peoples life chances and building a bigger and stronger society. Keeping our promises to the poorest people in the world and enabling those who love each other to get married of whatever their sexuality. Above all, restoring britains economic strengths. I am grateful for anyone who has helped to make it happen. I believe that we have to confront Big Decisions and not dunk them. Thats why we deliver the First Coalition of government in 72 years to bring our economy back from the brink. It is why i made the pledge to renegotiate and to hold referendum on our membership. I fought this campaign in the only way i know how which is to say directly and passionately what i think and feel, head, heart and soul. I held nothing back. I was actually cleared about my belief that britain is stronger and safer and better off inside the European Union. I made clear that the referendum was about this or this alone. Not the future of any single politicians including myself. The british people have made a clear decision to take a different path. As such, i think the country requires fresh leadership to take it in this direction. I will do everything i can as Prime Minister to study the ship over the coming weeks and months. I do not think it will be right for me to try to be the captain that stirs our country to its next destination. This is not a decision i have taken lightly. But i do believe it is in a National Interest of stability and the new leadership requires. There is no need for a precise timetable today. Delivering stability will be important and i will continue to impose this prim minister with my cabinet for theext three months. The cabinets will meet on monday and the governor is making statement of the steps, the bank of treasury to reassure Financial Markets. We continue taking forward of the legislation that we set before parliament in the queens speech. I spoke to the majesty, the queen this morning advicing steps that i am taking. The European Union will need to begin under a new Prime Minister. I think it is right that this Prime Minister takes the decision about when to and leaving the eu point i will attend the European Council next week. The british people have made a choice, that not only need to be respected but those on the losing side of the argument, myself included should helped to make it worse. Britain is a special country, we have many great advantages, a Parliament Free democracy where we resolve great issues of our future through peaceful debate and not a lot of engineering in our craeativity. While we are not perfect, i remember we can be a multi face and rise to the highest that, that talent allows. Although leaving europe is not the path that i recommended. I am the first to praise our incredible strength. I said before, britain can survive outside of the earth and indeed, we could find a way. Now, the decision has been made to leave. We need to find the best way. I will doll everything i can to help. I love this country. And i feel honored to have served it. I will dom whatever i can in the future to help this great country succeed. Thank you very much. There you have it. Major breaking news as you heard it right there with David Cameron saying that hes willing to step down so that new leadership can come in and lead the way. Now, a lot of people were not so sure that this would happen but indeed, it has. Lets bring in keir simmon to talk about this. He wants to help stay at least until october to help with the transition if you will. Reporter thats right, he says that britain is a Strong Economy and the market should resured by that. It is more untercertainty becau he says he will be Prime Minister for the next three months. Thatll likely be his conservative party electing the leader wholl then automatically be Prime Minister in time for october. That means three months of uncertainty and in which free markets will not know wholl believing britain. So hes trying to reassure the markets and we heard that the danks of england and all these other banks around the world are trying to stabilize t stock market is dropping the british crown. It has dropped by more than in decades. I think that many will view this as outing to the uncertainty and the sense of what we already have from a vote thats to leave the European Union but not by an overwhelming majority. He said, not a decisive vote and others will question that. The issue with that again is exactly what you have of a divided britain. How will lawmakers in the house of apartment behind me here when they gather again. Most of them and many of them, so is the trouble, betty. It is divided pretty tin. So trying to figure out whos new leadership be while it faces negotiations with the rest of europe or betrayed. It is quite a historic and unprecedented to say the latest. Keir is standing by. We heard british prim minister who says hes ready to step down. This seems like a surprise to a lot of us here. How was it there . It is a complete shock. It is a shock for David Cameron and the flit cal lead and german and politicians, theyre already expressing. Theyre short because this is the big and the biggest shot of the european. It will call our global shock wave to stock markets. There will be considerable he wants to resign before october so that a new Prime Minister can be in place. Folks, the negotiate will be with you or your union. He was hoping that the market would be reassured by continuity but the markets are shaken this morning. There is great uncertainty and there was a suggestion from mr. Cameron that not a lot has changed and everything has changed. This is the political world turning outside and down. Time you voted i think thats sweet and the dang and the dutch, maybe the french will know. They they have also a right to vote on whether or not they should be members of the European Union. This institution of 40 or more years old institution, it is rocking it. Well have implications on the earth union as well. Britain was a pivotal member since it joined in 1973. This is a sharp way here. It is an economic earthquake. Without a doubt, bill, i am just trying to process all of this because a lot has happened and it has been a bit of a roller coaster on a night like this. Is this an emotional reaction on the part of the Prime Minister or did he have no choice but to go into this direction. Look, David Cameron gamble, and not of the future of this country. In order for you to stop zero conceptism which is his own party. The conservative party has been split. For decades ons this issue of european. He wants to put it in the bag once and four all. We also gamble with the college referendum. He managed to secure the united place. The real danger is this could lead up to the break up. But breaking up the United Kingdom. Scotland is the only when colding free within the United Kingdom to vote solidly and remaining. It goes in 2 the and and to sta. Another vote and referendum of their own nns in order to they can express their opinion about whether they wanted to stay. You can soo e tee the break up uk. It was a gamble for his future and it is one that he lost spectacularly. He will go down in history but for all the wrong reasons. Thats historic today. We are going to continue with this breaking news story, dont go nar. Anywhere. The british have voted to leave the European Union and their will must be respected. I want to thank everyone who took part of the campaign on my side of the argument, including all those who put aside Party Differences to speak on what they believe is the National Interest. Let me congratulate all those who took part in the lead of campaign for the spirited and passionate case that they made. The win of the british people is the instruction must be delivered. It was a not decision that was taken lightly. So many things were said and different organizations about the significance of in decision. There can be do doubt about the result. That was David Cameron is speaking out. N now, joining me now is economic las, okay, we are watching this history play out. A lot of people are absolutely shocked that David Cameron has not staying on it and at least not for a while while longer. When it comes to the economy on thrks this, he tried to say, everybody calm down. At the same time, he says we need new leadership. That kind of send mixed messages, would you say . The way hes handling it is creating uncertainty. It would have been better if you just left right away or getting it in two or three weeks. To say, it is three months, well be thinking about the problem. Well have a congress and who ever comes to be the new leader, how do you expect businessman to work between now and october . I mean, without any foundation of what how the country is going to go . Is he being pragmatic in a sense where you just snap your fingers and getting the special treatments. The brexit, who supported it, they are ready to become Prime Minister. We sold one over there. Earlier today, there was one of the engine minister for example. I mean, there is no lack of people who want to become Prime Minister. The important thing is timing here. I am afraid that it is wrong. It creates even more on certainty. It also allows the european to define the game theyre going to wait until there is a new Prime Minister. In the end, the breks it idea is going to be in effect under mind. It is one of the there is nothing wrong of the decision in my opinion. It is accumulative, he does not matter if faraj she made it happen and she should have done that. It is something thatll go down to history, no doubt. The parkt ing. Of course, we are following all of this of the European Union, well be right back. I think the country requires fresh leadership to take it in this direction. I will do everything i can as Prime Minister to study the ships over the coming weeks and months. I do not think it will be right for me to try to be the captain that steers our country to its next destination. This is not a decision i have taken lightly. But, i do believe it is in the National Interest to have appeared stability and the new leadership required. A historic moment right there from David Cameron speaking outside moments ago. And following last nights historic vote. Joining us now is david smith, correspondence for the guardians. Some may argue that David Cameron has his own future and it is something that he may not have to do. Thats right, it will go down in the history of woone of the great. David cameron only has himself to blame. Nobody is really forcing him to do this. It was a political calculation and really, you know, something for short term gain with such busying longterm and fundamental implications. Members of its own policy before the last general election. It is a good idea to promise them a referendum and just look at how it from dramatically backfired now and i think in many peoples eyes, it made his resignation whatever his achievements sadly, this is probably what he will be remembered for. David, we. Reporter talking to another economist a little earlier, staying on three months does not make sense here. Is that going to create more chaos in the situation . Yes, i think you have three months. It is like a long time for potentially damaging leadership contests with all the shanigans and of which is supporting which candidate. I have to break in right now. The governor of the bank of england is speaking, lets listen in. Some markets can be expected as this process unfolds. We are well prepared for this. Her majesty industry the cla chancellor and i remained through contact. The bank of england will not take additional economic adjustments will be supported by a resilient uk Financial System. O the Capital Requirements for our largest bank is ten times higher than the financial crisis. The the bank england tested those. As a result of these actions, uk banks have raised over 130 billion pounds of new capital. Now, i have more than 600 billion pounds of high qualitity liquid access. Well, that substantial and huge liquidity. And even during challenging time. As a backstop and to support the march us. The bank of england is able to provide substantial amounts and currency if required. We expect institution to draw on this funding if and when it is appropriate. Just like we expect them to draw our own resources as needed. And flying her Financial Services in the economy. In coming weeks, the bank will assist economic and well consider any policy responses. A few months ago the to mitigate them, the bank has put in place extensive plan. These plans begin and showing the core of our Financial System is capitalized and it is liquid and strong. And all of these resources will support orderly market functioning in the face of any short term volatility. The bank will continue to consult and cooperate and authorities to ensure that the uk Financial System can absorbs any stresses and doing its job on concentrating on the real economy. That economy will adjust to new trading relationships thatll be put in place overtime. It is these public and private decisions which will determine the uks longterm economic prospects. The best contribution of the bank of england. The best contribution that we can make on our process these are in change. We have taken all the necessary steps to prefapare for todays event. In the future, well not hesitate to take any additional measures required to meet our responsibility as the United Kingdom moves forward. Thank you very much. We have been listening to the governor of the bank of england. They are well prepared for this that they have extensive planning and they are prepared for economic adjustment. We have seen the market really fluctuated on this to territories that some people have not seen in many, many decades. Lets go now to kelly, as we are taking it in. Whats happening . There is a lot of major breaking news on the fact that they decided to leave the European Union and now the Prime Minister, says, you know what . After three months, i am out, too. For a lot of people, too, major surprises shocked to the system you may say in the past 12 hours or so. Betty, we want to tell you whats happen ng ting in the ma. Trying to just calm the markets a little bit because in the first hour, trading here in the uk, britains largest stock fell in an average of 21 european stocks and also down and headed for the biggest drop since 1987. You are seeing that immediately in the market which we all expected to see if the vote went the way it had gone, a lead vote for the eu. At the same time, we are starting to see these eu leaders coming forward and trying to calm nerves. Their priorities is very different from those of leaders in the uk. Their concern is stopping any sort of change of reactions in terms of more referendum and more move to exit the European Union. In that respect, you see donald, this morning saying life goes on . What does not kill you makes you stronger. Really backing off from the statement he made before this vote, claiming that vote would lead to the destruction of western political civilization, now is saying look, it happened, lets move on. The other interesting point is european leaders are pushing for a fast resolution for this. They wanted to talk and exit quickly. They want to get the discussion going. Thats not necessarily a priority in the uk. The benefit is moving more slowly so there is less of a shock in the system. We heard the Prime Minister hes going to stay on board to lend stability to to the situation right now so another government can take over and start talks. Isolated rain, thats not where european leaders are looking at now. They are if i canning on a quick negotiations. Yeah, there were some talks earlier, too. Au punishment of the uk. Looking at the oturmoil and it s is. And try to make sure there is no domino effect here. As you mention, kelly, they could be a possibility that other country say, you know what . I am going to follow through. This roller coaster that we have been watching all night long. We want to let our viewers know that we are waiting to hear from mayor johnson and reaction to his historic vote there and the United Kingdom to leave the European Union. And following that, he too will leave. Donald trump has arrived in scotland today, well try toll hear from him as well. Stay tuned, we have much more to come. This just got interesting. Why pause to take a pill . Or stop to find a bathroom . 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. 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Read about the 30 day, 100 percent money back guarantee. Dont wait, call this number now. Good morning, everyone, we a approaching 4 00 a. M. Here in the east coast. Msnbcs breaking news breaking News Coverage right here. The uk has voted to leave the European Union and Prime Minister, David Cameron is stepping down. I think the country requires great leadership. I will do everything i can as Prime Minister to study the ships over the coming weeks and months. I do not think it will be right for me to then the new leadership required. As the european markets and u. S. Futures are getting hammered, the leader of the u. K. Independence Party Heading has a message for british Prime MinisterDavid Cameron. I hope this victory brings down this vile project and leads us to a europe of sovereign nation states trading together, being friends together, cooperating together and get rid of the flag, the anthem, brussels and all that has gone wrong