Hackett was brought in, he was a board member, previously he had done a great job at steel case the Office Furniture company in michigan and when he came in and he said, look, we are going to transform ford, get it ready for the future for Autonomous Vehicles, for electric vehicles. That hasnt happened ford has been mired in really not being making the move that its needed to make since 2017 they are starting to change that a little bit some of that because of the moves that jim farley has made as coo, he becomes the ceo effective october 1st and the marching orders are pretty clear. Transform this company, get ready for a future with electric vehicles, Autonomous Vehicles at some point, not immediately, but at some point, but, guys, this is the most interesting stat that i can find. If you go back over the last, what, 20 years, 19 years, only one ceo at ford, alan malaly posted a positive gain in ford shares there you see hacketts performance since may of 2017, down 38 , similar to fields. When bill ford ran the company they were down 50 we will hear from hackett and farley on a Conference Call in just a little bit. This is not a surprise that ford is finally pulling the trigger and saying, okay, its time for jim farley to see what he can do to transform ford. Phil, i have to tell you i think this is a welcome move one of the things that i look about farley is he looks at the stock price, i have found the ours say i dont want to Pay Attention. You have to Pay Attention when your stock is down this much he and his wife personally bought 1 million worth of ford in june. He seems he is motivated by the stock price which is something it hasnt seemed like the other ceos have been since alan. He is not only motivated by the stock price, jim, but he is also somebody who is very familiar with what has to happen within the Auto Industry the knock on jim hackett when he came in is, okay, well, he was on the ford board, its not like he didnt understand some of the auto business but there was never a business you would talk with executives within ford, they would say you would go to meetings, he would tell you a story, let me tell you whats going to happen and the company has been largely drifting over the last two or three years. It would not be uncommon on a Conference Call with analysts that you would hear an analyst say whats the story whats the game plan when you have analysts openly saying that, look, we all know people say that, but they were openly questioning him on some of these Conference Calls. This is a company that has been way too slow to transform itself and thats going to be, you know, a challenge for jim farley its not like he comes in and they are, you know, really cooking right now. Theyve got some nice momentum, especially they have the mustang mache coming, the bronco will be a hit and the f series is the best selling vehicle in the world for 37 straight years. Its not like they have nothing in the stable. We will have to build off of that phil, i was going to ask you to pass judgment on the hackett years but you just did that in many ways. Its amazing to me its been almost over three years since they made that change but i wonder, you talk about a lack of vision, i mean, they got rid of mark fields who is now a cnbc contributor and we wondered at the time about that move perhaps i dont know what ford would have been like if fields would have been able to continue fulfilling his vision. Im curious to see your thoughts. I think they were drifting they were starting to really drift under mark fields. You had tension within the executive ranks, tension between him and former coo joe hinricks along with other executives. It was time for them to make a change when they replaced mark fields whether or not jim hackett was the right choice, it was certainly not a conventional choice, but he is very close to bill ford and at the end of the day, guys, this is the ford familys company yeah, its publicly traded and, yes, there are executives that they bring in, its not like the ford family aside from bill ford is super active, there are some members of the family who are active within the company, but bill ford this Company Still marches to his drum beat and he was close to jim hackett, he believes in jim hacketts vision for further transforming this company and on paper when you listen to hackett a lot of what he said made sense, sure, you have to get ready for autonomous, you have to get ready for electric but it just never happened, they were way too slow, certainly much slower than their competitors across the street at General Motors now, with farley, farley understands the urgency of the moment and he has been pushing not just with in terms of bronco as well as the mustang mache, he realizes ford has to move much faster. It cannot be the same company its been over the last ten years. Phil, you did mention that bill ford and jim hackett shared the same vision. Ive got to know what is bill fords vision . Because to me when i look at the vision ive got to get new contacts i mean, the vision seems to be a losing stock price and that just cant be any familys vision. Well, his vision is he understands that ford has to change, the knock on bill ford as the chairman of the company, as really the man who runs the company overall, he is the patriar patriarch, the knock on him within the company is he has set people in place but there are still fifedoms within that company. He helped alan knock knows down. It would not be uncommon that people would say ive been here for x number of years and soandso says thats okay that changed under alan and you really started to think that ford was a company that was going to be much quicker when it came to rolling out products, rolling out technology, but then it stopped under mark fields the big challenge for ford has been and remains how do you take this company thats been around for more than 100 years and has these fifedoms within a huge company that has been there for decades, how do you break those down at the end of the day thats going to be the real challenge for jim farley, too. Hes been there since 2007, you are with a company for that long you understand where those fifedoms are at. Phil, thank you for that. Top of the hour news on ford, we will continue to monitor it. Phil lebeau in chicago. Jim, thats three ceo changes in the last 48 hours. Yes Pretty Amazing i have to tell you i like farley because when you talk of farley my wife likes the bronco and is saying im glad they brought thaem back he said what does she think of the 150. The guy talks cars i know you have to talk electric cars but at least he knows his own lineup carl, i dont know, my wife is a real car guy, shes got a 94 defender she thinks that farley that this is the future and im glad that they have a guy who wants to talk cars and not like steel case, you know, cabinets and stuff. Right right. Meantime for a second day now microsoft, tiktok continues to be a big story of course, the president s comments yesterday about what he called key money today, jim, its an oped in china daily saying that china will by no means accept the theft of a Chinese Technology company and has plenty of ways to respond if the administration carries out its planned smash and grab i heard you talking with becky about this a few moments ago. Hysterical. Look at the micron lawsuit they create these bogus the Chinese Communist party create bogus entities that steal all of our intellectual property and all the president is trying to do is fight back a little bit. David, come on, you know that those joint ventures are bogus and set up to take information and give it to the chicom army. Yeah, there is definitely you need to be careful you know, you would go down this road a lot, but you also, by the way, jim, are happy to applaud the success of the business that starbucks has in china or apple has in china or qualcomm has in chooen so lets not forget that but, yes, you do need to be extraordinarily careful. It was years ago we first reported right here on chinese Cyber Espionage of u. S. Corporations, it quieted down for a while, it has picked back up in an extraordinary way from everything i hear, eamon javers reports on this as well. Yeah, there is no doubt there is a lot of stealing going on that said, you know, jim, do you have any idea what the president was referring to yesterday and im sure we have the bite and we can take a listen and try to parse it in some fashion, but what in the world he was talking about with this key money . This key money idea . Lets listen and then we can sort of see if theres any semblance of competence we can figure out from this thing whether its microsoft or somebody else or it was the chinese, what the price is, the United States could should get a very large percentage of that price because were making it possible. Without us, you know, i use the expression its like the landlord and the tenant and without the lease the tenant doesnt have the value well, we are sort of in a certain way the lease. We make it possible to have this great success. Tiktok is a tremendous success, but a big portion of its in this country. Listen, if you are microsoft youre still trying to figure out exactly what that means. You are continuing to try to negotiate, guys, to figure out a value that you want to pay for the tiktok business. There is a lot of regulatory things around it still going to need an antitrust review, though you would expect the u. S. Government would say yes on that front, too yet again, shouldnt necessarily be connected dealing with the Chinese Government this is not an easy road made even more difficult because theyre trying to figure out what the president meant,too, jim. I think the president recognizes that facebook cant buy them, google, apple, amazon cant buy them, they are all under fire the president think that its a done deal for microsoft and i think he feels like, wait a second, i just gave microsoft the sweetest deal in the world lets have a little kickback to the treasury i dont know if thats so strange. I dont. Come on, david, its a sweetheart deal . In the history of the United States has that ever occurred that you are aware of . In the history of United States have we ever had a president like trump honestly what are you going to talk about lincoln next like madison well, i can talk about typically the fact that even both parties have stayed away interest corporate decisions to a certain extent, now, we can get into a long debate about it, jim, because obviously there have been times when the u. S. Government is deeply involved in the economy and to a large extent in some of these kinds of things, particularly when it comes to banking but i cant remember anything like this, can you . Even the idea. By the way, its not going to happen. No. Its probably illegal and its not going to happen, but i think its interesting that youre going to defend it. When bush said 75 to 80 percent chance this gets done. I think it gets done. I think it is a sweetheart deal. The president thinks differently thanl us i think hes good on this landlord tenant stuff because hes been a landlord. Sure. A good back and forth there. Then youve got the journal this morning, if its deemed legal, the key money aspect would set a dangerous precedent for the seizure of foreign businesses, open the door for u. S. Firms to suffer the same treatment in other countries you are not worried about that because i think that the country that hes referring to steals from us constantly and this is the way they do business and its embarrassing. When you look at the different joint ventures they come up with, most of the companies are made up and all they do is steal our stuff. Look, this is factual. I mean, again, im referring to the micron lawsuit which i think is definitive. I think the president was i dont think he spoke the way he might have ent am. I think he might just say, look, there should be there should be an understanding that the United States is giving microsoft this gem, but, david, you know when Constellation Brands got the gem of corona from the Justice Department they didnt write a check to the Justice Department i admit its a little wild, but i am urging you to open your mind to the fact that this is a president like none other. Listen, hes been president now for three and a half years, im well aware of that and yet these kinds of listen, again, i dont think its going to happen you could have gone down the road that says wed love them to make a commitment to keep jobs in the u. S. Or to add jobs, which is a line that he has gone down many times in terms of at least trying to get companies to commit to that you know as well that hes talked often about the tariffs on chinese goods going to the treasury i mean, maybe things are getting conflated in some way in his own mind, but, jim, yeah, i never cease to be surprised. My point is is it makes it more difficult if you are microsoft trying to negotiate this deal, this being an added layer of complexity is not good for certainty. Lets just say that. The key to this thing is make smur microsoft really operates it and theres no remaining connections to bytedance in china. Thats what you need to have and thats what he should be after thats what he should be focusing on. Hiring a lot of people here and have no intellectual ties to bytedance. Look, hes probably watching the show, he might be watching another network right now, but, mr. President , there, you just got the whole game plan. The key money thing, no. Youve been arguing, jim, that this is not the time to go to war with china because of our own economic fragility, but it sounds like youre slowly getting dragged in. I am. I dont want to cold war, i want a trade war, but the idea that the chinese are saying to us, hey, were going to do this if you do it. Theyve been doing it for years. The prc youre more hawkish than youve ever been, jim. This is an insult into. What is the ultimate vision here, then two completely separate economies, two largest in the world, we are still well larger than china but thats it two separate systems level Playing Field thats all i want. Level Playing Field. We are not getting that. Right. All right so im a bigger hawk than navarro. What can i do . Were not done talking about it by a long shot, guys. We will come back, talk about the market day ahead a little bit of chop involved as we saw futures swirling around overnight. Dollar a little lower today reflecting maybe some of the stickiness in these congressional stimulus talks back in a minute this is a five alarm emergency in which i believe and i think the 100 ceos who signed this letter in support of the restart act believes that all roads should lead to Small Business relief and any stimulus package that Congress ApprovesHoward Schultz in the last hour talking about the progress of the talks on capitol hill jim, in this case relief for business politico is saying this morning that while mnuchin is trying to work out a deal its meadows who is getting tired of this and will give it another 24 hours politico says before pivoting to unilateral actiones. I think thats what i hear, too. I thought howard was heart felt but empirical about what is happening around the country you cant make a difference with social distancing. You just cant you cant have half of the revenue but all of the cost being the same t just didnt work in the end almost everybody goes under to doesnt have a huge Balance Sheet. Ralph lauren reported today, they have a huge Balance Sheet to they can handle the decline any other mens or womens support toss independent david, anyone who is a boutique that you have to wait in line to go to a store. I have three tables instead of 12 tables at a restaurant. It doesnt work, david, mathematically. No. No we said this for months. Any business that requires somebody to come in to do something has suffered, period and its Different Levels of how bad it is. Youre right, that continues to be the case. We havent talked as often about the virus of late in terms of states where things are still raging and other states that are bringing mention under control, but where we are right now at the early days of august is certainly not where we had hoped to be lets call it back in june when we were first coming out of this thing and those businesses continue to suffer greatly. I do think, carl, that the game plan had been that it would diminish in the summer, we had a lot of people who talked about that, things would go back a little bit to normal now you are all scrambling three tables in front of the capital grill on 42nd street but 50 tables inside, maybe more so, carl, i just think that the clock as howard correctly said we are on the clock and you cant restart thighs businesses they are just going to go. Just a day after that incredible times piece about the number of Small Businesses in new york that are already on their way toward going away forever. Pretty discouraging. Take another break get ready for the market day ahead. Quk t see ibasawonhetrts ck in a moment. Dont go anywhere. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. A lot of google news this morning. There was that sixpart dead offer yesterday at some of the lowest rates ever. The eu delaying its deal forfeit bit, asking for some remedies by december pixel rollout. New partnership with google cloud and best buy we will get to all of that when we come back my name is janelle hendrickson, and im an area manager here at amazon. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. Its an amazing feeling. My threeyearold, when we get a box delivered, he gets excited. He screams, mommys work when the pandemic started, we started shipping out all t