Perfunctory. Now it is done. Tmobile, sprint, theyre coming together. Charlie gasparino has the breaking details on sprint tmobile, what happens now. The concessions that were made, what it could mean for industry. Will we go to blake, guys . Blake is available. First you were missing in action now youre doing your job. You are doing your job. The white house come out to say essentially we have had much stronger, you know, gdp read, paraphrasing here, if not for the Federal Reserve spoiling the party, that is essentially it, right . Port pot the favorite punching bag of the president and the white house is out today. Very first reaction from President Trump, focus on 2. 1 gdp number. He took to twitter to say that the fed has quote, wrapped an anchor around our neck. That tweet from the president , saying it wasnt bad. Usa ready to go forward but the fed is the problem here. His top Economic Advisor larry kudlow also blamed the fed when pointing to a different number. You remember neil, earlier this year the white house made the argument looking q4, over q4 the economy grew at a 3 clip. It was a big told you so for the white house, for economists. President s Economic Advisor we hit 3 . We tell you this. Our policies are working. However the the latest revisions in the gdp number, show the number is 2. 5 , and not at 3 . Believe you might have heard larry kudlow. This was his take on that . We have faced in the last two years severe monetary tightening. We had seven rate hikes. Thats tough. Some said it is a miracle weve done as well as weve done. Reporter kudlow pointing to the fed there as it relates to the 2. 5 reading q4 over q4. We heard from nancy pelosi in her press conference, just a little while ago. She focused on the 2. 1 reading. It proves that the president s policies arent working. Tax scam that they put out there has not produced the growth that the president was boasting would happen. And that it hasnt produced the revenue. Hence we had to lift the debt ceiling earlier than maybe people than expected t didnt work. It didnt pay for itself. Reporter interesting, neil, harry kudlow acknowledged earlier today as it relates during the kennedy tax cuts the economy soared after reagan. They acknowledged they havent hit the 4 number or 5 number President Trump had been promising that would happen. Kudlow says he Still Believes they can get to 4 . There are many skeptics especially when you look at revised q4 over q4 number, just 2. 5 last year. Neil what theyre saying it is the feds fault, not theirs . Federal reserve, an anchor wrapped around our neck. Seven rate hikes under the president. President obama had rate hikes. Cuts. We had rate hikes. Neil we have some, i say the camera adds 50pound. They see me in person, they say no, it doesnt. Thank you very much. Good to know that is the latest excuse de jure. New record for the nasdaq, briefly. Google contributing to that right now. Announcing obviously better than expected numbers, also on earnings, revenue front, buying back 25 billion worth of its own stock. But it is, one of the few tech giants doing really, really well today. A lot of the tech indians carrying us into this record territory here. Alphabet, parent of google doing very, very well. Up better than 10 of the pricey issue up better than 118 a share. Jackie deangelis and much more. Camera adds 10. A lot of commentary from president. Google, double beat for the company. Paid clicks up 20 . Cost per lick down 9 . It comes back on. The president tweeting about google this morning. He said there may or may not be National Security concerns with regard to google and their relationship with china. If there is a problem, we will find out about it. I sincerely hope there is not. The president also tweeting on apple. Apple will not be given tariff waivers or relief for mac pro parts in china. Make them in the usa. No tariffs. Amazon saw a record run of earnings come to an end. Profit margin compression came from 800 million in spending during the quarter. That was to improve the business. Things like delivery, infrastructure changes, amazon prime makes one day shipping the norm. Aws is the cloud, it is the growth part of the business. It is the shining star. 37 growth for the quarter. Not so bad. Lower than first quarter, 41 . Twitter hitting it out of the park as well. The stock sharply higher. The president s favorite platform doing well, neil. Neil indeed. That was a surprising there. I guess the big goal is that that people, more people getting involved, staying a little longer, makes a big difference. It does. Neil thank you very, very much. Meantime how is the fed reading all of this . Does it necessarily mean given the environment, and given the slowing gdp data we have been seeing, whether blamed on the fed and rate hikes prior or not . Are they more inclined to go ahead and cut rates, a quarter point . That seems to be consensus bet end of next week, middle of next week. Former dallas fed advisor, Danielle Dimartino booth. What do you think . I think the fed was inclined going into the report to cut rates. I dont think this will change their thinking at all, especially what we saw come out of europe yesterday and the obvious inclination that our big trading partner has to begin lowering rates when they next meet on september the 12th. The euro is, dollar is 22 overvalued compared to the the dollar and that is obviously having an effect on our exporters. We saw exports fall 5. 3 in this gdp report. Imports were flat. So all of the fears that the fed has been talking about, that trade war will have detrimental effect on Economic Growth. Weve definitely seen that. For all of the strength we saw in consumption, consumption was 4. 3 , fastest growth rate since 2017. We saw Business Investment fall by 0. 6 , the First Time Since 2015 it is the feds duty to Pay Attention to all different inputs into the Economic Growth data that we saw come out this morning, take them all into account when they meet next tuesday, release a statement on wednesday which the market is presuming will have the first rate cut. Neil what did you make of larry kudlow, by extension, the president talking about the fact that the rate increases are what results in this softer number, still better than expected . And that we would be doing a lot better if not for those rate hikes . Not say anything about the trade policies that could also be crimping things . Well you know, it is interesting. We had Hurricane Harvey hit and then we had this huge surge of tax cuts hit the economy. That was followed by a lot of Companies Buying ahead of the chinese tariffs. So there have been, there has been a tremendous amount of stimulus put into the economy over the past few years, that has been a major offset to the the feds tightening campaign. But if you think about it, 2. 25 were sitting on overnight rate going into past recession, neil we had more than double that, economies were not necessarily sputtering with tightening to a greater degree. Just doesnt hold a lot of water to me. Last year when the tax cuts were put through in q2, we woke up, saw that Economic Growth hit 3. 2 . You know, on a yearoveryear basis we literally flipped that. That is now 3. 2 . I think a lot of stimulus measures out of washington, d. C. Have worn off as the trade war set in. It has less to do with fed policy than what the administration was saying. Neil one thing we know about trade talks, were not going anywhere, a promise almost from the Federal Reserve, look, we have your back. Well lower rates. Assuming that remains the case, does that last as long as we dont have a deal in place . Oh, i think the uncertainty overhang is something that is certainly going to keep the fed engaged. If we see continued decline here in Business Investment, if we see a continued drag on our manufacturers and on our exporters i think the fed would be compelled to lower Interest Rates again on the december 18th. That is six days after the ecb meets on december the 12th. The more countries lower their Interest Rates harder it is for our big mull at the National Exporters to sell overseas. I think that keeps the fed engaged. Neil okay. It is confusing. We see a lot of political stuff versus numerical stuff. Former dallas fed advisor, Danielle Dimartino booth. The decision announced on the 31st. The consensus is a quarterpoint cut on Interest Rates. So they would still be low. Obviously they would be going a little lower. Tmobile, sprint, done. Charlie gasparino with us now. Charlie . Neil, its a done deal, the 26 billiondollar merger. There will be some recalculations how big this thing actually now is that so much spectrum has been diversed. In order to get approval from the Justice Department both companies had to divest spectrum. Sell it to dish. Dish will take it. Mobiles place or excuse me, sprints place as the fourth largest wireless carrier. They will create, Charlie Ergen will create his own wireless carrier. There is a lot of implications for the deal. Well talk about some of the companies here first. There is a question whether dish can be competitive in this market. Clearly they didnt sell too much spectrum to dish to make it so competitive that they were going to beat it. Tmobile and sprint. As a forth competitor will they become sprint which was troubled, had a hard time competing on price. Watch dishs stock. They have already been downgraded. That is a very volatile chart. Second thing you look at doj Consent Decree which is very interesting. Lydia moynihan was first to point out. It was supposed to come out yesterday. It was delayed a day so the Justice Department can snare a couple state ags, they will not sue, join in the Consent Decree. That is what he did, he got five of them, he being, Makan Delrahim head of antitrust division got five state ags that to blunt antitrust case going on with other state ags. That is interesting. Keep watch on this. The Trump Administration and larry kudlow, economic guys are busy trying to spin the gdp numbers and employment numbers. You will see them take victory laps here. They say clearly this puts Corporate America in the drivers seat, 5g, wireless buildout to compete against the chinese. They believe combined tmobile sprint will be powerhouse. Tmobile sprint was able to sell merits of the deal on that to the Trump Administration. Now they got it through. So this is a big thing on a number of levels. This Company Finally gets to merge. They have been at this since four fourth. Not just this year. The deal was proposed in 2018. John ledger tried to do this in 2014. Obama administration said no. Mr. Ledger is happy camper. Watch state ag cases. Theyre still out there. I will say one thing, i feel very proud, that like, there was a guy that watched joe dimaggio, saw joe dimaggio, saw him being a great baseball player. Im doing that with lydia moynihan. A lot of reporters read wall street journal. She broke the stories, calling people. Made fox business looking good. Particularly with investing public. We beat cnbc every step of the way. Neil not too shabby. Congratulations to lydia and to you. Thanks very much, buddy. Nancy pelosi and alexandria ocasiocortez had a sitdown lasted half an hour. Were told by nancy pelosi all went well. We have not heard yet from congresswoman cortez. That could be coming up soon. After this. That move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Content on their endless quest, to nowhere. S, run hopelessly in their cage. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Neil looking live at House Judiciary Committee chairman jerry nadler, will continue to seek testimony from key witnesses in impeachment push. You might recall that House Speaker nancy pelosi said well go where it goes. She was obviously not keen on this becoming a 24 7 obsession on part of democrats. She is walking a tightrope. Just as she is with some progressive members of her caucus, including alexandria ocasiocortez. The two of them meeting today. It sounds like about half an hour. Hillary vaughn with the latest how that went. Hey, hillary. Reporter neil, House Speaker nancy pelosi is going into summer recess feeling pretty good after she worked out things with troublemaker in her party, representative alexandria ocasiocortez, the head democrat on the house spent 30 minutes of face time with the freshman representative. The pelosi posted a pic with the two all smiles at morning meetup. She said differences are not a bad thing. She made that point with cortez today. She says she wants to work with her. Says there is no bad blood between then. Speaker pelosi spoke about that at the press conference where she said there was never a hatchet to bury. They are looking forward to working together. Leaving the meeting pelosi told our fox crew it went well. Alexandria ocasiocortez who used social media to do everything from spread progressive message, to live stream herself cooking in her apartment. She has not said anything on the meeting about twitter or instagram. She snuck out of pelosis office avoiding press and cameras. She is staying quiet. Pelosi is out in public staying pretty good. Neil. Neil we have not heard from congresswoman cortez . Right. Neil just waiting on that. Thank you very much, hillary. Daily caller chief Chris Bedford on the meeting. I dont know how it went. It lasted seemed about a half an hour. Have you heard anything on it at all . Not from inside of the room. Only from change in tone from the speaker of the house, nancy pelosi, how she wanted to describe it. She has been switching here, neil, there are no differences between us. There is no hatchet. Were all one party, to, okay, there are major different repses between us but it is my job to weave everyone together, weave everyone together under one big tent. It is a slight switch in messaging. If she was able to get alexandria ocasiocortez to dodge reporters, dodge cameras, dodged tweeting, she has reason to be happy here a few days. Neil this is remarkable. Youve been following washington a long time, chris. This fresh man congressman has this impact and import for speaker of the house, to meet with her oneonone, to obviously try to clear the air, i guess, try to bury the hatchet, if there is such a hatchet, it says a great deal about her influence in the influence of these three others, that im wondering where this is going . Democratic Party Dealing with what the Republican Party dealt with a few years before. Which is the old rules of speaker. You could basically crush dissent. You can remove people from committees. Dry up someones reelection funds, to change their future. That is done now. Outside groups, outside pressure groups. Social media allows activists in the party to have a massive platform. If you have it all going on like that congresswoman does, and allies you have a lot of power here. Neil im wondering too, what you make of what is happening on capitol hill right now as were speaking. The number of the democrats who have been pushing impeachment, including jerry nadler, others who are saying, were not giving up the fight, well call more witnesses, well keep doing this, what do you think . I dont think its a very good idea. It is equivalent of gop decided to run where their only platform was their concerns about benghazi. The democrat have points, there are interesting things that went on in that Mueller Report may be overlooked by the broad American Public but it is not an election platform. Right now for the last couple weeks, all weve been talking about are mueller, that unfortunate performance earlier this week. Also about these freshmen congresswoman. There is not oxygen for the democratic president ial candidates for them to speak, break through the news. It is not a great strategy. Neil well watch it. Chris, have a good weekend. You too. Neil Chris Bedford. North korea and iran are similar in this respect. They like to launch missiles. In north korea, shortrange missiles. In the case of iran, longer range missiles. Theyre both sending a message but how do we respond . After this. Here you go little guy. A cockroach can survive submerged underwater for 30 minutes. Wow. Yeah, wow. Not getting in today. Not on my watch. Pests never stop trying to get in. We never stop working to keep them out. Terminix. Defenders of home. We are beginning stages of developing a maritime initiative. We asked the french, germans, norwegians, south koreans, im sure i missed a few. Every country that has insuring waterways are open and oil, other products that flow through the strait of hormuz needs to partic