Transcripts For FBC Cavuto Coast To Coast 20240714

Disrupting this is bad for the markets. Whatever helps it is good. That is where we stand. It is not a political thing or red or blue thing. It is a green thing. Whether they are republicans or democrats they love making lots of money. My name is neil cavuto. My thanks to david asman filling in while i was out. What is occupying the markets attention, to impeach or not to impeach whether there is enough evidence or drama around this to build a case for this. The so far the transcript of the infamous phone call is out. We dont know all the details. We dont know for example, if it es out right verbatim context of the call or whether there were other calls. What weve seen of it so far does not seem to emply anything too, too worrisome for the president , a little icky but not necessarily a constitutional crisis. To blake burman at the white house with more on all of the above. Blake, what have we got . Reporter hi, there, neil, here is the argument and the president and the white house are making about this fivepage memorandum, the july 25th call of President Trump and newly elected president of ukraine, volodymyr zelensky. This right here says there was no quid pro quo of a threat of 400 million of aid being sent to ukraine in exchange for an investigation into joe and hunter biden. It is not in here. However, democrats are saying that the president of the United States suggested to a political leader of an another country to have an investigation into his main political rival at that time, joe biden is beneath the oath of office, it is a betrayal of the oath of office as democrats put it. One of the key passages in it, i want to focus on, neil, page four, a little more than halfway through the call between President Trump and zelensky. The president says at one point, quote, there is a lot of talk about bidens son and biden stopped the prosecution. A lot of people want to find out about that whatever you can do with the attorney general would be great. Biden went around bragging he stopped the prosecution, if you can look into it, it sounds horrible to me. The president is saying he hit the right tone on that call. He is reprising a term he used for the Mueller Investigation to talk about democrats impeachment efforts. Its the single greatest witchhunt in american history, probably in history but in american history. Its a desgraceful thing, the way you had that built up, that call was going to be the call from hell. It turned out to be a nothing call. Reporter nancy pelosi says the lack of a quid pro quo does not miss the severity of the president s request. The fact is the president of the United States breached his constitutional responsibility, has asked a Foreign Government to help in his Political Campaign at the expense of our National Security, as well as undermining the integrity of our elections. That cannot stand. He will be held accountable. No one is above the law. Reporter according to a Senior Department of justice official the only criminal violation, im sorry, i will get to that in a second. The president one more full screen, also offers assistance of Rudy Giuliani. Because the president offered assistance of his personal attorney Rudy Giuliani and attorney general at one point, selling zelensky, i will have mr. Giuliani give you a call and i will have attorney general barr call, we will get to the bottom of it. Im sure you will figure it out. I heard the prosecutor was treated very badly and he was a very fair prosecutor. Good luck with everything. The president offering the assistance of the u. S. Government, the attorney general and his personal attorney. According to a Senior Department of justice official, neil, the crime that was looked into here by the department of justices Criminal Division dealt with Campaign Finance violations, potential Campaign Finance violations but the reason why doj, decided not to move forward because that quote could not be quantified as a thing of value, talking about the suggestion from the president to look into, to have a foreign leader look into his main political rival. Doj argues you cant quantify that value. Neil . Neil blake a couple of dumb questions on my part. Youre very patient with them. Do you know of anything that shows there were other phone calls or other transcripts that might be available where these kind of issues did come up . Reporter so, i will direct you to page 2, the top of this memo. Youre seeing President Trump and shinzo abe there. Neil right. President zelensky says, quote, im able to tell you the following, the first time you called me to congratulate me when i won my president ial election and second time you are now calling me when my party won the parliamentary election. I should run more often. That you should call me more often. This is the second conversation we know of between these two. There was one when zelensky had won his presidency, won his election months prior. So you would think at least democrats will try to make the case, well if he gave us transscript of this first one, lets see the stance transcript of the second one. Theyre asking the whistleblower complaint be brought full. Does knot appear the office of director of National Intelligence will make that happen at this point. Neil blake, thank you very much. The president is meeting at the United Nations with shinzo abe the leader of japan, putting together a trade deal, exclusive between those two countries. It looks like it has been cobbled together. Lets listen in. To approximately 7 billion in american Agricultural Products, japanese tariffs will now be significantly lower or eliminated entirely for u. S. Beef, pork, wheat, cheese, corn, wine and so much more. This is a huge victory for americas farmers, ranchers and growers and thats very important to me. [speaking in native tongue] neil now if you dont know japanese this is probably complete loss to you. Fortunately i dont either but theyre really sort of detailing is this agreement between the United States and japan have. It got a little nasty not too long ago where the japanese were looking, you know what youre doing to our chips . Well go after you. The whole agricultural thing overcows. It got pretty blunt. But they have obviously cobbled together something. The president indicating this is a good deal a little earlier. Might presage an earlier than expected deal with china. That is the big one everyone is waiting on here. The president seemed to think we could have a deal sooner rather than later. Lets listen in again. [speaking in native tongue] neil well continue monitoring this but fortunately everyone on my crew does know japanese and will provide subtitles here. Keep in mind we have signed a mexico trade deal with canada as well. That is looking dicey as the leaders of the canada, United States, mexico signed off on it 11 months ago. It is still yet to be passed in congress. Given the impeachment environment it might not. This could be waiting on deck like planes at laguardia by the same token, nothing else is getting done in this environment. Lets go back to this. [speaking in native tongue] the deal were announcing today will reduce our chronic trade deficit, built up, taken effect over many, many years of dealing with other governments and other administrations. And it will deepen our enduring national ties. That is a very important deal. Our teams will continue negotiations on remaining areas of interest to achieve a final comprehensive agreement. Were negotiating very, very big transactions with japan. Some of them i think, probably all of them in the nottoodistant future will happen. This is a big chunk but in the fairly near future well be having a lot more very comprehensive deals signed with japan. [speaking in native tongue] neil all right. Well continue monitoring this. Adam schiff is speaking right now. We wont take you to that. He of course is not satisfied with the release of the transcript of this conversation with the leader of ukraine the president had back in july. Still says these are Impeachable Offenses. Well monitor that. Lets get the read on this trade deal, if and when it can ever pass muster in congress where deals tend to back up, right now with the fixation of impeachment really back up. To moodys Vice President , lead u. S. Analyst william foster. William, what is the likelihood this gets passage this year . The u. S. Trade deal were talking about . Neil im talking about the japan deal, youre right the president signaled but i want to get into this one right now. Sure, we need to see more the contents of this trade deal. Were still looking for the usmca for quite some time. That is a very important one for north america. Japan will basically be in que queue along with that. U. S. , mexico canada deal is greater significance for the global economy. I think well have to wait some time for the japan deal to pass. Neil given the fact that usmca is tap here in congress, democrats want more guaranties with American Workers that has to be dealt first, then the japan deal, then if we get a china deal, that one. Even if we get a china deal, the president raised the markets hopes hinting we could have one sooner than later, what do you think of all of this . Where is it all going . Any trade deal concluded is going in the right direction. The fact that usmca at least there was an agreement in place. That needs to be ratified. Japan is moving the right direction. Obviously china is a way more complicated complex picture. Not just trade were talking about. Were talking about investment, technology, geopolitics. Its a much bigger picture. To the extent we can see some other deals with other countries move forward, maybe not to full conclusion but at least, at least notional passage, that is good. Neil william, the impeachment noise, i dont mean to minimize it, it is significant back and forges about talking only fourth time in history about removing a president from office, so i dont minimize that but is it going to be such a disruption that none of these deals ultimately get approved even if leaders of these countries come to basic broad agreements, even china . Our view is no. Fundamentally what we see with the impeachment proceedings this is really headline risk to the Financial Markets, including Financial Markets are not too concerned about it. We do not think it will materially impact the direction of Economic Policy in the u. S. Or the fundamentals of the u. S. Economy. Neil william, thank you very, very much. As were monitoring congressman, chairman schiff by the way we are getting some blurbs from nancy pelosi, the speaker of the house saying that the summary of the trump call with the ukrainian president confirms trumps behavior undermines the integrity of u. S. Elections, National Security. She says it is not part of trumps job to use taxpayer money to quote, shakedown other countries for the benefit of his campaign. Says that the summary seems to confirm the need for impeachment inquiry of President Trump, something that mr. Schiff is echoing as we speak. Former Deputy Assistant attorney general tom dupree on all of this. Youve had a chance to obviously look through the transcript. Were told that it is, most of the gist of the conversation not verbatim but youve seen, allowing for the possibility of other conversations between the two gentlemen, is there anything here that strikes you as impeachable, a high crime and or misdemeanor . What i was looking for, neil, was the existence after tangible quid pro quo, in other words a statement from the president that conditioned the provision of military aid on assistance with the biden investigation. I think a lot of democrats led us to believe that this transcript would have such smoking gun of this nature. It didnt have that. So i think the democrats are in a tough position right now, at least if all they have to go on is this call because their case for a quid pro quo has to look to circumstantial evidence, to the context which this conversation occurred. They have to look whether there were other conversations, some that preceded the call weve been looking at to try to establish this narrative that the president was conditioning military aid on help with investigating the bidens. Neil you know there is a point in these, in these back and forths with the leader of ukraine where the president says, you know, there is a lot of talk about bidens son. That biden stopped the prosecution. A lot of people want to find out. Whatever you can do with the attorney general, referring to bill barr who is going to call later would be great. Biden went around bragging he stopped prosecution if you can look into it, it sounds horrible to me. Does that very quote, comment sound horrible to you . Well, look my view of this conversation this is a conversation the president should not have been having. I think it was also a mistake for him to bring in Rudy Giuliani as go between. I think when the president did that, there is kind of a blending of his personal interests, giuliani is his personal lawyer, and his official duties. I would have hoped that people who were either on the call with the president or preparing him for this call would have warned hill to stay away from this area because again this is not something you can easily defend that the president was going into this territory with the president of ukraine. Neil i almost get a feeling from the president of ukraine he is sucking up to the president , wants to keep him happy, i guarranty as president of ukraine that all the investigations will be done openly and candidly, that i can assure you. You are very deferential to the person youre talking to, the leader of the free world, i get that, i understand the quid pro quo thing, is there anything here that bites back at the president and boldens democrats to say what other conversations did you have with this guy . What other things did you dangle or not dangle before this guy . There are a few things, neil. There are references in the transcript to other conversations and other meetings. We know the democrats have those in the crosshairs. Adam schiff and nancy pelosi will be pounding the table to get a hold of those. It is relevant from the president s perspective, ukrainian president wanted inperson meeting with President Trump. It would he will late his stature. He wanted to get to the white house neil use the president s plane rather than his own. Air force one is pretty impressive. I got a kick out of that. By the end of the call President Trump invites the ukraine want president to come to washington. There is clearly back and forth here. The ukrainian president wants to please President Trump. He wants to be accommodating. He promises investigations. He promises transparency. The democrats over couple weeks will try to dig into this, to figure out exactly what was promised, exactly what offers President Trump held out to the ukrainian president to elicit his cooperation. Neil thank you my friend, tom dupree, former assistant attorney general. Quick look at markets before we go to our next guest. They like the way things are sorting out, that there isnt really explosive comment here that would rise to level of high crime or misdemeanor that would impeach the president of the United States. That is their interpretation. They hear legal analysts on tv stations or news they the works, this is embarrassing for the president but not at risk of impeaching the president. That is their immediate interpretation. They could be wrong. They do bet money on it. That was relief rally that ensued after that. President saying a china deal could come sooner rather than later. The dow shot up 50 points on that. So the market sense of all of this the crosscurrents and better than expected housing news we got today, that was also unexpectedly good news where home sales shot up more than 7 in august. That was up 6. 4 so far this year. Again, stronger on both counts than expected. So the economy is good. The prospect of dragging the president through a constitutional crisis, maybe not so good, netnet inclined to buy on all of that. That can change on a dime and these guys invest a lot of dimes. Im passing that along. Joe biden meanwhile is on defense in this well situation, what he did or didnt do, how his son might have exacted some favors from that country. It has been exhaust heedly were told but a lot of people are not aware of the details. You bet the president will continue to pound those details. Some of mr. Bidens own rivals are no doubt going to do the same. Lets get the read with political analyst janna caldwell. Get a sense where he sees all this going and david brown, former Senior Advisor to senator patty murray. Gianno, what you have seen and heard of this transcript and the interpretation that it didnt look good for the president of the United States to appear to be strongarming the leader of another country to give him information on a potential rival but nothing impeachable. Im relying on lawyers and constitutional expert host have been saying that. There are others who say just the opposite there is plenty to go on here. Where is this all going . Honestly i dont feel it was strongarming of any kind. To me this is not a smoking gun. Certainly something which democrats will try to rest their case upon but we got to keep in mind democrats were calling for impeachment as of yesterday before there was any evidence of, not evidence of a call before they could see the transcript and before the whistleblower report was even seen. When i continue to hear this effort of impeachment we talked about what happened in the 2016 election, even in cases with the Mueller Report, people were saying, democrat were saying maybe there wasnt anything there he certainly did something. No way this guy could be president , all things he says and done there is no Impeachable Offenses. They are more so grasping for straws. 40 of americans dont want to see him impeached. But they dont believe in it. They will continue to build the case. Yesterday was the official start of the 2020 election. Neil a lot of times in these things, prior impeachment proceedings, the first effort to embarrass the president to point out conversations like this, that dont appear on the up and up, can kind of look as i said icky before, not necessarily Impeachable Offenses but certainly moral ones. That doesnt have you lose the presidency but it does have you lose some support, is that what this is all about you think for democrat . Neil, i think that is directed at me. Begin with nixon for a second. I think that is appropriate historical parallel here. That wasnt about embarrassing president nixon about the rule of law and criminal conduct that happened in watergate. Likewise the proper inquiry whether the president of United States weaponized u. S. Foreign policy to harm a political opponent, joe biden. How he political opponent . He has not won any primaries yet. Im not sure i understand . Meaning let me finish the point before you jump on in. He is running for president. You know that. I know that it is twoperson race at this point probably biden and warren. Were talking about Presumptive Democratic nominee. More pot point when this phone call occurred the u. S. Was with holding military aid to the ukraine. In the call summary, not transcript, not verbatim, not recorded, call summary the president talks about how the United States has been good to the ukraine, suggesting that reciprocity hasnt occurred. He leads the conversation to biden. I have, i think most reasonable americans have pretty serious questions whether this president not only violated every basic norm in american democracy, not use a foreign power to hurt a political opponent whether he broke the law. I want to hear from Rudy Giuliani. I want to hear from the attorney general. I want them under oath. Neil big difference between suggesting an being, having said that, gianno, david does raise an interesting point how things can start out. I remember 3 4 of the nation, watergate hearings started it was enormous waste of time, democratic pileon. Revelations came up through the hearings. I know the case is very different. We kind of know the broad parameters here but we dont know there is possibility of more coming or other conversations or transcripts of other remarks and or aid that was hanging in the balance. We dont know, but are you concerned, gianno, this reinforces a image that the president has that he is fast and loose on this sort of stuff. Well i think for the president , i mentioned, you mentioned it could be embarrassing to him. Doesnt seem like this president gets embarrassed. There have been number of things come about where potentially anybody would be embarrassed but he hasnt. Do i think this is consideration that should be investigated . Absolutely as american, if the president pressured any country for the benefit of him politically that is problematic action. But we also must recognize there have been other things weve seen democrats do. Three Democratic Senators wrote a letter to ukraine, i believe back in may, suggesting that they would withhold funding if they didnt investigate this or the third. With that being the case a lot of things happens within our country neil im sorry, gianno. I shut you down there i did not mean that. I want to thank you both. Part of that hinged on the administration it wanted some other countries germany to pony up dough. If they give aid to ukraine it shouldnt all come from the United States. There was argument that was held up for that reason. There is no way for knowing for sure. This japan leader where the two leaders of the two countries right now, it apparently will open up markets to the u. S. Of about 7 billion. The interest here is to halt the deficit that has grown mightily with japan. Well have more after this. When you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. The ncome on. Y glc. [ cars honking ] its so late. Yay. It fights traffic. No parking. I told you. Oh, a spot hold on. It fights tension. Seriously, did you take my phone . Passenger light on. It even fights. Fighting. Innovation that keeps people together. The 2020 glc. Lease the glc 300 suv for just 479 a month at your local mercedesbenz dealer. Right now china is way behind us and they will never catch up if we have smart leadership. They have lost trillions of dollars. They want to make a deal pretty badly t could happen. Neil it could happen sooner than expected. That was the president a little earlier today. Scoring a deal, japanese led to buy more Farm Products from the United States. The devil in the detail, like the devil is in the details with the china deal. Back and forth occurs on same day we got transcript of phone conversation back in july with the president of ukraine urging that the leader there kind of get to the bottom of any dirt they had, any available intelligence they had on joe biden and his son hunters relationship with a natural gas concern when the government and leader were toppleed. Stocks are moving upward on the belief here nothing will come of that. That could be premature. It sometimes is. Stocks were moving up ahead of the watergate impeachment hearings. We had the Opec Oil Embargo and all the rest, and katybarthedoor after this. We had the president talking about likelihood after china deal sooner rather than later. Gordon chang on all of this. Ford done, the president seems to be indicating here maybe we get a deal sooner rather than later. Others say maybe we wait the whole impeachment drama out . Where do you see them going . I see this a long and drawn out process, neil. With regard to everything, xi xinping, the chinese ruler owns the trade friction with the u. S. Inside of bejings political circles. If he makes significant compromises he is in political jeopardy. He needs pretty much a 100 win. President trump knows the ins and outs what is going on, we dont, but nonetheless from the outside i think this will be a very, very long process. I dont see a china deal well until next year if ever. Neil there is the japan deal scored today or at least broad outlines of one but awaiting approval of the usmca deal, the one the president scored with leaders ever canada and mexico yet to be ratified in congress. It looks like it could be a slow process. So what about all the trade back and forth and the fact that some of these deals, even when theyre scored, you will have to wait until theyre ultimately done . Yeah. But they really strengthen the hand of the United States because were creating a trading bloc that does not include china and japan is particularly important, neil, because japan is going to buy a lot of u. S. Agricultural products. China targeted the farm belt by not buying soy and other u. S. Products. They wanted to do that to hurt President Trump in the runup to the 2020 election. Japan relieved a lot of the pressure on the administration. This is really good news for the United States. Neil sorry my friend. Sorry we truncated particularly on the impeachment front. Were getting blushes from the house intelligence chairman adam schiff, this is far more damning that i certainly expected. Republicans say just the opposite. You know how it goes, republicans minimize this, democrats seizing on it. It is as much political as its a constitutional issue. Which wins out is anyones guess im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. Quadrupled their money by 2012 . And even now many experts predict the next gold rush is just beginning. So dont wait another day. Physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. [narrator] today, the u. S. Money reserve announces the Immediate Release of u. S. 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What do you make what he was saying, casting in reverse, you, United States, triggered a lot of this and not iran . The middle east has been a mess for thousands of years politically and strategically. It is a very important crossroads to the world. Of course it has a huge amount of oil so i think there are too many moving pieces to know exactly whose to blame and who is doing what. I would say the fact that americas increasing Energy Production in this country which is result of the shale and oil gas revolution, has been let loose by President Trumps deregulatory policies are helping to reduce the geopolitical power and the dangers from the middle east blowing up. Neil all right. I was referring by the way to iranian president hassan rouhani, not the supreme leader. I want to make that clear. Right. Neil what the president was indicating there, the president of iran, were always open to sort of dealing with the United States. Were always open to revisiting this deal, that kind of thing, but they have to go back to the deal. How likely do you think that is . I dont know. I dont know the psychology of the iranian leadership. I watched them for many years in sort of a amateurish way. They are very dedicated to their Islamic Revolution which of course is opposed to other islamic fact shuns for example in saudi arabia. So it is, you know, we learned i think with the obama deal with iran that you cant trust iran. If there is a deal it will have to be very wellpoliced and monitored to make sure theyre keeping it. So, you know, it is hard to say what this statement actually means. Neil given the fact that the markets, the oil markets have been rather tepid in their response to any of these overtures, whatever you want to call it, makes me wonder whether anything is really changing. Certainly markets are not putting money on it. What about you . I dont have money to put on anything, really. I work for a nonprofit group. Neil touche to you. The disruptions caused by the attack on the Saudi Oil Facility was major. It would have been a huge problem for the Global Oil Market 10 years ago. It isnt nearly as much today and thats because the United States is now the Worlds Largest oil producer. We could, the main problems with the United States now are, you know, the people who are trying to block pipeline construction. The premier of alberta, jason kenny, pointed out recently today or yesterday, that if we had completed the second keystone xl pipeline by now the u. S. Would be in much better shape to handle any geopolitical shocks in oil, i cant talk, oil disruptions. Neil weve absorbed all of that. Very good point on all. Myron, thank you very, very much. Here is one way to try to stop the controversy over vaping if youre one of the leading companies behind it, have your ceo step down. Heres the thing. The ceo stepped down but the pressure has not, after this. 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Fda testified before the house energy and commerce subcommittee today also saying how far he believes the fda would be willing to go in ecigarettes are determined to be unsafe . How far is the fda prepared to go to protect the health and well being of young people if it determines that these are unsafe . The fda is a science driven organization if the data supports more aggressive measures. How far . We could ban all flavors. Reporter law make remembers blaming different parties why people have been hospitalized because of lung illness. Nine people have died because of vaping related complication. One is the vaping giant juul that represents 70 of the market share for vaping. Members of the House Oversight committee called juuls testimony before congress in july deceiving. Were learning their ceo, kevin burns is stepping down. Not only that, two major tobacco giants, altria, Philip Morris international are ending merger talks with juul. We heard a lot of criticism towards the fda not doing enough to regulate this. If hundreds of people were getting sick or several people dying from romaine, our grocery shelves would be empty, why is not the same standard applied to vaping . A lot of questions from the cdc what is causing illnesses. They didnt have a lot of answers. They didnt know what brands, what product, what flavor what chemical is causing people to sick and some people to die. Neil. Neil quick look at corner of wall and broad before we go to break. Were seeing a through the prism how the market sees things. You could argue depending on your political disposition whether this is warranted. They say there is no smoking gun but you clearly see in the phone call that the president is asking their president to investigate a potential rival. That is a trying to use a foreign power to influence an election. That is nono. No promise of aid, stymied delayed or denied, there is nothing to go on here. That is jump ball for democrats. Its a very clear constitutional offense. Vanya shivashankar said it is as much. Worse than he thought. For republicans minus mitt romney. It is no big deal so far. The fact that the president seems to indicate a deal with china could be in the offing sooner rather than expected could see more buying than selling. I stress for now. Were see everything through the prism of people betting money on it that we thought would be a good prism to use for a business network. More after this. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Im working to make each day a little sweeter. Adp simplifies hr, benefits, and payroll for magnolia bakery, so employees like sarah can achieve what theyre working for. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Neil weve been monitoring the president of the United States and his counterpart japanese Prime Minister shinzo abe. Theyre talking of a new trade deal. Well be monitoring. This was expected to come together, not quite so soon for the United Nations busy week, pleasantries all of that, what it does call for at least on the part of the japanese their commitment to buy more of our goods, particularly agricultural goods, tune of 7 or 8 billion. Hard to quantify. I dont know the stipulations built into the deal to make sure they do just that, because theyre the same stipulations that the we want the chinese honor if we get a dale with them which the president said could come sooner rather than later. Look at this, a guy still with a job. Trump or me . Neil no, it is you. Is that a couple days, good luck, charlie. How are you . Im style here. Feel very strong. Neil you are that. Lifted weights today. Neil did you really . Excellent. Does curling sub sandwiches count. No. But pumpkin spiced lattes do. You have to balance them. That is what you should do or they spill. Build up your balance, strength at the same time. Neil little bit of at a time. A little caffeine. Neil there you go. What are you following. The markets are obviously up on the whole news about impeachment. Neil do you buy the kneejerk reaction . Because i saw a lot in this thing . It looks a little sleazy, right . I will say this markets are always wrong, are not perfect ever, particularly in the short term. And neil the kneejerk reactions isnt the final reaction. Right. Its a work in progress. You have to take it over a period of time. Theyre often wrong. They may be wrong about this. This may be a serious thing. Neil right. They may be wrong about tech. That is the interesting thing. Like tech, if you look at the stocks, particularly of google and facebook, wall street is saying a lot of noise in washington about this, no big deal. You talk to neil should step back. Government efforts to rein these guys in. Rein these guys in, break them up, maybe fine them, maybe cost tens of billions of dollars to investor losses. Ive been talking to wall street nice very close, manage major portfolios, talk to people in the washington. They talk to the doj, ftc, trump doj and ftc both investigating. They talk to David Cicillines office. He they are actually doing investigations into tech. This is bigger existential threat that the markets are telling me. The markets are not pricing in the fact that google and facebook in a bipartisan way have major targets on their back because there is a major bipartisan consensus that theyre too big, thus there is an antitrust issue not allowing new entrance in. There is a National Security concern with them. They avoid taxes. Privacy obviously is a huge issue. Neil right. Particularly those two. Now, republicans and democrats at this moment still disagree over the ultimate penalty. Democrats consensus driven is like break them up. Republicans are not quite on the breakup part yet. Google will be broken up from youtube. Sell youtube off. Things of that nature. Clearly something is going to happen. The word im getting from people deep diving this. S that the markets are underappreciating how much is at risk on these companies. Neil when you say at risk, the biggest i can remember is breakup of at t. Yeah. Neil if you were an investor in at t you made out fine you got baby bells a chunk of everything. That is the most extreme case. This is little different. Neil a lot different. If you broke up jpmorgan jpmorgan, like Elizabeth Warren saying break up the banks, the sum of its parts are worth more than the whole on these banks. A lot of conglomerates. Neil what about technologies . I dont know if that carries over. Technologies are free. We search google for free but they gather neil that is why i search you, what has charlie said. I wont get into that but, if youre google and you own youtube and, whats the other one . Whatsapp and other different things. Neil or facebook. Facebook youre compiling neil that is a clean break you can make. Not only that but youre compiling data, the sum of its parts, the whole is worth more than the sum of its parts. That is what a lot of people think. If you force the breakup of these things, at least the theory im hearing that will cause investor losses. If you force the companies not share information or force them to do certain things because of anticompetitive concerns. Neil how are the issues held up, charlie . This is bipartisan for different reasons. They dont see it happening or what . Two things. The companies themselves, facebook and google have been very good at Investor Relations telling major investors dont worry, well pay this off. Neil really . Even apple. Apple has done a different job. What apple is doing telling people were different from them. We have a closed system. We take data, share, do our thing but neil now they will make a lot of mack pros in texas. Apple is running around telling people were different than these guys. Neil if i could switch gears if you dont mind. Youre a student ever market history. People say this will be watergate. Right. Neil impeachment stuff. I distinctly remember the summer of 73 when the watergate hearings started, most people thought it was political sham, a democratic hit job. We had the oil embargo, things turned south. A bad environment for Richard Nixon. Inflation. Neil a very different environment for bill clinton. Im not saying if it gets to that stage but i think the economic and market environment can have a big, big influence on the course of hearings . It usually does, right . It has throughout history. Neil the fear of the markets have, that is why they reacted this way. Not making a political statement. They like keeping what they got. Yesterday people around here were talking about the political implications, how this was impacting the market. I went to start speaking to traders and investors. They were downplaying the impact on the market. I sent around a note. The senate is going to stop, is going to stop, he will not get convicted by the senate if this went to impeachment. Democrats have been engaging in weird stuff like this for years. Neil so they dont have any view im not hearing hearing that. Im hearing that, listen, think about it this way, and here is something, people should think about what this does to trump politically. Say he does get impeached. And in the impeachment hearing well have a discussion about joe biden calling up the ukrainian, my son was involved. Neil so it is too early, real quick. There is another way of thinking about this, actually trump has done good by canceling out biden. He may not win. He will face Elizabeth Warren who he can probably beat. Neil way too early to say. Way too early. Neil again, what you see is for now what you, markets are up about 152 points, the good news gaspo still has a job. More after this. When you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Neil the president at the United Nations. Lets listen in. The democrats are all fighting with themselves. Well see. If it happens, it happens. Otherwise when we take over the house next year, well do it our way and well make it even better. Bob lighthizer, do you have a comment on that . Usmca . I think it will come up for a vote. 1. 4 trillion worth of trade and literally one of the biggest trade deals ever made. Fantastic deal for our country. You know, its possible they wont vote. I know these people much better than you do. Go ahead. How tall is the man next to you . How tall are you . 66, sir. I wont ask you the weight but youre in good shape. You look like an exfootball superstar. Keep it up. You eat a lot of beef, i assume, right . You know, you can use him in an ad. Go ahead. Reporter u. S. Has dealt with japan for 70 years now. [ inaudible ] so this is a tremendous trade deal. Yeah, this is a great deal. Its a great deal. They wont report it. You wont see any articles but at least we know. But locally, you are going to get great. Locally the price you know, people dont understand this. But locally, if the press treats us very well, nationwide, just ridiculous. Theyre fake. But we have gotten so when you go back to your local states, you are going to get tremendous press on this because this is what they wanted. They have wanted this really for a long time. I think kansas is doing pretty well. Do you like this man . Hows he doing . They love him in kansas . Next to you, sir, hes the most popular man in kansas. I like him. I like him. Anyway, anybody else have anything to say . Please. Never spent any days in new york but this is the greatest day ive ever spent. Thank you to Prime Minister abe for this agreement. It gives so much opportunity to pork producers across this country. Thank you for working hard every day. How are you doing with china . Because theyre coming in big. Tell me. How is pork doing with china . Its just starting to turn around. Are you seeing the big movement now . Its starting to move. Yeah. Theyre going to need a lot. Theyre going to need a lot. Theyve got some issues over there. Were standing ready to help them out. So they are starting to come in and you can see that happening very big. How will that compare to japan . In terms of ultimately where do you see china versus japan in terms of buys . Pork . Japan has always been our largest market, its hard to say, mr. President. But i think [ inaudible ] they are going to china is going to buy more pork than theyve ever bought by far. I mean, they told me the numbers are going to be incredible and theyre coming to you. They want to make a deal. Theyre trying to be nice. I was nice to them. They had, as you know, their 70th anniversary and it was very important to them. Did you know the 70th, and it was october 1st. Thats when the tariffs get lifted. And they called and they said could you possibly make it another day and we delayed it two weeks. So we did them a favor. But theyre doing us a favor. But theyre buying a lot of Agricultural Products and in particular, where you are. Okay . Thank you. That was a very nice statement. Anybody else . You guys all right . Yes, please. Fourth generation farmer, somerset county, new jersey. Lot of folks here represent big ag. Im small ag. I have a small farm. Been there for 300 years. If all this comes, its going to help me and a lot of Small Farmers all across this country so we have to get the first one done. Thank you to japan and thanks to usmca. Big ag is good, small ag is good, too. We did a big deal with south korea. Its a great trade deal. Its already done. Its had a very very positive impact. Its been very positive for us. That was a great deal we got done relatively quickly but nobody talks about that one, you know. By normal standards, a big deal. But japan is going to be very special and this is my special friend. Thank you. Thank you all very much. Thank you for being here. Thank you very much, everybody. [ applause ] thank you very much. Thank you. Thank you very much. Neil i never know for sure. But the president is working out this deal with japan in which the japanese agreed to buy 7 billion more in u. S. Agricultural products. They will include beef, pork, wheat and cheese. Thats all you need right there. You got that, youve hit a home run. Throw in the wine and this is a party, folks. Again, the reason why i mentioned this deal, its on top of the usmca deal, the one we scored with the mexicans and canadians, the leaders of those countries signing off on that almost a year ago. The president expecting some skepticism here that its not going to just rush through the house and now given all this impeachment talk, he didnt say that but he certainly implied that, everything is sort of frozen in place. He did express optimism that a china deal could be scored but a lot depends on the events on capitol hill. A quick read on that with our senior capitol hill producer, chad pergram. Reporter i just came from a press conference with adam schiff, chair of the Senate Intelligence committee. They went through this document, the notes of the telephone call with the ukrainian leader. Schiff said this is how a mafia boss sounds. I have a favor to ask you. House speaker nancy pelosi, she addressed the notes in a Democratic Caucus this morning. Listen. I hadnt seen it. Ive just come from our own meeting. But the transcript is the fact is that the president of the United States, in breach of his constitutional responsibility, has asked a Foreign Government to help him in his Political Campaign at the expense of our National Security, as well as undermining the integrity of our elections. Reporter after pelosi had time to go through that transcript, she said quote, either the president does not know the weight of his words or does not care about ethics or constitutional responsibilities. The big question on capitol hill is how does this affect the legislative agenda. I asked the chairman of the house Democratic Caucus that very question as impeachment starts to creep into all these other key legislative issues. Actually, historic record shows that president nixon continued to work with a democraticled house and senate on an agenda on behalf of the American People simultaneous to the watergate proceedings, and president clinton continued to work with the republicancontrolled house and senate in 1998 on behalf of the American People. The same thing should happen this time around. Reporter democrats had a caucus meeting this morning not about impeachment but about the usmca. Nancy pelosi, speaker of the house, deputized eight democrats to work with the administration on the usmca and jeffries says they want to get to yes but still have to work out things on enforcement and also on pharmaceuticals, and on a completely unrelated note, we have some breaking news here in the capitol that just came in the past couple minutes here. The senate has voted 5141 to overturn President Trumps declaration of a National Emergency for the border. Thats major. Under the statute, you can vote every six months on that. They voted in march and werent able to do it. What this means is it would block diversion of funds for the wall. You know how the president has been going around congress, bypassing congress to do just that . Well, this vote would put a stop to that, neil. Neil obviously given that margin, republicans voted for doing so themselves, right . Reporter absolutely. I need to get the vote breakdown. This just emerged since we have been on air here but thats the key. Theres a lot of republicans in swing states, you know, who started to feel the heat. There were some republicans who were jumping ship anyway on some of these other resolutions, saudi arabia, khashoggi, et cetera, so this is the first time we have had a vote like that go against the president , and thats why its significant. Neil i think the significance as well, im glad you outlined that, is it wasnt a political statement against the president as much as this is what congress does, not what you do, specifically on this, this is what the senate does, not what the president does, you cant reappropriate funds without our okay, right . Reporter right. This is where democrats and republicans saw this through the same lane. The constitution is pretty clear the way it lays out the authority to spend the money. It puts it in the purview of the congress to appropriate money. It gives the president a little bit of wiggle room there, but they thought this was a bridge too far. The fact that the president was doing that repeatedly, you know, you have democrats and republicans and they guard their prerogatives of the purse very closely. Neil thank you very, very much, my friend. Chad following these latest developments on the hill. Were also following this impeachment back and forth and we got the transcript of that infamous phone call. I say infamous, there might be other calls here but at the heart of it is a president of the United States going to a foreign country to say investigate the former Vice President of the United States, because i believe that what he and his son hunter biden were up to at the time warrant investigation. Now, a lot of people say that in and of itself isnt enough to create a constitutional crisis or rise to the height of, you know, high crimes and misdemeanor. Others say it most certainly is. Republicans are saying unless you have a quid pro quo or that aid or something was held in abeyance or delayed or denied and ultimately it did go through, means this is much ado about nothing. All in the eyes of the beholder. I say in the eyes of the markets, it seemed to be a passing crisis and not one that will really fester into much. The markets are hardly a good barometer of these sort of things. The kneejerk reaction is that there was no smoking gun here at least in the eyes of the markets. They tend to focus on the things you do and interpret from that they had nothing to worry about. They are often wrong. They minimize the severity of the watergate crisis. They overreacted at the time to the clinton crisis. So they are snapshots in time and like a snapshot, once snapped, its shot, that image is gone. Thats the kneejerk impression and why the dow is up about 150 points. That and the fact the president seems to be intimating a deal could be in store for china sooner than we thought. Hard to say. This much, i can say. We have the real experts here to sort it out including james freeman, Danielle Shea and National Review contributing editor, deroy murdoch. Deroy, i will begin with you. The vibes im getting from the markets, one day does not a trend make, we think the president survives this, it looks unseemly, you know, trying to cajole a foreign leader to do your bidding, but no constitutional crisis. What do you think . It looks that way to me. 24 hours ago, you hear this is going to be an indication of the total corruption and graft of President Trump. Adam schiff says today this is how a mafia boss sounds. I read the transcript. It looked like a very friendly conversation. President trump and president zelensky of ukraine were laughing and kind of joking with each other. They talked about corruption in general and trying to clean up corruption overall and as part of that said please cooperate with us as we look at the genesis of the russiagate probe and also by the way if you find out anything related to biden we want to investigate that, too. Neil that does have at least an icky feeling to it. If in fact joe biden engaged in obstruction of justice by telling the predecessor president of ukraine you are not going to get your billion dollar Loan Guarantee unless you fire the prosecutor who is going after my son, youve got six hours to make a decision, that sounds much more like neil i think whats at issue is the present occupant of the oval office. They said what prompts this discussion is this comment from the backandforth he had with the leader of ukraine. Theres a lot of talk about bidens son, hunter biden, of course, who sits on the board of this natural gas concern, that biden stopped the prosecution, a lot of people want to find out about that, to deroys point. Whatever you can do with the attorney general, referring to bill barr, would be great. Biden went around bragging, this is the president still talking about joe biden, that he stopped the prosecution so if you can look into it, it sounds horrible to me. Thats where the mafioso comment comes in. Its definitely a very sticky situation. On one hand, i can understand where President Trump is coming from because you always have the democrats coming after him and trying to uncover the different types of things that hes doing. So on one hand it makes a little bit of sense, if he thinks theres something going wrong here, from the person who its involving which is ukraine, look at it. For me, i know that its really sticky but it makes a little bit of sense. Neil what do you think . I think trump looks a lot better after you read that transcript than before when we could only go on peoples descriptions of what happened. Neil threatened or withheld aid . Theres not only no threat in there, what really comes through when you read the whole thing, this isnt trump pressuring the ukrainian guy. They are in total agreement that this is a weird thing that ought to be looked at. The ukrainian president says im trying to drain the swamp here just like you did there, and talking about how its kind of a new day in ukraine. Neil he doesnt exactly look like pope francis, either, where he says i would love to meet you, maybe travel on your plane, whatever. Its a little weird. I mean, thats a different question. Neil i agree. But the point where i think its really significant, just to kind of push back against this narrative that this is trump kind of strongarming this guy is its the ukrainian president who brings up Rudy Giuliani. He says neil no, no, im not trying to take sides. But the issue of whether theres there there, deroy, do you worry about whether the timing, after all that, to talk to a leader of a foreign power essentially about inserting himself into potentially another u. S. Election, that lets say its not, you know, Impeachable Offense, it is offensive, right . Where does it go . You have to have proof that nothing else untoward happened here and there might be other phone calls where this issue of aid was brought up. At least this one, the one in question, it does not. What do you think . Yeah. I went through this looking for the pressure, the strongarm tactics, you know, any sort of extortive behavior. Nothing like that. It was a very friendly call. One thing thats unfortunate, you hear comments from zelensky about his discussions with Angela Merkel of germany and macron of france. Thats not good to have that get out there. We have this which would normally be classified and secret now out there because the democrats have brought us to this point. That weakens our National Security and diplomacy. Neil we were talking about the market reaction. Im seeing things through that prism alone for the time being. Their interpretation was pretty much deroys and mr. Freemans here, that nothing will come of this. Now, thats assuming there arent other phone calls, other transcripts to come, there arent other conversations that maybe this issue did come up. Theres no way to know. I believe adam schiff was raising that possibility in comments today, also wants the whistleblowers report and the whistleblower himself to come forward and talk about it so where do you see this going . The market for the time being doesnt see it going anywhere. As of right now, we have the s p up about seven points. Were not experiencing any type of disaster today, especially after yesterday. Yesterday, we experienced that kneejerk reaction, the s p traded lower about 1 . The stock market does not like bad news, especially an impeachment of the president. However, what i saw last night personally, President Trump spent quite a lot of time on twitter last night defending himself and has this way where hes now able to communicate with the American People and is able to, you know, talk about what is coming out about him, so the markets not sitting here waiting wondering whats going to happen. We have the transcripts now. So as of right now, the market is stable but it doesnt mean that something in the future cant come out that will make it worse. Neil one of the things i do, i know you do as well, james, i like to watch all the news channels, and a couple, its all horrible for the president. There are others, you know, where the president is father omalley so i usually look at this and say its probably in between. You hear some things that are offensive that i raised with deroy but there are other things where all right, you need a little more than this to go on. I like the convenience of seeing it through the prism of the markets because they abhor uncertainty and especially the uncertainty of a president who has led a market and economy they like. They might not flip over him but they like whats been done under his leadership. That was the environment for bill clinton, if you think about it. It was the backdrop. I like to think it saved his bacon here. I like to think just the opposite undid Richard Nixon who probably would have been brought down regardless. But hyperflation, stagflation as it later became known, didnt help nixon. I think the market is not perfect every day. I think its efficient over the long term. Day to day, maybe not so much. I think it does provide a nice check on political rhetoric because it has people putting their money on the line versus costfree opinions. Neil they can just as easily take their money offline. They can. They can. I think thats what this is part of the story of the trump presidency, is a lot of noise out of washington that we have a fundamental threat to our republic and the rule of law. Investors do not like investing in countries without rule of law. Its not good for growth, its not good for property rights. They shun them. So its essentially been the opposite in this era. Now, its basically trade thats been driving it, and interest rates, more than people thinking wow, trumps really screwing up the american experiment. I think in that way, it is a helpful barometer. Its not the beall, endall. It cant obviously predict the future. But its the best guess to say a lot of what youre hearing in washington is noise. Neil if the markets impression thus far is theres no there, there or theres nothing here that can stick, im not a lawyer, but i have watched enough law shows like law order for example. I dont see anything so far, you know, to dislodge markets. What do you think . No, i dont see anything thus far to dislodge markets either. I mean, President Trump has a really strong record with the economy, a really strong record with the stock market. Neil you think people come to expect this . Deroy kind of touched on it, i dont want to put words in his mouth, this is not a shocker . No, its not a shocker at all. Ever since even before President Trump was elected, there have been multiple instances trying to kind of bring him down, per se. Neil none of them have worked. We hear every week or two, we have a new scandal and everyone freaks out, then it calms back down. I think you may actually have some legislative gridlock in d. C. , the democrats arent going to be in much of a mood to pass anything helpful which is the bad news. The good news is gridlock can be a good thing. I dont think very much bad things will get passed. If we continue to have a 21 Corporate Tax rate and deregulation and so on, i think the market fundamentals will continue, the economy will keep growing and that may overshadow the clouds that may be lingering overhead. A big thing to watch for is if trump gets hurt politically and biden gets hurt politically, so you end up looking at a bigger probability of an Elizabeth Warren presidency where you are talking about outlawing entire industries, really fundamental changes in the role of government, i think that is [ speaking simultaneously ] neil a lot more on that. By the way, because some of these plans are doozies and they will raise a lot of money but they will also chase away a lot of money. After this. [upbeat action music] pilot were going to be on the tarmac for another 45 minutes or so. That could allow hackers devices into your home. Ys and like all doors, theyre safer when locked. Thats why you need xfinity xfi. 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Ends saturday [ shouting ] move out of the way reporter senator, could you respond to that briefly . Im trying to get out. Neil Grady Trimble with us now in detroit. Are you okay . It looked like they were kind of manhandling you there. Reporter im good. I fell out of frame there but i never hit the ground or anything like that. Neil good. Good. Reporter it was a chaotic scene while the senator was here this afternoon. You sea the crowd has thinned out incredibly since then. It was by far the largest crowd and the rowdiest crowd we have seen since this strike started a week and a half ago. The senator came across the street, thats when that little incident happened. He hopped up on a flatbed truck and talked to the Union Workers, calling for what he calls justice for the workers. The question i wanted to ask him was about his Single Payer Health care plan. Obviously under sanders, Union Workers who like their companysponsored plans, they would have to give it up. I was persistent after that little incident happened before, i asked the question again and it was the only question he answered to the media. In the United States, we spend twice as much per capita on health care as do the people of any other nation, and despite all of that spending, you got 87 Million People who are uninsured and underinsured, you got 5,000 people 500,000 people a year who go bankrupt and 30,000 people die and we pay by far the highest prices in the world for prescription drugs. So while so many people, uninsured or underinsured, it turns out the Health Care Industry last year made 100 billion in profit. A function of health care is to provide quality care to all people, not huge profits. Reporter a lot of people reporter so you can see he never really directly answered my question about these workers who might like their plan, but the campaign did announce a plan under that single payer system in which Union Workers would be able to bargain for things like wage increases and other benefits. Obviously we would have to see how that would be implemented, if the senator is elected. Neil thank you, my friend. Meanwhile, the detroit news Editorial Page Editor with us now, writing the uaw was exploiting workers, not gm in this case. Nolan, good to have you. Why do you say that . Well, because this strike is all about providing some cover for a corrupt uaw leadership. Weve had the ranks of the uaw leadership decimated by a federal corruption scandal, ten indicted, nine have already pleaded guilty. The only way they were going to get a contract ratified was to take these people out of strike and try to regain their credibility. Now the question is how do you get them back in. Neil so how long do you think this drags on . The workers are saying their benefits are not that great, the company that wants them to shoulder more of those, the cost of those benefits, where is this going and how long is it going . Well, bernie is out there today and bernie is trying to sell a National Health care program. At the detroit news we did a recent poll. Michigan wants nothing to do with National Health care, primarily because so many workers like these uaw workers enjoy very good companyprovided health care. The people who build cadillacs also enjoy cadillac Quality Health care. They pay just 3 of the cost of their Health Coverage compared to 30 national average. Neil sorry im jumping on you there. Even if they were forced to pay more, they figure its still better than what Bernie Sanders is proposing . Gm is not asking them to pay more. Gm is not touching their health care. 7 billion offer on the table that would not touch the health care, not touch Retirement Benefits and over the course of the four years, they would get 20 of their base pay in extra cash. It is an awfully good offer. And it just begs the question, what will it take then to get a settlement . I think its going to take them staying out long enough for these workers to get tired of losing money. Neil i guess i mistakenly heard it was for future workers, new workers who come on, that would have not a tiered or grandfathered in sort of health plan where they would pay a little bit more, or benefits that would be more like 401 k s that are traditional in corporate america. But whats the biggest sticking issue as you see it right now for the workers against the company . Thats hard to tell. You ask these folks why theyre on strike and they will talk about temporary workers being in the plant. I know they have asked for Profit Sharing for retired workers. Its not like a typical strike, where they can see we need higher pay or we are fighting for our health care benefits. This was a strike, i think, triggered by the fact that you have Union Membership mad at their corrupt leaders, angry with the company and so they are going to stay on strike until their financial interests overcome that anger. Neil nolan finley, phenomenal writer, whether you disagree or agree with his premise, puts things in very stark, simple form. I appreciate that. By the way, we are learning the guy who has more political lives than most cats has survived again. Prime minister Benjamin Netanyahu, were told, has been chosen to form a new government. Israels president rivlin said he chose mr. Netanyahu, the conservative leader of the likud party, because he has a better chance of forming such a party. He is about ten seats short but the president deeming the Prime Minister has the better shot at forming such a government. For Benjamin Netanyahu who was on the ropes looking like he wouldnt survive this near death blow from last week, an election too close to call, hes been called again to try again. More after this. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. Where the nations Biggest Party store can staff up quickly as soon as its time for fun. This is the world of adp. Hr, talent, time, benefits and payroll. Designed for people. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief it also has the highest growth in manufacturing jobs in the us. Its a competition for the talent. Employees need more than just a paycheck. You definitely want to take advantage of all the benefits you can get. 2 3 of employees said that the workplace is an important source for personal savings and protection solutions. The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. Trust is something that mr. Trump took away from this framework. Mr. Trump exited without a valid justification and illegally from an International Agreement so if the United States of americas government is willing to talk, it must create the needed conditions. Neil thats iranian president rouhani with Chris Wallace sounding defiant, saying iran is ready to accept changes to the nuclear deal but only if the u. S. Were to lift sanctions. That doesnt appear likely for the time being. Rebekah grant, where is this going . Well, germanys Angela Merkel has told us that all the sanctions are not going to be dropped. That said, the big change this week is britain and france and germany agreeing with the u. S. That iran will have to talk and talk about much stricter elements to a new iran deal, including better renaligional stability, no nukes and better control on their Ballistic Missile proliferation. Im wondering that better i think you said regional cooperation, does this mean they need to stop funding terrorism . Oh, it means a long list of things. They need to stop harassing our forces, they need to stop funding terrorism but the key this summer, james, is they need to have that stability through the strait of hormuz. Weve got operation sentinel running to monitor that but iran really has to back off. Theyve had a pretty bad summer with all their escalation and we do need better regional stability. Ultimately that means some solution in yemen as well. This is deroy. One of the Amazing Things the me about the iran nuke deal is it does not allow any inspection of Iranian Military facilities. Why would you happen to look for weapons in military facilities. Do you think they will ever allow that in a new deal . Oh, thats the key thing, because theres such suspicion that iran has multiple sites and look, theres just no reason for iran not to let iaea inspectors come in and inspect everything. If theyre a peaceful as they claim they are, we know theyre not, they will let the inspectors in. I think they will have to agree to more stringent inspections before we get all the sanctions off iran in the long run. Neil im looking at all this saying wall street is panicked about any of this, it has a funny way of showing it, right . Exactly. We arent seeing panic in wall street. In fact, what im seeing, im seeing a Defense Sector that has been slowly gaining strength throughout 2019. We have stocks like Lockheed Martin that are right up there near their highs as well as etfs that are continuing to be strong. Neil do you get a sense that the iranians feel they maybe stepped a bridge too far here, that the attack on the saudi facility, while successful, that drones could pull it off while everyone was expecting storming by soldiers of the gates of the kingdom, that they didnt anticipate this followup . What do you think . I think they didnt anticipate the restraint on the part of the the u. S. And the fact that that horrible despotic aramco strike would make britain, france and germany finally move to the u. S. Position. I think they really overplayed. Plus its a terrible strike. It was so precise, so accurate, and you look at that and you say they must never, ever, ever have Nuclear Weapons because its too risky. They would actually use them. Neil they probably would. Thats what concerns a lot of people. Thank you very much, rebecca. One speaker in trouble, one speaker remembering another who was in the exact same trouble. Does nancy pelosi risk becoming the next Newt Gingrich . [ orchestral music playing ] mom youve got to get yourself a new car. I wish i could save faster. Youre making good choices. Youll get there. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. We can help you plan for that. Start today at principal. Com. Neil all right. Well, kevin burns is stepping down as the Company Announced its suspending all advertising, you know the deal, what the company is dealing with and reacting to. Gerri willis with the details. Whats happening . Gerri thats right. The ceo of juul labs, the nations biggest maker of ecigs, stepping down as you say after the fda said it intends to ban flavored vape products. Juuls ceo kevin burns will be replaced by someone from altria, who owns a stake in juul. The company pulling all advertising, saying they will not lobby against that federal ban. Nationally, about eight million adults, five million kids are estimated to vape. These numbers from the federal government. Meanwhile, with juul sidelined, altria, Philip Morris international announced they would end talks for a potential merg merger. Merger talks were spurred by juuls threat to their traditional cigarette business. Philip morris shares up 4. 6 . Altria, down 2. 46 . Sorry, i misspoke. Philip morris is up 6. 44 . Elsewhere in the market, nike is up pretty handily, about 4. 3 , leading the index and adding around 30 points to the dows rally. Nikes stock soared to an alltime high after reporting a blowout quarter last night. The ceo telling investors sales were driven by new products and that revenue in china spiked a handy 22 . At least in the first quarter. Not getting impacted by the tariffs. Back to you. Neil thank you very, very much. Much ado about the transcript of that phone call between our president and the president of ukraine. Lot of people stepping back, saying the one it could potentially damage is joe biden. There is a method and pattern and logic to that. I am barely grasping it but i understand its out there. After this. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Neil can you overplay your hand . Nancy pelosi might be channeling Newt Gingrich to get a sense of that right now, that there is this sense the democrats are so craving to throw donald trump out of office just as republicans were bill clinton when he was speaker of the house that they regretted what they wished for because it came back to bite them. The read from this, from philip wingman, realclear Politics White House reporter. What do you think of that fear and thats why nancy pelosi plays it so tight to the vest . We know nancy pelosi for some time has been trying to hold back her own caucus, who was chomping at the bit for impeachment since they took over the house of representatives, but what is interesting right now is ive got a lot of democrating staffers rushing for their federalist papers and also commentaries on the constitution because they have to figure out what an Impeachable Offense actually is here. So thats an open question. But what is not an open question and what nancy pelosi does know is what representative sensenbrenner told me earlier in the year, that this impeachment process, he managed clintons impeachment, these impeachment processes are allconsuming. So this is a news cycle thats going to continue for several, several months, up to the election next november. Neil you know, its always what is a high crime and misdemeanor. Some people say just talking to a Prime Minister of another country about getting dirt on a potential opponent, it is unseemly but is not enough to rise to that level. I dont know if thats the case. But that it could be if theres proof that we either dangled aid to the country, canceled or delayed it at a minimum, then it becomes an issue. If that doesnt appear to be the case, still early, there might be other phone calls, other transcripts, other examples, is this going nowhere . What do you think . So with the Mueller Investigation, there were a lot of complicated chapters and story lines to follow. It was very difficult to present to the American People after it dragged on for so long and there wasnt a big bombshell in the Mueller Report that you could hang your hat on if you are a democrat. With this ukraine issue, though, with the phone call between the president of the United States and the president of ukraine, it was much easier to package and to your point, there might be more transcripts, we dont know. What we have seen right now is that there was no explicit quid pro quo. Obviously there was questions about aid the u. S. Was going to give to ukraine, there were questions about biden, there were questions about, you know, what was coming out of ukraine in 2016, but it doesnt seem to be so neatly packaged that it can substitute for the Mueller Investigation. Neil you know, james freeman, what struck me in this is so many people listen in on these calls. Like if i were to call you and i had an army of people around me and im fully cognizant of the fact i have an army of people listening in as i talk to you, i think i would be a little cautious, right, in what i say, or not . Yeah. And i think that theres nothing on here where as far as i can read it, where you say oh, thats something he wouldnt have wanted out there. I think even if people, even though its not in the phone call, if people think this was actually some kind of subtle pressure, the United States all the time pressures Foreign Governments to clean up corruption in response for some kind of u. S. Help. So i think ultimately, even if they do, democrats manage to have some case to say no, even though it wasnt on the call, it really was tied, its all going to hinge on whether you think the underlying issue of the biden conduct was corrupt. Because if you think it was corrupt, then its [ speaking simultaneously ] neil you know, what i remember just in history is when we had the cuban missile crisis, one of the secret parts of that deal was john kennedy removing our missiles from turkey to keep the soviet union satisfied. That didnt get out until years later. But this sort of thing happens all the time. Now, thats different. Im not minimizing this. Im just saying that where is the stuff that could rise to a high crime and misdemeanor that would land the president in really hot water . I dont see it here. Maybe elsewhere but i dont see it here. I think he made a very good point about how simple this is, can the American People follow this or not. Watergate was basically covering up a breakin at the Democrat National committee. The clinton impeachment was about lying under oath about sex with a white house intern. If you start describing this thing, the president made a call with the foreign with the president of ukraine about possibly looking into what the Vice President did, regarding you know, its several paragraphs to explain this. I dont think its a typical cut and dried thing that will get the American People to rise up and say oh, my god, we have to throw this man out of the white house. Even if they do Pay Attention to the details, i think bidens conduct is the one you really end up questioning. Why was his unqualified son getting 50 grand a month from this company that the ukrainian prosecutor was investigating . Neil yeah. Thats the one thing, but a lot of people have said that, and i dont know enough about this so i dont want to pretend to be an expert, that at the time it was fully investigated or so joe biden says, and they were trying to look for a quid pro quo in that case, never found one, but the government collapsed, the prosecutor was gone so it was really nothing to dig into there. Thats their take on it. And this is very different. But the irony would be, im wondering what you think about this, that for the markets, it could ultimately hurt joe biden more than the president. Do you buy that . Yes, i do buy that. Because if there is something there, and if they can uncover some corruption that happened with biden or with his son, thats even better for President Trump and his run into the next election cycle into 2020 and the stock market loves President Trump. Whether or not you agree with his policies or not, the stock market neil lot of Unanswered Questions here. Phil, i do want to also switch gears a little bit. The markets were rejoicing over this. Again, it might be as i said, a quick snapshot reaction that might be proven wrong, but i think they were also jumping for potential joy that a china deal could be scored sooner rather than later. Factor that in, the deals that are coming together certainly with japan, the usmca that waits for congressional approval, that waits and waits and waits but the backdrop of all these deals that could be coming together. The white house is certainly frustrated with the fact that their new usmca has not been moved in congress right now. This is a source of constant frustration. Neil does it make it more difficult in this impeachment environment . It absolutely does, especially when it comes to a moment where democrats are going to be focused on getting him out of the white house early, not on getting him a legislative landmark deal. Makes it very difficult. To the china news, though, we have heard rumblings about a deal for some time. If trump can close a deal before election and keep the economy hot, that plays right into the trump campaigns playbook because their argument is very simple, going into 2020, which is, is your life better now than it was before, check yes or no. Thats what they hope will get him a second term. Neil by the way, on the trade situation, ambassador lighthizer doing his best reaction to this, said when asked about the likelihood of a trade deal, well see. How many times, well see. What do you think . I think [ inaudible ] good answer but i think what you hope is they are digging in for a long, possibly unproductive negotiation with china, is that we get more peace on other fronts. I think that was nice to see the president saying hes wrapping up the trade deal with japan, lets hope thats concluded, and i think thats what businesses need to goose investment because you have seen that reluctance from Corporate Executives to invest with all this trade fighting going on. If its just limited to china, i think thats more tolerable. Neil all right. There is a lot of news here. The new bond king is on the wires right now reacting to this whole impeachment push. He was talking to foxbusiness. Com. Take a listen. I think this is more theatrics than anything else. I dont think its a major market issue. I think that when it comes to politics, the outcome of the 2020 election is far more important. Neil hes echoing everything you just said, that this is not the issue that would derail it. There might be others but this isnt it. What do you think . It seems that way. The dow 24 hours was up pushing 200. Based on what we have seen today, i think the market is saying okay, maybe not this scandal, maybe the next one. Neil how does this backdrop to the economic environment for you . You have to look at that, you have to look at earnings, you have to look at everything thats going on. There are a lot of people look at this and say no matter what you think of the politics, its been a long bull market run, its a record bull market run. We havent sort of repealed the economic cycle, and for a lot of people, this is an opportunity to collect your profits and go. What do you think . And that october does that. Well, yes, we have had a very long run bull market over the course of the last six or seven weeks or so, the market has been slowing down, losing a little bit of that momentum its built up a lot. Im still relatively bullish on the market. I have been moving a little bit more into value areas of the market just with the ongoing kind of political discourse but overall, im viewing the stock market as strong, im viewing the economy as strong and while the trade war has impacted different areas of the market, particularly earnings, in sectors, for example, industrials that have been impacted by steel tariffs, the majority of the market has still remained strong. Neil you know, i dont know if this is typical of a lot of people who look at the trump situation and the comments and say all right, this doesnt really surprise me or that he could use strongarming language and the democrats go even further than that, but this environment that hes produced trumps, no pun intended, all of that stuff and that will be what keeps him in office. If i had a dime for every time i heard that, i would have several dimes. What do you make of it . Well, certainly the market environment is one that favors the incumbent at this point, but neil even with all this stuff, right . Even with all of this stuff. We have seen that republicans are continuing to stick with trump here. It is concerning for republicans that you see that hes losing to each of the democratic top tier candidates right now in a theoretical headtohead matchup, but what i think that was most interesting to me when i read the transcript is that this is donald trump, who accused the fbi of tapping his phones during the campaign and there was something to that surveillance, and yet all of these years later, he hasnt moderated. He remains the same person that he was in 2016 and thats a person who beat hillary clinton. Whether or not this is the person who can beat the next democratic champion, we dont know. But one thing we do know is that trump is still very much trump. Neil there is that. And i think its going to be largely about the economy and im actually a huge longterm bull on the u. S. If these trade fights get resolved. I think thats the big issue more than any of this neil even lighthizer was saying hes confident usmca will come up for a vote because it would be a catastrophe for our economy if it did not. Which is not exactly a fox alert. Just to make the small political point, if you were in a swing district or a trump district and you are a democrat member of congress who won in 2018 and the next year is all about impeachment and no trade deal, i think you are going to have a tough time running next november. Neil very interesting read. Thank you all. Terrific job. Bunch of brainiacs here. Meantime, we are learning the president is expected to address reporters at 4 00 p. M. Eastern time in new york city. We will of course cover that on fox news at 4 00 p. M. Eastern time. Wonder what he has to say. Hes been so quiet. More after this. Its what gives audible theresmembers an edge. Ening; it opens our minds, changes our perspective, connects us, and pushes us further. The most inspiring minds, the most compelling stories audible. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. Val, vern. Im off to college and im not gonna be around. Im worried about my parents retirement. Oh, dont worry. Voya helps them to and through retirement. Dealing with todays expenses. Like college. While helping plan, invest and protect for the future. So theyll be okay. Without me . Um. And when we knock out this wall imagine the closet space . Yes oh hey, son. Yeah, i think theyll be fine. Voya. Helping you to and through retirement. Neil today, of interesting pairs. The president expected to meet a little later on with ukraine president volodymyr zelensky. That conversation, interesting one of the july phone call democrats say it is proof he has to be impeached. Republicans say nothing of the sort. The market seems to be shrugging its collective shoulders. Now to charles payne. Charles good afternoon. Im charles payne. This is making money. Breaking at this moment, the transcript is out President Trump called ukraines president showing no connection between foreign aid and investigating joe biden. What does that mean for democrats and house impeachment hopes . President and ukraines leader will meet moments from now. Well take you there live when that happens. Whoever said the trade war would kill u. S. Is way off. Big gains as the market resumes the march back towards alltime highs. All that and so much more on making money. It is the single greatest witchhunt in american history,