Radar headwind weighing on the banks. Were going to talk about that. Both sides of that issue coming up. Plus, unfortunately in venezuela latting continues as they grapple with Food Shortages and an economy that is definitely in crisis and the president is in exile here in the u. S. The director taking a direct swipe at jack dorsey. Well tell you exactly what he said. Lets start with the comeback in stocks today. Bob pisani with the latest. Bob . Its been an interesting day. To a certain extent were become smacked around by brexit concerns and particularly on the currency markets. Take a look at what happened just about the time of the european close at 11 30. The dollar weakened. The euro strengthened as well. It happened when we heard about the tragic death of the mp over there, joe cox. We saw knockons as a result of that. We saw a modest lift during that time and weve just turned positive for the day. The dollar weakness had a very important effect. It stabilized oil. Oil had an ugg employ ugly. Still rather ugly. Landed on the downside. You can see Energy Stocks were headed down. Theyre headed down even further and that turnaround in the dollar helped kpen the losses essentially. One thing that didnt work well, the banks. I just want to point out apache as an energy stock here, down to about 3 on the day. And here you can see what happened with some of these major energy names overall. The problem has been the tenyear yield has not shown any signs of lifting at all. We only saw stabilization in late in the day. That has helped bank stocks. Remember, these names in the last five or six days are down seven, eight, 9 . This is not nearly the drop weve seen in europe but rather severe. Guys, back to you. Thanks for the rundown. Jackie deangelis with more. Let me walk you through it and try to make some sense of it. Yes, gold was a good mobig move was too. What happened here to spook the market because we did have an inventory decline yesterday that should have been supportive of prices. The market is starting to get worried about brexit. Theyre worried that it could create a little bit of market turmo turmoil. That could cause concern for global growth. Bob pisani mentioned the spike in the dollar this morning as well. That certainly sent these oil prices lower. And the reason you saw that Dollar Strength even though we have ha dovest fed is because it was stronger relative to the euro rowe. Now i will say this. Theyre expecting to see more volatility over the next couple of days. That could send crude prices lower. Meantime on the other side of the copy, even though you saw that dollar, you saw gold prices skyrocket but at the close, they gave a lot of it back, closing under 1,300. So traders there are saying the safe haven trade is back. You did have that dovish fed yesterday. So many mixed signals, but they say theyll continue to move higher because as taylor swift says, that safe haven trade never goes out of style. Nice. Ending with a quote from taylor swift. I cant believe weve gone five minutes into this show and you havent mentioned the currency move yet. I let bob pisani say it. What took so long. Currencies were the center of the action. Certainly underweming in the last 24 hours. We have a lot to talk about today. Heather hues from southern funds is with us from d. C. , kenny bokarry, nice tie, and Rick Santelli checks in from chicago as well. Always a nice tie as well. Kenny, we bounced off this 2050 level you had been looking for. Whats moving this market today . I think thats a technical bounce. It oversold way, way too concerned about the brexit vote. Yes, its close, but in the end they may choose to stay. Therefore i think the market is poised to at least try to rally a little bit and retake some of the losses over the last couple of days. So it was not surprising to me at all that it did that, that it found support where i thought it would find it. Leather, today, its one of those days where you hear a laundry lust of concerns from the fed to the bank of japan, brexit poll next week, oil under pressure and yet weve seen a turnaround in stocks. Whats at the top of your lift . If yen has a beard, im an optimism. Hope springs eternal optimism. The housing bubble, brexit, and the market since 2009 has doubled, okay. They may have been propped up based on buy back shares. We know that but stocks have had it higher. The new high we want to watch, i wouldnt be surprised if we flirt with alltime highs very soon. But the level is 2130 on the s p last seen in may of last year, and were not too far from that right now. Kenny has said he will not shave that beard until the fed raises rates. Knew there was a bet. I knew there was a bet in there somewhere. I will have it for a while. Additionally, the most interesting man in the world. Rick, you were going to talk about how kraded the brexit trades had become. But when there were rumors that i would be delayed because of the tragic death of joe cox over in england, thats when the market started to move. Dont you think this market is really kind of holding its breath until we get that vote next week . I think it is butly continue to say as ive said hundreds of times, i think that is factoring into the volatility but it isnt about brexit. Its about the crack in the European Union that will get better. We need to watch it super close. As far as optimism, i would be optimistic if it wasnt for the central bankers. I mean do we really deep down to what janet yellen said yesterday, its rather distu disturbing. Theyve used models that said cyclical issues when everybody else was a course of structural issues. Now they see that. Thats the problem with intellectuals with models. Thats what they dont understand. You dont know how do drive a ferrari when youre doing simulations behind a while. Big mistakes by federal bankers. I think this is a huge issue. I think once and for all we need more big institutional traders and banks and hedge funds to stand up for the markets. All right. Hang on. Heather, give me one second. We have breaking news on viacom. Whats going on . Sumner redstone has moved to remove five of viacoms directors including the chief skek ter, Philippe Dauman from the companys board. In addition its National Amusements has filed with the Delaware Court to approve the changes and make them leechlt so Sumner Redstone has ousted five directors including the chief director. And theyve formally filed with the Delaware Court that the changes are legal. Its the latest twist and turn going on. Well see how the stock realk. It is reacting. Up 4 . No. They see dauman as one of the reasons why viacom has underperformed, down 30 in the last 12 months. And mr. Redstone has been quoted recently saying he doesn doesnt. Sue, thanks very much. Lets get back to our discussion discussioner. This has become a defense irchs market. Even if the fed raised rates, qe infinity may be kojing. Valuations are stretched, right . Thats because people are alonging for yeardley. There may be room to run or if you think theres going to be an armageddon, thats why you see them catch a bid atz of late. All right. Kenny, we want to get back to what it means for a stodge market. Just in defense for janet yellen. The move would not have been to raise rates. No. I hear you. Ive got to hear you. I love your enthusiasm. The fact is theyre living behind the wall using models. Its impossible because if you live in the world. It was almost comical that they talked about rates going up three or four times. Listen, kenny. I agree. They need to be describing the issues. The whole new normal thing, i couldnt agree with you more. Where have they been. Is she kidding me . In this real world with the tenyear comfortably below 1. 6 . How much lower do you difference it can go. We could make a lot of movement here here. I certainly wouldnt stand in frounl it imt that probably slow it down a whip bridge. A lot of whats fektding them. Look whats happening with pane and italy and some our youfrm percentage. Before you see higher yield because of the glock sloim downtodown in the world. I wouldnt be sewer prized if you see yields moving in lower. Guess what . It fell to 1 pumtd seven. I. Im noum surprise. Goo no at always rj the dow has come back appreciably. The nasdaq has turned pock takeover amg tell. S p fairly positive. If we go closed topic. Financial stocks are reginaing again. Are compliance comes twam twim he hurting the bank. Former American Bankers AssociationFrank Keating. Thats next. Plus as i mentioned key earnings. Gun maker smith ands we son, youre watching krss ins be krs. First if mean world widewide. 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Debt will be half of it. Now we have more breaking news on viacom. Sue herera, now what. Well, vewe have some names f you including Philippe Dauman who was removed. The others are george s. Abrams, Philippe Dauman, Blythe Mcgarvey and Frederik Salerno and william swartz. The new ones are kenneth lerer, thomas may, judith mchale, ronald nelson, and nicole seligman. Were reaching out not tonal viacom but mr. Dauman as well. Theyve ousted the five directors including ceo Philippe Dauman. They have gone to Delaware Court to have that declared league and this is what the company said, because of public statements by the existing directors that they would challenge any removals and to maintain stability until those issues are resolved. National amusements filed paperwork to affirm the validity of their actions. Well keep you posted. The stock is up almost 5. 5 . Bill and sara, back to you. Well keep an eye on that. The sector, worst performer this year. Former wells fargos dick kovacevich. Listen to whats happening. Its increasing. Of course, they dont add anything to revenue, and so they have to cut costs or profits are going to go down. What should happen is the industry will need to consolidate, and the only reason it isnt consolidating is the regulators dont want that to happen. If it was a normal situation, youd find the banks being acquired. They need to advertise that over a Bigger Customer base. Lets talk about thachlt joining me to debate whether the regulations are the problem. The man who wrote the regulations were talking about, barney frank. He was chairman overseeing the banks and with him is Frank Keating who helped numerous positions. Hes former governor of oklahoma. Hes also the former ceo of the American Bankers Association. Good to see you both. Thanks for joining us. Thank you. Barney, do you believe the regulations in dodd frank are a cap or limiter on the banks ability to make money right now. Theyre not cap. Obviously theyre an expense. Lets begin with the most enormous cost weve seen which is a total lack of regulation. It is the case it seems to me clearly to have been one of the mayor clauses of the crisis in 2008 which not only damaged it but the banks. It was due to a lack of regulation, not regulation. Are they going too far the other way . Not overall. But there are a couple of factors. First of all, they would and r exempt the Smaller Banks from so some. Its irrelevant to the Smaller Banks. They ought to be relieved of that burden. I would do that. Secondly, yeah, theres always a cost when youre starting out and theres a certain newness to it. On the other hand, i have heard much of the costs dont come from the legislation. They come from the banks. If you can lend more without having to set aside capital, you make more money. Finally. Ill say this. Whal specific regulation do they think should be changed or abolished and lets do that. Governor keating, what do you think . I think its time for them to sit down. The reality is weve lost a Community Bank one a day five days a week in gross numbers over the last four or five years. 26,000 pages of regulation. I think barney is correct and has said it publicly. Why are the belgiums in the middle of our bank system which is very different than theirs . We have a Community Bank structure thats essential for banking purposes from sea to shining sea. She said, i remember when our bank closed when i was a child. The community about blew away. I dont want that to happen. Governor keating, do you think we would have this conversation if they werent killing the banks . A lot of banks are doing very well. Interest rates do have an impact. I know me as a depossible tore and customer, if you have to hire a compliance person as opposed to a law person, today among new business startups, we need more lending for them and america just really needs to build up the next generation. Its very much in order. Congressman frank, i was wondering what you thought of councilman hensarlings proposal. Im sure theres a lot you might agree with there was an idea for relaxing the rules on banks that do meet higher capital rekwierms and a frankly. Im unpersuaded by mr. Hen arsly. Theres really little spachks in there. I would say what i hear with the many of the banks t high capital zan dards hes imposing would be problematic. You had dick csaying that. The last point i would say is this. I said there are things frankly, i want to blame the lawyers for some of this. They have persuaded some Community Banks to do more than they have to. Excepting that we cant change that is correct i would subject the banks. I dont think unless someone shows me specifically the best inwain. I doinltd see any reason to to do it. If you have a lot of capital, you should ld zplo. I said we dont have to koj ply with the the higher capital is what theyre looking for. Thats the same thing. Were highly capital lietzed. Thank you. A little over a half hour before the closing bell and it looks liej stocks are fwaemg steam. S p 5 s s p 500 up. Its picking up. When we come back, a worsening food short and in that. A lead option session leader. Speak about mump needed change in vens. Thaerj stou real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. There is only one place where real and amazing live. Seaworld. Real. Amazing they are. Do i look smarter . Yeah, a little. Youre making money now, are you investing . Well, ive been doing some research. Let me introduce you to our broker. How much does he charge . I dont know. Okay. Uh, do you get your fees back if youre not happy . dad laughs wow, youre laughing. Thats not the way the world works. Well, the worlds changing. Are you asking enough questions about the way your wealth is managed . Wealth management, at charles schwab. To buy a new gym bag. Before earning 1 cash back everywhere, every time. 2 back at Grocery Stores and now at wholesale clubs. And 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. We want to get to the latest breaking story. Sumner redstone firing fever. Joining us now david katz. The stocks up 7. 5 . Clearly the market likes what its hearing. Do you like this latest move, david . We think overall its a net positive. We think dauman has probably underperformed and although hes done better of late, we think if redstones actions are to turn this business around and focus on shareholder value, its a significant net positive. Weve heard from analysts on how to do that. Whats your idea here . Where do you see value . The only thng we liked of todays announcement, we liked the idea of selling a large amount to paramount. The think the Overall Company is a big franchise. They have turned business around in a fairly meaningful way in the last seth months. We need a new whichceo. We think its strong. If there was even something nr tra more strategic, that would be a win. Are you nervous at all that this is being engineered by mr. Redstone and his daughter as well at a time when his Mental Health is being called into question . We think its the redstone family. So if their agenda is to just regain control because they dont want to sell part of paramou paramou paramount, then its prop mattic. If theyre saying this company has been mismanaged and you have to put your shoe down, its a positive. We think theyre about got a very economic interest and if theyre stepping up and its butch such a visitbling fight, theyve done better. How much do you think this wailgs on the stock. They left it for the significant peers. The current ceos openness to selling that Minority Stake of paramount, move the stock higher, and as redstone said he was going to change the ceo and board, its like that. The short term, it probably hurts their result, but longer term, it allows the company to unlock significant values. Net, we feel its a positive. If this had hatched three months ago, shareholders would have been ecstatic beca