The bombaydo down as well. Also look at crude. Wti falling to 49. 77. And the battle for the white house is front and center this morning. President obama officially endorsing, surprise, surprise, Hillary Clinton for president as did Vice President joe biden. Senator Elizabeth Warren doing the same and didnt take long for gop candidate donald trump to respond. Trump tweeting obama just endorsed crooked hillary. He wants four more years of obama but nobody else does. Clinton fired back with a tweet of her own saying delete your account. And that tweet let to another tweet. Reince priebus, if anyone knows how to use a delete key, it is you. This is all happening in the backdrop of the article in the wall street that emails are now in the center of classified information on drone strikes in pakistan. And were going to talk all about this where the state of the email investigation is with john harwood in a few minutes. I just five hard long hot months three hours at time. Which is what we do. I had a couple of compensatment that. What is delete your account . I know to block someone. What does cleat your account mean. Or unfollow complete i or delete your account. Oh just get out oh i like reince priebuss response better. And then. Donald trump responded back too. And something after that. But then i also you know, usa all the papers. Like obama endorses Hillary Clinton. I had same, you know, he wants surprise surprise. Surprise surprise. But then i realize it is because he didnt endorse from the same party as his, the socialist party. Why it was instead of endorsing a like minded does that work for you . Its not funny. Its not funny its true. Sad but true. David ledman doesnt gave rats pa tootty about stephen colbert. Stephen colbert. Here anybody that can do that on every promo. I think hes so funny. Right is this. It is the same piece of tape. No no. He does it. That is his thing. And that is funny. I dont know much about his other stuff but. Im gonna isnt that great when he does that though . Hes like waving with the smile. So funny. Are you going to do the slow will you slow jam with me like the president. I asked them not to run that like three times every per 15 minutes. Like fallon. Tonight show. You doing . Wont be the end. Gottne sit up there behind hillary . That wont be the end of president obama bpg on you dont want there will never be an end. That all depends. I just blocked someone who said yesterday he said that it is nice to see that you are such a big hillary backer. And i said who me . Because i was included with chuck todd and somebody else. And he said yeah i saw you yesterday questioning someone for supporting and i said you know what. I cant even answer that. I just blocked that. I was like you know what, i would tell you that joke about the ceiling but it might pink . Yeah no. Its over your head. Tesla responding to reports this morning see if you take into account from one side. I have to get it from the other too. Down the middle my friend. Like you . Yes. Yes. Tesla reports this morning saying the that the u. S. National Highway Traffic Safety Administration has not opened any investigation into a defect in its model s or x vehicles. The regulators said yesterday it was reviewing reports of suspension problems in the model s and looking to get Additional Information from the company and car owners. Tesla saying the investigation was just a routine screening, or a review. It wasnt an investigation. A really what i like to call a revi review. Ive heard that before. Restaurants of possible defect that could cause the driver to lose control of the car and tesla shares losing some ground this morning. But as the 225 stock so that is not even a 2 drop at this point. Wall street journal reporting National Amusements. The Holding Company that Sumner Redstone controls via center of mass through has started the recruiting process. His daughter is said to be leading the efforts. The latest move comes after the 93yearold redstone ousted via com ceo and and another from the board of National Amusements and the trust that will actually control via com and cbs if redstone is deemed incompetent or dies. Here are some of the candidates. Ken lere. Also nicole seligman, judith mchale. And a pioneer of modern capital investing was died. Thomas perkins, 84 years old. Cofounded the vc pioneer. And among his most successful investments, genentech. He stepped back in the late eighties after recrueliting ovi Venture Capitalists tot the firm. He worked at Hewlett Packard early in his career. Later he joined the board in 2005 and helped engineer the ouster of ceo Carly Fiorina though he ended up supporting her, unsuccessful run, for president this year. Resigned in 2006 to protest a board investigation into the press leaks. Perkins said hp had used illegal methods if you might withdrawal a recall of all of that to obtain phone records. More recently published a letter in the wall street journal and compared the wall Street Movement with nazi germany. But he was a legend. A couple of really great bits this morning about his life and he did. A yacht and a sailing yacht. And a great book about all of that called mines bigger. Title ive always loved. How do they do the phone record it wasnt profiling. There is another word for it. Used that word for like two weeks and then we havent used it since. Yeah. Oh my goodness. When you take it you on the journalist and you are doing everything. What was the word . It is not profiling. Its not profiling. Come on. We have great viewers who are going to tweet us what it was. It is like profiling. We try to do the jumble every day to keep our. Pre texting. Pre texting. Anyway. But, you know, i was thinking about him last night. And he did some Amazing Things and really changed innovation in so many ways. But then all of these comments and other things towards the end of his life take up so much space in terms of how hes remembered. And i just wonder. Distanced himselves from him. And he had this very fascinating life. But how somebody is ultimately remembered. Because i would give him the benefit of the doubt and all that credit but now there are other things that happened later in his life. And how people measure life. As the very strange he finalshe finally passed a right . And i dont even know how to remember that. And depending where you said he looked like a reasonable guy who are or he looked like a whacko. And i cant remember the pretexting and all the controversy surrounding that. I think he was on the right side of that. But then things were written about him that he was sort or mercurial and then and then he wrote an op ed that talked about comparing the treatment of the 1 percenters to the way nazi germany. Just never compare anything to nazi anything. Find a different. Does anything ever rise to that level . Six million. I also think it is insulting to use the term denier. When its used for. Holocaust. Exactly. He was convicted of manslaughter in 1996 in france for a boating accident i believe. So that was he was a complicated guy. I remember talking to him, calling him up on the phone and he was in the midst of having some Million Dollar watch of his fixed. And then invited me out to come see some kind of cello being built for millions of dollars. Also very recently on the news with Carly Fiorina running. He had been the one who had ousted her but then was supporting her in her run for the presidency. You can make a Musical Instrument today from scratch thats worth a Million Dollars. A cello like a stradivarius or something. And i remember him saying you should come out. Im in the midst. I have my tuner here and were. It was an interesting conversation. Okay. All right rob got it. Moving on. Stocks snapping a three day winning streak but the s p is still less than 1 away from all time highs. Carl icahn yesterday took a bearish stance and he had this to to say when we speak to him yesterday. The Federal Reserve is holding up this economy and they i just dont think you could have zero Interest Rates for much longer without having these bubbles explode on you. So you need fiscal stimulus. And this whole obsebsession wit the deficit is ridiculous. Just looking at how both of you feel. Range bound is a word i think you used. Until there is some type of rebound in earnings. This is a liquidity driven market. I think that liquidity is like fed isnt it . Is that a code word for cheap money . Yeah and ive been saying this for seems like the last year. The market math is simple. It either needs earnings or a pe best. And the pe comes from better liquidity, so the fed stops tightening or the tightening bias. Or you need some sort of sentiment push can i dont see happening here. We just dont have the ingredients right now and to get a sustainable breakout to new highs i think we need to see some pick up in Earnings Growth. Were seeing tiny snippets of it. But it is very small still. With an s p at 21 hundred, if we get even a couple of percent Earnings Growth and well be at 2200 in no time but so far it is not happening. One of your uncertainties is the possibility of a brexit. Did you see this yesterday from mark a Pro European Union has admitted the leave campaign is now winning in the run up to the campaign. The British Public is swaying now towards a brexit. Lord hayward said polls will be close and more and more people are set to vote out. Do you think that is true yet . Because that is not consensus. Well we question the reliability of the polls and this could be analogous to what we saw with scotland several years ago. Where leading up things look o will a lot tighter. That was before immigration. Before isis, before a lot of things with great britain. Absolutely. But having said that what we have a scenario where depending upon the turnout we think it could be a different outcome. So the higher the turnout the more likely they are to remain. Lower turnout typically that demographic would opt for a brexit. So if people are if that explains why this market in this country has had trouble making headway as we got close to the old highs, if it was a leave it would do what . Our stock market would suffer a big selloff if there was a brexit. Well we could suffer a lot of volatility . Does that mean a selloff . Because volatility is either way. Yeah certainly any kind of stress on the system, any instability or uncertainty in this environment where we are in a fed funds rate perg purgatory could have a significant impact. It could be shortterm but it raises a lot of questions about the implications for the rest of the euro zone. This week the market really has felt like it is not august, is it . And it hasnt been that warm here. But this week is not exactly you know, you are not going to watch that all day long, up 20, down 20 and it ends down 15 or something. I was in london a few days ago and it is all that everyone can talk about. And i agree that the polls may or may not be an accurate reputati representation. And we tend to look at the bookies. The odds still seem to be against a brexit. It is about 20 80. I think the danger is that a brexit in the uk as part of a larger antiglobalization movement, and you can see that here in the u. S. Play out. That is going to lead to france having a referendum, or italy and then eventually the eu breaks up. And if you have a large worldwide antiglobalization move already against an aging population that is going to take Global Growth away from what it could be. And i think that is really the risk. So this referendum is really a referendum on globalization. And that is why i think it is important. But it is not the immediate aftermath. It is really who goes next after that. So christina. In the old days we had an unbelievable domestic economy and we were able do 3, 4, 5, and never talked quite as much about globalization. Is is it the farm animals have already left the barn . You cant go back to that, can you . Can you go back to 3 or 4 here and who cares what happens everywhere else . Well it would be a lot harder because of all that weve done in terms of globalization over the last several decades. It wouldnt be impossible over time but it would mean a lot of changes and fair amount of disruption. You know, to certain people, i wish we cant it is almost like being in the eu. You have, you know, countries likes germany where there are people working their butt you have and producing and with a great economy. And some other we wont mention any other names but the southern european economies. Benefits greatly from and we benefit greatly from selling into but do we need to, our net average of gdp has to be brought down by countries who cant get their economic houses in order . The u. S. Has been a lot more cohesive than the eu. If we could see more Capital Investment in the u. S. Particularly in technology, that could improve productivity. Okay. Thank you both. The Democratic Party making a big step towards unity. Were going break down the race to the white house and news on the email investigation as well. But first, this day in history. Welcome back to squawk box. The u. S. House of representatives overwhelmingly passed a bill to help puerto rico deal with its debt. The bill now goes onto the senate. President obama formally endorsing Hillary Clinton in a prerecorded video that was released just yesterday. That coming hours after the president s meeting with Bernie Sanders. And john it definitely feels like things are heating up. This has solidified into a two person race and those two went at it pretty heartily on twitter. Yesterday was the kind of day that Hillary Clinton wanted. Because you had the effective end of the democratic primary competition. President obama coming out and endorsing her. Vice president obama coming out and endorsing her. And last night Elizabeth Warren also joined the party. Im ready. I am ready too get in this fight and work my heart out for Hillary Clinton to become the next president of the United States and to make sure that donald trump never gets any place close to the white house. Bernie sanders gave conciliatory statement when he i merged from that meeting at with president obama at the white house saying he was going to meet with Hillary Clinton and work with her to stop donald trump and the other benefit to democrats, as polls are now showing a widening Hillary Clinton advantage is that republicans are split, dont know what to do about donald trump. You even have talk about dumping trump at the convention. Although i dont think that is going to go anywhere. In contrast to democrats pulling together and girding for that fall campaign, guys. And i wondered a lot of things as i was watching that play out yesterday. Do you think Hillary Clinton and senator warren had any sort of conversations before that took place . Or is this something that Elizabeth Warren is getting in line following bla inbarack oba . Hillary clintons talked off and on to all of these key players. She certainly wanted their endorsement. And, you know, there was a period after donald trump locked up the republican nomination weeks ahead of Hillary Clinton when the polls were showing very close. Some even had donald trump ahead of Hillary Clinton. And that raised the sense of urgency within the Democrat Party to when the time was right to get their act together, unify and be ready for the fall campaign. And that is exactly what happened. And weve seen some of the fall out over the last few hours. Fox news, which three weeks had a poll showing donald trump ahead of Hillary Clinton. They now show him having dropped six points to 49. That is the poll i thourpgt talking about and. When i said show hillary widening her lead. I didnt how going from 45 to 42 to down 42 to 39 i didnt see how that was widening. When we do earnings we say that losses widened. But if it reverses we say it reversed the profit to a loss. So that was not widening but reversing. Joe im talking about the average of polls. A time when the rcp average had trump up as well. So that would be reversing not widening as well. Youre replying shes always been as well. Which she hasnt been head. I actually said that he was ahead. Joe let me just clarify. Im. Im not gonna be able to. It cant be just me. I cant. Joe let me just explain. The average in real clear politics for the last couple of weeks or the last few days showing Hillary Clinton maybe up a point. Now thats gone up to always there anyway and five months to go. Also wide. And we got five months to go so well see. And it probably wasnt a great week, given the no it was not. John, two questions for you. One, do you think that Elizabeth Warrens endorsement and how forcefully shes speaking is on effort on her part to become the Vice President . Do you think that Hillary Clinton would take her as that . I do not think Hillary Clinton is likely to take Elizabeth Warren. She did in response to a question from Rachel Maddow last night. Shes gotten some critic