And in europe, some of the early trading, you see some modest declines there ftse is the biggest decliner, down by a quarter percentage point. Look at whats going on with the dollar the dollar which has been under pressure broadly for many months, you can see its up against the euro today at 117. 06 down against the yen at 110. This morning wti down another 7 cents to 46. 71 President Trump disbanding those two Advisory Councils, the announcement coming as one council was dissolving already the president in bedminster, new jersey eamon javers is nearby in bridgewaters eamon . The president will wake up here in bedminster, new jersey to a changed landscape in the relationship between Corporate America and the president of the United States. We saw this dramatic moment yesterday as you just described as the elite ceo Advisory Council was deciding to disband. The president issuing a tweet saying he had instead folded both of his ceo Advisory Councils heres what the president put out. Rather than putting pressure on the Business People of the Manufacturing Council and strategic and policy forum im ending both. Thank you all. The president very much framing it as his idea to end these two ceo advisory groups. After that we saw this cavalcade of statements from ceos rebuking the president of the United States aetnas ceo saying im ashamed of the president s behavior and comments apples ceo saying i disagree with the president and those who believe there is a moral equivalence between White Supremacists and nazis Johnson Johnsons ceo saying the president s most recent statements are unacceptable. President must recognize the broad criticism that is he receiving. Weve never seen anything like this, a breach between Corporate America and the president of the United States. Earlier the president called those who were leaving his councils grandstanders, and said he had plenty of people to replace them obviously no replacements have been named to either of those councils so far. Back over to you the outrage is real i cant tell you about the number of phone calls i got from members of the council as this was going on yesterday and throughout the afternoon in particular outraged about the tweet that went out where he tried to take credit for it. I cant te tell you the word lyg was used multiple times. One of the bizarre and fascinating details that i learned last night was that when Steve Schwarzman had called jarrett curb noer saykushner toe dissolving the group, jarrett asked him if they would be nice enough to write this in the press release that they were doing this in agreement with the president. They agreed to do that to be polite about it, and couldnt fathom the fact after having done that that then he tried to frontrun the entire thing. What is your what is the state of play now in your from what you know about whats going on with gary cohn . That was a Big Conversation late in the afternoon and into the evening about where he stood on all of this. We dont know whats going on with gary cohn theres been total radio silence from the white house on that no indication that anybody is preparing to resign from the administration i was standing about 20 feet from gary cohn during the remarks on tuesday, where the president got angry with the press, angry about this white supremacist rally. Gary cohn was looking down, looking to the side, wincing, looking physically uncomfortable standing there, but the question is whether hes morally or politically uncomfortable staying there inside the white house. Well have to wait for a decision or nondecision from gary cohn. I think its too early to say where that ends up you talked about the reaction from the ceos on this council. I was texting with one ceo involved in this yesterday i asked him what is going on with this council . He texted me back one word saying resolved. You get a sense of relief there, and finality from that that some of these ceos were anxious to put this to bed and put this behind them. Its a tricky moment for American Companies they dont like to be seen as taking sides in any partisan issue, but this was a bridge too far for them they couldnt they couldnt continue to be aligned with this president. I was going save this for son fel sonnenfeld, these highminded ceos, i get it thats fine. Theres another side they do they are risk adverse. They have handlers around them youre talking about torches, people walking with torches, with nazi slogans. Heres what holeman jenkens take was Companies Get in bed with politics when it service their interests and quick to run away when it doesnt. Thus nobody is obliged to interpret the flutter of ceos away from the president as occasions of courage b still there are some these are some of americas most delicate pr canaries surrounded by riskadverse advisers but that in itself from torches and White Supremacists it took a while thats probably the point that you should make. It took until tuesday. Tells how big of breach this is coming from the president that these people would actually get up and say were leaving were disbanding this. This is Holeman Jenkins you can write him. When you use the phrase pr canaries talk to holeman you brought him up. I thought at least theres another side jeffersonen fsod will take these guys and canonize half of them for leaving. Hold on you know what, lets get sonnenfeld on the line let him do you think he heard it or he can read it again we can read it again if he hasnt heard it. But the rest of the holeman je jenkins. I think hes a thoughtful guy. To the degree we talk about courage and leadership, theres a degree of leadership that it required to leave this thing ken frazier, maybe. Ken frazier but it ththen the guys theres no question theres safety in numbers. Exactly having said that, theres a much larger issue at hand here the idea that the Business Community has effectively walked away from a president who has scribed himself as the business president. And who has made some efforts to make their lives easier, as many of them have said, despite the programs that they agree with, they cant im not saying theres a giddiness or a glow thee that ti happening among certain parts of the business word, but its weird that since it means a lot of the pro growth policies will probably have trouble now, to be so gleeful about it happening is strange for Business Reporters but for ceos this was a conflicted time to try to get through. I understand. Let me say one one executive said to me last night, i will say it to you, joseph, because hes important theres 20 of them. I know some of the ones that you know that are likeminded with you. But they were likeminded with you up until yesterday. Thats the difference. They said last night at some point, you cant tolerate it anymore. I understand that that we the Business Community have tolerated lying, racism, all of it in the name of tax growth, taxes, pro growth policy, whatever. And that at some point you have to have some moral courage at all, whether you think its too late, sure to me, thats the issue at hand. When you say they tolerated racism what are you referring to they tolerated a president who has not been willing to truly condemn racism in a meaningful way they didnt tolerate that this is where they got it. I thought you were saying prior to this latest thing they tolerated racism thats what you said, right . To the extent that you believe he has been slow to condemn look, the david duke comments are a perfect example he has a pattern and practice, this president , for reasons that i dont know i dont know whats in his heart. I dont know if hes a ratist. I want to think hes not maybe its a political calculus, but its his calculus, whatever that is, people have decide thats intolerable period i will talk to jeff. Probably true to some extent that prior to any of this happening, the there are probably 55 of the country that wanted this guy gone in any case any way. It was pure revulsion. Hes not my president. This is illegitimate hes an impostor you add this on top of it, some of that was already there. Sure. Okay. By the way, many of these ceos, when they say tolerated, not only tolerated, they came to get get on these committees, in same way they were used as props by the president , they were using the president as a prop. Even republicans are throwing darts at trump they bring jeff flake, Lindsey Graham, john mccain, they bring up the same ones at this point, i dont think you can get any republicans to other networks that are friendly to republicans, couldnts on tho say nice things. I understand but theres no way that when you see torches and slogans in this country and in 2017 shoe run tyou should run ther direction. Tfrn it shouldnt be qualified even tom brokaw said this is the moral leader of the free world you cant be dogmatic enough about your statements. Thats what were dealing with here Jeffrey Sonnenfeld has been waiting patiently, sitting, listening to this conversation have at it, jeff what do you think of what Holeman Jenkins had to say about this, in terms of the issue i think there are two distinct issues, but the issue of courage or leadership in this instance thank you i appreciate the treat of joe spending his ammunition in advance so i know where joe is coming from. I did see the piece in advance andrew, congratulations on your incredible research. Joe, i somewhat agree with you this round in fact, i have right here that i was about to run until the dam broke yesterday afternoon, a piece called brother where a art thou not coming to ken fraziers defense. Im not canonizing these guys a half dozen of them, paul pullman did serves credit, meg whitman, others came around later. It took them twice as long as the boy scouts to rebuke the president. They have an 80person board Business Roundtable has 22 people but i just learned that jaem mi dimon didnt respond had some minor surgery, had pulled a hamstring over the weekend. I couldnt understand why this brilliant, most revered outspoken leader wasnt engaged right away he was detained at a critical time and couldnt jump into action i think if he had broken the dam with ken frazier, we could have seen this happen an awful lot faster people were hanging back and waiting to see what jamie would say. He is very courageous. But the Business Community, what i had written in this piece, which i pulled, i will tell you what i was going to say, is that the founding generation of the Business Roundtable would have recoiled no, in American History we have never seen this. No one watching this show, nobodys parents or grandparents ever heard of a Business Community that ever said no to the call to Public Service by the commander in chief of this nation theyve never turned their back. Never. You can find in every generation, the bernard beroffs, whoever has been there, they always stood to bring the Business Community with them right now this is something different. But they were late i dont canonize them, i celebrate ken frazier. Ken frazier was a clariairian cl ben franklin warned if we dont hang together, we will hang separately the Business Leaders were hanging separately this is what trumps mow tdus operandi is. China versus russia. Canada versus mexico what was the moment you decided that this was too far . Because in the past you have been supportive of his policies and some things you have seen. When was the moment you said no more i liked a lot of the economic agenda i think theres a taxation issue, deregulation issue. Trade issues to adjust i was supportive of those. When you can see many of these ceos were sitting there as potted plants, wallpaper for photoopes, several of them telling me that they felt that things were overscripted, they didnt get to meaningfully engage then we see this large loss of faith in the back drop, especially over the weekend from the general public, that was a real problem to get this economic agenda through without the will of the people, it doesnt take a big endor endorse. Of skinheads to get it through, it has to be the support of the general american population. That is what was hurting here. The fact they were not rallying around ken frazier that was disturbing surely as more and more signed e breaking open. It was frustrating watching you poor guys trying to keep up yesterday afternoon in two hours having this tidal wave of sudden declarations of conscious . Where were they before they talk about so surprised how could they be so surprised about the lying this morning its like Claude Raines saying in casablanca, gambling, here . I cant believe it they knew that these were not the facts. So i think it was not credible for them to act like theyre so outraged but historically we have a conundrum now. They cant go forward without a liaison, link to the Business Community. I expect the Business Roundtable will do a great job stepping up to the plate all 22 people on that board are politically savvy, strong performing ceos. I think theyll forge a link through the Business Roundtable now that the councils have collapsed. They wont be able to get legislation through without some wisdom the argument was you want a seat at the table to have that influen influence. This is a president whos smarter than most think. Theres been a lot of email traffic last night about the future of gary cohn. I want to read a headline. This is the article sent around a number of people on wall street a piece in breitbart that some have suggested steve bannon was behind the headline, donald trump disbans ceo council. It goes on to say the council dissolving is a significant blow to cohn in the white house they go on to say he was rumored to be potential candidate for federal reserve, his chances at that are waning, too, given the disgusted remark thats been in the press. What do you think he should do i think if he steps away, it would crash the markets. I dont want to be an alarmist, but theres faith he will carry through the tax reform people are looking for. If not some of the deregulatory agenda wilbur ross, hes been quiet lately hes not a kweiquay crazy perso. Hes a smart guy elaine chao, you add it up, ten members of this cabinet are disaffected right now from Jeff Sessions to tillerson. It only takes 12 to throw this into a trump off the job for two weeks until the senate and house vote and that seems so farfetched so farfetched even two weeks ago. His adversary, cohns adversary in the white house, bannon had some interesting comments in those interviews to me it was a little odd saying finally we put basically paraphrasing, put a dagger in the heart of the globalists that had influence in the administration these multinational ceos that were not allowing the true economic nationalism that weve wanted to sort of put forward. How do you do 3 and how do you improve the economy without the Big Companies . Can you do it with a grassroots effort finally you came out and stood up for our people, and you laid to rest the globalist influence of Jared Kushner and gary cohn thats not normal conservative Economic Policy to say we got rid of these globalist ceos. This hits to trumps vulnerables. He has a hairtrigger sensitivity, he doesnt like to be cornered. He has tantrums, and hes unsophisticated on these fronts because hes not a fortune 500 ceo, he has never been one he admires them, reveres them, loves the association, but also loved learning from them he did want to listen to them. As he gets isolated this way or insulated, it becomes a selfdestructive pathology this is awful. He cant apologize he cant say no. I sent a message to some places to try to get a message to him, im not in direct contact with him anymore, im sorry to say, whether or not youre Jimmy Swaggart or jim and tammie faye baker, when you come out with these apologies, the american loves contrition we love that its not his mow tus op ra modus operandi if he could show something, build a bridge, people are willing to work. Hes denuted well have ken novak on later. Trump will not lose an argument. Maybe eventually, jeff, youre right, maybe he will see some i dont know, i doubt it at 71 jeffersonen feld jeffersonen Jeff Sonnenfeld i shouldnt do that. You knew what i was going for. Andrew did all the heavy lifting. Holeman jenkins, i introduce it, then its not my problem after that the dow logging its fourth straight session as crude prices fell to a threeweek low well talk strategy after the break. At the temperature of the hour, retailer and dow component walmart set to report. 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