For a day, but when i received this information, it was so moving to me that it was something that i could just simply not refuse to attend. Neil all right. A few minutes wag ago at the vat began. This is a conference vatican. This is a conference to discuss the needs of humanity. I think thats simplifying it a bit, but continuing pope francis call to look out for those who need help; the disadvantaged, the disenfranchised. And that is something that has certain hi been the focal point of Bernie Sanders campaign. A lot of folks wondered did he come at the invite of pope francis, the vatican says no. In fact, pope francis isnt even at this symposium. That does not rule out the possibility that Bernie Sanders could still meet with the pope, but at this hour it does not look like that. Having said all of that, is there a risk, political risk, to the candidate leaving new york with the big primary just a few days from now . The washington examiners phil kline on that. Phil, what do you think . I mean, i think it could always be a risk and, certainly, if he loses or comes up just close, you know, then a lot of people are going to look back at this as a big mistake. But also, clearly, hes trying to pivot and trying to make this that his sort of socalled Economic Justice agenda has more global support. And so i think thats what hes trying to do here, to put more of a sheen on his overall message. Neil you dont mind me being politically tacky, phil, the money shot for him would be a picture with the pope, wouldnt it . Yes, it would, although i dont know that hes going to get one. I dont even know if the pope is even around. Neil yeah. Or aware that hes there. Yeah. Neil i dont know who was telling or speaking the truth about the invite, whether there was one, but it would not surprise me that the pope would find appealing some of the rhetoric weve with heard from Bernie Sanders. Im just wondering though in a state like new york, would it make a difference at all, or would it show that a candidate like Bernie Sanders literally has the blessing of the vatican . I mean, clearly there are a lot of catholics in new york. I just think that more broadly speaking the point is that a lot of liberals have tried to sort of coopt this pope particularly and try to say that hes an advocate for their policies particularly on economics. And i think that thats what sanders is trying to do here and trying to say that sort of the Catholic Church under pope francis is more in line with his socialist economic philosophy. Neil yeah, i heard a sanders supporter saying in response to a question would jesus be a democrat or republican, he said, oh, no, no, no, hed be a socialist. [laughter] so maybe Bernie Sanders wins regardless. Thank you very much, my friend. Very good having you. Thank you. Neil all right. Interrupting the campaign trail or not, whether its politically advantageous or disadvantageous, anyones guess. The growing schism between all parties when it comes to who has a right to look out for the common man or woman, and it evidenced itself in a conversation i had with a young woman who supports Bernie Sanders, does not Hillary Clinton. At issue, the role of government. Take a peek. Before we talk about raising taxes, lets focus on where our tax moneys already no one said anything about raising taxes but you, neil. I neil no, i follow you on youtube. I heard you on youtube talking about raising taxes and the rich but when you say raising taxes, you want your viewers who are crunched financially to feel like taxes are going to be raised on them. When i say raising taxes, im talking about bankers, im talking about the 0. 01 . Neil all right. You notice that interesting exchange, i thought she was a very articulate spokeswoman for that view on the left. I wasnt trying to get into a fight here. But i did notice an interesting pivot on her part when we discussed this idea of raising taxes or not. First, she said that he didnt advocate it, then end by saying that bankers and others could and should pay more. So we get back to, essentially, getting back to the core argument. More government or less government, which i think is the key in this race. Deneen borelli, hadley, want to given with you. I think thats it. I think you are either in this young womans camp that says, look, government is not serving the people, but more of it properly focused would and could. Thats where she draws the line against Hillary Clinton because she says unlike Bernie Sanders, she doesnt get that. What do you make of that . Well, certainly, Many Americans can agree to disagree on role of government, but when it comes to fighting for the common man, neil, i think its so important to emphasize that the reason many of us believe in free markets is because we believe that a bottomup economy rather than a topdown economy will better serve the common man, will better protect the little guy. So we have a very dramatically different interpretation of the facts, in terms of whats going on in our federal budget and what the role of government should be moving forward. That doesnt mean we have to foster ill will or disrespect from one another. Yes, she made some fine points. Often our points in these political discussions are going past one another neil thats exactly right. And i think, deneen, we get sidetracked. There were many conservatives who wrote me and said, neil, get into the fact about wheres the father of her child when she makes trips, who pays for them. All might be germane issues, but for the point of in this argument, i thought side issues. And yet we do continue talking past each oh other. My only point is if your argument is that the government doesnt work, why would giving the government more money make it work . Yeah. These young kids today, neil, i tell you. But listen, that was a very interesting discussion that you had with this young lady x there are a lot of and there are a lot of people who think like her who are college age. What they need to do is take a course in World History and economics 101 and to understand the facts of socialism, because nothing is free, neil. And you also have this entitlement mindset with this younger generation. A lot of college kids think they are entitled to anything and everything they want and on their time, and they dont want to listen to those who are experienced and those who are knowledgeable of certain issues and topics and situations. And, sadly, the progressive professors on these college campuses, they have brainwashed these Young College kids. So this is what were up against. Neil you know, cat, i was living, and i think republicans do themselves great harm ignoring them because they think, oh, theyll never vote for us anyway, yet this rage is palpable, look at Bernie Sanders. The anger at a system is real, hook at donald frump now, for donald trump, but for different reasons. The pullback i get from this is theres anger out there that some are benefiting and others are not, that the system is rigged in favor of those that have the money and connections versus those who do not. And im wondering if republicans ignore that to their peril. What do you think . Absolutely. The gop needs to do a better job of reaching out to the youth and explaining, hey, you know what . We dont support this free College Thing not because we hate you, but because we understand some things like its not free college, its other people pay for it college, and the government getting more involved has made school more expensive. Simple things like that, they dont seem willing to do. Im sick of this victim status, you know . Its because they hate me. No, its not. Lets just talk about the economy in a basic, basic way. I love capitalism, neil. It made me very sad to see her saying so many negative things about it. Neil one of the things i did take away from it though, hadley, is has capitalism done itself a favor when a few malcontents of capitalism have ruined it for everybody . I talk about, you know, greed canty bankers, i greedy bankers, i talk about those biotech ceos who are willynilly hiking the price of drugs, and yet somehow that was seen as the industry doing that to everyone when that wasnt the case. And yet i also find out that that anger is justified when the very bankers who criticize government largess are the very beneficiaries of the biggest of that largess and the rescues during and after the meltdown. So is the system failing them because of the system abusers . What do you think . You know, when we talk about the system failing people, we ought to talk about whether were really discussing free market capitalism or not be because, of course, theres a big difference between free market capitalism and capitalist crony. Cronyism is a different system all together. I would defend free market capitalism. Its got flaws and shortcomings, but its the best system that weve found so far in order to provide all consumers in order to neil no, i think youre right about that but, deneen, you were touching on this idea that teaching kids of any age, anyone about the merits of working for something, striving for something, not getting a handout. But yet that, preaching that as mitt romney found out four years ago, john mccain eight years ago, its been falling on deaf and im wondering if it sounds too preachy. What should republicans or conservatives more to the point be saying to pound the point home it need not be government . Its not the governments role to provide americans with all of their wants and needs. And this is what americans who think like this, these College Students need to understand. Its up to the individual to be responsible to make decisions that are best for them and to work hard neil thats a great argument. Im telling you, te mean, its falling on deaf ears. Kat, do you think theres a better way to frame this without and i believe everything youre saying, guys, dont get me wrong but without sounding like youre preaching. Kat, what do you think . Its a bad idea, the fact that it does raise the costs in institutions the more the government gets involved. I liked rand pauls idea. Try to look for Solutions Rather than telling kids to stop whining even though they definitely do need to stop whining, but i can say that. Neil youre all young besides. And one of the points i tried to bring home yesterday is if money were the answer, wed have the answer. We have spent trillions of dollars fighting a war on poverty since the 1960s, yet our impo riched percentages are roughly the same they are. We have spent trillions on food programs and the like trying to make sure all are fed and clothed and helped in this country, and all these decades later no big change in those percentagings. So maybe percentages. So maybe more money isnt the answer. Maybe more common sense thinking is. Well have more after this. You both have a perfect driving record. Perfect. No tickets. No accidents. That is until one of you clips a food truck, ruining your perfect record. Yup. Now, you would think your Insurance Company would cut you some slack, right . No. Your insurance rates go through the roof. Your perfect record doesnt get you anything. Anything. Perfect for drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claim centers are available to assist you 24 7. For a free quote, call Liberty Mutual at switch to Liberty Mutual and you could save up to 509 call today at see Car Insurance in a whole new light. Liberty mutual insurance. Neil we are hours away are from a big protest many colorado. Were told potentially throughout the state that a lot of trump sympathizers who feel their guy got robbed in the allocation of delegates because all 34 of them went to ted cruz. Never mind a lot of those rules were known ahead of the fact that there was not going to be a primary or caucus there, that the delegates would gather, and they would make their choices, and they had to be wooed by east teams camp. Either teams camp. Donald trump didnt go, ted cruz did. You know how this sorted out. Donald trump still bemoaning it saying the system is rigged. Citizens united president , you have no horse in this race, but what do you make of these protests . Well, look, i could see both sides of this coin actually, neil. Its each state is able to make their own rules x these rules have been in place for a year. Donald trump lost, and he lost all of the delegates, and i understand that he feels polling showed he would have done very well in colorado and, therefore, he wants to bemoan the system. He also is trying to establish a record, in my opinion. And that record is if he doesnt win the nomination, he is a able to use this record as part of that defense about how the system is rigged against him. Neil i think youre exactly right, david, which should worry you, because i agree with you, and you should run the other way. [laughter] i think one of the things trump is crazy like a fox. He knew exactly what the rules were going in. He took colorado for granted, he thought he might win those delegates. He skipped the convention thinking that was a lock for him, and he doesnt like the results. Thats all well and good, but hes made this sort of a populist cause and thrown up a light here and a beacon to say that any other such delegations that go to, lets say, ted cruz are fixed delegations so if he were to lose 130 to even as the Washington Post says up to 170 such delegates, uncommitted slates that would ultimately, potentially move to ted cruz, its a sham, and his opponent cheated. What do you think . Look, you know, and thats my problem. I dont necessarily agree with that. These rules have been in place these are the same fundamental rules that have been in place, you know, for over 100 years for the republicans. Look, i think that Donald Trumps doing a service in that if the republicans call for an autopsy just like they did in 2012 postelection, they could do an autopsy and find in the states what worked well and what did not work well, and maybe colorado will go by the didnt work so well side of things. The bottom line is he might be doing a service for future elections. But lets not forget that these were the mitt romney rules put in place in 2012 really to stop ron paul. So we can thank the establishment for a lot of whats going on here today, and donald trump and ted cruz are both not a year ago when these rules were put in place were not the candidates they thought theyd be trying to protect. Neil youve hit on another key point. These very changes that trump bemoans are the ones that have propelled him to the one hes in. Thats right. Neil thank you very much, david, i always appreciate it. You know, i normally dont get too worked up about bank stocks. Whats amazing to me be, theyve had a pretty good week today not withstanding despite reporting numbers that were pathetic, earnings that were disappointing, just not as disappointing as wall street thought. Which is the banks way of doing what i did as a kid with my report card. Telling my parents to expect all ds and fs x then they see a c or two and they think, well, neils a genius. I really was. Bank on it. Neil all right. A quick peek at mortgage rates. 30year fixed rate now under 3. 6. Gosh, is that low. Were revisiting cycle lows here. That is one of the reasons why its difficult to gauge how this affects the Banking Industry during a week they reported earnings which, by and large, were better than thought but still down, and in some cases substantially down from last year. Dan schafer now on how we play this low rate situation for the banks. Dan, how do you . Well, the low rates are not good for the banks to perform and make income. This is a big problem for the banking sector, especially for the emerging markets and the banks that are involved there. I mean, the Banking Industry right now does not look healthy, and it continues to look very weak internally based on some of the financials that have been coming out. Neil so their argument is that through the worst, i think in citigroups case theyre the only bank that was deemed ready if everything hits the fan with enough cash on hand to do okay, sort of these living will arguments about are you ready if we have another meltdown type situation. Only one that seems prepared. What do you make of that . Well, im a little concerned about the way the accounting is done. Weve talked about this before, neil. I looked at the financials this morning of citigroup, and im very concerned about a couple things on the income statement that they disclosed. Ive got to put my glasseses on just to look at some glasses on just to look at some of these numbers. The First Quarter they say they increased their loan excuse me, they decreased their loan losses from a year ago of about 1. 9 billion which would bring down the 3. 5 billion of income. And they also have this other piece they use thats called deferred taxes. In fact, in the statement from the ceo it says they utilized additional deferred tax assets, and that shows up on, also, their income statement under provision for income taxes. So now, im not a genius, im a cpa, but i dont practice, so dont me to do your taxes. When i look at this Financial Statement and i adjust it pack for a year ago back for a year ago, and i see these two adjustments, in my mind im looking at 33 cents a share, not what theyve reported. So with that in mind, just go back to 2007, General Electric had a big issue with how they accounted using currencies neil yes, i remember well. And that was a huge i wrote about that in my book in 2010. That was a huge disclosure. Now, on here neil and it was a preview, it was seen in retrospect as a preview of some coming attractions that would later, of course, bring on the financial crisis. Exactly. Exactly. So, again, when i look at the numbers that are coming out from some of these banks and, young, trusting them is a separate issue, i dont believe these numbers, and its getting very scary. In europe banks, as we know, have tumbled with tremendous problems internally, and i think thats inherent in t