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tv   Cavuto Coast to Coast  FOX Business  July 15, 2024 12:00pm-1:00pm EDT

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how many days? 680, 720, you haven't got a clue so guess? lauren: 721 days number two. stuart: i am convinced it's 818. lauren: oh, are you convinced? stuart: i'm wrong. lauren: we're both wrong. stuart: 687 days while the earth rotates at 67,000 miles an hour around the sun mars moves a bit slower taking nearly a full extra year. lauren: well look at that. stuart: we've got that. we're much wiser now, aren't we? "varney" & company is just about over, but "coast to coast" will start in about four or five seconds. actually it's now three. here's neil. neil: thank you, you know, stuart i think you hit on the key issue here it is donald trump's election to lose and repeated a number of times in the broadcast and that's how the markets are reflecting this. unless there's a big surprise it's playing out a potential trump win, maybe a big win. stuart: i agree. neil: here we go, thank you, stuart, very much. we are following this market
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that is very much acting like donald trump, not only literally dodging a bullet but maybe in the process re-affecting this entire election and what's in-store. little more than four months from now we're going to be exploring in the next hour, some of the trump plays that seem to be hinting of a trump win and maybe a big one. we're going to explore. certainly trump media, the sort of stock if you will for at things donald trump. we've got crypto surging and the fact we'll have a friendlier potential environment with donald trump at the helm. bond prices that have been going down, yields backing up just a tad though not as much as before on the notion that maybe some of his actions will spark the economy. maybe some of those will lead to higher inflation. nothing too worrisome at this point, but that and the russel 2000 in and out of highs that we haven't seen in the better part of three and a half years or close to three years you get the idea. this is a market that is expecting right now that the election math has changed. let's go to dan greenhouse,
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asset management strategist. we were talking about this during the break my friend this notion that maybe postal of this development, things are looking good for donald trump and as a result, the markets seem to be front-loading expectations of his victory. is that justified? >> i think it is and we were saying if you overlay the s&p 500 and the odds of trump winning over the last six or nine months, obviously there's other factors to come into play but the re-election is very close so that's a longer timeframe of looking at it and today when you look at things like green plays, the solar stocks are down. neil: big time. premature or do you think a ways to go? >> listen, the election is not tomorrow, so anything can change, but i think most of the investors i speak most of my colleagues around the street that i speak with have been for several months convinced trump would win. obviously, before everything that's been more recent and so you look at things like again the solar stocks but i would also caution investors. if you go back to the first
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trump administration, you would think the first trump administration would have been a great time to be an energy investor and in fact energy stocks and energy industries were among the worst performers during his time whereas the biden administration -- neil: did that cascade in the final year because of covid or were there other factors? >> well covid i think in general investors sort of treat as an anomaly. i wouldn't extrapolate anything from it but the second correlation to that i was going to make is we think the biden administration be an awful time to be an energy investor and for the bulk of his time in office, energy stocks have done quite well so it's never as simple as just a is good for b. neil: you and i were also saying normally the markets start gauging the election late summer, early fall. not all the time but a lot of times but this attempt on the former president's life changed a lot, didn't it? >> yeah, i think it did. listen, polls were already moving in this direction. the debate, i'm not going to tell our audience anything they don't already know but what
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traditionally happens through the political lens, the average investor doesn't start paying attention to politics until after the summer you have the conventions, you've got the nominees officially confirmed so to speak, debates start happening. so on the politics side of things late summer or after the summer is when you start paying attention and from a park" standpoint we all generally disregarded polls over the summer because nobody is paying attention on the politics side of things so on the market side there's not much you can do with it. today, name recognition for these two candidates are obviously off the chart. there's barely any undecided voters so for many months we've been paying attention to a much larger degree, because we knew who it be and again, as you've seen the polls start to shift in favor of former president trump, some of these trades have started to come and are likely to continue doing so. neil: i don't want to over-analyze this happens and something else happens but when we separately got word that the florida documents case was thrown out, that gave another leg up to the dow. i think we had already were up
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about 220-30 points add another 70 to that i'm off a little bit, dan you know this better than i, but again anything that looks better for donald trump, looks better for these markets, so is it your sense that if he holds that lead with the perception, we'll see poll numbers that could be short-lived or they could last. the market is preparing for a trump president. >> yeah, i think that's right, but again, the question is whether trump is going to win or not is separate from what are the policies that he's going to implement and so for instance if we use the project 2025 for instance, which everyone is deriving what everyone thinks about the politics of it, it is indicative of an administrative state so to speak that does want to reorganize the way washington operates. how this manifests itself in the form of the regulatory bodies et cetera remains to be seen and i don't think it's as black and white as trump is good for deregulation, therefore, private equity, publicly traded -- neil: but why the inflation
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fears? just because of the tariff thing or the fact he will reignite economic activity, which is already fairly strong. not great, but strong. what are the inflation? >> i think it's a little from column a,b, and c. on the column a side to the extent he has pro-growth policies that presumably be good for the economy and by extension marginally inflation. you've got in bucket b, the tariffs which i know that trump and the people around former president trump and the people around him don't think are inflationary but a number of private sector economists and forecasters say is what he did do was inflationary and what he's likely to do even moreso if it's a 10% tariff. neil: some have been saying that's just a threat and they are acting on a threat that might never come. but it's there. >> but as implemented it be and buckle 3 to be the tcga. the extension of which is going to cost somewhere depending on your estimate between three and $4 trillion in terms of budget deficits and over the next 10 years we'll have call it at a
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baseline 22, $23 trillion of deficits. neil: incredible. >> closer to 27 or 28 trillion. the extension of this which as you know the cbo does not forecast because it's not baseline policy going forward is again three to four trillion more incremental, whose going to buy this debt et cetera. neil: and who would buy the debt? it depends on the environment. dan always great seeing you. want to go to charlie gasparino because we also have seen a movement in a lot of money who are now committing to donald j. trump. elon musk putting away any thought i guess charlie gasparino that he might back someone else but then we've got the likes of bill akman and others latest. >> and ken griffin, gave a lot of money to nikki haley, a republican on the fence until he hears about trump's vp pick which is coming down i guess imminently as everybody, it's a huge game on wall street as to
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whose going to pick, it all depends on who you speak to. i just got off the phone with someone he says he knows for sure it's j.d. vance, so be that as it may trump could change his mind at the last minute but let's see what happens and, you know, neil, i don't think this one incident, tragedy and coming out of it okay and defiant and just those iconic images is powerful as they were, i don't think they're like, this was the deciding factor for much of particularly republicans on wall street. i think following the debate performance, and even before that, republicans on wall street were increasingly all-in because of the biden administration's policies. they don't believe biden is up to the job. they don't believe his number two kamala harris is any better, particularly from a policy standpoint, maybe in many ways worse. she's more progressive in some
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of her policies, so you saw like even moderates in the business community starting to move away from their support of the biden-harris ticket so money i don't think was a problem. literally that debate, what's interesting about that debate though, neil, and as a pivotal point is that's when all the trump trade started being put on. i went back and looked and i know you had your guest, he's probably still on set, would probably agree with this , energy stocks started to outperform right after the debate. the bonds started to underperform and one reason is because trump has never been big on cutting the deficit so that was kind of out there and there's other sort of stock plays that were in motion and i was talking with traders last week and we were saying look at this. it was pretty remarkable. the street was definitely pricing in a trump sort of rally and issues with it. neil: but it could be more than that, right, charlie? because i was talking to a couple traders over the course of the morning and one said
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something kind of interesting about neil, this is not just factoring in a trump victory but a trump landslide and the market is acting accordingly and still anything could happen but his view was such that neil, i'm focused on the moment, what the markets are thinking for the moment and they're acting and demonstrating through their trades a landslide. a trump landslide. >> markets are, you know, the random walk down wall street is very interesting, and it's often wrong, and -- neil: absolutely. >> and markets are much more efficient in the long run. the short-term is the emotional push, and i could tell you that someone covering the financial crisis, the markets got it wrong 15 times before they finally priced it in right, and so who knows. i'm just saying that most of wall street believes trump is going to be the next president and there's no doubt about that but it's not over yet. he's not going to have any, i
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think after that debate, he would have no problem raising money. this is just musk and ackman are like icing on the cake so to speak. ken griffin, if he doesn't come in he's crazy because he looks like he's waiting for a vp pick. it's going to be j.d. vance probably and he'll have to just live with it, but you know, we live in interesting times, neil, and i can't tell you how much my phone was ringing that night, like wow. i mean, it was just -- i still am shocked by the whole thing. maria: amazing. you could never see this play the way it did and by a turn of the head we could be talking about something very very different my friend. >> absolutely. neil: charlie you're the best. thank you. go ahead. >> as the president to stand up, i mean it was so remarkable what donald trump did. love him or hate him, you've got to give him credit for this. this guy exudes american optimism. it just is what it is.
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neil: well his dropping immediately at the first sign, you know, and then to get up the way he did, whatever your views you're quite right. he's a pretty gutsy fellow, as are you charlie. charlie gasparino on that. we mentioned and charlie was saying j.d. vance name that gets tossed around a lot as donald trump's choice to be his number two. we don't know that for sure. you know the short list, so does bill melugin in milwaukee where all of this is going down in a few hours from now, couple hours from now. what are you hearing, bill? reporter: well, neil, we're going to find out that have p pick pretty soon because donald trump told our colleague bret baier earlier today that he is going to announce t that hadsvp pick at some point. trump is also switching up the speech he's going to be making at the rnc this week as a result of the assassination attempt against him. here is what he told the new york post in part. "i prepared an extremely tough speech, really good, all about the corrupt, horrible administration but i threw it
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away. " now rnc chairman michael watley said the party doesn't want this whole week to be about the assassination attempt. he wants people to focus on the party platform as well as the party message. take a listen. >> i think that what we don't want is to have all conversations pivot towards what happened on saturday. it was a horrific act and we are by the grace of god continuing forward with this convention. over the course of the next four nights you are going to see that we are going to put solutions on the table for every american family. reporter: here's what we can expect this week. take a look. every single day of this convention has a different theme. today, with the rnc kicking off, it's make america wealthy once again. that's a focus on the inflation and the economy. tomorrow's going to be make america safe once again. that's a focus on crime and the border. then the last couple of days you'll have a make america strong once again and on thursday, make america great once again. that is the night that
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the former president himself will be taking the stage. things here expected to kickoff in the next couple of hours. sure to be a big and busy week out here and just a short time ago, interesting to note, donald trump posted on truth social that he believes rfk jr. should receive secret service protection, given what just happened to him at his rally over the weekend, and given the kennedy family history. we'll send it back to you, neil. neil: i've always wondered about that one, bill. you know, with robert f kennedy jr. himself, i would think it's kind of a no-brainer if you have a kennedy running for the highest office in the land, provide protection. >> yup. neil: maybe that'll come to pass after this. want to go to congressman dan meuser, the pennsylvania congressman sits on the house financial services committee, republican. congressman, great to see you. we're going to get t t that hadsvp announcement, do you have any hint of who it is? >> neil, great to be with you.
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i'm out here at the welcome to wisconsin nra event. we've got ted nugent, don jr. , jim jordan, great americans here so thanks for having me on. well, i'm starting to hear the possibilities that was just mentioned that perhaps j.d. vance. we don't know for sure. fortunately we have a great number of people that were under consideration and from ben carson to tim scott to j. d. of course, to marco rubio, so apparently we're going to know for sure very soon so no sense in guessing at this point. neil: let me get your thoughts though on whether the attempt on the former president's life yesterday might have shaken things up. might have been closing in on one choice and maybe went another direction after that attack. what do you make of that? >> well i was there at the rally on saturday, and it was really a tragic situation. of course we lost a great
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american from pennsylvania who was protecting his daughter and his wife. sad, very sad, but the president missed being assassinated let's face it by a quarter of an inch, by a very hateful individual who was appropriately taken out and shot and stopped and killed. look, the president is a very deliberate person. he's going to be a great president again. he's about strength. we saw that. that was brought up a little while ago, when he stood up after all the chaos, after all the shooting, under fire, had the where with all and the will and the instincts and the leadership qualities to stand up and put that fist up and say hey, keep fighting, everything is going to be okay. you know what? everybody there thought they were going to be okay. all of a sudden there was a calm brought over the place, so look the president is going to be very careful in his selection. sounds like he's already made it, and you know, he wants
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someone just as he said who could step in but also more important, i'm not looking for him to step in because i want president trump to be president, to be a good partner and to embrace america first, which means americans first, and we have a strong economy and strong national security. that's what we need to do. we need to take the right steps to get there. neil: got it, stay well, stay safe, congressman. again dan meuser of the beautiful state of pennsylvania with donald trump during that shooting saturday. could have been a very different world and we could be talking about a lot more different things on this broadcast had it gone just a slightly different way. in the meantime we are following a follow-up from markets that seem to be reflecting possibility of a trump presidency, all the more right now. for example, we've been following trump media technology group. that is the brain child behind the trump truth social and it's up about 28%. we just got word of the shooting yesterday in an early trading this thing was up close to 70%.
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still an appreciatable roundup. look at the russel 2000 a reflection of smaller stocks on a terror lately even before the news but up again close to 2%. in case you're counting this index is around the highest level since january of 2022 and finally bitcoin. the former president is going to be addressing bitcoin and cryptocurrency group. they think he be very friendly to the so-called rogue technologies and that's why you have bitcoin at this hour over $63,000 per coin. a preview of coming attractions or what the market wants to see in coming attractions we're on it, after this.
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a secret service agent was working to protect the president. he's okay, but it was scary times for him, his family, for everyone else and the nation. tim mccarthy with us former secret service special agent for ronald regan. very good to have you, thank you. >> thank you, neil, good to be with you. neil: how are you doing today and when you see something like this i know you're asked all the time as you will be for the rest of your life what you remember, what you saw, what you experienced and then you see what went down in pennsylvania on saturday. your thoughts? >> well, my thoughts are both incidents were a failure for the secret service. no one can ever suggest that if a president gets shot, that it was a great success, so there's a failure, it's 1981. the crowd was too close. the people didn't go through metal detectors. that was largely solved and its been almost a half a century since we've had an event like that. now, we move to butler, pennsylvania and we look at that
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event. we look at the role of the agents assigned to the former president and how they reacted. that appeared appropriate. then we look to the events that took place and to take a look at all of the factors surrounding that. could that stage have been moved to a different location to block the view from that building? was communication between police and secret service where it should have been when these officers were allegedly told there was someone on the roof? if they even knew someone was on the roof with a weapon, or what they actually knew. there was counter sniper there, so there was issues with high ground. who was supposed to be posted there on the roof to ensure that there was no problem there? so, there's a lot of questions to be asked and answered and i said it was a failure. did they do everything that was humanly possible? maybe, but we're going to have to look at some of the things i brought up. let's look at counter sniper. when did they
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see the rifleman on the building? how soon do they shoot after they saw the threat? one shot, one kill was great that they did exactly what they're trained to do. was there a delay, so there's an awful lot of things to look at. neil: we learned at that point, tim, i'm sorry, a number of people at the rally were pointing this guy out, two agents or the local police, i don't know who, but they were pointing it out. it was too little too late but the fact when they were pointing it out, it wasn't too late. >> oh, i totally agree with you, that that's what happened. the police heroically went up on the building and i understand had a gun put in his face and jumped off the building. the issue is what did they know, when they knew it and they have to look at all those things. the secret service can't do this alone. i mean, they have the sole and total responsibility without the help of local police and i was the chief of police for almost 27 years after my
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22-year career in the secret service and it's a team effort, but like anything else, in this case, the secret service has the sole responsibility and is going to have to do a heck of a deep dive or someone is to look at all of those different issues to see what needs to change, or it was a complete failure. was it or was it not? neil: you know, i always remember clint hill, who jumped on the car, jackie kennedy after her husband was first shot and he lived and lives to this day with regret he should have done more and then we had procedures put in place about sharp shooters or potential assassins from high points and yet this happened again, but we never repeat the exact same attack, but it always gets back to i think one analyst was saying if someone is really intent on taking someone out, they'll succeed, so now, the issue with the secret service is whether its become too lost in the administrative sauce.
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i believe it's part of homeland security right now. there was no homeland security in your day. it's spread too thin. others blamed the fact it spread between protecting the president and the guy that was the former president, and other candidates even though robert f. kennedy jr. wasn't covered a lot of excuses going back and forth. i figured you were the expert, tim. what do you think of that? is the secret service up to the job? >> they're absolutely up to the job, neil, but as you pointed out, i think you mentioned there is no security that is 100%, not in this world. not in a world we live in where there are standoff weapons and things of that nature but you pointed the jfk assassination in an open limo. now you never see a president and that was solved from this point they are in an armored vehicle all the time. there's also a professional tension between the secret service advance team and the candidates advance team. as you know the candidate staff
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wants total and complete, as much exposure as possible. the secret service would like to have them in an armored bubble, so you work things out. there's often a lot of contentious debate over how to do things, and ultimately it gets worked out. sometimes at a very high level, but there's a lot to look at here, but we know it's a failure. march 30 was a failure. this was a failure. if police don't get to a shooting in less than five minutes it's a failure. what happened? so you have to look into it. was everything done that was humanly possible? i think we need to look at that real hard. it's communication. it's the events. should someone have been posted on the top of that building and why not? did cs fire, did they have information? if that information that those officers may or may not have had. i don't know exactly what they knew. people pointed to the building. i totally agree but i'm not sure how much they knew. if that got communicated quickly to the command post they would
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have taken the president off the podium in a heartbeat. a lot to look at. it was a failure. now we have to examine why it was a failure and everything was humanly possible should have been done and that's going to be dissected of course and a report. we need a report promptly. a complete report and as soon as possible. neil: i know my staff will be angry with me but i'm learning a lot from you tim. i know much has been said. has the president even slightly turned his head in a different direction we be talking about something much different but one thing i notice is how trump had the where with all as soon as he heard or felt something to drop, to drop himself down. no agents forced him down. he went down and i wonder what would have happened had he not done that. >> well first, if he, as you pointed out, neil, if he hadn't turned his head, i think it would have been the shot would have been a lot different. neil: right. >> if you look at march 30,
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1991 when the shots rang out, the military aid, based on his training, hit the ground. absolutely appropriate. secret service agents covered the president and evacuated the president so there's different training that took place, but the president certainly did the right thing, thank goodness he hit the ground behind what's likely to be armor behind all of the bunting and so forth so god bless him for being so alert and doing that, because it certainly helped out. now, the agents heard and i heard over the radio at some point the shooter was down, that the secret service had shot and killed him and that was very appropriate. keep him down. now there was a possibility there was another gunman, but they kept him down. didn't appear to be and then they evacuated him to the safe room which was of course the armored car and on for medical treatment so kudos to them. did the right thing. the president did the right thing too. neil: he really did. fast on his feet.
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>> yeah, very good. neil: tim, you have a remarkable role in us history and i appreciate that and your perspective all the more. >> thank you. neil: thank you very much and for your bravery. tim mccarthy the former secret service special agent for one ronald reagan. we have a lot more coming up exactly on these protests that are going on in wisconsin. they are keeping an eye on. they're not too worrisome but allowed to protest. this is america after all and we're learning more about all of the billionaires who are coming donald trump's way. how that assassination attempt this past weekend has changed this past weekend has changed the dynamics of this race, after this. no one puts more love into logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours.
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neil: well it looks like hal lambert finally has company among the mega-wealthy finally getting off the fence showing they will support donald j. trump financially and in any way they can. you of course heard right now, bill ackman, the big hedge fund manager but now we're getting fun ken griffin could follow and on top of elon musk who is already working to commit himself to help donald j. trump. hal lambert was one of the first to say follow me, follow me and now they are. always good to have you. you could clearly argue that this weekend's shooting attempt on the president, the former president, changed things, and sped up this process, but what do you make of it and what difference it's going to make?
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>> well, a number of those were already leaning towards trump. elon musk was clearly leaning in that direction. bill ackman was leaning that direction so obviously what happened was horrific and they were saying look it's time to get off the sidelines and really go full steam on this and that's what they announced they are doing and i assume ken griffin already said he was going to support trump. he was waiting to donate based on vice president selection but i think that's probably going to come any day now or actually today. neil: yeah. >> in fact its been reported there's a lot of security around j.d. vance today so we'll see if that ends up being the pick, but that should happen shortly. neil: does the vp choice matter to you or the election? it's getting more scrutiny because certainly what donald trump dealt with on saturday. >> well it's an important pick, yes, because it's the clear front runner for 2028 whoever he
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picks, and so it's an important pick, and so yes, it does matter, and i've known j. d. since before he was a senator so i'd be very happy if that's the selection. he's a great guy, and i think he be a tremendous vp. he's young, brings in a whole new generation into the senior political process. neil: you know, i wonder and you know him far better than i, hal, but has donald trump changed? has this horrific incident from saturday changed him? only reason why i ask is that nikki haley has been invited to speak at the rnc convention when prior to this she wasn't invited at all. we're hearing from the former president about ripping up his prior speech and looking for something far more unifying and if it is indeed j.d. vance, someone very critical of donald trump in the early days when he was first running for president back in 2016, that donald trump can look past that. even when it comes to marco rubio or some of the others on
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that list who are also critical of him in the early days that that grudge tendency that he had to hold grudges might have changed a lot. >> oh, i think its changed a lot of things. you've got to look at it now. we've got to bring the country together. i was at an event yesterday. that was "the talk." senator big hagerty put it on, kid rock was there. there was no talk of fundraising for the campaign. it was all about the victim's families and there's a gofundme that raised $3.5 million for those families so that's where the focus is on those victims. corey comperatore that lost his life, a firefighter from pennsylvania, father, two kids, i mean it's tragic and so yes, we've got to bring the country together. this violence, this is obviously unprecedented. it hasn't happened since ronald reagan and we can't go forward as a country this divided so i surveillances his speech will be
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dramatically different than what it was going to be because the focus is bringing the country together. neil: got it. always good talking to you thank you very much, hal lambert we're waiting to hear that have p announcement within the next couple of hours, in the meantime kelly o'grady is taking a look at this rally at the corner of wall and broad. some are likening it to the expectation of a donald trumped victory and maybe a big one but earnings are coming into play as well, right, kelly? >> that's right, kneel. it's my favorite season i'm such a nerd when it comes to earnings so there are a number of big banks reporting that give us a read on the economy. i want to start off with blackrock. the big story is assets under management and they reported a number of $10.65 trillion, that's a new record high for the company. now, management said that the big driver here is the bull market that we're in and the big in-flow they've seen of capital into their etf. remember blackrock is the largest holder of bitcoin by the virtue of their etf. we've seen that run-up in crypto today. also during the call management emphasized a.i. infrastructure
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investment is going to be at the heart of their future growth. the stock is up roughly half a point today. want to turn to goldman sachs. okay? they beat on profit and revenue. we saw net revenue of 12.73 billion profit of 3.04 billion. that earnings number of 3 billion that represents a 150% increase from a year ago. that performance speaks to their decision to exit the consumer lending business. remember they lost billions of dollars. the markets responding really well today up a percent. i will note, neil, one area i want you to keep an eye on is their investment banking division. now goldman saw a 21% increase in their i-banking revenue. not exactly what the street wanted to see. remember, they rely heavily on deal-making more so than other banks by far. however, that 21% increase paled in comparison to some of their peers. jpmorgan, citi saw a 50% increase in their earnings report last friday. now let's be honest. if rate cuts come, deal making is expected to surg and goldman said on their call today their
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pipeline is looking good. i'll close with this , neil. both ceo's larry fink, david solomon addressed the assassination attempt on former president trump on the call and said they are grateful. neil: thank you for all of that, kelly o'grady. jerome powell indicating much the same. he is at a economic club event i believe sponsored by the carlyle group. david rubenstein the founder of that private equity firm is questioning him and he also talked about it and is relieved the former president, the guy who chose him to head the federal reserve is doing okay. he could make news talking about rates and inflation and all that stuff. we're keeping an eye on that. also, keeping an eye on this stunning development. any other day be leading the broadcast and that is the entire documents case thrown out. that was one of the more onerous and difficult ones for donald j. trump thrown out completely. what that means as a number of developments that have trended to look very good for one donald
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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. the moment i met him i knew he was my soulmate. 1-800-217-3217. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. neil: you know, if not for saturday and the assassination attempt on donald j. trump this would probably be a front page story and a leading story on all broadcasts. the fact that that government
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documents case, the classified documents case has now been officially dropped by judge canon, who critics say is too friendly to the guy who picked her for a life on the bench. i want to go to the former federal prosecuted or , constitutional law attorney, what he makes of all of this development. does this go away? >> well the case is now dismissed and eligible to go up on appeal. they could file for reconsider asian from judge canon if they think she got her facts or law wrong. it's a very detailed decision over 90 pages and she goes into the idea on two fronts both the appointments and the appropriations so the appointment itself and the money being used by jack smith was inappropriately delegated. neil: but he himself, the appointment of him was the issue right? >> that's right. he's not a senate confirmed or presidentially appointed individual and the constitution essentially demands that. that's part of the separation of authorities that the president is the one who appoints certain
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individuals and the senate has to confirm them as well as the congress having authority over giving money to the operations of executive branch agencies and so those failures is what led judge canon to dismiss this. neil: why not earlier this issue if i remember correctly was so why now? >> its taken some time to get to this point. it is kind of a preliminary issue before you get into any of the facts of this case or try the case, this had to be decided. we have to remember with the immunity order a couple of weeks ago just as thomas actually commented on this calling into question the appointment of jack smith and so perhaps, that created some more kind of baseline or more ideas in judge canon's mind but the motions for this had only really been heard recently in the filings so the timing of this isn't suspicious or questionable. neil: what does jack smith do now? >> well jack smith is basically has to hang up his coat and kind of walk out but like i said, he has the ability to file appeals
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on this , and then -- neil: where would that go? >> it goes to the 11th circuit first that reaches whatever determination they will. meanwhile we have the january 6 case, which will have similar challenges no doubt coming on this. that could cause a division between the d.c. circuit and the 11th circuit. ultimately this goes to the supreme court i think if the case lasts that long. remember if donald trump gets elected he could kill this case entirely and that could be the end of it. neil: on that very quickly, your thoughts on the timing it is you said that there was nothing suspicious about that but of course we all know what happened this past weekend. did that have anything at all to do with this? >> i can't imagine it would have. this is a very long decision from the judge and this has been going on for a long time, so she would have had to put in weeks and weeks of preparation to actually get this ready to submit today so i can't see that and it didn't seem like a rushed decision in any regard. very lengthy, very detailed and i thought a very well-written decision. neil: got it.
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andrew cherkasky on all of that, by the way we are getting headlines from this pow wow from jerome powell and if the fed waits for inflation to get to 2% to cut it has waited too long and it seems to be a signal to the markets he's ready to cut. we'll have more after this.
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neil: all right we could be a little more than an hour, maybe a little bit more away from finding out who donald trump's runningmate is. markets are already factoring in as they've been behaving very much like a donald trump is returning to the white house, and trading like that as well. pete huckster joins us the michigan gop chairman, former michigan congressman much more. congressman whoever that runningmate is, the markets as i was saying seem to be running with the possibility and a strong one, a stronger one than on friday that donald trump is on his way back to the white house. are they getting ahead of their
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skiis? what do you think? >> in a political campaign, you run through the finish line. you run through election day. you never take an election for granted, so i don't care what the media or markets are doing but we in michigan are going to run through the finish line and win this. neil: so when you do hear the importance of a runningmate being any one of the four gentlemen we know, they're all there, they're all in milwaukee right now. would one make a difference more than the other? >> well i think they will all strengthen the ticket. i've met doug burgum. he's been in michigan. he's very strong and solid. michigan in many ways is looking for someone with experience in the energy industry. we've seen joe biden and then our governor gretchen whitmer trying to destroy the automobile industry through their insane push for electric vehicles.
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that's devastating to michigan. neil: do you think you hear much talk about since the shooting on saturday, congressman, that it's a kinder, gentler donald trump? i don't know if that's accurate, but that nikki haley who hadn't been invited to the convention is invited to the convention and will be speaking. separately the former president ripping up, we're told, his speech originally scheduled for thursday for a much more uniting one. do you think this whole thing has changed him? >> i've seen a lot of positive things from donald trump. obviously i've known him for eight years ever since i co-chaired his campaign in michigan in 2016, but it's the same thing. he continues to reach out to groups that you don't necessarily see republicans reaching out to. i've got a special relationship with the teamsters, jim hoffa is a good friend of mine. i was excited to read that
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donald trump has invited the president of the teamsters to address the rnc later this week. the president went to the hood in detroit, reaching out to african americans. he was warmly received in detroit. donald trump, throughout this whole election cycle, has been expanding his reach and been working at unifying and bringing americans together. neil: congressman always good seeing you thank you very much. >> always good seeing you thank you. neil: absolutely. he did mention the teamsters president was speaking at the republican convention. never seen that before. that president will be my special guest at 4:00 p.m. before the big speech tonight in the meantime we've got jackie deangelis, "the big money show." jackie: hello, everyone. taylor: i'm taylor riggs. brian: i'm brian brenberg. welcome to "the big money show." >> happening now former president donald trump is in milwaukee, wisconsin as the rnc convention kicks off, just two days after

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