♪ live from new york where business never sleeps, this is "squawk box." good morning. welcome to "squawk box" on cnbc. andrew and becky are off today. look at where u.s. equity futures are at this hour after a strong day yesterday. look at the dow. it would open up about 38 points, the s&p up by 2. nasdaq up by 6. overnight in asia, strength in japan is notable. 1.4% is the gain on the nikkei in japan. that's a six-month high. that index touched intraday largely on weakness in the yen. hong kong for its part is up by a third of a percent. shanghai closing flat. european equities ahead of the ecb meeting or decision that happens around 7:45 eastern

time. we are largely positive if only fractionally so. the ftse is slightly in the red. remember, that has had quite the gains over the last four months or so, since the brexit vote, up about 15%. crude prices retreating this morning from yesterday's 15-month high. we saw a bigger draw down in inventories. wti pierced 52 bucks a barrel. it came off down about 1%. the market will be watching that. maybe not as correlated as it was before. >> no. >> the market picks and chooses. one day it looks oil. one day it likes the pound. >> or we in hindsight say what did oil do and see how it affects the market. the banks had earnings, not bad. >> no one died. >> not awful. not awful. not the money they used to make, but with dodd-frank and everything else, we decided not awful. goldman sachs had double digit

return. not awful. our economy, 2%, rest of the world, 2%. not awful. >> david faber being told by blankfein that this is not permanent, we will be growing 1.3% forever. >> not awful. >> he's like it's not awful, but it's also not the case. nothing is permanent. >> maybe not. >> he has to continually remind himself that the market and cycle we're in will get better and stronger. >> i -- i lived in the 6% and 7% years we had, coming out of the '70s which were horrible. i'm not hoping for that. i'm sort of getting to be okay with this. it's not awful. things are not awful. >> gas prices are low. >> not awful. >> retail spending is -- >> not awful. >> relatively healthy. >> it's okay. work with me on this. things are not awful. therefore it's okay. among today's top stories,

here's the latest fed guy that we care about. this one, william dudley. he said the central bank will likely raise rates this year if the u.s. economy remains on track. dudley saying a quarter point hike is not that big of a deal. as the economy is close to the fed's goals of 2% inflation, and maximum employment. what was the other thing? earnings, this quarter. had five straight quarters of declining year over year growth. declining growth. actually down. so this -- what will it be this quarter? just either flat or maybe just below or just above. >> not awful. >> not awful. >> that will be good enough. >> if you exclude energy where earnings are still expected to be down 60 plus percent. >> with energy. >> yeah. >> right. >> but i think if you're going to x out energy, you should x out tech in some stronger

centers, too. instead of picking and choosing, that's going to be bad, so we like this better. >> what did you think of china's growth yesterday? >> alarmingly consistent. >> not awful. >> 6.8. >> it's been that for three quarters in a rechlt. >> do you see how we're feeling? >> i like to look at softer indicators like air conditioning unit sales, elevator sales, debt, housing. that gives you a fuller picture of the what's going on in the economy in china rather than just taking the headline print for its word. if expectations are 6.7 in china, joe, that's what it will be. >> an ecb decision is due at 7:45 eastern followed by a news conference by mario draghi at 8:30. here in the u.s., weekly jobless claims and the october philly fed are out at 8:30, followed by

september existing home sales at 10:00. then fed president bill dudley. speaking at a workshop. earnings central, travelers, union pacific and verizon among the companies reporting earnings before the opening bell. let's get back to the morning's top story which is the final faceoff between hillary clinton and donald trump before election day. john harwood joins us now. the defining moment seems to be where he would not concede if hillary clinton had won. there was more policy debate with the format last night. >> there was. they talked about the supreme court, about decisions and the future course of decisions on abortion on gun rights.

donald trump did one thing well last night in the debate, which was he pressed the argument that hillary clinton represents the political establishment. she's been in washington in l d leading role force a long time. this is something he did briefly in the first debate. not so much in the second debate, and one of the most effective arguments he has. in response, hillary clinton continues her pattern from previous debates of baiting donald trump in putting little jibes in her remarks. saying that he choked when he went to mexico and met with the mexican president. saying that he might be a puppet of vladimir putin. he responded that she would be a puppet. over the course of the evening, those things annoyed donald trump enough that when they talked about entitlements, they had this exchange that did not turn out well for donald trump.

take a listen. >> i talk about the corrupt media i talk about the millions of people -- tell you one other thing. she shouldn't be allowed to ru.g she's guilty of a very, very serious crime. she should not be allowed to run. just in that respect i say it's rigged. because she should never -- chris, she should never have been allowed to run for the presidency. based on what she did with e-mails and so many other thing things. >> all right. that was a different bite. what i was talking about was the moment where she made the point that donald trump might try to get out of paying taxes, that she would raise to make entitlement programs more solvent. he said she's such a nasty woman. that's a line that will not help him close the gap between women. he's down 20 points in our "wall street journal" poll. the biggest moment was the one

where he continued to say under prodding by chris wallace, who noted that it's a tradition in our country that the loser of elections concedes the race, he said he simply wasn't prepared to do that. >> i'm on record as saying we need to put more money into the social security trust fund. that's part of my commitment to raise taxes on the wealthy. my social security payroll contribution will go up as will donald's, assuming he can figure out who get out of it. we want to replenish -- >> such a nasty woman. >> okay. that was the original bite that i was talking about. in any case. you get the point. chris wallace tried to get him to say he would accept the election. before the debate republicans realized this is not a good argument for a nominee to make.

ivanka trump came out saying, yes, he'll accept the results, mike pence said he would accept the trump. donald trump would not say it. and being down by a significant amount, looking to expand his base, that was not a good moment. that was a big opportunity miss for him. >> that's the big moment that everybody is talking about today. john harwood for now. >> john, it's always about -- not base expansion. >> sorry, joe? >> it's all about not expanding his base. all those things, you know, people that are with him, the 40%, whatever it is, it was the 47%. we get bogged down in these numbers. last election the 47%. now it's the 40%. they probably like it. you're right, doesn't add to -- >> joe, if you look at the

post-debate polls, cnn did a poll after the debate, 52% said clinton won. 49% said trump won. that's close to the electorate. people voting for trump said yes, great. people voting for clinton said yes, great. there's a lot more of those voting for her. >> it's the -- it's not surprising, it's the usual trump bluster. i don't know. i'll keep you in suspense. i'll decide later. it's not surprising. >> it looks small. >> i know. >> in combination -- >> that's not the first time. >> nasty woman, this sort of thing, it looks small. >> not the first time. we have to keep our sense of humor. on both sides of this election, we have to keep our sense of humor. neither side, i don't think, feels like just -- you know, a

blanket endorsement of its candidate. it's very difficult. thanks. for more on last night's debate, let's bring in steve forbes, chairman and editor-in-chief of "forbes" magazine. you are not wearing that t-shirt, selected not elected. for years people have not -- a lot of people have not accepted george bush yet. >> there might be a sore man loser t-shirt in your closet. i bet there is. >> it -- on -- in this unbelievably polarized year of elections, a lot of people will not accept the clintons moving back into the white house. probably that 40% number, the entire 40% will have trouble accepting that. >> the fact that we're talking about this this morning instead of everything you need to know about this election. >> again and again and again. this will last another week about not accepting -- again it

was just bluster. nobody is talking about jeb bush and kasich not accepting the results of that election. >> it's bluster but this was a typical question. >> unable to say the right thing. unable for him to say, y i'll accept that. there's certain things in his personality that make it difficult. but he's not a politician, he doesn't know when he's shooting himself in the foot a lot of times. >> 2000, disputed, five weeks. 1960, nixon did not take an election where there was clear fraud. >> and west virginia was totally cooked. >> illinois, missouri and texas in 1960, the general election. west virginia was the primary. >> okay. >> in this case, if trump had said in terms of the problems with our electoral system, he eluded to hundreds of thousands of people on the rolls who were

dead, they don't remove you from the rolls, that is resisted by too many democrats, cleaning the voter roles. voter i.d. another issue. and the irs is still misbehaving. if he hit those issues, he could say this system still needs to be cleaned up. >> we talk about this election like it's a given, but so many comparisons to 2000 and gore having a lead as late as october. is there any smoking gun with all of the material, wikileaks, et cetera, coming out about clinton, anything that could tip this? >> it's harder and harder to see a path for him. we were talking about this earlier. this is a changed election cycle. people are dissatisfied the direction the country is headed in. in other circumstances this would be donald trump's version of change versus someone who represents a more established

political brand. >> barack obama is the greatest tactician in the world. he ensured his legacy by being so divisive it conjured up the tea party and donald trump as a candidate so hillary clinton could be the only one that -- donald trump probably the only person who could lose, if he does. >> here's the problem. it's been about what version of change you find acceptable or not. hillary clinton and her campaign have done a good job of making donald trump an unacceptable version of change. and nobody helped her more than donald trump. it happened again last night. you're asking what could happen to change the position on that stage. if a president walked out. >> there may be 50% or 4 pf8% w go with trump.

>> 50% of the country feel we're on the wrong track. solid. if trump emphasized more -- he did it last night before the end about the election result. he hit on the economy. he did hit on the world falling apart. i wish there was more discussion on healthcare. that's the biggest mystery of this election. why there hasn't been more discussion on a system that is collapsing. he did get in we have to have change, economic policy, she wants to raise your taxes. i'll cut them. if he hammers that -- this is still -- even though the polls have not much changed, this is a fluid election. people are looking for a reason to vote for him. >> here's the problem, people st stopped listening to donald trump. they're not listening to his argument, to the extent he was able to make any of them last night. they were limited opportunities. they do not find him an

acceptable alternative. he's helped by that. what's left is firing up his base. >> those are the people who are listening to him who could potentially challenge or raise questions about a result of the election if he doesn't win. yesterday we were having this conversation with jenkins, expect a revolt unless the results are a blowout, unless the results are so favorably for clinton that you could not -- >> you said expect a revolt. that's scary stuff. >> he didn't say that. >> no. no but others have said it. he didn't do anything last night to calm that down. he could have, as steve said, it's true. he could have said if there are unusual circumstances. we'll see on election day. barring that, of course i will accept the will of the electorate. >> in general, steve, you see people that lean right are not the anarchists that the left

seem to so often curry favor with at -- i don't -- i don't see the people in the center of the country the same way in terms of what i see the fringe of the left i see much more likely to be embracing anarchy. >> you know what i saw in that debate last night, hillary clinton reaching out to republicans and independents. >> now we know the people at the trump rallies who actually looked like anarchists were planted there by the guy who went to the white house 340 types ovtype times over the last year. >> everybody 45 denounced that. >> they have not denied working with him. did you see the answer yesterday? >> that was -- he could get on "dancing with the stars" with that answer. people want a change.

if trump hits those pro-growth issues, cutting taxes, reforming healthcare, having more firm foreign policy, rebuilding our defenses, he could still pull it out. people arie looking for a reaso to say i could take a chance on this guy. if he had that demeanor, he could be ahead or it would be a tie election. >> if he would have delivered that message, people would have gone towards him. >> people are asking why you didn't run. >> my five daughters are glad. >> the most important thing off-camera, both sides need to keep their sense of humor. i talked to democrats, and with the clinton found dag, they're all -- you know, it's abhorrent

a lot of what we're hearing about wikileaks. neither side, it's not like we have jfk on either side ready to unite the country. the democrats are just as cynical off camera as -- >> you have a candidate on one side that has been promoting that and the other trying to tone it down. >> oh, boy. >> that's why i said you have to keep your sense of humor. >> very nice. still to come, other guest host will be dan gilbert, founder of quicken loans and the owner of the cleveland cavaliers. we'll talk real estate, the economy and the race for the white house. that's at 7:00 a.m. eastern.

elon musk going all in with autonomous driving. phil lebeau has more. >> tesla announced last night it is building into all of its vehicles, vehicles being shipped this week, what they're calling hardware 2 generation when it comes to self-driving vehicles. those vehicles will have eight cameras instead of one. a strong on-board computer, and the vehicles will be allowed basically to drive level 5 autonomous, so no interaction at

all with the steering wheel or driver. that's the goal. it will be costly. it will cost you $8,000 if you want that self-driving hardware in your vehicle, if you get one in the next couple of months or within the next year. elon musk last night saying he intends to demonstrate fully autonomous drive technology between los angeles and new york hands-free by the end of next year. some people have said, hey, why don't they just take the current generation of autopilot hardware in the vehicles, update that to allow the vehicles to go completely autonomous. elon musk says that will not be possible. he said upgrading hardware one cars with this new hardware is not he'realistic. it's like giving the car a spinal cord transplant, not wide. you have tesla essentially doubling down on the idea that it will be able to deliver completely self-driving vehicles by the end of next year.

at least the technology will be there. the software will need to be validated, approved by the federal government. there's a number of hurdles before we see this happening. tesla reports earnings next week. yesterday a couple calls about where will you get the cash not only for this but everything else that tesla is doing. elon musk said that's not what we're discussing now. move on to the next question. so still a number of questions out there. tesla doubling down on the idea of self-driving vehicles much sooner than people were expecting. >> huh, that's what they keep saying. i like driving. you know? don't you? >> i think a lot of people like driving. elon musk's point is that self driving vehicles will be safer than humans behind the wheel. almost everybody who has looked at this, studied this, independent analysts have said that's true. you will save more lives when

you have completely autonomous drive vehicles out on the road. we're in a messy transition for the industry. that's the challenge. when do you take that next step. >> where you're gripping the two sides of the seat as you hurdle towards a semi turning in front of you without braking. i would rather be controlling my own -- did you see this stephen hawking stuff today? talking about ai. the biggest challenge to face humanity is the way we handle ai. whether the machines finally decide we figured out a way to get rid of you -- it used to be science fiction. they would either like us, hate us or ambivalent. people are talking now that it's important, starting now, how we approach this whole thing. >> that's true, joe. that's a separate debate from what we're seeing -- >> i don't want hal driving my car. remember 2001? >> joe, fatalities are rising on

the road due to distracted driving. we can't keep our hands off our phones when we drive, fatalities are going up. >> terrible. >> what's the answer? >> maybe a combo. a combo, you know, you're driving, but you got -- every commercial for a car company now shows something distracted and the car saving them from doing something. just turn on the tv. every car company has something where the car is saving you from an accident or from rear ending someone. >> i'm envisioning ten years from now you having to go to an amusement park to get your thrill of driving. >> that's what i'm worried about. not all change is good. just relax. let's go slowly here. >> okay. >> all right. coming up on "squawk box," cybersecurity in focus. the ceo of citrix will tell us how companies are scrambling to defend your data.

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welcome back to "squawk box." u.s. equity futures are preparing for a third day of gains. currently the dow is slated to open up 42 points. the s&p up by three. the nasdaq up by seven. a busy day of earnings and economics data coming out this morning. we start with corporate news. the california attorney general's office launched a criminal investigation into wells fargo over the fraudulent account scandal. the office authorized a seizure warrant against the bank that seeks customer records and other documents saying there's probable cause to believe the bank committed felonies.

that stock slightly unchanged. nintendo will release a short video of its next generation game console today. the company plans to launch the new system globally in march. so far the console is known only by it's code name, nx. the video will release at 10:00 a.m. eastern. shares of nintendo closing higher by 3%. and stocks to watch today, among those is american express, third quarter profit fell 10% but still above forecast. revenue was strong. the company also raised its full-year outlook and plans an ad campaign during the fourth quarter which includes the holiday shopping season. don't see american express move like that often. ebay's third quarter results beat forecasts. sales rose for the third straight period. the fourth quarter outlook is slightly below analyst estimates, shares are lower today. that's not good. down 7% in pre-market.

mattel's third quarter earnings topped forecasts on surging sales of barbie and american girl doll. in january they announced three new body types and seven new skin tones for barbie. they do seem to thrive or not thrive based on barbies. i thought the problem in recent quarters was -- >> despite how many new products the company introduced over the last few decades, it's still a barbie story. better late than never for the introduction of the new skin tones and body types. >> that's up 6%. i've been to an american girl party. >> have you thrown an american girl party? >> no. it was at a big place. it was like somewhere in newark. at like the prudential center. this is years ago. all the different dolls. i think my daughter had something to do up on -- i don't remember exactly. >> i had all the dolls.

>> american girl? >> yeah. all the books. it was fairly new when i was growing up, but i got very into it. my parents liked that there was a reading component to it, too. the equivalent of online and offline for today. my parents asked what do you want do with all of these? i had to think do you want to keep six, seven american girl dolls. what did you say? >> i said yes. for now. you have time to think about it. >> i knew the answer to that. cleveland, what's going on? cleveland. >> cleveland rocks. >> i know. >> nba. before it was just a rock 'n roll thing. then they got the wonderful convention. the cleveland indians -- >> couldn't make it through that. you added through that. then laughed at your own joke. >> i did. >> the cleveland indians are going to the world series. clinching the american league pennant for the first time since 1997. cleveland defeated the blue jays

with a score of 3-0. winning the series four games to win. cleveland's last world series championship, get this, nearly 70 years ago. back in 1948. they've been able to -- in ohio, enjoy the reds. that's about 30 years, too the indians -- >> and the cavs. >> the indians will host game one on tuesday of the world series. the cubs and dodgers are 2-2. they'll play game five of the series this afternoon. that's -- these are all storied teams. i kind of like it. i don't mind the new teams, dodgers -- >> some history there. you can go back and say they haven't won a world series in close to 70 years. >> cubs/cleveland is something people will want to watch. i'm worried about the nfl now, don't know watched there. double digit declines. hacking of businesses is

becoming more and more common, and cyberintrusions in politics have been a factor in the election. with so much vulnerable data out there. i'm petrified to say anything other than verbal interactions. companies are doing everything they can to sure up defenses. here to talk about the fight for online security and future of the workplace is the ceo of citrix. it's good for citrix that we have these problems. for society as a whole, we're in a dangerous place right now. how should we feel about that? >> well, citrix is part of the motion to help protect people and organizations against cybercriminals. the world has moved from org organized crime to

cyberterrorists. >> do you feel like the good guys are up to the -- are they winning? it seems like, you know there are certain instances where it seems like they're outmatched by the resources or the motivation of the bad guys. >> i think we're winning. i think amongst the companies who have focused on protecting urbanizations and people from cyberattacks, we're more united. the awareness of cybersecurity is higher than ever. this is the first time in history when cybersecurity came up in presidential debates, and it galvanizes people to fight back. >> it seems like an industry that should be in front of these things is better at responding after something happens. that means it will happen at least a couple times before we get a handle on it. is that the wrong view?

>> i think the industry as a whole is getting more proactive. i think new modern techniques, such as machine learning and artificial intelligence, analysis of what happens, nall sits of patterns, prediction of what might happen in the future is something that's helping us all to be more proactive and it's a place where citrix and our networking technology, net skill, is playing a significant role. >> how is it going -- you've been trying to turn things around. i think for the last year or so you've seen the fruits of that effort come to pass. is that -- is that fair to say? >> it certainly has been significant turnaround and transformation here at citrix. i've been on the job for nine months now. i think we're making great progress. we announced our earnings yesterday. our revenue was up 3% to $841

million. over 30% operating margin, $1.32 per share of eps. it's good progress, good result. overall it's been five quarters of continued operational improvement. we feel certainly very positive. >> is the company finished in terms of deciding what to focus on and getting out of businesses that were not essential to the core? are you done? do you have more to do still? >> absolutely we're finished. we know exactly where we stand. we know exactly where we need to be. our vision is very clear. our strategy is crisp. and our execution is much improved. you're right. we had a few areas that needed to be put outside of citrix, all those efforts are behind us. we're in the final stages of completing merger of our getgo business. that is scheduled to close first

quarter of 2017. this renewed focus is driving our bottom line and most importantly top-line growth. >> great. beautiful chart. 60 to 100 in the last 12 months. congrats. appreciate your time this morning. thank you. >> thanks so much, joe. coming up on "squak," the most marketable skills in the jobs market. the results of a new study by linkedin after the break. and a quick check of what's happening in europe right now as we await the ecb. guess what guys, i switched to sprint. sprint? i'm hearing good things about the network. all the networks are great now. we're talking within a 1% difference in reliability of each other. and, sprint saves you 50% on most current national carrier rates. save money on your phone bill, invest it in your small business. wouldn't you love more customers? i would definitely love some new customers. sprint will help you add customers and cut your costs.

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which skills are most likely to land you a job? linkedin has combed through thousands of jobs postings to come up with a list of what employers want and need most. joining us to reveal it is executive editor dan roth.

dan, wild guess and say it has something to do with coding. >> yes, very good guess. i hope becky quick is watching right now, it's not too early to start trading kaley on some of these skills. >> is there a baby einstein coding book? >> there's a 6:30 feeding. it's every two hours i'm told. >> here are the top five to start learning now. anything around cloud computing. number two, data mining. three is mobile. anything around mobile skills, mobile development. storage, and then anything around user interface design. >> i have serious problems if i lose this gig. >> none of us will be employability. >> real problems. >> the thing about it, it's not just tech companies hiring for these skills. you think i'm not in this industry, i'm not in tech. but it's every company.

school systems hire for this, small manufacturing companies hire for these skilels. for the likes of us getting masters and ph.d.s in this stuff, it's too late. >> it's hard to know if you're an applicant where the investment pays offer. you have to sort of take a leap of faith and say i know or i at least think rile be more valuable if i have these skills. let me pay to get some add-on degree or certification. how do you prove to people it's worth it for them to go out and spend to do this? >> look at the number of jobs out there. that's what the whole research is about. these are the jobs that are the most in demand. so people complain, i can't get a job. i'm not employability. just by sheer numbers. some of these you can get by taking a class. like coding you can learn in a year or two. some people teach themselves. for the top skills, cloud

industry computing, this is something where you get a masters or a ph.d. and you learn it in the trenches. people with those skills make up to $250,000 a year. >> you've been through the college thing. i'm going through the college hell. >> the application process. you're not in college. >> no. no. i was thinking about going back to get -- finally finishing my degree. i'm going through it for somebody else. >> it's awful. >> when you hear about the great schools, there's the great schools, second tier schools, and i look at them. the colgates, the liberal arts schools are still teaching liberal arts. do they need to change how they approach higher education? >> they're going to have graduates that will not be able to give back to these schools. we have a daughter who majored in poetry. luckily there's a place called hollywood where people like her can go and fine jobs. the massive jobs, the bugging of

jobs are in with these tech skills. you're right, you won't get it at a leafy campus gently teaching renaissance. >> it's not just something you get in college. we look at these skills, every five years these skills are done. you have to constantly been updating. it's fine to go to a leafy, green college as long as you are building skills on top of it. two years ago the skills in the top ten were totally different. a lot of marketing skills, different things. you have to constantly be moving. >> the world is different. i have some mail from millennials saying i need to -- that the luckiest generation, they call us, needs to leave. you need to leave and make room. >> make room. i know. >> we should do a millennial mailbag. >> it's different. i didn't take journalism. i was molecular biologist. you need training now to succeed in this world.

you can't wing it anymore. >> i think you are -- anyone growing up lives with this all the time. my kids are learning coding all the time. it's part of their education. couldn't write one line of code, could you? >> no i don't even know what code looks like. >> i think you could do it. it would take a couple weeks to learn and start getting into the process. >> as a molecular biologist you could get the second job, which is the statistical analysis and data mining. they often look to scientists for that. that's the second one on the list, people who gather data, do business forecasting with this. the sciences are funneled to that job. with coding, you can learn code very young and get better and better at it. the question is what happens when you don't want to do did? what about all the people who have no interest in it? what if you have no aptitude for it? >> user interface design issent

things. you watch to see how people are interacting with devices, sites. so, it's not just for hard core scientifically minded people. just having -- you have to have the soft skills to get these jobs, have the skills to fill them. if you're going to go through -- >> some of the jargon is enough to turn you off. if i'm a jobs seeker and i go on linkedin and see the data about the skills that will get you hired, will you direct me to a place where i can sign up and train for those skills? how do you find out from there where to equip yourself from this? >> you can get the skills on linkedin, through linda. >> i set you i perfectly for that. >> what an amazing thing to do. >> you can get these skills on linkedin. but you have to constantly be adding to your skills, exactly this conversation of i learned, i finished college, i can't ever do this is the wrong way to think about it. these are skills you can get. some will require ph.d.s.

but other ones, just having a base understanding of how these work to hire people who can do 24 for yo this for you. >> so many companies jobs posting boards are so foreign. >> architect, data, scientist. it's a whole world of different language of jobs out there now. >> important conversation. thanks to both of you. dan roth and susie welch. if you wanted to learn more about these skills or see all top ten, head to cnbc.com makeit. >> we used to be the greatest generation. >> they wanted us to leave? >> make room. make room. never leaving. two words -- >> we're aware. >> andy rooney. mike wallace. morley safer. i'll go on. coming up, neiman marcus out with its christmas catalog featuring six fantasy gifts. highlights coming up next. buckle up for a busy day of

earnings. coming up in the next hour, reports from travelers, verizon, walgreens and american airlines. we'll bring you the numbers and the reaction on wall street. "squawk box" will be right back. mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of at&t, and security that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure. because no one knows & like at&t.

yoyeah, i do.e? you guys are working on some pretty big stuff over there, right? like a new language for crazy-big, world-changing machines. well, not me specifically. i work on the industrial side. so i build the world-changing machines. i get it. you can't talk because it's super high-level. no, i actually do build the machines. blink if what you're doing involves encrypted data transfer. wait, what? wowwww... wow? what wow? there is no wow.

welcome back to "squawk box." i'm joe kernen along with kayla tausche. joining us for the remainder of the show, wilfred frost. i don't remember doing this before. it almost sounded like we were coming back at the top of the hour. but because you're here, we did a whole special welcome back to people to give you the, sort of the intro we think you deserve. >> i'm touched and honored. thank you. >> you're welcome. and you got up here quickly again. although sara got up faster than you the other day. >> i think i have the record. one day i got in at 6:30. >> that's quick. >> that was quick. i can't remember what reason. >> i like watching both of you just want to get up here so badly to be with me and kayla. it's nice. >> absolutely. but you are the common factor. you're always the one i want to come see. >> where is the copter, chopper landing? >> we just came down. >> andrew is the chopper. niemann marcus, meanwhile, has

unveiled its annual christmas catalog. betts known for those crazy six-figure fantasy gifts. has anyone ever really bought one? i don't know. like the undergarments with all the diamonds and stuff. but among the selections this year, a collection of 36 medal winning childrens books at $100,000. his and hers islands cars priced at $65,000 each. and an exclusive experience at the grammy awards. a half a million dollars for one night. and for those who love "the fly," there's a cobalt valkyrie-x private plane in rose gold priced at a half million bucks. >> i think they should buy that for me so i can get here even quicker. >> yeah. >> this sounds like the best silent auction ever. where do the proceeds go? >> yeah. they go to sell more things to needless markup -- niemann

marcus. also score a spot in a private quarterback camp with the legendary joe montana. nothing for -- that won't work for you, obviously. >> why? i need the training. >> you need the training. >> right. >> but you do things where you don't use your arms. >> this is a different kind of football. >> cricket we throw. just a different sized ball, right? should be able to do it. >> when you do those head things in soccer, that's -- >> headers. >> that's scary. you can hurt yourself. you can concussion. >> we learned yesterday not okay. >> again, my idea for soccer to fix it, use your hands. you wouldn't have to do those headers anymore. give it some thought. >> okay. >> it would be easier. more scoring. >> we're going to talk about basketball later in the show, right? >> we are. still to come, earnings from dow components travelers and verizon. we'll bring you the reaction straight up. futures at this hour a little bit higher.

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what happens in vegas used to stay in vegas. until now. >> well, that's because he'd rather have a puppet as the president of the united states. >> you're the puppet. >> highlights from the final presidential debate. straight ahead. breaking economic news. the ecb decision now just about 45 minutes away. we'll see what super mario has up his sleeve. plus guest host dan gilbert goes for three. his takes on politics, housing, the economy, and of course lebron james and the cleveland cavs. the second hour of "squawk box" begins right now. ♪ live from the beating heart

of business, new york city, this is "squawk box." >> welcome back to "squawk box" here on cnbc. i'm joe kernen along with kayla tausche and wilfred has made his way uptown to midtown. good to see you. our guest host this morning dan gilbert. chairman of quicken loans. cleveland, you're on that. >> cleveland's on a roll. i wasn't there yesterday, but i heard it was pretty exciting day there. i believe in the indians. i think they're going to win it. >> you know -- >> i do. >> we don't know whether dodgers/cubs. but whatever it's going to be, it's going to be a world series worth watching. baseball has become very local, if you've noticed. depending on if you live in the place. this might become national. a cubs/tribe. >> i'm hoping for that. >> the dodgers are an old line team. >> but it's been awhile since they've been in it too. >> what's in e the water in cleveland?

>> something good which it's about time. because it was 52 years until the cavaliers won. interestingly enough, game one of the world series at home in cleveland is the same night we open. so i'm getting all kinds of tweets and texts and e-mails from people saying put a split screen on the tron. watch the indians world series and the cavs opener. it'll be an exciting time. >> with all the success of the big red machine, you were able to enjoy some -- no. >> i'm from detroit. we got sparky anderson. >> that's right. you did. i'm kidding. because cleveland -- we don't share in the success in cincinnati do not share in the success of respective teams. we probably don't like it. >> they're 240 miles. >> and it's worlds apart. it's like an east coast/west coast thing. anyway, i'm happy and may watch this year. >> i hope so. it's excited. >> we're excited to hang out with dan for a couple hours.

travelers is just out with earnings. posting earnings of $2.30 per share. that beat estimates by 2 cents. revenue also in above estimates. profit did fall from a year earlier. that was due to higher weather related losses of course as you have with insurance companies, premiums, however, were up by 3% to a record high. the stock in extended hours is unchanged. we will get you more headline ifs they move the stock. other top stories this morning, there's a busy day for economic numbers. as well as the october philly fed index. at 10:00, existing home sales for september as well as the index of leading economic indicators. we're less than 45 minutes from the latest ecb interest rate policy decision. the statement will come afterwards as well. news conference with mr. draghi at 8:30. new york fed president bill dudley says he thinks the fed will be able to raise interest rates before the end of the year. dudley says the central bank is closing in on monetary policy

objectives that should allow a rate hike. the fed last raised rates last december. today's top political story, the final face-off between donald trump and hillary clinton once again pushing the boundaries of political norms. the front page story nearly every paper this morning, trump's refusal to commit to accepting the outcome of the election. >> first, she should never have been allowed to run for the presidency based on what she did with e-mails and so many other things. >> sir, there is a tradition in this country, the peaceful transition of power and that no matter how hard fought a campaign is, that at the end of the campaign that the loser concedes to the winner. not saying that you're necessarily going to be the loser or the winner, but that the loser concedes to the winner and that the country comes together in part for the good of the country. are you saying you're not prepared to commit to that principle? >> i will tell you at the time.

i will keep you in suspense. >> chris, let me respond to that because that's horrifying. >> joining us now, betsy mccoy, former lieutenant governor of new york and a trump supporter. and our guest host for the rest of the show, dan gilbert. founder and chairman of quicken loans. betsy, you're a trump supporter. dan, you don't need to be in a debate -- >> we already made friends in the greenroom, right? >> and on the hillary clinton side, dan gilbert of quicken loans. >> i'll be the moderator. >> something just occurred to me in watching that. you know, the whole -- betsy, you've seen -- i mean, i think 55% of people and only 40% are with trump. 55% say the media has been slanted. if it were on the other -- if trump were ahead and if you asked a lot of democrats will you accept without question

trump -- a trump presidency, i wonder if the answer would have been that much different. i wonder if she would have been gracious and say i'd unify the country behind you, donald trump. >> i don't think she would have been asked. but in general i think it was a very interesting debate despite that distracting question which has captured the headlines. each side scored some points. and when i look at it this way, it's the builder versus the professional blabber. at the end of the evening, the building was still standing. he had score points on gun rights, important to his base. and on the most important issue of all that the way to solve the national debt was to grow the economy. that was a clear and vital message. on the other side, hillary clinton's goal coming in since she's way ahead in most of the polls. we'll see how accurate they are. she's way ahead in the polls was to try to expand beyond her base.

to lock up the election. and i'm not sure she did that. because on a couple of issues, she faltered. one is when she was asked about her economic plan, it was all big stimulus government spending. she's not going to win any republicans that way. i would say that this debate was overall a draw. but trump had the most to lose. >> since dan is not going to be the other side, i'm going to have to take on that responsibility of pushing that. you're a good surrogate. whenever you come on -- >> i'm not a surrogate. i'm a spoupporter. >> you're a supporter but you stay on message. too many times i've used -- thank god for baghdad bob. he gave us someone who will look into a camera and say something patently false. >> i would never do that. >> i know. but you stay on message. the builder versus the blabber. i think the left after watching last night, they're -- you know, they think they're in an even

better position than they were before the debate. >> well, she scored a couple of points. >> because he was unable to just say yes, i will -- because of knowing him -- >> i regretted that first of all because that did capture the headlines when it could have been good news. i think he surprised his own campaign. it was an undisciplined moment. where he let emotion carry -- >> so with 20 days left, we'll see this for another seven days that he's, you know -- i made the point earlier i don't see typically trump type supporters that the anarchists that are not going to accept an election. the other side, the people at some of the rallies and what we found out from the agitators that were -- actually the one guy visited the white house 342 times in the past. >> i think trump was actually quite, i won't say shaken, but moved when he was on the stage. he had just seen those project

tapes. and was really appalled as so many people are that these groups that claim they're connected to the dnc -- >> this is a 69-year-old lady that was on an oxygen machine to agitate -- >> and to bus people to the polls. right here in new york city where the show is being conducted, the al shulken, the election commissioner here has said there's so much fraud. of course the mayor of new york city said keep quiet, buster. that's how he got elected. there's a lot of fraud in new york. the winners never want to talk about election fraud. we do need to clean up the voter rolls. we need to push back on things like the irs quelling the leaders. >> people still don't believe president bush taking over al

gore. you do lend -- you're not going to say one way to the other. >> we lend to democrats, republicans. >> you know, having watched just the first 45 minutes or so because at some point, number one, it's the third debate. i watched -- >> you get up early in the morning. >> i watch some of the it in the morning. but especially in this day and age, i need to be so much sharper in the morning. >> how come nobody has any lawn signs this year? i don't know about your neighborhood. >> we don't have lawns here. >> we do in jersey. there'll be a trump right next to a clinton one. >> in previous elections i remember probably going back to reagan -- >> i remember seeing an anecdote that one of the frustrations of people working within the trump campaign was that there wasn't any manufacturing effort. they didn't have the buttons, the tchotchkes, the signs. that wasn't an effort that started early on. so they figured they had good

momentum. they didn't need them. >> i don't see them on either side. either they're being stolen at night or they're missing. >> i think one of the fun moments last night was when mrs. clinton was asked about open borders and she kind of ducked it and chris wallace -- he was by far the best moderator we've seen. >> i agree. >> and he came back to her and said well, you said in this speech to a brazilian bank open borders. clearly she wasn't talking about the electorate grid. he had done his homework. >> should trump have scored more points on that? >> he definitely could have. >> on wikileaks he got bogged down on whether he was a putin friend or not. she changed all the wikileaks about how they came in rather than what was in them. he went to saying he's not friends with putin. there were an investment raise. he said i'm not talking about it. >> tesla shares off about a

percent in the premarket morning. still to come, much more from our guest host dan gilbert. you're watching "squawk box." coming up, decoding the ecb's next move. we're minutes away from the european central bank's rate decision. full coverage and the instant market reaction straight ahead. "squawk box" will be right back. this woman owns this house, with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits

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welcome back to "squawk box." titan media technology and business gathering this week for the vanity fair new establish summit. andrew was there and he caught up with bobby kotick. >> we talk often about mobile. do you think mobile takes the whole business over meaning we won't be using consoles in the future? >> i think there will always be a need for hardware that is dedicated to the game experience. but you have so many new things enhancing the game experience whether it's ar or vr. >> how much are you investing in vr right now? >> well, we think a lot of our franchises lend themselves well to vr. so you'll see -- from our perspective, until we can do something great where we feel we're pushing the art form

forward, we won't release it. >> we didn't talk enough about on the stage this deal that you have made with les to effectively produce tv shows based on your video games. >> it's our second tv show. the first was "sky landers" with netflix. and this is based on candy crush. >> what's that going to look like? >> we haven't given all the details but it's the producers of "wipe out." it will be a live action intense competition using candy crush as the ip. >> is this just the beginning? a year or two from now if we had this conversation, how many more shows, movies, other things do you think will stem from the games? >> we're being very selective and thoughtful. so we have call of duty in development, overwatch in development, the "skylander" show on netflix. but we're staying focused. >> we talked a bit about the nfl

on stage. but what i find so interesting is that the future of e-gaming. people are talking about whether it will become an olympic sport. >> yeah, i don't know if it will become an olympic sport any time soon, but you know what we are seeing, the number of come pet tors are rising. a hundred million people watching mainly user generated content, what we're doing is creating professional content. so we're arguing around teams and leagues and you will have the overwatch league which will have a certain number of teams. those teams will be a combination of professional sports teams as owners and endemmic teams as owners. but you'll see a professional league emerge with real spectating arena events. the number of spectators we have today is greater than the number of watchers of the nfl or the nba. >> did you ever think this part of it was going to happen? the idea other people would watch the games? >> in 1983 we talked about

multi-player gaming and how you would see people celebrated for their success. we're finally at a place our gamers are getting celebrated for their accomplishments. national evolution of the medium but not to the level we're seeing today. >> much more from andrew at the vanity fair summit throughout the day. still to come here on "squawk box," a top tech ceo making an appearance in e the latest wi wikileaks leak. and later on, former u.s. ambassador to china gary locke will join us. stay with us.

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♪ welcome back to "squawk box." among the stories front and center, american express set to give the dow a boost this

morning. the stock up in the premarket trading after the company beat estimates with its latest earnings and raised its profit forecast. shares up some 6% in the premarket. also just minutes away from the european central bank's latest interest rate decision and policy statement. we'll have that for you. we'll also be watching out for ecb president's comments. nintendo set to release a teaser video for its next generation gaming platform. that will be released at 10:00 eastern time. nintendo has said nothing about the product since mentioning its development more than a year ago. in political news, the clinton wikileaks e-mails revooefing new details about hillary clinton developing her position on encryption following the san bernardino attack and eamon javers joins us now with that story. good morning. >> good morning, joe. this is an issue that came under intense scrutiny last year. and now newly released e-mails

from clinton insiders show how cozy the camp was with two of the world's biggest companies. with less than 20 days left until the presidential election, newly leaked e-mails putting the clinton campaign on the defensive. she spoke about encryption just days after the san bernardino attacks daughter primary debate on abc. >> maybe the back door is the wrong door. and i understand what apple and others are saying about that. but i also understand when a law enforcement official charged with the responsibility of preventing attacks to go back to our early questions. how do we prevent attacks. >> reporter: clinton campaign staffer told other campaign aides she had circulated the comments to a contact at apple. her e-mail reads, from my contact nick at apple, looks good. just heard that google is good too. the apple insider believed to be nick ammann, the director of global government operations

writes, hi, sara, yes this was great. i got the clip to tim last night. definitely struck the right tone. the e-mails seem to suggest that the clinton camp was seeking approval and validation from the company about her message on encryption. apple had no comment. neither the clinton campaign nor google responded to request for comment. apple's dispute with the fbi became a public battle in early 2016 when a judge ordered apple to help the fbi unlock the san bernardino shooter's phone. the leaked e-mails which the campaign never confirmed are legitimate. also shows that lofgren wrote to podes podesta, quote, i hope our candidate does not leap on the side of the encryption ruling. if she is can i talk to her. he responded that she is to stay out of the whole issue. >> yeah. all right, eamon.

just distracted here looking at verizon's numbers coming out here. just hitting the wires, $1.01 is the adjusted number. the gap number i think is 89 cents. on an adjusted basis which excludes 12 cents in pension and severance cost. that would compare to estimates of 99 cents. so that's above. there's a lot of other metrics of people that follow it closely are looking for. the company verizon wireless added retail postpaid net additions including 357,000 of the new 4g lte smart phones. the company saying loyalty has remained high. retail connections and that's up to almost 3% year over year increase. they break out total phi yoes

revenues. the number of 31. i didn't compare that. >> the company is reiterating its lookout for the full year of 2016. >> revenue number -- >> just under $30.9 billion. estimate was $31 billion. slight miss. >> and they affirmed guidance? >> they affirmed for 2016. they said their earnings will be comparable to last year's adjusted number even with the second quarter charge they took because of the employee strike. >> did they mention anything about that guy that, you know, the spokesperson is now doing sprint stuff. you know? the guy, the glasses. >> it's not in the earnings statement. >> they don't mention anything about that? >> as high level as that issue is, they didn't. >> everybody knows him. he was the verizon guy. >> i know him now. no one can believe -- >> he was everywhere. he was on all the billboards. >> to me he's just the sprint

guy. >> yeah. now he's just the sprint guy. >> just. >> and jamie foxx is the verizon guy now. >> right. there we go. >> is there an at&t girl or no? >> no there's an at&t lilly. >> i remember lilly. is she still around? >> yeah. the one in the at&t store. she's funny. >> what about there's that quicken loans guy with the blond hair? you know who he is? jay farmer or something -- >> i don't know. what do they do? loans? >> home loans. >> are they good? >> pretty good. >> crazy ceo i know that. >> much more with the crazy ceo and founder in a bit. dan sticking with us for the next couple of hours. moving on to politics. hillary clinton and donald trump squaring off in their final debate last night. taking on trade policy. >> that was one of the worst things that's ever been signed by our company. now she wants to sign

transpacific trade. she did call it the gold standard and they fact checked and they said i was right. >> number one, when i saw the final agreement for tpp i said i was against it. it didn't meet my test. i had the same test. does it create jobs, raise income, and help national security. i'll be against it when i'm president. >> joining us is gary locke. good morning to you. thank you very much for joining us. just to start things off, you are a big proponent of free trade and you support tpp. is that right? >> well, i'm a supporter of tpp but i've always been a proponent of fair trade. eni think that we have to do a better job of enforcing our existing trade agreements. but when 95% of the world's consumers live outside the borders of the united states, if our american companies want to prosper and sell more of our made in america goods and

services, we've got to start selling overseas. and we can't sell overseas if we don't buy stuff from overseas as well. it's got to be two way. >> ambassador locke, are you therefore upset at secretary clinton for sort of back tracking on her position that used to be in favor of free trade, now isn't, and tilts towards the protectionism side of things. do you think she's going against her genuine own beliefs in articulating that position on the campaign trail? >> well, i think that she has a very specific disagreement and concern of the tpp. i for one support the tpp which is the transpacific partnership. all of us in the administration or when i was commerce secretary said this was going to be the gold standard. and we supported it in hopes it would be the gold standard. secretary clinton made her comments several years ago before the final agreement was negotiated. and she says now that she's read it and several other people who have said now that they've looked at the final agreement which was just announced a few months ago several years after

her initial statement, says that she could no longer support it. i still support it. but i know that many people who originally wanted this to be truly the gold standard have come away disappointed. >> ambassador, there's so much anti-china rhetoric in the election. but tpp doesn't include china. and china itself has criticized the deal. yet both candidates want to either roll it back or edit it. i'm wondering if you're china or if you're ambassador to china, how do you work with the country to get something that is good for america because it doesn't include china. but also is something that geopolitically works? >> first of all, china is very nervous about the tpp. they're not part of it because they can't live up to the high standards that's envisioned in the tpp. for all the people who complain about trade and say how, you know, american workers are disadvantaged, american companies are disadvantaged. how come those companies in the other countries don't have to

abide by the same health and human safety standards, labor standards, working conditions that american companies have to? why do those foreign farmers not have to protect the environment or reduce the use of pesticides or treat their agricultural workers the same way that american farmers have to? all of this is putting american companies, american workers at a disadvantage. which therefore makes the foreign goods cheaper and makes it easier to sell those foreign goods around the world or into the united states. well, that's what the tpp is finally trying to get at. saying, hey, you guys in the other countries have to treat your workers, live up to the same environmental health and safety standards that american companies have to to put us all on a more level playing field. some people say it doesn't go far enough. but china does not like the tpp because it's afraid it's going to set a precedent for a higher standards trade agreement that ultimately will have to be imposed on china whether other countries making trade deals with china will say, hey, let's

use these higher standards. or ultimately if we have an investment treaty between the united states and china that china will have to follow the standards. china is nervous about the tpp. >> can i ask you a more broad question. during the presidential debate over here, we hear mr. putin being mentioned a lot being a powerful leader. but what's your take on president xi? is president xi the most powerful leader in the world at the moment? >> i don't think there's any leader that's more powerful than the presidency of the united states. we are the leader of the free world. and in fact, even in the communist countries they very much care about the opinion and the position of the united states. and have to get along with the united states. we have major disagreements for instance, with russia on many instances. and yet we're trying to work together on a host of issues. major issues on trade policy, human rights, freedom of the

press, et cetera, et cetera. but at the same time, china and the united states are the two leading contributors to greenhouse gases and the world is looking for leadership and partnership between both china and the united states to solve climate change. if we in the united states take dramatic actions to reduce carbon emissions but china does not, our efforts go to waste. and the same thing with china. they are aggressively moving toward clean energy with nuclear power, with wind and solar, and reducing closing down coal plants, et cetera, et cetera. and they worry that the united states is not going to follow suit. so we've got to partner together. >> thank you very much for joining us this morning. we have to leave it there. ambassador locke. coming up on cnbc, an ecb rate decision due in minutes. we'll bring you the instant market reaction. as we head to break, a quick check on what's happening over in europe. we'll be right back. the expertst i.t. orchestration to a global outerwear manufacturer, allowing them to handle the recent

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founder and chairman of quicken loans. and one thing that we've been talking about lately is trying to figure out -- we do watch mortgage apps and housing starts, and it's not completely clear the state of the whole housing industry. we're hearing there's supply. so prices are going up. but then, you know, some people -- there seems like rates are low but not everyone can get a mortgage anyway. >> the market is not awful. >> you were watching earlier. yeah. that's a good couple of words to describe that. >> that's really smart, really on point. >> but really i like that. it might catch on in america now. it's not awful. >> that's what we got to live with now. >> i think that housing market -- not to be too cliche -- it's local. one of the things for housing starts that people don't realize yet is some of the things when

you look deep why it's stalling is sort of in a -- if it's not stalling in a neutral to slightly above neutral is that housing starts peaked around 1.8 millionish in 2007. right now hovering around a million. that's a huge dropoff from the peak. and there's a huge amount of jobs, large amount of jobs in construction and not to mention people going to home depot and lowes and everything else once they buy a home. we've got to get housing new construction back. the new households forming are passing the supply. the question is why aren't home building companies investing more and taking risks? that to me is the whole sort of crux of the problem of the economy. you have so much cash and capital. to tell you we'd be in this low to interest rate environment. how come there's not more capital investment? i don't know if i have the answer, but it's kind of weird, right? >> you might have some good

ideas. i think we all do. it's just that people will immediately push back depending on your political persuasion, what the fed is actually hurting capital investment. so we talked about elasticity yesterday too. it's kind of arcane, but if rates go up, do we know for sure that there's less mortgage activity or do people finally say i got to move now? >> certainly on the purchase side, the refinance side it's hard to believe to have more going up. although you could have some worried you have a spread in there. they want to refinance. and the home purchase side for sure, once it moves up quarter, a half, now we definitely have hit bottom. i always wonder why people are waiting on 3.5%. oh, we're not at bottom yet. i guess they've been right so far. right? they've been right. >> what about affordability? because it doesn't matter if mortgage rates are that low if

the price of the home is too expensive and wages aren't growing enough to support it. >> you have a demand and supply thing going on here at the same time that you have the affordability thing going on. i think the more supply that can come on, that's a governor -- right? it's a governor to prices rising too high. it's a supply and demand thing. it really is. we've got to encourage home building. >> joe thinks millennials aren't getting married and house formation. >> they're playing video games. hover boards. >> or playing pokemon go. >> yeah. they're all rushing some park where there's a rare pokemon. >> they like to hang out with each other. >> experience. it's experien >> i think eventually biology is going to kick in. it's been happening for millions of years. it's going to kick in and they're going to have to -- and when that happens, they're going

to have kids and kids require a home. we'll wait them out. >> just not having kids quite yet, joe. more with dan in a moment. ecb decision no change expected. also the pace of monthly asset purchase is still $80 billion a month. still with the current wording. it will continue until the end of march next year. or beyond if necessary. no clarification in they expect that extension but the extension is there if need be. of course the crucial press conference coming up at 8:30 a.m. eastern. we'll bring you theed thelines of that. we've got a move in the euro right now. it is just a little bit higher. 1.0982. the press conference in 40 minutes' time. also still to come on "squawk box," we'll talk to the vice chair of palace sports and entertainment which owns the detroit pistons. we'll talk to him about the business of basketball next. hey listen, when you tell our friends about your job, maybe let's play up the digital part. but it's a manufacturing job.

yeah, well ge is doing a lot of cool things digitally to help machines communicate, might want to at least mention that. i'm building world-changing machines. with my two hands. does that threaten you? no! don't be silly. i'm just, uh, going to go to chop some wood. with that? yeah we don't have an ax. or a fireplace. good to be prepared. could you cut the bread? what's critical thinking like?

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we've got one professional basketball luminary here. let's welcome another. joining us now the vice chairman of palace entertainment which owns the detroit pistons. great to have you. >> nice to be here. anything for dan. >> the anything finish dan? >> he lost a bet last night. >> thought he was joking when he asked me to come on. >> to talk business networks. we need to talk the state of the industry. and i think, you know, suddenly

i thought football would never have a problem and suddenly basketball might look like they're -- like it's immune given the ratings challenges. but is it the election for football, you think? that's causing it? >> i really don't know. it could be a lot of reasons. because it's still early in the season. i think there's an incredible interest in this election. i think that's probably the biggest factor. >> people don't talk about colin kaepernick and there was a boycott. someone somewhere tried to organize that. does that mean anything to you? that people see that and say i'm not going to watch a game? >> no, no. that has no bearing. >> do you think? >> i can't imagine somebody saying -- well, one of those guys took a knee, boom. maybe a handful of people. but no matter whou you feel about it. >> in my house everyone is still watching plenty of football. >> i am too. i didn't watch houston/indianapolis, i don't think. that might have been a problem that it was houston and indianapolis. >> you know what i do note?

i have teenage boys. they watch the red zone. they don't even watch the network ever. >> they just want the highlight zblps yeah. they're all playing their fantasy sports. i don't know how that works into the ratings. i was a little bit surprised that the networks, rather, sort of allowed that red zone thing. i mean, that red zone thing is huge. and there's nobody i don't think under 20 years who knows what the network game is. >> what do you reckon about delivering this in places like twitter? is that the future? >> i think it is. clearly technology's had a huge impact on sports and how people are watching it. i do agree with dan. younger generation, it is all about highlights. a lot like looking at statistics and the highlights. how their fantasy teams are impacted. >> does the online platforms make it easier for you guys the owners of the teams to cut out broadcasters and cut out the leagues as a whole? you've got your own websites, lots of followers.

why can't you just stream your own content yourselves? >> there's always a discussion that goes on between the franchise owners and the league itself. the nba in particular adam silver, even before he was commissioner he sort of managed this area of the league. he's done an outstanding job. twitter, for instance, there's a deal with twitter they just signed. you're a fan of the cavaliers, you sign up and you're on the road somewhere and they'll tweet you with maybe three minutes, four minutes left. saying four minutes left, game tied. click here to watch the last four minutes. like $1.99. there's great things to do with it. twitter is smart getting into live sports. live sports is sort of the last to watch on tv. >> thinking of the deal with twitter, here are the economics. what would be the top economics you would have? make sure you get one, two, three for us. >> want to make sure that we're maximizing revenue for our potential for the teams and the league.

and two, that we're delivering the best content to our fans and to the community to engage fans. and that we see this as the path for the future, that this is the best way of delivering it. also that we're -- the key for the nba is to attract the global audience? and is that the best way to reach the global audience? >> ours was one of the best if not the best agents in all of sports. kobe bryant and others. now he appears as the president of the palace detroit pistons. is that like blas tfthe -- blasphe blasphemy. >> as the asset. and we have a responsibility to do what we can for detroit. >> do you think you were a horrible person now that you're an owner? and looking back at the things you used to do? have you made amends to anyone?

>> no. it's been a lot of fun. i really -- it's been almost seamless. actually, it's been incredible. >> we've all seen agent movies. and i have an agent. >> and you guys aren't stopping there. you're going to try and move soccer to detroit as well? >> we partnered -- tom and dan have partnered and sort of help bring this marriage together. to bring soccer to detroit. i think detroit would be a great market for the mls. it's a great opportunity to work together and have two rivals in the nba. >> you heard it there. it's a great sport from expert. >> it's a great sport. >> he just wants no goalie and a smaller net. >> but either way, great sport. guess what guys, i switched to sprint.

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showdown on the strip. >> we will have created a tremendous economic machine once again. >> i pay for everything i'm proposing. i do not add a penny to the national debt. >> the last presidential debate is in the books. we'll tell you what the

candidates said about business and the economy straight ahead. breaking news. the ecb out with the latest interest rate decision. president mario draghi holding a press conference. plus -- >> the cleveland indians are going to the world series! >> we hit the field as the final hour of "squawk box" begins right now. ♪ live from the most powerful city in the world, new york, this is "squawk box." >> remember the boys of summer. that's a little bit slow and depressing. welcome back to "squawk box" here on cnbc. i'm joe kernen along with kayla tausche and wilfred frost. our guest host is dan gilbert of quicken loans. >> go tribe. >> we got it. we're going to hear from him in a bit. do you prefer dodgers or cubs? >> i'd prefer indians to beat the cubs. i think they're winning whoever they play. i just do.

you can feel it. you know what i'm saying? >> it's in the cleveland air. >> that's just because you're from cleveland. >> i'm from detroit even. >> but you don't think chicago fans are feeling something right now? or dodgers fans? >> i mean, it's just a feeling. you know. just a feeling. >> all right. >> i'm 1 for 1 this year. >> we're less than 90 minutes away from the opening bell on wall street. futures have been up for most of the morning session. up 30 points now on the dow jones. up just under two on the s&p and up six on the nasdaq. let's check out the markets in europe which are either barely up or barely down. just tractional gains and losses across the forces that wilfred thinks actually matter. and there is a currency check. just under 1.10. i like that you sold that ecb change. if that were me, i would have said no change. you talk -- you like -- >> you hadn't even said that.

you would just go to a commercial break. >> you were interested for a moment in a topic that you don't think matters. so i sold it. >> you did. that's what we do here. >> there we go. the ecb announcing latest policy decision leaving rates unchanged. mario draghi will hold a news conference at 8:30. we'll monitor that and bring you any updates. we're just about 30 minutes from breaking economic news. we'll get the october philly fed index and initial jobless claims. expected to rise by 250,000 while the philly index is seen dropping to 5%. back to today's top story, hillary clinton and donald trump taking the stage for the last presidential debate. kellyanne conway joins us. you're allowed -- you're in vegas. we decided there's going to be a special new rule that what happens there is allowed to --

we're allowed to talk about it, kellyanne. don't hold back. >> definitely on "squawk box," sure. oh, i won't. >> getting right into it. you know how things work. front page, every headline doesn't say he's going to accept the results of the election. you're saying this morning that you know -- i mean, people who have watched donald trump could sort of surmise that there is bluster at times that we hear. when he tells the russians, maybe you got the 30,000 e-mails. the media's going to say he's telling the russians to spy when we really know what he was doing was just trying to focus on those e-mails. is he not going to accept -- is there going to be a revolt if he loses, kellyanne? >> that's not what he is saying at all. he's saying basically you can't disclaim every single possible hypothetical. why would he before he knows the results and they're verified and certified concede an election

that hasn't happened yet? that's all he's saying. of course if there is no widespread fraud or evidence of malfeasance, you can count on him for a peaceful transfer of power. but if you're donald trump, certainly not if your hillary clinton, if you're donald trump you're supposed to lay out every hypothetical and every word is six syllables. he's been looking at these past allegations of voter fraud. he's been looking at the fact that dead people are still on the rolls. and he's been looking at the fact that he faces a deluge of unfairness and an avalanche of negative press coverage. and the system being rigged against him every day. we're not going to whine about it, but i think people should at least admit to it. we know 96% of the journalists gave donations to hillary clinton's presidential campaign. good lord. it's one thing they're always out there fawning all over hillary clinton and her candidacy giving her positive coverage and gives us negative coverage.

it's quite a different to put your money where your pen is. >> it gives you the chance to talk about all these things. if you could go back and, you know, as a campaign manager of a candidate who is not a politician and, you know, you're used to, i'm sure, polished politicians. and there are times -- i mean, last night when this -- did you go like that? that now i'm going to have to talk about this? you know the mainstream media is going to react a certain way. but you -- the candidate doesn't need to give them the gris to react again. did you wince when you knew this was going to be the headline the next morning? >> but joe -- >> go ahead. >> is why is it the headline? let's be fair to that 90-minute debate and what was discussed by both candidates. the idea that topics were foreign hot spots, entitlements, economy, fitness for president. and you're right in predictable lemminglike fashion, everyone is

going to glom onto one thing in that debate and sanctimoniously claim it's because it was so shocking and unprecedented. really? opposed to what? hillary clinton unable to defend her hostility towards the taxpayer, hostility towards gun owners, hostility towards people who don't think abortion at eight or nine months isn't good for society? i thought the whole debate was about money. the fact she's doubled down on raises taxes. she's got this ridiculous 5% extra tax on people she considers to be super wealthy. she'll kap keep the obamacare penalty in place which is killing small business owners. and yet he laid out his 25 million job creation plan over ten years, energy unleashing. he's talked about certainly getting rid of the obama care penalty on day one. he's going to reduce taxes on the middle class. he's going to get economic growth to pass into a 3% 40r%

round. these are the issues that affect everyday americans. and i have to tell you respectfully, if the mainstream media is focused on as they usually are, one thing donald trump said or one thing he tweeted or one thing -- it's really malfeasance. there was an entire debate about the issues that the millions in poverty, the millions in health insurance, and the tens of millions who say everyday life is unavoidable and less safe than this did when obama got there eight years ago. it's just derelictive duty to not cover everything last night. >> it takes the eye off the ball. you know what the media is going to do. maybe it's better not to give them the opportunity. but now you could talk about al gore. do you remember when his concession speech was? it was december 13th. so what is that? that's like -- and there are t-shirts i still see them around. selected not elected. >> and sore losermen.

i remember that. >> and if trump were in the lead or ask a hard core hillary supporter are you going to accept donald trump? as if there was any idea about a guy that visited the white house 342 times or if there was any of this other stuff, would any of them say -- is jeb bush accepting the results of the primary election? so -- but here we are talking about it instead of the important stuff. >> that's right. >> maybe you're a candidate, you should have -- >> go ahead. >> he clearly won the debate. he made the case exactly where he started this candidacy you saw on display last night. that if you're part of the 75% of americans that say you want to take this in a new and different direction, you cannot go for the woman that's been there for decades. who would trust her to be the abracadabra automatic change maker after fails decades of

missed opportunities and as he says all talk and no action? now, let's get to al gore for a second. because i think people are disingenuously dismissing that as an analogy this morning. had you asked al gore sitting in his chair 16 years ago, joe, if it looks like george w. bush has won the election, will you concede? sure, of course, i'll congratulate him. i'll work with him. but things change, don't they? on election night 2000, you'll remember, al gore called george w. bush to concede and then retracted the concession. he gay the speeve the concessio but he won the popular vote. george w. bush was leading by 500-some votes in florida. is anybody asking him the hypotheticals to go through then? clearly that was a decision he made after the saw he results. >> there have been a lot of

analogies made where gore was in the polls as you mentioned in 2000 and where clinton and trump are in the polls today. you said last night after the debate that trump will not concede ahead of time because he will win the election. we're having the debate this morning about there potentially being more support for trump than the polls currently indicate. you are the pollstress. i wonder what you're seeing and where there could be support missing if in fact it is there? >> so thank you for asking. there was a great article on cnbc.com that's week that addressed this issue. it's not like it's 10% or 15% but if it's one or two in different places, it could make the margin of difference. so these undercover trump voters have decided they don't want to vote for hillary clinton and love the idea of change, love the idea of an outsider disrupter, successful businessman, not a typical politician. but they still need to get there. they still need to say okay i'm not a typical republican voter.

i didn't vote for mitt romney or i didn't vote. i don't want to vote for hillary clinton. and yet they either -- some of them are tired of arguing with family members and friends and colleagues making every night like thanksgiving with the in-laws. so there's that group. then there's a group that's decided -- that are still very undecided saying i don't want to vote for her. she represents the status quo. and i just need to get to donald trump. if you look at them -- the other thing going on in polling is a lot of these polls are using listed sample. what does that mean? it basically means they're using people who have voted in the past and they're giving it to chance that past is prologue. if i've been a reliable democratic voter in the two times that president obama ran or even george w. bush before him, then darn it i'm going to be out there for hillary clinton. that's not necessarily the case. so a lot of these polls are missing folks who are crossing over. and people who are lapsed voters, have not participated in quite a while or people who are first-time voters. >> wilfred here. i thought the exchange last

night on experience -- political experience was very interesting. talking about hillary clinton's 30 years in politics to mr. trump's none. and trump framing that as bad experience. whether it's good or bad for secretary clinton, do you think your candidate does lack a bit of political experience? do you think he'll be able to work with congress and find compromises in order to actually get things done if he were elected? >> yes, i do. if he lacks political experience, that's better than lacking sort of business experience and negotiating deal experience. i mean, hillary clinton has never signed the back of -- the front of a check. she's not created jobs. even the way they made their money, i think, tells you the real difference between insiders and outsiders. donald trump is a self-made billionaire. he's employed tens of thousands of people over the years including thousands and thousands of women. and yet you look at hillary clinton going from, quote, dead broke when they got out of the white house she said to be being

millionaires. good for them. but they were selling access, selling government, selling favors. sometimes to foreign nations as we know. so she represents the worst of what voters think about a rigged, corrupt system where everything's for sale. and he doesn't have political experience. but that's been a huge asset for him. what he has is the ability to renegotiate the terrible deals. he has created jobs. if you look at his jobs plan, growth plan, it's right there and it's exciting to people who take the time to review it. he also is interested -- you know, i met with different people who have run businesses and they get to watch and get disenchanted. they're used to being responsibility for results. and my customers need to know "x," "y," "z" and be satisfied. washington doesn't quite work that way. to take a businessman's experience to washington where you're $19 trillion in debt, so much fraud, waste, and abuse in the system up down and all around.

the only person who take forensic accounting of that and turn the table over is somebody not part of the system and part of the problem. >> kellyanne, how come donald trump doesn't use some of those statistics that are in his favorite during the debates? you know, homeownership at a -- probably an all-time low or close to it. housing starts are off significantly. there's been no gain in middle class after inflation adjusted income in 17 years. i think it's even down. we've got no job growth. take out the state of texas, no job growth in the united states in eight years. i mean, we don't hear him using these numbers. if you were his campaign manager which you are, do you coach him to get this information out? it seems like more general statements. the economy's bad, it's your fault. i'm just curious. >> well, he does both though. you can pull up his speeches when he goes out and lays out his policy plans. it doesn't always get covered in the media. that's usually based on a tweet.

during a campaign stop. but if you go, he does talk about 94 million people out of the workforce. he does talk about the joblessness and the poverty in the inner cities, for example. he talks about the number of people without insurance. but i agree with you that donald trump is credible when he's talking about facts and figures. and if he could intersperse that with what is a very accessible way of breaking down and explaining to people what the problems are and what the solutions can be, it only adds, i think, to his credibility as a messenger for change. and look. change can be very scary to people. people have got this great love affair with change and options and revolution. and to really embrace it and go all for it is sometimes a daunting prospect. that's where we are in this campaign cycle now. people saying i just can't go for hillary. can i go for donald trump? this guy won the debate last night. watch the polls tighten.

>> wow. kellyanne conway, thanks for joining us this morning. >> thank you. >> hope to see you again soon. thanks. coming up on "squawk box," former defense secretary william cohen will join us to talk defense policy and politics. that's coming up. when you're on hold, your business is on hold.

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getting more reaction to last night's debate, joining us is former defense secretary under bill clinton william cohen. good to see you. your comments on last night's debate or you can take to it previous debates or any of the things that we have all been talking about for the past three or four months. >> well, i'm not sure how many minds that changed from donald trump's perspective. i think he is once again just solidifying his base. i think that secretary clinton was reaching out to those, quote, undecided perhaps in the middle, perhaps republicans who can't bring themselves to support mr. trump. she may have gained there. but the only poll that really counts is election day. and i think all of the polling that we're seeing now can shift in a nanosecond. i think what counts is who turns

out, how many turn out on election day. hopefully soon enough another 18, 19 days we'll know. >> it has focused us on the united states' role in the world over the last eight years. and what it should be in the future. we had a nato official on -- former nato official on yesterday. it was a little bit odd for a dane someone from denmark to talk about how disappointed he was in terms of leadership from the u.s. that if you -- it really can cause a deficit of leadership in the world if united states doesn't lead. do you think we need to reassert ourselves? are we walking the right -- do we have the right balance right now in terms of inserting ourselves or not inserting ourselves? >> i think we have to take the position that bad things happen when the united states pulls back and disengagedisengages. last night donald trump says

we're doing all these favors for countries. like japan, south korea, and others. the fact is we are in those countries with their consent and with their financial support, but we're there to protect our interests as well as theirs. we are extending the perimeter of democratic countries to prevent those who are not democratic from overwhelming them. so it's in our interest to be there. now, can we demand that nato members pay more? yes. that's been the consistent theme for the last 20, 30 years. it's not new. they have started to measure up now to the 2%. but their economies are not as strong as ours. so we have to take that into account. but we are basically stronger if we have allies. and those allies, we're not doing them a favor like it's some kind of charitable gift. we are really defending our own interests as well as those. that has to be taken into account.

i think we have to remain deeply engaged in global affairs. and if we're not, then i think you'll see comments going back to us saying you're losing your leadership role. you need to be much more aggressive diplomatically. but beyond the world stage in a way that persuades the rest of the world that you are the superpower. you are the one who can set the agenda. and certainly lead from a position of strength. and we want to see you continue to do that. >> secretary cohen, how do you sum up president obama's foreign policy? i mean, pulling out of certain areas in the middle east, perhaps one could argue that domesticicly america is a safer place. but is the world a more dangerous place? particularly if you look at allies in europe, are they more under threat given the action of some of obama's foreign policy? >> i think we're living in a world -- i think alan greenspan said it best? his memoirs. we're in the age of turbulence. so we're seeing turbulence in virtually every part of the world. the question becomes under those

circumstances who -- which country and which countries i should say can provide a leadership role to try to hold the world together. i disagree with the obama administration on syria. i support what hillary clinton has been saying for the need of a safe zone. meaning you have to have a place where these poor people can go and feel that they're being protected. right now they're not. they're being driven into europe and destabilizing many of those countries. i disagree with the decision made on syria. i think that secretary clinton has taken the right position saying we have to send the signal to president putin. by the way, i think he should be charged with war crimes, what they're doing to innocent people in aleppo and elsewhere. and increase our sanctions against russia. and to bring them back to an established world order. where, yes, we can respect them.

provided they behave respectfully. i haven't seen that take place in georgia. i haven't seen that take place in ukraine and crimea. i certainly haven't seen it in syria. >> thanks for your time and your thoughts this morning. appreciate it. >> pleasure to be with you. >> okay. still to come here on "squawk box," ceo call-in session. shares up. we'll talk to the ceo of the communications company. don't go anywhere. under $30 million. and now, another mercedes-benz makes history selling at just over $30,000. and to think this one actually has a surround-sound stereo. the 2016 cla. lease the cla250 for $299 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. hey, jesse. who are you? i'm vern, the orange money retirement rabbit from voya. orange money represents the money you put away for retirement.

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companies like facebook and google are pushing the limits of content according to cisco. global traffic this year will exceed a zetabyte. that's enough to stream 140 billion hours of netflix. which could mean big business for our next guest. ceo of adtran is joins us. tom, what tail winds are working in your direction given we're watching a lot more, doing more business in the cloud? >> well, good morning. thank you for having me on. i think that's really kind of the construction of the story. that data is becoming more and more important. content is becoming more and more important. people want to have their

content everywhere and they want to have very high quality, no pixelization, none of the stuff you have -- that you used to have five or ten years ago. and people are finding new ways to use data. so that's a good driver for our business. >> and what's the capacity of corporate america to spend on equipment like yours? because it seems that the capex environment is tepid at best. >> well, one of the things we've seen in our business which we've seen change over the last two to three years and really started picking up last year is people are starting to focus much more on the user experience and what people are doing at their home and in their workplace. so there's always capital pushes one way or another. but people are starting to refocus on the infrastructure side and the access side. the access side is where we play. our u.s. business which is predominantly access was up over 20% last year.

we're expecting similar growth this year. and we're seeing just a real resurgence of people starting to increase speeds to your home. it used to be ten megabytes to the hope was okay. now it's being upgraded to a gigabyte. we're seeing a discussion into what's acceptable. >> it's clear the is moving that way. we appreciate you joining us. we are seconds away from jobless claims. jim iuorio is standing by at the cme in chicago. i don't know where santelli is. i don't know if it has to do with the cubs. joim, the numbers fleez. >> it comes out as 260. we expected 250. last month was revised to 245 from 246. no big deal there. it's interesting that this number is worse than expected. this is the one number for the

last six, seven years that has been trending pretty good. continuing claims, 257,000. i think we're supposed to get philly too. just a tiny bit, numbers were under pressure. and they still are. it ticked up to 1.752. not a huge deal. even though it's 260, not interpreting it that badly. i think microsoft today is a bigger deal earnings have been good so far. i think that's going to focus on now. back to you, kayla. >> thanks great stuff. i'll pick it up. and of course mr. draghi will start speaking any minute now. also still to come on "squawk box," hillary clinton and donald trump taking to the stage for the last time before the

election. dan dimicco will join us with reaction.

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- i was diagnosed with parin early 2013.lly it took awhile to sink in. we had to think a little more seriously about saving money for the future and for the kids. - the income of airbnb really helped to mitigate the stress. - but we have that flexibility of knowing that if you know things get worse, we have this to help keep us afloat. - so that's very, very important for us. welcome back to "squawk box." let's get back to our guest host. >> what did you -- >> squawk back. >> okay.

yeah. >> it came out wrong. i remembered the "k." usually i don't say the "k." i jumbled the rest of it. >> that's okay. it happens. it's the chair. i really think it is. >> the chair? oh, i see. i get it. okay. anyway, back with our guest host dan gilbert who's still with us. dan? >> how you doing? >> very good. let's talk a bit more about sports. you were mentioning in the break virtual reality can transform it. >> yeah. i think virtual reality is going to change everything. sports is one of the big ones. you can just think of a business like an arena. you have "x" amount of seats and how do you grow? you can grow television audience and tv rights could go up. but as far as the fans in the seats, now there's virtual reality, you could be sitting on the 50 yard line at a football game in the world and feel like you're there and pay for your season ticket. >> could it also diminish sales of actual seats, actual attendees? you could stick on the thing and

watch it at home? >> i don't think so. if you had to you could blackout rights to broadcast for local -- like they used to do in old national tv games. i think it's just a huge opportunity. we have a company in dayton, ohio, they were on cnbc less than a year ago. you put on your vr goggles and you're in your own kitchen. companies like home depot and others, you can be in your kitchen and they'll say do you want the wallpaper this color. it feels like you're there. this stuff is amazing. >> we want to ask you about yahoo. did you want it for the sports or for the finance? >> both. it was both. and we didn't -- the e-mail thing came -- it's one of those things you read uh-oh. was it a blessing in disguise because of that e-mail thing? they'll probably get through it. we thought with our loans and

mortgage that we could really take it and make it transactional to enhance the ports. >> if there was a chance to verizon walked away, would you step back in? do you think it's like the one that got away? >> we're opportunistic. that's the way we phrase it for us. you never know. it depends on a lot of factors. tim armstrong who runs aol is doing a great job with it. we'll see what happens. it's going to be interesting to see what kind of deal they work out based on what happened. >> can i ask about goldman sachs launching their online lending platform? they've underwritten their first loan. sna a threat to you? >> not right now. a firm like goldman sachs, they know what they're doing. but operating a business and especially a loan business is a much different business than a transactional, financial business. it's a different deal on a different base. lending is complicated. that's why it took so long to get to this place. lending is a complicated matter.

it's not just selling a widget or anything instead. it's beyond description now you can imagine since the crisis. we have boat loads of lawyers who just look at each state's licenses and what we're doing and continuing education for thousands of people. you have requirements in different states. and your system has to decide what can go to what based on licenses. >> it is complicated. wilf is from, you know, europe. >> are you from europe? >> still. i'm always from europe. depends in two years i might not be part of the european union. >> ask you to design a european mortgage where he gets a check every month for buying a house. >> he may, but he probably won't. >> we actually have something like that called a reverse mortgage. >> no. this is the negative interest rate. there is a couple places over there where you do get paid, right? >> not for a mortgage.

>> not for mortgage. i know for putting money in the bank. people are paying. >> that's the next step is for the mortgage, wilf. i'll own a hundred house ifs we can -- but you don't have -- nothing in the works? >> it's hard to lose a little on every loan and make it up in volume. but we'll try. >> goldman wants to do no fees. no signup fees, no late fees either. is that overly optimistic? >> it is. look, if you're giving away something for free all the time, you know, how long is that sustainable? i mean, usually what happens in lending you can get rid of all the fees by having a little higher rate and build it in that way. >> okay. great stuff. thanks very much, dan. sticks with us for the remaining 20 minutes. update on headlines out of mario draghi's press conference. he says he expects inflation to rise gradually over the coming months. but the baseline is subject to downside risks. see a couple more headlines. he says if warranted will act by

using all strimts in the mandate. the recovery he says has been -- has the euro moved any further? of course it was just above flat after the decision not to hike or cut. it's just below flat now. not much movement. >> all right. how one danish couple gets paid interest on their mortgage. that's the journal story from a couple months ago. it can be done. >> one danish couple and they found them. >> so? so? that's a good deal. >> that is an unbelievable good deal. >> it's the bernie sandsers -- >> like the sanders education. come up, donald trump and hillary clinton laying out their plans for job growth and the economy. we'll talk to dan dimicco. "squawk box" will be right back. before taking his team to state for the first time...

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that was one of the worst things that's ever been signed by our country. now she wants to sign transpacific partnership. she lied when she said she didn't call it the gold standard. she totally lied. she did call it the gold standard and they fact checked and said i was right. >> number one, when i saw the final agreement for tpp i said i was against it. it didn't meet my test. i've had the same test. does it great jobs, raise incomes, and further our national security.

i'm against it now. i'll be against it after the election. i'll be against it when i'm president. >> joining us now, former nucor chairman dan dimicco. he's a trade advisers to the trump campaign. you've got to hand it to secretary clinton, she's got an answer for all those things. doesn't even waste a word in saying it. great debater, dan. >> well, it's very easy when you mask your true intentions and your practice at it. when talking about tpp, it's very disingenuous. she may sound good coming across on it, but the fact is she's been against every trade agreement until she was for it. and every one has been a failure for this country. it will caveat even though she didn't say in her answers, she's will caveat unless it meets her standards. that's a big general statement. the fact is tpp is a bad agreement, period. no matter whose standards you're

looking at. i'm still very concerned that if she was to win the election, she'd find her way around that just as though some of her chief of staff have said she would do. >> if you were in on all the meetings and negotiations, you could find a way to do t. rks p couldn't you? you're not against free trade. you're not against bringing down trade barriers. is there a way that -- >> no. >> is there something all sign onto called -- i don't know -- the tpp 2.0. it's helpful if someone like you talks about that. it's easy to be pigeon holed for being anti or pro free trade. everyone acts like you're a dinosaur if you don't want to be a globalist immediately. >> that's the script that's followed by folks that want to belittle the facts. and the facts are thad agreements have destroyed our manufacturing sector, our middle

class. we have a trade deficit. we have talked about this before. yes, there are things you would want to include in any agreement you had whether it is a more favorable to bilateral than multi-lateral trade agreements because they're more complicated and tough to get the agreements you'd want in place when you're dealing with so many people with different interests. but the big issue for us is we only focus on exports. exports are good and we want to do everything we can to increase our exports, take down barriers around the world, but the opposite has happened. we have done everything to lower our barriers. the rest of the world has gained a system. particularly china and other countries gamed the system by putting other barriers up to other products or being protectionist. china is the largest protectionist. the u.s. is not. our policies are not protectionist. we are defending ourselves from

predatory pricing from people who are market -- you have to look at the imports side. and we don't do that in any of our agreements. we never look at the import side and recognize the negatives that come. >> of course american consumers benefit from those imports as well. i mean, in order to -- >> what's more important -- >> let me just finish the question, dan. in order to -- >> is this wilfred? >> yes. >> thank you. >> in order to bring back those manufacturing jobs, if you're going to put up tariffs or reduce free trade in order to do that, what kind of price increase to products for example like the iphone do you think consumers will be willing to take in order to bring back some of those jobs? because they're manufactured in china and they're a hell of a lot cheaper for american consumers because of it. >> yes. they also are cheaper and result in us losing good paying manufacturing jobs. and an unemployment rate nowhere near the 5% that people talk

about. also destroyed the middle class. what we've got is a situation where we are taking advantage of trade to get cheaper underwear but we're selling the future of our grandchildren, selling our national security where they steal our intellectual property at will. the issue here is jobs and economic growth are more important than cheap underwear or cheap products from china that are dumped in our market. now, the problem is they're being dumped against the laws that they had agreed to access to our market. and we're not holding them accountable. that's what we leave out of all of the trade agreements. at the end of the day, maybe underwear will go up by five bucks. maybe it won't. the fact of the matter is, until we stop the trade cheating and trump understands it and will stop it. he will stop it with the help of people like myself. we will stop the trade cheating and we will get this country growing again. 1% gdp growth, 1.5%, 2%.

if you don't think that's a direct result of the trade cheating going on, the economic plan that trump has put together is going to increase our global competitiveness. the taxes, the energy, the regulations. you've heard republicans talk about that forever. what was missing always was the trade component. and now with what we're talking about doing with taxes being lowered on businesses to 15%. not the top richest people like hillary and the others want to keep throwing out there. that they're going to help businesses be more competitive globally. we're going to stop the trade cheating and get rid of regulations. his economic plan is a pro-growth plan. hillary's economic plan is a pro-recession plan. >> dan, thank you very much. >> dan, you're working with wilf. so send him that reagan stuff you sent to me talking about free trade. he wasn't around for that. who was over there then? tony blair or something? >> thatcher. >> oh! you grew up with thatcher.

you should have learned something from her. >> i was born in '85. i know something. >> i'd be happy to do that. >> wilfred frost, i don't know, whatever his e-mail is. >> send me his e-mail. >> we will. >> and wilfred it's dimicco. >> my apologies as i say thank you to dan dimicco. thank you very much, dan. meanwhile, mahrio draghi ha been speaking in the last few minutes. steve leisman has the latest. >> territory hasn't seen in a little bit. as mario draghi draghi said the current monetary policy cannot stay in place forever. we're off the high of that spike right there. but you can see the clear reaction when he said that. also said he did not discuss tapering or the intended horizon of our asset purchase program, just so people here know what's going on, they're supposed to sort of stop their bond purchases, their version of quantitative easing, in march of

2017 if conditions allow and the markets start to think about what happens. that's five months away. the market begins to price things six months out or so. and there was a story, a report that they might be doing tapering. what's happened is ecb has tried to say hold on a second. we got a full range of reports in december, that's a time when we're more likely to make policy. so the two comments by draghi, we didn't discuss tapering or the intended horizon of our asset purchase program is part of what's going to happen for the rest of the hour here. this attempt to dance away from answering the questions now that he wants to answer in december, wilfred. >> steve, thanks very much. futures taking a dip off the back of it as well. dow lower by 35 points. when we return, jim cramer from the new york stock exchange. be right back. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future.

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welcome back. let's get down to the new york stock exchange. jim cramer joins us now. jim, good morning to you, what are the key things you're watching today? >> well, first, can i say dan dimiccio is a great guy, wilfred frost is a great guy, i hope everybody is great. dan did a great job at newcorp. and stands for a lot of great things. i want to make sure everything is good among everyone talking. >> it's all good.

>> i want to be sure. >> you got all my favorite guys talking so i hate to see any real rancor. >> we've had that discussion before, jim. you caught a little bit over the last five, ten years, dan i used to think was crazy about anybody that said anything about free trade it was almost like dogma that free trade is good. and slowly after talking to him he convinced me -- i at least respect his side of things a lot more than i used to. i think you do too. >> yeah, dan schooled me on this stuff. it's rather remarkable. finally we put through some tariffs in steel, but dan's been right for years. and a lot of people like me who were brought up in pure free trade have learned a lot from dan. so let's understand he's a pretty smart guy. and built a great -- helped build a great company in newcorp. i'm looking at america best better than expected, american

airlines continuing that trend airlines doing well, union pacific down i bet that can reverse and i'm looking at some of the verizon numbers seem shocking to me. i'm not used to verizon shortfalls, so i'm trying to get both sprint and t mobil to comment on it. that was not so hot. >> jim, great stuff. we'll see you in a few minutes. futures have slipped in the last half an hour or so just below the flat line. and we will be back here for a final hang with guest host in couple minute. all the networks are great now. we're talking within a 1% difference in reliability of each other. and, sprint saves you 50% on most current national carrier rates. save money on your phone bill, invest it in your small business. wouldn't you love more customers? i would definitely love some new customers. sprint will help you add customers and cut your costs. switch your business to sprint and save 50% on most current verizon, at&t and t-mobile rates. don't let a 1% difference cost you twice as much. whoooo! for people with hearing loss, visit sprintrelay.com.

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welcome back. you are looking at the nba championship trophy, that's because our guest this morning is the owner of the cleveland cavs. dan gilbert is with us. you very profound, if we can keep it simple. so our trade laws. >> yes. >> we were just talking should be whatever your trade laws, our partner is, that's the same we have here. >> we don't need any trade laws. whatever country's trade law toward us, we have the same exact over them. >> salary caps? >> that would change things quickly though. >> we're sort of the big country with the largest economy. >> possible we get take advantage of at times being successful. >> right. >> we're willie sutton, this is where the money is so other

people -- >> is that too simple? >> i think it was in the bible, do unto others as they do -- >> yeah, that's it. don't argue about anything in between. >> what do you think, wilf? >> i think it's a great idea. tell the brexit team the same thing. they have a lot of work to do as well. >> sounds like it. >> dan, you met with both candidates. quick takeaways? >> i was fortunate enough to meet with both of them in the last few weeks, actually with one-on-one meetings in detroit as they came through. i'll tell you it was a fascinating situation -- >> about ten seconds. >> seeing them privately versus public. i mean, very different both of them i thought were very, very different in person. >> interesting. >> better. both of them better in person. >> both better. all right, thank you, dan gilbert. wilf, are you here tomorrow? >> no. >> okay. well, thank you for being here the last two days. >> thank you. >> it will be a surprise

tomorrow for me and everybody else. make sure you join us. "squawk on the street" is next. from everything i see has no respect for this person. >> well, that's because he'd rather have a puppet as president -- >> no