not pay attention. >> nice year, up 25% year to date. >> no doubt. >> broadco mmt, they report of the close. free cash flow generator, like it. >> good stuff. thanks to you for watching as well "power lunch" begins right now. >> thank you, scott, here's what on the "power lunch" menu. president trump threatening a government shutdown over the border wall. what are the chances and what o could it mean for your money >> the biggest advertising company cutting theout look and blaming problems in part on the white house. the hot take on president trump straight ahead. 700 million reasons why tonight could be the best night ever tonight's powerball drawing will be the second biggest jackpot of all time the odds and pay day and what i'm going to do with it when i win.

"power lunch" starts right now ♪ >> welcome to power lunch, who knows why stocks are down today. one plausible speculation is they got nervous over president trump's threat of going to the wall the dow and s&p and nasdaq down about a quarter of a percent nothing big but a little bit of a pull back after yesterday's major rise transports taking a hit on pace for their first negative day in three and bumping up against their 200 day average. railroads and airlines leading the way down as you see there. check out the home builders etfs attract under pressure new home sales are tumbling more than 9% in july. we begin with politics and president trump's speech last night in phoenix his rhetoric to some off the wall but the focus was

absolutely on the wall the president stated willingness to force a shutdown over it if funds to help pay for the wall are not included in budget resolutions. the president will be speaking again today at 2:00 p.m. eastern. we'll bring that to you live from nevada when it begins first let's get to eamon with reaction to last night's speech. talk of the wall and talk of nafta and more. >> that's right, it was a fiery campaign style rally in phoenix last night, the president readvice thing his comments from charlottesville, defending himself saying that nobody in the arena last night embraces bigotry in any way the president also going on to talk about nafta saying he's not optimistic necessarily about the prospects spore re -- for renegotiating nafta and doesn't think the united states can come to a deal. on the wall funding, here's how

the president put it last night. >> the obstructionist democrats would like us not to do it but we have to close down the government, we're building that wall. >> the president there invoking the specter of a government shutdown there's a couple of things that have to happen on the legislative calendar they've got to get government funding passed to avoid a shutdown by the end of the month and separately the debt ceiling fight. both of those presumably could become ensnared in a battle over wall funding if republicans on the hill or the president himself insists on a deal that includes funding for the wall in either case we'll wait and see whether the white house makes that argument but so far mnuchin has argued they want a clean debt ceiling, don't want to attach anything else to the debt ceiling, whether or not they make the same effort on government funding is an open question and we'll see where the white house lands on that. we'll hear more from the

president in reno, nevada, and we'll bring you that tyler? >> thanks very much. >> could the fight over the border wall lead us to a government shutdown? nbc news political analyst, hi, robert. >> great to be with you. >> first there was president trump on afghanistan, stuck to the teleprompter and last night he makes the threat about a potential government shutdown. you should know not only is the stock market falling but yields that come due in october around this time, those yields are starting to rise on concerns that we're not going to see the things get paid on time. what are you hearing in terms of the scuttle but on whether or not it's really possible to have a government shutdown over the wall >> as eamon said, the treasury secretary and mulvaney, pushing for a clean debt limit unlikely to be the showdown and not going to be the battlefield. and however, republican leaders and leader mcconnell and speaker ryan don't want a major showdown

over the wall. look for a watered down version of funding for technology on the border to make its way into the budget to not have a huge fight over the wall. >> how much money do you think we're talking about? >> we're not talking about the billions going to be needed to ultimately construct a massive border wall along the border, we're talking tens and millions maybe hundreds of millions dedicated to technology, the way to maybe get on border security some democrats to come along. >> i thought mexico was going to pay for the wall is he talking about shutting down the mexican government >> there's talk always of a trade war with mexico but that seems to be more rhetoric than policy general kelly and others working with con fidants of the president, they are moving the administration a more establishment direction, at least when it comes to policy talks and policy action. you've got to separate the rhetoric from what's actually happening in the white house. >> what about mexico and the wall i mean, is that just a kind of

hollow campaign thing? where is the mexican money going to come from >> it's not going to likely be a direct payment we've seen the president talk with president pen that net toe, the administration tells me through my different sources in the west wing they would like to see a reshift in the trade balance, trade imbalance as they put it there's no expectation that mexico is going to be shelling out money for a wall >> what about the rally we saw yesterday when it comes to tax cuts and tax reform. do you believe that? >> i think you've got to pay attention, formger not the latter tax cut, not tax reform, not an appetite among the republican base to go after these deductions the president is trying to keep together a middle class coalition for the business community promised tax cuts, private discussions among donors tell me the administration is signaling by thanksgiving they

are likely to have some kind of plan that's a marge mall tax cut. >> will that still happen with this toxic relationship he has with mcconnell. >> mcconnell and trump totally different personalities but somewhat of a political distraction. they need a tax cut politically after health care stalled. look for them to work together to both tout a victory. >> a skinny tax package? i think you're going to see the corporate rate come down there's a big debate should it be as the president wants closer to 15% senate leadership saying it's going to be close to 25%. we'll see if individual rates come down as well. no sprawling tax package that was once envisioned by the house speaker. >> somewhere between 15 and 25 we'll see. thanks so much >> if the market was top 40 radio you would call yesterday's big rally a one hit wonder the president's fiery rhetoric giving the street pause today. did it help yesterday in the

wake of a speech that many regarded very favorably? let's get to bob pisani. >> i think that the discussion of building a wall and particularly the comments about probably terminating nafta, that did have negative effect on the market let's look at the s&p featuet fs going into the 9:00 speech, we were on the upside from the close. once that speech, there's the circle on left side, markets started drifting lower there's the open since then we have really turned around right now there's 3 to 2 advancing to declining stocks. more advancing than declining and the reason that's happening, we're getting a rally in the russell 2000 the small caps have outperformed the big caps this is a good sign. i've been talking about how much trouble the russell has been in recently and the transports still an absolute mess the airlines are having a horrible month let's look at them today here. we've seen double digit drops in jetblue and united

southwest isn't better here. this is a big issue here, there's been concerns about pricing and concerns about capacity and large issues that are continuing to affect them today. i want you to keep an eye on the russell 2000 this is how people were voting on the trump tax cuts. that's the russell that started dropping the day the health care reform bill failed and that was the vote saying we think there might be problems here with tax cut in the last two days as tax cuts are back on the table, the russell has handily outperformed the s&p 500. there's your barometer right now for the trump tax cuts, keep an eye on that. in terms of sectors, we opened lower for the banks and opened lower on semiconductor stocks. those have now turned around in the middle of the day. biotech was on the downside and that remains consumer staples also remain weak overall i would say it's choppy and indeterminate and we'll have one of the lighter volume days of the year. >> thanks very much. bob, let's get more on the

markets around the globe lives in hong kong, barbara, voya investment management mark, how do people live in hong kong, not justin investors but people respond to what we see here in the united states as very much elevated tensions between the u.s. and some of our international trading partners, china and military adversaries like north korea what are they saying. >> overall they are calm i think the view on the street in hong kong that a lot of the rhetoric is typical, they've heard it maybe before. they are much more focused on their portfolios defensive but i would say not changing their day to day behavior. >> have you done anything in terms of portfolios that you oversee -- have you done anything in response to the tensions or not, go with what you got and pay attention to

fundamentals. >> we have positioned differently but it's to more where we are in the real estate cycle. our view is you need to be more defensive at this point in the cycle. less about the political risks but fundamental risks in the market that's the hardest thing for investors to predict. >> how do you factor in the various risks out there that range from the global tensions to concerns closer to home on what's going to happen with the budget, what's going to happen with the debt ceiling, what's going to happen with tax reform? how do you factor that into your decision-making? >> we certainly are -- we watch the news cycle like everyone else does but it's very difficult to model political factions and geopolitical issues we tend to try to ignore them in the portfolios we focus on the fundamentals when we look at where earnings will be for the third quarter and easier comps that fourth quarter earnings will have because of the decline in the

u.s. dollar, we see more of a favorable outlook. having said that we do know the next four to six weeks tends to be the most seasonably weak time of year. that's why you're seeing this broad market weakness start to creep in the markets over the past couple of days. >> does that mean if i'm thinking about putting 10 or 20 or $50,000 to work wait until november? >> it is very difficult to do. how we think about it, a broad diversified approach we're investing for retirement so we have long term views we think one of the best places in the globe and global equity markets is in the emerging market they've had a great year this year but we see a very powerful ee lixir, easy monetary policy and easy financial conditions. >> walk us through the emerging market hypothesis she just made there, which emerging markets do

you think represent the greatest value? >> the private global real estate market which we operate our strat by has been to develop market we don't advise on emerging market because we don't believe you're getting enough of a risk premium -- >> it's really real estate you're looking. >> we're private real estate. >> when you say develop asia, i assume you're talking about singapore and japan, are you talking about china? >> we do consider china close -- >> hong kong obviously is developed. >> agreed. >> australia as well. >> your call on real estate it seems like you're getting a little more cautious, taking the foot off the gas pedal is that a fair metaphor to use what are you seeing and what kinds of properties are you pulling away from? >> as i said, fundamentals are strong from a fundamental perspective, real estate is in good shape having said that, in a benign environment like we're in for interest rates, you can see values are going up year on year six or seven years above

consecutive increases in values. we're taking a little bit of a pause and making sure transactions we do fit the risk return profile having said that the defensive pick we like the best in the region maybe not surprising logistics. we like that in korea. >> warehouses and things like that >> it's a great play on retail and on the internet sector. >> talk about taking your foot off the gas, interest rate sounds -- to believe in the emerging markets, you have to believe we won't have a sharp rise in interest rates. >> agreed. we don't like the volatility in private real estate again which is illliquid to begin with if you want that growth, look at distribution buildings, you'll get the growth out of that. >> thank you for spawning a really interesting conversation about emerging markets we appreciate it >> coming up, the world's largest advertising firm facing a rough year blaming the white house for it we'll have more on that ahead.

trying to avoid a p.r. mess, espn actually creates one and what the company did that the internet is having a field day with that's next. where to get in... where to get out. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find

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shares of wpp falling sharply, off by 11.5% after reporting earnings that missed expectations the company blaming a weak ad markets and ceo saying the industry is getting hit the

hardest. take a listen. >> it's been a tough first half, quarter two was weaker than quarter one. the weakest for us was for the u.s. which was pretty much the case across the industry, i think that's where the pressure has been amongst the heaviest. >> joining us with his thoughts is mike jackson, big advertising specialist and cnbc contributor. good to have you here. >> good morning. >> when i lookedty earnings report, one of the things a lot of big consumer products companies aren't advertising as much as they used to and they are the biggest advertisers in the world, what's happening? >> there's a lot of challenges going on and these challenges didn't just occur in the last quarter. from my perspective, the big advertisers are really losing kst confidence in the big agencies, one, you've got the fang stocks that you folks talk about a lot, in addition to brands like apple, which built an internal agency, tesla, a brand that's not spending on traditional advertising and

clients can go direct to facebook why do they need to have an intermediary like these big holding companies. >> one follow-up on that when i saw some of the big consumer products pulling back, could that hurt facebook as well >> it could but i really believe that as long as facebook and google and youtube aggressively deal with the issues in the digital space, things like fraudulent advertising and viewability, obviously the noise around fake news sites and more importantly the ability to measure and deliver those very detailed reports back to their clients, i think they are going to weather the storm and a lot of smaller advertisers or mid market advertisers will probably suffer but i think the challenges remain nor the big holding companies like wpp. >> what is the future of total advertising spending going to be, mike in other words, advertising was

built for many years about reaching large audiences that were not particularly particularized in other words, you advertise in sports illustrated and got 2 million people a5 million reader and it aggregated a lot of people in one place at one time. some of those people cared what you were advertising and some couldn't care less what's the future going to be in a world where so -- >> in a world where -- >> so many things are so. >> segmented. >> that's a really great question obviously scale is what was driving overall performance and revenue for the big ad companies. and you get to a society today where you can really target, via facebook or google i think the overall need for brands to create demand using advertising is not going to wain but the days of these big holding companies, ipg and

omnicom and wpp, i don't think they are going to grow significantly. i think the dollars will shift to be a more direct model through companies like facebook and google that can target and deliver audiences on scale but they also have the ability to segment as well. >> we want to get to another topic because you're obviously an observer of media and advertising and the intersection of the two that is espn and a sports caster named robert lee the channel decided yesterday that mr. lee would no longer be part of my al ma matter's football game, the virginia football game in charlottesville, saying we collectively made the decision with robert to switch games as the tragic events in charlottesville were unfolding because of the coincidence of his name in that moment it felt right to all parties. he's going to go and do the youngstown at pittsburgh game on

the same network what do you think of that? on its face it seems to me like a crazy decision but they go on in the statement to say that they were concerned that he might be subjected to memes and jokes and who knows what else. >> wow, you know, the outcome that espn was trying to avoid, it's really -- >> created. >> and i've been chuckling all morning because when your name is michael jackson -- >> i was going to bring that up. we're all smart -- everybody can look at you and know you're not the michael jackson. you are the michael jackson of course but people can tell the difference, right? >> exactly i just having worked with these companies and been in these major corporations, sometimes this overly corporate environment generates a complete aversion to controversy.

so they lose touch in the process and this is one of those occasions. i mean they are focused so much on revenue from the major advertising partners in walking this fine line of not wanting any controversy. this is a perfect example of what not to do. >> it's a classic case to me of overthink of corporate overthink and making something that shouldn't be that hard very hard if this young broadcaster rode into scott stadium on traveler, he would not be confused with robert e lee come on. right? >> yeah, it's just unfortunate espn is such a great brand they are sports and they could have reassigned -- if they had any concerns, they could have reassigned this young broadcaster, made nothing of it, no one would have ever noticed. >> correct. >> but to bring this undue attention to yourself, i wonder what's going on behind the

scenes as it relates to their sheer lack of confidence with their major advertising partners. >> what do they think of your classmates over at uva, not impressed with their ability to discern? >> obviously -- >> they were confused. >> is that robert lee. mike jackson, not to be confused with michael jackson we appreciate your time. good to see you. >> thank you, guys. >> retail renovations, reclin recliners, it is the good and bad and ugly in today's trade. and tomorrow on "power lunch" an exclusive interview with house speaker paul ryan at 1:00 p.m. eastern. you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782

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welcome back to "power lunch. first, the good, shares of express sharing more than 20%. clothing retailer reporting a profit the revenue also beat expectations onto the bad however, lowe's down 5%, home improvement chain missing top and bottom estimates, and then really ugly day for lay-z boy, furniture maker missing estimates and saying most sale increases are coming from acquisitions, rather than expansion. >> i want to recline in

sympathy a popular mortgage deduction could get a hair cut in tax reform if it does, what happens to home prices what happens to those prices if you lose your deduction for state and local taxes, including property taxes we'll take a closer okex lo nt.

hello, everybody, i'm sue herre herrera. police officers in barcelona receiving applause today in connection with their heroic efforts during last thursday's terrorist attacks. video posted to instagram showed cheering on las ramblas, the street where a van ran into pedestrians and killed 15 people. an investigation is under way in florida after dozens of migrants were found off the coast of ft. lauderdale beach. no word on the migrant's country of origin. american express will pay $96 million to consumers in puerto rico and other u.s. territories. they are settling over discriminatory terms in the credit card agreements the government says 200,000

consumers were hit with higher interest rates and stricter credit cutoffs and less debt forgiveness than clients in the united states. detroit tiger nick castellanos hit an inside-the-park home run in last night's game against the yankees the first time in a decade a detroit tiger has hit one. nonetheless. the yankees still won 13-4 that's the news update back to you. >> cool play let's look at the dow heat map index is off the lows and down 91 now down only 68 some of the worst are home depot and boeing, which had been a big winner this year but pulling back today. >> home building stocks under pressure, new numbers showing home sales plunging amid growing uncertainty over the most favorite tax deduction for homeowners mortgage interest. hi, diane.

>> a big surprise on the downside buyers signed 9% fewer contracts. that's a seven-month low what's the problem it's not supply. that rose. it's prices. the medium price of a newly built home jumped over 6% to $313,007 it's the highest july price on record affordability is clearly rearing its head here. you shouldn't be seeing prices and supply rise together reports comes on the heels of new rumblings that the mortgage interest deduction could be at risk in tax reform this is a huge emotional faf result among taxpayers, even though only 20% of them actually benefit from it. sources say the deduction is unlikely to go away but could be capped at the lower amount it's currently capped on mortgages up to a million dollars for joint filers cutting the deduction cap in half to mortgages priced at

$500,000 or below would only hit 4% of borrowers but account for 15% of the dollar volume of the deduction so you can see how it skewed towards wealthier homeowners every expert says it's never the deciding factor for a buyer whether a person wants to buy or rent it's not that deduction. higher income borrowers could pay off loans if they no longer see enough benefit from the deduction. check cnbc.com. >> thank you very much if the mortgage interest rate deduction goes away or is changed, capped substantially, what could that do to home values and home sales. let's bring in robert shiller at yale university and co-founder of the case shill erer index you note that most homeowners don't even take advantage of the mortgage interest deduction. i assume that's because they have no mortgage to pay, they own their house free and clear

most new buyers do have mortgages, don't they? >> it's also because of the standard deduction which often dominates. your interest -- >> you have standard deduction bigger than the amount they would deduct from the mortgage interest >> yeah, if you have $100,000 mortgage, then your interest deduction is something like 4,000 a year and that could be offset by the standard deduction easily. >> what i started thinking from partly a personal perspective, living -- i have a mortgage and affluent town in new jersey that has by the way very high property taxes and high income taxes in this state and so i have -- i pay a big mortgage on my house what's going to happen to house values if the mortgage interest deduction is somehow limited or goes away and if the ability to dedublgt state and local taxes, most especially property taxes

goes away? what's going to happen to values in the affluent towns, new york, connecticut where you live, california >> well, the effect would be on the negative side. but i tend to think of it as a rather small effect compared with other things that hit the market the market after the hit bottom in the great recession, in the united states, it was going up 10% a year and since then it's been 5% a year this whole effect as we just -- diana just noted is limited to small percent of taxpayers -- >> here's -- >> it's not that big an effect compared to the big things. >> here's the way i think about it if you live in a state -- live in a town with very high property taxes or states that have higher taxes than no income tax states, you can no longer offset that. i think people will want to move and will want to move to places where the taxes are lower. if you have fewer buyers, that's

going to hit the values of homes. >> right >> i think that it -- again, i'm a behavioral economist, and i think that these stories you're telling shouldn't affect people's behavior. i don't think many people do calculations but yes, i'm kind of thinking that what's really driving the real estate market is our sense of where we're going and the uncertainty at the time with the new administration in washington and all of this talk these are bigger things than the mortgage interest deduction, i think. >> here's the other thing i don't understand if it only benefits 20% of taxpayers, why is it so sacrosanct >> this is part of american culture. it goes back to the american dream. remember that. we've been talking about that for like 70 years. it stands for something. it stands for the government is behind the homeowner

it's a political thing people often don't calculate their own personal interest. they hear that there's some subsidy to homeownership maybe they don't have a mortgage but they are concerned maybe the next buyer will be looking at the deduction when they sell their house. i don't know exactly what they are thinking but i think it's not so focused on this deduction. on the effects -- mathematical effects of the deduction. >> i'm thinking of selling my house. i'm kidding but -- let me ask one other question in conclusion diana reported how quickly new home prices are going up are you surprised by that? alarmed by that? is it a seasonal anomaly what >> maybe builders have misjudged the market and priced a little bit high -- i think people are holding back a little bit home prices are still going up but i think this is a kind of edgy uncertain time.

remember charlottesville, that kind of thing, kind of slows you down and your willingness to do some big financial transaction. >> all right, professor shiller, thanks very much we appreciate it robert shiller, yale. >> amazon shares are down 11% from the record highs hit four weeks ago. how do you make money off of a stock right now? let's bring in the trading nation teams, erin gibbs and rich ross with evercore isi. what's your take >> after the second quarter miss and not only did they massively miss expectations for their profit on second quarter but the expectations of what they are going to make over the next 12 months has been almost cut in hax. we were expecting about almost $13 to a little over $7. it's not that they are still making revenues, they are still taking over the world. it's just way more expensive than they originally thought

technology cost and marketing costs are significantly higher i would say right now we could see more of a decline until we see some stabilization of those costs. not so much on the margins but i want to see the cost come down. >> rich, what's your technical take here? >> my take is that the stock is vulnerable retail has been under pressure and amazon not immune. bring up the chart and i'll show you what i mean. in the short term we can see it hasn't been a rough month for the stock but over the past four months, let's go back to may 1st. it's very flatd. you see the classic signs of exhaustion coming out of those earnings and below which you could test that 200 day down around the big round number at $900 when you zoom out you look longer term. not as if the trend is well above its trend and you can see in three of the last five years the stock has had 30% pull backs, that's not the base case here with the stock 10% off a all

time high, the stock is in a vulnerable position. i would not be a buyer here, lower around 900 >> something you said at the very top confused me amazon is in the retail space and retail has been under pressure the rest of retail has been under pressure because of amazon, they are the cause of the retail pressure. >> that's a great point. the thought is every dollar not being spent anywhere else is going to amazon. clearly that's not the case. somewhere in the middle lies the truth. the fact the stock is unchanged for the last four months in a relatively strong tape is telling you the consumer has issues and they are pertain to amazon as well >> find more at trading nation.cnbc.com. >> taxing sugary drinks, philadelphia introduced that tax following a heated debate. why its soda tax is falling flat you'll be surprised and president trump getting ready to

speak top of the hour. he's in reno at the american legion convention there. we'll carry his speech live as soon as he begins.

it seems philadelphia's controversial soda tax might not be having the impact the city hoped for. according to a new study, since the tax was instituted in january, sales of soft drinks within the city have dropped

55%. however, just outside the city borders, sales have increased 38%. which means consumers are going outside of philadelphia to buy their soda todd morris, he did the study. good to have you here. >> thanks for having me. >> tell us more about the methodology and what you discovered can we conclusively say people walk outside the borders of philadelphia or drive in order to buy their soda? >> half of them do in fact, shoppers, 13% of shoppers buy carbonated beverages increased, some consumers moved and some people consumed less. >> this matches what we learn too about the revenue, right this tax was spoitzupposed to bg in x amount of revenue and hasn't done it yet. >> you have to think of the broader baskets not only shifting purchases in tax categories but total store impact as well.

>> got it. they didn't just raise taxes on regular soda but diet soda, correct? >> anything with sweetener, sweetened juice s as well. oddly we didn't find an increase in even bottled water. it was only up 13% while carbonited soft drinks down 50 it was not evidenced in the data and actually showed in the juice segment while taxed juices were down significantly, other juices that were not taxed were hurt as well consumers were confused. >> let me ask you what you know about overall soda consumption in the metropolitan area is it down or up while i look at your numbers and they are fascinating here, they expected to generate 46 million in revenue, they have generated 39.3 million in revenue. the city is probably disappointed in that but wasn't one of the missions of this tax to get people to drink fewer sugary drinks for health reasons. so you could argue in truth the

bad news is good news, bringing in less money but people are drinking less sugary drinks. is total consumption up or down? >> total consumption in the broader area was down 27% over this five-month period >> it changed behavior. >> down 27%. >> that's when you add -- >> arguably be a good way according to the people who back this -- >> when you adjust beyond the border and within the city, overall consumption still down >> that's right. >> where does this tax apply does it apply to -- forgive me for not knowing this you're obviously well versed in this, only to bottled container drinks that i buy or is it fountain sodas i might get at the stadium or at the deli or mcdonald's >> you know, i'm not a tax expert i'm really a consumer expert what we looked at are purchases in a drug store or grocery store or mass merchant this reflects consumption at

home, half of sugar beverage consumption. >> who paid for your study >> pardon? >> who paid for your stud zi >> no one. no one was buying the study except us and really the consumer telling us with their wallets and shopping baskets. >> thank you. >> thanks for having me. >> powerball fever heating up, $700 million jackpot at stake in tonight's draw contessa brewer is live in new york city. contessa >> reporter: here's the deal, with $700 million on the line, i had to come to a place where i wasn't going to get bumped and jostled out of the way here i am in the all of the glory. you you're not going to want to miss the story behind this place and why i found powerball tickets here after a quick break on cnbc.

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welcome back to "power lunch. you've got to be in it to win it lottery players are going to get a shot at the second largest jackpot in u.s. history. $700 million up for grabs in tonight's "power lunch" draw contessa brewer is at a diver bar in new york city >> reporter: this is a special place, one of the oldest dive bars in one of the oldest neighborhoods in new york city when you walk in here, they serve the beer in styrofoam cups, and they serve the power ball -- well, it's self-serve. dale, you were going to get a power ball you know to work a self-serve machine? i had to come to jeremy's ale house to get a machine with no line the odds of getting this jackpot, 1 in 292 million.

the odds have gone way, way down hey, there's bigger jackpots, so dale, why are you playing? >> because it's three quarter of a billion dollars. >> reporter: what would you do with the money >> um, a, pay off my mortgage, b, probably help out some relatives. maybe i would give jeremy a million to fix up the bathroom or something. >> reporter: why are you dressed so dapper in a place like this >> i've been doing this since i was 8. >> reporter: dressing dapper or coming to a bar? >> dressing up it's me. >> reporter: good luck, i hope you win. the businesses who have the machine takes five cents on every dollar spent on the lotto. the newsstands around here, michelle this could mean like $300 extra for the day so it's been fun to be out here

bras on the ceiling, sticky stuff on the floor you never know -- >> don't ant to that, contessa. >> reporter: have you seen a lottery live shot ever in a place like this? >> in a dive bar no. >> is this one of your haunts? how did you find it? >> reporter: i'm an intrepid reporters who happens to live. i called up and sit i'm a neighbor, i work for cnbc. they love it here. the bright lights? >> will you buy us both a ticket >> reporter: we're going to share it >> sure, sure. >> you taught me everything i know. >> please. >> i don't think ever had a live shot with bras on the ceiling. >> please come back with all your ceiling, contessa and thank the dapper gentleman there. let's now bridge legendary odds maker jimmy vacaro, also at southpoint casino in las vegas

good to have you with us we're going to talk about the lottery and may weather/mcgregor. >> are there ways i with boost my odds even a smidge? >> yeah, bring more money. that would do it >> buy more tickets. that will be one okay you got me there. >> that's the only way obviously i heard the reporters you have to leave philadelphia go across to get the carbonated drink. basically here we don't have a lottery, either. you drive 40 miles to get your tickets at the border of california and nevada. they line up for five hours. hopefully to get lucky then also remember, if you do win, you're facing a 40% federal tax, and naturally whatever state it hits in, you have to pay their state tax also, so to answer your question, i can't answer, except buy more tickets. >> buy more tickets. i like that kind of tax problem. that the be fine by me am i better off picking my own

numbers or let the machine pick it >> obviously it wouldn't make any difference, but i think it will be personal if you did it, picked your own numbers, just like playing keno or picking may weather/mcgregor it's all on you. you decide where to spend your money. >> can i place a bet on vegas somehow on the lottery and play it that way? >> no, young lady, there's no lottery here that's why people travel to california the ear way you go across hoover dam into arizona >> you can call me young lady any day you want [ laughter ] >> may weather/mcgregor, what's the action opened up a bit higher, took some money early on the underdog, and we took an $880,000 bet from the maloof brothers i called the southpoint just a

few minutes ago. we've taken over $50,000 on the favorite in the last 12 hours, about 12,000 on the underdog look for this to be the highest betting fight we've ever had to absolutely clobber two years ago when may weather fought pacquiao this will generate about $50 to $75 million, and it's a humdinger coming up. the buzz is in the air. >> the odds favor mayweather so if i put in 100, i get 500 back >> no, you have to put 500 up to get 100 back. >> that's 1 to 5. so it's 1 to 5 jimmy, thanks very much. >> okay, guys. president trump getting ready to speak any moment from wreeno, nevada, following his wild campaign-style speech he threatened a government shutdown what's he going to say now in a few minutes? we'll carry his speech live on the other side of this break

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president trump is set to speak at the american legion national convention in reno, nevada today's speech comes on the heels of last night's rally where the president spoke about the possibility of a government shutdown, the border wall and

nafta, among other things. eamon javers joins us in washington with more on what we might anticipate eamon? >> last night the president speak in arizona, fiery remarks, criticism directed as his political opponents, the media and others last night he talked about the idea of a possible government shutdown which he proposed, and he also said the prospects for a nafta renegotiations are not looking very good. here's what he said last night >> and you know that one of the worst deals that anybody in history has ever entered into, we have begin formal renegotiation with mexico and canada on nafta. personally i don't think we can make a deal. we have been so badly taken advantage of they have made such great deals, both of the countries, but in particular mexico, that i don't think we can make a deal so i think we'll end up probably

terminating nafta at some point. >> so that was last night. what's the president expected to say here in a few moments in reno, nevada we've been given at least some excerpts of the speech here. this line is included in the president's likely remarks here from the stage that you're looking at there on your screen -- it is time to heal the wounds that have divided us and see a new unity based on the common value that is unite us. we are one people with one home and one flag that's a comment the president has made before. it seems like the sort of standard stump speech we have heard. the big question will be going into this, how much does the president want to remain on prompter and script, and how much does he feel like he wants to make extemporaneous remarks. >> thank you, eamon. scott wapner joins us for this hour. welcome. >> thank you very much we're waiting, as eamon said, for president trump's speak at the american legion

convention out in reno we'll obviously be watching what the rhetorical nose are and whether he references once against the threat of a government shutdown, if he does not get his way and at least some fundings for a border wall. joining us is howard dean, ron christ christie, former special assistant to general seo president bush, and ron asana here because only one of you has been a governor, i want to start with you, mr. dean. there's a lot of things on the president's agenda and a loy of items on the to-do list in september. hows important do you thing that the rupture between the president and mr. mcconnell is in getting things done or will they as politicians so often do, kind of get back together one way or another after a cooling-off period for.

>> do they -- the problem is mcconnell has no motivation to put anyone at risk it's possible, though probably not trump's fault, the seat in alabama is at risk i think the senate seat in nevada is gone, because i think no matter what heller does, and that is trump's fault, so mcconnell is now going to take the position that sure, we'll get conservative legislation through if we can, but i'm not putting any of mice members at rick. >> what does that mean for taxes and tax cuts or reform, however you want to phrase it? >> clearly the market rallied that maybe some tax cut deal was in the offing and already being negotiated i think the president threw a lot of cold water and so much shade on mitch mcconnell and others, including john mccain, including jeff flake, that i

don't know that a deal is possible here. it's becoming increasingly unlikely that we'll see the agenda move forward. >> gentlemen, i have to interrupt. the president is coming to the podium we probably will jump in when he starts talking. >> we have two rons, so let me throw that to ron christie in terms of whether or not this rift between mcconnell and trump means there's a delay or we don't get tax cuts we're watching -- ron, here comes the president to the podium let's listen in. sorry. >> thank you, commander schmidts, for that introduction and your steadfast devotion to our country. i want to thank all of our distinguished guests with us today, including hud secretary ben carson, v.a. secretary david shill kin, and form are

secretary bob gates. he started off saying bad things, then said great things, and now i like him thank you, bob it's a great honor to be back here with all of my friends at the american legion. and your national convention i want to thank governor sandoval for being here, dean heller is here someplace or will shortly be here. he's caught the first flight out, so i want to thank senator heller for being here. the american legion embodies the spirit of patriotism that is the true source of our strength and the best hope for our future you love our country, you cherish or values, and you definitely defend or great american flag, no doubt about that.

above all else, you believe in america, just like america believes in you 679 today we are here to honor the sacrifices yo have made. we are also here for another reason we are here to hold you up as an example of strength, courage and resolve that our country will need to overcome the many challenges that we face. we are here to draw inspiration from you, as we seek to renew the bonds of loyalty that bind us together as one people and one nation those who wear the nation's uniform come from all different backgrounds and from every single walk of life.

but they are united by shared value it is and shared duty. they are all part of one team with only one mission in mind. most importantly they're all americans. they fight together and they sacrifice together to defend our magnificent home thank you. now our nation must follow that same work ethic, that same devotion to a greater cause, to achieveour country's full potential. here with is today are veterans who fought in every major military engagement dating all the way back to world war ii

you have endured bitter winters, treacherous jungling, barren deserts and stormy waters. you have left your families, charged into danger, faced down your enemies and bore the scars and wounds of war. each of you took an oath to support and defend the constitution with that oath, you pledged your honor and your very lives for our great nation every veteran here today is part of a long unbroken chain of american heroes. we salute your service, the american legion not only remembers history, you help keep history alive.

you teach young americans to have pride in our history, so they will have confidence in our future his toby and culture are so important. for generations now the american legion has taught our young people the principles of americanism. you emphasized the need to preserve the nation's cultural, moral and patriotic values you encourage the observation of patriotic holidays you stress the need to enforce our laws, including our immigration laws you teach the responsibility of citizenship and the importance of the pledge of allegiance. true, so important

and you do it all as your motto says, for god and country. that's why we're here today for america and for god, but to fulfill our patriotic duties, we must take care of our great veterans as one year ago at this gathering, i promised you i would make it my priority to fix the broken v.a. and deliver our veterans the care they so richly deserve.

>> and you've seen what's happening. you have a true reformer now in david schelka. we are publishing wait times online for every v.a. facility so you know what the wade is we have delivered same-day emergency mental health services at every v.a. medical center we've opened the promised white house v.a. hotline that's a big deal. that's a big deal. we're dramatically increased the number of veterans approved to see the doctor of their choice,

and signal legislation to continue that very important choice program that i spoke to you about last year. and i want to thank the american legion for your help in getting this done. you have been so helpful thank you very much. something that they've been trying to pass for 40 years, and we've passed v.a. accountability legislation. so if somebody that works at the v.a. is bad to the people, disrespectful, not treating our fellow patriots well, we look at them and we say, you're fired. that's it.

sass that's it they don't do a good job, they're out. we have great people at the v.a., but we want people that do a great job. that was a hard piece of legislation to get passed. it's been worked on for so long. we got it done wee very proud of that last week i also signed the harry w. combry vet advance educational assistance act that's a big thing this bears the name of one of the first it members of the legion, your past commander, the man who wrote the original draft of the first landmark g.i. bill in 1944. now under this legislation, veterans can use the g.i. benefits at any point in their

lifetime some difference. in just a few moments right here on this stage, i will sign another historic bill that the american legion helped us deliver, the veterans appeals improvement and modernization act. you all know what that means no longer will veterans be kept waiting for years to get an answer to their appeals. they will receive timely updates, and they will get decisions much more quickly in a fraction of the time the are the legion you have to say pressed so hard. i want to thank you. you really helped.

they have a lot of power a lot of power, and they use it well when i spoke to you last year, i also promised we would build up our military that's exactly what we have done i am proud to report that we have worked with congress to achieve a dramatic increase in defense spending this year we are committed to expanding and improving a state of the art missile defense system to shoot down missiles in flight, and we're getting better and better and better at it it's actually incredible what is taking place we will develop new surveillance and long-range strike capabilities to prevent our enmeies from launching them in the first place. in every policy decision -- thank you.

in every foreign policy decision, we are making clear we will always put the safety and security of our citizens first that is why early this week i announced a new strategy afghanistan and south asia we will pursue an honorable and pursuing outcome, worthy of the tremendous sacrifice our troops have already made. we will give our men and women in uniform what they need and the truth to fight and win. just over a month ago in iraq, mosul was liberated from the barbaric rule of isis.

we are stripping terrorisms from their territory at a record clip we'll be working on the internet, they're recruiting from the internet and we will work under my administration very hard so that doesn't happen no longer are we using our military to build democracies. instead we're forming a coalition of nations that share the aim of stamping out extremism, defeating errorism, and pursuing stability, prosperity and peace through the also by the strength of our

spirit we have in this country today such spirit. i see it when i meet the people backstage. they're so proud once again. i must say, much more proud than they were last year at this time they are feeling very, very good about our country. our people have always had that will to endure and overcome. this is now the challenge of our times. we must ask ourselves who we are, what we stand for, and what together we can achieve. if american patriots could secure our independent, carve out a home in the winderness, and free millions from tyranny and oy pression from around the world, that same spirit, strength, courage and resolve can help us create a better future for our people today, a future like even our people have

never had before in this great country. that's what we're aiming for we don't have to be content with a dilapidated road system, with crumbling buildings or rusted-out factories we can build gleaming new highways, state of the art manufacturing, and modern works of wonder, and we can do it all with american workers and american iron, aluminum and steel. we can do it ourselves we do not have to accept the economic decay of once thriving hubs of industry where they leave and they let all those jobs do. and those companies move to other countries. we have stopped that flow.

companies are coming back, and i'm so proud we can bring new jobs to pittsburgh, detroit, baltimore, and help struggling communities thrive and dream and prosper we do not need to limit the potential of our children by trapping them in failing government schools every child should have the chance and know the joy of achieving their am bibses. we will never tolerate crimes in our cities bloodshed in our communities or acts of hatred or terrorism against our citizen. we will not stand for it

we will always support or great law enforcement personnel. built bridges of trust and cooperation and keep our families safe. we are one people with one home and one great flag questioner not defined by the color of our skin. the figure on our paycheck or the party of our politics. we are defined by our shared humanity get or citizenship in this significant nation and by the love that fills our hearts

and i know -- i speak for all of you when i say our hearts beat for america. our souls fill with pride every time we hear the national anthem this is the spirit we need to overcome our challenges. to pursue our common destiny and to achieve a brighter future for our people we will win. watch. we will win. this is the future we are can build together if we have the courage to act, the strength to endure, and the patriotism to join together with true affection for our fellow citizen.

i want to close with a story of a hero who defines this spirit of service and sacrifice, a man whose strength, patriotism and courage knows no bounds. a vietnam veteran who threw himself on top of a grenade to protect his fellow comrades. this true american hero went a to serve in the national guard for over 27 years. he is now a retired captain at his local fire department and owns a funeral home that memorializes our heroes. he has worked tirelessly to bring another veterans post to kansas city, so that those who return from combat have a place to go that honors and supports them some of you know this incredible patriot. he's a friend to many in this

room he is with us here today and he's on stage with us right now, medal of honor recipient donald e. ballard he's got to say a word, right? this wasn't in the planning -- do i have your approval?

c'mon, don, get up here. >> what? there is no greater love than someone that loves this country, and i believe we have elected the right leader to lead us out to drain the swamp s i'm with you >> see, that's ricky of me that could ruin the whole day. if he said the opposite, i would be in trouble. thank you, that was very risky i had a pretty good idea, but don, on behalf of the people of the united states, i want to thank you for your courageous service. you inspire us all today we are reminded that the greatness of our nation is found in our people like don as long as we have faith in each other and confidence in our values, then there is no

challenge too great for us to conger we are people. we are people who love we are people with heart we have people who adore we are people that are great there is no country like the united states of america we have no division too deep for us to heal, and there is no enemy too strong for us to overcome, because in america we never lose faith we never forget who we are and we never stop striving for a better future. together we cannot fail, we will not fail, we will make america

great again, greater than ever before i promise. so i want to thank you to the american legion. you talk of greatness, you talk of greatness, the american legion is greatness. thank you very much to our service members and to don and to everybody in the room thank you to our great, great veterans may god bless you, may god bless the united states of america thank you very much. it's my honor. thank you. thank you. so president trump wrapping up his comments to a receptive audience of veterans in reno,

nevada. >> eamon, he seemed to stick to the script there was also news from paul ryan whilst the president was speaking, correct? >> that's right. paul ryan, speaker of the house, was also speaking at intel at oregon, and we're told the house speaker says he doesn't think a shutdown is necessary and most people don't want it also saying congress will need more time to complete the appropriations process, particularly in the senate he says he can't imagine the senate will process appropriations bill as quickly as the house does. he says he and the president completelies agree on the need for a physical barrier on the border paul ryan saying he doesn't think a government shutdown is at all necessary,and then taking a couple accomplice cal shots at the senate, which people in the house often do >> obviously there are people in

his party and on the democratic side who disagree fervently with the need for a physical barrier. >> that's right. paul ryan and most republicans have said they will build the wall at some point the question is, where is the funding going to come from how much funding are they going to allocate? and what is the timetable? none of that has been made clear at all, the president getting more and more frustrated saying these a keep and core campaign promise he made and he'd like to see more progress on it. >> eamon, it really is incredible, a difference that a couple days can make not only in the speech and the tone of the president of the united states, but the reaction in the stock market. >> sure, absolutely. i mean, you know, one of theening that the stock market and market professionals are doing here is try to digest all these different signals we are seeing from the trump administration on the one hand you're seeing a very dedicated and diligence

effort on the pardon part of the people in the administration other than the you're seeing a spectacular amount of turmoil inside the white house in terms of personnel coming and going, infighting among the republicans, but i've been texting with people inside the white house today, and they say, you know, they can focus on the business at hand even while there's political distractions out there. one of the them gave me an example of the clinton administration that continued to function even while the president was being impeached, which was certainly a distraction that he feel was bigger than now. >> eamon, thanks very much, record are reporting from the north side of capitol there sdplool don't miss our exclusive interview with house speaker paul ryan second quarter p.m. eastern time that's tomorrow. let's bring in cnbc contributor sarah fagan.

thank you for joining us the president's speech just now, a fairly conventional one, in terms of the topics he covered, the message largely directed at veterans about progress made for veterans medical care and other things a stark contrast to last night acampaign, a different audience, a different approach >> that's right, it was a very different approach, a very presidential speech, i thought it's something that we need to see trump do more of it looks to me like, you know there are adults in charge of the white house. they understand the difference between what is a political event and an event to bring the country together so he was reading from the teleprompter and stayed on message. >> speaker of the how paul ryan saying most most people don't want a government shutdown, but completely agreeing with trump on a physical border

at the same time the president threateningening a shutdown if he didn't get funding, how do you parse out that situation >> well, it's a very risky proposition, because in the past when republicans have shut down the government or when the government was shut down and republicans got blamed for it, which is exactly what happened this time because of the fact that they control all branches of government, it hasn't ended well for the party it's not in anyone's interest for them to shut down the government i think trump is going to have to eat his words on that we'll see if he does that, but politically it would be far worse thank for fail to erect a border that most of the country doesn't want >> if if he agrees, does that -- >> well, certainly a better solution that shutting down the government the speaker agree toss it and

there's some appoint for pieces of a wall and a compromise that may be a middle ground that allows the government to keep writing and the legislative agenda to move forward the most important thing that members of congress and the president need to focus on is tax reform -- and if the government gets shut down or wet get into this multiweek/month over this border wall, it's just another distraction over what is a meaningful agenda item that would help all their political prospects, and sort of a win-win-win for everyone. >> speaking of distractions, sara, this future between the senate a president and the senate majority leader, how damaging is it to the agenda it is and isn't. on the one hand i think it's the

dumbest thing trump has done in office, pick a fight with the single most important person to get his agenda accomplished. having said that mcconnell has very thick skin. heads wants to get -- positive accomplishments to run on in 2018, and he's a big boy i suspect he'll let it roll off his back and that his few before the election is the same as today and he'll keep moving forward. >> i can't help by wonder what elaine chao is thinking, sara? >> she and mitch mcconnell are consummate pros. they've been around washington in lots of important roles again, i'm sure she's scratching her head and -- >> i loved her line a week ago, when she said, what do you think -- when he was picking on her husband, she said i stand by my men, both of them i thought it was wonderful it was the old loretta lynn

thing. she's really in the middle her boss is picking on her husband. that's a place i wouldn't want to be particularly. >> no. >> sara, thank you. >> sara fagen on the phone there. stocks giving back in gains. the vix is back in the green today. your game plan for navigating the volatility is next 679 a lot more "power lunch" is ahead. plus the uber-ization of the trucking industry. morgan brennan what do a smartphone and a case budweiser have in common in i'll give you a hint that's coming up what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings.

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on demand laughs during long bubble baths. tv on every screen is awesome. the xfinity stream app. all your tv at home. the most on demand your entire dvr. top networks. and live sports on the go. included with xfinity tv. xfinity, the future of awesome. hi, everybody. i'm sue herera here's your cnbc news update jared kushner meeting with egypt's president and foreign minister it comes hours after the trump administration cut or delayed aid to cairo over human rights concerns kushner, who is also president trump's son-in-law, is also in that region to explore way toss revive peace talks between the israelis and the palestinians. workers are covering a

statue of general robert e. lee. the move is until way to sim mize the city's mourning for a woman killed after a white nationalist rally earlier this month. a maximum category 10 typhoon is hammering hong kong this hour. typhoon hato has canceled hundreds of flights. the wind gusts are about 130 miles per hour. and facebook scoring exclusive rights to livestream 15 college football games this season the games won't be teleadvivise. you're up to day scott, back to you. stocks giving back some of yesterday's big games, but take a look at the dow, down 67., s&p and nasdaq are also in the red footlocker, and devon are your top s&p names. coty and lowe's are the laggards

today. the sector is on pace for the first negative day in -- snap is up again so how do you navigate what's starting to seem like volatility in these markets david, i'll ask you, a couple days we're trading off of the tone and rhetoric of the president's speeches is that what we're in for? irs i hope no. until it turns into policy, i'm not likely to react. when policy turns into numbers, that's when it affects stocks. we saw a different president the night about of last and markets rallied hard after that. last night we had president trump as we know him, the campaign campaigner when you start talking about things like

shutdown, that's -- that's what markets don't like. >> but we went up 200 points the other day. we traded on two words -- tax cuts >> i was going to say we readily traded on a lack of words, or just a lack of the president, for lack of a better term, tweeting himself in the foot of course, again, that was given all back today based on the speech last night. really what investors should be focusing on is, are any of these factors likely to result in a lower likelihood of paul ryan's agenda being pushed forward, are these going to be the catalyst that's going to spell the end of the but market whereas we do believe equities are looking pricey right now, but we don't believe they'll be the catalyst markets have a rye jent ability to overlook geopolitical

turmoil. likewise we don't feel the has priced it in maybe we're in the first inning of what will turn out to be a correction i have no idea, but the declines over the last two weeks were relatively small, with the exception, i suppose of the russell 2000 why are small caps taking it on the nose >> that's one of the chinks in the armor here i think the fear is when you see small caps give back the entire year, that starts to get concerning i'll take the other side of what burns was talking about before we're hardly giving back the entire rally and in terms of tax reform, the window is pretty tight once he hit 2018 we're into the election cycle i think we might get a tax cut,

but that's about all. we shall see thank you so much. many are wondering why congress can't get its act together on health care? lawmakers say it's really, really complicated we'll show just how complicated. you have to see this, ahead.

welcome back a growing list of startups are looking to disrupt the way shippers are connecting with truckers morgan brennan has that story live from newark, new jersey hey, morgan. >> reporter: hey, michelle that's right new technology is changing it is transforming the way truckloads are brokered. so we're talking about user-friendly smartphone apps operated on the cloud and powered by algorithms matching freight and trucks at a market competitive ray. convoy, this is a seattle-based start-up that counts jeff bezos and bill gates among the a-list roster of investors. earlier we rode along in this truck owned by the driver as he hauls 2,000 cases of budweiser to a distribution center in the bronx. he did that using the convoy app. he started using that app about

six months ago he said it resulted in less down time, more business, counting for about 0% of its load, but for its part, an hoo isser says this helps the company better source the supply chain. convoy isn't alone we have seen hundreds of millions from vc fund. uber freight launched earlier this year, and its possibilities within this space, but they are being held against a high bar here everybody is focusing on this new time of more automated digitized technology the key is really going to be scale, market share and how many folks on either side of the equation are actually using each of these apps.

>> it's like the battle between uber and lyft, analogous to that the driver has the app -- does he work for budweiser? he's on one side, the driver, the quote/unquote uber driver, the purchasers on the other side is what kind of business or person >> of anheuser-busch, they have freight, looking to book a truck to move that freight they put that out on the app you have an owner/operator in this particular case, the driver who owns his own cab is also using the app. he's looking to see who loads he might want to haul for there the match happens on the app. this is how we got to go on the ridealong. so a lout of cases trucking is very, very fragmentsed

and you have lot of smaller drivers, drivers that own their own rigs they're the ones who are basically populating onto this app. morgan, thanks very much ahead it is to deal with health insurers in this country finally. hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

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do you ever wonder why health care is so complicated in america? i got a real eye-opener to it last night when i came home. you know those statements that you get from your insurers, they're called eobs or explanation of benefits and they tell you how much the provider billed and how much of it goes to your deductible, not covered which is usually the biggest part for me. the not covered part i just want to show you one member of my family, this is from mental health services. this is from earl kbrer this year okay that's all of them, about 100 eobs from earlier this year. this is what was in our mailbox last night >> this is a doozy >> those are all envelopes >> how many? >> i counted them, i believe i counted 67 eobs, all pertaining to one member of my family 67 of them

i haven't opened them. i saved them for this moment it tells me that one of the reasons why our health care system is as complicated as, messed up, and as costly as it is is that you have this kind of confusion that is clearly x'd at companies and the payers and the clerical work, and it's going to confuse me i am going to have a cocktail before i open these. >> good letter opener. i wouldn't advise the finger method >> no. >> due to the risk of extreme paper cut. >> once i open it, i will not understand these things. i am going to hire a human being to explain this to me. but that is 67 eobs, god bless you. there you go >> in one day. >> that's one day. there may -- >> in one day. >> the most i've ever received maybe 20 there you go frankly. >> that would seem like a lot. >> wait until you get to the 67 until they tell you about the big bill >> the big bill. >> there you go. "check please" is next

>> as if that's not enough checks right there she can't become a guitar legend just by playing air guitar. the baby's room won't build itself. and her paw won't heal on its own. we're all working forward to something. synchrony financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels, synchrony financial can help you get there.

all right folks, do not miss our big interview on power lunch. it is tomorrow, the house speaker paul ryan making news in the past couple of hours he will talk trump, tax reform, health care reform, border wall, budgets, and a whole lot more. can't afford to miss it. that is tomorrow power lunch at roughly 1:15 eastern. but i suggest you tune in at 1:00 just in case >> you get to see you, toss to

us at 1:00 >> time for check please my check please is discussion we had about soda sales in philadelphia where the study was done and it showed that soda sales went up just outside the border, philadelphia proper, and then plummeted within philadelphia. we had a discussion about however when they examine the overall sales level. when you include everything, soda sales went down okay, they're trying to get people to behave in a more healthy manner so you know, if you agree with the government intervention in that way, here's the thing they tax diet soda too if your concern is about sugar -- >> hidden calories >> even tax things that had no calories to me it looked like a revenue >> and raise less money than they thought because the effect was greater i suppose. i was going to do billy payne. retiring adds the chairman of the augusta national golf club and also of course the masters

tournament he instituted a number of really important initiatives, of course, the first female members of augusta back in 2012. condoleezkond lecondoleezza rice he's going to be repolice stationed by fred ridley and the interesting thing about fred ridley is he is the first former master's participant to be the chairman of the club. >> no kidding. >> in the late '70s, three years he competed in the masters billy payne bringing the olympics to atlanta, and then retiring -- >> and he made a lot of changes that the club as well. beyond the membership policy but the physical layout of the club and a lot of the -- >> my favorite sporting event. love it. >> he kept, you know, the beers cheap. the poe men toe sandwiches cheap. sunday at your house is always fun. let me tell you. >> nothing better. >> robert lee, the broadcaster of espn reassigned from the charlottesville uva game in

early september because why? because his name is robert lee >> ridiculous. >> i don't get it. >> ridiculous. that's it, thanks for watching power lunch. >> good to have you here. >> closing bell starts right now. they are not ridiculous. good afternoon, and welcome to the closing bell. i'm kelly evans here at the new york stock exchange. >> shutdown fears shake stocks president trump saying he's willing to shut down the government if he doesn't get funding for the border wall. could this put the administration's growth agenda in jeopardy? >> and samsung unveiling it's new galaxy 8 phone today should apple be worried? we're going to show you the phone and features and you decide coming up wells fargo gives warning to employees about more bad news in the pipeline we'll have all the details >> if only someone w