good morning, it is 6:00 p.m. in istanbul, turkey and 11:00 a.m. on wall street. "squawk alley" is live ♪ ♪ ♪ ♪ ♪ good monday morning. welcome to "squawk alley." i am carl quintanilla with morgan brennan, jon fortt.

our top story is turkey. the turmoil there continues regarding the lire, stoking fears of global market fallout we have a closer look as erdogan makes announcements but nothing too specific. >> that's the point. confidence is shaken that's classic old school currency crisis recipe there currency falls, you have free falling currency and then you have a massive pileup of debt. it brings back memories to the asian financial crisis this isn't to say every time an emerging market currency plum its you have a widespread crisis like what happened in asia, but because of similarities with external debt and borrowing turkey had and other currencies and the fact bills will come due and be more expensive with weaker currency, and the fact that you're seeing a little contagion in other emerging markets, ones with weaker economic policies, big fights

with president trump, like china, mexico, like russia, that's why we're watching carefully because we have seen this kind of fear in a local currency that's not a big economy spiral into something bigger. >> and steve, to that point from sarah, what point could this move from a kurncurrency crisiso credit crisis? >> when it gets connected in the mind of the market i think now they're seen as separate buyers, i think russia is its own issue, china its own issue, and turkey is a specific issue now. if it becomes a sense that hey, the dollar will be very strong, all these countries will have problem repaying foreign debt. that's going to create problems in european banks which could knock onto u.s. banks. one of the things to do, sarah probably backed me up on this, look for the healthy to get taken with the sick here right now, the specific targets are only at the sick when the healthies get taken

down because of that, that's when you have a crisis. >> i think that's absolutely true remember what happened in 1997, things were different, right you had currencies that were actually pegged and facing speculative attacks and it became too expensive for central banks to prop them up and you had pent up demand for selling the lire has been flowing freely we'll see how much pressure there is from the market and see to the earlier point, carl, what erdogan does about it. there are options but he is not doing any, raising interest rates as michelle caruso-cabrera has been raising the point is something that's necessary to shore up a currency in free fall like this. >> didn't rule it out explicitly >> and they have interest rates but not where they need to be. he is telling turkish people to trade in euros and dollars for

currency, a patriotic duty that's not how you right a currency problem >> that would be correct turkey had pretty good growth last year, decent growth that allows it some flexibility if they turn around i don't think getting back the market confidence -- i would say there's one difference from the other crises, it is unclear what the policy is of the united states when it comes to global financial stability. part of what's been going on we have to admit is the president is going around, throwing bombs for lack of a better word at different places around the world. for example, europe, for example, russia, for example, china. the big concern talking to most investors is china now which has slower growth. how would the u.s. act if europe were to become destabilized in this in the past, the u.s. government would bend over backwards to

stabilize europe i'm not sure what the policy would be now. >> bring in jim paulson. good to see you. happy monday to you. we have this environment with slowing global momentum, trade fears, em fears, prospect of using currency as tactical weapons. does it make you more nervous than you were before >> well, you know just in isolation i'm not that worried about the turkey crisis, but i think that it is relevant because the market itself i think has a lot of vulnerabilities, from valuation, rising yields. because it is vulnerable anyway, i think the turkey crisis could be the thing that tips the balance so to speak. if we were to break, for example, in the s&p 500 below 2800 again and be back in that same trading range and the vix

would elevate, the thing could take on its own crisis feel if you will, even if turkey wasn't that big of a thing to begin with you know, it is like the proverbial straw that breaks the camel's back if you have enough vulnerabilities, last thing in might not be a big event but might be big enough. i think it is worth thinking about this trading turbulence. >> what would the u.s. have done in the past if the lire situation seems out of control and what do you expect the trump administration will do, should do under these circumstances when it seems like part of the president's point is hey, look how much better the u.s. economy is doing than these other places, look how much the pressures that we're exerting are having an impact >> jon, you raise a good point

steve did, too you think about one of the strategies of this administration in some regard is to create enough stress abroad that they have to come and negotiate a settlement with trade negotiations i have to believe that's part of their strategy, put enough pain on china, put enough pain on other parts of the world that they bring them to the negotiation table in a favorable way for the united states. so i think trump, president trump could look at the situation very differently than past presidents might have looked at this, look at it more as something that has to happen for him to get something he wants done, done he might feel the u.s. is invariant enough, strong enough to withstand a mini global crisis that might help him get a victory of negotiation so it creates a different environment than we had in the past where we would probably be working for coordinated policies

to put this to bed >> guys, let's bring in david rosenberg. good morning to you. as jim was talking, i was looking through your note today. you say recall thailand, '97 was the world's 30th largest economy and look what happened, because in the end it was a financial event. is this an analog to that? >> well, i mean, you can go back into the past. i used thailand for people that say turkey is too small and insignificant. go to cypress, iceland, talk about the russian, they defaulted on debt if you remember in 1998 there's no easy solution for turkey to think it is isolated to turkey, the straw that broke the camel's back is the impact of sanctions on their economy turkey's problems were escalating long before the

latest wave of sanctions, and it is not just turkey you have a massive external debt load among a whole array of ee emerging mark -- of emerging markets. there are a bunch of them out there, including russia as well. and i think that's the underlying problem is the massive amount of debt sar sarah talked about this before, when the fed and everybody else kept interest rates low, there was no alternative in the fixed income world there was alternative, it was called stretch for yield. what that meant is that the emerging market debt situation exploded i don't think people understand in the past ten years the level of outstanding debt in emerging market has tripled from 17 trillion to 54 trillion. and as a share of their gdp, gone from 120% to 190%

and we're not in the same global liquidity cycle as two, three, four years ago so this isn't just a turkey story. it wasn't just a thailand story. it cascaded through the emerging market world, and i don't think the cascading effect will be different this time around incumbent to focus on countries with high external debt loads and high maturities coming up with high level of debt in foreign currency. >> and the only other point i would make in terms ofpa parallels, a lot of people are watching and saying we're an island of stability, it opened up the market despite the instability. i will remind you. when thailand broke, when that peg was dropped and the currency took a fall, that was in july in the summer it didn't hit the u.s. market until fall, much later that year, and caused federal reserve to react definitely watch the other local currencies for contagion, china,

south africa, russia that's what the pros are watching, not necessarily the u.s. stock market. historical perspective of that influence. >> i want to make a point in the month after that evaluation, s&p 500 was up 6% in the month after. the u.s. will ultimately see some contagion don't confuse islands of prosperity with that considering how interconnected the world is. >> jim, i want your thoughts from an investor standpoint. how should investors position in light of this conversation we're having now >> right well, i think one of the biggest impacts could be that the crisis doesn't become worldwide global meltdown it could just slow the u.s.

economy. that's a big deal. if you've got people betting on $170 of share earnings next year and slow much of the rest of the world, now a dollar that's tightening on the already tight monetary policy in place, what if we slow to 2% growth in the next few quarters, that would radically alter wall street expectations and cause pricing adjustments. so i think you want to be defensively positioned i wouldn't move entirely out of stocks i would look for an entry point to be more exposed overseas. my guess is that a lot of damage is done in the emerging markets already and give yourself a couple of years, you'll probably be okay there. in this country i think i barbell between some of the more inflation sensitive areas of the marketplace like energy, materials, industrials, and barbell it with staples and utility stocks i would move away from growth

which is getting extended. if there's down side risk, may show up in the biggest way >> we're going to watch that thank you guys good discussion. appreciate it. >> thanks. coming up, twitter facing push back after refusing to boot controversial figure alex jones on the platform. we will speak to kara swisher about her latest column on the shortcomings of social media. and elon musk tries to clarify his private tesla tweet. was itnoh eugfor the sec and investors. more "squawk alley" after this ok, show me what you got.

i am going to vote for myself using nothing but this remote and the sound of my own voice! vote for... -wait, wait, wait. that's not a talent. any xfinity customer with an x1 voice remote can do that. watch this. i want to vote for... obviously not you. ooh, that guy. cast your votes during every live show. just say "vote for agt" into the x1 voice remote.

vimeo the latest to remove alex jones' content citing violations of terms of service others have already removed that content. twitter feeling pressure to follow suit. with us now, kara swisher, your title is not executive editor. at rico, latest column rules won't save twitter, values will, it sparked a lot of conversation this is interesting. vimeo had little info wars content on it, seemed like info wars was trying to move content there after it was blocked elsewhere, and they shut it down why is this so difficult for

twitter. is it just that they want to finish the internal review process so they feel like they're not reacting >> the journalists are doing all the work for them and showed repeated violations. i have been texted by so many people inside that company saying they can't believe how they wrapped themselves, someone said they wrapped themselves around an axle on this issue to say he hadn't violated terms and be shown numerous violations of terms is problematic. this is what's going to happen they're going to constantly be in these there's a lot of alex joneses out there on both sides. what they have to do is sort of understand at some point they just have to ban people and accept the problems that come with that. they've done it before if you remember, i think chuck johnson, he got attacked for being random and pulled him off the platform because he violated terms. sometimes you just probably have to go after the more high profile bad actors and remove

them as they violate terms of whatever the rules are, which are also confusing because they aren't enforced as stringently as one would hope. it is an impossible situation by the way for all of them there. >> i have to ask what you thought of the times piece where they sat in on a meeting of the twitter safety team and then twitter asked the times not to publish the names of the team because they were worried about them falling victim to trolls. >> it was an interesting piece they didn't invite me in i would have done that a little differently. i think that they -- i think what struck me is how incredibly naive that discussion was and where they were on the discussion the times really depicted how they just sit around like they're in a college ethics course and are discussing it i know there are incredibly thoughtful people thinking these thoughts, but to me that was more for show. if that's how far they are on

these discussions, i am super worried they're not going to get to real decisions, and it has been going on for years. this is not kind of a new problem. i wonder why it is taking so long to come to terms with the problem they created themselves by not enforcing things, by not thinking about this more i don't know what did you think of the piece? i thought they seemed they weren't very far down the line on these issues. >> i thought it said a lot about how fearful maybe from within the team is about the platform itself i guess that's what people took away from that. >> yeah, i think so. it was very instructive about how little control they have over this. and of course they have complete control over it. and i think the issue is they have some high minded ideas about the first amendment which they're conflating with bad behavior, and conflating with hate speech, and it is very complex. there are legal issues, slander issues, all kinds of things, all weekend long on my twitter

there's been incredibly intelligent discussions going on about this with lawyers, with philosophers, all kinds of things, which is the best of twitter, right at the same time, all this other stuff is allowed to like persist and they can't just remove bad actors from the platform, and the bad actors then in turn abuse the platform, take it right up to the line and become a creature of it >> i still don't get, why doesn't twitter create a decency layer, a layer where people choose or have to disclose their real identity, more information, the content is more like programming. i think a lot of major content creators would choose to be there, and the conversation would be a lot cleaner if you want that fringe free speechy discussion or you're in a foreign country that's repressive, you can use the dark web twitter and take your chances there if you want. why don't they do it >> reddick did that, they moved stuff down

in a lot of ways they say we take a lot of bad conversations and don't show them as much sometimes, not shadow banning, i don't want to get into that, but i think they try it, even on facebook they're like we put things down on the news feed if you want to use sensorship, they're already doing that making media decisions on these things but they don't want to admit they're making media decisions because they don't want to -- it is a really strange mentality in silicon valley when they behave like a media company and pretend they're not a media company. i'm not sure what to say until they accept their adult responsibility to manage their platforms for the good users and create a great environment from a product point of view alone. >> speaking of strange behavior in silicon valley, elon musk trying to clarify his plan to take the company private august 7th.

announced plans via twitter, saying i am considering taking tesla private at $420. funding secured. this morning, clarifying funding secured portion of the tweet was reference to the saudi arabia southern wealth fund, although reports show the fund has no interest in taking the company fully private. kara, how much trouble do you think he has gotten himself into with tweet length proclamations that require more explanation. >> funding secured thing, he addressed it in the blog post which was interesting. i was talking to a high ranking person recently about this they were like if you take something private, what you do is keep it private until you take it private because the stock goes up in price stock went up in price he has probably gotten himself, i don't know what the sec will do, but probably -- i saw his logic if he told one investor, he has to tell everybody but it would seem to me these

discussions should have been further down the line before you declare something like this, especially when you use a term like funding secured you know, he probably should not be tweeting on a lot of these things someone should remove it from his phone or something else. he is probably in some sort of censure with the sec, probably a fine from what i understand, but that's not the best way to go private, i think i believe. i'm not an expert. >> ankard timing of the tweet lt week and taking a long time to back that up with more information. we get this blog post with details from elon musk after you have shareholders filing suits, and the sec inquiring with the company. if this information was already there, why not put it out sooner >> i don't know. i don't know i'm sure the outside directors are going crazy, presumably behind the scenes. also you kind of have to --

disclosure is really difficult the original disclosure wasn't enough disclosure, right, and the current one is still not quite detailed enough. i think private lawsuits is another thing that could happen here, that's probably more problematic, even aimed at elon. i understand if he is interested in going private, that's up to him and the company and its shareholders and everything else, but probably the way to do this is not this way it is not that -- some people in silicon valley like to do this stuff. we are doing it differently, but sometimes rules are rules for a good reason. he's probably in a little trouble here see if the saudis come through with the money they've certainly got the money and if he manages to take it private, which we'll see >> kara swisher, always great to have you thanks >> thanks a lot. coming up, harley-davidson back in the spotlight. president trump supporting calls for boycott of the iconic american brand we'll bring you the latest on

what it could mean for the stock. icbrk.eyafr isll" teth quk ea

european markets are about to close for the day in a couple of minutes stocks off lows of the session the turkish lire continues to tumble as the government works to stabilize its economy >> reporter: we've had an interesting day in turkey with central bank saying they would offer as much liquidity as local banks need the regulator trying to limit swaps action and some words from president erdogan, speaking to the turkish ambassadors, talking about turkey in an economic war. we have the latest from the ambassador take a listen to his words on the relationship

>> translator: whether you are the president or whoever you are, you cannot wake up from your sleep and just say that you have put some new bunch of taxes on steel states around the world take steps based on these calculations, there should be consistency. after such steps, how can the global community keep trusting him. >> reporter: that of course is in reference to president trump's announcement friday on twitter that he would be increasing steel and aluminum tariffs for turkish exports. fourth largest export in this country, and the exports to the u.s., a significant chunk 11% the trigger for the latest downward spiral. we have seen that continue today. no serious action from central bank when it comes to increasing interest rate, a lot of analysts the last few days have been saying is very, very necessary to restore confidence in the

turkish lire, guys >> willem, thank you president trump going after harley-davidson sending shares of the company lower stocks down about 3% tweeting about the brand sunday morning saying many harley-davidson owners plan to boycott the company if manufacturing moves overseas great. most other companies are coming in our direction, including harley competitors, a really bad move the u.s. will soon have a level playing field or better. i sat down with the ceo of the company a few weeks ago to discuss what he thinks of the president's tariff policies. >> we have been working on this the last six months. this is an unfortunate condition in the middle of work we would like to do, we would like to invest the money differently and spend our time differently but we have to do based on the facts and circumstances before us. >> and i think that's the point i'm trying to get to when you talk about $2200 more

for a motorcycle in a key market like europe which is such a growth point for harley-davidson, that money, that capital, you're looking to put it to use in other ways. all of a sudden it is even more difficult of a conversation i would imagine with you and your board. >> right it becomes a decision that carrying -- the first decision is protecting our customers in the market that's us carrying that $2200 per bike cost, then obviously we have to figure out ways to mitigate that cost because we would rather invest that in things that grow the business, not just maintain the business we have to do based on the facts and circumstances before us, and we're doing that rather not spend our time and money this way but we're doing what we have to do. >> were you surprised by president trump's reaction, the anger to your decision to shift some production? >> i think as a business we just deal with what we have to deal with and we are not a political

organization we worked very hard to be apolitical in how we approach our business and consumers everywhere in the world, so we do what we have to do to maintain that integrity as a company and as a brand, facing difficult decisions as we do, as we have in this case, and that was just an unfortunate, you know, attention around a set of decisions that we made that were rational under the circumstances. >> guys, harley may not consider itself a political company but found itself in the midst of this very political debate i would note when he references six months at the top of that conversation, he is talking about the fact the company is rolling out a multi year plan to try to attract more riders here in the u.s. as its core demographic continues to decline and grow sales internationally to 50% of overall revenue. this is a company that before all of the trade and tariff stuff and tweets from the president was really already

trying to recover and re-invent itself, so it has been a very key time for them. two other quick thoughts the first is they're continuing to make bikes for americans in the u.s. that doesn't change even as some production, for example, for the european users moves overseas. second thing is when you talk about boycotts on harley-davidson products, one of the questions i am looking to answer is if you boycott them, what other motorcycles are you going to buy their key competitor is polaris which makes indian motorcycles in the u.s., but they're also moving some production overseas because of european tariffs. everything else in the market is foreign competitors. it is honda, suzuki, yamaha. takata, bmw. >> harley is doing what the trump administration and many in the u.s. are happy budget toyota and bmw doing -- happy companies

like toyota and bmw are doing. >> harley was happy to be political when they went to the white house and were showered by praise with the president, it is not good when it is on the other side another one to watch as jim said today, if you turn your back on him like that, you'll receive his wrath keep an eye on the shares. it is half past the hour let's get to sue herera for a news update. good morning, sue. >> good morning, carl and everyone here's what's happening at this hour cnbc confirming the fbi has fired peter strzok he led the fbi investigation into russia's interference in the election a new report says hackers could use fax machines to steal files through corporate networks researchers at checkpoint technologies say they gained access to a secure network by faxing malicious codes to an all

in one printer that had a fax function one person suffered minor injuries saturday when a small plane landed on an interstate in california it made an emergency landing on 580 in northern california the plane wasn't damaged, and neither were any of the vehicles on the freeway and some late drama in the final round of the pga championship tiger woods made a late charge, but came up just short, finishing second because brooks koepka played a mistake free final round winning his third major championship his second this year it was great golf. that's the news update this hour back downtown to you guys. carl, i'll send it to you. >> you can say that again, sue thank you. when we come back, turkey in free fall. concerns over the country's economy spreading through europe we get unique perspective on what it means for investors, the

dow is down 56 and the s & p is gone red, down two

♪ that's confident. but it's not kayak confident. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done.

welcome back tracking fallout from the crisis in turkey as that country trades near a record low versus the u.s. dollar. contagion fears across other emerging markets joining us, asset manager and

here with us, daniel tenenbaum from pwc who advises clients to navigate sanctions in situations like turkey. gentlemen, thanks for joining us given what we have seen in markets since friday, is there cause for concern in terms of contagion with what's going on in turkey now? >> i think there are causes for concern in turkey, but i don't see how the turkish problem will have much impact on anybody else, short term effect on investor sentiment fundamentals are not the same as in turkey as elsewhere so i don't see this problem being anything other than idiosyncratic to turkey. as such, if investors in nervousless sell em countries other than turkeys, constitutes an opportunity and investors

should start nibbling and get them a couple percent cheaper. >> yet we have seen other key emerging market currencies weaken against the dollar in light of this. we have seen equities in those markets sell off where do you fall on this? >> i think the real impact we see is with the threat and follow through sanctions, even limited sanctions can do to an economy. i was in europe a few weeks ago when the news broke of trump considering sanctioning turkey, it began change in terms of the turkish economy. you look at what's done, two turkish ministers were put on a government blacklist that prohibits companies from dealing with them. >> how unusual is it to see the u.s. level sanctions on officials in a nato country? >> it is unusual also unusual if you think of all the countries around the world where americans and journalists may be held captive prisoner, they've never used sanctions to

force a negotiation like this, to force release sanctions have been generally constrained for much larger significant crises, human rights violations, terrorism, weapons of mass destruction. this is an isolated event is unique. >> is it isolated? some suggest that maybe it is opening of a new chapter in how they're used. >> sanctions are very much a favorite tool for foreign policy within the administration. if you think about how the president likes to gain market reaction, it is like an economic missile essentially. all you have to do is threaten usage of them, whoever the target is, a private company or country will see immediate impact on its value. >> you see the frequency of its use increasing >> you have seen the frequency of use increasing. the other thing, we're seeing as they come across larger markets, if you saw what happened with russia on april 6th, there are unanticipated consequences i don't believe the administration was trying to destroy the economy, but send a

shot across the bow. it is a fine balance of what to do to not destabilize a country but achieve goals. >> i am curious why you think the impact won't be widespread, particularly in the short term what about folks that have been loaning money to turkey. why shouldn't this spread in the direction of those folks >> let me make one point first turkey has been working consistently for 8 years trying to screw up its own economy. and the sanctions against two ministers was only the straw that broke the camel's back. if turkey hadn't built up macro economic imbalance in the first place, you wouldn't have as big a reaction that's the first point second point is that to the extent that sanctions get applied this frivolously across a larger number of countries, ultimately this undermines soft power in the u.s

the ability to do so you start undermining the credibility of working with the united states and start seeing countries turning elsewhere and starting to finance from other sources. so ultimately it is like if you excuse the expression, peeing your pants to keep warm. might get short term benefit, long term, probably wish you hnlt t hadn't done it >> you saw the president come out and say he is looking to raise tariffs on steel and aluminum imports from turkey as well seems to be maximum pressure policy >> everything is maximum pressure to force some response or change in behavior. >> does it work? >> i don't think it does you can argue that bringing north korea to the table, using maximum pressure machine worked, but nothing has been accomplished there's a hand over of u.s. service memory mains, but denuclearization, there's not a clear line of definition so it works to a point. >> gentlemen, we have to leave

it there thank you for joining us when we come back, we talk to former sec commissioner about musks latest clarification, blog post that tries to shed light on his tweet from last week dow wndo 39. "squawk alley" continues in a minute with tripadvisor, finding your perfect hotel at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay!

tripadvisor searches over 200 booking sites... to show you the lowest prices... so you can get the best deal on the right hotel for you. dates, deals, done! tripadvisor. visit tripadvisor.com

now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. here is what's coming up

star analyst mat voss with which stocks to buy or sell. and speaking of stars, jim cramer with us for the hour today. we get his take on the global markets, names he likes. more at noon see you in less than 15. >> thanks. let's get to the cme group for the santelli exchange with rick >> good morning, carl. well, everybody is talking about the aftermath of the way the markets and the globe and emerging market in particular acted on friday. everybody is highly aware of servicing debt, due to easy money policies for many central banks around the globe, foster a condition that everybody knew at some point the parade would end. and it wasn't going to end well. we can debate as to what the trigger is if this trigger was sanctions

and tariffs, would it have been something else down the road, most likely. but the real issue is looking at the markets, are investors going to be able to move back to normal strategies? my answer would be yes but that doesn't mean all of this disappears and goes away. as a matter of fact, i think the opposite is true i think emerging market will have a tougher and tougher time servicing debt because i fully suspect there's a lot of issues that cause what looks like a market response that will make it more palatable for that part of the globe are going to unwind i'm talking specifically about some of the safe harbor trades as i'm talking, look at two day and ten year note yield. ten year is up a bit as you see on that chart, we drop back into the 280s because investors globally were eyeing various securities, whether it was booms or treasuries or currencies as you see on the next chart the dollar was already pretty firm this gave it turbo thrusters to

the up side. even though it slowed down a little bit for the most part it is holding on to its gains so the point of this exercise is the best way to understand if it is safe to put your toe in the water as an investor, more traditional investments, outside of things like emerging market, i would monitor u.s. rates, yields to some extent and the dollar index that doesn't mean the dollar index needs to go down, but any sharp appreciation, a quarter, half percent move on any given day will continue to underscore you need to be a bit careful personally, i think until we get to the mid point of the year with regard to treasuries, 295 for 10s that i would be a little apprehensive, not to the extent i was friday and finally, this is a chart of gold versus the dollar versus the yuan and they're moving opposite directions another great trade to monitor when liquidation of gold or

bidders show up again, it means they have confidence which means you as an investor should have more confidence. morgan, back to you. >> rick, thank you rick santelli in chicago. elon musk causing a stir with a plan to take tesla private, saying quote, he had ne closed we'll speak to a former sec commissioner on the possible legal ma'am ramifications. you always pay your insurance on time. tap one little bumper and up go your rates. what good is your 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 on home and auto insurance. call for a free quote today. liberty mutual insurance.

♪ liberty. liberty. liberty. liberty. ♪

i am going to vote for ok, showmyself using nothing but this remote and the sound of my own voice! vote for... -wait, wait, wait. that's not a talent. any xfinity customer with an x1 voice remote can do that. watch this. i want to vote for... obviously not you. ooh, that guy. cast your votes during every live show. just say "vote for agt" into the x1 voice remote. most of fang is positive

although netflix and alphabet in the red. amazon hit 91 2i9 5, but low down 725 back in a moment eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any of these types of plans, they pick up some of what medicare doesn't pay. and could really save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to request a free [decision guide] to help you better understand what medicare is all about. and which aarp medicare supplement plan

works best for you. with these types of plans... you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks and no referrals needed. there's a range of plans to choose from, too. and your coverage goes with you when you travel, anywhere in the country. join the millions who have already enrolled in the only medicare supplement insurance plans... endorsed by aarp, an organization serving the needs of people 50 and over... and provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. apply for a medicare supplement insurance plan any time you want. call unitedhealthcare today. remember medicare supplement insurance helps... pay some of what medicare doesn't these kinds of plans could save you in out-of-pocket medical costs. you'll be able to choose any doctor

who accepts medicare patients. and there are no referrals needed. so don't wait. call unitedhealthcare now to request your free [decision guide.] this easy-to-understand guide will answer some of your questions.... and help you find the aarp medicare supplement plan that's right for you.

p. elon musk b k trying to clear the air from last week this morning, he said his claim that the necessary funding had been secured was based on repeated conversations with the saudi arabian sovereign wealth fund quote i left the meeting with no question that a deal could be closed joining us on the cnbc "newslin "newsline," law professor, good to have you with us. >> good morning. >> that line that there was no question that a deal could be closed does that run afoul of saying something secure >> let's take a step back over here i think the probability that musk is going to get sue ued by the sec is quite high. we won't know how these situations get resolved. it will be before the settlement and it's a certain element of sadness because this entire problem was entirely avoidable if musk would last tuesday and

issued a statement along the lines of the exnations he put out today, there wouldn't be anything for us to be arguing about. >> why do you think that didn't happen why do you think he waited to sheriff lo so long? >> first, i think a great question i think we need to understand at least in my view, that he won't be a bit of a visionary genius but a visionary genius wit issues could have achieved all of his -- in terms of shareholders and plan of the future by being more temperate, by explaining everything that he explained to the world last tuesday. >> the board tells him that it's okay to go talk to large numbers about this plan and he decided

to the world as an individual look ting to take this company private. isn't that an odd moment where acting as part of the board, he acts as an individual. it seems to set up a strange dynamic with elon musk and tesla. >> there's so many odd moment heers and gerngs all of these odd moments were entirely avoidable. yeah, you know, he should have made clear the position that he had here there's you know, no reason why he couldn't speak as an individual as you know ceo or member of the board. but he was going to do that, you should make it clear this is full of self-inflicted wound that was easily avoided. if he simply would have been more precise and would have avoided a desire to at a very

complicated transaction. 240 characters for twitter >> the other key piece of this to me is that if you have the saudis coming in for this deal, given the fact we have seen lawmakers strengthen in recent weeks, is this something, is this a deal that could get through regulators >> it remains to be seen they are being strengthened in ways that we're not entirely sure what the finals are going to look like you can imagine people taking a position we don't have to worry about this kind of a financial investment from saudi arabia they don't have access to any critical intellectual property or the like, there shouldn't be an issue so i can see it have through there. i doubt that's going to be the most important issue >> finally, just a couple of seconds left here. does the blog substitute effectively for ak

>> that's a great question i think as a practical matter, given the broad dissemination you get on twit ter and the number of followers and the fact that thousands or millions of people have picked it up and we're talking about it on cnbc you get more dissemination if you're elon musk on twitter. >> thanks. former commissioner. let's get to the half. >> welcome to the halftime report a great american stock market. why the turkey turmoil won't keep u.s. equities from hitting new highs. here today, joe, stephanie and jim cramer he is the host of mad money. stocks rebounding.