>> i don't know if they set it for july, but the language is more dubbish >> what get you more bullish quickly in ten seconds. >> a trade deal. 100% >> absent that >> i think you have to be careful. i think you need to stay close to your benchmarks >> we'll see you soon. thanks for watching. "the exchange" begins now. thank you, scotthi, everybo. here is what is ahead. president trump is celebrating new deals on energy and fighter jets with poland this just days after mexican tariffs were suspended and how much relief all of this together could offer the economy. plus, falling rates finally translating into huge numbers in the mortgage market. have we finally hit the magic number to get housing the much needed shot in the arm or do rates need tofall even further we'll ask. the deadliest season ever for climbers on mt. everest. whether this problem can be fixed or whether it will keep getting worse. but we begin with the slide in the market this afternoon and

dom chu having sampled the beyond burger is here with the numbers. >> a shallow slide we are seeing red across the board and more about the beyond burger red across the board, but not by much dow only off by 33 points and similar percentage declines in the s&p 500 and the nasdaq pacing the decliners only off by one third of 1%. a bit of a pause in the markets right now. if you take a look at crude oil, probably one of the bigger stories of the day we saw an unexpected build of 1.2 million barrels of crude and that is according to energy department data. as you can see here, that move lower for wti means that since april we are now down by about 21% and if you go back to the october highs, we are down by around 32% so, crude oil certainly a big trade to watch today and we'll end on some quick service restaurant or

mcdonald's, yum brands and chipotle all higher and a slate of companies with coverage initiation these among their favorites. those three stocks in the green so far, not yet my verdict on beyond burgers later on in the show back over to you. >> it's all weaving together, dom. we'll see you soon thanks. president trump is parit participating in a working lunch. they were expected to talk potential defense and energy deals. the president also making comments in the last hour about tariffs and china. let's get to eamon javers at the white house. >> sitting side by side and the president was asked about the negotiations with china. he says he does still expect the chinese to make a trade deal with the united states and he does still expect to meet with xi jinping that meeting he expects will

occur but he's not making any guarantees there will be a deal, expressing general optimism that he thinks the chinese will ultimately come to the table and cut a deal here. meanwhile, the polish side is here in force at the white house and we'll see the president and the polish leader giving a press conference in about an hour's time and some time between now and then we expect to see something very rare at the white house. a flyover of military fighter aircraft, f-35s to celebrate the polish application to the united states to purchase f-35 aircraft for their military that's something you just don't see in washington all that much. the expectation here in the white house is that we'll be able to see the flyover when it happens over the rose garden and also that just about everybody in washington, d.c., will be able to hear it, kelly. >> we might be able to hear it from here. eamon, thank you very much. head of public policy and heidi hidecamp who is a cnbc

contributor. great to have you both here and, libby, let me start with you on the g20 meeting that is acting like the focal point for so many of these negotiations. what does that mean for the markets? >> there is a vacuum honestly between now and the g20 meeting. i think we are skeptical that you're going to get a big breakthrough at that meeting and i think at the very best maybe you get a temporary truce. maybe you get a stalemate. maybe a commitment to negotiate more at this point -- >> what do you think the markets have priced in right now >> i think the markets are extr extre extrpulating and i think i'm interested to hear what the senator has to say about this. but the dynamics facing china are different from mexico. mexico are our biggest trading partner and supply chains are very emeshed and you compare

that to china. china is very different. lots of bipartisan support to rectify and sort of reset this relationship with china. >> and to be tough on them, senator. what do you think the expectation should be going into this g20 meeting an in-person meeting and what is going to be discussed. >> what you will hear is all about relationship we get along and like each other and he wants to do a deal and that will provide some optimism for the markets and i don't think anything of substance that comes out of the dwg20. >> an interesting wrinkle. in terms of these talks of what is happening in hong kong this week all the focus is going to be on beijing's response to this the tear gas and rubber bullets we saw today and with the world's attention on them in a couple weeks, the pressure feels like it's more on than ever. does that complicate the ability of any dealmaking because it is a distraction to the chinese

leadership >> i think this administration has been very willing to ignore what previous administrations have seen as human rights violations or limitations on protests where you would say, okay, if you don't cut this out, we're not going to talk to you that's not what this administration is. if you want proof of that, look at saudi arabia. so, what we're seeing now is a lack of willingness, i think, on both sides they're both still testing i mean, the president sees political advantage to being tough on china china sees political advantage to president xi sees political advantage on being tough on trump. blaming trump. and so i think the more that that narrative plays out in both countries, the more difficult it is going to be to get a deal >> one interesting headline, libby, we saw recently is that apple said its supplier foxconn could move out of china to keep the supply going it seems to me a huge problem for china if we went down that route. how much pressure is on that country to come to the table

here and agree to changes we're asking for that, frankly, hard to imagine them agreeing to, but if they're facing that kind of pressure. >> that's an excellent point and i think if you asked u.s. trade ambassador that is exactly what we want to happen. we want to make sort of china less powerful in the region. we want the united states companies to diversify their supply chains out of china and ttp was trying to get to that, as well. so, sure is there pressure on china on some of the recent economic data just shows that there probably will be some more pressure on president xi however, a big however, the more sort of nationalistic rhetoric on both sides, i do think it makes it less hospitable for either side to come to the table and pivot to a deal. i think even without the hong kong protests really underscore how multidimensional this is this is not just about trade talks. trade talks are a proxy for a clash of systems and these two

big industrial, economic approaches, if you will. sort of clashing the idea of a quick win here, i think, is misplaced. >> i want to make a point of supply chains. look behind it who are the workers in the factory. have they picked up the operation and moved to vietnam under their relationship in the region and we're basically still adding i think you have to be really, really careful when you're talking about a dramatic change in supply chain because i think it's really much more difficult to do. and that means that you may be ought of china, but it doesn't mean that you're not dealing with the chinese >> great point, too. thank you, both. really appreciate it meanwhile, mackts harkets ta leg lower but ipos continuing the hot streak as long as you're not ride sharing. the action at the new york stock exchange with bob pisani hey, bob. >> a hot, hot ipo market did you see what is going on

with a big cybersecurity that is a hot space. this is really hot opening at $63.50. we're talking about 19 to 23 a week ago prices, the price talk was 28 to 30 prices at 34 and opens at 63 boy, that is a hot ipo right now. we're waiting for another one potentially, chewy, which is one of the big pet e-tailers that is going to be on friday over at the new york stock exchange right behind me. just about an hour and a half ago they raised that one 19 to 21 ipos pricing really above the range recently meantime, you see today what we have today little weakness in the semi conductor group and equipment stocks this is the vanguard the idea that the global economy is going to turn around the second half of the year. maybe not. evercore threw a wrench and said, hey, we don't think we're going to get much of a recovery into 2020. remember, these stocks are pretty pricy and they need an

earnings boost and probably not happening. back to you. >> bob, good stuff thank you so much. joining me now with how to play these markets nadine and ceo and founder. by the way, 20-year anniversary of your mutual fund. congrats outperforming the bank index handsomely during that time. i want to ask you about rates, anton, in just a moment. first to you, amazing what an appetite people have for the ipos what does that tell you about the broader markets right now? >> i think there are optimism. i mean last week you had the longest position in gold it was two standard deviations and at the same time, that would tell you that people are being defensive, but at the same time people have the appetite for growth and a lot of optimism around the g20 as you heard from libby and heidi, probably going to be nothing in terms of being substantive. you have to be pretty careful

how you're positioned. >> so tempted to make a beyond meat but i'll spare everybody. rates have been the story of the last couple of months. the stock market is recovering a little bit of its footing in june, but we're still talking about incredibly low levels for the ten year you have been saying, you don't need high rates but how tough an environment has this been? >> look at morgan stanley confidence yesterday and talk about earnings and long growth and everything it doesn't look like a real big problem in the short term. i think what you said, how long will the yield curve look like this stay here permanently and i think, you know, should we get into a tough time, the fed will cut. i think they told everybody that >> what will that mean, for bank investors right now, should they cheer for a rate cut because that would make the economics look better for them >> over time it would steepen the yield curve. so, in theory, yes but the reason for the rate cut, do we get inflation? what is the cause. again, whether we get nothing

burgers or a deal or something, you know, i think the market was very optimistic we were going to get a deal and then overly pestmitic. it is pretty pessimistic right now. hard to imagine they strike a deal but, i'm not sure the optimism of a deal is in there. >> anton, if cuts are happening also because gdp growth is slowing or if the earnings season is choppy and profits are declining, that also could have a negative impact on financias.s >> are you looking at financials and the really cheap areas what do you think is interesting here >> i think one of the mistakes is that people look at valuations and say something is expensive and therefore it has to become less expensive cheap can get cheaper and expensive can get more expensive and what we've seen over a 20-year period two-thirds of the time when gdp is decelerating, as it is now, financial stocks declined two-thirds of the time.

>> it depends on how long it accelerates. >> but, yeah, i guess our view is it's pretty negative. >> you think it will be negative for quite some time. hey, we're down for a quarter or two and pick back up like we did in 2016 and, hey, we're heading into a recession what is your view? >> when you look at the third quarter of 2001, i think it was. the fed went dovish but markets didn't care. a lot of people are ringing the cow bell and when the fed dweges dovish, market will go up. inflation is low and the economy is still stable and therefore they can cut ratesr, wow, growth is slowing significantly and that's much more negative view >> in the first camp, low inflation and growth is going to steady you can invest in banks around tactical areas what would be a sort of top place for you guys to be right

now? >> we really like the southeast a lot because of all the disruption we like the suntrust merger but it is creating a lot of disruption benefit all the small banks in at lanta and the southeast nd, so, they're going to get small things but it will really help those small banks and other banks will want to be in those markets. the harder things are, the morep haens so you can make money in a tougher environment. >> thanks. appreciate you both joining me coming up, mortgage applications are surging as rates drop will it be enough to juice the summer housing market after a sleepy spring season that's next. shares of tesla soaring premarket after elon musk struck a tone but investors may not buy his rosy outlook "the exchange" is back in two. sfx: [phone ringing]

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mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. welcome back to "the exchange." rates are hitting the lowest level in two years applications for new mortgages have been soaring and refinancing doubled from the same time a year ago do rates need to keep falling to keep this momentum going i'm joined now by matthew graham chief operating officer at mortgage news daily and diana

olick. how much of a boost in terms of mortgages? >> it has taken us up to the best levels in quite a long time, which was relatively predictable based on the last time the rates were this low so, it's not nearly enough to get us back up to the refinancing surges that we've seen in the past in 2016 and then the huge numbers in 2011 through 2013 but it's definitely a welcome relief for a mortgage market that was pretty borderline depressed heading into the end of 2018. >> i remember that interview do you think what we've seen in just the last couple weeks and this last week especially is going to be a one-time boost or keep going if we stay down here? >> i think it's going to keep going. i mean, if you're talking about the surge in home buying demand, we did see a 10% jump in morgan

applications for the week and compared to a year ago and we did see the same boost back in march when we saw mortgage rates low. at the end of last year when mortgage rates were much higher, the bottom fell out of the housing market and we weren't seeing any sales the ceo of taylor morrison said the market is starting to come back a little bit. can home prices pull back a little bit more to help affo affordabaffor affordability and more starter homes on the market. >> those are issues we talked about a lot and the process of buying a home and how cumbersome it has become a lot of hurdles you have to jump through and a lot of first-time buyers who may be too daunted to go through that process are we going to end up having shadow banking mortgage industry that will simplify this process or are we stuck with this for years to come? >> i probably plan on being stuck with it for years to come. he who has the gold makes the rules or she who has the gold makes the rules. the regulations are there for a

reason and banks really don't want to be on the wrong side of those. so, they're always going to err on the side of caution and that means making the underwriting process, the process that borrowers go through to get their loans pretty onerous to protect the owners >> it is a nightmare for people, frankly. and i am a little curious if they do follow through with this ipo of fannie and freddie that secretary munchin mentioned over the weekend. do either of you expect that to help, hurt or have any impact on the market >> i think it's going to take a lot of time for us to see what happens there. take a long time to see to raise enough capital for an ipo. we'll have a status quo for the foreseeable future for this year and probably into next year. when you talk about changes to the mortgage market, that is always daunting. but really it isn't that bad

right now. it has been streamlined online >> if you want somebody to give you a couple hundred grand for a home, you have to jump through their hoops. >> right but by the same token, it's a lot simpler than it used to be a lot has been streamlined and we did a story yesterday about how a lot of potential buyers don't know what kind of mortgage products are out there for them. they don't know you can put 3.5% down on a house. a lot think it has to be 10% or 20% and it doesn't >> matt, last word on that >> i tend to agree with diana. if you have a good loan originator and you listen to what it is they're telling you they need from you to ensure a smooth process throughout your loan process, it's not that bad. you're going to have to know where to get your income documents and things like that you can do it. >> do you think more people should be aware or using the 3.5% fha mortgage option, matt

>> was that for me >> yeah. go ahead >> it really depends on your credit quality and what you can qualify for. it's a tradeoff between mortgage insurance and in some cases mortgage insurance that could drop off with fha changes a while back, now your mortgage insurance will not drop off and that is a consideration for people who will keep that loan for a long time so, you want to check with your loan officer to see if you can qualify for a conventional loan. if you can't, fha may be a backup option or if you don't have enough money to put down, fha might be the way to go >> guys, thank you, both we'll see if it takes down some of the for sale signs down this summer that popped up around town still ahead, elon musk making a lot of big promises at the tesla shareholder meeting. can he follow through? we'll get into that. "washington post" columnist george will is out with a new book saying america is facing dangerous times. his ass reonwhy, coming up

"the exchange" is back in two. geico makes it easy to get help when you need it.

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in fact, there are now no buy ratings on the street. again, that 13% move today puts beyond meat back above $142. it went public at 25 finally, shares of mattel are popping earlier today after reportedly it rejected a renewed merger offer from mga entertainment. it is up more than 4% today. now to sue herera for a cnbc news update. >> hello, everyone here's what's happening at this hour the house judiciary committee passing the 9/11 victims fund survivors stricken with illnesses connected with 9/11. the full house will vote on the measure next month. a former michigan state dean who had oversight of now imprisoned sports doctor larry nassar is going to court himself. he was found guilty of neglective duty. he is accused of using his power to harass female students.

he was alsoaccused of not enforcing patient restrictions against nassar president trump is looking to move 2,000 u.s. troops to poland from else where in europe it comes as concerns regarding russia military activity in that region rises the official announcement is expected to come today during a meeting between trump and poland's president india is setting its sights on the moon. it announced plans today for a lunar landing mission in mid-july if successful, it could make india the fourth country between the united states, russia and china to perform so-called soft landings on the moon and put a rover on it. you're up to date. that is the news update, kelly >> soft landings by the fed and on the moon. i'm here with tyler mathisen what is on the menu for "power lunch. >> we'll hear from the president. he's meeting with the prime minister of poland and we'll

cover that also do a feature called power lunch going to work. we'll take periodic look at the workplace and what it means for employers, employees and their benefits and so forth. today we'll take you out to tennessee where mars pet care is opening a brand-new headquarters and plant outside of nashville frank holland is going to be there. take us through it and we'll show you what it is all about. >> i hear it is very dog friendly >> that's right. take your pet. >> i want to see all those visuals. tyler, we'll see you then. thanks here is what is still ahead on "the exchange." >> ahead, can tesla become a mining company why juul sales aren't going up in smoke and salad frosting at all ahead in rapid fire a because when it's decision time... you need decision tech.

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welcome back to "the exchange a couple stories on your radar today. it is time for rapid fire and here with their fast takes dominic chu, seema mody. >> elon musk laying out plans at

the shareholder meeting yesterday. so many headlines out of this. a record year for tesla on multiple fronts. spiked 4% after the bell and now the stock is down about 2% and trading around 213 we had to bring phil lebeau in to squeeze all the tesla news. why aren't the shares hanging on to their gains >> a nice move in the last eight days up 22%, 23%. not surprising that it gave back a little bit but the three headlines that came out of the annual meeting yesterday from elon musk let's start with what he said. strong demand. been this question since the beginning of may about whether or not slower demand is hurting sales. no, look, we think we might possibly have record deliveries and record production in the second quarter and with regard to china where they're building a giga factory he's optimistic that they're making progress and up to speed by the end of the year and finally the question of, as they advance production, will they be able to make

batteries fast enough? he said we may have to get into the mining business so we have all the raw materials needed to supply the batteries that we think we will need in the future take a look at shares of tesla over the last six months something i wanted to point out here, something jim cramer said elon musk, that's basically been the last month, month and a half since the beginning of may he is the straw that stirs the drink. when he talks, shares tend to rise and that's what we saw yesterday. now, obviously, getting some of it back today and that's usually what we see with tesla. >> who would have thought the collateral damage would be the shareholders for muzzling him on twitter. real quickly, guys, this talk about the submarine car, robo tax. i mean, he throws a lot of -- >> we take jack dorsy to task for trying to run two companies, twitter and square look what elon musk is doing this empire that goes

everywhere undersea, in the sky, building tunnels, batteries >> if he will not do it, who will have to wait one to two years to fund-raise and then launch those products or the chinese. losing leadership to them. >> he's trying to do what ten entrepreneurs should be doing, right? >> every single one of his companies has a massive undertaking. >> he has fuel in the tank this guy has so many visions and a lot of ideas >> not every single one can be a home run >> it could be the rocket of spacex that could land in the fog without any kind of problem. this is not because i'm an elon musk fan boy but he has a lot of irons in the fire and if he can make one or two work, he will go down in legend >> then hire a ceo to run the company. >> phil, we'll give you the final word on that has that talk died down lately or no? >> no. i think everybody on wall street would love it if elon musk would

bring in a coo if anyone is brought into that job, kelly, it has to be somebody with some control and that's why i think that elon musk won't do it he wants to run the company. >> he is the company and even investors might have mixed feelings about him changing over some power phil, thanks, appreciate it. want to skip ahead to facebook a lot of headlines on this one today. this one another sort of bad mark for it, i guess the "wall street journal" reporting internal letters show mark zuckerberg was aware of their prive privacy practice ans garnered about 52,000 views on instagram. here's a look if you haven't seen it. >> imagine this for one second one man in control with control of billions of people's stolen data and their secrets, their lives and their futures. >> is that real? >> no. but fairly convincing.

>> faked you out >> it got me >> the whole point that they're trying to make here is that the fake video of nancy pelosi was going around and all this debate about pulling it off facebook or not. this is almost throwing down the gauntlet to facebook itself and saying we'll make a phony one of your very leader and what are you going to do about it >> i think if any company is vulnerable to being broken up as washington begins these hearings, i think this is the company that is the most vulnerable if for no other reason than the pr mess that they find themselves in. the data breaches, the privacy issues, the lack of oversight by the company executives that we're learning about who may have known much earlier than we thought about all of this. that alone is enough for regulators to step in and say somebody has to do something about this to protect the consumer >> in other words, we don't like facebook and therefore we're going to -- >> it's not that you don't like

it it's the damage that they're doing to the social media platform it got away from them. it got to be way too big for this small staff to try and run. you can't throw up your arms and say, we can't do this because it's too big if it's too big, you have to break it up. >> if you break it up, facebook is separate from instagram and whatsapp and how would they take on content moderation and to some extent they have to to comply with the law and going too far and policing speech too much and these are massive undertakings >> here's what i would say a school out thought out there a minority report for sure if you start to look at breaking up these mega tech cap companies you weaken overall america's collective hand in the tech world globally, especially with the likes of china making the strides that they are in artificial intelligence and in machine learning and super computing. up until this past year they had the world's fastest super computer as we talk about this entire

discussion about breaking up big tech, this is about competitiveness. and you don't look at china breaking up their massive tech companies. maybe they are the ones who would win if we break up >> you don't break up a googal and don't break up an apple and some of the other tech giants. but facebook is a special situation, i think, in this particular case. >> we will see if they agree on that let's move on to heavier, sort of remember the freshman 15 i remember it very well. try the workplace 12 the average american office worker gained or claims they gained 12 pounds while working a desk job and 90% of the employees blame the office in their weight gain. this is not surprising to me because we have -- >> seema has one >> i do not have one either. >> i love it >> wait a minute, it's because we sit too much. let's stand right now. come on, stand up.

everybody stand up >> we're just going to stand in place. >> stand up, america >> here's the thing, my heels. >> this is all because you don't like the chairs and you're trying to come up with a way of getting out of them. >> we sit too long whether it's social media, we eat at our desks. >> endless snacks available if you are at my desk but it's unfair to blame the work environment a lot of it has to be on us as employees. the self-control to not always partake in every birthday celebration. >> the cakes on a friday afternoon. >> maybe get a half a slice and not the whole slice. >> every time they serve a meatless burg er in the cafete a cafeteria. you have to go for it. >> we had to try it. >> you can get on our twitter page to see what happened when dom tried the beyond burger. i'm curious what you make of this did you see what kraft did today. they're now calling their salad dressing salad frosting in an effort to help parent trick

their kids into eating vegetables lies parent tell to their kids or something, they're encouraging this on social media. >> it looks like, i don't know about your son, kelly. my daughter eats yogurt that looks just like that packet. you screw off the top and you squeeze the bottle and the yogurt comes out this is definitely geared towards kids i can tell you right now if you put in a squeeze bottle like that, my daughter will eat it. >> i wonder what seema's take is ranch dressing tastes good and you don't have to be scared of salad dressing hey, we have to trick you into this whichever way possible. >> rebranding is critical to any product's success and being able to evolve and target the younger consumer you've seen that across the board. >> a mysterious voice in my ear telling me i should ask this question but i'm going to move on we lie to our kids when it comes to food to get them to eat we told my daughter for years

it's chicken it's chicken it was pork. it was chicken eat your fish. no, it's chicken >> would you say you did long-term damage >> she is really ticked off. >> scarred for life. >> i feel better already after standing like this bill, look what you have done. >> stand up, america >> lighter and healthier and go eat more salad frosting. thank you, all what does it mean to be a conservative in 2019 to answer that question, pulitzer prize winner george will dug deep into the history of conservatism in america for his w ok anebond he joins me straight ahead on "the exchange." [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence.

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welcome back big tech is under fire as we were just discussing with the right and the left calling for regulation or to break them up meanwhile, the u.s. is slapping tariffs on china for unfair trading practices. is all of this a sign of too much government power? joining me now is george will, who is also an nbc news

contributor and out with a new book called "the conservative sensibility" which says we moved away from the founding principles of this country >> good to be with you >> i want to ask you about the narrative of big tech. you talk about corporate monopolies in this fight and what to do about them. what would you say we do about them >> 50 years ago in his famous book "the affluent society" says no one will challenge the market share of general motors. the market took care of that problem. >> what do you do when people say, hey, your response to everything is do nothing, do nothing, do nothing and clearly an appetite amongst younger people especially to do something. >> well, do something usually means get the government to do something. doing nothing means let the market do the wondrous things it can do right now the republicans, the trump administration is gearing up to run against democratic socialism next year. these are republicans who are just reauthorized the expert,

import bank when is capital to favored firms which is the essence of socialism this is the government engaging in protectionism which is the government telling the american people what they can purchase and what quantities and at what prices this is a government that talks about repatriating the supply chains of american industries. do these people have any idea how complicated the supply chain is of an iphone, yet alone a boeing dreamliner. they are tampering with the complexities of life when they ought to be allowing the market to allocate wealth and opportunity. >> so, it's interesting you point this out because what's happening right now is we have conservative voices arguing for breaking up or regulating big tech and conservative voices clamoring for payments to farmers for tariff loss and conservative voices arguing for more and more tariffs as a policy tool. what does that mean about what conservative itself means today? >> it means the conservatives who completely lost their bearings capitalism, free markets are

what freedom looks like and a likely governed society. the president goes to iowa the other day and says, i know my tariffs have hurt you, but i'm making you whole by giving you $15 billion. now, think about that. we hurt the farmers, raise prices for american consumers and then we take from american taxpayers $15 billion to repair the injury that government has done to farmers. if that isn't a lesson in why you should get out of the way and let market forces work, i don't know what is >> how should kevative aticonse their point if it's not a point the public wants to hear >> conservatives also have the disagreeable job of telling people that, in fact, no gains without pains. the market is wiser than the government all the market is is an information gathering device and it knows a lot more than government does. >> and this also comes and, again, these terms are not

interchangeable. being a conservative or republican, a gop apocalypse that the party is stumbling blind and talks about the generation gap being powerful and to put it bluntly, young adults hate them is this part of the natural life cycle, george. you think you check in with the same folks and in 15 years they'll have different feelings or is something fundamentally changed? >> i think it's already happened in fact, young people who have made up their mind about the republican party that it's kind of the dumb party, these are the same young people who say they have warm feelings about socialism. all they mean by that is that socialism means everyone being socialable and being nice. the same people who are suspicious, who like socialism are suspicious of government so, i think that they're unformed at this point, but the republican party is doing its very best to drive them away permanently. >> we'll see if those arguments are made in 2020 especially.

george, thanks very much for joining me appreciate it. >> glad to be with you >> george will is the other of "conservative sensibility. how long lines and inexperience in one of the world's most unforgiving environments has led to one of the deadliest years in htoisry for mt. everest. the harrowing details are coming up just the right elements coming together. it started when scores more people came together, just down the street and traded bonds that helped pay for the revolution, and the nation it created. it started in an office on the corner where the right people witnessed the telegraph and brought information and humanity together forever. it started with the markets, bringing together steel and buildings and silicon and medicine and rockets. we believe the possibilities of life and investing are greater when we come together. it's why for eighty years we've connected ideas with technology,

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welcome back let's get a quick check on the markets. all three indexes lower. off the lows the dow is down about 48 points. we were down 90 at the bottom. about.2% selloff also check out shares of crowd strike it's up about 80%. it's about a 12 billion company. 11 deaths on everest this season how experts say the business of summiting the highest peak became broken and how to fix it is straight ahead on "the exchange". when-- when you hear those words that you get diagnosed with cancer. (osamah) successfully treating it still remains one of the most enormous challenges facing us today.

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so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. zblmplt welcome back the business of climbing mt. everest with 11 deaths this season and a growing controversy over inexperienced climbers and overcrowding near the summit experts say radical change is needed i'm joined with garrett madison. he's led more than 60 climbers to the top of everest. he looks great

frank is with me as well robert, first of all, why is this season garnering so many more headlines >> garrett, great to have you. it started with a viral photo of hundreds of people trying to get up and back from the summit. they were all stuck in the same safety line. the narrative was that there were too many people trying to climb everest and that caused the deaths >> and so we've had 11 deaths this season. it's more than -- >> more than in years. >> we showed a picture of the line i understanding is there were people passing dead bodies in the line >> yeah. you're strapped into the safety line you have to strap around them to get up that was kind of a misleading picture. what it really was, you tell us, there are people climbing everest today who should not be climbing mt. everest >> that's correct. in fact, last year there were only 8% fewer climbers on mt. everest. the big factor between last year

and this season was the weather. last year it was great weather where teams spread out over a two-week period. this year it was a two-day period all the teams had to attempt it on may 22nd and may 23rd it caused e traffic jam. >> let's talk about the numbers. 8 00 people were trying to get to the summit of everest in a couple-day period. what should be done to limit those climbers and more importantly, to make sure the people who are up there should be up there and are fit to be there. is that the fault of guide companies like yours or is it nepal, or who is to blame for this problem who can fix it >> in fact, there's no regulation on who can offer a commercial expedition. there's companies like mine with a great track record have had lots of people make the summit no fatalities or injuries on the way down there's other companies with no

relevant qualifications to be offering an expedition but because there's to regular cuelation from the government on who can offer the trips, they can offer the expedition and people will sign up without researching the company. >> and how much do you charge for this trip? >> 70,000 is our base price. >> do you think that's typical would you turn someone away if you felt like they weren't qualified and could they go elsewhere? >> absolutely. i turn prospective climbers away every season we're at the very high end of the spectrum of companies offering climbs on mt. everest there's companies that charge half of that, but you might on the get half the oxygen. >> half the oxygen supply? >> right right. that's a big part of making sure that everyone has enough oxygen and other equipment to get up to the top and back down safely >> holy cow. that seems like a pretty major consideration. the other interesting thing that's happening, he mentioned $70,000. this whole trip is becoming a status symbol. >> that's my question. it's sort of tragic everest

started in the fifths as a symbol of adventure. now it's just a status trophy for the wealthy. it's very expensive. what's involved in preparing to go to everest so that people are really ready for it? and do you think this will as the cost escalates, it's out of reach for everybody but the rich is that a problem? >> well, we definitely require climbers that go with us to have done other big mountains as preparation like the highest in south america, denali and other peaks around the globe so we know everyone is prepared an ready to go. some companies would take you with little to no experience and see what happens on the peak in terms of cost prohibiting some climbers from having access, it is true in fact, there's a permit fee and other expenses that make it a very expensive endeavor. >> it's hard for us to understand the mind set of climbers who want to do this we sit here and see pay 80,000

to possibly day frozen death on the mountain and maybe never come back. >> but that instagram photo is going to be so worth it when you can show that one to your friends. >> why do it why do people do this? what's the reward? >> well, as sir ed monday hillary said, because it's there. having had my tenth summit, it's exhilarating every time i go to the top of the world, it's magical. i never regret it. i would say everyone else who summited with me would say the same thing, but the death rate is about 2% for climbers having summited everest on their way down >> what happens from keeping the deaths from occurring going forward? >> i think better regulation needs to happen in terms of what companies are able to offer expeditions and climbers need to do their research and make sure they choose a company that's appropriate for them with their skill level.

additionally, the government of nepal should require climbers to climb other big peaks before going to everest whether it's another 8,000 meter mountain >> the problem is there's a lot of money that they would lose for that that's tough >> i know. they want the $300 million thank you. glad you're safe that does it for "the exchange". i'll join the crew for "power lunch" which begins right now. >> thank you new at 2:00, president trump getting ready to hold a news conference minutes from now. we'll carry it live. inflation of the fed's next move more speculation a rate cut is coming soon. and going to work. we kick off looking at america's rapidly changing workplace and what it means for employers and the labor market "power lunch" starts right now welcome, everybody, to "power lunch" for a