tomorrow before we do that, we should say good-bye to becky. we'll see her hopefully tomorrow have a fabulous day in chicago, becky quick. >> thanks, guys. we'll be doing this live all day, hearing from oscar munoz and from greg brown about the darkest days you can follow us on social media. >> awesome we'll see you tomorrow "squawk on the street" begins right now. ♪ >> good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. futures up this morning, reflecting some optimism about a delayed brexit perhaps u.s./china trade, busy day with the president speaking at the u.n. in the next hour. europe largely unchanged ten year 17. s&p case-shiller home prices up 32 from a year earlier road map begins with renewed optimism for u.s. china trade

talks. stocks are set to open higher. new records still within reach >> netflix erasing its gains this year, amid increasing streaming competition. jim spoke exclusively with the ceo of one major competitor, his name, bob iger the company, disney. full details from their conversation coming up. >> and under pressure, federal prosecutors in california, reportedly opening a criminal probe of vaping company juul stocks are looking to resume their march toward record highs. investor sentiment getting a lift after washington did confirm trade negotiations with china will resume in a couple of weeks. meantime, the president will address the u.n. general assembly in the next hour. we'll see how long he goes jim, as we get more news out of the uk supreme court, maybe lesser likelihood of a no deal brexit >> yeah, but i also -- there is another court over there, just talking about the -- this is eu court, european commission, gives a big win to starbucks in terms of charging starbucks, violating eu state aid law

people are reading through to apple. apple with good news boris johnson, obviously, a little trouble you know the most important person in foreign policy today nicole rolf. you know who nicole rolf is? >> who >> for 500 the montana farm bureau federation's director of national affairs, who told us that the chinese, that we should down the chinese this turned out to be not true now, how do i know this? because secretary mnuchin embarrassed the heck out of the president yesterday. the most embarrassing act he could commit to the president, by saying, hey, listen, no, the th the -- nicole rolf, the person running the foreign policy today with china, did not, did not say that nicole rolf. that's who it is >> not visiting montana? >> it was nicole rolf told the

media that we, that they canceled the china trip. turned out to not be true. >> who is the they there >> hanjun. >> why we saw a sell-off on friday and -- >> 21,150 to the dow, in less than a minute, because nicole rolf, nicole rolf is in charge not secretary mnuchin. nicole rolf. i googled this woman nine ways to sunday. there is nothing about her other than the fact that she koy boshed our whole foreign policy and the president discovered it during a discussion with mnuchin. did mnuchin embarrass the president beyond anything i've ever seen. >> it was awkward this is what went down yesterday between the president and the treasury secretary. watch this >> they're starting to buy a lot of our ag product, but -- >> that was actually our -- they delayed that we didn't want there to be any confusion, they have started

byiby i buying agriculture, that was truly at our request >> why was that at our request, out of curiosity >> we didn't want confusion around the trade -- >> i want them to buy farm products >> there was no confusion, we wanted them to buy agriculture, they committed to buying agriculture, and they're doing it. >> they committed to buying a lot of agriculture and they'll -- and they start and we should get them over there as soon as possible so they can start buying. >> obviously ag is important to the president. >> when i was a judge, for the apprentice, not the supreme court, that happens under elizabeth warren, what was amazing was that he would have fired mnuchin right there. he would have asked me -- he would have turned to me and said do you think mnuchin or nicole rolf is in charge? i would say nicole rolf is in charge did you know that montana has a national affairs person? oh, yeah, like, big sky, big

sky. and i would have said mr. -- during the commercial, mr. president, secretary mnuchin pantsed you and he would say pantsed? i would say, he made you look foolish because you thought nicole rolf, that hanjun stopped the trade. and i think he would have said to secretary mnuchin, you're fired. and i think the reason why the market is up today is because mnuchin is in charge of the chinese thing, not nicole rolf, and the president looked foolish. and i don't think the president should be made to look like a fool not under his watch. this was not, by the way, secretary mattis this was secretary mnuchin and he let this all weekend fester it was the chinese that made the montana farmers look bad >> are you saying treasury secretary's job is at risk he'll be punished somehow? >> oh, yeah. >> really? >> oh, yeah. you going to make the president

look bad in front of everybody >> he's -- he's lasted a long time >> well, yeah, but i was on the apprentice, so was evander holyfield lasted a long time he lasted like ten episodes. dennis rodman lasted a long time dennis rodman went pretty deep. >> like one of our only nonacting. >> carol alt went deep that was -- that was because of me >> you like that carol alt. >> she went deep because of me. >> married once to ron greschner, just so you know. new york ranger. >> no accounting for taste. >> does it matter as long as we have the premiere coming on the week of the 7th. >> the market dropped badly. president wants the stock market up he wants trade deal for ag, number two what does mnuchin want that he allowed -- that he booted the chinese out of montana why? we're going to sell him anyway what would have been so bad to have the chinese look at montana? montana is beautiful could have gone, like, bozeman,

we have to start buying -- what? he doesn't understand the podcast? you dissed me without saying anything you just did the -- on the podcast, you do -- for all they know, i'm high fiving you -- >> it feels like you want to deliver some knives for mnuchin on behalf of other people. >> cut coe ever have the guy that knocks on your door from cutco, you wouldn't know what a door is the president looked bad i think the market went down because nicole rolf told cnbc that the chinese stiffed us. but we stiffed the chinese now, maybe we're playing a new sort of hard ball with the chinese. i don't think so the president wasn't aware of it i think someone is going down the elevator >> okay, jim you've been saving this. you've been saving this. >> this was astounding to make the president look as bad as this happened. astounding we got to move on. this was astounding.

>> every day you got something new in your bag of tricks. >> like what want to talk about car max having good numbers? >> we have corporate news. disney also, delivered by jim. bob iger creating lots of buzz with his new book. he and jim discuss why disney did walk away from the deal to buy twitter. >> there are revelations in the book and i need to -- i need to flush them out you say, listen, we got to buy twitter and then walk away from twitter. why? >> i got cold feet for the right reasons. >> but you didn't tell us. >> well, i was -- i thought we would be taking on responsibility that we shouldn't take on. it was too complex in terms of twitter's place in the world, and everything that twitter is used for it just didn't feel disney to me it was interesting because we thought it would be a good platform to distribute our content on and to get closer to consumers, which is critical in today's business environment but i thought, you know, there are things disney does well and there are things disney doesn't

do well, but there are things disney shouldn't even try to do well and that was one of them. >> i think stock was -- it broke down, 12, 14, wanted to pay 19, twitter wanted 23. >> i remember it well. >> the at time, what was really going on, twitter was offering the nfl contract to bob. but twitter itself was so repugnant that even the nfl contract was not worth going for. now, subsequently, twitter turned around, remember, the numbers were dropping day after day after day. so bob iger was right then in the new book, trailblazer, i will also have the exclusive interview with marc benioff, he says i didn't buy twitter. it turns out both men are so -- twitter turned out to be huge, huge, huge where is the pride buying twitter would have been solve the nfl problem for disney would have been able to make is so there is no way anyone could

have sales the information to -- >> stocks up, dorsey hammered by congress. >> you don't know what problems it would have created for disney >> there are issues. >> two things are not necessarily -- they can both be true >> twitter would have been bad >> the twitter that we have that we had then would have been bad for disney the twitter that they had then would have been bad for benioff, would have had to pay 30 bob would have had to pay 23 but the fact is it would have been bad for both brands and shareholders and board members didn't want anything to happen let's look at twitter now. the stock, it doesn't look so bad. twitter, the stock is interesting here >> right >> right >> right >> i'm trying to reset my password on twitter as we speak. this computer didn't have it >> at least not looking at dog pictures >> no. >> look at -- >> i have logon issues

>> i'm making incredibly important point. >> do you think so >> no, i'm really wasting our viewers time as opposed to control -- >> i want to talk about disney and netflix, what i want to talk about. >> that's much more interesting and what a lot of people want to talk about right now. >> as opposed to when i'm talking about. >> as opposed to ancient history about twitter and whether he bought it or not bought it >> i want to move on you right now are dissing me at a level i've not -- not since my wife made fun mef after the eagles loss. that was -- >> hard fought game. >> that was ill advised. >> am i going to get fired for this >> you're fired. what he would say is, jim cramer says you should be kept as treasury secretary, and i respect -- and i'm thinking, but, no, no. you're fired >> speaking of david and whether or not he's going to be fired, it is a moment in iger's book he mentions faber he discusses that with the disney ceo

>> i want to tip the hat to someone who works with me, my partner david faber, who you mentioned gave you a holy crap moment i think is one of the funnier moments in the book. >> yes, in the middle of the competition, shall we say, between us and comcast, for the fox assets, i had -- i was in europe and i was actually headed to our office in london. and in a car and my phone rang, my mobile phone, my apple phone, by the way, and it was david he said, well, that's some news. do you want to comment i said, what news? he told me that brian had thrown in the towel and they pulled out and i said, holy crap, i guess i can say that on "mad money." yes. david, news breaker there. >> i just felt that, you know, i'm so tired of david dissing me, i said i'll throw him a bone, see if the narrative changes on our own show. so there you go. that's what i think of my

colleague. >> and i love you too. you know that. love means i can actually disagree with you. >> want to have a cocktail tonight? >> sure. let's do it. >> david mentioned netflix, pivotal, cuts the target by a third, from 515 to 350 they were the street high on what they're calling material higher than forecast content cost inflation. >> in order to keep up with the other companies, they they have they have to spend more, i think, no, they have to be more clever with their spend. but netflix has become an open sore to this market. i don't know how to turn it around >> nine month low right there. went negative for the year yesterday after reed hastings talked about the whole new world. >> i know. >> in cost inflation. >> you go back to april 11th, when i last interviewed mr. iger, the date of the unveiling

of disney plus if you shorted netflix at that very moment, the stock was $367 at the close that day. you see where netflix is now $100 since april 11th. there was a time not long ago, if you recall, netflix's market cap was above that of disney pointed out on those days, it was so extraordinary now it is half that of disney. >> do you think that the whole reed hastings, the more the merrier, story line, is over >> yes >> you do? >> yes i think that was misguided from the beginning. i wondered why people didn't look at the disney offering as potentially at least mitigating the potential growth of netflix. somehow that seems to be a theme that people are wondering about. netflix might have to get into news and sports. >> what? >> yeah. >> that will cost a fortune. >> yes, it would wouldn't it? >> yes they have to do something because the signups are going to start going down and that's -- this thing is controlled by the signups. if i own the stock, i think i

would still sell it. >> really? investors -- they can't take solace in international growth >> at a certain point it has to start going down remember amazon, used to get hit that inflexion point >> they have not -- that last quarter they reported was before disney plus even came on the market >> let me get it, you have to -- >> i'm there i got the -- >> the whole time you're focused on this, i can solve this problem. should i wait until the break? >> you'll want to see a lot more of jim's interview with bob iger tonight on "mad money," 6:00 p.m. eastern time. when we come back, we'll get cramer's mad dash, countdown to the opening bell, busy tuesday shape up as we await the president at the u.n. after 10:00 a.m. eastern don't go away. ♪ ♪♪

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about 18 minutes gone by so far in the show. we haven't mentioned apple let's get to it in the mad dash. >> 65 pages, by jeffries, about why you should buy apple with a price target of 260. 5g and service revenue some of us do channel checks

we're not satisfied with just the kind of lamo wall street research, and the apple phone, the 11 doing incredibly well people don't care, but i think the phone, who needs three cameras? battery life they love what is on fire? the new watch. easier to use. bigger face. scroll features. can't get everything you want. sold out, sold out, sold out much of it sold out. my channel checks are real and they're spectacular. >> seinfeld did very well with those streaming rights >> neumann, we haven't mentioned neumann today. >> back to apple the watch you think will be perhaps something they can build a quarter on or a -- a positive story line on? >> watch gives you that inflexion that it is not all cell phone you need that inflexion. you need services. you need watch and that lets you stay on through to we get to 5g.

jordan rivers, 5g on the other side, hallelujah. >> hallelujah. they don't have a 5g hand set. >> at&t. >> the most underowned stock. >> i think mike santoli, at&t, dividend is good i like the dividend of at&t. directv, the contract runs out in a few years >> nfl contract. >> what else do they have? i would off load directv on anyone who would take it. >> still generates $4 billion in free cash flow a year. you mentioned at&t's dividend, that's helpful toward it if you put it in public market what would the multiple be >> four. >> what foe sun buy it foe sun stepped in with thomas cook foe sun. i got a couple of bridges for foe sun. >> i know. >> look, right here, right here, there were doubts, david

and i want to find out who are the doubters right here so i can just say we're not listening to them anymore >> okay. >> still to come, president trump will address the united nations general assembly that's less than an hour from now. we will bring you live coverage of his remarks here is another look at futures. we get started with trading here in nine minutes. don't go anywhere.

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♪ ♪ ultimately, it's helping thousands of patients return home. ♪ ♪ the president's u.n. address, geopolitical risks, market impact, insight on the trump agenda and how industry should play it now "squawk on the street" 10:00 a.m. eastern stocks have been in a tight, tight range for eight days range of about 58 basis points see if we can add to it. futures are green. opening bell in 6 1/2 minutes.

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await the president at the u.n talked a bit about the supreme court in the uk, china trade the fed operation, the repo operation was oversubscribed, rates have been pretty stable for three days now >> yeah. i think that they put that deadline of when it was go to be taken care of. the new york times with a serious mashup of what really happened in terms of quantitative tightening, a nod to the president, he was worried about quantitative tightening and didn't realize the repercussions, but, boom i think we need this fear the repo man off the tape. it is one instance where most of the people were saying which bank is in trouble this was which was how did the fed not know what they were doing. and the guy used to run the desk, let go i felt better. you want to feel better. you had a couple of jarring things if you get the fed off the -- can stop talking about the fed for a couple of days there are lots of femd people wo

speak and i wish they would not speak. i wish they would speak about, look, there is nfl teams in every place they speak talk about the nfl market fantasy why not talk about the fantasy teams? >> jim, if it is not the fed, it is politics. more reports that allies of pelosi are taking impeachment inquiry more seriously got sanders with his wealth tax version out today in which billionaires would see their we wealth cut in half. >> we'll see it cut in half by the budget deficit no matter what. >> running offer a trillion already. he outdoes war therein makes her look like -- >> his quote to the times, i don't think billionaires should exist. >> lenin said that, and then stalin felt that way about the kulocks. they didn't exist after he was

done pseudo socialist, so to speak. that's guys are trying to outdo each other and it is playing, it is playing well. there is so much anger gm stock should be down. that strike isn't going to end anytime soon i mention that because the candidates make a pilgrimage -- >> elizabeth warren was there. number of candidates there why don't you think it is going to end soon? >> there is no alternative gm has to win. the increases, i think, plus you can't just do, like, elizabeth warren was right, senator warren was right, you can't move to monterey anymore you're stuck here. you got to fight you got to fight you got to win never give in. >> between the gm strike news, ghosn and his settlement yesterday, today, the ceo of vw is indicted with two other former managers on diseaesel-ga. >> the biggest auto company in

the world. that was dramatic and underreported on there has been so much shenanigans in the european and japanese companies, meanwhile, i thought they had a deal with japan. >> looks like complicated by a lack of guarantees on auto tariffs. >> that's negative the president is counting on that to be able to say, listen, stop focusing on -- there is other things going on. president needs a win here. >> opening belg. ubs global, celebrating climate week down here at the nasdaq, mgm biopharma -- how do you say it, bye fa biopharmaceuticals pharma is hard. >> there is a lot of pharma companies that have been really the place to be. if it is oncology. almost all the oncology

companies have been on fire here overtime workers. >> i saw that. >> new overtime rules. >> the journal today doing a take on where things stand right now. and how they're trying to beat back any efforts in the current congress to initiate price -- i don't -- price controls. but significant relief for consumers. and how bad that would be they feel for the industry. >> speaker pelosi involved with us speaker pelosi does not want impeachment hearings she's leaning, but she really wants to win in the ballot box, what she told me last week she had wanted to try to weigh in drugs the drug costs, speaking of cancer, that is six, seven times is the markup on drugs in last of life when it comes to cancer. and hospital when it comes to cancer

that's where the big, big overage is. >> if we were to move to nationalized healthcare, that's where you have to focus. that's much of the cost. sorry, when you're 90 years old, you don't get it >> my father was 92, had a discussion with the doctors about how, you know, the kids who aren't even there for all the other parents, they said, listen, keep them alive. and huge expense to that we were there. university of pennsylvania, great place to die that didn't come out right it is a great hospital it is better >> that sounds better, yeah. >> upgrades, having some impact today, ralph lauren gets at atlantic snap, jim, over at guggenheim. >> none of these things matter nearly as much as the -- as facebook buying control dash labs by thomas riordan, a remarkable guy, from a family of 18, by the way, who started

internet, who created internet explo explorer this is actually if you are old enough to remember the movie carrie, we had telekinesis this does that with an arm band. mark zuckerberg has done something very interesting, will be overlooked until it takes over the world we all have an arm band that makes us move that thermos to our mouths. >> a bold move for him to do a reported billion dollar deal. >> at the time when voldemort. >> voldemort. >> that was a project. >> that was a snap project investigating all the ways -- >> they come up with a funny name for it. >> take their various initiatives. >> what is a good -- that's a great name for a project that you really want to make someone look bad. >> snap's revenge.

neo is down 18%. chinese electric carmaker, wider losses, revenue down, cutting 2,000 jobs, canceling the conference call, adrs, but that's a new low. >> that's a suboptimal stream of things neo was at its high during -- 60 minutes, where it was basically saying that it is going to take over the world that's neo, not 60 minutes that was the spike all the way up to 10 in the middle of february that's just been -- that's, wow, that's, like, eli manning since then like in 20 10 and then eli manning is today manning is available 98% of all -- >> just mean >> why >> that's mean. >> why is that mean? >> on the bench. >> well, about time. i'm not a g-man fan, but that was getting embarrassing >> saquon's face out until

november. >> i think that's early. that's -- not an ankle sprain, high ankle sprain, far from control labs but i think the nfl -- we have not been able to talk ratings. i think this is the first year where nfl is watchable there is people using jail break, you can get around, that's just -- people should be prosecuted for that. that reminds me of music when it was being hijacked you can find -- the nfl is available on flagpoles is there a place the nfl is not available? trash cans anywhere >> trying to broadcast it, so -- >> good luck >> question for the likes of cbs when it comes up and what the nfl will choose to do. though i think they're talking to them all the time about all the ways -- >> if you were sherry red stone, would you sell right now >> sell what >> the combined network. >> no. >> waiting on the integration. >> is there affordable viacom.

>> close the deal, what, where is the floor -- it all started with the sell today. sell, stocks stop at zero, thank heavens? what kind of sell down here. sell >> i didn't see that. >> pretty embarrassing. >> yeah. >> it said it is, like, you know, i hate lucy. the conclusion there remember that fellow, who ran cbs for a long time, talked about lucy who was the fellow. >> leslie moonves, yes. >> he said it. he said it i knew he would say -- >> jim, you know, at some point, this -- the nfl will become a key focus for investors there. right now, they focus on integration, on synergy numbers, those numbers are low, we'll see. >> cleveland out, jim, target continues to kiss 110. >> it deserves it.

>> cleveland says targets, q3 sales on fire. channel checks suggest big winner on back to school. >> yes, they had, you went to them on back to school, what they have done is finally when i was hoping macies would y s wome had uniforms for local schools that's how much they have localized target companies nationalized their brands he's localized, so impressive. i have to be his agent even his wife doesn't speak as lovingly about him as i do my wife -- i'm, like, this guy is doing what you really need, if you win he's got chipped, spelled with a t, which is unbelievable service. he's got beautiful stores and they're localized. and the different footprints of stores are amazing remember, bed bath is the story -- the story that keeps giving to target

the stock -- you did it again. >> what did i do >> you -- >> why does he do this to me why does very to yawn? >> i'm getting old what can i tell you? >> i'm getting young >> every day, getting younger. >> at least you're not picking your nose. >> not yet if we walked in on january 1st and i said you know what i should be buying this year, just great for you, flax stone. >> stock has been good. >> amazing did you notice what the stock is up since the beginning of this year >> kkr as well i think apollo also. >> stephanie lynch had that call at 25. remarkable. >> got a $63 billion market play look at the move. >> it is deserving look at the management that is managed -- >> the drop in rates for a long time, very well getting a return on the assets

that it was taking in for clients, but not doing very well in terms of actually generating return on its own stock. that changed dramatically over the last seven, eight months. >> a lot of people say outside of silicon valley, that's the firm you want to work in people saying blackstone is the toughest job to get in the east. >> so many of these jobs are so difficult to get it is amazing. you hear all about how people want to work in technology and everything else. try to get into one of the training programs or get the internship after junior year >> oh, my god. >> or a jeffries or -- >> people don't go to business schools. is there a springer for, like to get placed at blackstone or goldman? >> i don't know. >> springer, you know what that's a reference to? >> the college scandal >> yeah. >> yeah. >> wasn't that it was something else. >> who, which one? >> the guy going to jail maybe for -- >> everybody knows, going on

twitter. twitter -- >> what do you think about that? vanity fair out today, gabriel sherman reporting that neumann wins at coopupertino and apple i no a source told sherman this was a hail mary of sorts but on a week where we're waiting to see how his interaction with the board goes. >> you had an interesting breakthrough that made me feel like his days are numbered >> singer. singer yes. >> i have no new news today. it takes 48 hours for somebody to call a meeting for it to actually occur of the board. does appear to be a split on the board in terms of mr. neumann's future the question is what will he do should the board request he step down as ceo, perhaps become chairman, can they find a qualified well thought of person to take over the reins of the company? you have to think that is the best scenario -- best case

scenario in some ways, neumann remains as the controlling shareholder, visionary, as chairman and you get somebody else in, otherwise it is hard to imagine this company ever gets the public markets at least in the near term. either you remain as is, he remains, there is this cloud above him, regardless of what he might do to try to get rid of that and time can obviously help may report a good quarter, it will take a while. or he fights, as you take a look at the president arriving at the u.n. as he gets prepared to give his remarks to -- half hour or so from now. >> right >> oh. >> -- they're talking, i'm certainly willing to help. i think they would in a certain way like my help but they have to both want it. they have very different views and i'm concerned about it on iran, i think we're doing very well. let's see what happens with iran but we are -- we're very strong position on iran and i think they would like to do something and i think it would be a smart thing for them

if they -- >> i have two questions. the reaction to the washington post, a story about -- asking on holding the funds for -- meeting tomorrow with venezuela, with the leaders of latin america, if the united states changed the policies, they will meet with you and would love to have talks. >> here is the story, very simply, we're watching venezuela very closely as far as withholding funds, those funds were paid. fully paid, but my complaint has always been and i withhold again and i'll continue to withhold until such time as europe and other nations contribute to ukraine, because they're not doing it just the united states we're putting up the bulk of the money and i'm asking why is that and i want europe and it always has been this and everybody knows it, every single reporter knows it, everybody in the administration knows that what i want and i insist on it is that

europe has to put up money for ukraine also why is it only the united states putting up the money and by the way we paid that money. but i always ask, why aren't other countries, in europe especially, putting up money for ukraine? >> go ahead. go ahead. >> mr. president, congress -- impeachment, including nancy pelosi, could be a result of the ukraine call how do you feel about that >> i think it is ridiculous, it is a witch-hunt, i'm leading in the polls. they have no idea how they stop me the only way they try is through impeachment. this has never happened to a president before there never has been a thing like this before it is nonsense and when you see the call, the readout of the call, which i assume you'll see at some point, you'll understand. that call was perfect. it couldn't have been nicer and even the ukrainian government put out a statement that that was a perfect call, no pressure

put on them whatsoever but there was pressure put on with respect to joe biden. what joe biden did for his son, that is something they should be looking at go ahead, you. >> -- a week before. >> very important, i want other countries to put up money. i think it is unfair we put up the money. people called me, they said, let it go. i let it go. but we paid the money. the money was paid but very importantly, germany, france, other countries should put up money and that's been my complaint from the beginning. >> 13% of americans support the war in iran.

>> we're going to see what happens. but i think iran is coming alongwell. regardless of what happens we're in very good shape with respect to iran. okay thank you, everybody >> that's the president offering an explanation on why he withheld about $400 million in aid to ukraine, saying because of the rest of europe was not contributing of course, withheld that aid according to the washington post, at least a week before a phone call in which he's said to have pressured the president of ukraine to investigate the son of joe biden we'll see how much traction this gets, jim. a lot of discussion about is there a tipping point in the house at least to look into this further? >> right, i think there are a lot of people in the house would like to look at many different things the president is very good at making the narrative look hard to understand. you sit back, you say, well, i

guess it is just a -- both houses he's done this many, many times. and in the end, the press gets tired of writing about the same story. and the senate doesn't expresses no interest. so the house, you know, doesn't because they know it won't matter, and speaker pelosi just says, look, let's find a candidate, who beats him, let's not win this way doesn't help we got to govern she says it over and over and over again that we must -- they have to govern and i think that she is as fed up with those who just kind of want to try to beat the president impeachment way because it is not what the party wants. >> that's why stocks basically don't blink. >> yeah. i think that's right i think that's absolutely right. that's why they don't blink. we have these things and they happen and the president says, look, my base loves me and we just move on. popularity numbers every few days, every day on twitter, just

follow his popularity on twitter. >> extremely high popularity within the party. >> he does >> absolutely true dow is up 100. we're back above 3k. to bob pisani. >> very good start to the day. almost three to one advancing to declining stocks the important thing about today is this rotation that keeps going on there not a lot of clear leadership keeps flip-flopping back and forth. today, we have semiconductors up, consumer discretionary, retail, considered to be cyclical groups. banks which were doing well a couple of weeks ago flattish now. energy declining for the last couple of days the leadership is not clear. the point is that enough groups are up on any single day to keep basically the markets holding up we have gone sideways for the last two weeks on the s&p 500. we're only 1% from a new high on the s&p. not a lot of new highs we noted yesterday, walmart, procter & gamble, these are essentially historic highs once again, all of the utility stocks are the market leadership in terms of new high that's been going on really for

the last several months overall. you see southern, duke energy. one 52-week low on the s&p 500, we talked about this yesterday, and that is fedex. fedex is essentially near a three-year low, not just the 52-week low. one of the great tropes of wall street, fedex is somehow indicative when fedex drops dramatically like this, it is a sign that the u.s. might be going to recession, those kinds of things. bernstein had a very interesting paper out this morning, very am deck academic, and their conclusion was very simply here that stock price, the decline in fedex stock price does not indicate a recession risk in the u.s. is higher specifically the decline in the stock price is not indicative that the recession risk is necessarily higher and that the impact on fedex from the stock price decline is due to what they call idiosyncratic issues

they put that in quotation marks. they talk about elevated levels of capital spending, poor investments, stuff we haven't talked about, stock specific stuff. i think it is important conclusion because this is a big belief on wall street, fedex is the canary in the coal mine overall. kudos to bernstein on this q-3 earnings, we're not quite in the middle of it it has started we had eight companies that reported so far. autozone, car max, both of them beat, though autozone looks like they might have had an extra week in there that helped them out here down slightly, fractionally higher here for car max. eight companies reporting. so far the numbers are slightly negative for the third quarter, just like they were for the start of the second quarter. it does look like, though, the historic trend happens, we'll be positive slightly for the third quarter. no earnings recession here q4 and the first quarter of q1, 2020 are the big issues now. that recession story, still hasn't happened this year.

back to you. >> thank you very much, bob. to the bond pits, busy day, rick santelli at cme with data if a few minutes. good morning, rick. >> absolutely. we have data in a few minutes. consumer confidence always important. look at intraday of two year ofr note yields down about a basis point. i picked the 13 to start this chart when we had the best intraday highest level since the route where rates dropped in august you see it to the left up at 190, we sit at 169, down four basis points look at the effect it's halds had on the yield curve, 10s minus 2, two basis points splitting those two maturities minus 5 basis points was the cycle low close on the 17th of august just to give you a bit of context, seven basis points away, maybe the biggest issue with this and all the attention it's received, probably in my

opinion, overly attentive is fact that it hasn't gone negative and big negative as in past reactions that we should pay attention to when it really starts to go and stay negative finally the dollar index okay today we had a 30 billion repo operation, 14-day. why 14-day, guess what happens this is the end of the quarter and probably gives liquidity as we go to the end of the third quarter. it hasn't affected the dollar. many think ongoing operations injecting liquidity will take the pressure off as you see on this chart dollars index looks pretty good. i picked the 16th to start that chart because that was cash crunch day back to you. >> thank you very much still to come this morning, the president's address to the u.n. general assembly. the watch is on to see what he might say about other issues like iran. there's the president of brazil, bolsonaro talking about the fires in the amazon, commenting on some policies in venezuela as well we'll bring you live coverage

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time for jim and stop trading. >> about to start earnings season and people focus on the earnings they should be focusing on the full wholistic 120 million buyback and boost in dividends. people want to know why stocks are a great asset, the stock is not quitting people waiting for earnings, forget about it and what matters is buy every share you want to sell. >> third of the float even, though, there's no timeline. >> american express is an amazing company and should be bought right here and right now. >> tonight >> bob iger, going to talk about twitter and about whether tim cook is a good guy who runs apple, does it run well or are apple's best days behind them? as some prominent analysts say when they're on our network. >> you've thrown it all by ft this morning, insider trading or

selling, at a two decade high? >> you know what, it should be it should be high given the fact that there's tremendous worry. and so i don't blame anyone. particularly look, there are people in the democratic party who believe that i think that country is off the rails and they're selling. that's where we are. there's also people who say if elizabeth warren gets in you got to sell your stock now because there's not going to be a tax on capital gains, there's going to be a tax on income of capital gains. take that to the bank that there will be no difference between capital gains and ordinary income that's over. you should sell. >> wow it's over. good to get you on the record on that, jim. see you tonight. big interview with bob iger, "mad money," 6:00 p.m. eastern time when we come back the presidens drs t'adesto the u.n. general assembly tv announcer: it's just as powerful as the lexus rx...

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my dream is to help millions more people like me. ♪ we're looking at a live shot of the united nations general assembly the president will give remarks in a few moments we're watching the president of brazil and will take you there live as soon as the president xwins speaking i'm carl quintanilla with sara

eisen and david faber. markets having a good morning. we've back above s&p 3 k as well. >> we have economic data crossing the tape as we speak. let's get to rick santelli for the numbers. over to you, rick. >> absolutely. sara, we're expecting, of course, our september read on richmond, fed manufacturing in that area expecting a light positive and consumer conference richmond fed manufacturing unchanged. goose egg. a little weaker than expected. one in the rearview mirror stands unchanged in terms of consumer confidence for the month of september, conference board says 125.1. definitely a bit of a miss we're looking for a number north of 130 last look at 135.1 for august. gets downgraded to 134.2 that 125.1 with regard to the last time we were at levels like that, well, it's not so bad. we're at 124.20 in march

it fits in it's just weaker than expected real quickly, present situation -- we have a revision. originally i saw 0 on the screen for richmond that is incorrect. it is minus 9. unchanged, not correct minus 9. minus 9 changes things a bit much weaker than expected. a present situation from the conference board dropped from 177 to 169 disappointing data here as yields continue to drift lower, curve flattening right now hovering between 2 and 3 basis points carl, back to you. >> thank you for that. rick santelli along with that data we'll watch the u.n. general assembly and we're also monitoring a house oversight subcommittee hearing today taking place with the cdc on capitol hill they are coming the recent outbreak of lung illnesses associated with e-cigarettes we'll bring you up to speed on that news as it happens. big piece, page one of the

journal looking at the doctors in milwaukee and how they managed to piece together the common denominator of these illnesses and ended up being vaping, nine so far. >> typically, cannabis vaping i believe as well. >> yes. >> we talked a great deal about the pressure this has brought on juul, the company once had a market value in excess of $35 billion, but very much unclear where that value is right now given one of their main products may be ban sfooned. >> we'll monitor that and begin at the u.n. general assembly eamon javers is there and what we can expect to hear from the president. good morning, eamon. >> good morning. we've gotten a few excerpts of the president's remarks. we expect to hear a wide ranging speech the president talking about issues of war and peace, talking about democracy and sovereignty, he's also going to be talking about the global economy here's an excerpt from the speech the white house gave us a short time ago saying for decades the international trading system has been easily, ploitsed by nations acting in

bad faith. as jobs were outsourced a small handful grew wealthy at the expense of the middle class. so we'll wait for that address in a couple minutes time the president's got bilateral sessions with a number of key leaders today, including boris johnson of the uk, also the indian prime minister modi today. tomorrow he will be meeting with the japanese prime minister shinzo abe and the ukrainian president tomorrow that will be an important meeting in the context of the unfolding ukrainen scandal we saw the president taking a few questions from reporters on his way in to the united nations. the effort to look into what he did or didn't say in a phone call with the ukrainian prime minister or president earlier this summer called that a witch hunt, returning to the rhetoric the president has used surrounding the mueller investigation. that political overlay will dominate the day as we go

through the events here today because democrats have a 4:00 p.m. meeting with nancy pelosi in which they will discuss the president and prospect of impeaching him watch for those politics to play out here as well, guys. >> eamon, i would love to return to the question sort of global oil supplies, specific to ten days ago, the attack on the saudi fields and their processing equipment as well in walking into the u.n. moments ago the president said we're doing well with iran, i'm paraphrasing there, but we really heard nothing other than obviously how iran being blamed for the attack is there any expectation about any response or anything else he's going to sort of give us some detail on what it means to be that we're doing well with them >> sure. we don't know. there's an expectation the president will be reaching out to allies in a collision to formulate a response to that attack we saw the initial response some members of the administration

saying immediately they believed that iran conducted that attack but the president of the united states hung back and wasn't willing to go forward with that attribution to say it was iran that conducted the attack. that indicates this is a president not anxious for military action against iran he's been a critic of the u.s. involvement in the iraq war so this is a president who has foot on the brake here. he has a chance to talk to the allies during the course of the day today and see if he moves forward with any kind of response at all. >> eamon javers thank you at the u.n. top of mind there as well trade tensions between the u.s. and china. kayla tausche joins us with more do we expect anything on trade >> not specifically with regard to china and that excerpt you heard eamon read from the president's forthcoming speech he didn't mention china by name but seems to be referencing china's flouting of the

international trade system you could hear expand on that. president president trump and president xi jinping attending deputy and cabinet-level negotiators trying to work towards another round of talks next month pap broader agreement remains eleesive and why u.s. officials asked a chinese delegation not to visit u.s. farmers for a photo on this week but president trump was still questioning that decision. >> they're starting to buy a lot of our ag product, but steve -- >> that was actually at our request they delayed that. we didn't want there to be any confusion. they have started buying agriculture. they will reschedule that at a different time the timing didn't work that was truly at our request. >> why was that our request? just out of curiosity? >> we didn't want confusion around the trade -- >> i want them to buy farm products. >> there was no confusion. we want with them to buy agriculture and they've committed to buy agriculture. >> they've committed to buy a

lot of agriculture and they're go going to start and we should get them over there as soon as possible so they can start buying. >> there still needs to be alignment on messaging there a trade deal is nearly near completion prime minister shinzo abe expected to discuss this tomorrow japan wanted assurance the u.s. would exclue it from potential auto tariffs japan's foreign minister told reporters i'm confident that xwreemts will be a satisfactory one on that one. europe is not likely to get those assurances but the president elect already planning a collision course with the u.s. on trade, several tariffs deadlines coming up and there is not expected to be a bilateral between any european leaders of the european union or commission and president trump as some of those points of friction are approaching. >> kayla, can you clarify for viewers, what was your take on the exchange between the president and mnuchin yesterday

on montana >> i think the president himself is conflicted because he understands that farmers need financial help, that this aid program they view as a band-aid and they want the market to be opened back up to them and they want a permanent fix there the president wants to deliver those agriculturalpurchases, but his negotiators believe that china is trying to simply agree to buy ag purchases instead of notching a broader deal and they want to make sure when they have that announcement that china is going to be visiting farm country, appealing to them directly, announcing the big, large-scale public purchases it is part of a broader deal that gets at the u.s.'s priorities and not simply a publicity stunt for the chinese as they're trying to appeal to farmers hard hit on the ground level. >> do you think that he has enough ammunition to make the case his whole approach to the world, america first, bilateral trade negotiations, go around

multilateral agencies and big trade deals like tpp is working? >> well, it's certainly an argument that he has tried to make at the u.n. general assembly in years past and years past it's fallen on deaf ears. i do think this announcement with japan is pretty key here because japan is one of the closest u.s. allies. there was one bilateral deal that was done with south korea last year in the rearview mirror at this point and it was just some slight edits to an existing deal the japan deal could actually be a meaningful development in the u.s.'s argument it can reach these bilateral agreements, they can open meaningful markets to both u.s. producers and foreign producers. we'll see what reception is and what the details are if and when we get that announcement >> kayla, very helpful kayla tausche who is watching all things trade for us this morning in d.c joining us how we might digest the president's market,

peter, jim, adviser investment cio and nec director in the trump administration and cnbc contributor cleave williams. good to see you all. peter, given that the trade talks with china are slated for the week of the 7th, are we just going to turn around at these levels until then? >> i think we're going to start accepting there's a real truce and headed towards a q1, maybe 20 q2 deal. i think we've seen the worst part of the growth decline over and positives coming yields higher and stock markets higher. >> a deal like that, bridge their differences? i thought this could take years and years and is becoming increasingly difficult to find any kind of common ground? >> i think back at the start of this year we started treating china as a strategic competitor and saw 5g as a catalyst and put the brakes on the talks going on at this time i think there's leeway and ways

a deal can come and ag products, china will buy liquid natural gas, get some decent intellectual property, decent trade dispute, use what's in tpp, not the reciprocal access we're looking for. that will be enough. if the market can focus on 5g and the growth and development of that and maybe fiscal stimulus, i think we'll get over maybe the negatives of any trade deal i do believe it is coming and going to come q1 or q2. >> bolsonaro off of the lectern. cleave, how about you, can you confirm or deny what peter is laying out there >> well as a former negotiator i can't confirm or deny the spixz of what they're talking about. i'm a little less optimistic at the moment than peter is just because the u.s. and china have had trouble coming to a solution on some of these structural issues and on some of the changes china needs to make to

its law. i want to pick up on a point kayla was making earlier critical and part of the reason there was confusion over the potential agriculture delegation over to montana and that's that the u.s. administration is concerned that china is a little too focused on these short-term agricultural purchases these are important, they help our farmers but what we really want on ag in addition to the other areas, is structural changes, market access openings that will be long and sustainable and we don't just want china to buy soybeans next week we want china to say we're going to recognize that the u.s. uses biotech for its soybeans and allow those to enter our market. we want china to not just buy pork next week, we want china to recognize that u.s. treats pork with a substance that they've banned and want china to open up and say the u.s. is free of influenza and they will accept our chicken. that's a key distinction >> we are seeing president trump

take the podium at the u.n let's listen. >> mr. president, mr. secretary general, distinguished delegates, ambassadors and world leaders, seven decades of history have passed through this hall in all of their richness and drama. where i stand the world has heard from presidents and premiers at the height of the cold war we have seen the foundation of nations. we have seen the ring leaders of revolution we have saints who inspired us with help, rebels who stirred us with passion and heros who embolden us with courage all here to share plans, proposals, visions and ideas on

the world's biggest stage. like those who met us before, our time is one of great contests, high stakes, and clear choices. the essential divide that runs all around the world and throughout history is once again thrown into stark relief it is the divide between those whose thirst for control dill louds them into thinking they are destined to rule over others and those people and nations who want only to rule themselves i have the immense privilege of addressing you today as the elected leader of a nation that prizes liberty, independence,

and self-government above all. the united states, after having spent over $2.5 trillion since my election to completely rebuild our great military, is also by far the world's most powerful nation. hopefully it will never have to use this power americans know that in a world where others seek conquest and dom anythi domination, our nation must be strong in wealth, might and in spirit that is why the united states vigorously defends the traditions and customs that have made us who we are like my beloved country, each nation represented in this hall has a cherished history, culture, and heritage that is worth defending and celebrating

and which gives us our singular potential and strength the free world must embrace its national foundations, it must not attempt to erase them or replace them looking around and all over, there's large, magnificent planet the truth is plain to see, if you want freedom, take pride in your country if you want democracy, hold on to your sovereignty and if you want peace, love your nation wise leaders always put the good of their own people and their own country first. the future does to the belong to globalists, the future belongs to patriots, the future belongs

to sovereign and independent nations who protect their citizens, susperespect their neighbors and honor the differences that make each country special and unique it is why we in the united states have embarked on an exciting program of national renewal. and everything we do, we are focused on empowering the dreams and aspirations of our citizens. thanks to our pro growth economic policies, our domestic unemployment rate reached its lowest level in over half a century. fueled by massive tax cuts and regulation cuts, jobs are being produced at a historic rate. 6 million americans have been added to the employment rolls in under three years.

last month african american, hispanic american, and asian american unemployment reached their lowest rates ever recorded we are -- marginaling our nation's vast energy abundance and the united states is the number one producer of oil and natural gas anywhere in the world. wages are rising, incomes are soaring and 2.5 million americans have been lifted out of poverty in less than three years. as we rebuild the unrivaled might of the american military, we are also revitalizing our alliances by making it very clear that all of our partners are expected to pay their fair share of the tremendous defense burden which the united states has borne in the past.

at the center of our vision, for national renewal is an ambitious campaign to reform international trade. for decades, the international trading system has easily exploited by nations acting in very bad faith, as jobs were outsourced, a small handful grew wealthy at the expense of the middle class. in america, the result was 4.2 million lost manufacturing jobs and $15 trillion in trade deficits over the last quarter century. the united states is now taking that decisive action to end this grave economic injustice our goal is simple, we want balanced trade that is both fair and reciprocal

we have worked closely with our partners in mexico and canada to replace nafta with the brand new and hopefully bipartisan u.s./mexico/canada agreement tomorrow i will join prime minister abe of japan to continue our progress in finalizing a terrific new trade deal as the united kingdom makes preparations to exit the european union, i have made clear that we stand ready to complete an exceptional new trade agreement with the uk that will bring tremendous benefits to both of our countries we are working closely with prime minister boris johnson on a magnificent new trade deal the most important difference in america's new approach on trade concerns our relationship with china. in 2001 china was admitted to

the world trade organization our leaders then argued that this decision would compel china to liberalize its economy and strengthen protections to provide things that were unacceptable to us and for private property and for the rule of law. two decades later this theory has been tested and proven completely wrong not only has china declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property and also trade secrets on a grand scale

as just one example i recently met the ceo of a terrific american company, micron technology at the white house. micron produces memory chips used in countless electronics. to advance the chinese government's five-year economic plan, a company owned by the chinese state allegedly stole micron's designs valued at $8.7 billion. soon the chinese company obtains patents for nearly an identical product and micron was banned from selling its own goods in china. but we are seeking justice the united states lost 60,000 factories after china entered the w.t.o.

this is happening to other countries all over the globe the world trade organization needs drastic change the second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at others' expense. for years, these abuses were tolerated, ignored, or even encouraged globalism exerted a religious pull over past leaders causing them to ignore their own national interests, but as far as america is concerned, those days are over. to confront these unfair practices, i placed massive tariffs on more than $500 billion worth of chinese-made goods.

already as a result of these tariffs, supply chains are relocating back to america and to other nations and billions of dollars are being paid to our treasury the american people are absolutely committed to restoring balance to our relationship with china. hopefully we can reach an agreement that will be beneficial for both countries. but as i have made very clear, i will not accept a bad deal for the american people. as we endeavor to stabilize our relationship, we're also carefully monitoring the situation in hong kong, the world fully expects the chinese government will honor its binding treatment made with the british and registered with the united nations in which china commits to protect hong kong's freedom, legal system and

democratic ways of life. how china chooses to handle the situation will say a great deal about its role in the world in the future we are all counting on president xi as a great leader the united states does not seek conflict with any other nation we desire peace, cooperation, and mutual gain with all but i will never fail to defend america's interests. one of the greatest security threats facing peace loving nations today is the repressive regime in iran the regime's record of death and destruction is well known to us all. not only is iran's the world's number one state sponsor of terrorism but iran's leaders are fueling the tragic wars in both

syria and yemen. at the same time, the regime is squandering the nation's wealth and future in a fanatical quest for nuclear weapons and the means to deliver them. we must never allow this to happen to stop iran's path to nuclear weapons and missiles i withdrew the united states from the terrible iran nuclear deal, which has very little time remaining. did not allow inspection of important sites, and did not cover ballistic missiles following our withdraw, we have implemented severe economic sanctions on the country hoping to free itself from sanctions, the regime has escalated its violent and unprovoked aggression.

in response to iran's recent attack on saudi arabia, oil facilities, we just imposed the highest level of sanctions on iran's central bank and sovereign wealth fund. all nations have a duty to act no responsible government should subsidize iran's blood lust. as long as iran's menacing behavior continues, sanctions will not be lifted they will be tightened iran's leaders will have turned a proud nation into just another cautionary tale of what happens when a ruling class abandons its people and embarks on a crusade for personal power and riches. for 40 years, the world has listened to iran's rulers as they lash out at everyone else

for the problems they alone have created. they conduct ritual chants of "death to america" and traffic in monstrous anti-semitism last year the country's supreme leader stated israel is a malignant cancerous tumor that has to be removed and eradicated it is possible and it will happen america will never tolerate such anti-semitic hate. fanatics have long used hatred of israel to distract from their own failures thankfully, there is a growing recognition in the wider middle east that the countries of the region share a common interest in battling extremism and

unleashing economic opportunity. that is why it is so important to have full, normalized relations between israel and its neighbors. only a relationship built on common interest, mutual respect, and religious tolerance can forge a better future. iran's citizens deserve a government that cares about reducing poverty, ending corruption, and increasing jobs, not stealing their money to fund and massacre abroad and at home. after four decades of failure it is time for iran's leaders to step forward and to stop threatening other countries and focus on building up their own country. it is time for iran's leaders to finally put the iranian people first. america is ready to embrace

friendship with all who genuinely seek peace and respect. many of america's closest friends today were once our greatest foes. the united states has never believed in permanent enemies. we want partners, not adversaries. america knows that while anyone can make war, only the most courageous can choose peace. for this same reason we have pursued bold diplomacy on the korean peninsula i have told kim jong-un like iran his country is full of tremendous, untapped potential, but that to realize that promise, north korea must denuclearize around the world our message is clear, america's goal is

lasting, america's goal is harmony, and america's goal is not to go where these endless wars, wars that never end. with that goal in mind, my administration is also pursuing the hope of a brighter future in afghanistan. unfortunately the taliban has chosen to continue their savage attacks. we will continue to work with our coalition of afghan partners to stamp out terrorism and we will never stop working to make peace a reality. here in the western hemisphere we're joining with our partners to ensure stability and opportunity all across the region and that mission, one of our most critical challenges is

illegal immigration, which undermines prosperity, rips apart societies and empowers ruthless criminal cartels, mass illegal migration is unfair, unsafe, and unsustainable for everyone involved. the sending countries and the depleted countries, and they become depleted very fast, but the youth is not taken care of and human capital goes to waste. the receiving countries are overburdened with more migrants than they can responsibly accept and might grants themselves are exploited, assaulted and abused by vicious coyotes nearly one third of women who make the journey north to our

border are sexually assaulted along the way. yet here in the united states and around the world, there is a growing industry of radical activists and nongovernmental organizations that promote human smuggling. these groups encourage illegal migration and demand erasing of national borders today i have a message for those open border activists who cloak themselves in the rhetoric of social justice, your policies are not just, your policies are cruel and evil you are empowering criminal organizations that prey on innocent men, women and children you put your own false sense of virtue before the lives, well being and countless innocent people when you undermine border

security you are undermining human rights and human dignity many of the countries here today are coping with the challenges of uncontrolled migration. each of you has the absolute right to protect your borders and so, of course, does our country. today we must resolve to work together to end human smuggling and human trafficking and put these criminal networks out of business for good. to our country, i can tell you sincerely, we are working closely with our friends in the region, including mexico, canada, guatemala, honduras, el salvador and panama, to uphold the integrity of borders and ensure safety and prosperity for our people i would like to thank president

lopez obrador of mexico for the great cooperation we are receiving and for right now putting 27,000 troops on our southern border. mexico is showing us great respect and i respect them in return the u.s., we have taken very unprecedented action to stop the flow of illegal immigration. to anyone conducting crossings of our border illegally, please hear these words do not pay the smugglers, do not pay the coyotes, do not put yourself in danger, do not put your children in danger because if you make it here, you will not be allowed in you will be promptly returned home you will not be released into our country as long as i am

president of the united states we will enforce our laws and protect our borders. for all of the countries of the western hemisphere our goal is to help people invest in the bright futures of their own nation our region is full of such incredible promise, dreams, waiting to be built and national destinies for all and they are waiting also to be pursued throughout the hemisphere, there are millions of hard working patriotic young people eager to build, innovate and achieve, but these nations cannot reach their potential if a generation of youth abandon their homes in search of a life elsewhere we want every nation in our region to flourish and its

people to thrive in freedom and peace. and that mission we are also committed to supporting those people in the western hemisphere who live under brutal oppression such as those in cuba, nicaragua and venezuela. according to a recent report from the u.n. human rights council, women in venezuela stand in line for ten hours a day waiting for food over 15,000 people have been detained as political prisoners. modern day death squads are carrying out thousands of extra judicial killings. the dictator maduro is a human puppet, protected by cuban bodyguards, hiding from his own people, while cuba plunders, venezuela's oil wealth to

sustain its own corrupt communist rule since i last spoke in this hall, the united states and our partners have built a historic coalition of 55 countries that recognize the legitimate government of venezuela. to the venezuelans, trapped in this nightmare, please know that all of america is united behind you. the united states has vast quantities of humanitarian aid ready and waiting to be delivered. we're watching the venezuelan situation very closely we await the day when democracy will be restored, when venezuela will be free, and when liberty will prevail throughout this hemisphere one of the most serious challenges our countries face is the specter of socialism it's the wrecker of nations and

destroyer of societies events in venezuela remind us all that socialism and communism are not about justice, they are are not about equality, lifting up the poor, and they are certainly not about the good of the nation socialism and xunicommunism are about one thing only, power for the ruling class today i repeat a message for the world that i have delivered at home, america will never be a socialist country. for the last century, socialism and communism killed 100 million people sadly as we see in venezuela, the death toll continues in this country. these totalitarian ideologies, combined with modern technology,

have the power to excise new and disturbing forms of suppression and domination for this reason the united states is taking steps to better screen foreign technology and investments and to protect our data and our security. we urge every nation present to do the same. freedom and democracy must be constantly guarded and protected, both abroad and from within we must always be skeptical of those who want conformity and control, even in free nations we see alarming signs and new challenges to liberty. a small number of social media platforms are acquiring immense

power over what we can see and over what we are allowed to say. a permanent political class is openly disdainful, dismissive and defiant of the will of the people a faceless bureaucracy operates in secret and weakens democratic rule media and academic institutions push flat out assaults on our histories, traditions and values in the united states, my administration has made clear to social media companies that we will uphold the right of free speech a free society cannot allow social media giants to silence the voices of the people and a free people must never ever be

enlisted in the cause of silencing, canceling or blacklisting their own neighbors. as we defend american values, we affirm the right of all people to live in dignity my administration is working with other nations to stop criminalizing of homosexuality and we stand in solidarity with lbgtq people who live in countries that punish, jail or execute individuals based upon sexual orientation we are championing the role of women in our societies nations that empower women are healthier, safer and much more permanently stable it is therefore vital not only to a nation's prosperity but

also is vital to its national security to pursue women's economic development guided by these principles my administration launched the global prosperity initiatives. the wgdp is the first ever wide approach working to ensure that women with all over the planet have the legal right to own and inherit property, work in the same industries as men, travel freely and access credit and institutions yesterday i was also pleased to host leaders for a discussion about an iron clad american commitment protecting religious leaders.

and also protecting religious freedom. this fundamental right is under growing threat around the world. hard to believe but 80% of the world's population lives in countries where religious liberty is in significant danger or even completely outlawed. americans will never fire or tire in our effort to defend and promote freedom of worship and religion we want and support religious liberty for all. americans will also never tire of defending innocent life we are aware that many united nations projects have attempted to assert a global right to taxpayer funded abortion on demand, right up until the moment of delivery global bureaucrats have absolutely no business attacking

the sovereignty of nations that wish to protect innocent life. like many nations here today we in america believe that every child born and unborn is a sacred gift from god there is no circumstance under which the united states will allow international to trammell on the rights of our citizens including the right to self-defense that is why this year i announced that we will never ratify the u.n. arms trade treaty which would threaten the liberties of law abiding american citizens. the united states will always uphold our constitutional right to keep and bear arms, we will always uphold our second amendment. the core rights and values america defends today were inscribed in america's founding

documents. our nation's founders understood there will always be those who believe they are entitled to weald power and control over others tyranny advances under many names and many theories but it always comes down to the desire for domination it protects not the interests of many, but the privilege of few our founders gave us a system designed to restrain this dangerous impulse. they chose to entrust american power to those most invested in the fate of our nation, a proud and fiercely independent people. the true good of a nation can only be pursued by those who love it, by citizens who are rooted in its history, nourished by its culture, committed to its

values, attached to its people, and who know that its future is theirs to build or theirs to lose patriot of its nation and destiny in ways no one else can. liberty is only preserved, sovereign is only secure, democracy is only sustained, greatness is only realized by the will and devotion of patriots in their spirit, is found the strength to resist oppression, the inspiration to forge legacy, the goodwill to seek friendship, and the bravery to reach for peace. love of our nations makes the world better for all nations so to all the leaders here today join us in the most fulfilling mission a person could have, the

most profound contribution anyone can make, lift up your nations, cherish your culture, honor your histories, treasure your citizens, make your countries strong and prose per russ and righteous, honor the dignity of your people, and nothing will be outside of your reach. when our nations are greater, the future will be brighter, our people will be happier, and our partnerships will be stronger. with god's help together we will cast off the enemies of liberty and overcome the oppressors of dignity. we will set new standards of living and reach new heights of human achievement. we will rediscover old truths, unravel old mysteries and make thrilling new breakthroughs and

we will find more beautiful friendship and more harmony among nations than ever before my fellow leaders, the path to peace and progress and freedom and justice and a better world for all humanity begins at home. thank you, god bless you, god bless the nations of the world, and god bless america. thank you very much. >> that is the president zeroing in on some familiar themes obviously railing on globalism, socialism, talking about bold diplomacy in his words on the korean peninsula, long on iran, but for for the market's purposes china saying they have not delivered on promised reforms since their entry into the w.t.o. he did throw hong kong in there and said i will not accept a bad

deal for america >> didn't sound like he was in the mood to make a deal but he did call xi a great leader, said that the tariffs he's but puputn place, the major tariffs, are working. overall sort insistence on what this president has campaigned on and has really led with, which is all of the threats against america as he sees that globalism, trade, i would put iran in there, illegally migration, venezuela, and the dire situation that's going on, and even, guys, social media companies. there wasn't a ton on that, but he did say that -- he referenced the notion they're censoring speech and are representative of a threat to democracy. also called out one company micron, which is down in reaction as an example of a company where china was cheating and stealing intellectual property i guess the marketdidn't like that >> talking about the fact the chinese stayed allegedly sold

micron's design, valued up to $8.7 billion this goes to one of the key things in negotiations between the two countries, intellectual property theft and forcing the sharing of technology by companies that operate in china. he also went on to say, which he said before, second largest economy in the world, should be primitive to declaring itself a developing country >> we have the micron earnings friday that will be very interesting. joining us to dissect what we heard, former energy adviser, bob mcnally, and cnbc contributor michelle caruso-cabrera also with us, peter sheerer, and former deputy nec director in the trump administration, and cnbc contributor cleat willems michelle, any market implications >> i wanted to hear what he

would say about hong kong. he did mention hong kong there was a question whether or not he would it was in passing. how they handled hong kong will say a great deal about their role in the future he didn't tell china what to do, but it was a signaling message as to what outcome they would like to see. overall, it is reiteration of the trump doctrine, we heard it three years in a row pay attention to what happens within your borders, do what's best for your people, and that's a better path to global stability than globalism that's his view and he hit it three years in a row very consistently. >> didn't hit it very forcefully, i don't know if it was tone or reading of the teleprompt error the commerce secretary falling asleep >> he was a little slower today, but he hit it over and over again. he finished with focusing on only the people who live in a country will do the best for it if rooted in its history, in its culture, and focus on individual

histories and individual countries. when i traveled through europe during the european financial crisis, there were a lot of europeans complained about loss of local culture they wanted to be very french, very greek, but they felt beholden in many ways to what happened in brussels as smothering the culture i think that's what he is speaking of. >> cleat, can we put to bed an interim deal with china? >> i think that will be difficult to come by at this moment for the reasons i was talking about before there's still a long way to go to agree to structural changes, legal changes. i want to touch on a theme the president got into, the question of sovereignty and how that applies to the international trading system and really, i think what this is about, the u.s. isn't saying we don't support global solutions, we don't support multi lateralism, it is more that we need to be realistic that these

multi lateral institutions aren't functioning as intended, and when they're not, the u.s. needs to act in its own self interest as that applies to china, you look at the wto, they don't have rules on forced technology transfer, doesn't have rules on cyber theft or trade secrets the u.s. felt it had to go outside the wto to take on china the way it has ultimately it would be good to get back in that system. but the u.s. isn't going to wait for reforms to be made to protect its own interests. >> we were just chatting on the desk, maybe inside baseball for you, do you know who wrote the speech and who has been writing speeches for the president lately >> i don't want to get into those specifics. i do know a bunch of speech writers in the administration, they're good people. it has been a similar team as has been there from the beginning. and that's why i think you're seeing similar themes. >> there was a focus on iran,

but nothing in terms of any advancement and our understanding of whether there's going to be a response >> yeah. >> what are your thoughts in terms of global energy market now, and back to saudi arabia of course, which may take longer to reconstruct some key facilities. >> sure. you know, the next five to ten dollars in crude depend what happens next or first. will donald trump cave into demands from iran to allow them to ease exports, get the boot off their neck, or will iran strike again we think saudi arabia will be back next month. they're going to repair and they can use other columns. we're not joining skeptics about saudi arabia production coming back next month. the bigger risk is if we don't see an olive branch, didn't hear or see one today, don't get that this week, it will be a week or two, iran is ready and preparing to attack again. >> you believe that, why >> no question my firm covers it like no tomorrow i have a colleague that's a

former cia agent, we're all over it our information is iranians are making a list, checking it twice. may come back to facilities hit september 14th, they may attack new ones but iran is in it to win it. >> win what, win relief from sanctions somehow? >> absolutely. >> the belief the u.s. and saudis aren't going to respond >> they're in it to get the sanctions relief their economy is shrinking 10 to 15%, inflation off the wall. they can't wait out trump. they were hoping mueller would put away trump didn't happen. they can't go another five years. they're saying choose between a war and $100 oil and losing election or let usexport oil, gas prices go down and win election but you don't have time. >> were you surprised that aramco wasn't directly referenced in this speech? more of a laundry list of long-standing complaints. >> it would be easy to -- i think the administration is in good contact there i think they're confident

they'll bounce back from past attacks. what if iran comes back. our defenses were shown to be weak, they can come back, do it again. we think iran deliberately caused minor damage, leaving a calling card, saying we can do it again. >> i would add diplomatically france, germany, britain came out, said we think iran is behind this attack they're talking about re-negotiation diplomatically, the world is moving more towards president trump than they are moving towards iran iran was hoping these countries would help them. that is not happening at this point. >> absolutely. the white house was thrilled that the eu 3 moved to their position that was unexpected and they were delighted. >> do we expect any interaction between rowhani and trump? nothing confirmed, right >> i have no indication that was going to happen. iranians were insistent that was not going to happen. you know, if they can get a deal with no expiration date,

ballistic missiles and some pledge about not causing trouble in the region, the big request is to end enrichment that we know they're steadfast against, and what every negotiator came up against. >> peter, turn it to the markets. we are off the highs the president talked tough on china, listed his grievances on some of the issues, especially related to trade what's your sense of whether we're closer, farther from a deal, and whether there's going to be market implications of what he said on china? >> i think it will sink in that we have coalition, right you talked about coalition with regards to venezuela, a little in regards to iran i think we're getting that together for china as well >> thank you all for joining us. dow up 56. the president's speech over, we're awaiting reaction, eamon,

from all sides this afternoon. >> reporter: yeah, carl, that's right. this was as subdued and delivered as i have heard president trump in a couple years of covering him now in the white house, a lot of long pauses in there, in between phrases. the president deliberate in delivery, subdued in attitude, but making the point ultimately that his trade war against china is part of a broader pattern which he wants to rein back globalization which he says exerted almost religious pull over world leaders who are acting against their own countries' best interest interesting to me, carl, as he went through the bill of accusations against the chinese, including laying out specific allegations that they stole technology from micron technologies, the president was also careful to say that xi jinping is a great leader, leaving wiggle room for him to step up to the table, negotiate a deal no indication that's in the

offering, but he praised the man even as he criticized the country and system, carl. >> after mentioning dumping forced transfer, intellectual property theft, and trade secrets on a grand scale, not to mention the concrete example of micron, does seem like a bit of a back handed compliment >> yes absolutely but complimenting the individual leader this is a president that views all these things as resolvable one on one, if he can get into a room and negotiate with figures around the world, the president feels like he can cut a deal you get the sense he is leaving a little wiggle room open for the president of china to come to the table like i say, whether that's going to happen, unclear he did go through the bill of accusations against the chinese government as you layout in a detailed way and comprehensive way. >> eamon javers, outside with those familiar flags a