to know that help is finally, after many many decades, on its way. we are giving control back to the cities and the states. you know best how to plan your communities, analyze your projects and protect your local environment. we will get rid of the redundancy of duplication that wastes, and yes or no for the entire federal government and to deliver that decision quickly, and a highway, bridge, dam, to do this, setting up a new counsel, tell project managers navigate the bureaucratic maze. this council will improve transparency by creating a new online dashboard allowing

everyone to track major projects through every stage of the approval process. this council will make sure that every federal agency that is consistently delaying projects by missing deadlines will face tough new penalties. i know it won't happen -- when it may worry about them. we hold the bureaucracy accountable. we are also creating a new office in the council of environmental quality to root out inefficiency, clarify lines of authority and streamline federal and state local procedures so that communities can modernize their aging infrastructure without fear of outdated federal rules getting in their way. this massive permit reform, that is what it is, it is a permit reform, doesn't sound glamorous. they won't write stories about

it. they won't even talk about it but it is so important. buit is on the first step in renewing america's roads, rails, runways and rivers. as i discussed in ohio recently, my new vision for american infrastructure will generate $1 trillion in infrastructure investment which we desperately need. we spent as of . in the middle east. think of it. $6 trillion in the middle east. and it is worse than it was 15 years ago by a factor of 10, and yet if you want to build a little road in one of your communities in pennsylvania or ohio or in iowa or north carolina or florida, you can't get the money. state and local leaders will have more power to decide which

projects get built, when they start, and how they are funded and investors will have much more predictable environment that encourages them he to invest billions of dollars in capital that is currently stuck on the sidelines. together we will build projects to inspire our youth, employ our workers, and create true prosperity for our people. we will pour new concrete, lay new brick, and watch new sparks light our factories as we forge metal from theurnaces of our rust belt, and our beloved heartland, which has been forgotten. it is not forgotten anymore. we will putç new american steel into the spine of our country. american workers will construct

gleaming new lanes of commerce across our landscape. they will build these monuments from coast to coast and from city to city and with these new regs, bridges, airports and seaports we will embark on a new journey into a bright and glorious future. we will build again, we will grow again, we will thrive again and we will make america great again. thank you, god bless you, i appreciate it. thank you very much. thank you. [applause] neil: north. you have been isenning to president trump. this has been a week for him addressing infrastructure needs. remember a couple days ago he was talking about leveraging off of the $200 billion he thinks taxpayers would be happy to forward in a 10-year plan to beef up infrastructure in this country. and that the other $800 billion over the course of that same decade would come from private

enterprises that would leverage off of that federal dough. just this talk, again it's a big leap going from that to finished projects. even the start of those projects have been sending infrastructure-related starks sharply higher today. some of them up in excess of 5% in a single day, convinced that the president is going to make good on his promise, focused like a laseream on these economic issues, actually waiving and dismissing some of the charges that the former fbi director james comey was mentioning yesterday. the read on all that with daily caller editor-in-chief, vince colinise. with very little reference and let husband lawyer talk about the former fbi director, he is going to the dance, these economic fixes? we can quibble over infrastructure whether you get the bang for the buck, but that is what he is going back to, what do you think of that?

>> the last 48 an excellent example what this presidency has become. there is sideshow that is distracting from his agenda and he wants to get back on track to get the agenda passed. what you should know as infrastructure week, most people probably have forgotten based on yesterday's testimony, the president giving a speech to encourage state and local leaders he can streamline process getting infrastructure plans in place. he will penalize federal agencies if they fail to meet deadlines. he is taking control of parts he can take control of without congress, to make the executive much better about infrastructure planning. neil: now the devil is always in the details and you and i chatted about this under different circumstances, even with different presidents. the question here is a trillion dollar commitment over the next decade, a lot he is talking about has to do with leveraging off of federal funds. say taxpayers put in 200 billion to the kitty over the same 10 years, and that you leverage off

of that and borrow against that. that might work for businesses. it not all the time works for the government. what do you make of that? >> well i think that is kind of consistent with what president trump was as candidate trump, which is to say unlike most republicans he always had a sincere look towards infrastructure as being a way to stimulate economic growth. free market conservatives have long been against dramatic infrastructure spending, accruing new debt, but in this case he sees it as new opportunity to grope the economy and there are a lot of people out there encouraged by it. so whatever discouragement normally come from the right is tempered because we have republican president in office that wants to do a big infrastructure plan. neil: this does appear to be his comfort zone. he likes talking to builders and likes talking to contractors. this is in his dna. so to speak. not like getting sidetracked on issues and other shows i argued that his tweeting can sometimes

get in the way of those issues. what do you make how he handled himself and kept largely, not entirely, largely the focus on these economic concerns? >> well you're right. when he talks about specifically trade and infrastructure and you heard him today, i don't think i ever heard him quite be as eloquent he was today, talking about permitting, projectses getting projects done and streamlining negotiating the size of contracts, that is squarely within the wheelhouse of projects he often undertakes, as a billionaire, dealing with massive real estate projects he knows headaches that often go into these types of tngs. he is speaking their language, anyone interested in infrastructure president trump in general has understanding very headaches they might experience. neil: show-and-tell thing, multiple binders what you have to fill out. that is true. i have been up close with big builders on projects it takes a long time to put all that stuff together. vince, have a good weekend. >> thank you. neil: the white house is on

offense after that hearing. charlie gasparino has breaking news on that and so much more. hey, buddy. >> how are you? it is not quite the white house, marc kasowitz, donald trump's personal attorney. he was to take a softer approach towards comey when he read prepared remarks wednesday. they seemed to be exonerating donald trump. trump was not under investigation. he confirmed that. it didn't seem like trump directly ordered him to stop the investigation, so there was no obstruction directly stated in those prepared remarks but then the hearings came and comey did a 180 -- listen that was a drubbing. he gave donald trump a drubbing yesterday. went after him on number of issues. called him a liar. neil: 29 times, called him a liar. slandered by him and laid out in pretty meticulous detail, meetings he had, he didn't say this directly but laid out case for obstruction case.

basically said it is up to you, mueller. i know comey. if he were a prosecutor he would bring obstruction case on those charges based on what he did as white-collar attorney. what kasowitz is doing a 180. we is on the offense sieve, he will file some complaint, people telling fox business network with the senate judiciary committee and doj office of inspector general against comey for leaking this thing out. also -- neil: his memo? >> remember he said he gave it to a professor who gave it to the "times"? here is the interesting thing and what we have, exclusively here at fox business we know that kasowitz has been investigating this. this hasn't been out there, since march, investigating whether comey or his subordinates have been leaking certain pieces of information to "new york times" reporters and the sort of legal bloggers who are out there talking about it. he has been, they have been going through searching this stuff out since march. neil: kasowitz is not convinced this was like a one-off, one and

done? there is a history? >> no. he has gone back as far as march, from what we understand. neil: okay. >> here is other thing, neil, that is interesting, we have this on foxbusiness.com, there will be a story on this, i think kasowitz really wants to, he wants charges against comey, there is no doubt. if you talk to legal experts there is no case here. just as there may be no case against donald trump for obstruction given how he presented his feelings to comey, you know, could you just, can you see yourself not bringing charges? what legal experts are saying to us, stanley arkin, long-time white-collar defense attorney, john coffey over at columbia university, there is no case for kasowitz. this may be just a public relations ploy. neil: no case in terms let's say a guy who writes a memo was fbi director. then leaks that memo out? >> right. neil: as a private citizen, releasing -- >> not only that -- neil: releasing a memo when you were director? >> that was not official

government memo. neil: right, right. >> what kasowitz will arny conversation you have with the president is confidential. it is -- neil: he types it on government computer is the argument. >> he will say that the courts, you know he -- neil: let me ask you real quickly what you made of the whole comey thing? what i thought, charlie, is, imagine if he had never been fired. we know the views he harbors now the president he thinks he is a liar, can't be trusted, talked to other fbi officials. they apparently concured, this is all from comey. if he were still conducting this investigation, looking into so-called collusion and all, knowing that bias going in, knowing how he felt about the president, going in, what the heck, what kind of investigation would it have been? >> well he, with him there, he would suggested that, listen i will make sure this is done on the straight-and-narrow. neil: his bias is clear for the world to see he? >> that is is the whole thing.

thatç gives credence to donald trump firing him. neil: to john mccain's comment there was a double standard. >> i'm going to say this. i've been in the position as a reporter where i have been called into my boss's office, not saying who and what, and been told not to do a story because the person you're doing it about is a friend of a friend, or, there is advertising relationship. i'm not going to say where this happened. i looked at person in the eye, are you sure you want to be having this gd conversation with me? why couldn't comey say to donald trump, he had presence of mine typing this crap out afterwards, why didn't he look him in the eye you sure you want to have this conversation with me. neil: he said he was intimidated. he is like 48 tall. >> he wanted this job. he had this as ransom on trump. if trump was going to screw with

him, he would screw back. the whole thing with donald -- neil: president of the united states. >> president of the united states he is so naive. has no clue. neil: that is way republicans have been framing this. he is new to this environment. that doesn't look right. it might work, chris christie line might work in new yorkees. >> i think it is more than that. there is a blind spot here. just, not what you do. you don't call the guy in and do this. i mean especially someone like him. comey writes out everything. this guy is -- neil: you would not have done that i remember your expose' on mother theresa. it was -- >> i didn't pull one punch on her. neil: not one punch. overrated. charlie gasparino, thank you very, very much. a lot more with one of the world's greatest reporters. forget just business, period. by the way he alienates everyone, which is fair and balanced if you think about it. meanwhile to the a united

kingdom where consensus was wrong again. how many times i reminded you about this, everyone running one way, may behoove you stop, think for a second to go the other. how many times i said news is he defined by things you never saw coming, not the things that you did. what happened last night in britain, that illustrated that point perfectly, after this. ♪ at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

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♪ neil: boy that music, like ingrained in my skull last night after our non-stop coverage of uk elections. theresa may is trying to form a new government. will give it a shot with another party to cobble this one together. the fact of matter is, ashley webster originally reported it will be uphill fight. voter repudiation a little more than seven weeks earlier was up 20 points in the polls. what now? ashley: well, that is a good question, neil. looking at my watch. just coming up to 5:20 in the afternoon. i have a feeling short distance from me theresa may is saying in our office in 10 downing street what the heck happened? she apologized to those tory mps who lost their seats in

the election. earlier today she took a trip to buckingham palace and asked her majesty permission to form a government with the democratic unionist party, which has gotten a lot of attention which it never has before. that process begins. she he spoke earlier not so much about the election but need to get on with the job, she said. that included doing negotiations for "brexit." take a listen. >> this will allow us to come together as a country, channel our energiesards successful "brexit" deal that works for everyone in this country, securing a new partnership with the eu which guaranties our long-term prosperity. that is whateople voted for last june. that is what we will deliver. now let's get to work. ashley: doesn't really sound like she actually lost. it was the same message we heard on the campaign trail. interestingly, i've heard from

some conservative candidates who accused jeremy corbyn conducting a donald trump-style campaign, promising anything and everything to anyone and worry about the he details later. so, kind of interesting to compare donald trump and jeremy corbyn. anyway, as for markets, not much response, other than more buying. the footy finishing up nearly 1% today. across europe most major markets not apparently upset going on in the u.k. british pound fell about 2%, as it became clear we were looking for a hung parliament. it is still down 1 and 3/4%. all in all maybe markets are becoming immune what goes on in uk politics as well as everyone else. neil, back to you. neil: ashley, you say looking at your watch, it wasn't becaws you're tedious, cavuto will ask me a question, no? ashley: yeah, there is a little bit of that too.

got to be honest. neil: while we're on the subject of you hurting my feelings, many viewers have been emailing me and tweeting me about the segment you did which you criticized me. it goes something like this, ashley. hey, cavuto, webster threw you under the double-decker bus and, i'm hurt. i'm hurt. when are you getting back so i can note to the second? ashley: well, thank you for even thinking i'm going to be able to come back. i'm sure you have taken steps to prevent that neil. i have no idea why i did that. i was describing jeremy corbyn, and for some unreason known reason your face came into my head. my apologies. neil, it was subliminal. ashley webster, next week you will be reporting live from the catskills and poconos. he has a very busy travel schedu. the bottom line, the jokes

notwithstanding, very few people were looking at what happened last night in britain, happening at all, because the consensus always dangerous, was that she would add to her seats significantly. judges from polls few weeks prior would easily do so, like hillary clinton was easily going to win the presidential election last year, just like it seemed inconceivable could win a presidential election in 1980. or that a young massachusetts senator named john kennedy had any chance at all being elected president of the united states. funny thing about those consensus bets, business operates the same way. how many investors made money following the consensus opinion? most of the time peter lynch philosophy of those who go against the grain, zig while others zag. it applies to politics, it applies to life. who knows that better than herman cain. who defied the notion you could work in fast-food business for half your life and stay thin.

herman, good to have you. >> thanks, neil. neil: how many times have you reminded me don't assume headlines and don't assume consensus and latest example out of britain what do you make of it? >> yes, well it gets back to something i said to you many times on your shows, if you don't talk to everyday people, you're not going to get the right answer. that is the bottom line. since we don't have the benefit of the methodology that they used, we can't say whether it was the sample size, or whether they didn't get enough to young pe who don have landlines we don't know. here is what we do know, prime minister may now has a tiger by the tail. she didn't get the consensus that she thought, didn't get the majority that she thought. so now in addition to tough negotiations she will be faced with on "brexit," she will have tough negotiations within her own pearlment.

that will be a -- parliament. that will be uphill struggle. neil: i wonder what we missed, we missed it certainly in this country or most did, if you read polls or read surveys, that is often times what a lot of the media goes on, but you see undercurrents, you saw it in your own campaign, people who were dismissing any chance at all. for a while you were on fire. the fact of the matter is, no one saw that, no one could appreciate that. it keeps happening, herman. i guess what i'm asking, a lot of folks want to know, how do you prevent it from happening again? how do you, how do you guage, president trump, personal approval ratings that are down, is that really how people feel? and if it is, does it really justify the cynical view a lot of people have getting his agenda through? how do you sort of play that? >> well, when when the media, liberal media, 89% of the time,

according to the research media center, they hear negative stories about donald trump you expect his approval ratings to be down. also a harvard study had it 80-20. 80% negative, 20% positive. re is how you get the truth. you have to talk to everyday peopl i cked up on this doing my radio show. even throughout the presidential race, even when democrats and liberals were ready to a victory dance, that is not what i was hearing on radio and i take calls every single day. think they will have to change their methodology in terms of who they talk to, and not just some random sample that they think that they have the answers. that is the only way. they are going to have to drill down to get a better reading. like you said, we saw the consensus relative to theresa may, it was wrong. the consensus by some relative to donald trump, it was wrong.

and they're not talking to the right people. i'm talking about every-day people because these are the ones that really reflect what the mood is. let me give you one other very quick example, because the mead he yaw is just focusing on the liberal media, because they're just focusing on bringing down trump, 350% of the people who -- 50% of the people who get any news at all are not getting the truth about what is happening in this country. we have a very positive tone from the top with this president. look at the dow you just showed. look what is happening to job creation. look at all of the positive things happening because this is a much more business-friendly administration. so this is where a lot of people are getting bad information from the liberal media because they're not being told the truth what the results are. that is that undercurrent you referred to that i hear about every d and you hear about every day. neil: herman, great seeing you

again. do well. >> my pleasure. neil. herman cain. now the markets kind of know. all the concern of media notwithstanding. markets are up to records as herman said. exactly why is that after this. it's time to shake things up. with the capital one venture card, you get double miles on everything you buy, not just airline purchases. seriously, think of all the things you buy. great...is this why you asked me to coffee? well yeah... but also to catch-up. what's in your wallet?

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>> we were getting to a place the attorney general and i would both have to testify and talk publicly about it, and was she going to authority rice we had an investigation. she said yes, don't call it that. call it a matter. i said, why would i do that? she just said call it a matter. was looking to the impression attorney general way we talked about our work and political campaign was describing same activity which was inaccurate. neil: did you hear that? it was in the live coverage yesterday but i defy you to find much coverage of it not only in the media last night but follow-up print media today.

that is the former fbi director saying loretta lynch, former attorney general, that whole little dust-up email thing, was a matter, wasn't an investigation. washington from he beacon contributing editor daniel haw thorne. what do you think of that? >> i thought it was a pretty astonishing revelation. indicted obama administration for handling this whole thing. really odd, step back and think about it. the obama administration, sort of got scot-free criticism goes with regards to this investigation. really a lot of blame to go around. hillary clinton was cabinet official using email. the whole thing, because of she was candidate landed on her squarely but should have landed on himself for the president to allow a cabinet member to have that conduct and loretta lynch to do such things i think it is pretty astonishing and also revelatory.

neil: what is also revelatory is the pattern of it. obviously if you're the fbi director you answer to the immediate boss, the attorney general, you don't do his or her in this case bidding. that is the pecking order. occurred to me a little more than a few weeks later comey was apparently getting the first wisps of russian potential involvement in the election. it mightave been limited but enough it would warrant them ing something, stating something, putting o a statement or he putting out a something in newspaper column, and president obama himself reportedly nixed it, thinking that it would compound things or hillary clinton looked assured to win the election any way. >> right. neil: what do you make of the obama administration's role then in these two very interesting elements? >> if you're hillary clinton campaign, the campaign whatever

form it is now in, dissolved someplace across the country, seems like you would blame president obama for not handling the russia thing correctly to begin with, not putting attention on it, not condemning it initially, letting it similar. also with the loretta lynch because she met with bill clinton on the tarmac, you know, they like to blame bill clinton, they like to blame comey for the loss but really you could easily blame bill clinton for the loss if you're going down that road because bill clinton put himself in that position with lynch, which then resulted in comey saying, why can't then -- neil: on the tarmac. >> i can't turn my results over to lynch to adjudicate fairly. tough go to the public myself. we can criticize that decision. that is what happened. that influenced him according to his testimony yesterday. i think you could squarely blame obama for him, for hillary clinton losing or bill clinton for hillary clinton losing very, very convincingly, at least just as convincingly as you could,

you know, all of the other facts hillary clinton found to blame. neil: you know when you heard comey talking about russian involvement, he has no doubt there is russian involvement and offensive and not the thing to do, et cetera, he did not say that it tilted the election. he did not say it changed the results of election but that is always underlying theme among many democrats, argued if not for that, hillary clinton would be president today, but that is not at all what he said. >> right. in fact many democrats go even further suggesting collusion. neil: that's right. >> i don't know what theory is exactly maybe trump worked with the russians to leak this information. that is what collusion would be. yeah, we don't have any on the record testimony from any high-ranking officials backing up those points. if anything yesterday's testimony weakened case. it wasn't good for donald trump by any means in many other regards. neil: i know you are following

many aspects of the campaign, but one thing struck me listening to comey and his views of the president, thinks he is a liar, how to write copious notes to keep track of conversations he didn't trust the president, had he not been fired this is same man spear hing this investigation into collusion, presumably what he will role if any the president might have had and he hated guy, didn't trust the guy, didn't like the guy, shared that with other fbi agents and investigators. i'm thinking that would not be a very fair and balanced investigation. so, that kind of interested me. had he not been fired and fbi were continuing this ongoing investigation, to what end? >> but of course that's l but we don't know also bob mueller's personal views of donald trump. neil: true. >> we don't know a lot of people's personal views. neil: but that seems a very tight fraternity and you wonder if they share views, given effusive praise comey had, you

do wonder whether that, that is leading to something here? >> yeah, look, there is a convincing case to make for comey to have been fired. where it breaks down and problem that the president's having the way and timing of the firing. if he had come in and done it or, just fired him, the day after inauguration, i don't think anybody would have cared that much. people would have still complained more than they're admitting now. neil: right. >> or if president trump waited for this internal inspector general report being worked on in the justice department to come back which a lot of people think will be negative toward comey, he would have opening then. that is how president bill clinton fired his fbi director after an inspector general report came back negative on the fbi director at the time. neil: by the way, even deeper pickle with the guy who you succeeded him who was far, far worse. >> even had to go in to get his personal dna sample. i don't think we're there yet or will get there.

neil: not there yet. daniel, have a safe weekend. daniel halpern. >> thank you. neil: we have some tech titans that led this parade stumbling up. not so much the infrastructure stocks. they're on fire but big ones got us and led this party, they're not doing so well, after this. ♪ [vo] when it comes to investing,

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>> communities can modernize their aging infrastructure without fear of outdated federal rules getting in their way. this massive permit reform, and that's what it is, it's a permit reform. doesn't sound glamorous. they won't write stories about it. they won't even talk about it but it's so important. neil: all right. the president very much in his comfort zone today as he has been much of the week talking up infrastructure and a plan earlier in the week announced

trillion dollars over 10 years, 200 billion up front tax money and rest leveraged off private initiatives. congressman robert pitittenger, house nancial services. >>ood to be here, neil. neil: this idea leveraging off investment, taxpayer-funded initiative and private enterprise kicking in. it works for a lot of companies that do this sort of thing. uncle sam sometimes not so much how will this work. >> we have had public/private partnerships in the past. this is not new. neil: i think of fannie mae and freddie mac and they're not stellar examples. >> no, sir, not at all. in fact i would like to take them out of the financial system. we passed financial reform bill yesterday, the choice act, very critical. neil: are they part of that, those institutions are they part of that fix that you're talking

about? >> no. well, no, we wish we could totally reform them. we would like to frankly remove them. we want to i about the private market back in but what we did yesterday reforming dodd-frank, removing regulatory burden on small banks, small financial institutions that have been really encumbered. north carolina, he neil, we lost 50% of our banks since 2010. neil: is that right? >> yes, sir. just in the last six weeks we lost three more banks to consolidation. this is all because of compliance cost. this is all because of regulation. they're having to comply with the same standards of major international banks. so i serve on financial services committee. we passed that bill yesterday. a major factor in terms of restoring our economic vitality overshadowed of course by what happened yesterday. but it, what will take place out

of this bill is going to be very critical. really, the regulatory burden in our country and reducing the tax burden are the key. much like ronald reagan and i was there, 80 to '84 when he lifted, reduced the tax burden, regulatory burden economy took off. i think you're going to see the same reforms, same effect for what we accomplished in this congress. neil: you know the president when he wasn't talking about banks, but talking about infrastructure and all paperwork getting a project going and large binders, something similar during the campaign, and there is a great deal of paperwork to that. now those who are big fans of such regulations say they keep people safe. they keep the environment in check. you always wonder what is the happy medium here? the worry seems to be this administration could go the other extreme and these, run roughshod. how do you, how do you temper that? >> well there is a balance. but i think, for example, i was

on a committee board and we knew it was credit worthy. we didn't need the federal government who was worthy of allowing credit to be extended or who shouldn't be. we knew who was credit worthy. when we sold our bank, we chartered it, i was there from the time we chartered, time we sold it, we had 1% loans defaulted. banks know. they know who is credit worthy, and like manner you will see that regulations need to be in place but they need to be prudent and they need to be effective. they can have an adverse effect in in terms of economic growth by having too much undue regulation. you've seen that. neil: do you worry we'll look at another financial crisis, whatever revamp you want to do on regulations notwithstanding, one wall streeter i talked to sir, said we're due for one. what do you think? >> it would come, as last one

did, neil, from the gses, government sponsored enterprises, freddie mac and fannie mae. they are the ones who created environment. neil: but they're not part of this effort on the hill you guys are pushing, right? >> well they have been because of the executive branch commitments in previous years -- neil: i understand they account for a lost mortgages. they're easy to sort of talk about trying to cut them off. but they're big. there are a lost mortgages there. >> we don't need easy credit. neil: yes. >> we don't need people being able to come with low credit scores and zero down payments. those have to be stopped, and then banks will loan money to people who really are credit worthy. neil: that was the whole problem. we took getting mortgage as a birthright, not as a goal, you know? >> i do want you to know on our bill, we have in the choice act,

the most, greatest fines ever placed on wall street, for fraud. and this is not a sweet happy kiss that senator warren said to the country. wall street did not accept our bill. they didn't want it. this is a bill for main street. neil: all right. we'll watch it very, very closely, because obviously the fix went way extreme the other way. congressman, have a good weekend. >> you too, my friend. neil: meantime forget about what he said yesterday, did what he say yesterday just land him in some legal hot water? why he could be ripe for a lawsuit, yeah, comey in court. really? after this. think again.

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neil: we know the administration is furious with james comey now and wants to take legal action because he admitted to leaking a memo that he wrote when he was still fbi director and got it off to reporters. what is the legal chance of making progress here? who better than gregg jarrett, our legal eagle and crackerjack anchor.

gregg, steer me clear through this, does comey face headaches here? >> he certainly does. he said the memo that was personal property. no it is not. federal records management act it is property of the government. anything you do during the scope of your employment it is theirs, and you can not convert it for your own use. if you do, that is violation of a federal felony statute, 18 usc 641. you can not convert it to your own use and then convey it or sell it to somebody else. and that is 10 years behind bars if convicted. he also might have violated a federal felony statute called leaking of unclassified information, because that makes it a crime if you convey anything that deals even remotely with national security and while the memo may not, it is certainly part of a larger investigation that does deal directly with national security, russian interference. so neil, he could be in a world

of hurt here legally. if he intends to represent himself, given his track record and judgment on the law, he has a fool for a client. neil: now, others said though look, what he was doing, was private notes that he might put and typed into a government computer but he was, by the time he was doing this, sharing this, a private citizen. i don't know if that makes any difference? >> it makes no difference. neil: all right. >> he authored it when he was government employee on a government computer, on a government office and subject maer was solely about vernment work. his conversation with the president of the night, in his capacity as the fbi director. i mean it's a fool's argument to try to claim that's personal property. neil: all right, buddy. thank you, very, very much. interesting to watch. gregg jarrett, following this he development here. a lot of people are saying that was the big oops for james comey on that. no big oops here for investors.

all the major market averages are well into record territory here. the question, can it sustain itself? it petered out a little bit yesterday. if these markets showing any concern of president trump and that agenda of is, funny way of showing it. we're on to you, dia. time's up, insufficient prenatal care. and administrative paperwork... your days of drowning people are numbered. you, budget overruns. and rising costs, wipe that smile off your face. we're coming for you, too. for those who won't rest until the world is healthier, neither will we. optum. how well gets done.

neil: all right, we got a record going here, my friends. welcome, i'm neil cavuto, and you are looking at a wall street that just refuses to look back

and dismisses any worries even though earlier in the week could have hinted in a president of a heap of investigation trouble. that does not appear to be the case right now, we're less likely right now, a lot of people seeing this as a vindication rally for donald trump. you can't argue the gains that have the dow up in record territory, s&p and nasdaq in similar sort of motion here, and a lot of it buoyed by financial issues and not necessarily the gh-tech giants that got here, the facebooks d the microsofts and the alphabet, you know the nes. we're going to get into the details in a second. let's take a look at the relief that's causing it at the white house. blake burman is there. >> reporter: hi, neil. you used the word vindication a little while ago, that was exactly how president trump responded earlier this morning. keep in mind, he had been silent on this issue for days, especially via twitter. but earlier today he changed all that by writing the following from the president, he said,

quote: despite so many false statements and lies, total and complete vindication. and, wow, comey is a leaker. that is part of the narrative now that this white house, the president and his legal team is focus on, the leaking aspect of this. so much so that a source close to the legal team tells fox that the president's legal team expects to file a complaint with the doj inspector general, the department of justice, the senate judiciary committee, quite possibly as early as next week. that would be -- so that they could look into the matter as to whether all this was aboveboard or not and what maybe could be done about it. by the way, here at the white house as the president broke his silence via twitter this morning, there is a press conference going on in the rose garden in a couple hours as the president will be joined with the romanian leader. and, neil, i've got to imagine u.s./romanian relations won't be the questions that'll be fired off to the president, should we

get some. quite possibly, we expect to hear from the president on this issue or at least something relating to it in a couple hours from now. neil: obviously, he is open to anything, right? not necessarily limiting it, but also not going on and on. these things don't last forever like they used to, right? >> reporter: he's been going on with this now for, what, four, five months. this isn't something that he's let go however, he's now put this in the hands of his personal attorney, and the white house's position is let him deal with everything. we're trying to move forward. you saw a little bit of that this week as they had this whole infrastructure week and buildout of infrastructure week, and we're led to believe that more of these type topics are coming in the future. so they're trying to move past. we've got all these big events going forward, but then you've got the tweets and the headlines and the narratives and the like, neil. neil: yeah. and they're buying stocks hike crazy, buddy. blake burman, thank you very much. and, of course, we'll be rejoining blake when all of that kicks off.

in the meantime, democrats are still pounding the white house over director comey's remarks, but is it actually a case of more smoke than fire? obviously, it depends on who you talk to. matt gillen, the washington examiner's emily -- and danielle mcloughlin. that line that i've heard from a lot of your friends is that, you know, the president is stepping into some, you know, reel troubles -- legal troubles and a series of hearings and events and revelations that are going to make this a very difficult summer for him. what are they basing that on? because i saw nothing telegraphed in comey's comments yesterday which would hint at that, but help me. >> well, i think what james comey said yesterday was that he believes robert mueller was going to be investigating the president for obstruction of justice. and so, frankly, if the president thinks that comey's testimony was somehow a slipped case of everything, then i'm the queen of england. [laughter] comey threw out the id and corroborated trump's claims that

on three occasions the fbi director had told him that he was not under investigation individually. but some of the takeaway, frankly, all americans should be concerned about is the notion that the fbi direct you are was so worried about the president lying, that he took cope yous notes every phone call. the idea that he sent everybody out of the oval office except for james comey and then asked james comey to let go of an investigation into michael flynn, it doesn't make any sense. i mean, i think if you came down from space and you heard that story, you would probably think that the president knew what he was doing was wrong. neil: i don't know though, because you could interpret it as many have, matt, that he's just not familiar or seasoned in the washington ways and that it would be forboden, i mean, even his most loyal allies have

said -- purchase to danielle's point, it wasn't a smart thing to do, but he might not be savvy in washington ways. whatever the case, and i'm judging wall street here as the ash temporary on this -- arbiter on this, they don't seem too worried. what about you? >> neil, i totally agree with you. look, the american people want the president and the government to get to work, and he's done a great job this week of sticking to the message. it's about infrastructure, it's about jobs, it's about making america great again, and the democrats just can't get over themselves and move beyond anything other than this russia investigation, and their big hero yesterday who's been their patsy before, james comey, came out to be a complete and utter dud. he was the loser yesterday in that hearing as well as the obama administration who is going to have some questions that they're going to have to answer thanks to director comey's testimony yesterday as well. neil: all right. obviously, this all comes down to if you want to see it escalate whether you're on the

left or the right to proving obstruction of justice or proving obstruction of anything and even then doesn't necessarily rides to -- rise to the level of an impeachable offense. emily, do you think that there could be more revelations? i had a guest with me who used to work at the fbi saying what he knows of former fbi director mueller who is in this role now as this chief counsel trying to get to the bottom of this, that he would have a report in short order. in fact, he thought before labor day, and one way or the other this will be resolved. what do you think of that? >> yeah. i think that's, actually, or sort of one of the things that was overlooked that came out of yesterday's testimony from james comey. the president himself said, you know, if my satellites have done something wrong, my allies, people in my orbit have done something wrong, we need to get to the bottom of that. and that means probably he knows there might be something there. i do expect things to continue trickling out that don't

necessarily implicate the president but do implicate people surrounding him in the campaign. paul manafort and carter page and roger stone, i do expect details to trickle out. but that's the point, unless something is getting to the level of an impeachable offense, it doesn't matter to the american people. we're just learning more that isn't game-changing, so the media's making a mistake to treat everything like it's a crisis when it's not the case. neil: all right. time will tell. how's that for a trite line? danielle, do you get a sense of what was overlooked here -- and not picking one scandal over another or whatever you want to call it -- this revelation on the part of comey that loretta nch who preferred that he referred the hillary clinton e-mail scandal, for lack of a better word, as a matter, not an investigation. and then i'm thinking of the time he was expressing concern about bill clinton meeting with loretta lynch, you know, on that a tarmac at that airport.

i'm thinking, well, that's a big deal and yet very little, if any, coverage on it. what do you make of that? >> i'm 100% with you. i think the idea that an attorney general of any stripe would suggest not using a word like investigation and using a word like matter because it was somehow less pejorative, potentially, is a real problem. there was also this discussion that maybe she wanted to use the word matter because that's what the campaign used. that's just speculation. it's not good, it's not appropriate. i don't know that it rises to the level of criminality. but it'sing problematic, and i don't think that any democrat should be defending it. neil: matt, obviously, the president went back on offense or tried to this week talking of infrastructure, very little tweeting going on this week, and an economic agenda he thinks is sound. separately, a congressional committee moving fast to overturn dodd-frank, the financial law. so they're trying to get back to business, trying to get back

with the health care thing in the senate, trying to get that done, trying to get the tax cut thing done. but a number of wall street firms that are convinced these will be 2018, not 2017 developments, are you? >> i actually think, neil, a lot is going to get done over this summer. the senate is getting very close to cutting a deal on the health care bill and having some action there. and i do think as the president has said and as senator mcconnell has said once we get reheth care do, tax form gets a lot easier. and at the end of the day, neil, i think tax reform is truly the key issue that they have to pass this summer. look, the american people want a little bit more money back in their pockets, they want to feel like the president's making a difference around their kitchen table and helping them pay their bills, and i think they're well on their way. imagine a 15% tax rate, neil? it'd be pretty nice. neil: yeah. that's what it would be for businesses. emily, is there a sense on the health care thing that the house open to accepting whatever the senate comes up with? they're not going to drag out?

the latest gossip is whatever you come up with in the senate, we'll sign, seal and deliver it and be done with it. >> no, i don't buy that for a second, and that's why i think a lot of these developments are going to happen more in 2018. i agree that i think tax reform is the key issue, but the divisions on health care between jim jordan and mark meadows who worked so hard to unify in the house, the indications in the senate is they're kind of ignoring -- neil: i think this whole health care thing first is what did them in. >> yep. neil: there was far more unity, but am i? >> completely agree. neil: guys, thank you all very much. >> thanks, neil. neil: all right. you know, the fact of the matter is if you were to say yesterday at this time that the conservative government in the u.k. would be in the middle of a crisis and trying to cobble together just sticking around to run that country and the world markets wouldn't panic, in fact, ours would be soaring to records, you would probably be called crazy. unless you were watching this

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they want; anything american, anything american ec questionty, and doesn't nicole petallides at the new york stock exchange know it. >> reporter: that's absolutely true. they've been really taking these stocks even through comey'sorrit theresa may and her parliament have been shrugged off. we hit all-time highs across the board today. now, i am well aware that we're giving some of it back, but we have to note we're at record, all-time highs. looking at the dow and the nasdaq, the dow is on pace for a record close again and also the nasdaq which hit an all-time high. and the 'em and the russell 2000 which are the small caps. what is interesting, though, is what's happening in the technology realm, and these names that actually brought us to some of these new highs are actually pulling back today. so doesn't, doesn't mean that people are taking some profits off the table, is there a changing of feeling, maybe they're being a little less optimistic? we'll have to wait and see on that one. i will say yesterday when i poke

to traders, they said if you see any selling, do not associate it with worries or emotion. it could just be because we are at the top. and then we're looking at infrastructure stocks that we are watching so closely that are moving to the upside. they've had some very big moves throughout this week. granite construction up 5.5%, chicago bridge and iron up 6%. this all comes on the heels of president trump's all week long that he's been pushing, obviously, his plans for infrastructure, building and rebuilding, and with that has brought optimism in that particular group. overall, i don't think the optimism is lost, and we're still holding on to some record closes as possibilities, up 81 for the dow. neil? neil: all right. thank you very, very much, nicole petallides at the new york stock exchange. in the meantime, it does seem to be the case that every time a country or a region is in trouble, a lot of that nervous money finds a home or safe haven here.

uncertainty for which the united states is benefiting. do you see it that way? >> well, we've certainly been doing our fair share of that recently. i think the pound's down a little bit against the dollar, it's down to about 1.27 now, although it was climbing throughout the week in sort of anticipation that the conservatives would increase theimajority, and it's a big shock. it's a shock result, but they have moved relatively quickly to steady the ship. the prime minister has got an arrangement with the democratic unionist party to actually give a sort of majority of sorts in parliament -- and parliament has announced that a number of top people are keeping their jobs, the counselor, exchequer, defense, so they have sort of

shored it up quite a bit. and, you know, the democratic unionist party and the conservative party are quite sort of natural allies, they roughly believe in the same sort of things historically, so i think it's probably going to be, you know, okay for the next 18 months or so with brexit goinghf briefing against her from other members of parliament, and it's pretty strongly-worded, and i can't repeat it on this program, unfortunately. [laughter] neil: it's cable in this country, alex, go ahead. sabrina, let me get your take on that, i've heard that too, and,o

discreet political parties, and they're saying, hey, we don't like these extremes, and they're looking for something in the middle. and i think we're seeing the same thing happen in england right now that we saw happen -- or in britain that we saw happen in france. and so it'll be interesting to watch how the markets respond to that. perhaps they'll like that, something a little bit more moderate. neil: we're getting separate reports meanwhile, and maybe i'll bounce these off you, john layfield, that washington is still trying to get work done and that they might combine the health care measure, the fix with tax cuts into one bill. it's too early to tell, but

that's would have -- that's onee ideas advanced and that they want to do it by july. that's what our charlie gasparino is hearing. what do you make of that and how that could change the debate? they're obviously trying to get this stuff through and passed sooner rather than later. >> yeah. i don't think it's going to happen. i think combining them is going to make it even worse. look, yeah, i think you have a potential with certa things like a corporate tax income deductio i think that's bipartisan. however, the republicans are the ones holding this up. they had seven years to do something, they didn't get anything on the president's desk. that being said, they need to get done what they can get done, and they want total reform which i don't think is going to happen, certainly not by july or august. if not by august, it probably won't happen until

leaders get, sadly, after terror incidents. and there's a tendency in most countries to rally round the leader, rally round the flag and maybe, given her former security position before, that was not the case. many blamed her for the pickle that the -- that britain was in. but that surprised me. did the terror thing actually work against her? >> i think, i think possibly a bit of both really. i mean, i think what tends to happen there is, i mean, we have two leaders of political parties that have completely different views on things like this. and i think what tends to happen, i mean, for instance, jeremy corbyn, the labour party leader, is very much of the opinion that it's all our fault and we shouldn't have invaded iraq and afghanistan and places like that. theresa may's all about sort of security. and i think that they both just sort of played to their own audiences, and i think it probably just hardened

everyone's opinions but didn't really change anyone's opinions. the labour party had quite a successful, if pretty dishonest attack line about this looking at when she was the home secretary. the number of police fell by about 20,000 -- neil: right. >> now, you know, community policing is not the answer to terrorist attacks. that's all about intelligence and investigation. bmake this

problem go away. neil: guys, thank you all. have a safe weekend yourself. in the meantime, it's only coming in distribute ands drabs here -- dribs and drabs, we're trying to get a handle on what they're working with, that is republicans combing the health care with the tax work. obviously, to john layfield' point, that could prove a lot easier said than done, but if they could speed up this whole process and not have it wait until labor day or afterwards, always in the details of getting it done. right now it's an aggressive

timetable, and they want to get it done. after this. ♪ ♪