stuart: i got -- >> divine help. stuart: should i call it the rally of sister mary jo. >> yeah. stuart: why not? it sure beats trade, doesn't it? >> yes. stuart: i'm totally done, out of time, neil, it's yours. neil: you were lecturing a nun on her pitching game! like a saint comes into the newsroom, by the way i didn't think it was that great. [ laughter ] >> it was awesome. i really, really loved. that but i thought it was going to be like an exorcist thing with you. the power of christ compels you. >> just because i'm an episcopalian. neil: hey! what league are you? thank you very much. man, this was great. phenomenal. i don't know how can you top that, frankly, but the heavenly winds are blowing to the market, can i say that? because tomorrow could be the big day unless we crash within 20% today, that looks unlikely

and could have the longest bull market in american history tomorrow. earnings are strong, interest rates are low, consumers are gung ho and despite all the trade tiffs and the back and forth, we are on fire. people are picking apart all of this, fair and balanced. we'll do that as well. we'll look back in history, continue to get a gauge where things are now. there are skeptics even in this multiyear bull market and that's a good thing, if you're a contrarian investor concerned that the home crowd is going one way, up to the hear people who have reservations about this. what is remarkable about this run-up and i know stuart got into, it for all you know the nun got into it, it's not just all perfection here, there are concerns right now that the overall earnings that have been on a tear that that's unsustainable. that's one of the doubts that's out there. but the fact of the matter is, this market has defied virtually everything thrown at it going back to the earliest

days of barack obama to donald trump took over, remember the reaction his election and the market, the futures were tanking and cooler heads prevailed. started assessing what the regulations could be. staring the pace of the longest bull market in american history. it would the not be the richest bull market in american history, that hon orld go back to the 1990s rally when bill clinton was president. that was an enthusiastic comparison you could argue with the better than 400% run-up we had with that bull market, it will be shorter than this bull market. it allows us to grow another, what, 100%? it's all in the eyes of the beholder, picking apart the next two hours, going full throttle on this tomorrow because this is something that transcends politics, about you, money, confidence in the markets and capitalist system,

and talk about this straight and simple, maybe talk to nuns along the way. let's go to chief economist brian wesbury. brian, one of the biggest things you see on the eve of breaking a long-established record are people who say it can continue, and those who say it can't continue. the argument for it very much continuing is that as crazy a run-up as this has been, the overall market is not obscenely overvalued. do you buy that? >> right. i don't think it's overvalued at all, neil. in fact, we use a capitalized profits model. we take a look at overall corporate profits. we discount them using the 10-year treasury yield, and you need a discount rate in your model, and by the way, you know, right now that yield is 2.84. we put in a 3.5% yield. we're using a higher discount rate than the market has in it

right now, and it still says the market is undervalued. and by the way -- neil: when you say it's undervalued. could you give me an idea how? price-to-earnings multiples, we've been averaging in the high teens versus an average in the mid to higher teens, so that's not too, too whacky but technology comes into play, if not for technology, it wouldn't be nearly as rich. so how do you play that? >> yeah, well, in fact i was just about to talk about the 1990s, what was fascinating about that rally is that earnings were actually falling late in the 1990s and that market according to our models was way overvalued. this one isn't, so what really drives valuation is profits and profits are booming, and they have been growing faster than gdp for a long time, and i think they will continue to do that. and it's because of technology. if you just look at

productivity growth and talk about fracking, for a second. nine years ago it took two months to frack a well. today it takes two weeks to frack a well. we've cracked the genome, we're writing apps, the iphone is only ten years old. all of these things have happened in the last decade and they're boosting profits and productivity and that's what drives the market. it happened during president obama's tenure when lots of people said wait a minute, tax hikes and regulation, they're going to kill the economy. they did slow it down, but corporations were still able to make profits and today with the economy accelerating, after tax cuts, after deregulation, corporate profits are growing even faster and that's why the market will keep going up. neil: for how much longer? >> yeah, you know, as far as i can see and some people will say, you know, we're going to have a 10-year bull market.

i don't know how you see out 10 years. i think 18-24 months, because the fed tells us kind of what they're going to do, and if the fed stays on track and does what they say they're going to do, i don't see a recession in the next two or three years. neil: next march would make it ten years, next march would make it ten years. >> exactly. neil: remarkable to watch. >> bull markets don't die of old age, economies don't die of old age. they die from policy mistakes and the number one policy mistake is when the fed tightens too much. neil: real quickly, we have other guests here, i want to get your thoughts on the federal reserve. the president's been critical of the fed, very critical of that jerome powell is not the guy he thought he hired for the job. having said all that, that puts the fed in a tough box, doesn't it? >> well, it does, although

think about it, if the president attacks the fed, they have to prove they're independent. it could actually backfire on him. neil: that's true. >> they always want lower rates, and if you look at economy today it's grown 3%, inflation is 2, 2.5. interest rates should be higher, and i think the president needs to be careful in trying to slam the fed. they'll have to prove independence and raise rates anyway. neil: too late for that, young man. he's on the war path. brian, through all your help on the incredibly long bull market, always good talking to you, thank you very much. >> absolutely, neil, thank you. neil: brian wesbury. there are those who argue we don't know what would undo it but it could be a factor, a trade war, it escalates and don't get resolution into the trade impasse. hillary vaughn at the white house with how that's going

ahead of the big talk. reporter: neil, the trade talk are percolating but learning that the white house plans to fully move forward with their plan to put tariffs on at least half of imports coming from china into the u.s. sources tell the "wall street journal" that the president has no plans to back down from this trade fight with beijing, and that he is 100% in because there is consensus at the administration that this is a fight that they can win. the back and forth with china has been a unifying issue with some administration officials. there was talk that the president might be willing to stand down against china if they negotiated a buyout deal where china agreed to purchase more u.s. soybeans and american products in exchange, the president would pull back the tariffs. that is completely apparently off the table. there is a strong consensus that this is a fight they can win. >> let's be honest where we are

and why we're here. it's because china has been cheating now for decades. his policies are going protect this country, that's what he wants to do. also in addition to that, not just china but mexico as well. we're on a precipice of incredible deal with nafta. reporter: some concerned that ongoing nafta dispute and escalating tensions at the eu could be a distraction to the china negotiation. picking too many fights around the globe would put more pressure on the u.s. and the goal should be to isolate china in the situation. some administration officials think that the proposed auto tariffs that the president is considering could be a step too far and also cause major blowback from republicans on the hill to retaliate against the administration over these ramped-up tariff talk. commerce secretary wilbur ross saying the pending tariff study supposed to come out this month is delayed because of the ongoing negotiations with the eu, canada and mexico and

administration official tells me it is still a big question mark whether a deal can be reached with both nafta and the eu, and that these auto tariffs would be put on the backburner, neil? neil: that could be good news for the auto industry. hillary, thank you very much. speaking of which whom global automaker ceo joins us now. pain delay might be denied. what do you think might be going on, john? >> very interesting. i thought the report was very telling. what you really see when you pull all this together is a tremendous amount of uncertainty in the trade space and as it relates to automotive. by the way, the trade war between the united states and china is already hurting the u.s. auto industry. we're getting retaliation on exports, certainly the steel and aluminum tariffs in effect right now are raising the cost of u.s. auto production. you add to that the uncertainty of nafta where in a challenging

space right now. neil: so the administration wants to avoid this becoming a full-blown disaster worldwide, thinks it still can, that the chinese absolutely did call for this meeting so the chinese are the first to say let's see if we can settle. that's the assumption. what if they can't, what if this drags on for a few more months, then what? >> well, you know, that's obviously a question for the negotiators, my concern if it drags on is that we're going to hurt u.s. autoworkers and u.s. auto consumers, that's my concern. and you heard me say this before, and it's great to be with you. you know, there's no question there are issues here that the president has a really important point. we do need to resolve these important issues with regard to access to the chinese market. the question is how do we do it? and i think -- neil: i think it's low on the totem pole with the things

they're prioritizing for china. i'm not saying autos aren't important and certainly your lifeblood, i get an idea intellectual property and dealing with all the other stuff seems to get more of the headline attention, maybe rejiggering the currency, seems to me, and you are closer to this than i've ever be, this is getting lost in the sauce. >> don't forget, autos are affected by the u.s. tariffs imposed on china and the chinese retaliation, but do you make a good point. i mean i think right now the big issue for the auto industry in the united states is can we get a nafta deal. you know, i know we're working hard on it, and appreciate the effort that the u.s. trade representatives putting into this but i'm concerned at this point given where i think we are that not all the companies here in the u.s., building cars and trucks in the u.s., are going to be able to comply with the new nafta. it's complex and difficult, it

will are a long time before we get a nafta that works for everybody. neil: john bozella, thank you for taking the time. >> thank you, neil. neil: what i remember when the bull market started, there were few players in politics and in the markets who were weirdly calm, they didn't get overly excited, on the upside, certainly on the downside. maybe owing to historical perspective. they kind of took the ronald reagan position, markets go up, markets go down, we'll get through this. among those who are saying that back then was a fellow named joe lieberman. you know him very, very well. he stayed calm, he stayed confident, and now he's, well, staying right over here to tell us about history. what was then the fear, what is now the hope. he's next.

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. neil: joe lieberman is with us. i think he can remember when the numbers are a lot lower. he was there when the stock exchange wasn't there. a couple of guys trading on the street and telling stories. >> yeah, yeah. neil: he said this is going someplace. >> i said to william howard taft, mr. president -- [laughter]. neil: try a diet. very good to see you, senator. it's interesting, we were going back and reviewing stuff, and i do remember your calm through all this, and a very heated

political environment, this is before you became an independent. >> yeah. neil: but all the fingers were pointed at george bush and the great unraveling was going on, and a great temptation to say we're going to hell in a hand basket. you avoided a lot of that language and people forget how it wasn't that many years after you had run for vice president, but you didn't succumb to that, and you kept your calm and urged calm, appearances on this show and other shows. now people, if any, could be faltered for getting giddy, overly excited. it is our birth right to see double-digit returns. i want to check back with you, if you don't mind, and advise people now who you caught up in this saying this is unstoppable, up, up, up we go. what do you say? >> first, thanks, for remembering when -- neil: i remember quite well. >> i stayed calm because of my confidence in the american

economic system. neil: i remember that. you said this country and its foundation is sound. >> the free market system is not perfect, but it's still the best way for an economy to function successfully for most of the people. neil: your comment at the time to me was it's still the best that's out there. >> hear, hear. >> i remember that. also over history we've learned a lot. we've been through a lot of ups and downs in the market. we created different instruments both at executive fed and fiscal policy through the congress and the president. so, and we've got this tremendous entrepreneurial innovative spirit. when you think of, it we went into the deep divers. your previous guest said in 2008, the iphones just came out. neil: that's right, that's right. >> and think of all that's come out for those. some of the old rules don't

work anymore. there was an old rule and i talked to people in business and different sectors, they can't believe it because in their particular sector, way past the time the cycle was supposed to turn down but seems to be getting stronger again, and i think, you know, i agree with what was just said a while ago, you can't predict ten years out but right now, to me, everything really looks like it's coming up roses economically. neil: let me throw a couple of wrinkles that are popularly expressed, and i've always said throughout the years, you and i have known each other, senator, it's my duty to give the bullish argument, the bearish argument. proud of the fact that during the internet boom we reminded the people that the companies don't have earnings, that being be a problem, and worried about people using homes as cash registers, no doc loans. i thought in the middle of parties, trying to tame people's enthusiasm and in the

downdraft, asian contagion, we warned people the crises have a way of passing. here's what worries people in the middle of a run-up, a trade war, that the president could be playing with fire. it could work out but everything would have to go exactly right or it will blow up in our faces. >> i do share in that, this remarkable bull market that we've had is in part due to a public-private partnership. i mean, the government stepped in under president bush in 2008 with tarp, and it was very -- neil: that was charted with president bush? >> yeah. and recovery act under president obama at the beginning of 2009. both very controversial. i voted for both. both imperfect. but i think without them, we haven't have come out of the deep recession we were in. neil: others say it's the federal reserve keeping rates so low for so long. >> i think it was both. i give the fed the credit and,

of course now we have under president trump the tax cut and deregulation, which has given new energy to the market. so the one part of his economic policy they worry about, and again, you can criticize those two things, too much tax cuts, too much dereg, but overall positive signals to the business community. trade wars worry me. the possibility of a trade war worries me. i keep thinking that president trump or the people around him are smart enough to know when the time has come to negotiate, and particularly with china because china is big, they're not -- they have their weaknesses economically but also proud, and i worry that this could get into it, yeah, you think we're going to raise my tariffs, i'm going to raise yours. neil: ronald reagan used to say, never rub the other guy's face in it. let him walk away like he's got something. what do we do, if we want to get something from china to get them to also look and feel

good? >> i think there's a deal to be made here and both sides look good. i take hope on whether strong trade policy will lead to a trade war in the recent go-around with the european union. looked like we were going to start trading rising tariffs, and then the president of the eu came over here and he and president trump agreed, let's put the brakes on, sit down and negotiate. neil: he didn't really iron out deals other than say we're going to stop you know what on each other. >> that's good but we could use that on the chinese. neil: when you hear members of your party, you are independent now, saying tax cuts are a mistake, crumbs, chump change and all that, is that a bad message to have on the stump. democrats are saying this is going to give them back the house. do you think so?

>> i think, look, candidates got to say what they believe, it's risky to run against tax cuts. i happen believe to that the tax cuts were too much and they're going to contribute to our long-term debt down the road, and that's not good because our kids and grandkids have to pay it. neil: the respite tax cuts, when smart people like yourself tell me, i say all right, fine, why aren't you worried by the 10.5 to 11 trillion in additional spending. >> you have to be worried about both. you really do. if you ask me should we have a tax cut this year? my answer is yes. my concern is only a matter of degree, if you ask me now to be a political analyst, if you're a candidate for congress this year, you got to be explicit why you are against the tax cut or it's going to come back and bite you. neil: would we have the bull market or tax cut without the strong economy?

>> not with the drive and energy we've got now if we did not have the tax cuts that were adopted. i think it's just a fact because the businesses have a lot more money in their pockets, in their accounts, and there's a lot more going on, and it helps to fuel more investment in technology that will sustain the bull market. obviously, it raises questions. what do we do about the people who can't keep up with the highly technological economy we've developed today? but, look, productivity has gone up again in the recent numbers, amazing. neil: donald trump says it's all him, he inherited a mess and it's all him. >> i tell you who it is. he helped. president bush helped. president obama helped. maybe even congress helped a little bit. it's the american business. it's the american entrepreneur. it's the american innovator, the engineer who comes up with a new technology. neil: if hillary clinton had been elected.

i know it's a bug scheme. where do you think we would be right now? >> i think the economy would still be growing, probably not as it is now but solid growth. and i think we learned a lot. here comes the fed now playing a balancing role to the extent that the president is not happy, but i think powell is doing the right thing. neil: the president's criticism just shot up? >> you think i have the capacity? [laughter] >> i wanted to zing that in there. >> i would say that would take prayer and probably a miracle. neil: you are probably right on that. senator, always good seeing you over all these years. calm in the middle of storms and calm in the middle a run-up. up 106 points, something the senator said buoyed more. did the government signal that they're going to get itself involved in policing social media companies? he said they haven't done enough so is he also signalling that he's going to do the rest?

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neil: every type i see a quote from the president commenting on something, i feel compelled to do is voice. i don't do that. he said very dangerous, what the social media companies are doing. he of course has been a very big critic that they skew liberal that they punish conservative thought, thinking, points of view. if they don't change, maybe ultimately it will be up to him. tech analyst and also fox business's kristina partsinevelos how far the government goes. what do you think, kristina? what are you hearing? >> what am i hearing? a constant debate everyone is having at the moment. i don't believe the government needs to step in but a needs to be a body. zuckerberg says it is inevitable regulation will come. do we let them do it? no.

i don't necessarily think the right way. they took down police brutality videos a while back. there was huge backlash because of violence in the videos. there is a very, very thin line, with pornography, do you take down images of breast cancer survivors or women breast feeding because the breasts are on the air? i do believe there needs to be a body but not necessarily the government. neil: i look at iting a no, sir i cannily because i feel there is more zeal to take down conservative sites over liberal. i'm that is my bias, i'm cognizant of it, i police and watch it, but they almost can't help themselves. conservatives who feel they're being hosed by social media giants, where is their relief? >> well i think you remember these platforms are set up to be businesses and, so, no different than fox is a business and wants to do things friendly for

advertisers. neil: even bill maher says alex jones says you have a right to hear his crazy views. by the way he is obnoxious in every sense. what do you think of that? or should the government let that all get out there? >> depends, i agree with chris kristina, they own their facebook channel and twitter and right to see it. if certain things are hurting users hurting the platform they have a right to police it as such. i agree, zuckerberg said it is inevitable someone will intervene. neil: because he screwed up. >> there is hard to police something like that. there is no algorithm. there is judgment call. when certain demographic where it comes from, tends to be a liberal bias but i'm not sure how you remedy that. neil: i get nervous government deciding how you do it. i don't care whether the government is under liberal control or conservative control. what is the answer? >> right. federal reserve is an example. supposed to act independently.

the president is weighing in. those should be two separate entities, monetary policy should be separate. tech companies maybe we need to redefine what they are called. are they content providers or publishers? they need to be accountable. fox, we want to be accurate, we backtrack and apologize if we made a mistake. when it comes to facebook those algorithms right now, you don't put revenue ahead of truth. >> someone argues talk about whatever bias you want it, was social media helped get the president's message out more than traditional media. might be helping him more than hurting him. neil: can you police the thoughts of your users? a lot of people who write this show say very nasty things about me and hurt my feelings, make me want to cry. that is just from my director here. but, there are others who like, your analogy with fox and what we present, the professionals,

or whatever, but our viewers are right and have the freedom to comment on everything we do and -- >> we get it on twitter. >> right. so that is what some people read comments and accept them as fact and face value. do you let that go? >> i think it's a tough decision but i tend to agree, but what they wind up doing, they hue whatever is friendly to advertisers. the platforms always strug belled to prove their value per se. you see youtube, they create a next level of premium content. ad buyers are used to spending dollars in traditional media. if you want to court them, make a brand safe environment. see all the news stories. neil: if it is too vanilla, no one is interested, right? >> fair enough. they get slapped for spreading fake news. what happened here. all these bots went out of control. there is a lot of proliferation of bad information so they have to police -- neil: conservatives say the all terntive they're present

something fake news. >> treat the advertising ads as like we do with the political campaigns. the fact that there is a federal election committee says you need to show who finances those ads. we start doing that on platforms as well, we know at bottom of the screen, that doughnut add comes from somebody i'm unaware of. i they have transparency is an issue. neil: why are you picking on do now adds. neil: >> it would be pretty bad do now ad. >> i'm hungry. first thing that came into my mind was a poor example. neil: right. >> overall i think transparency need to come out, that is the issue. these social media companies are facing all of this for the first time, they're grappling with how to improve it. should they be regulated? should be an outside body of stakeholders have an interest, including maybe a government official. >> the reason he picks on alex jones he has following, people like him. million other people mini versions above him, they

wouldn't break above the fray. neil: what certifies as crazy? >> you have a right to say whatever you want in this country. he has a right to build his own platform. build your own platform. facebook, twitter don't need to have you. that is their prerogative. neil: maybe that will be the middle ground. >> 100%. you have an audience, build them. build them on platform shuts you down for just or unjust reasons. you migrate your fans over here. the way the guy went to the blaze. you bring your audience with you. neil: i'm -- interesting how tragic his fall, the guy that went to the blaze. to anyone's guess. not a guess what happens at corner and wall. s&p 500 about a record. the dow itself about 2% away from a record. tomorrow could be the big day. kristina, you know what you're wearing tomorrow? i don't know what i should wear for record day? >> record day i will wear green. i will be in d.c. i will not wear green. i don't know why i said that. neil: i am wearing plaid to jar

a few people. that is the way i roll. the worries are mounting too from one market technician is apt to say we're so overvalued for now, we're due for a big fall. a technician who literally works across the street from him said, we'll double from from here. okay, pick your not so poison. ♪ hawaii is in the middle of the pacific ocean. we're the most isolated population on the planet.

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neil: all right ahead of tomorrow's big day, unless we see a 20% falloff between now and tomorrow, the we have officially the longest bull market in american history. gerri willis is keeping track of records being made as we speak right now. gerri. >> that's right, neil. turn your mind back to 2009, nine years, five months and 13 days ago. something going on behind me there, we don't know what it is. that is how long ago it was. kate gosselin and swine flu,

remember that? there was also a massive rally just getting underway. apple shares up, 1700%. look at that, from then till now. amazon up 1800%. alphabet up, 1,000%. so i went back and looked at apple. it was the year of the marc minute mini. i can't tell you what that was. suffice it to say it was a big year. microsoft up 91 points, 605%, pardon me. i think you're thinking, gerri, where is facebook? well facebook wasn't even a glimmer in anybody's eyes in 2009. it didn't go public until 2012. that is why it is not on the list. let's look at financials, you want to know what big banks are doing, goldman up, 22%. morgan up about the same. ubs up 118%. these are stocks widely-held, stocks people love to know b. look at consumer staples.

mcdonald's starbucks, nike, mcdonald's up 209%. starbucks, up 700, this has been a major bull market. neil, i got to tell you, i was out on the street really literally moments ago, talking to people about this bull market. they fell in one of two camps. they didn't know where the bull market was, or they shared their list of stocks they made a lot of money off up. so people are really plugging in. fyi, fidelity last week said, that the number of 401(k) millionaires they have has hit a new record high. so that is interesting, right? people are actually cashing in on this. 401(k)s are up 6% year-over-year, at fidelity. that is good news. neil: indeed it is. with a 55% or so invested in this market, you wish it were more. >> yes. neil: thank you, gerri, thank you very much. >> you're welcome. neil: staying with perspective on that. remarkable as it is they always tried to characterize this as

political back and forth, only a small subset of the population participating. 55% is a big percentage. so many people could take advantage. >> i agree. i think one of the biggest news items is jpmorgan's news, they will offer free trading online. neil: wow. >> 60 million customers. first 100 trades completely free. it's a way of them recognizing this market. saying hey, you know what? there are a lot of younger americans, younger adults i think i read recently, millenials sitting on 24% cash. so there is some serious opportunities here for some of those people who never heard of the bull market. certainly they will very soon. so you know, i always get frustrated with that, neil. it is so sad, so frustrating that people don't have the confidence to go on the knowledge that they have, that they don't, they never been talk to connect the dots or have confidence when they do connect the dots. neil: you and i known reach earth many, many years. throughout the good times, bad

times, rough times, you always expressed an interest in the fundamentals of capitalism, our country, through barack obama, through this president. still feel that way now? >> i feel that way even more so right now. and i like the idea that there is a certain amount of clarity also coming -- it is so funny, what i like with this whole tariff debate, for instance, not really a debate on wall street, sort of a one-sided debate. we had that fight for a long time about climate change, whether it's a settled science. i think you know we're finding that a lot of folks on the right who believed that adam smith and milton friedman is a settled science. i think there is room for everything to evolve, even capitalism because there are certain things can be done or certain rules we should find. i think corporate america, might be ahead of the curve on that too. what i'm seeing fundamentally, it is really great, this particular market, this leg of the rally is fantastic.

yesterday we had the airlines came out of nowhere and made a big bounce today. we have home builders that are up. these are lagging areas that now money is finding its way into, rather than going to the sidelines. neil: still have a lot of people, a food -- good number are nervous. you never want to get too cocky with the stock market. neil: buy something that mirrors the dow, s&p 500 the nasdaq, whatever, would they be too late going in right now? >> i don't think so. my biggest fear, people wait, wait, then they buy. they have bad experience, one trade, one investment, one stock, they write it off again. listen if you do get involved, forget about whether this is the right time. make a pledge for it to be a life-long commitment. you will certainly be spot-on. you will make it. there will be a another crash. it will be followed by another rally to a new all-time high. that kind of thing goes on, has gone on for over 100 years. if you look at the numbers gerri put up, people saying to

themselves i frequent all those, i use all those things in my daily life. i go on google every day. i buy something from amazon every day. why didn't i think i should be part owner of the company. that is essentially what we're talking about. do you want to be a part-owner of any company out there you think it's a great company. neil: you doesn't buy it's a rigged system, argument that is against the little guy? >> day-to-day volume is extremely rigged. i watch volumes. 90% of all news to the market is leaked to some degree or another. i don't blame people if you're trying to trade with the big boys, playing the game, good luck to you. if you stick with the fundamentals, go through, read, why is retail doing so well? everyone of these companies saying the same thing. traffic is through the roof. people are leaving their homes, leaving their laptops, going to the malls right now. as a consequence they actually have pricing power. that is good stuff. that is not going to changeover

night. you're right, day-to-day it is rigged. it will be rigged for the big investors. so if you're trying to play the short-term game, makes the it more like going to vegas. neil: don't espouse the virtues of shopping. calm down. it was a big deal when we hired him. his people have people. that is how big of a deal charles has become. we have more. the dow is up 125 and 3/4 points. most of the sectors were up again on optimism ahead of the big day tomorrow, which could be a he have, very big day.

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neil: given what we're on the verge of seeing tomorrow, may be the longest bull market in american history but socialism is gaining popularity within the democratic party. bernie sanders says it forms the majority of the democratic party and he said majority of the americans. what do you think of that? this notion in the middle of this run up, you have a lot of democrats campaigning on the notion it is not for everybody. what do you think? >> what is really most disappointing about it is, this run-up is such a great

opportunity for every american. there are ways to address what people perceive as this unfair inequality system, that the market would allow. with these socialist tendencies and aspirations people are ignoring this opportunity and they're almost fulfilling their worst fears. neil: so, how does that play out, vanessa? if people are of the mind set, they're just automatically assuming the worst, right? >> yeah. of course they are assuming the worst. i'm originally from venezuela. that is the ultimate cautionary tale of beware of socialism. i emphasize throughout, that once the government makes away your means to transact, the ability to feed yourself, the means of running a business and buying from other people, and controls your currency, you're in trouble. they take away all your power. you should be aware of that. very often become as blanket for

corruption. that is not going to help anybody. neil: it is what it is. the market run-up it is what it is but for half of americans not involved in this market were not involved in it, indirectly they might have been through plans at work or indirectly, but how does that hit voters again? >> here is the issue. for a lot of people when they see with happened in former soviet union or in cuba, even what is going on in venezuela, it is a lot like putting the frog in a hot, steaming, boiling pot. what socialists like to do is just turn it up a little bit, just turn it up a little bit, and a lot of americans look around and they think, oh, free education, a lot of free goodies, that couldn't be too bad. what we have got to do is help americans understand the best way to get those great things is, if you turn the water completely off, and you let the

free market allocate those resources. neil: i don't see a clarion call of everybody to that, vanessa, with do you think. >> i absolutely agree. i love horace's description of boiling water in a frog, something i used myself. i love it and entirely accurate. i am myself not opposed to free education, once again, once they take away your means of production, which is what the basis of socialism is, let's be clear, your means of exchange, you have no way to get them out, or to, get out of the country or to transact your way out of a difficult situation or even to vote them out. so don't do it. neil: all right. guys, thank you both, very, very much. you brought the goods. >> thank you. neil: up 128 points. more after this.

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. neil: all right. a lot of people are pouncing in the middle of this market rally on comments that massachusetts senator elizabeth warren just made speaking to an audience of the national press club, outlining attack plan to weed out government corruption, a plan that would include congress not being able to own stocks so it will be unduly influenced by the markets or outside pressures. she was asked whether she was entertaining a run for president in 2020. she said i'm not running for the president in 2020, running for senate 2018. important fight is in the midterm election, and as my

producer and i were discussing, this is the view she echoed before. doesn't mean she's not running for president in 2020, her focus quite properly is on the senate seat and not trying to get ahead of herself. i don't believe that is different from the past but people pounce on that saying she was taking herself out of the presidential race in 2020. i think that is a leap, standard fare for candidates who want to get past 2018 and see what happens. which appears to be the case here. we could be wrong. passing that along. also passing along a record for the s&p 500 and dow the same officially the longest bull market run in american history. adam shapiro at the new york stock exchange with more. reporter: we hit record territory on the s&p 500 intra-day, 2873. if we can look at the charts. keep an eye on the dow, if we close above 25,886.

we're keeping an eye on the dow and the dow did hit 25,887 not long ago. that's one of the things investors are watching. the other thing with the s&p 500, 79% of earnings reported so far for the second quarter beaten earnings per share estimates. lot of investors happy with where we're going and pricing in when you speak to different investors one more rate hike from the federal reserve at the september meeting. in fact, when you take a look at fed futures, 96% are counting on a fed rate hike to take us from 2 to 2.25. the question is do we get one in december? lot of people watching jerome powell speaking at the jackson hole symposium that the kansas city fed puts on friday morning and correspondent ed lawrence who covers the fed is going to be there. he's going to bring you the speech as soon as the embargo lifts. people looking at hints as to the direction we go toward the

end of the year. back to you, neil. neil: all right, my friend, thank you very, very much. in the meanwhile, whatever we debate tomorrow at this time in the longest bull market in american history. who takes it now in the president? the president beforehand? is it barack obama? donald trump? to real clear politics co-founder tom babin and liza collins. my easy answer is both can take a bow, it obviously started in march 2009 when we had just breached the low on the s&p 500 ironically enough 666, i'll leave that to other folks to discern, but that we started coming back since then and to credit where it's due to president trump, you know, he kept it going. tax cuts, regulations, you name it. what do you think? >> i think you're absolutely right that they both can take a bow. i think the more vocal bow will probably come from president trump. we can expect some tweets and

exactly his agenda, the deregulations, the tax cuts, that was the biggest piece of legislation republicans in congress were able to get over the finish line. you can't deny that that is probably having an effect on the economy and the stock prices, and so i think that we'll definitely see trump taking a lot of credit, though there is probably credit for obama as well. neil: there's a third guy we leave out tom bevin, that is ben bernanke, people i talk to, which is pretty much everyone at fox, sadly everyone is much younger than i am. tom, if you think about it, he forced interest rates down to essentially zero. kept them that way for years, that did a lot right there. what do you think? >> yeah. i think that's right. there are a lot of parts to this, and certainly obama is going to take credit and obama's former administration officials are going to take credit, i agree, i think bernanke takes credit. i think donald trump, this is

his economy and became his economy once they passed the tax cuts. you've seen that in the data and the numbers that people now, if the bull market stops, donald trump is going to take the blame for it. it's his economy and you're right, there was also this idea of secular stagnation. this was the new normal, 1% growth. trump busted that myth and there's more optimism in the country because of the accelerated growth in the last 18 months. neil: you know, eliza, you could argue there's a new math to the multiples we assign to the markets maybe not because of the tax cuts, maybe because of earnings and maybe because of both, you could argue and i talked to bulls on this show, say, you know, this has a longer run to go, and even the record that it would break from the 1990s, you know, that market appreciated more than 400%. this is a little more than 300%. their argument is, hey, we have a ways to go. what do you make of that? >> i think that is certainly

what donald trump and the republicans are hoping, especially going into the november midterm where they have an uphill battle. having a strong economy really helps, and like you said, people -- it's trump's economy now, so people right now are thanking the president, thanking republicans, if it dips, they're going to blame them. they want that to keep going, certainly hoping that the bullish estimates are correct. neil: we always blame presidents when things go bad. give them a bow when things are going well. they can turn south fast. tom, do you get sense this is going to help republicans in the midterms? there is still the talk of the blue wave, it's a palpable rally, which it is, based on strong fundamentals, which it is. you would think we are seeing stronger poll numbers but could be like 2016 and the numbers are missing it. what do you think? >> this is the $64,000

question. obviously having a strong economy and having the tax cut, the only thing republicans have to say this is what we got done while we controlled all branches of congress, better than not having it. neil: very good point. >> is it enough to lift republicans or, you know, defend them against the democrats's enthusiasm which is clearly there and the blue tide or blue wave or whatever it's going to be. we don't know the answer to that. and cuts both ways for republicans, better economy means people are secure in finances, think about other issues, like education, health care, et cetera. on the other hand, democrats can't ignore the economy, can't say the economy is terrible, that defies logic and reality. that i have to deal with that as well and the economy is good bucked be better or look at income inequality, those are the things. it's a tricky wicked for both sides and unclear how it's going play out. neil: eliza, it's weird in that the economy itself is one of

these things that might take all these other issues off the table, but if you're feeling good about things, less inclined to go out to the polls, right? barack obama discovered that the hard way even in the 2014 midterms he wasn't on the ballot. the economy is humming along, serious concerns about the health care law. they still lost seats. in a midterm, this stuff might not matter as much? >> republicans have to rally their base and have to rally beyond their base, those independents, soft republicans that might not show up for a midterm and say if you like the economy, come out for this. you might not like the president that much. you might be uncomfortable with the things coming out of this white house, but you like the economy, show up. we have to see how they campaign. is that what they're campaigning on? or are they campaigning on nancy pelosi and the far left for democrats and which strategy works? we're kind of watching how this takes place across the country. >> we are indeed, and very

different views, guys, thank you very much. i always appreciate it. >> thanks. >> thanks neil. neil: how would you like to be jerome powell, in the jackson hole, wyoming conference. damned if he does, damned if he doesn't. the president is scrutinizing his rate hikes saying apparently we're told from a bloomberg report, this crowd in long island over the weekend that he's disappointed the guy. aggressively raising rates, doesn't think there is a reason to do that, that it could snap this growth spell we've been on and robbed of full potential to. americans for prosperity president tim phillips. i'm thinking, i'm so glad you came in today, just the guy to ask this president. we've seen other presidents express frustration with the federal reserve, just not as loudly, vocally or bluntly as this, and i'm wondering if it does put the federal reserve in a bit of a box here, that every decision will be scrutinized through the prism of political

pressure if they go through with the two rate hikes and down to one rate hike because of the pressure, if they go despite, it it's because they were trying to avoid the pressure. what do you think? >> you're exactly right, historically this happened. i remember reading about the nixon era where nixon infamously pressured the federal reserve folks to keep interest rates low and led to additional difficulties by the time you get on mid and late 1970s with the economy. neil: right. >> we believe let's keep politics out of, this and neil worth noting that artificially low interest rates can have a downside, penalizes americans who scrimp and save. senior citizens it can make things dicey because the traditional means of return for them are not there. it can lead to instability as financial institutions are chasing profits because you can't get them by traditional lending with rates artificially low. so the president deserves so much credit for a lot of the good that's happening

economically that last panel mentioned the tax cuts and regulation, the knocking down barriers to entry by getting rid of regulation and red tape. dodd-frank important for community lending locally, but it is worth saying hey, let's be careful, let's make sure we don't overly politicize interest rates because as much as possible we would like the market to set them. neil: surprisingly, the market, tim, even after the president made these remarks, first did a cnbc interview and the follow-up with the fund-raising group and i think in the hamptons last week, they were nonplus. maybe they've seen and heard this stuff before from the president. he speaks his mind. you know, we don't think it will put untoward pressure, i guess judging from the response, they don't think it's going to put untoward pressure on the federal reserve. that alone interested me. normally markets are gyrating on that kind of news. >> i think that the markets know how strong this economic

recovery is, neil. it's a good one. we're seeing sustained growth, consumer confidence at a high, almost two decade high. unemployment rates are generally lower. workforce participation, neil, you've seen that level going up to levels we haven't seen in more than a decade. a lot of good policies are coming out of this administration, and congress is absolutely helped as well. i think, though, that the danger would be longer term if rates are are artificially held lower than perhaps the economic growth would dictate. it could lead to instability in the markets. it distorts the market place. undue political pressure can often manipulate the marketplace in a way that can hurt long-term. i think the danger is more long-term rather than a market gyration. the market in the near term seems to know this is a sound recovery we're seeing. neil: you know the flip side to that is they might be afraid,

the federal reserve, to agitate what the president is saying, wouldn't they be afraid if they were to continue hiking, they're going to bring an inverted yield curve. shorter-term rates start going higher. the longer-term rates coming down through the trade impasse and friction globally, that might be a reason they hold their fire. >> yeah, that's a possibility. i would say, this i know we don't live in a perfect world. i get that, ideally zoont a federal agency, you know, frankly setting the benchmark like this on interest rates. you would have the market doing it more. i know we don't live in that world. it's the federal reserve, it is what it is. i hope they continue to carefully make decisions based on best sense of the economy and not on political pressure or statements from either side, by the way, whether it's democrat administration at some point or republican administration, but in a perfect world, i think it would be better, if you had the market doing this, and rates would more accurately, we know,

reflect the reality of the marketplace if you had that. i know we're not there. i get it. but it's the federal reserve. neil: yeah, the market rates are the ones that are ridiculously low. you are quite right. tim, always good seeing. >> you thank you, sir. >> russian hackers are going after conservative groups. not just any groups, the ones that have serious issues with vladimir putin. isn't that weird? after this.

hey, you every talk to anybody about your money? yeah, i got some financial guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you. it's a revolution in sleep. the new sleep number 360 smart bed is on sale now, from $899, during sleep number's 'biggest sale of the year'. it senses your movement, and automatically adjusts to keep you both comfortable. it even helps with this. so you wake up ready to put your pedal to the metal. and now, all beds are on sale. save 50% on the new sleep number 360 limited edition smart bed.

plus, 24-month financing and free home delivery. ends saturday. sleep number. proven, quality sleep. . neil: all right, stocks are on fire right now. and people are getting fired up about reports that russia is back targeting groups particularly going after conservative groups. and those particularly that have parted ways with the president when it comes to russian threats. very, very selective whether to believe all the press. to john hannah. john, at face value, what they're going after those who don't think much of vladimir putin. that's the gist of it. what are we to make of that? >> first of all, it's a potent reminder, neil, when it comes to this information warfare, the russians are equal opportunity threats, both to republicans and democrats. doesn't matter what your political party is. neil: you're right about that, but they do it so easily or

make it look so easy. >> there, they insurgent are engaging it. this threat continues and obviously got to look out for the midterm elections, but the fact is an important point that happened here, this is announced by microsoft, allegedly exposed by microsoft and the websites were taken down by microsoft. we're beginning to get that kind of critical, public-private sector partnership that we're going to need if we adequately respond to this continuing threat that the russians and other adversarial intelligence agencies posed to the united states. neil: why is it so easy, john? even if those looked at this and defended the president and didn't alter the election outcome, you think it would tighten things up to make sure this kind of thing wouldn't happen again, where we wouldn't be raising the questions again but here we go again. >> yeah, part of the thing is that we -- it's clearly the

russians still see this as a cost effective maneuver, so discord and chaos within the united states and to undermine u.s. capabilities to be able to respond to the russian threat. so one way or another, we've got to get united, have a bipartisan response that figures out some kind of menu of penalties that we're going to impose on the russians over time in a sustained way, that's going to deter them from believing that this continues to be in their interest to attack our political system. neil: what do you think of what our response has been in the president has been open, especially in light of other incursions and aggressiveness on the part of the russians to slap additional sanctions on them. they have yet to be delivered. but my point is that whatever the coziness or perceived coziness, he's gotten much, much like with his old friend president erdogan in turkey. what do you make of that? that he is changing his

posture? >> it's absolutely vital. we need the president operating, firing off of all cylinders here together with the congress and frankly the american people and the american private sector. and some kind of coordinated, comprehensive, long-term strategy that's going to impose real costs on our adversaries who believe me, are using these new technologies and tools to come after us every single day. neil: all right, john, it is scary stuff, as you point out, regardless, both sides should be uniting this front to stop it. john hannah, former national security adviser to vice president cheney. tesla still can't get out of its own way. we'll prove it and show it. after this. you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake.

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. neil: all right. maybe this is a comeback? hard to say, tesla is up nearly 4%. trying to break a four-day losing streak.

the "wall street journal" is reporting tesla supplies are getting worried. so worried they're demanding cash right now and we'll deal with all of this later. charlie gasparino spin on the story unlike anyone i know. >> one of the reasons the shares are up is a report we put out on twitter, elon musk and tesla are now in the process of retaining bankers and advisers as the company does make the steps forward towards a privatization. take out funding secured. take out the tweet that got him maybe in trouble with the sec, there is a whole financing dance going on right now between tesla, elon musk and wall street to maybe bring this thing private at some point. here's what we know. morgan stanley is moving toward being retained as a possible adviser on the deal. morgan stanley i've been told by people close to the company could represent either the company, the board or elon musk. i don't know which, and makes a difference between the three.

elon musk has already, what sources are telling us retained goldman sac goldman sachs and silver lake partners on a possible deal. may add morgan to the list or may be the company retaining a banker. why is that important in the company wants to show divergence between elon musk, we have our own set of eyes and ears on any privatization plan aside from the ceo. we are going to -- we're the company, we're theoretically fiduciaries to shareholders, not just the ceo. that will be interesting to see where morgan stanley stands up. what i understand, they're all but retained, all last minute, they could back out. neil: could the securities and exchange stop this in the middle of the investigation? not so fast. >> one thing i will tell you, from my sources close to the investigation, which we were able to break the first story that reached a formal stage is that the sec is very cognizant about blowing up a potential deal that would be good for

shareholders. take out fact of what elon musk did. and i think most people, even inside the company continuing was an outrageous tweet to put out at that point without consulting the board. neil: punish the guy in one way, shape or form. >> might have to punish him, i don't think they want to punish the shareholders. neil: right. >> this needs to play out a little more. they're between a rock and a hard place. they don't want to blow up the deal, i know that for a fact. if there's something viable here. i'm not saying it's viable. if this is viable, they don't want to blow it up. at the same time, they can't get a ceo make a materially false statement to shareholders that jacks around the stock. that's where they're ending up. from what i understand, what we reported yesterday, could this be an interesting week, interviewing musk and the board about the funding secured and veracity of it. neil: anyone from saudi arabia say anything? >> no, no. clearly they've had talks and

maybe they will fund the whole thing but doesn't sound like that's what's going on. even if they fund it. were they nailed down to agreeing to funding when he said it? the subsequent blog post was, oh, we're in talk, i walked away feeling it was likely to happen. so remember, there's daylight between his very definitive tweet and what he would say subsequent to that. neil: all right, if you still weigh the ods of the company going private, it's a possibility? >> it's a possibility. i don't know. this company has financial problems. they burn through a lot of cash. they need cash, they have production issues. you read the "wall street journal" story. whoever takes this private is going to have to retrofit it. it doesn't have very good management, obviously. neil: yeah, you know, you're looking at this big day tomorrow when we have the longest bull market in american history. people saying it is getting

long in the tooth. both parties are taking a bow for this. obama and folks saying it started with us for the better part of 7 1/2 years. trump folks saying we put it on steroids. who gets the credit, you think? >> think trump deserves the credit. if he doesn't do anything stupid with trade. i'll tell you why, usually the bull markets and economic expansions have a shelf life of seven years. donald trump did something amazing, he elongated it. it wasn't just him, larry kudlow, whose birthday i went to saturday. mick mulvaney, paul ryan. neil: you were invited? >> someone in the white house likes me. neil: yeah, because i wasn't. [laughter] >> you went to the trump fund-raiser where he went to fire the fed chair. neil: right. >> i'm saying trump didn't invent the tax cut and deregulation but he put together -- neil: without the tax cuts and deregulation, it would have --

>> probably. that's what history tells us. neil: the unsung hero is bernanke. i'm not saying that's a good or bad thing. the fed kept rates so low for so many years, without that i don't know if we could have done any of this. >> yeah, ben bernanke is a student of history. i went to a conference once with a guy named kyle bass, a really good investor and made a lot of money during the financial crisis but lost money early on because he didn't predict. i asked him, i said how come you couldn't understand when the dow hits 6,000 that it would rebound from that. he said how would i do that ben bernanke would print money? and i turned around and said how did you not know that? if you look at ben bernanke, a monitorist, studied the great depression, it's pretty much common knowledge, what's the one thing the fed should have done? pump tremendous liquidity. neil: he got that. >> and stopped us from

literally going into a depression. when the banks became unimpaired. great depression they were impaired. neil: absolutely. >> we had jobs. neil: i think he's the unsung hero, whether you like federal involvement or the federal reserve, without taking that leap, i don't know if you would see it. >> i think he did a great job. i don't know about unsung hero. i think he and the other guys created the economic conditions that led to the situation. neil: absolutely. but it's like second-guessing fdr and the time and a moment and that was that time and moment. you are just a child back then. >> i was at cnbc kicking everybody's rear end on news, breaking news. neil: and look at you now. >> now i'm kick their rear end. neil: yeah. that's what we prefer. charlie, thank you very much, charlie gasparino. you're in the middle of this and you're thinking is it too late for me to glom onto this, and start thinking of energy as everyone is taking advantage of. guy who is the authority on

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. neil: all right, we want to keep you up to date on post malone, a rapper that's making an emergency landing after blowing tires during a takeoff at teterboro national airport in new jersey. it was headed to london, going to make a landing in massachusetts. the pilot is circling westfield massachusetts to go through the fuel so there are no untoward incidents here. they're going to try to make this landing within the next few minutes. hope everyone is okay. i think they're up to 16 on board the plane? so we'll keep an eye on this. in the meantime, keeping an eye on a moment of history that becomes official tomorrow. longest bull market in american history.

now what do you do? and do you want to be part of it? so many people say we should get involved in the stock market. little more than half the american people do. chris hogan, multiple best-seller with his read on that and what he tells folks. good to see you. >> thank you, good to be with you. neil: what do you tell them. people hear this, and gosh, if only i got into apple, amazon, if only i got into the market, i didn't, i didn't, i didn't. >> hindsight is 20-20. be careful we don't repeat a cycle. we've got to wake up. we've got to understand money is a skill that you have to grow and get stronger. it's like a muscle. if you don't grow, you get weaker, and fall prey to the things that are happening over and over. i want people to glance back but get intentional, you heard me say it for years. get on a budget, start to tell your money where to go. get yourself out of debt. debt is a thief, it steals from you now and later.

neil: if you are paying double digit interest rates, it dwarfs whatever you try to get in the market, so get that out of the way, easier said than done. >> it is, but i've done it. i've done my financial stupid so to speak and had to do the cleanup and it took effort and focus. neil: how long? >> about five years, that was being intentional and looking at it all the way around. i tell people look at debt, see it for what it is. it's not a tool. it's a thief. make a list of debts, smallest to biggest. getting out of debt is not about math. it's based on size, smallest to biggest. make minimum payments on everything else but throw extra money at the little one. getting out of debt is about momentum. you change your mind-set because you are doing it. neil: you are not looking at the highest rate loan, the smallest loan so psychologically you are clearing the debt? >> absolutely right. psychological shift, what you're telling yourself is maybe i can do this.

and i've seen this. we've helped millions of families get out of debt and build wealth. they attack it and change thought process and start to believe, this is something i can do. and when that lightbulb goes off people start to make life change. neil: you and i have chatted about this before, it's not rocket science, money in, money out, if you are shipping more money out than is coming in, you are in trouble. >> it's 20% knowledge, 80% behavior. we have to do the things that lead us where we want to go. and it takes courage to begin making sacrifices to sell yourself no. we have to be adult enough to know the difference between a want and a need. neil: we tell our kids they don't get what they want, they get bummed out and the face, what do people tell you, chris, my wife and i enjoy going out for dinner and a movie. what do you tell them? >> anything that's worthwhile, take sacrifice and focus.

we're not saying you can't do some things. too many people get up in just the doing, not preparing for later. instead of eating out five nights a week, go one. or if you get super intense, you cut things back, we have to redirect our effort as well as our money. neil: what about people that look at market, i should be in it, and they come to you and say chris, i'm going to blunk down money in the performance of the dow, the nasdaq, whatever, you know it had a great run on. you could have said the same two years ago or three years ago, how do you advise them? does it depend on time horizon? how long they're going to keep the money there, what? >> when you are investing, that's five years or longer, understand that mind-set. what we have to understand the risk tolerance, how much time do they have? what is expected goal? i intend to forward people to a financial adviser, an investment professional to walk through that. we help people with the plan, the understanding, the budgets,

the saving. neil: some people have a low tolerance for risk. they would avoid technology stock. >> and single stocks, neil, are volatile. >> that's the thing that helped me make a difference in my life. i want people to understand where they are. single stocks are like going to vegas. everybody on the plane out to vegas is excited. i've been on the plane rides back where they gotten stung. if you can't explain it to a 10 or 12-year-old, you don't need to invest in it. neil: whose rally is this? donald trump's or barack obama's? >> i think we can get caught up in the government, right? the government's job is to protect us. i think ultimately our economic progress, our economic focus starting in our homes and i think it's people rising up and take control over where they are. the bull market, i tell people don't get caught up and have the bull market have you believe bull. there's no one that's going to

save the day for you. we've got to stay focused, get on a spending plan, debt reduction plan and have emergency fund when. people do that, it doesn't matter who's in office. we're in charge. neil: you are so focused on the red and the blue, you are losing sight of the green. >> i'm going to use that. neil: very intimidating figure. your handshake is worse than your voice. >> stop it. neil: you broke my hand. >> i'm a kind man. >> you are a kind man. chris is the authority on this. a lot of it is common sense. stay calm, one step at a time. when you get that all covered, whether you could treat yourself to smartphones that are coming out, including the galaxy note 9. you know, if this thing, if you bought this completely souped up, i don't know if chris would do this, he's a little on the cheap side but he can afford to be, it's over $1250 for the full model.

tech analyst, that's -- that's incredible, that's what's going on. >> yeah. neil: and they have a lot of orders. >> they do. that's where we are. if you want the highest of the high-end cell phone, 1300 bucks, here not considering tax. consider the tax. neil: what's the draw with this one, does it risk cannibalizing the 9 plus and the other ones? >> sure, i think what you're going to see with this one, this is not the world-changing cell phone where you get this and it's like, oh, completely different from the last note, for example. obviously, the internals are better, the camera is better, it's got this better pen, but by and large, this say spec upgrade. not a top-of-the-line for samsung. neil: people thought who's going to buy these? they've all gotten big. where are we going with this? >> i think there's a demand for

everything, really. people want either they want their phone that is almost like a tablet. some people want a phone like me. i can't fit this phone in my pocket, it's too big. you can see it right there. it is outrageously large. it depends. people are making phones for different, you know, demand sets, basically. neil: you know, i see it, maybe i use my own teenage sons as an example. they do all their computing on these devices. in the day i used to have a laptop, most of their computing, most work is done on twices like these. is that where we're headed? >> yeah, samsung has the ability, you can plug it into a monitor and use it as a laptop. that technology is not there yet, because of the way android works, it is clunky. you no longer have a dedicated laptop. you have the thing that you carry in your pocket and plug it in. nintendo had the same with the switch, essentially the same

idea. this modulity is definitely the way things are going. neil: now i'm afraid to quote and you justify buying more of these type of devices. >> i didn't say that specifically, neil. neil: you kind of did. but you're a genius, they are right to admire you. russ, thank you very much. good seeing. >> you all right, neil. neil: look at the stock market going so well, and democrats not feeling so well. is that a fair political fear? after this. nah. not gonna happen.

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. neil: nancy pelosi isn't crucial to that. in other words, if you were to win, that you would be looking elsewhere? >> i'm looking elsewhere because we need new leadership. neil: what's happened to the leadership that you've seen? >> i think the whole country has been disserved by hyperpartisanship, and she and other leaders in chris smith, who i'm going against is a 38 year incumbent, part of that hyperpartisanship. neil: all right, that was democratic congressional candidate with me on friday. we always try to make sure we have anybody and everybody fair and balanced. we were able to get the incumbent challenger, new

jersey republican and congressman chris smith who joins me now. >> thank you for having me on. neil: elections turn on a variety of issues, you are leading substantially in the polls, the wind at your back is a good economy for republicans, that would appear to be the case, but developments like this on the verge of the longest bull market in history do, they help you? >> i think they help a lot. people take a look at the individual, look at the prevailing winds behind our party, and thinks are, more jobs are created. the unemployment rate in new jersey is down to 4.2%. anybody who can't find a job week want to work hard to make sure they find one. businesses are are responding. i am worried. my opponent talked about bipartisan or lack of it, i'm rated in the top 5% in the luger-georgetown analysis of being among the most bipartisan people in the house of representatives. i've written more laws than everyone but one person, and in

every case whether it be trafficking laws, four of them, autism laws, two major laws on autism. issues on homeless veterans. neil: this isn't just the new jersey delegation. >> the entire country. neil: what do you make of welles' point, we need new blood. >> heard that since i first ran. we have served about 90,000 individual case work issues since i've been in office. i work on many of them myself. i have great staff. neil: you stuck it out, you could have opted, institution have been there a good long time. you could have done the route, he's my congressman in new jersey, he decided to step aside. there were 40, 45 others, incumbents who decided to bolt. what do you make of that? >> ditry to persuade several of them to think that. at the time, there were ominous clouds. people thought it was better to leave than be kicked out.

i'm in this to serve people and to write good policy. i do a lot on health care. like i mentioned, autism, health issues, i chaired the alzheimer's caucus, we've seen a triple ling of research funding for alzheimer's. our caucus is bipartisan, what we do is lobby -- neil: what do you think of the new democratic governor murphy, upped the corporate tax. people are saying pharmaceutical and related concerns are getting nervous? >> we have the highest corporate tax rate in the country, and my opponent, who was just on in that clip, he supports that. that makes an unfriendly business environment. neil: leveling the field, say? >> he said on your show, this was a shock to me and my staff and family. he wants to raise taxes on the top 5%. the top 5% in america pays 60% of personal income taxes

currently. 20% of my people in the 4th district will see a tax increase if he were to have his way. neil: not only increased in new jersey anyway because you limited how much can you deduct. >> i did vote against the bill. neil: are you worried that's going boomerang against republicans? >> in other parts of the country, no, in my state it could have an impact. neil: do you want president trump to campaign for you? >> i haven't asked him to. i don't think i need him. i run on my record and my record is one of producing laws that make a great deal of difference in the lives of people on. case work, of solving problems, i consider myself to be a problem solver. neil: you don't buy this vote against the establishment, and this young man's case, challenging you, it's against nancy pelosi and the hierarchy that's been there forever, and they lump you in with that. you're all part of that establishment. >> that is the surface appeal,

very thin and shallow analysis of what's really going on. there are many good republicans and democrats in congress, in the senate, who work every day to try to produce for the people of this country and the world, but certainly for districts and states first and foremost. you hear more from people who are on the fringes, who really cause a lot of rhetorical discon-- neil: they're the ones in a midterm tend to vote, but all the economic wins that you allude to are running in republicans's favor. >> and to add to that, there is a very strong in my district. we do phoning, i'm on the campaign trail continuously, always having meetings with people in the district. what's your sense? what do you feel? they don't like trump's tweets, they don't like the things he does personally with regard to his attitude. they do like some of the substance. you just look at something like the iran deal, which made us

less safe, certainly make israel less safe. neil: they agree with that? >> a lot of the substantive issues. neil: congressman, we'll watch you very, very closely. chris smith, republican, new jersey congressman, we'll follow that race closely as we will all the others. it is a big year and this is the backdrop. a dow soaring, economy that seems to be doing pretty well. after this. if you're turning 65, you're probably learning about medicare and supplemental insurance. medicare is great, but it doesn't cover everything -

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neil: does make you wonder what with that republican congress what do we do now, improving markets, economy and feeling part of this, or wedge issues take it all the way. that is fascinating about politics or markets. you never know until the election day. cheryl casone through the next hour. cheryl: we have a lot of breaking news to cover on this hour on multiple fronts. first let's look at markets and your money right now. we're on track for a record bull run i'm cheryl casone, in for trish regan this week. she is on a well-deserved break. we're closing in on the longest running bull market in history. this amazing feat