tv Cavuto Coast to Coast FOX Business September 25, 2018 12:00pm-2:00pm EDT
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susan: globalism. rejects the idea. stuart: but market did nothing, virtually nothing at all. susan: oil stocks paring a little bit but not by much. stuart: we're up 25 points. that's where we are. neil, it is yours. neil: the president is not only making news on international front he comment the moments ago concerning the brett kavanaugh nomination, he doesn't like way democrats treating him there. but could be received by mixed emotions by the republicans and democrats. blake burman, latest what he said, how it is going down. reporter: remember when this started to come out a week or so ago, the official line of the white house on brett kavanaugh that dr. ford should not be insulted. that she should be able to go up on capitol hill and should testify and be heard. however since then there have been other allegations have been launched in the direction of
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brett kavanaugh, allegations several decade old. now the administration and the president is taking a much firmer stance as it relates how all of this is playing out. not just dr. ford, but all the other allegations that have now come to the forefront. the president, there in new york at the united nations was just holding a bilateral meeting. before that spoke with reporters and made the following comments as it relates to the process with brett kavanaugh saying right now he feels that democrats are playing a quote, con game. he said that democrats are making kavanaugh out to be someone who he is not. this second accuser, the article came out in the new yorker yesterday or earlier this week, the second accuser he said has nothing. charges are quote, unsubstantiated. there is also a third accuser we believe of brett kavanaugh. this is the one involved with the now famed attorney michael avenatti. the president appears to take issue with that as well, saying
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to reporters before this bilateral meeting, look at lawyers who are involved here. when you look at the whole big picture with the brett kavanaugh and shifting message from this white house, at the beginning when it related to dr. ford she should be heard and treated with respect. now very clearly the white house taking a much different message, even yesterday, kellyanne conway they feel this is a vast left-wing conspiracy. neil. neil: blake, he had to be aware, mr. president, don't weigh too much into this. silence might be the better part of valor. obviously when meeting with the colombian president moments ago at the united nations we do have tape of that, the tape is lousy. bad quality. we would share it with but there is nothing to share. we can tell what he said as blake outlined weighed in with a lot to say. i wonder if that complicates matters for the planned thursday hearing. reporter: republicans were happy when this was kind of an issue the president was restrained on,
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a lot of people used that word, restrained. remember, neil, this was just dr. ford and her allegations and brett kavanaugh and his denials, that was kind of when the president sat back and said she should be heard, she should testify. let's let the process play out and so forth. now there is a second allegation, a third allegation, what we're very clearly seeing from the president closest to him they don't like the way this is playing out. now that he is commenting on, republican senators who are now involved in this process and who are going to have to have a vote on kavanaugh here probably at some point in the short term now have to weigh the word of the president, potentially, at least as it goes not necessarily to their vote, but justifying their vote afterwards. neil. neil: thank you, buddy, very much. to give you an idea where we stand on the whole kavanaugh situation, folks, why this is added pieces to this drama,
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dr. ford is expected to attend this hearing on thursday and republican leaders on that committee had said they were open as well to hear from this second accuseer deborah ramirez, not at that hearing but hear her out, which would be potential offering of a hearing if we're accepting the president at face value, it is pretty clear that he doesn't think that is a good idea and follow-up credibility to those making similar allegations. we touched on those clients of michael avenatti, there is no use going there. the question is, will republicans on that committee, depart from the president, go ahead as they planned, entertaining discussing deborah ramirez's allegations on top of dr. ford's testimony, is anyone es a guess. a lot of you say what is this have to do with trading what is going on, it adds element of uncertainty. the prospects of trade, the
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president making a strong proamerica case, pro-sovereignty case at the unitedmations. indicating from his counterparts at the white house we're not likely to get a deal with canada anytime soon. robert lighthizer saying it we will have nafta accord maybe not with the canadians. the president is passing up opportunity to have one-on-one meeting with prime minister trudeau, in the same building, at the same time, the president skipping we're told on an opportunity to sit down with the canadian prime minister. a lot of confusion, let's get the read from charlie gasparino and lee carter and liz peek. trade and that kind of stuff paces wall street but uncertainty about kavanaugh, uncertainty about rod rosenstein where he is going, all of these are thursday developments that will make that a red-letter day, what do you think? >> a big ol' bucket of uncertain think thrown on the markets yet
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the market is perfectly find. that is the most astonishing thing yet we keep getting -- neil: why is it fine? >> it is up since last week. neil: absorb these left and right. >> the numbers are just too good. the latest number which resonates, the fico score gone up to all-time high. that suggests creditworthiness of americans in general, their pocketbook, is an all-time high. consumer confidence, and, i have said before, i think on your show, consumer confidence is really the heart of all this, right? people are optimistic, that trump will follow through on the america first agenda. he has followed through on a good part of it. taxes are down, incomes are up. that is mighty powerful. neil: lee, one of the things that happens when the follow the markets closely you realize they're interested in making money, god bless them. that is what matters and they don't see any of these outside events threatening that. >> you know what i think is so interesting about following the
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markets right now they're following voter sentiment so closely. americans right now are feeling really good about the economy. they're feeling good about even the trade negotiations. they're looking at things, i'm glad the president is getting tough. i think the tariff negative shuns will pay off in the long run. i'm willing to make short term sacrifice for long-term gain. people are looking at a lot it will be okay and markets look on the same way. a lot of experts get on television and how the world falls and it doesn't and people start getting skeptical. neil: this poll that showed people have high impression of republicans in nine years or whatever. >> yeah. neil: it flies in the face of another poll shows a 12-point gap with americans favoring democrats controlling congress. you don't know which to believe. >> the polls are so, so confusing right now. i think at the heart of it, what i saw in 2016 and what i see today, very hard for people to express themselves without feeling everything they're saying is politicize. what am i supposed to say when i
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look at a poll, rather than what i really feel. if you look at polling, where people are subconsciously responding to things, implicit testing, people's emotional responses very different than what you see in other polling. you have to understand both to make a predictions. neil: charlie, will you pipe down? your views on all of the above? >> i think the polls are inconclusive. i think the, you can point to consumer sentiment being better, confidence being better. you can point to other polls show people still worried the fact wages have not grown. if you look at wage growth, despite the 4.2 gdp print, essentially the same it was under obama. neil: 2.9% is not essentially the same. >> 2.7%. neil: no. wait a minute. ended in the fine at quarter -- >> 2.7%. neil: you're looking at average. the average of this president, the average of the last president, this is, we're -- >> virtually same. neil: it is not charlie.
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>> i looked at a chart yesterday. neil: it is not. the strength we've seen, pickup in wage growth and manufacturing sector you just ignoring that? >> no. what i'm saying the wage growth is essentially the same. neil: how do you explain all this optimism? you love to trash the president. i get that but, no, i'm asking to you try to be a little fair and balanced. >> i am. neil: no. believe me, i'm critical as well you suit the numbers to suit your story? >> no you're suiting numbers. neil: no, i am not. this is important distinction, charlie, you're wrong on this i love you dearly you're wrong on this. tell me what the -- >> let me tell you something about the wage growth. it does not reflect what is happening. >> you agree with me wage growth is the same. >> 2.9 number. >> what was it under obama when he ended? >> less than that. >> 2.7. neil: you're saying under eight years of obama it was 1 1/2%. just saying, now you could say in the last -- >> are you sure not confusing that with gdp growth?
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>> not gdp this is important distinction, people always think we rig the numbers reflect bias for or against the president. >> right. neil: this is the precise reason the federal reserve is talking about raising rates because did. >> concerned about future wage growth. >> time out, you guys? can i interject something? wage growth is not right thing to look at. neil: i fully agree with that. >> people are trading up to better jobs. you had huge influx of minimum wage workers. the reason average -- >> the same. >> quiet. african-american unemployment is so low, hispanic unemployment. >> right. neil: fourth quarter, latest numbers now -- >> average number essentially the same. neil: i don't know where to go. >> it is. neil: i will bring it up if this growth is not measurable to you or making a difference to you, and that americans don't see it, hence this is what is happening, why does every other sentiment
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number, poll number, corporate profit number, everything else you see undercut that case? >> corporate profits have been rising since i would say the last two years of the obama administration. neil: wait a minute. optimism you're seeing on part of people feeling this recovery and enjoying it, apolitical. they like doing well, right? >> there are mixtures of polls out there about optimism about the economy. the fact of the matter is, americans are worried about a lack of wage growth. that is in the size of the numbers. neil: your numbers bear that out, lee, that is all i want to know? >> no. first of measure of folks feeling pocketbooks is not just on wage growth. >> you agree wage growth is almost the same? >> what i do think, no i don't actually, i think number of factors feel good about their finances. the thing i found most surprising in the most recent fox news polls, on average 60% of americans don't think they have more money in their pocket from this tax reform.
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they have had time to see paychecks change. people are not necessarily looking -- >> tax reform was skewed heavily to corporations. why would they -- >> almost all middle class workers had a tax cut. >> they don't feel like they're participating, and on average people getting $1,000 back a year, according to nancy pelosi is crumbs. you think most people feel that but they don't. >> i like a lot about this tax plan, anybody who says this isn't heavily skewed to corporations -- >> it is skewed. that doesn't mean individual aren't benefiting. >> if you divide, 1000 by 52 it doesn't come out to that much particularly gas prices going up and other factors. >> people's after-tax income has gone up. millions of people have quit their jobs to go to a better job. that means their income is going up. charlie, quits are at all-time high. it is very, very potent force. >> why is the underemployment rate as of now almost the same as obama? >> it has gone down. >> gone down marginally. look at numbers.
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>> we'll have to come back with charts. neil: 3.9, 3.8%. one quarter, barack obama had that but average closer to 4 1/2. >> two quarters. neil: so we can go back when it was close to 10%, could argue he inherited that. at what point do numbers go charlie's way? >> i like, i want the economy to get better. to sit here and say all is rosy with the american worker -- neil: no one is saying that. >> their attitude has improved. >> yeah. wage growth has barely bumped up. the underemployment rate is still very high. i'm just saying -- neil: would you argue the under employment rate doesn't reflect everyone is much stronger now than it was, say two years ago? >> marginally better. >> it is better. >> better. >> what is marginally to you? define marginally. >> 5%. neil: believe me i'm not apologist on either side i want to make sure we're comparing apples to apples, orange to
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oranges, i like charlie as a brother i never really wanted. there is a lot at stake, to all their points this will have a big say how you vote. we have different sentiment surveys that seem to show up until the latest poll came out, most americans were inclined to trust democratic congress. it was "gallup poll"? >> gal lop poll, right. neil: shows republican confidence is nine-year high. so which is right, who is right, after this?
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you might find you're doing okay. so, no hot dog suit? not unless you want to. no. schedule a complimentary goal planning session today with td ameritrade®. >> we will no longer tolerate such abuse. we will not allow our workers to be victimized, our companies to be cheated and our wealth to be plundered and transferred. america will never apologize for protecting its citizens. neil: all right. well he always said he is president of the united states, he is not the president of the world. he looks out for the united states and the president had a message to the united nations. maybe that is what a lot of you guys should do as wells look at your sovereign nations, instead of seeing us all as a big ol' world. forbes media chairman, steve forbes. it was a consistent read on that front, steve, that we in the united states are starting to look after ourselves.
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we obviously want to benefit everyone but can't be disproportionately so. a message to china on that front. certainly from the trade ambassador message to canada on that front. what do you think of that message? >> i think the message, you have to distinguish between trade abuses where we really have been victimized by countries including china as the biggest one, stealing our intellectual property, forcing mergers, forcing companies to do things they wouldn't do otherwise, keeping them out of the chinese market. they have got to live up to the agreements they signed with the world trade organization 18 years ago. so enforcing that is a good thing. hopefully, neil, in the next few weeks we get nafta cleaned up and that agreement signed with canada and mexico and start serious negotiations for zero tariffs with various industries with the european union. in terms of, in terms of those, those are very good things. anything that can be done to reduce tariffs good, but the thing to also remember though, is longer these tariffs remain,
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we are going to be hurt. they may be hurt more, but we'll be hurt. tariffs, neil, are a sales tax. when you hear about 25% tariffs on autos, that is 25% sales tax f we could wave a magic wand and all these trade agreements magically appear everyone is happy, you would see the market go up 5000 points on the dow and economy would grow even faster and we would have even more serious labor shortages, something we never now would happen three or four years ago before this man became president. neil: let me talk about the prospect of trade deals, forget china but canada. talking about the progress he is making, he did point out it is a bumpy ride. sometimes these things take time, but we've got indications from the trade ambassador that canada might not be part of a final nafta accord. that those talks are going nowhere, anecdotally. the president passing up a
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meeting with the canadian prime minister at the united nations what do you make of that? >> the key what does it all lead to. we've seen in the past situations looked like things were not going to work and everyone goes through their kabuki dances but in the end they sign an agreement. the key thing for a way to that everyone says it's a great deal but i don't take what you find in intermediate seriously. what i want to know will they reach a deal. the fact they reached a a deal with mexico, puts pressure on canada, the canadian business community wants this thing to be resolved. so i think they will find a way to do it in the next few weeks and everyone will say, see, we hung tough and we got a good deal. that is a true good deal. everyone proclaims they really triumphed. neil: all right, so -- >> by the way this president always asks for the moon knowing that is what you go into a negotiation with. i think they will come up with a
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an agreement. neil: i probably should have remembered that in the contract negotiations. >> yeah, they never pay you enough, neil. neil: i keep saying that. you know, we have two different reads out on americans sort of political position ahead of the midterms six weeks from today, the midterms. one poll by gallup has confidence for republicans to run things highest in nine years. more people have favorable view of republicans handling things than democrats and ahead of a few days, ago from congress, 12 point gap favoring democrats. they both can't be right, can they? >> you have to go with the inards of these things and what people were polled. one of the short comings of certain polls is they underrepresent republican voters. they always have them at 20, 25%, instead of 30, 35% it should be in an accurate poll but the key thing the polls can't measure yet who will turn
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out to vote. the other side, the democrats are going to turn out. that is one of the reasons we're having the drama in washington to gin up for turnout. the republicans may vote for him but will they turn up in the midterms? i want to see the enthusiasm factor. i wish republicans would come out with a real tax cut bill, not just talking about making it permanent, but goodies like reducing tax rates. say we gave awe christmas present. if we win we'll give you another one this christmas and lower your tax burden. you've seen the good thing coming from it. we'll do more. give something positive for people to look forward to. that would gin upturnout. neil: real quickly on the political environment, do you think republicans hold on to the house and senate?
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>> today they would hold on to the senate. if you had the election today, they would lose the house because of turnout. that is why, six weeks as you know in politics is like six years in the normal world. a lot, a lot can happen. they have to come out with a positive agenda to get their own voters out, focus on performance, of the performance is real, this economy is for real, and say there is more coming in. you want higher taxes, higher unemployment, less opportunity, by golly, new businesses are being created in the greatest pace in a generation. talk about those and say elect us there is more coming. you will have a better future that is the key. neil: all right, steve forbes, always good seeing you, my friend. >> good seeing you, neil. neil: what do you make of the president's threat quickly interpreted that we give to those who give back? in other words we pay disproportionate share to keep the united nations operating and maybe we stop doing that if they
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neil: all right the trade war might not be official but it is technically on. do not tell that to farmers waiting to see what china does or what we do in response to whatever china does or doesn't do. connell mcshane in iowa with the details on that. those guys are already feeling it, right? reporter: they're totally feeling it now, neil. it is interesting because we are back in the same place we were in june at ron heck's farm in iowa. ron said at the time he was concernedlike what a trade war would mean. come back late september when we have harvest i will give you a better idea. iowa university study, this state of iowa, the soybeans on average could lose $500 million plus because of the trade war. ron joins us from his farm to talk a little more about this. how much of what you're losing, that is what is happening right
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now, you're losing money you would normally making because of tariffs? >> right. revenue is going down. we're caught between the customers and the ag suppliers. we have to find a way to balance our expenses with our revenue. reporter: what is that way? what are you doing? >> buying less, less equipment. looking for savings on everything that we can. trying to delay expenses whenever possible. finding any way you can to make it work. reporter: lot of people might look at this, say to themselves, well, what is the administration up to with all these tariffs? they're really hurting farmers. you and i talked throughout the day on and off-camara, it's a little more complicated than that. explain that the best you can. >> beans were $13 a bushel for a few years. they were $10 a bushel. much of that decline was caused by china changing their buying pattern. they were not buying beans from the u.s. and buying more from south america. that 3-dollar loss a bushel really hurt had.
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since the tariffs come on we lost another dollar 1/2. that is important too but i'm still missing the first three dollars we lost. reporter: what china was hitting you with. we'll talk a little more about this later in the day, ron. that is why it is complicated, neil. there are so many factors going into it. ron was telling me something needed to be done about china. he is not necessarily opposed toe these tariffs. but in the short term there is a lot of pain what will happen next. people don't know. neil: they're feeling the pinch to your point. thanks very much, connell. the president is saying these disruptions notwithstanding all about countries paying their fair share. take a look. >> we will examine what is working, what is not working. and whether the countries who receive our dollars and our protection, also have our interests at heart. moving forward, we are only going to give foreign aid to
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those who respect us and frankly are our friends. and we expect other countries to pay their fair share. neil: all right. this is another avenue where the president is saying look, we won't dole out cash to those who will just give us a a pass or worse. to nato secretary-general general stoltenberg. what do you make of the president's statement, we don't give money in return to people who treat us worse or treat us badly. what do you think of that? >> that is very much the same message he has to all nato allies and nato allies agree. we need a more fair burden-sharing within the alliance. the good news is that we have
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really turned a corner. european allies and canada started to invest more in defense and showing that they agree that we need burden-sharing in the alliance which is not as imbalanced or more fair than it is today. all the european alliances are starting to increase. over the last two years they have spent more than 40 billion more on defense. so we are really moving in in the right direction but we have a long wray to go. neil: general, when he keeps talking about it, making progress to your point, alluded to a lot of numbers you alluded to, why does he keep mentioning it because some are not contributing or wants them to contribute more? >> the first part of speech today in the u.n. was defense spending but also about development aid. not for me to comment about
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development aid but when it comes to defense spending the good news we have really started to move in the right direction and that all our allies started to increase. and that they had their biggest increase in defense spending across canada and europe since the end of the cold war. but we still have a very long way to go. so i believe that one of the reasons why president trump comes back to this issue of defense spending also talks about the nato summit in july, is that he sees the need to highlight and stress that message and i agree with him. so i convey the same message to those allies who are still spending less than 2% of gdp on defense, 2% of gdp on defense that is the nato guideline. neil: is it your sense that the president will still be a big supporter of nato in whatever role or whatever numbers he
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ultimately comes to, but as far as the other people in the room, general, who are worried that america might be dialing back its support going forward, should they be worried? >> what we have seen over the last year, is that european allies are spending more, investing more and that the u.s. is stepping up its support for nato, and actions speak louder than word. when we look at the actions, what is actually happening on the ground, we see that the united states is now increasing their military presence in the europe for the first time in many, many years, with more troops, with more exercises, with more prepositioned equipment. so i think what we now see that both sides of the atlantic, north america and europe, are stepping up together. we're doing more together, and my job as secretary-general of nato to make sure that continues, that we continue to deliver the same way we have
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done over the years. neil: general, thank you very much the and for dealing with the rain. thank you, sir. >> thank you so much. neil: i promised i would try to dig into numbers on economic growth. a friend of mine pass along something called the employment cost index which i'm told best measure ultimately of salary and benefit costs, right now averaging up around 2.9% as charlie and i were saying. we agreed on that, the 2.9% figure. it was tied for the best reading since 2007. this according to the bureau of labor statistics. furthermore the eci growth right now under this president is running appreciably ahead of his predecessor. keep in mind barack obama had his best showing with 2.2% increases annualized for the year in 2016 and 2014. six of president obama's eight years in office saw gains, wage growth gains, benefit gains of
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2% or less. this president now averaging 2.9%. of course the year is not quite done yet t could go down, it could go up. in the next period it could shoot up a little more. not focusing on gdp growth, but wage and benefit gains, overall costs, best way to measure employment cost index which shows under president trump, whether you like the guy or not, it is dramatically better than under his predecessor. so my message to charlie gasparino if he is listening now, in your face! we'll have more after this.
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have the worst recession in 10 years all the recent stuff notwithstanding. why is that? >> thank you for having me on. so one reason is the fact that the markets are about to put in a significant top. we think that the major problem in the market economies at the moment, especially u.s. is the amount of debt in the economy. if you look back in history in 1929 total credit as a percentage of gross domestic product stood about 260%. in the 1950s, it was down to 120%. today it stands at 370%. clearly that is a problem. when the markets do come down, as they will, in the next cycle, then that will be a big problem with people with debt as growth slows. neil: all right. so that is a, something that factors in slower growth and all of sudden it comes back to haunt
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individuals and markets, jeff. what do you think of that? >> i think the economy is pretty strong. the real final sales figure that came out with the gdp which is actually a better indicator of the economy than gdp because it excludes net exports, as well as inventories, it came in at a plus 5.1%. we're looking for earnings growth at least 20% for the next four quarters. at least in the intermediate term, i don't see any problem with the economy and i think the markets are going to trade higher. neil: does that debt worry you though? >> yes, it is problematic. but people usually point to the debt-to-gdp. it is high as by historic standards not as high as at the end the world war ii, when i was practicing analyst, we look at assets so liabilities. i don't know what the grand canyon is worth. i don't know what the teeth tons are worth, but they're worth a
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lot. when you look at the liabilities to ratio is 10%. neil: debt-to-gdp our debt is moving over, combination of over all goods and services. so there are a lot of ways of reading this. murray, you're of the mine the inevitable is catching up but to jeff's point, we don't see that. there is still a great deal of trepidation in the markets. not everyone is participating. a good many are decidedly out of this market so if there is froth to follow they're not following it. >> the indicators we're looking at suggest that sentiment is quite high. s&p 500 share buybacks are the highest on record. if you look at economic sentiment, obviously the jobs market is exceedingly high. jobs plentiful to hard to get ratio is the highest it has been, just past its 1969 peak.
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the highest the level has been since the late 1990s. so clearly to any economist who thinks that markets cycle, then there is an issue coming. one thing we are also looking at is the trade issue as well and as mark twain said, markets don't exactly repeat but they -- history doesn't repeat but it rhymes and one thing we are looking at smoot-hawley trade tariff act of the 1930s. most people think that caused the great depression when it came out in 1930, elongated it but actually there is a lot of rhyming going on between now and 1929. herbert hoover was elected president in 1920 on protectionist mandate at that time for farmers.
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and the house actually passed a version of smoot-hawley in may 1929 and stock market continued to go up. neil: that is killing the very rally we're overseeing and jeff, you don't buy it? >> i don't buy it. sentiment is not exuberant. i go out and present to hundreds of people every time i go on the roads, individual investors. i would say at best they're guarded optimism n 1998 and 1999 people were quitting jobs to day trade. look at aei sentiment figures, people are still more bearish than bullish. i don't think we're anywhere near the late-stages of a stock market rally. neil: gentlemen, we'll see who has better read of things. for now it is anyone's guess. more data i'm getting people passing along what it is worth from "the washington post" on wage growth, this, "washington post" looks at all factors that go into wages saying just looking at what
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people are earning, forget and leave aside benefits averaging about 2.9%, 2.8 to 2.9% which they hasten to add is significantly higher than it was for the average of the obama years, a little bit north of 2% but it is still below in inflation adjusted terms the 4% growth in the 1990s. when you compare it to just inflation which is picking up a little steam and averaging out, it is barely keeping pace with that. barely keeping pace with growth we experienced in much of the 1990s, still comfortably ahead of numbers by barack obama. i hasten to add, that included eight fuel years of presidency of barack obama. we're year 1/2 into presidency of donald trump. the wage growth is real, the gap is real, the difference is real. the question is how long it lasts after this.
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>> for the democrats to be trying to make him into something -- let's be nice about it, that he is not. he is a high-quality person. he is a great intellect. you're also not seeing him on his footing. this isn't his footing. he has never been here before. he has never had any charges like this. neil: all right, the president once again defending
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brett kavanaugh from these latest allegations, more woman coming but we do know that a hearing is planned for thursday. excuse me next guest who isn't really focused on that but worried about official washington and everyone else losing focus on our accumulating debt, oklahoma senator tom coburn. >> good to see you. neil: no one is talking about it. like trillion dollar deficits and they're saying well, what's the deal. what do you make of that? >> there is a great book written several years ago, this time it is different, 800 years of fiscal and economic folly. what is the federal reserve going to do? they are going to print money. what has happened? through the years 66 countries experienced what we're going to experience. so the question is, how do we cheat history by not continuing down the road we're continuing today? and so there is really three ways. one, expose the waste. organization called open the books.com. educate the young people what is getting ready to happen to them,
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what they can do to fix that. that is ourpursuit.com. fix the structural problems within the constitution and restore it back to what it needed to be. and that is the commerce clause. reframing the commerce clause to give the authority back to people in the states, like the enumerated powers stated. it is to be the responsibility of the people in the states to control their expenditures in their state. we're not seeing that anymore. neil: we're not seeing it close. kevin mccarthy was on with my colleague maria bartiromo this morning, of course house majority leader, could be next speaker if republicans maintain control, could be in doubt, after the elections we have to address this debt. reminds me of one of my many diet pledges. sounds good, right? >> sure it is easy to say. we'll fix the debt. there is a fix the debt coalition in washington. there was the president's commission on fiscal responsibility. i was part of it. i voted for it. it had solutions but it would never be brought up by harry
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reid or -- neil: easy solution, much easier you think and they're getting progressively tougher more we push them back. give me a couple things, if you were in washington could control this again? >> first of all put earnings limitation on medicare and social security. we can't send -- neil: means testing. >> a means testing. you can't send $144 trillion worth of unfunded liabilities and debt to the kids. neil: you have to factor that in. >> it is all slow. joe lieberman and i both fixed medicare and social security. wouldn't be heard by the leadership. we don't want to touch that, it might affect our next election or who is in power. the fact is the focus in washington but on anything but the best interests of the country except with the president. the congress, their focus is on what is best for the next election. and as long as we have short term career politicians making decisions about the future of our country we're going to fail. neil: that is the problem with also house of representatives up
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every two years. they face pressure. i understand that someone has to realize the music stops, right? >> i think the answer to that is, you can get reelected doing the right thing for the right reason at the right time and not pander to the easy part of getting reelected spending money in your district, all right? that is what goes on. that is why there is 300 -- neil: you told me, here's where we're going. unsustainable. you do the ross perot thing at the time. here is a chart. this sun sustainable. i'm not saying we yank all of this away, slow the growth or address younger generations that they can't have what this generation has? >> you need a article v convention of states to force balanced budget. to make congress i can mat hard choices. they refuse to do that, because it is easier not to? where is the statesman and leadership that pulls both sides together, fan the flames to keep factions worse?
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where is leadership what is really important what is 20 years from now to our country and our kids? what is the legacy? is it ethical to steal the future from your children and grandchildren, but it is not. they keep ignoring that to the peril of our kids and grandkids. i don't want that and i don't think you do and your kids don't want it. neil: depend today with my kids. you look great, senator. continued good health. be well. he has been saying this for a long, long time. the problems haven't gone away. >> 300 billion of waste we can document every year. neil: a lot more. a lot more. more after this. - [narrator] at athene, we think it's time for the financial world to stop acting the same old way. in today's complex world, you need a partner that is driven to provide you with better solutions for these challenging times, one that is willing to disrupt the industry, and break free from conventional thinking.
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neil: all right, the president spoke in united nations, a bull in the china shop letting the message be known that though he loves the leader, it doesn't love the way it's playing on trade and making it clear in body of sovereign nations that they should remember their sovereignty and they should be proud of their sovereign commitments including the united states. we did learn as well a 5:00 p.m. press conference tomorrow to address these and other issues that might come up. i believe this would be his first formal exchange with reporters, he does these a lot of times leaving the white house but this would be an opportunity for him to have formal press
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conference presumably at the white house on all of the developments what's going on with brett kavanaugh, the hearing that's scheduled for the next day, his meeting with rod rosenstein still scheduled for next day and cross currents for example on trade and signs that any agreement with canada is falling apart. so much news here and the market doing collective shrug thing, vice president of imvestments jim and our own deidre, i call jolting bolton. let's go ahead your read on what we are getting from the white house, a planned press conference tomorrow, we like pay per view events. the president will take a lot of stuff he's been talking about in great detail including what he call unfair supreme court candidate and he thinks he should still get on the supreme court, no backtracking there, what do you make of all of this? >> no backtracking there, at least the chatter here from the
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floor, neil, is more on trade, what we've heard the president say, of course, with china essentially saying, i'm going to quote him, sick of being ripped off, think of our workers being punished. a lot of people still talking about u.s. versus china, of course, the two world's largest economies and then the bright spot, first free trade agreement that was signed between u.s. and south korea, a great spot and hopefully fingers crossed, a lot of people say it could lead to something more positive with canada although right this second, of course, very much in question. if you look at the markets, though, neil, one thing that i noticed that was interesting, now officially in 9 and a half year bull market, 3,453 days, s&p 5, 223% in that time and if you look at what the treasury market is telling us as well it seems risk on. i know what you said about hanging on unchanged line, treasury yields are going higher
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and that means that most investors feel pretty good, they are not looking for safe haven, they are looking to put money to work and more risky assets, neil. neil: are you seeing that as well, jim, there's sort of risk-taking nature, and you always remind me, my friend, not everyone is and that's one to have bullish signals you look for, that if everyone was in, and the cab driver was building a portfolio or uber driver, you worry but we don't see that yet, what do you make of all this? >> it's a very unhappy bull market, it's been a market that everybody hates. i mean, when i talk to people on the street, when is the next shoe is going to drop, trump is crazy, i get all of the comments all of the time, the the economs doing very well, corporate earnings are doing very well, business confidence is very high and if you look at the stock market and bond market, they're both saying the same thing, they're both saying that the economy is getting better.
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whenever you have stocks moving up and interest rates moving up at the same time it's because people are very comfortable with the direction the economy is taking otherwise they'd be buying bonds not selling bonds. neil: jim, i didn't want to jump, but for that point, if federal reserve raises interest rates tomorrow as expected, maybe one more time this year, does the steady progression of that worry you or is it factored into to testament to the economy? >> not yet, we have to normalize interest rates. interest rates have been kept abnormally low. if they continue to keep abnormally low they are sending message they are not confident in the economy. the fact that the 10-year yield is starting to move up along with short-term rate hikes is a positive sign, yield curve intact and bond market traders
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are thinking the same thing that the economy is improving. i'm not worry about if the yield curve flattens, i'm not worried. if the fed pushed up rates, i would start to be concerned, but i still wouldn't take any action immediately. neil: all right, that phenomena with shorter-term interest rates higher and longer-term go down, any of the guys you talk to talk about that in. >> well, right now we are just seeing the financials move higher to back up what jim is talking about the fact that as rates go higher the banks are able to make more money, their profit margins are bigger and they can charge us more if we borrow from them. if you look at the financials today, these are the ones that are standing out that are limiting some of the downside losses or pushing the gains, depending of the moment we are talking about. bank of america, citigroup, jpmorgan chase. most people think we do get quarter raise tomorrow and most
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people, yeah, two more to come this year, we have this consumer confidence that in 18-year high, right, go back to september 2000 to see levels, so backing up what jim is saying, the way investors are behaving is certainly right at this moment showing a lot of confidence. any skepticism that i get either from economists or analysts is more the longer-term view. one question that i heard this morning, okay, fine, we haven't seen any hard of consequences from the u.s. and china trade war, but does this make business leaders on both continents pause before they invest in manufacturing equipment in something that would require this kind of more open cooperation, not that it was ever open but let's say reverts to a pattern, so i think the cloud is more on long-term picture for the moment holding pretty steady.
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neil: jim, not as rich as before than last bull market, use whatever you want? >> yeah, so earnings have grown a lot faster than prices on the market. you can say markets hit all-time high, that's scary, the reality is earnings this year are growing north of 20% so earnings have run ahead of where stock prices have gone and now that you're seeing interest rates starting to up and oil prices remain fairly strong, we have all of these -- all of these signs pointing to economic growth and i would just say one other thing about trade, we came in with 10% tariffs. a lot of people were worried about 25% tariffs. china's response somewhat measured. almost like they are pulling punches a little bit trying to really behind the scenes get something done. neil: yeah, rocky movie in that direction and ended up not being great endings. >> the rocky stock market too.
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neil: the first one. thank you very much. back to united nations where the president of the united states has been holding court with every major global leader at least the ones he's taking time to talk to. charleskristina partsinevelos is outside, hey, kristina. >> i'm assuming this won't get cut off. there's more rain in the united nations when the president set on the stage he was late arriving, they were scrambtology get ecuador to fill in time slot. he also spoke about his trade policies and the fact he's improving cooperation with other countries but the focus that we are going to talk about is iran, he singled out iran specifically saying that they have destruction in the middle east and created chaos in the middle east and urged other countries to join the united states in putting economic pressure on
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iran. listen in. >> iran's leaders, death and destruction, they do not respect their neighbors or borders or the sovereign rights of nations. >> he didn't only single out iran, he also spoke about how much the united states provides in terms of funds for the united nations, over all because he was focusing on sovereignty and u.s. dependence and national security adviser john bolton who has spoken against the united nations for quite some time, he also questioned how much the un or the u.s. should contribute to the united states, sorry, the un programs, he promised to make the un more effective and then he also said that the un human rights council has become a grave embarrassment. last but not least given the news with brett kavanaugh, judge brett kavanaugh, he weighed in on whether his support
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especially considering there was a second accuser that came forward for sexual misconduct, listen in to his response. >> the second accuser has nothing, the second accuser doesn't even know -- it could have been him, maybe not. she admits that she was drunk. she admits time lapses, there were time lapses. >> so you've got him talking about iran, the economy, brett kavanaugh, judge kavanaugh and then there was no mention surprisingly in the entire speech about russia, however, in the past hour you have press secretary sarah sanders did mention tomorrow at 5:00 p.m. eastern time the president will be holding a press conference. i'm going to throw it back to you before it starts to really come down here, it already is, i don't know if you can see that. neil: i can see it all right, everyone else is inside, we had this gag, let kristina go outside. >> yeah. neil: we thought you had the training with the hurricane that this would be old hat to you,
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great job, my friend. >> no, no, it never ends. neil: kristina partsinevelos. all right, oil by the way in and out of 4-year high, the president once again slamming but choosing the united nations to do it. jeff flock at the cme, not so bad today, jeff. jeff: been there and done that. you have the wet t-shirt. yes, at the cme today, oil, you think the president was talking tough on other issues at un, when it came to oil even more so. you know, there's nothing that can screw up an economy like rising fuel prices and that's where we may be headed based on rising oil prices, wti, if you look we are now up less than 20 cents but the real story isn't wti, the story is brent crude, that has been rising not just today but throughout the week -- throughout the last month really if you take a look at the chart.
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got up to by my calculation 82.22 as high today. that opec says is because of the president's sanctions on iran, the president today at the un said no, it's opec that's screwing up and he put it a whole lot more bluntly than i just did as his want. take a listen. >> opec and opec nations are as usual ripping off the rest of the world and i don't like it, nobody should like it. jeff: there you go. the president on opec. also you talk about russia, russia is not part of opec but they have also said they are not going to up production as the president has asked, president asked saudi arabia as well as others of opec to up production to put a lid on prices, russia not doing that either. as kristina pointing out he didn't have anything to say about russia either but i will say this in terms of increstment opportunities, take a look at
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the numbers, neil, i leave you with this, people rotating out of wti contract, money managers, fund managers into brent crude because that's where they see the big move is going to come once the sanctions kick in november on iranian oil. i will leave with this one too, report that iran has began to turn off tracking devices on oil tankers, perhaps a way of getting around the, you know, if somebody is willing to make a deal, send you oil but you can't track whether it's actually our track or sending it. things are getting complicated out here in this world. neil: i always learn something from you. i didn't know that tankers had tracking devices, but now i know. jeff: i didn't know either but i'm a quick study. neil: i will put in my kid's car. [laughter] neil: he was referring to wti, west texas.
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you will hear sometimes people leverage one or the other, brent would be more effective by what we are looking to do with opec right now. you'll hear they'll be a switch in west texas. oil is still going up. whether you're getting it over there or here quoted in dollars in this side of the world. in the meantime word with senator graham outside counsel will question dr. ford, this ahead of the big hearing that is for senate judiciary committee, you might recall that dr. ford was leery of being questioned by anyone other than the senators themselves, she didn't want to be queried by lawyers outside of those senators. keep in mind senators on the committee are lawyers but this would be general counsel, no indication as to whether that person would be a man or a woman, whether that makes a difference in the scheme of things but the hearing seems to be on, the president still standing by nominee with
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indications that other women could come forward. it's confusing, it's a mess, we don't know how it would play out but we know the play begins on thursday. we will have more after this. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. ...if we listened more? could the right voice, the right set of words,
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accuser on judge kavanaugh debra ramírez, doesn't think much of allegations to the fact that she can't remember allegations, nonetheless, there are reports that republicans on the judiciary committee would be interested in talking to her, no indication whether they already have and whether that would happen at thursday's hearing anybody's guess, edward lawrence on where the hearing is going and what it's looking like right now, edward. >> senator chuck grassley has been keen about the fact he does reach out and talk to folks and we do not have word if he's officially talked to debra ramírez and they do reach out to talk with folks relating to this. some republicans showing frustration over confirmation process, listen. >> we have one side that's handling the sensitive matters with dignity, professionalism, by the book, we have another side that chose to sit on allegations and keep them secret until they were leaked to the press. >> and president donald trump just 30 minutes ago saying that
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he still stands by his pick judge brett kavanaugh. >> i think he's just a wonderful human being. i mean, i think it's horrible what the democrats have done. it's a con game, they are playing, they are con artists, they don't believe it themselves, they know he's a high-quality president. they don't believe it. it's just resist and obstruct. they are playing the con game and they play it very well, they play it much better than republicans. >> and new letter from dr. christine blasey ford attorney cast doubt whether hearing on thursday and adds that the way hearing is being set up is unfair and takes exception that the fact that they may be using outside counsel, a career lawyer would
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be asking the questions there and brett kavanaugh denies all allegations. >> the truth i've never sexual assaulted anyone in high school or otherwise. i am not questioning and have not questioned that perhaps dr. ford at some point in her life was sexual assaulted by someone in some place but what i know is i've never sexual assaulted anyone. >> and so far the hearing on thursday is still on, senator mitch connell says there will be a vote up or down on kavanaugh. neil: elijah, we are learning from the hill that this attorney would be questioning dr. ford is, indeed, a female, we don't know her name, we don't know much more than that but obviously that was important for the committee to make sure that it was a female, right, that's not by coincidence, right?
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>> definitely not coincidence, republicans are aware of the optics of this. there are 11 republican on the judiciary committee, there are female democrats. they didn't want 11 republican men questioning this woman's account, they learned their lessons on anita hill hearing in 1991 with clarence thomas and actually both sides were criticized how they handled questions basically saying they weren't sensitive. so republicans are saying, we have a female, she's trained in this, and we will ask sensitive questions now, of course, ford's attorneys are pushing back because they do not yet know who that woman is and they're saying, they'd like the senators to question her. neil: all right, the senators would include female democrats on the committee and her original argument against having lawyers question her outside of that lost the truth of the matter that most senators are lawyers, male or female, so what
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is the likelihood that this even happens thursday? something gets canceled at the last second. >> right, well, we are seeing increasingly tense back and forth between chairman grassley's team and dr. ford's team. there's a lot of frustration on both sides. dr. ford basically came out with kind of a list of requirements and how she would like the hear to go take place. grassley team's has taken some of those and rejected some of those, they are not saying who is questioning ford. we are seeing increasingly tension back and forth which could lead to hearing being canceled. republicans came back over the weekend pushing hard on this. neil: right, right. >> allegations over the weekend, increased allegations made republicans double down and we are seeing them basically say kavanaugh is completely innocent, they're not outright questioning ford, we saw brett kavanaugh say i'm not questioning whether this happened but it wasn't me and
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that's basically what republicans are doing and they're saying there will be a vote, so ford is saying what's the point of me even coming if they already know that they'll be a vote. neil: it definitely works both way. i had a republican senator on, i want to hear this woman out but i'm still incline to vote for judge kavanaugh. on the democratic side we want to hear the judge respond to this woman's accusations, they made it clear they won't vote for im. -- him. forget the democrats who are up for reelection, they might not vote for him, who knows, i'm looking at jeff flakes and susan colins, those who might be likely or potentially likely to switch. what do you think? >> yeah, i think for about 96 senators this doesn't move the needle at all. yes or they are a no. i think those red-state democrats did get cover, the ones we were talking a few weeks who may vote for kavanaugh, i don't think they do now.
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but i think senator susan colins and lisa murkowsky and jeff flake, they need him for kavanaugh to leave the judiciary committee with favorable rating. neil: that doesn't mean you need a fully committed vote. they forward it to full senate. >> they can forward to full senate but can be with unfavorable rating which is something they want to avoid though in this tense back and forth they may just end up wanting to do that to get him on, i'm not sure, senator bob corker has raised concerns, i was on the hill talking to him, he did say he was going in with positive view of kavanaugh, though he we wanted to hear what she had to say, he's maybe more shifting into the sort of republican camp, though he is remaining open. neil: so confusing, usa today congressional reporter, thank
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you very much. the math goes down to this, 50 republicans, 51 republicans, 49 democrats and you can't lose more than 1 of those republicans assuming all democrats vote against judge kavanaugh because you lose one, you could still get the vice president to break the tie, you lose two, no, a little more after this. cal: we saved our money and now, we get to spend it - our way.
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neil: all right, at the united nations right now they are starting something called a working luncheon, the president might make remarks, we will keep you posted if indeed he does. in the meantime we are focusing on developments here around washington where they'll be focusing on what the president has to say in press conference, first formal one at quite sometime, 5:00 p.m. eastern time. thursday big day, of course, at the white house and in washington in general, obviously judge kavanaugh gets to testify
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and his accuser at the big hearing before senate judiciary committee, also rod rosenstein, the deputy attorney general will find out his fate in the white house with one-on-one meeting with the president. the former prosecutor john also law professor, professor, thank you for taking the time. >> good afternoon, neil. neil: a lot of people think that rosenstein will dodge the bullet, what do you think? >> i don't think he'll be fired on thursday. the bigger question is rod submits resignation, if he does that's a worst sign for the president. i don't know rod personally but i know a lot of guys who do know him. if he submits resignation and that's a signal that he doesn't want to be around for the next chapter and that tells me that, look, i think what happens after the midterms it gets uglier and if he submits resignation, that's a bad sign for the president. neil: when he went to the white house yesterday to be summoned
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presumably by chief of staff john kelly, maybe he was expecting to be fired, maybe he was expecting to submit and maybe had his own resignation, we don't know. what do you think happened? >> i actually think he went over to the white house and offer today resign and i think -- that's my own opinion, but from what i do know from people that i have spoken with, i don't think he thinks he's going to get fired on thursday and like i said before, i think the bigger question is whether or not he wants to be around for what happens next after the midterm which by the way is not going to be pretty for anybody. neil: can you hang on there. i don't know if the president will address any remarks in luncheon remarks at the united nations. >> world leaders, people that we all know and read about on a weekly basis, sometimes daily basis, but the united nations has this incredible potential to bring people together. i think we are an example,
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certain things that we are doing for world peace, we are truly a direct, has a direct relationship to the time i spent at the united nations meeting some of you, many of you are now friends. when i first came here even though i lived in new york it was a little bit of foreign territory to me the united nations but now it's like home, but so many great people, so many great leaders in this room and a lot of terrific things are happening, we covered as you know during my speech north korea, last year my tone was somewhat different on north korea than it is right now. tremendous progress has been made and i think you're going to see an outcome as the expression goes who knows but i think you're going to see a very, very great outcome. i hope that eventually some of the other countries that we have conflict with if not world-like conflict, trade conflict, other types of conflict, a lot of those problems will disappear i
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think by next year. i want to just thank you on behalf of myself, secretary pompeo, secretary nikkei hailey, so many people have such respect for the job you're doing, secretary general and on behalf of the united states i would like to toast to you and i would like to toast the united nations, thank you very much. [applause] >> thank you. neil: all right, i rudely interrupted you and i want to get your sense, taking a look at this from former prosecutor perspective. if rod rosenstein ultimately decides to resign, how would that complicate matters? >> well, look it complicates matters and number one i think there are many the republican party who want him to stay. so now the president needs -- he needs to be thinking about maintaining support with within his own party.
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next, getting someone through and filling rod's position will not be easy because that person extensively with session still in place is in charge of the mueller investigation. that's going make, you know, the kavanaugh hearings look like a walk in the park. it just doesn't get easier after that. neil: any difference between resigning and being fired, what the president can do as far as picking replacement? >> the difference is if he fires him it immediately raises the obstruction of justice issue and that conversation which i don't think it is obstruction of justice but it certainly raises the issue and that's what the democrats will argue. neil: the mueller probe we are told that it's in the ninth inning, i don't know, a lot of people smarter than i determine that it must be wrapping up, is it? >> you and i talked about it and it's going on for a while. look, it's getting loser to being much more interesting.
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i think other people are going to get indicted before that are closer to the president, that's his next, organized crime investigation and to me it's not a mystery as to where it's leading, so i think after the midterms it's going to get more complicated and i think other people are going to get indicted. neil: all right, we shall see, john, quinnipiac law professor. the thursday meeting is on, the president will be meeting with rod rosenstein. that's the same day, of course, judge kavanaugh faces his accuser at the senate judiciary committee hearing that could determine his fate so thursday will be a big day after this. you need a partner that is willing to break free from conventional thinking. we are a different kind of financial company. we are athene, and we are driven to do more. a hotel can make or break a trip. and at expedia, we don't think you should be
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hey, what are you guys doing here? we're voya. we stay with you to and through retirement. so you'll still be here to help me make smart choices? well, with your finances that is. we had nothing to do with that tie. voya. helping you to and through retirement. neil: all right, who do you believe? nbc wall street journal poll show democrats lead republicans in terms of preference for the part of voters by 12-point
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margin. we've got the dnc deputy secretary josé muñoz. josé, which is it? >> i think the real answer it's going to be in november, you know, the american people will judge and will make sure that their votes are heard, what i can tell you is this and i'm happy to see the republican party increasing in their numbers. i think that republican party, this is important for folks to know is not the same republican party of the president, this is the republican party that wouldn't defend a sexual predator, this is the republican who wouldn't separate children from immigrant from their parents, again, i will go back to it, i think november will really know, i'm not worried about the numbers, i think we have to make sure that voters come out to vote. neil: all right, dave, obviously different reason what it could mean to midterms and who is more galvanize to vote. the latest numbers show it's not such a given there's a blue wave
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and the other data seems to indicate there is. what's accurate? >> polls are always a picture in time. the poll from this september versus last september, last september was the republicans' low point, failed to change in health care, people paying premiums and other things, this year they've had passage of tax bill which has help today get growth above 4%, you recall growth could never exceed 2% under president obama, he sad that, his people said that. yet we have 4% growth now. lowest unemployment for hispanics on record and lowest unemployment for blacks on record. the other thing baked in here the questioning, not the current stuff but the questioning early in september of judge kavanaugh which was a circus and a joke by the democrats on the committee, the judiciary committee, so there's a couple of things helping them but this is a lead and i want to talk about what i call the perino postulate which
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is if there was going to be a supreme court nomination which there turned out to be it might help republicans because of the way that supreme court nominee would be treated by the democrats and yet we have seen that terrible treatment, i'm afraid you'll see more of it thursday. dr. christine blasey ford will be treated fairly by the committee, judge kavanaugh will not. neil: i'm wondering how all of this sorts out. you used the argument that ultimately people vote on pocketbooks and wallets and how they are feeling and things are improving on that front, might not apply in midterm year, who knows, isn't that what democrats are swimming against? >> it is, tremendous increase in growth which was said to be impossible for the united states during the -- by the president and all the people, president obama and all of his people. we are now doubling, that has ruled in jobs, better jobs, more jobs, many more people working.
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neil: josé, are you worried about that? does that worry you that maybe democrats don't get that or appreciate that. >> well, look, i think we ought to remember first and foremost that part of this economic growth was started by president obama. and look, that's not enough for us to win in november but the president of the united states represents the republican party and the drama that comes behind him, the character that he has shown in the last couple of months, in the last year and a half i am confident that will hurt republicans. democrats are going to continue to look upward, we will continue to try to represent all americans, i'm not a big fan of polls whether we are winning or losing, if you look at the poll specifically you can see that even republicans are in a 7-year growth, part of that -- part of where democrats are growing are with low-income americans, we continue to gain support with americans on all social and economic spectrums because we continue to advocate for people -- for what people are looking for. neil: all right, we will see, gentlemen, like you say u
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election day itself will prove that one way or the other, which way people went. by the way, the president we are told will be holding news conference 5:00 p.m. eastern time, rare event, often times he will chat with the press, getting on or off of marine one, but this is an opportunity for him to do a more formal setting. we don't know the setting or exactly how it's going to go down, but we do know it's going down tomorrow 5:00 p.m. eastern. more after this. hey guys. today we're here to talk about trucks. i love trucks. what the heck is that?! whoa!
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neil: all right, the dow down about 42 points right now. a lot of this on growing concern about this escalating trade war not with china, i'm talking with canada. now we are getting indications that it is not likely they'll be able to cuddle deal together any time soon and trade ambassadors saying, going ahead nafta accord without the canadians and again -- it's anecdotal that the president has meeting with can canandian prime minister, one-on-one did not happen. we will keep you posted on what could be a big day on sec, voting on all lot of 25g network policies and what the rules are going to be for key players. the 5g people, it is technology that will just blow you away in
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terms of the speed at which you get information and who takes advantage of it and investments through it, let's get for market extraordinary, he's been looking at the technology, some of the lessors who might not. why is it a big deal. i know everyone says it's sort of the second coming, why is it a big deal? [laughter] >> it's a huge deal because, for instance, the big deal many, many years ago is when we had wireless communication to begin with and then it progressed slightly, slightly, slightly in terms of speeds, now, neil, back and forth between two devices is down to 50th of a second which virtually means neil you have instant communication and whether it's robotic arm or
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somebody in new york do surgery on a patient in iowa or whether it means, you can do anywhere you want to be a play a game if you're a kid on your laptop, your ipad, your iphone, it's just a huge game-changer because the speed is virtually instant. neil: how would the difference be in 5g phone? >> in terms of 50 times faster than 4g phone now. it won't matter so much for talking neil, but for videos, that kind of thing, it makes a giant difference and even if you think about the military, neil, they could have an outpost guarding something and they don't need any people there, we don't have to put soldiers in harm's way, you have night optics and drones, they can control it from hundreds of
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miles away and look at it virtually in realtime. neil: now carriers that have 5g test cities, a couple in texas, down south, elsewhere, what are they testing, what are they trying out? >> they are trying out the speed in which things can be transmitted. this is a technology in process. i think a lot of it will roll out across the united states next year. i think it's very exciting but even -- i will give you another example, neil, say you had a driverless truck, you were 3 miles away and all of a sudden there was a problem with the truck, you can literally overdo the -- what was going on in the truck and drive the truck to the side of the road in realtime. i mean, the advantages of this are just huge and i don't think most people appreciate how significant it's going to be for
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a number of industries yet. neil: let's go into that. this is what i love about your writings, you're way ahead of this. who are beneficiaries that are getting overlooked or we should be giving more attention to? >> yeah, tower companies is one, they're going to have to build out significantly more towers and they have to be in closer range, you to look at the telephone companies, you to consider if you have a holdings in the cable companies, what it's going to do to cable so there's a huge amount of industries that are going to be affected by this including health care as i said before and -- neil: who are some of the tower companies? you are talking about the ones who physically build the towers, you will need more of this to ricochet this, right? >> that's correct, tower companies in general should go
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up significantly. neil: a couple of names include? >> i will leave names to equity guys. [laughter] neil: you know, a lot of people naturally climb onto those who might be able to benefit from faster exposure to content and content players would benefit. are you in the camp that the faster someone can get to the content the more they would love the content? >> that's absolutely right. and also think of this neil, you won't need a hot spot, you won't have to go to some place where there's a hot spot to get access, you can be anywhere and immediately connect, voice, video was a huge pick-up will be and it'll be fabulous. neil: if you don't need a hot spot i will start shorting starbucks. [laughter] neil: anything that could go wrong, burst the bubble or delay it? >> i don't think so, it's a matter of putting the last
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finishing touches but i suspect in next year we are going to be -- they'll be rolled out over significant part of the nation and as i said for investors in a variety of industries it's going to have a major impact. neil: we are told that the chinese have a leap on us, that the government is pouring all sorts of money and resources into this, we by comparison have it sort of splintered among a number of key players in the private sector, is that true and should that worry us? >> the chinese have a slightly different version of 5g. i think the way they are set up in china they'll use that version in china. i think the american companies are very far advanced even though it's private industry and i have every expectation that it's going to be the american 5g that's going to be in the united states. neil: all right, you are way ahead of this talking about it when i barely understood what it was. at first i thought it was a head cold -- [laughter]
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medicare cards are changing. with new, more secure numbers. but con artists, they never change. they'll always try to steal your medical identity. so, what can you do? guard your card, just like a credit card. don't give your medicare number over the phone or email. and remember, medicare never calls unless you've asked them to. to find more ways to guard your card, go to medicare.gov/fraud. don't let your guard down. ♪ neil: all right. before i hand this hour off here i want to alert something came from our capitol hill producer chad pergram where senators are apparently being told, stay close to home. stay close to the capital this
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weekend, it is possible, it is possible they could have a vote on brett kavanaugh this weekend. the big hearing with his accuser is scheduled on thursday but again, told to stay in town just in case. to ashley webster. >> don't go anywhere, thank you very much, neil cavuto. breaking today, president trump puts the world on notice as he deliver as powerful speech to the u.n. general assembly. the president warning that all countries must do their part to make the world a better place and but he won't stand for other countries taking advantage of us. president making it clear he will put america's interests first. hello, i'm ashley webster. i'm in for trish regan. welcome to "the intelligence report
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