said. stuart: we hit fresh lows on the market. now we're down 250 points. that is the best part of 1% to the downside this friday morning. time's up for us. neil, sir, take it away. it is yours. neil: thank you very much, stuart. we have a bit of conundrum for cash and what is going on in the economy. you have oil prices tumbling well into a bear market. you have concerns inflation in this country at least at the wholesale level is heating up. traders are kind of whipsawed on that, one or the other but both, that is kind of a weird. we have the 10-year note going down in yield, up in price. as participants flock to quality. the belief this is maybe we'll stick our cash until all this settles out. good luck on that. particularly the oil front. what is whipsawing oil is whipsawing global equity markets as dominant player in the

markets. part of it read as slow down in the global economy. whether it is justified or not. it is anybody's guess. phil flynn has pretty good idea at the cme. hi, phil. >> amazing a month ago everybody was thinking oil would go to $100 a barrel. i think this is great news for the global economy. prices were getting too high and i have to give credit to president donald trump. i'm calling this president donald trump's big short, okay? he hoodwinked opec, exactly what he did. he was telling opec a few months ago, hey, you're cartel prices are getting too high. we need more oil from you. guess what? we'll put tough sanctions on iran, a country some people in opec don't really like very much even though iran is in opec. guess what? we'll do you a favor. we'll give iran a very hard time economically, raise oil production to help us out. guess what donald trump did?

hey, guys, forget that. i'm going to grant waivers to iran's biggest customers. they left opec holding the bag. let me tell you, neil, opec is very angry. they feel donald trump played them, played them like a fool. we're hearing this weekend that opec is going to try to step up to cut production this sunday to try to get prices to go back up right now. but, donald trump is loving this. he doesn't like opec. he says they're a monopoly. he wants to break them up. the best way to do it, try to bankrupt them. get them to spend a lot of money to raise production, then break the price by 20%. neil: then again, you could bankrupt a lot of u.s. oil interest, right? you have to be careful with you wish for? >> yeah, that is the other side of this equation here. i know at least one pipeline company that was actually spending a lot of money to try to get their pipelines done by the end of october with the thought process that they would have to be there to replace

iranian crude. so they did get caught with that a little bit at the same time. so you do have that balance because the u.s. is a big energy producer. some energy companies whose earnings were fantastic a month ago are not going to look very good. but i'm a big believer, neil, this drop in price what the economy needs now. a little bit of stimulus here. we've been talking about a slowdown potentially in oil demand. one of the reasons why that was happening because oil prices went up so fast initially and now with that rank in price, it will be like giving the economy a boosted stimulus. some of these countries slowing their energy demand will start ramping that up. even though we're looking at front month oil contract those prices are tank, if you look at further out years, people are buying oil as it is going out crazy. they don't think prices are

going lower longer, they think long term this is a great buying opportunity. airlines, trucking companies, are locking in prices, which bodes well for the u.s. energy producer long term. neil: my friend, thank you very, very much. phil flynn at the cme. remember this cuts both ways. good for consumers if they pay eventually less in home heating and oil costs. spending on other things like christmas presents. a good harbinger for retail industry and economy as a whole during the busy shopping season. there is the flip side how disproportionate energy related issues weigh on all the major averages. gerri willis with a look at that. hey, gerri. >> neil, look at the breadth in selloff of the energy stocks. 28 of 30 s&p energy stocks soling lower. all down today. oil glass exploration stocks also down.

marathon, hess, noble. refiners down two. valero down pretty significantly. exxon operates 379 refiners. they are down as well. moving on now to the keystone pipeline, big news last night. a federal judge blocking construction of that 1200-mile pipeline saying that the trump administration simply discarded the effect the project would have on climate change. that federal judge, brian morris repudiating one of donald trump's first acts as president. remember it was an executive order signed two days into office, blocking what president barack obama did to stop the pipeline, and turning it back on again. of course the judge now saying no, he wants another analysis of the environmental impact. here is what the president donald trump had to say today. >> well, it was a political decision made by a judge. i think it's a disgrace. 48,000 jobs. i approved it.

it is ready to start. and they will end up going to the ninth circuit as usual. >> you heard from the president on that. i guess this battle continues. meantime, neil, hard to believe only a few short weeks ago we were talking about 100-dollar per barrel oil. neil: you're right about that we say now, my next guest says beware consensus. it can come back to bite your heiny. thank you, gerri willis. next guest, charles payne, host of "making money," hit show in the afternoon after i get off. it is interesting, all of sudden the blueprint was for much, much higher energy prices. for the time-being, doesn't look like the case. play that out for me? >> because of the rapid decline in oil to your point, we were talking, hey, we'll break out to 74, 75 less than a month ago. easily going to 100. here we are trying to hold on to

60. neil: you were not among those. >> i wasn't. every time we got to the mid 70s we pulled back. i didn't think we would drop this precipitously this quickly. one thing we see every week, baker hughes puts out the oil rig numbers. we're up 169 rigs now more than a year ago. neil: why is that a big deal? >> as oil prices go up they turn on the rigs. if they turn on too many rigs, oil prices go down. they start turning off the rigs. it is crazy and it is nuts, a crazy game that they play but -- neil: this is indicative of something macro slowdown or something that we should worry about? >> i think more of a supply than demand issue. this is one of the reasons the fed doesn't pay a lot of attention to. when you hear, for instance, it was consumer price number or the producer price but ex, food and energy. they believe those things bounce around in narrow range. they driven by supply and

demand. we stop buying them. go down they overproduce and that yo-yo goes back and forth. what i think is underappreciated how much of this is an american success story. neil: right. >> how much oil we produce on a weekly basis, how much jobs we've created. this is an amazing story. a stat i looked up this morning, unemployment rate for oil and gas extraction in june of 2016 was 11.5%. you know what it is now? 1.5%. neil: wow. >> that is mind-boggling stuff. it is a great, great story. i know consumers like cheap gas where there is middle ground there where we can produce enough oil, create great-paying jobs in this country, construction projects in this country, not send money overseas, not some of it ultimately funding our enemies. there is a delicate balance there. i don't know where it is because it seems to be a moving target but there is a part of higher

oil being a great american success story. neil: bear market oil, whipsawing the foreign markets, particularly asia, they're 4.3 trillion in the hole from the big selloff they have had, not recouped. you could make an argument they're worried this is indicative of something bigger at least in that area. what do you think? >> every time oil goes down you think of the demand side, when you think demand you think asia and china. i will do a big segment on my show on china. there is so much news on china it has been underreported. down in auto sales in october. this will possibly the first year ever they had a yearly decline in automobile sales since they became a major auto market this year, they started providing bigger tax rebates to aluminum producers, trying to sort of soften the blow if you will of the tariff war. this week, just yesterday, in fact, the government ordered banks to start buying corporate debt. so china, to your point,

shanghai was down 1 1/2% overnight. it is down 35% this year. it is down 50% in the last three years. there is certainly an issue there. that influences the price of oil for sure. neil: he is sending a signal by doing that, xi xinping, that is to stand by with companies and those worried about what's happening we'll do everything we can to absorb this trump stuff, right? >> yeah, he is. listen, he gets to play up the opium wars, he gets to play up the boxer revolution. that is his fall-back position, that the western world always mistreated us, always belittled us. even his speech the other night he gave. i listened to the whole speech. he specifically talked about ports but chinese style open ports. in other words when the british arrive, they demanded they opened up their ports that was always a bone of contention. that is interesting. he talked about opening up their markets. last night a big deal cut with

american express, the first foreign banking concern, financial institution to be able to build a network inside china. they do have a chinese partner. it's a 50/50 arrangement. it is major significant news. i think something of a olive branch as we head into the g20 meeting. neil: it could be an effort to buy off private companies to put pressure on the president? >> i don't think they're going to do that. you had a couple companies early on raised their hand, maybe i use the tariff thing as an excuse like harley-davidson. i think they regretted they got involved in that as all. most ceos do the conference calls, they're questioned about it, they're really reluctant to blame the whole thing right now. neil: my producers will be scream, this back and forth with the president sending lawyers down to florida in response to democrats already having lawyers already down there in florida, the tight races in arizona all of sudden, mississippi, wait on recount but another vote, is

this worrying markets or no? >> we saw the markets rally significantly the day after the midterms because we thought it was over. we thought we understood the dynamics of d.c. i think the markets are happening the republicans kept the senate. it is worrisome. we want that in the rear view mirror. we want the parties to come together to get a few things done in this country, something. so, you know, it doesn't go away. not helping, certainly not helping the session today. neil: all right. look forward to your latest rig count report. >> [laughter]. down one. neil: man, oh, man. my buddy charles payne. we'll update you what is going on in florida right now. i know it sounds like 2000 again. if you look at florida representative of the country as a whole, it's a 50/50 state, it's a 50/50 country, there are 500 versus five hupp lawyers. we'll explain -- 500 lawyers.

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>> what's going on in florida is a disgrace. go down see what happened over the last period of time, 10 years, take a look at broward county. take a look at the total dishonesty of what happened with respect to broward county. broward county, press, broward county/election. there is a lot of dishonesty. neil: there is a lot of confusion, so much the senate contest we thought was decided albeit closely is going to a recount here, and could go on for days and days, all because of a very confusing ballot, what the president was getting at, but it was ballot in palm beach county and broward county that both parties signed off on, but confusion how the senate contests were allocated. i stressed, connell mcshane that was built football lots in those counties. be that as it may, it is battle royale for counting these votes,

isn't it. reporter: good place for out of work lawyers yet again, you're right. i didn't think we would be back at big board talking about this. because of florida and arizona, we'll get to that in a moment. it is not over yet. in the state of florida we had the check mark next to rick scott's name the other night, now, we'll see what it is. first of all we're looking at differential between the two candidates, nelson and scott on the state laws. we'll get to the ballot in a moment. if the differential is under one-half of 1%, automatic recount by chain. under .25 as it is now, manuel recount, that is when you get to voter intent. we could be at this for a while. in the governor's race, almost as close, but not quite under one-half of 1%. not so clear. gillum had conceded kind of unconceding if that were a word. there are questions neil points out about palm beach county.

dig into broward county extent we can. it is heavily democratic area, nelson has the lead, 259,000 votes, compare it to the difference in the government governor's race, with gillum, it is not exact. people are saying 25,000 votes differentialwise, people voted for governor, not senate. one of the reasons they're looking at the ballot. they're saying they didn't see the race on the ballot because it was down in the lower left-hand corner. that may have been a violation of guidelines, may not have been a violation of guidelines. it will come up with the lawyers. that is one of the things they're looking at. all these allegations of fraud. you heard the president talking about history. brenda snipes, the elections commissioner down there in broward county does have a history going back to a congressional race in 2016 where she was found to destroyed ballots before she was supposed to. that is one of the things we're talking about. the year 2000 as well. that is florida. so close.

tomorrow they're supposed to results, unofficial first results. we to from there, the lawyers and everything else. don't forget about arizona. as florida is trending in the way of democrats, maybe not enough to overtake the lead of the republicans, arizona is trending in way of democrats. kyrsten sinema out there enough to put her in the lead now. yesterday was a big day in that regard. she is up by more than 9,000 votes. the key there, maricopa county, the largest county in arizona. phoenix is in mayor cope county. it is one of the largest county populationwise, it is in the top five. the differential is building. she is 27, 28,000 votes in maricopa county. mcsally is not giving up. hoping late votes come in. the trend friend of democrats in both of these states, 2018 midterms are not over yet. neil: amazing. connell, thank you very much. as thing stands now republicans will certainly have, in fact they will have control the senate. the only question how much.

right now 51 firm republican seats, 46 democratic seats. remember as connell was pointing out. we don't know for sure in florida. we don't know for sure in arizona. mississippi, when no one gets over 50% of the vote they go in a few weeks final deciding election to settle it. if all three go democrat, it would be 51-49 senate, essentially what it has been. while that is still giving republicans control, it wasn't the environment where they looked like they would have 53, 54, 55 seats as it was election night. read from south carolina republican senator tim scott. senator, always good to have you. what do you make of that? what is going on here? >> it is really interesting to watch this play out. i'm confident we'll hold on in mississippi, frankly if you win the election in florida you should get the votes. we'll see what happens. we want the votes to count. we don't want them to count more than once. neil: are you saying something

is afoul here, senator? when democrats were trying to count the votes, something more nefarious is going on? >> it seems to me that we should pay close attention to broward and palm beach because of the history of broward county, not just the 2000 history as you talked about. the 2016 where ballots were destroyed, more importantly what we want is a sense of fairness in the electoral process. what we're looking at once again in the same place is just when you see smoke, sometimes there's fire. sometimes there's not. i hope we pay close attention it. i understand why rick scott is working with his attorneys to try to make sure clarity comes out of the midst of the smoke. neil: now i don't want to be one to link what is going on in the markets, senator, to this confusion over ballots in arizona or florida, what have you, but i do note, more legal back and forth we see, it just adds what is happening with oil prices collapsing and fears we

could have wholesale inflation, you name it. i'm wondering if this were to drag on for a while, are you worried it could lead to something bad for the financial world? >> well i think certainly we know one thing, as a former small business owner, certainty and predictability is the way that you forecast your future as a business owner. when there is uncertainty, a tad bit of chaos in the political realm, it translates, reverberates out of society. we need to be sure that positive things happen on tuesday night. the fact of the matter with 51 republican senators we're able to guarranty to the american people, tax reform, it is safe. the new regulatory environment, it's set. frankly if you think about protecting our courts, primary reason why i believe the intensity factor was so strong on our side of the aisle, at least my side of the aisle, we'll see more judges, more district court judges placed in office for a lifetime.

so i'm in a good place. i think american people, we have been able to protect the advances that we made over the last two years. the question is, will we find a place, a place of civility where we can focus on american people's priorities, infrastructure and immigration going forward. certainly would be nice to have 54 seats and not 51 seats as we focus on the american people's priorities. neil: you know, you mentioned the tax cut is safe. i think you're referring to tax cut for republicans voted on in last session of congress, one expiring now, without a single democratic vote. that democrats have taken over the house. indicated they want to revisit that whole package. i can't imagine scrapping it as nancy pelosi has discussed. >> good luck. neil: nor can i imagine the president will get his way with a permanent middle class tax cut, or additional one, what is your read of things? >> there's a scintilla of hope

out there as it relates to making the middle class tax cuts on individual side permanent. that is something we were pushing for. i'm hopeful we'll take the vehicle of reconciliation, we still have one left from my understanding we can use before the end of the year. so the lame-duck session should be a robust conversation, hopefully use a legislative vehicle that allows us to make permanent the tax cuts for the middle class as well as working on 2.0. making corrections, working on parts of it, the beat part of it, base erosion anti-tax part of it, we may get some of that done during the lame-duck session. if we do that, it only means more good news in 2019 for the economic recovery which right now we're in the third longest since 1854. if we hold it until july next year, it will be the longest recovery in the history of the country. neil: i don't like you knowing all this economic stuff better than me because i viciously

protect my turf, senator. but i did want to really finally end on that. that you alluded, strong economy remains strong. the market performance today notwithstanding. we've come well off the lows, by 1000 points or so. there is a view out there that, in divided government, while might get, you worked up and democrats worked up, they can't each get what they want, there is room here that nothing gets worse. do you buy that, that divided government will actually work and the economy's benefit, market's benefit, what do you think of that? >> i do think the, if i go back to my maximum predictability is a necessary component for business to flourish, they prefer food -- good policy. but no change is a good sign for businesses to plan three-to-five year window. neil: right. >> i think things get better. we have some moving parts in

government that will matter. at the ag i think actually matters a lot. trey gowdy will be force -- infrastructure and all those will have impact on the markets. if we focus our attention not on republicans or democrats or left versus right but what will actually extend prosperity and how can we deepen it in some of the distressed communities around this country, we will actually return civility into the public forum which will be a refreshing experience for a lot of people. neil: i lied when that was my last question. i want to get your take on the matthew whitaker situation. a number of your democratic colleagues, chuck schumer, that he should recuse himself from the mueller investigation. we hear reports that the mueller investigation might be wrapping up as we speak. a number of you mentioned,

mr. gowdy could be running for jeff sessions job on a permanent basis. is it your sense that the back and forth over the next attorney general will be on an interim basis, permanent basis but the mueller probe is safe? that the president is not trying to interfere with that, and that it would be dangerous if he did? >> the quick answer is yes. i think the mueller probe is safe. number one. number two, we ought to focus on the fact that the russian investigation seemed to end a long time ago. the mueller investigation continues whether there was collaboration and cooperation between the trump presidency and russians, there are a number of issues that have nothing to do with russia at all. what we think about the fact i heard recently, mr. rosenstein seems to be perhaps a witness in the overall on going

investigations. the question about who should be replaced and who should be in charge it, may not be mr. whitaker we should be talking about. it may actually be mr. rosenstein. neil: interesting. for the time-being he is not going anywhere that we know of. we'll watch closely. >> he is not. neil: senator, thank you very much. don't get so good at this economic stuff. look, it is not easy to read a prompter, all right? >> you're the best. neil: yeah, exactly. darn tootin. good to have you, senator. we'll have a lot more. a lot more what is causing the selloff here. it's a weird world today, folks. i don't want to get emersed in it. a pickup in inflation an bear market in oil on every front. this kind of stuff happens in a blue moon. it happens, but i'm saying it has got investors confused, after this. ♪ welcome to the place where people go to learn about

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♪ neil: all right. there is still some confusion about, forget about the interim director, man running the justice department, matthew whitaker right now over replacing jeff sessions. about half a dozen candidates have been mentioned for that post on a permanent basis but the president says he is in no rush to find that replacement. it added to the confusion whenever the mueller report comes out on russian interference in the election or lack thereof. the read from christian adams, a former justice department official. i'm wondering, christian, looking at that, what do you see happening here? we're told that the cast of characters who have been considered for the job keeps growing. we know that you know the acting director is probably not going to be the permanent one. what are we looking at here? >> well, right now you're looking at various factions telling the president who halt to be the attorney general. hopefully someone with justice

department experience. that is very important to understand how that institution works and how you routinely get lied to by career people. probably somebody who is a tough prosecutor, who can go after some of the leaks and skulduggery that infected that department over the last 10 years now. i think you have matt whitaker is doing a great job. he is the acting attorney general. he might be qualified to take the full-time job. he can't be appointed when he is in the slot he is in now. he is the kind of person i think the president is looking for to fill that job permanently. neil: how do they do that? i heard the same thing, christian, in the capacity he is now, the president can't switch to make him the permanent guy. what would happen, if the president said, you are doing a great job, you are my guy, how would that go. >> he would have to be moved out acting attorney general.

neil: i'm sorry how -- >> he can hold that position, you have to be, you have got inverse question you can't be there when you're appointed. i don't think there is a time limit. neil: okay. >> but 90 days is only had to be in slot. a lot of people are attacking are jealous they were noted to be acting attorney general. leading that list, rod rosenstein and his staffers are very bitter, because they lost control over the mueller investigation. that is what is animating a lot of the discussion in town. neil: are you surprised that it was maybe kabuki theater when rosenstein came to the white house, i thought he would resign or the president would fire him, neither happened. obviously he is sucking all this up but he can't be happy? >> no. it is like a broken record when i come on your show and this network. i've been saying more than a year rod rosenstein need to go. he is now engaged, his staff is

engaged, his deputies in deliberate coordinated attack against the acting attorney general. you cannot have a situation like this where this, you know, it is a sop to democrats. why you have democrats and leftists rallying in front of the white house to defend rosenstein . i think president sees rosenstein's allies are. they are the enemies of the president. i'm sure rosenstein is probably a short timer there you would hope. neil: so, was the president of leery of firing him at same time he was firing jeff sessions because it would like palace coup or another richard nixon "saturday night massacre"? was that the thinking behind keeping rosenstein in power or what? >> i think so. matt whitaker is well suited to deal with somebody like rod rosenstein. he has the compass to do it. he has the guts to do it. i think why rosenstein his gang of deputies are so upset about whitaker showing up. neil: finally i'm getting a

sense from the mueller probe, and some of the noise, that this investigation has veered widely from the original intent to look at russian collusion, like the clinton investigation veered wildly from real estate deals and went into a relationship with an intern. is it your sense given the guilty pleas we've seen have to do with financial improprietyies not to do with russian exchanges, is that where this thing is going? >> they are not financial improprieties related to the campaign. neil: right. they go back decades. >> paul manafort wiring money to a alexandria rug store. doesn't have to do with russia or the trump campaign. i think that is the sense. mueller and democrats in washington want to get trump no matter what. doesn't matter if it is irs indictment or lying to fbi indictment they want to get trump.

mat whitaker being there, he can review the report before it goes out, he has the power to rein in some. worst abuses of the mueller team to make the report more focused what it was supposed to be in the first place. neil: jay christian adams. i always learn a lot. >> thanks, neil. take care. neil: who do you trust more as a barometer of the economy, oil or walt disney? the company with cash or oil, after this. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

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neil: she wouldn't be automatic speaker, would she? >> yeah, i don't think this is, this is a done deal yet. there is a lot of time left. the voices of the new members are being heard now and next week. we're reporting back to d.c. we're having these conversations. to me, it is bigger than me. it is bigger than nancy pelosi. neil: that was democratic ohio

congressman tim ryan. remember he challenged nancy pelosi a couple years ago. got 63 votes in the process. unprecedented. still lost, those were 63 votes at a time you could argue the speaker or the former speaker was a lot more popular than she is now, trying to retake that job. to bush 43 speechwriter, jehmu greene. formerral franken chief of staff, drew littman. begin with you. is it your read, whether ryan or others that nancy pelosi will face a challenge or is she inevitable? >> she is inevitable. one is in the caucus, private vote, and on the floor of the house deck -- democrats and republicans. when ryan got 63 votes that was in caucus. on the floor, only four of those democrats voted fence pelosi. so they can vote against her in

caucus. they won't vote against her on the floor. neil: that is very interesting. if that is the case, the time to mount a challenge is in the caucus, put up the best people. but if some of those best people divide anti-pelosi vote, then what? >> well crucially there is no candidate running against her. congressman ryan tried it. heath schuler tried it a few years ago. interestingly, schuler, everyone who voted for him, they're all gone from the house now. pelosi abides. they don't have someone to run against her. neil: if that is the case, president looked at it cynically like he was setting something up to get pelosi, a favorite target of republicans, to be the democratic leader, to be the speaker. and that he wants her, that is the president, maybe other republicans for all i know, want her to be the leader because she is a great foil. what do you make of that? >> i agree she has been a great

foil. she has been leader of party in the house since 2003. not leader but minority and became speaker since 2007. she has been inspirational a number of new members coming in. a number said they won't vote for her. pelosi is looking options, how can we make this happen, they want new leadership and they believe they were elected to provide that but at the same time like mr. littman said there is no candidate taking her on. often times in these contests someone speaking out and saying i'm not going to support this person for leadership, whether republican or democrat is just someone saying hey, i want a little bit of attention. maybe they need favors promised. they want a little bit of grooming in that way but no one really wants to stick their neck out to become an open enemy of someone so powerful. neil: so many went on record wouldn't supporter, a dozen or more entering the house now,

having said that that was going to be their commitment. so in caucus they can stick to that. no one will finger them or think ill of them. >> right. neil: if in a general vote in the full house, it goes the other way? >> they could also vote present. >> right. she didn't need 218 votes on the floor. if there are 235 democrats, 30 want to vote present, she wins with 205 votes. neil: that is interesting. in the house it will be a separate dynamic than what is going on in the senate. obviously a lot of races are still too close to call one way or the other, will remain under control. the house if anything democrats could boost their numbers here. so play out those dynamics from me. whether we can see much progress on areas like infrastructure spending, maybe a middle class tax cut but what do you think? >> very interesting to me prior to the election pelosi wasn't saying we're going to impeach trump. she wasn't going with the most

radical progressive messages even though there is significant resistance to president trump narrative. she is signaling we'll be bipartisan we'll look for ways to work with republicans. that may or may not play out. with house only chamber in democrats control, not a whole lot they can do. they can subpoena, harass the executive branch. it will play better for them for the next contest to strike a more conciliatory tone. neil: thank you. we'll watch very closely. appreciate you taking the time. meantime all of this might be a moot point if any one of three huge asteroids nasa is warning about pet to earth. they're headed to earth. i don't want to be a debbie downer here. if one of them gets to earth. you don't need a portfolio. you just need a prayer.

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neil: all right. our secretary of state is meeting with his chinese counterparts ahead of the big g20 summit later this month. the two leaders will exchange pleasantries we're told ahead of that. the brass tacks begin later next month. we're told both are working to

normalize relations, foreign minister yang is trying to work with the that the healthy growth of cooperation and should characterize the relation. this is more about secure and defense issues but it will touch on trade. to the former u.s. ambassador to nato. ambassador, very good to have you. how do you think all of this will go down and obviously ahead of the president meeting with xi xinping i am heavily? what do you think? >> i think it is good thing secretary of defense jim mat sis meeting with chinese counterparts. there have close scrapes with the military. we're challenging some of these chinese territorial claims. we need to establish rules of the road so small incidents don't spin out of control that sets part of the stage of the meeting with the president and xi xinping in argentina. but of course the broader

relationship is still pretty, pretty confrontational. the trade war goes on. while the president said before the elections there might be a deal i'm not convinced that we're going to reach an early deal. i think the president overestimates american leverage. the other day he said something that is actually false. he said that china is pouring billions into the u.s. treasury when it is u.s. consumers and u.s. companies. the president may not realize we need a deal as much as they do. we have to get off the trade war to find some way to work together. neil: very interesting, xi xinping, the chinese leader has been assuring business interests in china. look i have your back. if you need liquidity or cash we're here. i'm simplifying it, but enough to say, i'm not about to cave to the united states. and there is a lot of friction that remains. so if this were to drag on say another year, that isn't such a wild exaggeration, what do you think?

>> no, i think that's a real possibility because the chinese, their trade balance is getting stronger despite our tariffs. neil: that's right. >> we need them on some of the big geopolitical problems, particularly the north korea issue which isn't getting solved despite the president's continued optimism on that subject. i think both sides will ultimately lose if the tariffs continue to escalate. they would just impose additional taxes on our companies and make it harder to find some kind of solution on the real problem which is the chinese theft of our intellectual property and mistreatment of u.s. companies. so i do hope the two presidents when they meet in argentina could at least get some negotiations going. i think china is much less of an enemy than russia these days. they still have a stake in the international system. we should use that, push back on what they're doing that is unfair. try to find a way to get some

kind of modus with china again. neil: quickly, ambassador, in english version of some of the chinese press i've been reading, they tend the house failures of president's party on trade, that the president overreached, this is chinese victory. what do you think of that? >> well, they would say that, wouldn't they? i think it was a factor but i think there were broader concerns that led to the swing. neil: all market, all marketing, right? they're marketing that, right? >> absolutely. neil: all right. >> still there is a point, we should find a way to climb down on this trade war and focus on the real challenges that we face which i still think are an aggressive russia still trying to destablize the international system. neil: ambassador, thank you very, very much. we'll have more after this. to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed.

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neil: all right. welcome back, everybody. top of the hour, 1:00 p.m. on the east coast. we have a selloff ensuing at the corner of wall and broad. here's what's weird about it. you have two competing inflationary issues. one, the wholesale inflation report which was starkly strong, up .6%. then you have oil collapsing, well into a bear market, that scared the you-know-what out of foreign markets, particularly in asia, where they have already seen $4.3 trillion worth of value evaporate. they have never come back as much as our markets have come back. we are still down a net around

$1.5 trillion or $2 trillion by comparison. those finding allegiances are letting people wonder, the weakening oil prices are going to mean we look at cheaper oil, cheaper heating oil, cheaper gas. that's more money to play with in the christmas shopping season for consumers to offset the higher effects of tariffs and trade and all of that. inflation figures have been weighing on financials, weighing on a host of other retailers, you name it, most of the dow components. it's like a weird kind of course of events. let's get an idea where we go from here. to king view asset management cio, scott martin and rebecca walter gaeand gary b. smith. gary, is it your sense the oil thing is a positive thing?

because there are a couple ways to read that since oil is disproportionately weighted in the dow and s&p, when that fields a hit, those investors feel the hit? >> i think it's definitely positive. as you said in your opening remarks, the costs will doing business across the board, whether you're a consumer or a business, has just gone down. you talked about and obviously, gas and oil price are a big part of that cpi number. you mentioned everything else going up. here's the difference. you can't switch from gas to something else very easily. maybe electric cars, i suppose. with all the other things in the basket, it's very easy for people to switch if the price of beef goes up, they switch to pork or chicken, something like that. i think this is very much a net positive for the u.s. neil: rebecca, how do you feel about this?

>> yeah, i'm excited about this. yeah, the cpi was obviously very high and that does indicate to go along with fed sentiment yesterday, they are on a hawkish bent and expect rates to go up, and that's why we're seeing global pullback, obviously. i'm actually encouraged with the iranian sanctions and everything that the oil prices, this does bode well for shoppers at christmas time. neil: that's interesting. scott, let me be the old fogey saying could this be stagflation or the earliest signs of it, where oil and maybe its collapse is a sign that the global economy is slowing, just as inflationary pressures beyond oil are building in this country. what do you think? >> yeah. global economy potentially, u.s. economy probably not so much. to the point that rebecca made earlier, gosh, guys, seeing oil actually react to the fact that the united states is now the world's largest crude oil provider is great and the fact

we may actually, my goodness, have an actual oil policy in this country for the first time since i was, i don't know, prom king, is really encouraging for the consumer. as we come up to christmas. yeah, it's true. so the reality is this is really good long-term, maybe difficult short-term to the market to react to or digest, but gosh, overall, you talked about this in your opening salvo, look at the influence oil alone has in things like raw material costs which we hear about in company earnings reports that were such a head wind over the last several quarters. now those are going to come down. it will help with company outlook and company profits and continue to support the s&p 500 at some point. neil: you know, yesterday, gary, i was talking to the former head of the cftc and saying don't be fooled by a downdraft in some of those commodities, that some have been very stubborn. i think he was referring to tin and platinum, all of that stuff that could show, you know, the

earliest signs of sort of like a commodity-based inflationary spiral. didn't think it's happening now. doesn't think it's imminent but worth noting. as a technician, do you note that kind of stuff or what? >> i do. just a couple comments. scott has been waiting seven, eight years to throw in that prom king comment. he finally slid it in there. talk about a humble brag, for crying out loud. neil: reminds me of all of those who turned me down for the prom. >> yeah, i mean, as the economy, not only our economy but as the global economy continues to grow, there's going to definitely be more pressure on those other commodities that are not easily replaced, tin, aluminum, things like that. one other quick thought on your stagflation. i just don't see it. here's the reason why. we have too many exciting new

technologies about to come on board enmasse. reb robotics, self-driving cars, and new industries which will be created in the u.s. neil: what do you tell investors now, there was so much volatility in october, little stability returning in november, but the year could end with huge gyrations. what do you tell them, they're concerned about just wanting to get through this year without having their heads handed to them? >> yeah. of course, i think it always goes to where they are in their investment cycle. 20, 30, 40-year-old, the advice is if the market, if we have a substantial decrease, which i don't think we are going to, but if we did, those people, their advice is this is a long-term play. it always is. for those people that are close to retirement and their main portfolio is their 401(k), if we were to start on a large spiral downward, obviously we have to look at other options for those

kind of people. neil: for those let's say maybe a year or two older than 40, what do you tell them? they then have to be much more cognizant of the volatile period and be very conservative and if they are conservative, where would they put their money? where do you think they should be? >> i mean, the thing is, if you look at 2008, you can see that it took four and a half years for someone who lost and participated in the full market down sweep to get back to whole. for those people that are very close to retirement, have ten years or less, we can't really deal with a five-year swing like that. so obviously, they are going to go to short-term treasury bills, something that's going to be a market or cash equivalent that's going to be safe and not -- obviously we have to hold it for awhile until we see a recovery and can buy back in. neil: scott, what do you make of technology? it's trying to bounce back but every time it does, apple gets another downgrade or someone is saying apple will be stumbling, amazon can't seem to retrench

here. what do you tell them? >> yeah. you know, speaking of past dates and love lost, it certainly feels like tech's not getting a lot of love these days. >> you had to work that in. >> you and me both. we are kindred spirits here. here's the thing. gosh, look across the tech landscape. stuff is getting smoked. look at apple, at netflix, at adobe, a lot of these companies are all getting hammered. it just goes to show you i think it's more of a temporary psychological thing where the market is reacting very tough to tech stocks because those have been the leaders. they have had a great run for the last couple, three years, and it's about time for those to come in. they will come the a valuation level you and rebecca just noted where it will be an attractive reentry. that's what investors should be watching for. neil: do you look at any of the political noise, the mueller probe that might or might not be wrapping up within a matter of weeks? you are shaking your head. why? >> yes, because i think obviously investors like a

divided house in congress, so they got some positive news. but absolutely, we have got some major political things take potentially will happen the next two years before the 2020 re-election or non-re-election of donald trump. neil: you want to get out of the way or what? >> i'm not saying that. i'm saying be watchful. be very watchful. be like a hawk. neil: gary, what do you think of that? >> maybe i'm like you, maybe an old curmudgeon. i have kind of seen all these things. neil: i never said i was an old curmudgeon. that was implied. >> i think i am the oldest here. i can say i'm the oldest curmudgeon, i suppose. but all this political stuff, i think to me, i think to anyone that's not playing inside baseball, it's just white noise out there. they have seen -- you couldn't even ask the average person out there what probe is ongoing right now. all they care about is do they have a job, the value of their

home, are their wages going up. i think all those are positive. i think, you know, the market just starts to tune this stuff out. i know i am. neil: interesting. all right, guys, i want to thank you. poor rebecca saying how did i get hooked up with these losers. i'm kidding. i'm kidding. thanks, guys, very much. have a wonderful weekend. the president has apparently got a short list to replace jeff sessions but it isn't exactly short. it's about a half dozen long. he's adding names to it. who's on that list? what would he pick, after this?

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neil: all right. the president did have a chance to talk with reporters as he usually does before boarding marine one en route heading to paris for the world war i commemorative events going on there. blake burman at the white house with details from all that. hey, blake. reporter: hi, neil. we got the president for about 20 minutes earlier this morning on the south lawn before he left for paris aboard air force one. lots of questions, lots of

discussions about matt whitaker and the president's decision to name whitaker and not deputy attorney general rod rosenstein as acting attorney general. the president defended his decision, saying that whitaker is smart, has a good reputation, was at the highest ranks of the department of justice, as jeff sessions' chief of staff. the president also saying he did not speak with whitaker about the special counsel probe, which whitaker now oversees. it appears as if whitaker could be at his post for quite some time as the acting a.g., as the president told me that he doesn't feel hurried to nominate sessions' permanent replacement. listen here. >> well, i have some very, very good people but there's no rush. you know, it has to go through a senate process which takes a long time, but we'll pick somebody that's great. we're going to pick somebody that's very good. again, i think it's very -- matt whitaker is a highly respected man but i didn't know matt whitaker. but he's a highly respected man. reporter: however, there are questions right now as to

whether or not there is the legal standing for whitaker to be the acting attorney general, considering as jeff sessions' chief of staff, he was not confirmed by the senate. chuck schumer has written a letter now to president trump, he is one of those expressing concerns. this is what he said today. quote, i am not aware of any precedent for appointment of an official who has not been confirmed by the senate to serve as acting attorney general. he goes on to write as an unconfirmed political appointee, mr. whitaker has not been subject to the scrutiny that the constitution requires to ensure that he has the character, integrity and ability to fulfill the grave responsibilities of this job. president trump did point out today that whitaker has been approved by the senate, senate confirmed, he is right in one sense considering that in 2004, when he was named by president george w. bush as a u.s. attorney, he was confirmed by the senate. that was in 2004, though, neil, and in 2009, whitaker resigned from that post and as we noted,

he hasn't faced senate scrutiny since. neil: that was an aggressive give and take with reporters. i knew you was a calm, very professional guy. you have consistently been that way. but it's got to be a crazy atmosphere, right? the level of vitriol between the president and the press, this is off the charts, right? reporter: it's not one day now, it's multiple days. you could say it's not one week or month, it's multiple weeks and months. he took exception to a question today from a cnn reporter yet again. neil: yes. i caught that. reporter: some would say a very legitimate question, whether or not the president wants whitaker to rein in the special counsel. it is a legitimate question because whitaker has gone on record saying the special counsel should be reined in. he also went after a reporter for the associated press for his question about the video in which some way was doctored, the video sarah sanders with the jim

acosta incident. he went after april ryan today, calling her a loser. you know, neil, it's going down this path, it's been down this path for awhile, and one of the questions is where does this continue to go as the president said today that he is considering even pulling more credentials. neil: wow. well, maintain your composure, young man. i have noticed a twitch developing. reporter: more coffee, two babies under 2. more coffee. send it my way. neil: the babies are the least of your anxiety. thank you, my friend. didn't mean to put you on the spot. i actually enjoy putting him on the spot. he's a good man. another good man with us, charlie gasparino. this war of words -- [ laughter ] it's getting bad. >> i just got off the phone with the white house. it's getting pretty nasty. god, reminds me of the stuff i

used to do with the wall street firms. listen, i will say this. as a reporter, i think we have to suck it up and expect it. i don't think we should be -- all battles should be fighting the good fight to break news, ask the right questions. i don't think we have to get into the mud, you know. the old saying, you get in the mud with the pigs, what happens is, you know, you start turning into a pig. neil: it works both ways, too, right? >> they goad him, and he responds. neil: i always think he does it to get them, too. he has their number as much as they like to think they have his. >> who knows who's winning this b.s. battle. neil: i just know it's entertaining. >> it's entertaining and fun, fun to watch, but it takes so much oxygen out of the room on stuff that we should be talking about. we could be talking about, you know, the press could be talking about policy, trade policy, immigration policy and getting trump -- i think trump is at his

weakest when you ask him a legitimate question and he tries to explain -- neil: that's what i mean. when he does this sort of stuff, if they really want to address policy issues and everything else, he knows all they're going to talk about is themselves. >> he's weakest when he has to explain the facts. neil: but they cave to that as well. they're as thin-skinned as they claim he is. >> you have a president saying this is the greatest economy ever. why can't jim acosta or one of our guys, i'm not going to signal out jim acosta, mr. president, explain why it's the greatest economy ever. give us the historical parameters why. neil: compare it to reagan, compare it to clinton. >> why is this better than reagan, clinton or eisenhower. obviously it's not. if he tries to explain that, he will look like an idiot. and you don't even have to put the words in his mouth. neil: where do you think this is all going ahead of the mueller probe findings and everything else? >> i think it's going to be a very toxic atmosphere in there,

because the democrats, as we have been reporting, we led the charge on this thing, they are gearing up to roast donald trump. there's going to be a little bit of a good cop/bad cop. it will be pelosi being the good cop, maxine waters, elijah cummings and adam schiff and jerry nadler and others being the bad cops, where they launch investigations. neil: are you in that camp that this is part of that derangement syndrome where democrats are pushing too far? >> i think pelosi will be much more strategic. she will roast him, she will let them do the roasting and she will try to get policy concessions out of him. that's kind of the word i'm hearing from some democrats. now, whether that is true or not, you know, can you keep adam schiff from going off the rails, i don't know. or jerry nadler. don't know. but that's what i hear -- neil: they might not have to go off the rails. just investigations don't necessarily mean impeachment. >> they roast him and she tries to get them -- she is the

conduit where she gets policy concessions, infrastructure, more trade sanctions. i think that's the end game. i think -- neil: any deals they can make, that is democrats and the president, on substantive issues? >> i think it's not good for the economy or the markets. neil: you don't think they can make deals? >> i do. i think they can make bad deals. here's where i think they will make more trade, more tariffs, more aggressive stuff on trade which the democrats and their allies definitely want, more attacks on businesses like amazon, tech, big tech, maybe calling them monopolies, trying to break them up, more tax, more pushing for infrastructure spending which sounds good but is usually a boondoggle waste of money, leads to much higher deficits. those are the type of things they agree on. you can see pelosi getting concessions out of him on those things while, you know, and using the sort of hammer of maxine waters and attacking him and asking for his tax returns or whatever she's going to do.

it could be that type of good cop/bad cop. i am picking some of that up from my democratic sources. now, whether that works out, how that works out, i can't tell you. this is a work in progress. this is just in the beginning. i think you have to remember, when you democrats control investigative committees, they often, they feed reporters. and you know, whether -- jim acosta doesn't have to be at the white house to write a major take-down of donald trump based on some leaked information he's getting from jerry nadler or me. i don't mean to single him out. neil: is he the hill other journalists are worth dying on? >> i think most journalists thought he was provocative. maybe overly provocative at the press conference. but it was all hype he put his hands on her. it was in the realm of lies or b.s. -- neil: intern or whatever, the

mic thing. >> in the line of the b.s. that -- neil: i'm not talking about her. you're right, they're showing the video, but do you think for a lot of journalists who work hard, that acosta is in that camp? >> i keep calling him bob. jim acosta works very hard. neil: that's not what i asked. is he worth dying on a hill for? all journalists say we're all connected and joined at the hip, all part of the same cause? >> yeah. i think so. neil: okay. >> i would. i don't think he should deny his privileges. and i think, you know, let me ask you this. do you think his questions are so far over the line he should not get privileges? neil: i think the theater -- >> i think you let him in, don't call on him. if you think he's going to argue with you every time you call on him. neil: it's slippery, you're right. you have to just step back.

>> but they went too far. did you really think he touched -- neil: no. i don't want to get into the whole touching thing with you but i want to thank you. >> i think that's a scary thought. neil: i'm just raising the thought. thank you very much. >> i never reported you. neil: there's always -- >> now. neil: where are we going here? i don't know, but i do know the nasdaq is down over 2%. i do know that interest rates are relatively stable today. in fact, improving. even in the face of a much, much higher than expected wholesale inflation report, at the same time we are seeing signs of a global slowdown or what some perceive to be a global slowdown because of what's happening with oil. all these cross-current in the middle of the back and forth with the president, the white house, the president angry, lot of anger going on. hey there people eligible for medicare.

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neil: doesn't this look so 2000?

protests outside brouward count supervisor of elections office. massive florida recount fight is looming right now. by the way, maybe not just in the senate race. the governor's race. what is it about florida? where is this going? what are you hearing? >> well, i think we're hearing from the democratic lawyers that at least the senate race is probably headed to a hand recount and at this point, i think that it should be. what is striking to me is that 18 years later, florida as a state can't get its entire election system in one single way. they need to improve that election system. i don't know why they haven't done much to improve it over the last 18 years but it probably should go the a hand recount and it's not right for rick scott, the governor of florida, who has overseen his state and its election system for the last eight years, to say that they shouldn't go forward with this.

it's not a good look in general for some of the republicans who are saying they shouldn't go forward with recounts, et cetera, because we do need to count every vote. look, in arizona, too, where i came from last night, cindy mccain got on twitter to say to the arizona republican party we need to count all these votes. she said i am a mail-in ballot voter and i was under the impression that my vote was always counted. neil: so what got some republicans second-guessing the motivations behind the recount is they are so disproportionately and overwhelmingly democrat. broward county, certainly in palm beach county, that would go to form and history and furthermore, the ballots in both counties, particularly in broward, are very confusing so i can understand the confusion over it, but both parties wrote off on those ballots and the notion that the vote for senate was very convoluted and confusing to the point we had thousands of fewer ballots with the senate vote because a lot of people never knew where to find the senate candidate. so leaving that aside, the fact that both parties approved that final ballot and it is what it

is, how long did this drag on, in the case of the 2000 recount, it dragged on until thanksgiving. >> yeah, well, i think that it went actually a little bit into december, when we got the final decision there. i don't think we know. that race was decided by i think 572 votes at the end of the day, after that hand recount was done in 2000. neil: by the way, the recount itself was stopped by a supreme court decision, but leaving that aside, whether you argue it's a different model to see who won, the longer this drags on, it's not going to change the outcome, the net outcome where we'll still have a republican senate, still have a democratic house, but it will -- it will set the stage for florida being the epicenter, say what you will of arizona, i agree with you, where florida once again indicative of a 50/50 country, i guess, will

be magnified now. >> yeah, absolutely. and neil, i really do believe that if ron desantis is sworn in as governor next year, he really needs to set some sort of edict for his secretary of state and the state to improve that system, because we do not need to have this drag on again. there are other states who have been able to get their act together after they have had issues like this, not quite as bad as florida has in the past, but they really should improve this system so everybody has more -- neil: don't you think it's accurate the closer they are? apparently the recount, hand or whatever, is going to be quicker, we're told, than it certainly was in 2000, the hanging chads. because we don't have hanging chads anymore. but the process will be a little quicker, maybe a lot quicker, but you can't avoid this sort of thing if you mention what's going on in arizona, now in mississippi, where for someone to claim 50% hurdle, they are going to revote in a few weeks,

that in a close race, this is what happens. >> yeah, it is what happens, but look, in arizona, there are still about 500,000 ballots out. they have a pretty robust mail balloting program in arizona, too. but there are some additional things there that i don't think people are aware of which is that arizona has, on top of the early balloting which ends on the friday before election day, they have this thing called emergency vote which happens on saturday and monday before election day, which is to say if you were too late getting your ballot mailed in and you were not going to be in the state on election day, or you had moved, there are lots of different reasons why people could do an emergency in-person vote on saturday and monday. it's very likely those ballots won't be counted until later. i don't think we will know the result in arizona until sometime mid next week. neil: interesting. erin, thank you. always great talking. >> you, too. neil: let's take a look at the ten-year treasury note. forget about the dow being down about 264 points right now.

interest rates are going down. bond prices going up. that's where a lot of people seeking out a safe haven appear to be going. after this. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

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neil: all right. there's the dow right now, down 254 points. we are still focused on the senate recounts, losing sight of the fact that right now, democrats are swelling their gains in the house of representatives beyond just the 26 or 27 thought, and maybe it could be as many as 30 or better than that. in pennsylvania, we saw three republican seats go in exchange for democrats so that state has disproportionate pickup on the part of voters. the former governor joins us

now, ed rendell. >> listening to your florida recount made me think of 2000 when i was democratic chair. it's deja vu all over again. neil: what do you think of how long this could potentially drag on? it's not a presidential contest but it is setting the stage for people wondering does florida have its act together. my argument on that is that maybe there's nothing nefarious going on outside of the fact that is still a 50/50 state and the closer contests get, you talk about recounts, be they in georgia, be they right now in mississippi, where they have to count again, or do this all over again because no one got over 50% of the vote, arizona, where they are neck and neck, this is what happens in close elections. what do you think? >> it does, and recounts are going to occur because they're there to help decide close elections but there's no excuse for any state not to have by 24 hours after the polls close at

the outset, to have all the votes counted. then they can have a recount. but in arizona, there are 450,000 votes not counted and i think in florida, 50,000 or 60,000 votes not counted. that's unacceptable. they've got to tighten up their procedures. neil: now, i don't know all the details, you probably know better than i, you were there in the middle of the 2000 mess, that they were taking safeguards to make sure whatever ballots they would come up with in future years, both parties would agree to them. so both parties agreed to what seems to be such a confusing ballot, it was almost like a telephone book in a couple of these counties, broward and palm beach come to mind. how did both parties write off on that, especially for, you know, a state that was urged to make it simple, make it clear? >> it's stunning to me because actually, in 2000, the democratic party had agreed with that ballot that was so confusing in broward and palm

beach. they had, so it's stunning to me that it happens but i don't think we should have political people sign off on ballots. we should have people who are experts on elections look at a ballot and say well, that's easy to understand, that's a little bit confusing, or that might be distracting. we've got to find a way to do it better. what happens now is, regardless of what happens, whoever wins, the other side is going to think there's some sort of chicanery. neil: you know, governor, already we are getting noise from candidates within the democratic party already feeling their oats and maybe testing the presidential waters, among them just yesterday i was chatting with the california congressman eric swalwell entertaining just that. listen to this. there's a report in politico and now elsewhere that you are seriously considering a run for president. are you? >> absolutely i'm looking at it, and i'm going to talk with my family over the holiday, but i do think, neil, that one lesson

i have taken away from the midterm results, when you look at 25 people elected to help win the house in their 40s and under, the country is embracing new ideas, new energy and new leadership. neil: so he's testing the waters. the obvious question for you, governor, are you? >> well, i think i should run with joe biden. we would be the aarp ticket. neil: it is amazing, we could have a couple dozen democrats, prominent democrats, not just sort of also-rans, seriously joining that field. right? >> yeah, there's no question about it. there's nothing necessarily wrong with that. what's wrong with it is if candidates cater to their base just because they are thinking of running for president. i was very disappointed when democrats, almost all of them except for amy klobuchar was the only so-called presidential candidate who didn't do this, all said we should abolish i.c.e. of course we shouldn't abolish i.c.e.

reneed to reform i.c.e., need to change it, but we need an agency like i.c.e. to do the important work that it does. there was a stampede of presidential candidates pledging their faith to repealing i.c.e. if congressman swalwell gets in the race, i hope he stays the way he is and decides things based on the merits, not what's politically the best route to go. neil: you and the vice president by definition are the breed then, not talking about your age but your more moderate position. your party has taken a sharp left. does that worry you? >> it does, although some of the people who are considered to be in the left wing of our party i think are sensible and get painted unfairly. i heard elizabeth warren at a private dinner say if the democrats take back the house, we better show the country that we should legislate, legislate, legislate, not just investigate, investigate, investigate. that's absolutely right.

if all we do with control of the house is investigate, every little nuance in the trump administration, we will have blown a big opportunity to show the country we can give them a good infrastructure bill, a good comprehensive immigration reform bill, we can fix the aca. those are the things we should be doing. sure, there are certain things that need to be investigated. but let the mueller probe do most of that work. let's get back to doing things that meet the challenges this country faces. neil: governor rendell, always a pleasure. thank you, sir. >> thanks, neil. neil: a lot more on that and which way the parties are going right now, a couple days after the big election that is still not resolved in one close contest after another. oil down well into bear market territory, and could go still lower. o retire early. let's talk about this when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours.

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of events. i think that saudi arabia and russia and the u.s. kind of all got dressed up for the iranian production to fall and i think that trump has just kind of slowly let the air out of the balloon on the stanganctions so price didn't go down so we have an increased supply we don't really need right now. there's a glut on the market. neil: that glut would hit u.s. oil. are you worried about that? >> yeah, no, i think if you look at since may, russia has added 450,000 barrels a day, saudi arabia has added 750,000 barrels a day, and the u.s. has added about 800,000 barrels a day. i think it's just too much oil right now. but i think that we are going to see a counter punch from opec and russia pretty soon, in the next -- before the end of the year. neil: what does that mean, they scale back production and try to reverse this process, that sort of thing? >> from what i'm hearing from my sources, there's a really big

consternation at opec with the rest of opec pointing fingers at saudi arabia, blaming them for the price decline. they are extremely unhappy about that. i think also, russia wants to see the price go back up as well. i think now that the u.s. election is over with, and trump maybe needs the political cover a little bit less, i think you are likely to see saudi arabia and russia try to stop the bleeding a little bit and push prices the other way. there's a meeting in abu dhabi this week, a formal opec meeting next month. you are likely to see some public announcements about pulling back production because of that. neil: you know, there have been assurances that oil will make its way to china, oil might make its way to other entities that could be shielded from whatever is going on here to our detriment. do you buy that? >> not really. i met with the white house administration this morning about the iranian sanctions and

kind of the plan going forward and what they're looking to do. i think the people that need certain specific kinds of oil have been granted waivers, these eight countries have been granted waivers and i also think there has been unparalleled cooperation from the private sector in europe and other places about complying with the sanctions and not running afoul of the u.s. administration. so i think that you will see pretty heavy compliance and a general tapering with the folks that received the waivers to further tighten and reduce the supply. people just i think don't want to mess with it and don't want to run afoul of the u.s. financial system and interfere with their ability to transact in dollars. i think you will see tight compliance on what the administration is trying to do. neil: all right. we shall see. dan, thank you very much. >> thank you. neil: deirdre bolton joining me now. i want to touch on what she's working on. great special tonight, women and money, at 9:30. first, if you don't mind, the markets and what's going on,

this mixed read, sluggishness but inflation on the wholesale front. this is not a good combo. >> i think worries about china, chine chinese data, the effect of these tariffs. we saw shanghai, you were just talking about oil, oil in bear market territory, beneath $60 for the first time since march. that's worth paying attention to. of course, we are always worried about inflation. we are worried, okay, is the fed fwoeg to be more aggressive. i personally think chairman powell has actually telegraphed pretty precisely what the fed is going to do, but we have seen the markets react to this idea of okay, if the fed does tighten more, work quicker than anticipated -- neil: the collapse in oil wouldn't change that. >> it wouldn't. it wouldn't. i like a chart you showed earlier where, if you look at the week, the dow and the nasdaq, and the s&p 500, all up better than 2.5% for the week. we are past the midterms so that unknown is now removed. we can go back to worrying about trade tariffs which is always

the biggest weight. neil: let's talk a little about what you have in store tonight. >> so 40% of american women are breadwinners and i just think the quest for the american dream is gender neutral. we have these amazing people who have amazing stories. yes, they happen to be women, but joan solosar is joining us from blackstone, $450 billion in assets under management, so she talks a lot about her day job, her life, fields some kind of tough professional questions, too. i just asked her to put her mentor hat on, go through a lightning round. i deserve to be promoted, somebody else got it, how do you handle that at that level. and just kind of getting to the next step as far as what happens to the next generation. that's why she started a very big mentoring program within blackstone which other firms are trying to copy. basically taking a look at someone's personal success story. she is an american success story. her parents were holocaust survivors, came here with

nothing. she grew up in queens, very modest means, and is now responsible for essentially bringing blackstone's expertise to individual investors. she is also on their investment committee. these are great american stories, great business stories. neil: she is supposed to be a calming investor. in other words, going to the view that women are supposed to be calmer, less kind of let's rush in and out of these investments. >> what we saw during the credit crisis is a lot of female fund managers actually managed risk better, they lost less or they didn't lose at all because they perceived risk differently and were a little more cautious to begin with. neil: men are show-offs and blowhards. >> these are stories that maybe not everybody knows of these people as household names but they are incredible, inspirational. there is also a practical element to this show as well for the next generation, how do i interview better, how do i if i want to switch fields, how do i do this better, and we have a

few sort of hands-on experts. neil: that's not just a message for women. it's a message for everybody. >> absolutely everybody. neil: way to go. look forward to it. she practices what she preaches. she does her homework and then some. scary. all right. let's take a look at the nasdaq right now. it is poised to wipe out whatever gains it had this week, so technology still has a tough time. not all, but the big guys getting out of their own way. after this.

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neil: we're down 262 points. i don't know whether being driven by female investor or male investors. deirdre bolton into that. charles payne, any thoughts? charles: i'm going to say both. neil: very good young man. very good. charles: i found out peter navarro spoke today too. that never helps. neil: here we go. charles: a good day, everyone. i'm charles payne. this is "making money." coming up stocks trading lower today, but major averages are up for the week. the dow is on pace for the best week since june. president trump signs an immigration proclamation today. what does it mean for the caravan heading towards the u.s. border seeking asylum? oil prices down 20% in the last month on abundance of u.s. inventory. that's right, this is an american success story of the question now, is it too successful? we have that, a