high. i don't know if it will get to that level but leading the whole market down. >> certainly is. stuart: that is the leader right now. as we leave you the dow is down close to 100 points. my time is up. so, hey, neil, we come back, good to see you again. it ace yours. neil: same to you, my friend. wouldn't it be a kick the person won the money didn't want to cash the ticket they were watching your show, a waste of money, you will give it to the tax mon. stuart told me i will only end up tops with 700 million. stuart: i don't want to take a lot of time on your show, neil. neil: found it kind of odd you might be responsible for someone walking away from -- only humors me. so go ahead. as you were. stuart: see ya. neil: we're focus on these developments. a lot of investors losing in a millisecond on financial stocks. goes back to maxine waters. i want to you listen to this. >> make no mistake, come january

in this committee, we can enracket regulations putting our economy at risk of another financial crisis will come to an end. neil: easing banking regulations will come to an end. the timing of this was stunning, considering we were getting reports out of the federal reserve it was also going to be lenient on community banks, local and regional banks, some tough standards applied to the meltdown would ease up. now you have the person who is going to be coming in and running that financial committee in the house saying no, no, not so fast. there are two bodies here we're talking about in the senate, where they're predisposed continue supporting fed moves to ease these restrictions. you add the talk of oversight, aggressive oversight, of that of the banking industry, you have a freefall in the shares. that is sort of spreading around. let's get the read on all of

this. bahnsen group cio. david bahnsen. we have senior reporter at "barron's." mary, she didn't say too startling what we would not have anticipated. she has been a long-time critic of easing up on the restrictions that were put in place after the meltdown. it is just now they heard her say it outright, right? >> i think that's right. in the aftermath of the financial crisis there was so much talk about putting more restrictions in place, especially on bigger institutions. you note that difference with the regional banks, there may still be the difference. maxine waters was saying earlier today, she emphasized too big to fail institutions that to the us in trouble last time. there may be a distinction in the rules she is talking about. keeping a close eye on systematically important banks and letting regional ones be more unfettered to be able to conduct business. neil: they're all getting caught in the down draft, david. is that justified? >> i don't think they're all getting caught up equally. the fact of the matter jpmorgan

here above $109 a share. it is not caught in the same way regionals could be. even ones being caught in it, kneel, it is important to understand how toothless what maxine waters has said is. the fact of the matter as you point out the regulator of the financial institutions is the federal reserve. the house financial services committee has one thing they're allowed to do, grandstand. that is what maxine waters will do. the department of justice is the only group that can go in and put fines on financial institutions. so they have already impuned hundreds of billions of dollars. nobody believes there is more of that coming. what's the real risk to the financials besides far-left speech-making from maxine waters. i don't see it as substantive. neil: mary, there is another view too. if banks have anything to worry about it could be the rising rate environment which on paper should help them but, if it gets too out of hand could hurt them.

so those are dynamics in play too, right? >> absolutely true, yeah. there is a lot of increasing as the yield curve shifts. as yield on 10-year and others rise, that does mean possibly better business for the banks as they actually make money on that difference. but if they're facing a more regulatory environment that could be a lot of tension. i do mean, consumer protects have been rolled back as well, there is shifting landscape who has power and who has jurisdiction over what part of the financial system here. while in the past there hasn't been as much under this committee, could be they're kind of picking up the slack as consumer protections have been hurt in recent years. neil: david, much has been said better time the market tries to gain traction of late something happens to derail it. and, you know, it is like direction people cannot get a handle on. the economy remains robust. consumer confidence in and out of multiyear highs. save maybe the real estate

industry which is definitely slowing down a little bit, it is not evident in other, you know areas where consumers are busy buying retail, what have you. what do you make of what this market's telling us, these wild days? >> the biggest headwind is the fact that this trade war and tariff issue continues to linger. and when you combine that with kind of weakening global conditions, it is set up a headwind even in the face of u.s. economy and u.s. corporate profits that are doing very well. so i think that until we get some clarity, even if it is an interim fix on the issue with china and this trade war, it is very unlikely the market can get outside of a range-bound. right now, neil, i don't think you're seeing markets in a downward trajectory. i think you're seeing refocus what the leadership is. you are seeing really strong performance from a lot of value names, large cap, strong balance sheet. a lot of dividend growers and

you have seen continued weakness in the very overpriced you're seeing that long-awaited transition. and i think it is very healthy in the long run. neil: was not long ago, mary, you were talking about leadership does change even in a bull market, ongoing bull market is a healthy sign. we've seen a lot of money come out of apple on verge of being bear market territory, about a percent or so away from what would be 20% drop from its highs reached to just in early october. what do you make of that? whether people are finally saying or investors are generally saying enough with technology? >> i mean i think that is a very valid point. i think there has been a lot of skepticism about the rally really the whole time. when you have that kind of lack of enthusiasm, it can be hard to stay in, right? neil: right. >> investors say where should i take profits? especially some years after the tech giants keep getting bigger and bigger, people want to look for an excuse to get out.

there are capital gains benefits, new programs coming out help piv you a different thing to do, give you a way to get out of the stock market, even with savings accounts offering up to 2%, why would you stay in a stock by many traditional metrics so overvalued? people are weighing that, trying to make a rational decision based on that. neil: mary, final word. david, thank you. as always, guys. oil could be on way to 12-day losing streak that brought it to the lowest level we've seen in years. let's get a read whether today is sign of a turnaround or other selling could be in effect this is cumulative look at oil since october. go to prosper trading academy ceo. scott, what do you think? >> we're certainly seeing a bit of a snapback today, and i say that, neil, yesterday was one of those days you can almost call it capitulation in the oil space. if you look at the volume, and

intensity and veracity of that downward move yesterday, that was a lot of funds, that was a lot of retail saying i give up. i'm giving up here. as a trader, a day-trader, yesterday actually brought a very, very good opportunity to get in the space here for a short-term trade. longer term, man, oh, man, there are just incredible amount of headwinds here. i'm not saying we'll whoever around 55 or go much lower here, but there is incredible amount of headwinds facing this entire space, to even think about 60, let alone $65 a barrel again. neil: you know what worries me, scott, you're knee deep in all of this stuff far better than i. my bigger macro worry it was global slowdown signal. would be bad for demand worldwide, beginning in asia, extending to europe, eventually it hits here. that gets in the way of every bullish argument. are you in that camp? >> 100%. there is no question you look at

that, at how it has hurt the global economy. that is absolutely a big part of the equation. and then there is also the risk headline, we still don't know what is opec actually going to do? some say they will cut back a million barrels a day. some say cut back upwards million 1/2 barrel as day. that is absolutely keeping the extended volatility in the space as well. but in terms of a longer term trade, if somebody wanted to get into the oil space here. i do think the 55 level is probably an area people should start to try to stick their toes back in the water. could it go sub50? absolutely. longer term this is a good spot. it's a good trade here. it is as day-trader, this is a real good spot. neil: scott, thank you very, very much. love your read on things. go to blake burman at the white house where the eu trade minister is in town. i thought that was resolved deal. i guess not, right?

they have to iron out details, right? >> just sent an email. you might want to check your in-box. i just got off the phone with a couple sources here, neil, literally within a couple minutes as it relates to the trade meeting here yesterday at the white house. remember the president had his top trade advisors here, one of the issues we were talking about the potential for auto tariffs as it relates potentially to the european union. one source with knowledge of that meeting told me that essentially the status quo remains. as it was a couple days ago and a couple weeks ago, which is, right now the negotiations continue among both sides as, keep in mind, as you just mentioned. cecilia maelstrom the top eu trade negotiator is here in the u.s. in washington, d.c., meeting with her counterpart, ustr rep bob lighthizer. she said yesterday she doesn't think the possibility of auto

tariffs would come the european union way as long as both sides are negotiating while that happens at least. that is what we're seeing right now. though she did say in an interview according to a german newspaper, should the u.s. decide to hit the european union they would fight back. this is what she said according to a german newspaper, she said, quote, we will then hit back. we could quickly put together a long list of counter measures that confirm to world trade organization rules a commerce spokesman, neil, told me in a few minutes the 232 report on autos is continuing to go through the inner agency process. the bottom line, malmstrom, trade negotiator here in the u.s., and as it relates to potential tariffs on the european union for autos, right now both sides are just kind of taking a step back, letting this bo through the process. they are talking to each other.

right now it doesn't appear if any sort of retaliation as it relates to autos will come the eu's way so long as negotiations are own going. neil? neil: thank you very much. blake burman at the white house. they're coming to take photos, pictures, new classes going to lead the next congress and house and senate. in the house they're trying to decide leadership on the republican side now that they're in the minority. there's a battle, it is is not a gimme for kevin mccarthy. we'll explore after this. ♪

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neil: this is something remarkable here. apple is very, very close to falling 20%, which would be a bear market from highs reached little more than what, five 1/2, six weeks ago? this as one firm after another has been downgrading the technology giant saying iphone estimates for the holiday season in case of the latest spin will in the live up to expectations. keep in mind in apple, expectations are to tell 35 million of something, iphone x or other models. they have growing doubt that apple will deliver the goods. it has been published since the earnings report out two weeks ago. remember that? it has not really looked back or up since. that is one thing we're focusing

on, that near bear market for apple and a lot of technology stocks going along and what is happening on capitol hill. they're both descending on the capitol, both parties in the senate and in the house t will be a new majority in the house but the republicans are gathering as well to select their leaders that vote is scheduled for about 45 minutes from now. when kevin mccarthy will take on jim jordan for that post. and the odds are that no one can really handicap this, especially now post the election. "wall street journal" editorial board member james freeman. what is your take on this? would be kevin mccarthy's ostensibly to lose but there's a lot of frustration and anger on the conservative wing of the party they didn't articulate their party and some are taking it out on establishment figures, aren't they? >> you still have to give mccarthy the edge here but there is a argument if you're no longer in the majority, now in the minority, if you don't have the responsibility of governing

and cobbling together majorities on the big votes, maybe you want as minority leader, someone like jim jordan, the other option here who will be better at drawing stark contrasts with the governing democrats in the house. neil: you know it is funny james a battle for each party's respective soul among republicans whether they should be conservative or moderate with someone like kevin mccarthy or the democrats where yesterday you had alexandria ocasio-cortez leading this group of some 20 to 40 angry liberals outside nancy pelosi's office, protesting the way that the party handled issues like climate change and the rest. she is part of what will be a very aggressive and growing progressive wing of the parties. the progressive caucus is north

of 90 members. that is pretty heady numbers. >> will be interesting to see if these stunts can make democrats nancy pelosi hold votes members may regret. you recall one of the reasons nancy pelosi was, became minority leader last time she lost the majority, she forced her members to do a big climate change cap-and-trade vote. it passed in the house. it never went anywhere in the senate. a lot of members got punished in the 2010 election. republicans took over the majority. there is a question with okays yo cortez demanding a immediate move to renewable fuels, how will that affect potential votes in the house? to your point, you had a lot of democrats get elected presenting themselves to moderates with suburban voters. this action will tell us are

they moderate or was that a campaign pose? neil: it is interesting to see, 30 of the democrats, not all new, are from districts that donald trump won in 2016. they're obviously cognizant where they come from. they will not get too crazy left i guess. do you have a sense here there is a battle brewing and that nancy pelosi should look over her shoulder and they're not include to make her the leader again? no one seems to be stepping up but would you think someone would? >> she obviously as you mentioned, she has this ocasio-cortez philosophical challenge from the left and more toward the center she had members of her party who want a change. neither side, whether it is the sort of reformers or dissenters or pelosi camp seems particularly confident. the people who want to block her

speakership seem to think they have the votes but not one of them is willing yet to say they want to run against her. so they seem to be a little afraid of poking their heads up in case she remains in power. the other hand, she is kind of suggesting that a vote against her is sexist. i don't know if that is what you say when you're confident of victory. would i think not. seems like she is crows but doesn't have the votes at this point. neil: we'll continue to watch, james freeman. it will be new york city or just outside of new york city and northern virginia. they are two new headquarters for amazon. but a lot of tax breaks and billion dollars worth of incentives were sweetened in the deal to make it come down. so many arguing that amazon snookered these cities. did it really? after this.

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>> many technology companies having a tough time led by apple. a key supplier saying future shipments could be down, pointing in apple's direction bringing down the tech sector. a note from goldman sachs, predicting iphone sales would decrease by 6%. apple is heading closer and closer to bear market territory. if it does, that special number it needs to hit is $185.65 a share. definitely not far off. so it is continuing its fall. the decrease in the tech sector, that is pushing, having a ripple effect across the globe including in hong kong where a lot of ipos had trouble in late keeping stock prices up. two major chinese companies are scaling back the ipos, the first, baby tree group. they are valued at $2.2 billion in may. they originally planned for the ipo, $800 million to be raised. they're scaling back.

only planning raising $281 million. not just baby tree either. you have another company, this is elon holdings, they're third largest travel agents or online travel agency. they're scaling back their ipo. instead of raising one billion. $232 million. so there you have it, technology suffering across the globe and ipos in hong kong having lackluster results. back to you, neal. neil: thank you very much. i want to get a read of these markets from jonathan hoenig who is here. he has a book out, on americanism. we are questioning american stocks these days. i want to touch on that for a bit. what the heck is going on? when you look at everything going on? that is james freeman's book, a wonderful book, buy it. but it is not his book. anyway, what do you make of what is going on here? >> it is an ugly tape. put aside politics and opining

on administration, this is ugly tape. looking at number of new highs versus new lows. this tells you what is going on beneath the surface. you pointed out amazon, excuse my, apple, essentially on discuss up of a bear market. there are even more stocks. what is it, almost 200 stocks, now at new 52 lows. new long-term trends. only 30 or 40 at new 52-week highs. essentially just a weak tape. makes it difficult for stocks to do well even with good news out. neil: there is a weak tape. when you defer to that, talking about an environment, in the past, seems we had weak temper tantrums. whatever you want to call them, they are short-lived. underneath the surface far uglier than it appears on the surface. >> i'm not a casandra, not rooting -- old saying a rising tide lifts all boats, that is true in a bull market. many stocks tend to important. in a bear market, led by apple,

these fangs, wasn't alcoa and ford driving us on the way up. it was these "fang" stocks. so i see it -- neil: you think their selloff is overdone? >> no, neil, i don't. facebook was just at a 52-week low. amazon as you said is at a bear market. these are still essentially falling knives. i see it almost like a situation in the late 1990s, by their own success they become a dominant part of the indices much less the economy. amazon or apple is 12% of the nasdaq. it is four or 5% of the dow. weakness in these stocks just will be difficult, what does it mean for everyday investors? you have to sit tight and be loathe to put a lot more money to work in this market right now. neil: i can always try to catch a falling knife, see a bargain. you don't see us at any these levels for any of these stocks? >> i'm not at the worst-case scenario. i think about the period after 2000. a lot of people bought microsoft, they said, microsoft is not going out of business,

cisco is not going out of business. oracle -- intel is not going out of business. tease are big names in the 90s, but none of them went out of business but they basically traded sideways for 10 years. neil: they survived the. >> they survived but we're in it to make money. a lot of people are in it for the long haul, amazon, five or six, seven years on they haven't made money, they say uncle, get me out, you mentioned amazon, city in long island, new york, and northern virginia, they're guarantying 50,000 jobs, amazon for both locations, 25,000 each but billions in tax incentives. now a lot of liberals are crying foul. what do we really get for that. what do you say? >> if it was solyndra, they would love it. for something green they would love it. they should be against it and conservatives should be against it. take the party out. this is cronyism. we should be against cronyism.

we should be against government picking winners and losers. this is 2 1/2, what, billion dollars of other people's money going to amazon to, you know, whether it creates jobs or not is irrelevant. that's wrong. neil: you believe amazon when it says 50,000 jobs? >> neil, how many times have we heard this? ethanol, a great example, republicans essentially scam to boost up that industry it, would create some jobs. obama stimulus, oh, it will create some jobs. if the jobs are created, let them create them as amazon always created jobs in the private sector. neil: is this well spent in the private sector if you invest getting those jobs in your neck of the woods? >> i think it is underestimated. they say 45,000-dollar per cost for the taxpayer. i think it is compounded at higher rate. look at lost production, logical result would be simply cut spending, have the state cut spending, cut everyone's taxes. let them decide who to

subsidize, not to subsidize. neil: very good point. >> worst thing, it creates moral precedent, if you have to compete go to cuomo's office, de blasio, any politician's office. neil: all the businesses already here saying what about me? >> it is an affront to honest tax paying business person. business people are the worst defenders of capitalism sometimes. neil: this makes you a riddle wrapped in a conundrum. you tick off both. this textbook on american system this what you're exploring. >> thank you, neil. happy to share it with you. this is real radical stuff. i, published this because i believe that americans left and right really forgotten the basic nature of what america is about. it is not about sacrifice to god or the greater good or the steelworkers, environment or amazon or anyone else. it is about individualism, neil. it is about your own right to live your own life unencumbered,

unmolested by anyone including government, to pursuit your own happiness. we say, life, liberty, pursuit of happiness, that is a statement. neil: you know what happens if we don't get our act together? >> we know what happens. this book was actually inspired by a public by ayn rand. she saw this coming in the 1940s, which is essentially collectivism's rise in america. this country isn't about sacrifice to god or the the four fuhrer or pope or anybody else. neil: what do you think about president trump? >> my frustration with president trump was always his reflection on capitalism. ifing is, that is what diffentiates america from any other society in history, capitalist society based on individual rights, your right to your own life, your own liberty, your own happiness. what frustrates me a lot of

trump's nationalist rhetoric there, is bait and switch between patriotism and nationalism. so, for me nationalist is someone who says, my country right or wrong. my country right or wrong. that is what i see a lot of now. a real patriot says no, america for the right ideas, for the individual ideas that says your life is your own. you're not sacrificing to the greater good. neil: you're taking emannuel macron's view, french? >> by no means. europe is a great example of what happens to a collectivist society over time. it doesn't necessarily disintegrate but become as terrible place you want to leave. keep america exceptional, keep it individualist, keep it free. neil: i look forward to reading the book. i have not a pleasure. a new textbook on americanism. emphasizes me. >> exactly. neil: very good, very clever. there are words inside of it? >> lots of words. it is for a young audience. neil: we need to be reminded what we are about, what we

should be aabout. apple coming in and out of this bear market that has now it about 20% down from its highs. some interpret that starting point as mid-day trading or intraday trading. we go on closing trading. by that definition it is not quite there yet. more after this.

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and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. neil: now it is 50 dead from those california wildfires. they continue wage. on the phone with us ventura county fire department public information officer, rich maclan. rich, thank you for the time. how is it going there? >> happy to be with you, neil. it is going well. we have a few fires here. i'm on the fire in southern california, the woolsey fire. the fire is now 97,600 acres. we had a couple successes last couple days. we have 47% containment. we expect full containment this sunday on the 18th. neil: you deal with wind, all these other elements that can

quickly turn direction, how is it so many die, rich? where are most found? in their homes, on roads, where? >> well the reason, we have santa ana winds. everybody is aware of the santa ana winds in southern california, when you get a wind-driven fire event, the firefighters responding to the fire, they are all about getting people out of the way of the head fire. get people evacuated. in some cases we're not even making a stand with the fire, the fire is moving so rapidly. so what, in the initial phases of these fires, we are all about rescuing residents, getting them out of the path of the fire. we've had two tragic fatalities, and they are under investigation but, yeah, we, we have fast-moving fires here in southern california. in the initial stages of these fires it is 50 mile-an-hour gusts and fire moving very rapidly. neil: a lot of people don't want to leave their homes, right? >> it is an emotional thing,

neil. we're asking people, we use terms like mandatory evacuation which we want people to heed our notice and get out early but you can imagine, it is an emotional thing. people think they will be okay. people have never been in a fire event like this, where embers, showers come down and it is, it is not a pleasant thing. we try to encourage people to leave. and then, if they don't, we do our best to rescue people but keeps firefighters from doing the hard work of structure protection and those sorts of things. life is always first for firefighters, then property, then the third thing is containment of the fire. neil: continued luck. with you and all your guys have been doing yeoman's work. i'm sure it is not easy. rich macklin, thank you very, very much. >> thank you. neil: all right, meantime interest rates are rising. the day-to-day gyrations notwithstanding. they're already having an impact on mortgage applications which

fell 3.2% last week. we know from our next guest what that will mean handling our nation's debt. any slight uptick on $20 trillion, you do the math, it's big. former u.s. controller general david walker what all this means for all of us. david, good to have you back. >> good to be with you, neil. >> first on the mortgage side and real estate side it is having a reeffect no doubt. as soon as rates ticked up, housing activity slowed down. there are other factors at play but it is not stopping, what do you make of that? >> no question. but on the other hand with economic growth strong, unemployment down, fed raising its rates the question is where is it going from here? it had a slowdown. but people need to think about, is it going to go higher and people need to make their own judgments when is the time to refinance or when is the time to buy. neil: do you ever keep a number in the back of your head on this

stuff, david? we crossed 3%. that will change everything. get to 3.25%, it will change everything? i hear people talking over the weekend at "barron's," 4%, all bets are off, referring to a 10-year note yield. what do you keep lodged in back of your head a worry number or is it just the trend your concern? rates going up for the right reasons but when it comes to managing our debt, for all the wrong fallout? >> neil, i'm concerned about the trend because the fact of the matter is, our finances have spun out of control again. within the last year we passed tax-and-spending legislation that has doubled the deficit. we now are expected to have about a trillion dollar deficit this year. as you know the cbo, congressional budget office, just issued a report saying within five years we will spend more on interest, than on national defense. what do you get for interest? nothing. so i'm concerned more about the trend. i don't think there is a magic number. you could ask the same question about debt as percentage of the

economy. at what point do people lose confidence in our ability to put our finances in order? is there a flight from the dollar? do we have a big price to pay? only god knows that, and god is not telling that. neil: but god is sending us signals, right? they're not buying a lot more of it, keeping roughly to the levels. chinese not added to the treasury holdings. if anything for the last year they come back a little bit and i'm wondering if the saudis did that, if the japanese did that, if canadians did that, germans and other big holders of our debt started doing that, then what? >> rates will go up even further. the other thing you have to keep in mind, for a long time, we had a steady, reliable source of financing our debt. that was social security, was running a surplus. and therefore, by law, it had to buy u.s. government debt to invest in the trust funds. that is no longer the case. it is now running a deficit. and it is expected, the trust fund is expected to go to zero

by 2031. so all the indicators are that, you know, things are going higher over time, unless and until we recognize reality, start putting finances in order. neil: we all know the kind of stuff has to be done just to control the growth of some of these programs, let alone reverse them. no one is proposing that. there is not the political will to do it. those who have tried to do that, have been electrocuted. so i'm wondering where and how do the parties come together on this? does it require ross perot chart moment, we have to spell it out? american people aren't stupid. but the american people themselves have to realize what's going on, many of them don't? >> i think we may need a new ross perot moment. ross is a friend of mine. he frankly ran for president twice. he didn't really want to be president but he clearly affected president clinton's agenda. he clearly had an impact on the

contract for america, toe get the republicans to take over the house. we woke up. saw fiscal sanity. surpluses for four years i was comptroller general. we lost our way. now we lost our way again. the bottom line, the american people are a lot smarter than politicians. they know you can't spend more money than you make, charge it to a credit card, have a day of reckoning, and i proved that in 2012, 27 states, 10,000-miles, showed a cross-section of the american people would agree on tough choices as long as they're designed to meet a particular goal ever getting debt-to-gdp down to a certain level. based on values that bring people together rather than divide people apart. don't rely on congress. the president has to lead, no matter who that is. we need massive public education engagement effort. we can solve the problem. it is about taking new approaches, rather than more of the same.

neil: well-put, dade walker, thank you very, very much. >> good to be with you, neil. neil: a quick peek what happened to stocks, still down. financials a getting hard hit. maxine waters is coming over to the house financial services committee, taking over that body and indicating right now, you know all those easings we've seen in bank regulations? well all that is going to come to an end. that was largely telegraphed, actually planned on and how far it could get beyond the house is anyone's guess but she was brutally frank, saying she is brutally not done. more after this. welcome to the place where people go to learn about

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and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. >> make -- no mistake, the days of this committee putting our economy at risk of another financial crisis will come to an end. neil: so all these easing of regulations, the new sheriff in town for the house financial services committee, says that will stop. we'll make sure they're buttoned up tight and we don't ease up on that sort of thing. stocks dropping on the particular financials when they first got wind of it. charlie gasparino on impact of all of that. not a shocker. >> i think it is an overreaction. put in context the democrats control the house, not the senate. they have controlling the house, they have almost no oversight,

ability to tell the fed, they have oversight. they have no ability to tell the fed, treasury department, securities & exchange commission, even the u.s. attorney's office, to do anything, to you know, turn the screws on the banking industry. so she really can't do anything. now she could hold -- neil: make their life hell though. >> she can do investigations and pick out the ones that she doesn't like but from what -- all the information i'm getting from people close to her, there are two banks in her cross-hairs. number one, wells fargo. it's a california bank. she thinks it is not done well by the minority community in california, particularly where they're located. and they have a lot of consumer-related scandal stuff still going on. remember the creation of phony accounts but there has been more stuff. they're somewhat in the cross-hairs. they know it. the other one is deutsche bank for the simple reason that was donald trump's bank. she made it clear, go after of all the banks, those are the

banks she will go after. wells fargo, what they have done in black communities, minority communities in california in particular because that is her constituency but deutsche bank, all the deals they did with trump. so she -- i hear those are the two banks. i don't think she will spend a lot of time grilling jamie dimon over whatever. i think those are banks she will go after. it is just practical. neil: isn't the federal reserve, the entity handling a lot of this? >> the fed provide front line regulation of the big banks. there is some, listen there, is some -- neil: they do the stress tests all this other stuff? >> not only that, they regulate. p. neil: ease up on some of the community banks with the latest push? i can't imagine her opposing helping community banks. >> that is not it. i think what she, what she basically said she is going to try to make dodd-frank the main banking law in the obama

administration stronger but she has almost no power to do that. she has oversight and she has investigative powers but has no power to do it. neil: got it. >> what she can do is screw with deutsche bank she will do because of trump and wells. neil: ge? >> i saw a great guy in the green room right now. i hear you have a good interview with bob wright. neil: very different from the days he was there. >> listen, here is one thing you can say about ge, it is, all these portfolios. it was once a massive company. neil: right. >> it has 115 billion in long-term debt. it has 30 billion in pension debt, unfunded pension liabilities. i don't want to put too much emphasize -- i'm going to mention lehman brothers but it is not quite there. this is a problem for the markets if this company does not, if this new ceo, larry culp doesn't figure it out. it is in too many portfolios for it to go to zero, for it not to have a major impact on the market. neil: hasn't been drastically

reduced in a lot of portfolios? the dividend used to be the big lure. >> still out there. what happens when it was 17, people i don't want to sell at 17. then it is at 10. now i don't want to sell at 10. now it is eight. it was up a little bit yesterday. neil: days of jack welch or bob wright handling things, some of best executives of our era. what happened? >> jack welch, my guess, you can ask bob about this, jack welch is not a happy camper. i think couple things happened. jack built a big company. it was huge conglomerate. market says conglomerates. jack welch was too wedded to that. he got sidetracked with environmental stuff and windmills and quote, unquote, tech instead of worrying about the core businesses. i think jack would have done better off bringing in nardelli.

bob nardelli was another candidate for that job, long time ge guy. he was an operations guy because he knows the operations or jay mcinerney who went- neil: would have, should have at this point. >> i don't think jack immelt is a crook or anything. here is one thing i will tell you, there is a doj investigation about all the accounting stuff, all the accounting charges keep coming up. if they find out management should have known or hold management accountable, someone has to ask him where were you? neil: what happened? >> and do they claw back his salary? i don't know. neil: we shall see. thank you very much, buddy. aforementioned bob write, former general electric vice chairman, universal chairman and ceo, responsible for me getting my job at cnbc many years. >> he is the guy. neil: one of them. he could have said no. >> i will scream at him out there. [laughter] neil: that is the only flaw in his otherwise illustrious

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their medicare options... before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare insurance company now or visit aarpmedicaresupplement.com for your free decision guide about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital

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was a lawyer, so i called him. but he never called me back! if your cousin's wife's sister's husband isn't a lawyer, call legalzoom and we'll connect you with an attorney. legalzoom. where life meets legal. train to in bear market territory. the thing about the stock of $30 from what it was last year at this time is we came a favorite and hit all-time highs little more than six, seven weeks ago it is down about 20%. others say it's already in bear market territory county intraday levels. we go by closing models, not

loyal meanwhile is up on reports that opec and maybe other partners, i.e. russia will do their darndest to cut production to the suppliers up so it is doing a little bit here at around $56.68 a barrel. they are not making a lot of money on not. that is a concern. jeff flock live at the cme. stir, >> giving some of the gains back. we open lower back are pretty high. almost up a buck and a half and that is getting some of that back here where we go from here and remains to be seen. open quotes oregon today will be 13 straight days never happened before. if you look at what a bear market looks like an oil, the one month chart is a 20% decline since a recent speak around $76 a barrel or now is to report closer to 56. fundamentally we should be at the bottom right now.

nobody's willing to call it. like a gas prices. they are not at the bottom we don't think. take a look at today's average for the average of $2.67 nationally. a week ago or $2.74. how low can it go. our friend over at gas by the forecast today and he tweeted out not long ago, we are likely to see hundreds of stations -- he said hundreds of stations at around or $1.99 a gallon by thanksgiving. i leave you with one positive note in terms of something that's moving up in price. that would be natural gas. they not be cold in new york yet but it is in chicago. prices have been increasing. we had a volume record. this is breaking his spirit of volume network today at the cme in chicago. as oil moves down, it doesn't happen, but apparently hedge fund got caught the wrong way. they've been shorting oil --

they been shorting natural gas and have been low on oil. that's not what she wants right now. neil: that has a direct effect, an immediate effect on those in their homes. thank you very much. meanwhile we told you up until now oil prices tumbling along. a lot of that builds on the idea that the demand isn't there for them particularly asia, particularly from china. indicative of a slowdown in china one of the mightiest economies in earth and it is sputtering. market watchers catherine rivera obviously, it would hasten the need for a trade deal. but it could also mean the chinese are already on the ropes and it doesn't matter at this point. what do you think? >> yeah, looks like the evidence is starting to come to like him even though i tell you looks like china's been on the ropes at least under the water as far as current underlying things and they been able to mask those and now it's coming out.

to jeff's point about using oil as they are the canary in the oil well if i may, the last couple dollars, maybe five, $10 in oil is probably due to more trade than anything. they gas, oil definitely coming up in price over the last couple months as a concern globally. there is a definite global slowdown or stagnation going on out there. i do also believe even that the trade deal may be back on based on the whims of trade we are hearing about today could clear some things have been maybe get a boost again and that will help s&p stocks in the long run. neil: you know, the very least the chinese economy is slowing down. that could be a worry that house like a domino effect in a lot of places, couldn't it? >> unequivocally the chinese economy has been slowing down for the past five years. look over the past decade, neil, we saw growth in china max to 14% just 10 years ago is in double digits at 10%.

i mean, there's two issues. one is structural, one of cyclical. they are making a concerted effort to do so. that is a different topic from a different question. china is trying to become a first world country, wants to be a geopolitical and economic powerhouse and to do that it has to change its economic growth model from one based on government spending, those cities than one based on exports and devalued currency to one based on domestic demand. so this slowdown has been years in coming. i don't think that's the real issue. the real issue here is market sentiment is horrible. and what can trade your market sentiment back to the upside, which i think it should be, earnings are strong from economic growth is strong as a trade deal november 30th, december 1st at the g20 between the u.s. and china. neil: i could be wrong. the stars would apparently align for the president and president

xi jinping of china are coming together to me. even the framework of a deal. but let's say they do strike one. i would imagine the markets would sauron not. i don't know how long. what do you think? >> i hope so. i agree with catherine's point, neil. as i've said the last few weeks the market is off its medication. nothing against anybody that takes its medication, but the markets are definitely not feeling well. there's some good medication and bad ones. bush is keep it at that and keep it pg rated. the reality is this where the market is in a bad mood. katherine is right or anxious in human goodness as we've seen from earnings reports haven't been that bad at netflix all the way back in october. adobe, other names they came out with good data, good numbers. they got smoked. to me the market needs time more than anything to get the pricing models that comfortable with. >> are you still leery of these

markets? >> i think they are willing to see it on one of three things. one allow joint ventures with u.s. companies in china appear to, open up the market. open up the restrictive quota on car imports from the u.s. into china. or three, two illegitimate crackdown of intellectual property, which is something we've been battling in the u.s. to china for the past two decades. then i think we can make progress. neil: i want to thank you both very, very much. capitol hill today, both parties coming to take their group pictures and also their various leaders in the house. there's a battle going on on the republican side and it could be a doozy. after this. ♪ i landed.

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neil: array, which direction you parties won it going? republicans are meeting, democrats are reading. deciding who will lead them. edward lawrence has the latest from capitol hill. >> hey, neil appeared a lot going on in congress. republicans right now voting to see whether it's representative jim jordan or the current house majority leader, kevin mccarthy as leaving the

minority leader position. jordan is a favorite among president donald trump it will have to see see if he would get that stop in what would be an uphill battle for him. the president hopes that he doesn't get the minority role he could be in some sort of good committee post here after the democrats it comes down to representative bartley -- barbara lee and hakeem jeffries who are members of the congressional black caucus. voting now also a huge amount of pressure on january 3rd to elect nancy pelosi as house speaker. >> i think she's done an incredible job for more than two decades, two decades to be sure in leadership roles. she led our caucus to a very significant victory in this election. she will almost certainly become our speaker. >> democrats say goss on to win back the house and also stop some of the president's agenda, i.e. the health care reform that

the president wants his unity. the president talked about how democrats do stick together and republicans need to do that. it doesn't seem it's going to change next year. >> it was a tremendous operational unity from beginning to end and to maintain that, we won the majority and now we want to keep the majority in order to do so we have to pay disciplined and unified. reporter: nothing changes on the senate side or the house minority leader still chuck schumer. republicans made mitch mcconnell majority leader. >> you know, we have divided government in this country. more often than not since world war ii, so i'll be talking to speaker pelosi and house democrats about what we can do together. trinity of policy wins the speakership that is. they may have direct together republicans and democrats to get anything done in congress to republicans say they can do that if democrats want to play ball.

neil: edward, thank you olympic media managing editor katy. how do you think this is all going to go down in florida? i'm switching gears here because that could have a lot to say about whether the republicans have an extra senator in the senate. >> you can only describe florida as a hughes mess of cords between current sitting senator bill nelson and rick scott who are trying to take out the niv's major issues in palm beach county and broward county with brenda snipes overseen broward county and susan butcher in palm beach county and a litany of issues. the latest one on palm beach county counting machine have overheated. it was some 174,000 votes that now has to be recounted again before the deadline on day. there is accusations of course of fraud going on. we had recently about judge rule in favor to a rick scott's losses against both of these counties because they are not providing the information that

they should. it's just a huge mess. neil: we know it's an aggressive timeline. by thursday all the machine recount have to be done. by the way of sounding, that is very, very unlikely certainly by tomorrow. >> absolutely. of course as i just said if you have machines malfunctioning, overheating and then they have to fix them, they flew someone in the palm beach county to fix these machines. of course, also these margins could end up going to a manual recount that could take even longer and that's not going to help contention between democrats and republicans with republicans crying foul on a lot of rather suspicious goings-on in both of these counties. it seems like there's a lot of accidents if you will. neil: thank you very much for all the breaking news. we appreciate it. all the ballots are supposed to be in tomorrow although that could be pushed back with all the latest complications. by november 20th everything supposed to be counted and done.

even that now is beginning to look aggressive. when we come back, what's behind today's big selloff. and whatever happened to ge? there was a time and was widows and orphans and everyone held it in their portfolio because the company was not good, not reliable in the future not predictable. that was then. when a fellow named rob wright was among the principal players. he's not any more. in-laws were coming, a little bit of water, it really- it rocked our world. i had no idea the amount of damage that water could do. we called usaa. and they greeted me as they always do. sergeant baker, how are you? they were on it. it was unbelievable. having insurance is something everyone needs, but having usaa- now that's a privilege. we're the baker's and we're usaa members for life. usaa. get your insurance quote today.

neil: already common to ge collapse to ge collapse is continuing. shares are down close to 18% this month. the former ge vice chairman, former nbc chairman bob wright. always good to see you. >> thank you, neil. thank you for having me. much appreciated. neil: i love having you, my friend and i still hold you responsible for hiring me on cnbc earlier output in the combustion on it. much appreciated. >> you were our star.

you are 13 years old. neil: i wish that were true. i always am grateful for you. let me get your first take on the heady days at ge and everything firing all cylinders in a team that was considered like a wharton dream team. what happened? what's going on? >> it was a lot more attention to the balance sheet and we also had a powerhouse in ge capital, which is a non-bank, bank, which was very large and do all kinds of financial transaction. more than that was a very big help. everything can get away from you at some point or the other. the impact of ge capital. but at the same time, we have to

do with a number of outside issues across the bubble in power, which was enron, this kind of phony power shortage in america, which actually exist. we got hit with a lot of things. everything was getting better until we had 15. in 15 and i don't blame anybody, but coming into the big tease, they brought a key member of their board. and all of a sudden there seems to be a nonsense the liabilities where they needed to be satisfied and how they work. neil: to think in retrospect do you think it was the wrong choice and that started this path in the wrong direction.

of course right before 9/11 and i understand that. >> actually, the day of 9/11. neil: right. so what of that. it was his pick. among the other candidates. i would not alter the code on the board with jack. it just, you know, somehow or the other we lost our hour because i never can quite get past it. we just lost our buried in dealing with the balance sheet and those insurance liability should have been dealt with. they could've been dealt with for 12 or $13 billion in terms of reassurance. neil: you guys didn't miss a line and not balance sheet. nbc universal. i'm just wondering now how you

put the egg back together. is that even possible? a lot of people say no dividend, nothing. i mean, sell off everything but the kitchen. >> you can't really do that because you've got a certain amount of debt that is covered by ge itself and you have bond issues. you can't be selling things expect dean you'll reduce. neil: it just gives you temporary cash flow. and then you don't get their earnings. you have to do that very carefully. neil: said it's going to be the last funeral director. >> you have to think on that ge has another asset that's very hard to value but can't be replaced. ge has a great reputation out in the entire world. they've done business everywhere for 80, 90 years.

these businesses they have are taking advantage of that and so forth. you have to be very careful. that's a real asset. most of ge employees are outside the united states. though there is a huge goodwill after and that is an asset that i think larry appreciate ian from his smaller company that didn't have that reach. he's got to get his business is performing well enough to cover and reduce his leverage. neil: it feeds on itself now. >> well, he's taking a day at a time and i think that's the way to do it. you can always sell something. if you sell something you don't get it back. neil: got to be careful. neil: if i could switch gears to nbc universal and of course you've been reading the battle of this president had with the press wanting to take away jim acosta's press credentials. this network, fox sports cnn

legal effort to hold onto those credentials. how did you feel about the administration's war but in this case cnn, but the press in general. >> well, i wish it wasn't there. i think it's distracting. i do resent the fact that cnn spends about 40% of its time attacking the president in one form or another. nothing he can do that then they could. it doesn't get a lot of coverage. it's a shame. >> the network you would not have supported the president revoking a press pass. or would you. >> it depends what purpose. you could suspend somebody. until you get your act together.

>> i thought it was an unfortunate performance on his part. he wouldn't relinquish the microphone. he was asked to do it three or four times. that was inappropriate. in upcoming could've been asked to sit down and not answering her questions. there's other ways to deal with it. vicious blowing up now. neil: you a far bigger things to worry about. you ever call reporters are rancorous on the carpet for something you thought they got factually wrong or hyperventilated? >> i would go through andy lack at that time, who's a very good news director. i would go through other people. generally i wouldn't call the reporter directly, but i might talk to the reporter after it was over, but not called directly. neil: let me switch gears a little bit. it's hard to believe it's been a little over two years for one of the most deadly cancers. it kills better than 90% of its

patients. >> were celebrating tomorrow worldwide pancreatic cancer day. if you're diagnosed with pancreatic cancer fit years ago, and your life mortality would be the same as it is today. no change. the early detection system. it's usually metastasized and when you kind of the cancer metastasized metastasized come you're ineligible for operative issues like take out your liver or something like that. you can't do that. >> how did suzanne abbott inside. severe stomach ache at that time

time -- neil: a grandchild who's autistic. >> yes, 17 now. he's about six feet tall and weighs 190 pounds. i hope the best foreign. he's a very difficult case. neil: you and suzanne raised a lot of money. it's a little different trying to get the same attention to pancreatic cancer. >> is quite a bit different. i decided to focus the efforts on creating a heart, which comes out from the department of defense and darpa, which is an organization, an element that is sort of like a super agency. darpa is where all kinds of great things got formed that military association sometimes. gps internet efforts went through there. everything having to do with night vision and all of the b-1

bombers, these issues having to do with ability to see and hear and understand. we came up with the idea of harpo which was talked about a number of people. it was talked about but it always and even congress come under so many people who love the idea when i explain it to them, but then they think doesn't the nih do this? no, they don't do this. this is developing a perseus says. they don't do that. it doesn't do early detection systems whether the radiology or blood work. >> they know they could save lives by getting detection

early. >> 5% -- 10% reduction from 91 to 81. 45,446,000 people will die this year of pancreatic cancer, which in the end was diagnosed in 2015. so she was the class of 15. when she died nine months later, 75% of her class were dead. neil: du jour of the few who do survive by virtue of something being accidentally discovered either in the hospital visited or a shadow that shows up that was normally done. >> something that was not intended. an examination of which i would immediately.

what is the problem. the colonoscopy thing was like that. you couldn't get it until you have it. if anything endoscopic exams for people who have tendencies. in diabetes due is one of those tendencies. that could be what you could start doing. there are things. it is embedded inside of health and human services to be -- and it's doable. it's a mixture of private money and government money. it's not on the government, but it -- everything has to get done outside. it's a marvelous way to deal with this issue. neil: it's incredible what a

medical expert you become. >> nine months to a day, myself and the dog by god happy for her. we never missed a day nine months and it was horrible when it ended. i did promise her is going to do this. she said don't do it and i didn't and the very last day she said thank you for doing it. neil: you know what stands out about you, the media business is known for short-lived marriages and relationships in yours is anything but. there's a constancy to it than just a bedrock here's >> 48 years. celebrating our 49th anniversary two weeks after she died. neil: that's amazing. the two of you were so funny together. >> i have to get back together. the good news is that god is like congress. there is a lot of democrats that want to do this. they can be outmaneuvered but

it's about time we do this. >> the worst thing you can get is sarah, bob wright online one for you. thank you for all you've done. just a lot of people in general. thank you. we'll have much more after this.

neil: already, this is a surprise at macy's would be thinking even as it raised its forecast for holiday sales and earnings and it was going to be a robust holiday season. this regis says yeah, whatever. the stock down about 5.5%. meanwhile, back on the two cities that are beneficiaries. 50,000 workers, housing boom could advance in new york and

new york city real estate broker leonard steinberg. what statistically happens right after news like that? >> it's much better news item than a traditional starbucks or whole foods opening. it's a very, very exciting moment for new york. brings in a tremendous volume of people to the neighborhood. but it's also an incredible confidence boost in new york city. payoff from long-term investing where mayor bloomberg started with this incredible cornell tech university in investment grade education is certainly a great rock for a company like amazon seeking qualified, smart, educated workers. neil: you know, i'm technology is the predominant player. we have in the near metropolitan area of diverse workforce from every angle and every entity. but still, 25,000 new workers

coming in with list what? in the long island city area where this is going to be or where and what types of housing d.c. benefiting? >> think if anyone has turbine through long island city recently it looks so much like dubai did 10, 15 years ago. this could be a great comfort to everyone living in new york and those apartments of which there were about 10,000 plus over the next few years will be absorbed by this. it's a very good confidence booster for long island city. their other parts of new york that would benefit tremendously. long island, brooklyn, queens and manhattan itself with commute times from there to long island city a remarkably quick. neil: a lot of people saying they had to buy some of these homes. it's going to get more costly to move there or buy something there. very different if you are to have real estate in either of these locations you could be sitting pretty. but what do you do?

>> you have a bit of adjustment over the last 18 in new york city. this may stabilize the market and with the volume of construction taking place, i believe this absorption is a confidence booster to step into the market and actually buy. there may still be an advantage because there has been an adjustment already. with low interest rates and adjusted pricing, there is opportunity. >> there have been some concern that if gotten overheated. i'm sure it didn't apply to long island city. just a few stones feet away is hard for people to grasp that from outside the area. but do you see this as a pickup for the entire area, what do you think? >> up to pick up, but as a confidence booster to showcase new york is a vibrant city with tremendous culture, tremendous educational institution that

draw in the likes of an amazon, is a future corporation and speaks volumes about the new economy and the confidence of the great city that i've always believed in and more so even now than ever before. neil: thank you very much. we'll see what happens. in the meantime, house republicans have begun voting on who will be in their new leader. kevin mccarthy is the supposed that favorite over ohio congressman jim jordan, cofounder of the house freedom caucus. we don't know how it will go. republicans will take to the microphone when it's all decided. after this. the fact is, there are over ninety-six

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neil: the death toll up to 50 and the wildfires. -- reporter: 48 fatalities. the campfire remains a -- the remains were found in paradise and to ramp up the search for more big guns, dubuque county sheriff and coroner: 100 members of the national guard. additional resources can make absolute sure the grim search for bodies is as thorough as possible. >> this is a very difficult process and there is certainly

the unfortunate possibility that even after we've searched an area, once people get whacked in the air, and its possible human remains can be found. reporter: 48-year-old his face hernandez is being remembered as a kind neighbor a mother and father. asked if federal ernie foss. like so many live in the bay area enters till missing, and 77 years old killed in the fire swept through. the shock sitting in for 15,000 people who remain evacuated with most shelters filled to capacity. many turn the parking lot at a nearby wal-mart into a tent city. survivors leaning on each other to find strength in hull. there are reports of problems with the transition line may spark this fire while the cause is under investigation. a lawsuit against pg&e, the local utility here has already been filed on behalf of campfire

victims. interior secretary ryan zinke he will visit the area today to meet with first responders and get an update on the firefight at the camp fire has burned 135,000 acres, neil, and is 35% contained. back to you. >> thank you very much. in the meantime, paying attention the selloff continues. apple in territory. we don't see you turning this around. they've done that on the believed sales are slowing in momentum is not the way it should be going into the holiday season. they are oftentimes wrong. right now they are piling on. more after this.

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neil: already come the filling is seen here with the dow down about 270 points. trying to find out what could've added to this he says the apple news and concern about financial institutions. obviously democrats are going to be low to ease up on their push to get regulations off their backs. there is an interesting interview with the congressman with bloomberg news. it's important because he's going to chair the house ways and means subcommittee on trade or something like that. i may be screwing up the terminology. he is saying that any trade deal between the u.s. and canada and

mexico, has to pass through congress. there are some changes that need to be made in legislation before it does then it must have more enforcement. so he's talking about the deal that already we were told extensively signed off with the canadians and mexicans that the president was a no-brainer. according to the new democratic majority in the house to weigh in on this matters, not so fast. you add that to various trade officials at the white house today trying to iron out differences with the european union with whom we are to thought we had a deal. they've got canada, mexico and now european unions. these are the countries in the regions with which we thought we had the making of a deal, leaving china out completely. maybe a lot of this is concerned at all that cluster around trade deals could be trade deal scorned. maggie thatcher joins us now. nile gardiner. now without getting too much into the trade weeds here, and this could be a classic case of

dotting eyes, crossing your t. to make sure you have a deal could promise in london one is quite different. >> absolutely. both have walked away from the prospect of further terrorist especially on the u.s. side in the white house backing off from imposing a new wave of tariffs against the e.u. manufacturers. that is good news. in terms of some overall u.s. e.u. grain trade deal, the transatlantic trade and investment partnership deal i think we're years away from that kind of agreement. it is very difficult when you're negotiating with, you know, 27 countries under one national umbrella here. i don't really have much faith in the prospect of these u.s. e.u. trade agreement being

negotiated. let's not forget, you know, the european union is deeply protectionist in terms of its outlook. there are very strong reservations within the e.u. against president trump's call for the elimination of all terrorists on both sides. and so, i don't have much faith that actually the e.u. dropping their protectionist barriers. the european union operates, for example, the common agricultural policy, the world's biggest protectionist racket actually. and so, i don't think were going to see some kind of grand trade deal being negotiated at the two sides. >> i am wondering what is going on between the president and the british prime minister teresa may. apparently she called him on air force one to congratulate his party i guess picking up seats in the senate. it turned to a nasty point when

they went right back and say she was botching brexit and caught her flummoxed completely. you know what that is about it what's the beef was come is? >> yeah, my understanding then this is being reported in the british press, especially on the tides of london, the president called teresa may out understands on the iran nuclear agreement. britain has been siding with france and germany in opposition of the disastrous jcpoa nuclear deal. teresa may should be standing alongside the united states on the iran nuclear issue and not teeming with the european union. i think the president has a perfect valid point here. i would hope that brexit britain in the brexit error will distance itself from e.u. foreign policy. reagan should have a completely

independent foreign policy working closely with the united states. also i think president trump feels, and he's right on this comment at teresa may has been far too weak kneed in terms of the brexit negotiations with the european union and he's called her out on this now for the first time. he did this back in july when he went to britain and condemned the prime minister. neil: running out of friends. at least he's the closest to him in his thinking, particularly emanuel macron or angela merkel. >> it's an extraordinary situation. remaining quite far the closest friend and ally. that won't change. the president beaks frankly on these methods. neil: that's the way it goes. very good seeing you. we did it get a confirmation commerce and kevin mccarthy was elected house minority leader. had they been majority would've been speaker. it is to be decided by there may be nancy pelosi will be speaker.

market reactions of trade, apple going into bear market territory. market watcher paul chats. would you think? >> i think it is tough just because apple goes down 20%, they were certainly clear and present signs of danger well above 210. those are playing out clearly in the markets. we don't see a ton of downside volume yet. it may be in the process right here. i want to see people panic and sell. it looks pricewise that were much closer to at least a tradable low that anything else right here. neil: i know it's not ironclad even the sector, but an apple which is essentially getting back to where it was in september, october oracle technology sector

. >> i love that question. we turn the very anti-fang. last time on the show over the summer. so think about it this way. one by one they kill the laggards, then they kill the leaders. then they kill the last bastions of strength into a decline. apple was that last bastion of strength in the fangs. every other fang stock rolled over and was under pressure. apple was the final straw. that broke the camel's back. we're seeing that decline now. this is normally happens when they throw the baby out with the bath water at the en. i'm not saying this is the low or tomorrow, we're but at low range for apple as as well as a low in the market. neil: we'll watch closely. paul, thank you for your time. trade is also coming into play here. some rumblings out of the democrats who will be taking

over key committees, according to bill press nell, who will take over the committee on trade, these trade deals, because they're signed sealed, delivered, telling bloomberg, no, not. not exactly. kind of like that. to charles payne right now. here we go, charles. charles: here we go. it is just getting started. thanks a lot, neil. good afternoon, everyone i'm charles payne and this is "making money". dow in selling mode in part because apple is struggling but we have in depth analysis coming up with a panel of experts where you should be looking in this karnrage. amazon chooses new york city and northern virginia for two headquarters. the u.s. military is ignoring warning signs and it is getting much weaker. all that and more on "making money". charles: another swift reversal to the downside in