her in her office. that is regarded as a plus by investors over here, that along with trade, helped the market rally to the tune of 360 points. look at that nasdaq, technology, stocks, up over 2%. neil cavuto. it's yours. neil: stuart, thank you very, very much. we're following up on what concessions we're rumored to be hearing from the chinese, bit by bit, drip by drip. we'll bring you up to speed why the market is up in and out of session highs. it has everything to do with china making good on commitments it verbally spoken about before but apparently putting details to it. the chinese already committed to buy an additional 500,000 tons of soybeans. that is a big deal because they have been out of the u.s. soybean market for the better part of really half a year, if you think about it, going back to the summer this would be worth up front, about $180 million. that you're thinking but a drip.

the fact of the matter is, our soybean market with china was about a 2 billion-dollar market. so this is just a fraction of that, but it is a start. also commitments we're hearing on the part of the chinese to make good on lowering tariffs, on foreign automakers, including u.s. automakers. now the tariffs are all over the map here. it is not a simple rule of thumb. they average, by and large average 20 to 25%. the chinese are talking about bringing them down to 10 to 15%. there is a vast difference in makes and models, suvs, all of that sort of thing, even boats shipped into the country. i don't want to get bogged down into those weeds there. suffice it to say if you want to say the chinese making good, kowtowing, feeling pressure was too much take that where you will. the chinese right now seem to be making good on a commitment that will set the stage for holding

off further tariffs that we were considering. this does not solve the, the trade gap between our two countries, or address the half a trillion dollar gap of goods and services between our two countries but it's a step in that direction. the market seemed to like what they are seeing with a point of reference of a dow up 1 17 points. we're following that. getting read on all of this, with united capital ceo joe durant and senior research fellow. did i get that right. >> yes. neil: when you're hearing, seeing details of these confessions, do you get a sense this is the start of something bigger or dribs, drabs we'll get

something more substantial as the day ensues? >> hard to tell for the chinese. but whatever the concessions they're willing to make, good for the chinese people because let's not forget, that they are the one who are the most hurt by all the statist policies, the chinese government engaged in and by the trade barriers they put on foreign producers selling their stuff to the the chinese people. the big question, are they willing to go further or are these concessions enough to kind of convince our tariff man that tariffs have to go because they are hurting us. they are still hurting us. neil: joe, as we're getting more details on the soybean thing that is one of the areas, the agricultural products that had the most direct and immediate effect on u.s. purchasers and certainly those who would be vulnerable to this, farmers, soybean farmers more to the

point, they're seeing a nominal up tick in the price of their goods but of course soybean prices collapsed throughout this whole drama that that started earlier this past summer when the tit-for-tat was going on. what do you think happens now? what do you think our response will be? what are your thoughts? >> well my sense is when you're dealing with the chinese culture, it is one of reciprocity. it is not a small thing that they are using soybeans first because that's where they were going after the president in his most vulnerable place where he is most important. it is not small that they are starting there. and we, as you saw the president then said we're going to do something about the cfo that has been taken in canada. what you're seeing is a build-up of trust after there has been quite an ugly standoff. i view it as a positive sign if they continue to make small, progressive moves towards each other they will probably get to the big stuff.

soybeans is not a big thing, but it's a big symbol on willingness to work on things they knew would be harmful to the president. i suspect you will see continued build-up of this along the way. again, anything is better than escalating and having no discussions at all. it is small progressions are a good way to get things goings especially dealing with china. neil: we're showing as you're speaking there, my friend, soybeans, corn, wheat. soybeans is the biggest u.s. market for when they deal with the chinese. the chinese are their biggest customers. they have been frozen out of that. they have seen prices collapse 4% year-to-date where some of these others wheat and corn not so much affected by this those prices trended up. i do want to point that out, why are they all moving up in tandem? today they are. year-to-date it can kind of confuse but what is important to note here, soybeans are the biggest agricultural product the

chinese buy from us. we're getting more dribs and drabs out of that from reuters, beijing is looking to move on this with immediate shipments that start with january, go through march. car goes would be affected here. you might recall, whole warehouse sized ships with soybeans stacked from the bottom to the top with no place to go. now they do. within a matter of weeks they will. i'm wondering if now the administration was considering taking action, further punitive action against the chinese is a start on soybeans enough? because we still haven't formally addressed the auto area. they have brought promises to lower tariffs but that has not been spelled out as some of these agricultural items have. what do you think? >> so, to be honest i'm very wary of making any prediction

what this administration is going to do but that being said, but reading the complaints from the ustr and reading the section specifically about 301 addressing the chinese, this seems to be only scratching the surface, and i'm, i think it is a first step. i think it is good news. i think it appeases the markets. neil: all right. >> i don't know it is going to be enough. my concern we are treating all this as if, you know, there aren't a ton of things we actually could be doing on our end to lower our barriers. abuse let's not forget, economists agree in spite of this moment and the rhetoric we hear, economists agree the benefit of free trade to a country is unilateral. neil: i don't want to jump on you there. unfortunately i have to leave it a little earlier on breaking news. we'll follow it very closely. more trade news to come. let you know, michael cohen, the

president's former personal lawyer has been sentenced to 36 months in prison. they were expecting about that. it could have gone anywhere 42 months. as much as 10 years. might recall the prosecutors said we don't care what offers, allows he made to take back some prior lies. the fact of the matter he was not all that helpful in the end. it took bob mueller to intervene, say actually he was kind of helpful. you know how it goes. shows up, michael cohen, with his family today to plead the case that he did all he could to make good with the government, make good with his life, make good with his family. the judge apparent agreeing with that sentencing him to 36 months in jail. we're not aware whether that begins effectively immediately, but we do know that it is on. no response yet. we'll monitor the courthouse. any words from the president or anyone else commenting on this. no doubt, number of democrats

are seizing on this, saying this is one of the bigger shoes to drop. remember we have the former national security mike flynn, who had been urged by the mueller folks not to look at any prison time because he was so helpful with his information, gleaned from no fewer, 19 different interviews with the mueller prosecutor team. this is not a market moving event here. all of this was sort of baked into the proverbial cake, i only pass it along because it is out there. he is going to jail. we're following up on this canadian diplomat detention adding to tensions. you might recall there was a big fuss here over exactly how the canadians are going to respond, first off to the detention of one of their top officials taken in by the chinese. some saw that as a tit-for-tat over handling of meng wanzhou,

released yesterday. there is concern in canada, over the top official in china who resides in canada, still being held by authorities there. this is not a done deal. get the read from former bush 43 deputy assistant for defense, peter brookes. peter all this occurs concurrently with what concessions the chinese made on a number about fronts on the trade area. what do you think about all this? >> there is definitely signaling going on, right? there is messaging to the canadian government, to the americans. this is a little bit good cop, bad cop, what things they can shake loose in terms of trade issues and indictment of huawei cfo in united states and dan today. the chinese are trying to move it in their direction if possible. neil: so i'm wondering this canadian official still being held you would think there would be sort of a mutual disarmament

here. the canadians allow the cfo to post bail. there is no indication that she can or cannot leave the country. but let's say she can. there is no way she will be looking at any potential prison time or punishment, but the canadian guy in china stays. what do you make of that? >> well, my understanding of the reporting, neil, she cannot leave canada. that she has an ankle bracelet. neil: okay. >> and they have taken her passport. so she cannot leave canada until her next court date which is i believe in the beginning of february. in terms of a former diplomat, canadian diplomat, the reporting i'm seeing now, may not be most up to date, canadian consular officials have not been able to access him yet. he is still in detention by the chinese security services. so that may change in the coming future but we have to look back historically we've seen the chinese take citizens, use them

as leverage to advance their, advance their interests. there is even talk that the u.s. state department may issue a warning, may issue a warning, regarding trillion to china for american citizens perhaps because of these tensions. neil: you know, it is interesting about how the chinese and i know you have to work in separate fields and compartmentalize this, but the chinese are making good on a lot of promises they have to make long-term good, like ronald reagan line, trust by verify. do you think they can and will? >> this is very tough on the issues. they have tremendous concerns about markets, market access, world trade organization, violations, support of state-owned enterprise. 40% of the chinese economy is state-owned enterprises. they get subsidies from the federal government. intellectual property, cyber. you know this better than i do.

you're a business guy. you know this better than i do. somebody looked at china for a long time, there is a lot of work to do here to get china playing by rules that rest of us play by. neil: timing is everything. don't you find it odd, every time potential foreign policy or economic triumph for the administration. gosh darn it, occurs on the exact same day and moment we gettance ising, in this case, michael cohen or some new news drips out on the mueller investigation. it is uncanny. >> well i, that is kind of out of my lane here. neil: i hear you. i'm musing aloud i guess. sometimes you keep your thoughts in your head which would probably be wise advice for me. peter, thank you, have a merry christmas. >> same to you. happy holidays. merry christmas. neil: he is the best on that. we mentioned michael cohen going to the slammer for three years. he could have gone for longer. there was some decision on

prosecutors, maybe should make it much longer, 10 years. the judge effectively saying he is helpful and cooperative. no less than bob mueller intervened, saying he has. other prosecutors notwithstanding, bob mueller's advice rings true, michael cohen's the president's fixer in a fix himself, heading to jail for three years. more after this. ♪ there's no place like home ♪

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neil: all right. this is a scene at the courthouse in lower manhattan, new york city. where a judge has just sentenced donald trump's former personal lawyer michael cohen to three years in prison for hush-money payments that went to two women during the 2016 election campaign. now there had been some division among prosecutors whether that was enough punishment. in the scheme of things they argued mr. cohen had not been helpful, lied repeatedly and lied about his lies. having said that bob mueller we're told intervened, leading the investigation, separate investigation. said he had indeed been cooperative. that was apparently influential enough for the judge to say, all those prior judges about lying who he was talking to regarding with russia, who he talked to in russia, who was responsible for what and when, that that there

was there to give him some slack. i say slack, prosecutors said they were pushing for the maximum which could have been for a decade or more, for three years. he has number ever months to formally start his prison sentence and put off until next march. but he will likely come out or his lawyers, to speak to the press. we're not necessarily going to be running for jumping to that. it is the news channel. dominant story for them as it should be. it is not a market-moving story. what is a market-moving story what is happen with china and issues of trade. that will sort of decide the market flow. not so much the political developments, even talk after shutdown with a little more than a week to go for the government. get a read on all of this, fox news senior capitol hill producer chad pergram. chad, is it the 21st is the

drop dead deadline? >> the 21st 11:59:59 p.m. is the deadline. the government would shut down. it would be a partial shutdown. five of 12 annual spending bills are passed. seven are outstanding. one is the department of homeland security appropriations bill. that is where the money for the wall would prospectively reside. what we've been hearing in the past 24 hours republicans in the house might try to move a bill that approves five approximately dollars head it over to the senate. i talked to patrick mchenry, republican congressman last night. he is the chief deputy whip, vote counter, he thinks it would pass the bill, not get 60 votes in the senate. you could see conceivably that would initiate the process. pass something, send it over. there we can't do that. they send it back. everybody swallow hard, this is what it has to be before we get out of here before christmastime. since that explosive meeting at the white house yesterday, there

has been a kind of a dearth of information coming out. a lot of people think that was for public show, both sides had to demonstrate their bonafide, play to their place, that is very important. at the end of the day if they get down to brass tacks that might not really happen until the middle of next week, neil the here is another factor, christmastime. i see these crises at christmas happen all the time. mitch mcconnell earns senate majority leader, wasyou would think he can writing a hallmark special. sometimes we have miracles at christmas. everything goes up to the edge, middle of next week, wednesday, thursday, everybody comes together to sing christmas cares, trades christmas cookies, get out on the 21st for the holiday. we've seen that movie multiple times here before. neil: one of the options i heard bandied about, maybe you touched on it yesterday, was this idea, all right, these other seven remaining congressional bills to keep various departments open, try to get six of them done,

leave an option to keep homeland security going, with funding or support for another year, while they sort out border security issues the all, what do you make of that? >> that is one of proposals chuck schumer and nancy pelosi put out yesterday. we did this a couple years ago. this was one of the most ill named. the "cromnibus." cr stands for continuing resolution. you appropriate money on interim basis for short period of time, omnibus they did the rest of the bill. what they did about three or four bills ago, they approved 11 of 12 bills for entire fiscal bills until the end of february, funded the department of homeland security. that was the "cromnibus." we were here before christmas that almost blew up on the floor. house speaker john boehner, lean on then a michigan congressman to get him to vote.

otherwise they not passed the bill they would be here through christmastime. in the past 24 hours, neil, i talked to members starting to make preparations to be here over the who days. one member said they were thinking bringing their family. they have little kids here. another member who has elder care issues has is making arrangements of taking care of a elderly relative at home if they have to be here of the possibility of a government shutdown is very real right now. of the. neil: i know i'm keeping butted did i, the markets don't show that. couple traders say they huff and they puff. to your point just around christmastime, voila, a miracle happens but they are not worried about it. are they whistling past a graveyard here? are they being a little cavalier about this. >> this is the concern especially on the republican side of the aisle in the house, house republican leadership, rank-and-file republicans didn't take home a message from the midterm elections.

that president trump is not popular in the suburban districts. he is not popular with women. they lost districts big time. the tax bill in some of those districts was not popular. if you have a government shutdown, go to the mat over a border wall, that doesn't resonate. some people on capitol hill think there is a disconnect f there is a shutdown, president trump is using all his braggadocio fighting with nancy pelosi and chuck schumer, that plays into that narrative. they just didn't take home a message from the midterms, they're going back to the same old playbook. neil: buddy, thank you very, very much, chad pergram. no one better. no one better. >> budget meeting yesterday, you remember that described as circus, main street media, "wall street journal" editorialized it was odd. to "the daily caller" media on whether this is fair characterization. i loved it. i don't know how you feel, amber, these things are so perfunctory, they say we're working together to do this. it cut right to the chase to the

big divisions between them. this isn't either left or right for me. i think that is democracy in action. i have no problem with that. what i want to get from you is, the way it was characterized, that donald trump was the stubborn one for insisting on border funding but not nancy pelosi or chuck schumer for insisting on not having border funding. it is interesting, isn't it. >> it is, the mead was covering if trump was stubborn. nancy pelosi and chuck schumer were the fighters in this scenario. that trump was acting like a child. and the meeting itself didn't show that. what you saw was actual disagreement in policy between democrats and republicans, and the american people surely appreciated seeing that fight in public rather than behind closed doors like it was last time. neil: absolutely. >> you know what was also shown in this meeting actual hypocrisy

on behalf of pelosi and schumer, they claimed afterward in a press conference, they wanted transparency. they wanted this democratic congress to be transparent. during the meeting they claimed they wanted the fight behind closed doors. they didn't want to fight with the president in front of the cameras. that is not transparent. neil: by the way, a little rich, like me offering people diet advice. i'm not going to go there but for democrats who cooked up the big health care law, largely behind closed doors, famously said, you have to you know approve this vote on it before you get to see what's in it, they're bragging, advising transparency, that is a little rich, isn't it? >> not to mention there was the "schumer shutdown" not too long ago where democrats were railed politically shutting down government for daca solution. trump is politically savvy, last time after he came out of the closed-door meeting, he reneged alleged deal they made, having

daca in exchange for border funding. he was slammed by his base, walked it back. this time they did it in front of the cameras. there is no spin allowed here. u trump controls the message and narrative. i think this is a smart move. neil: if you argue about being stubborn both sides have a part in that. it is what it is. >> that is politics. to hear the media say politics has never been nastier it was before. sure it was. you didn't get to see it before. neil: that is actually very well-put. amber, thank you very, very much. we're hearing michael cohen left the courthouse already. he did not stop to talk to reporters. that doesn't mean his lawyers might not do so. this is michael cohen, president's former personal lawyer, known as the fixer. now comes to be in a fix. come march or so, three years in prison. we'll have more after this.

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neil: michael cohen, president's former personal lawyer, the fixer he was known at the time, now finds himself in a fixings going to prison for three years. he did not talk to reporters on his way out. his lawyers still might. i want to go back to charlie on this, seems when you were first reporting this and his cooperation with the mueller team and other prosecutors, that, it stunned the president, it really stunned him. what do you think of all this and three-year sentence and all of this? >> he will go to federal jail. not like going to attica, the state pen. it's a better time there are

mandatory sentencing guidelines. he may get out for good behavior. he has been telling friend that he was going to jail. you could see he as resigned to it. he brought in lanny davis and others get the sentence knocked down a little bit. he cooperated with some others. neil: new york prosecutors who were saying no, no, he has not been that cooperative. mueller apparently intervened, well, he has been. but three years, it could have been as much as 10 years, in a worst case scenario. what do you clean from that? >> new york prosecutors really matter. those are the crimes he is charged with, right? the campaign finance fraud. he named donald trump as accessory. donald trump could be unindicted coconspirator on this. doesn't mean he gets indicted. could be a unindicted co-conspirator because he was

part of the alleged scheme. neil: the two women -- >> stormy daniels and karen mcdougal. neil: we're told wrote on president's behest. >> one was in-kind. neil: you point out to me during the break a important distinction. >> doesn't really matter where the money cops from as far as the justice department is concerned. they're looking at, why did you do this? you can see rudy giuliani explain this. rudy giuliani said he did this because he wanted to spare his family the embarassment. what the justice department is taking the position that he is doing this because it was during the middle of the campaign and he needed to, if this came out it would have hurt his chances to win the election, thus, it is a payment for the purposes of a campaign, violates campaign finance laws. neil: nothing to do whether he was using campaign funds? >> it doesn't matter. it doesn't matter. it actually doesn't matter. it is purpose for what it is used for. michael cohen, you know, pled,

and said the purpose was, essentially for a campaign issue will say. rudy says this all the time. that is the difference. this is purely personal because he wanted to spare his family the embarassment. there is a judgment call. there i don't know which one it would be. he was clearly running for president at the time. clearly it was embarrassing for him, which one is it? 50/50. it is up to -- neil: you're the president seeing this, not gotten any response from the white house. we're looking for that but obviously the, you know bloom is off the rose as far as that relationship. i'm just wondering now where all this goes? >> i am wondering how the president separates himself out from michael cohen. michael cohen was up there. i know michael cohen pretty well. i personally liked the guy. everybody knew if you want to get to donald trump the person you likely call is michael cohen

he sets it up. he was up there in trump tower for so long. he had side businesses trump had nothing to do with. clearly working out of trump tower in those businesses. that is the problem he has. michael cohen, if michael cohen was a sleeze bag, he was a sleeze bag on donald trump's property and using his phone system, and as he was helping donald trump on various matters involving his business dealings. so remember, this is the guy you let in the tent. it is hard for him to separate himself out from a guy that is a sleeze ball. you know i think michael cohen would admit, i don't think michael cohen would call himself a sleeze ball, if you ask him right now the stuff you did involving medallions, campaign finance stuff, is that sleazy? he would say yes. donald trump has to take some responsibility for bringing this guy inside the tent. he was literally working in that office all the time.

if donald trump had a problem with a contractor, michael cohen would intervene and try to, basically be the strong arm on the contractor. if a reporter, this happened a lot, would say something out of line, michael cohen would call up that reporter and threaten him. he literally was donald trump's luca brazi. it was apt description. he was a tough dude and another thing that is interesting, neil, when this first thing started happening with michael cohen, everybody thought it was medallions. that was the inside, because it was such a kind of a crappy business, to be honest with you, a tough business. neil: right. >> trump should have known that he was doing this stuff out of his office. neil: there was a time the president praised him. >> remember, great guy. was smart guy. neil: doesn't say that about you. >> can't wait for you to stick the knife in. neil: by the way a lawyer friend of mine says along federal

guidelines sentence cannot be reduced. that is one person. i don't know where he got the law degree. we'll see. three years for michael cohen. that time will start being served in march. we will have more after this. we, the heavier i get. and while your pants struggle to support the heavier you, your roof struggles to support the heavier me. [laughter] whoo. [crash] and your cut-rate insurance might not pay for this. so get allstate, you could save money and be better protected from mayhem like me. mayhem is everywhere. so get an allstate agent. are you in good hands? a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv.

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neil: it looks, i stress looks,ter reese say may survive a no confidence vote. see what i did there? i used her -- ashley webster in london. ashley, how does it look? it is close but what do you think is going to happen today? did you get my theresa may thing? ashley: yeah, that was plane embarrassing. i will carry on, neil. she is giving the speech of her political life behind me in committee room 14 where she addressed mps, basically said, hey, listen i will not lead this party into the next general

election but keep me in power so i can get the "brexit" deal across the line. hoping by saying i will step down before we get to the next general election. stick with me now so she will get enough votes. that voting begins in about 18 minutes from now, we'll know three hours from then, whether she indeed has survived this vote. if she has, then she rushes off to brussels tomorrow to get a sweeter deal on the eu. earlier today, out in front of 10 downing street she remained very defiant. saying she will fight this with everything she's got. changing her out of the government at this stage, would be divisive for the entire country. take a listen. >> we spend weeks tearing ourselves apart will only create more division, just as we should be standing together to serve our country. none of that would be in the national interest. the only people whose interests would be served are jeremy corbyn and john mcdonald. the british people want us to

get on with it. they want us to focus on the other vital issues that matter to them too. ashley: so, neil, i think basically the prime minister was mortally oned after having to delay that "brexit" vote on monday but she will try to press ahead. by all accounts we're told she does have enough votes to survive but you know what? what people say in public, what they do in private, and this is private ballot could be two very different things. if she does survive she has a mammoth task ahead of her, get the eu to play ball, get enough concessions to get the deal passed in parliament behind her. if not, march 29th comes around next year and no deal is in place. neil, back to you. neil: thank you, ashley webster in london. she needs 159 votes to survive the no confidence vote. we're told she has more than that. people say one thing in public, do another in private. most likely covet that job to

lead the party, to become the new prime minister in that event, like boris johnson, the london mayor, former london mayor, used to be her top secretary, they don't want to jump in the middle of this to see if she flames out, she flames out in other own accord. maybe the after the dust settles on failed "brexit" they emerged triumphant. now is not the time to do that we shall see. we're focusing as well on this market that is up, up and away, despite back and forth concerns about the crucial confidence vote for theresa may. despite everything going on with michael cohen, three years in jail, i said it many, many times, folks, this market is focused on trade. better things look for scoring a deal with chinese, the better stocks look, the worse it looks. it is uncanny, consistent, almost dead-on every single freakin' time event. playing out like that. talk the chinese have blinked.

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course the chinese streaming service going public. they ratcheted that offering down be prepared for any potential upside. they're getting upside of 8 1/2% surge. this is strong backdrop, look at prospects for trade in china, ipos in general and appetite for these things in this country. deirdre bolton looking at the entire list of characters. >> the entire list of characters. i want to highlight what you talked about, bump for tencent and great for them and great for their bankers. they priced at lower end of the range and getting a bump up on the new york stock exchange. tencent this fall, they wanted to list even higher but all this volatility we've seen in october and november made them change their mind we have to assume, price where they did. compare the spotify as far as music streaming foes, only public one-to-one comparison. since spotify went public this

spring, that stock you can see down around 30%. it went public in april. not the best debut as far as year-to-date so far. tencent valuation now about 21 billion. as i mentioned that is lower than what the company had originally had in mind. 25 to 28 billion but here we are. let's look at some other ipos earlier this year. there are stats behind me. so far how companies have performed that have listed this year. so u.s. listed ipos up around 6% from their offering prices so it's fair, not amazing but fair. tech eye ipos up a little stronger, up 7%. here is where it gets listing. u.s. listed ipos down 13%. this is just as we, u.s. and china figure out their trading relationship, their business relationship. there is a lot of reasons for some of these companies to paws or to delay.

2019 you can be sure investment bankers already working on some of the biggest deals. i want to highlight competitors, uber, lyft, all of these filed confidentially. uber may go for 120 billion. that is the valuation it has in mind. have already started the process. they have another thing in common which is that they are growing like crazy. they are also both losing money like crazy. so that is just going to be a quirk. how these two public offerings are received by the invest community is really going to ripple out. some of the other ones, two made it clear. these are not sure of yet. they haven't started the process. palantier could be 2019, or 2020. that is peter thiel's company. pinterest was supposed to go public a while ago, but stopped after they missed revenue earnings in 2017. slack and airbnb slated to be ones to watch for. neil, back to you. neil: thank you very much, deirdre bolton. if that is a backdrop, is this

sign of things to come is it time for ipo go? let's get a read from a market watcher. doug, if people are nervous about the environment, they shelf their offerings, delay them, they're piling up, like planes at laguardia right now. obviously no one has been dissuaded or not as many as you would think. what do you make of it all? >> first, let me say, unlike theresa may, you have my total vote of confidence, neil. neil: they don't appreciate my wit. i don't know what it is. they're not only ones. >> i do. i do. neil: there you go. >> i'm honored to follow my old pal charlie gasparino, who i have been sharing white wine and red wine and stories for three decades with. neil: that is another show right there. >> i would say that is a show literally, figuratively. i would say the uber and lyft ipos, when you get unicorns, valued at, maybe over $110 billion in the case of uber at least, it is not necessarily

a sign which characterized the early stages of a bull market. on the other hand, if we look at prior shining objects like cryptocurrency or cb radios, mobile homes in the early '70s, mid 70's which characterized market tops, i don't think you could see that causation. neil: that's a very good way to look at it. as i said it's a little apple to oranges here but with the failed leveraged buyout at ual, 1989, that caused a little crashette that day. we were down 189 points because it didn't work out. there were some thoughts the market got ahead of itself. we know what happened afterwards, but i'm wondering could lightning potentially hit twice? a lot of companies are getting greedy and cocky there will be a lot of disappointed investors?

>> neil, at 103 months this is the second longest running bull market in history. the longest was 110 months, 1990 and 2000. the last of great bull markets lasted 71 months. in the current bull market the average decline from the peak was 51%. while i turned bullish and covered all my shorts late last week, seeing something of a selling climate, climax, a capitulation low, improving die virgances -- divergences, new lows were contracting while the market was declining i'm concerned after this year-end rally, i'm positioned bullishly now, i see in 2019 a bear market and recession. i would also add one thing. in confirmmation of this rally, this year-end rally, in terms of the internals, when i left my office today, there were 2000

net advances on the new york stock exchange. that is taking long advance stocks that are up less stocks that are down. the last time that happened was early october. and that led to that big whoosh higher to new all-time highs. neil: that is interesting. we could have a little bit of frothy frenetic finish. then go kerplunk i guess. >> yeah. neil: we shall see. doug, thank you very, very much. good seeing you. >> thank you, neil. neil: there is a wide debate on that back and forth whether the longest bull market, second longest bull market, depending on the close. it's a big one. it is historic. a lot of people are back and forth how long it could go on. frenetic activity is what you look for if it gets too out of hand. more after this.

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neil: wintering looks good, stock looks good. right now better than 435 points and on growing indication that chinese are about to make good on some vague promises they made in the past to buy more over cultural items and with soybeans from the united dates potentially lower tariffs on the road on foreign automakers. what the market is seeing and hearing right now, music to their ears. edward lawrence with the latest from washington d.c. >> the market seems to be what i mean to the change in tone to the chinese actively engaging in talks with the u.s. as well as

internal changes to their made in china 2025 plan. the blueprint for them to dominate the tech industry by 2025 per the new plan will downplay and dominate manufacturing and allow foreign companies to participate the beneficiaries of all of this could be boeing, ford and tesla. clean energy is the plan goes through. it could be finalized next year when u.s. and china trade talks will be heating up the first of next year. some u.s. officials are skipped the goal this could be window dressing and there won't be any serious changes. they want to read and see final product looks like. mike pompeo says the u.s. will see this through because they have stop stealing u.s. technology through cybertheft or forced intellectual property transfer. >> effort for the department of homeland security and the fbi and state department is to push back threats to america and in

component of that to be sure the president is very focused on making sure americans get a chance to sell their products into china. churning for the first time reuters is reporting that chinese has started buying libyans again. a $180 million purchase of soybeans the first time they've made a purchase sense. the first-time president xi and president trump has met pair will see that turns around. neil: thank you am edward berry, very much. with markets like that hears the case with markets ignoring something else. the idea to united states government will shut down for the third time under this president 10 days to avoid that. blake burman at the white house with more. >> $5 billion for a border wall. he laid out a new $5 billion isn't necessarily an astronomical sum.

writing the democrats and president obama gave $150 million got nothing. so that part of his argument today. also defending the president and his statement yesterday that he would be willing to shut down the government over this issue. the white house saying and telling maria bartiromo this morning the democrat used to be for a while but three things have changed. >> the political calculus think they can get the voters who cover the country by offering free stuff and citizenship even though they've broken the law. donald trump is in the white house. they will oppose anything he wants to do. but also the problem has gotten much worse. it's unacceptable. the american people want to secure the border. it's a 7030 issue. reporter: democrats say there is

a deal on the table to keep the government open and talk about a shutdown they say are unnecessary. >> there is a clear bipartisan pathway to keep the government running. every person should be outraged the president of the united states was talking so cavalierly about shutting down the government united states of america. when there's a clear bipartisan pathway to keep the government running. reporter: nancy pelosi and chuck schumer said they offer two different proposals to president trump here they say one of them would keep the spending level at the same level for the fiscal year. neil: thank you, blake very, very much. if you think about all the potential worries out there that could imperil theresa may and britain, the brexit chaos that just ensues all these protests and all the sudden the tariffs yesterday in france and italy in the budget in danish is falling

apart. germany on the verge of a recession. added all up and you think wow, maybe we benefit by default that we want the money over there when things are by comparison over there. where do you think of that, do we win by default but the comparison for your manner he is just a very nice. >> i think it's absolute. first off come you got to remember we just printed a 3.5% gdp number for the last quarter. slightly above historically normal. it's actually better than historically and unemployment have the century low. these are huge numbers. i would say coming up in a respect about how bad the rest of the world is doing this is a strong economy regardless. neil: to further draw, jonathan, what you think? >> the most free economies have always been the strongest come of the most prosperous. what we see in europe,

particularly in france as the european entitlement date, the welfare state has crumbled right in front of our eyes. the vote on theresa may, the markets have already voted. europeans ask about anywhere between 15% and 20% this year. this is why france has had unemployment between 10 and 60%. for decades. this is the entitlement and as long as america remains more free, it will remain more prosperous as well. neil: ryan, others who argue this historic role market. they get punctured by unseen development. could what is going on in europe right now be one of those sort of black swan events? >> i think it the opposite. all of that is priced in.

the market knows and that's where the reason valuations overseas are so much cheaper. if you look at fundamentals, it's probably going to be a soft brexit, but england just printed one of their fastest wage growth was the fastest in a whole decade and they had historically high unemployment. the fundamentals are pretty good and you're not hearing a lot about that. neil: looking at this, what would you do if you could put money anywhere. but how would you play it? >> sure, as investors were looking around the globe, looking for places where there's opportunity to invest and make money. the opportunity is that theresa may and brexit. back in the 1970s britain was a wasteland. you wouldn't touch it as an investor by liberalizing the economy she was able to put it back on its feet, set it up for great expansion. the more they freed their

economy, the more prosperous it was. as an investor once again we are looking around the industries. i'll just give cannabis as an example as laws have loosened up a lot of money has been made. that's what you have to look for is an investor. where is them freedom introduced? for now the deregulatory efforts here at home, to your point have made america ironically a safe haven from this very rocky international fees. neil: smoke are more small come. we are getting word that 200 conservative lawmakers publicly indicated they are going to support theresa may and this vote of no confidence that begins here. all she needs is 159. i know it's a hypothetical. have you played out? >> i think it would just prolong things, but the reality of it is i don't see.

maybe a prolonged recovery process, but the bottom line is if you look at the fundamental economy -- whatever happens the brexit forceout? >> exactly. you are seeing good employment numbers because the economy is actually very strong they are beyond the headlines and as a buyer that is what you want to look out because valuations are much cheaper abroad than they are here. >> are you looking that commodity at tbd? the chinese will be buying soybeans and soybean prices. not dramatically, but corn and wheat, less buyers there taking up as well that we could have a commodity pickup. the party scene interest rates move up a little bit. brand to you first i'm not. >> i think it all plays into the same thing. which i am negotiating that opens up a whole world to grow tearing commodity should do well. as a buying opportunity i

definitely. >> i was delighted to see you actually quoting. in fact, everyday investors can participate in these. you want to do your due diligence, but corn all attract individual markets. if you are to have apple, the s&p i think i'm provide offset return right now. that is a 21% are so right here. what you tell individual investors who see what's going on and say they prefer it when we have advances like this and some of the roller coaster days that have preceded it. a lot of young people in particular, to name and say i don't want to be part of that. it's just too weird. what you tell them?

>> you're in the wealth creation stage. he put money in your 401(k). he wanted down market to buy. prices below. 90% of assets in dollar terms are in negative territory. first time in 100 years. if you're in the wealth creation stage you got the best opportunity ever to be adding to the global markets, not just the u.s. and i think that's the smart play when you think about what it's going to do over the next five to 10 years. >> if you have that longtime idea. i have to say i'll take the other side of the trade. i fear were in the type of environment let's say from 2000 to 2010 where maybe if markets don't plummet to remain in a trading range for quite some time. neil: i don't know, when you get to be my age, long-term his lunch tomorrow. i want to thank you both. we are following this confidence

going on in britain. it would appear and as ashley webster said, you can tell anything about what people publicly say because they do quite the opposite when they're on their own, but she would have comfortably enough to secure at least 159 votes and early reports are better than 200. more after this.

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♪ you're not gonna say it are you? neil: let's take a look at it out better than 454 points to 24,824. all the major market averages dipped into positive territory on the year. a lot of this of course on optimism about china making good on some promises. checking them on those promises is important under prior administrations they had made all sorts of promises and not deliver the goods in republicans and democrats alike. so much we don't know, this much we do. markets are optimistic they will make good on that. then there's the issue of the government shut down in 10 days to determine whether that happens or the rebound things from wyoming senator chairman elect of the republican conference, john barrasso.

very good to have you. merry christmas. >> into you. thanks so much for having me. neil: are you going to be working christmas to avoid a shutdown or what? >> my goal is to avoid a shutdown. we need to be working until we get this completed. the issue is border security. to me border security is national security. hoping we can continue to work to get to a solution that keeps her government opening our borders secure. neil: what if you think of the president on the same darn right for darn right for us to shut down if that's what it takes to get the $5 billion border funding. >> agreed on a border security you don't have national security. that's the number the border patrol has said is necessary what we need to fully fund the department of homeland security. i agree we need to make sure they are fully funded and we need to keep our country safe and strong and are you in the do that is to have the border security the president has asked for. i will continue to push for

that. neil: the president is linking it to the budget impasse here and it leads to a shutdown so be it. important to him. you agree it's important enough issue to you, senator, that push comes to shove you shut the government down to get it. >> you know, liberty funded 75% of the budget going forward because we passed a number of individual appropriation bills are your talking about a smaller amount. department of homeland security as part of that and not quite as critical in the discussions are going to continue. we have until december 21st and i would hope as we get closer to christmas and members realize they need to get home they need to make sure they keep the border secure before they go home for the holidays. neil: maybe if the doc to renew or the gentleman you mature and not challenging the president correctly on that threat. you don't strike me as someone who makes threats, that he did and he is coming in now, very

determined to get that funding. i understand now. but is it worth shutting down the government together? >> i never think a government shutdown is a good idea. we have a president whose leadership is action based in results based in based on strength. i don't put anything past his abilities to get this done to get the funding completed and keep the government open. neil: that is your genteel way of saying i'm not going to get into the mud with us. let me ask you, senator. a lot of other issues to avoid a shutdown in how we pay for that or what have you. when i look at the budget, i'm amazed by the number of subsidies is to show tax breaks given to companies and individuals and whole industries that mightily depend on them. gm is the latest right now the once to retain subsidies for elect their cars. you had a big issue with that,

right? >> welcome your right. people of subsidies. corporations keep asking for them. i am opposed to the continuation for electric vehicles. it's up to $7500 a vehicle and these are luxury vehicles. vehicles of values over $100,000 i don't think hard-working taxpayers ought to be paying that kind of money in taxes to go to subsidies for luxury vehicles. this has been in place for a dozen years verity was put in place to try to get an established electric vehicle market. it is established. it is fair. it's time for the subsidies to go away. general motors vehicle we love it but that doesn't mean they should be getting subsidies or anyone should be getting subsidies for the electric vehicles. i have legislation to eliminate it completely. neil: real quick at your massive i didn't mention michael cohen the president's former lawyer getting sentenced to three years in prison. you think the president should

be worried? >> i do not appear? >> i do not appear to focus on things which can have an impact like focusing on legislation, jobs, economy, national security in my home state of wyoming. that's where i'll continue to keep my focus, neil. >> the stuff that is sending mr. cohen in prison involves pay enough women for alleged affairs to president and the president might've misrepresented that are lied about that. with that worry you? >> well, there's an investigation going on. i'm still waiting for the results of the investigation. we need to get back to conclusion. it's been 81 weeks and counting. the people i hear about from home on this is like let's get it over, get it behind us here and see what they have, what they found, get the transparency and move on as a nation. neil: senator, thank you again. very good seeing you. have a merry christmas. neil: senator barrasso. again, we've not heard from

anyone commenting on michael cohen nor developments to tell you in the china trade front, just the markets are ignoring michael cohen unenthusiastic about china. it's always sad. china will dictate this market for good or ill. it is playing out just like that. just again, just the same. more after this.

>> welcome back to coast-to-coast beard and gerri willis life in the floor of the new york stock exchange. the dow industrials up 427 points. the s&p 500 up 45. the nasdaq composite up 2%. meanwhile, despite today's optimism, or is about economic growth and higher interest rates have pulled down shares of small-cap stocks. the latest market turmoil pushing the russell two 2000 index down 15% this quarter although its trading 2% higher today. by comparison the s&p is up 10% from the september hide in the

dow industrials up 9% from the october high. stocks are highly correlated to the economy. back in 2008 they can does the bank's rate had to the financial crisis. small caps are more reliant on bar at capital and of course they benefited mightily from the tax cut. neil cavuto, back to you, sir. neil: thank you very much. google ceo on capitol hill. being really rattled by democrats and republicans alike. the scrutiny has obviously been recommended on the part of both hardee's here. the vice president for strategy at the enterprise institute says be careful what you wish for. conservatives should resist the urge of this pile on. i'm very going to have you, thank you for coming. both parties i couldn't tell the difference. >> well, yes.

he was estranged believe that the same time google help the president win the election and is also biased against conservatives. but we a disconnect going on there. it is more regulation and perhaps even breaking a end that would be a mistake. neil: throw the baby out with the bathwater. they've overstepped themselves on privacy invasion in gerrymandering their round conservatives, whatever congressman nadler was saying. it's undeniable there is a bias against conservatives. i'm wondering what the fix is for that or just showing some light on it is enough to get them to change their ways. what do you think? >> well, every big firm faces a potential conflict of interest between its mission and the

motivations of its employees and its up to the ceos to make sure that employees don't have the opportunity to derail the organization's mission. so, if they fail to do that, then they'll lose market share and competitors will move in. that is how markets work. so really, this is up to sundar pichai. he's admonished google employees if he fails to live up to that admonition, then the market will punish him. neil: i like the way you said that. if your customers and the market doesn't think you're living up to what you should be doing, you can easily go the way of aol and prodigy. when i remind a lot of young people say why, but those were the dominant players and now people have a hard time remembering them. i do see an appetite here for

something and feel the compose shannon in washington to do something. what do you think that something will be? >> we heard it yesterday. google said sundar pichai said he's in favor of a privacy law. that would be a huge mistake comment that we've seen what happened with the e. years gdp are privacy law. as soon as they came in, we started to see innovation started to seize in very large firms tarted shutting off access to their products from eight european citizens following the e.u. down this road with you just like following the e.u. down any other road. phil roe to lack of innovation and that nation while the rest of the world progressives. neil: yeah, i worry about that. be careful what you wish for. even, thank you very much. >> it's been a pleasure. >> it's been a pleasure for buyers reared up 432 points right now.

all the things that would normally get them concerned like whether brexit is on the brink or whether theresa may survived or whether there is a shutdown am a little bit more than 10 days. that is not the issue. with the issue is right now is china trade in the fact that chinese are coming back to the table with some confessions. they've done this a number of times in the past. we're not be naïve about this. several promises to barack obama, george bush, george bush senior, bill clinton and is not made good on it. hope springing eternal but this time, disco around the chinese know they've got to do something or things are going to go kukui on it. i don't know what chinese or mandarin is, but it's not good. more after this. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step

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neil: already, devoted her life, theresa may facing a rebellious party right now, but it looks like she will have support to fight another day.

we too early to say that. ashley webster live in london with the latest on all this. reporter: yeah, you never know until they tally those results. the voting as you say has begun about 35 minutes ago by 8:00 p.m. local time. the ballot should all be in an fairly soon after that, quickly according to the bbc will get the results. only 317,000 cuts. if were floored it to take a week but your should only take a matter of minutes before we know the results. she needs 159 votes on her side. she'll make up 159 it would be a great result. it wouldn't exactly be a ringing endorsement. she's already feeling mortally wounded. issues arise she goes to brussels to continue her efforts to renegotiate a sweeter deal with the e.u. if she loses, things get more complicated. she'll be out there that have to find a replacement. they would whittle it down to two candidates preferably before

parliament breaks for christmas than in the new year a larger conservative base would vote on which of the two candidates to take over leadership of the party. if that happens what happens to the brexit with a deadline fast approaching on march 29th of next year. suggestions for mrs. made that if she has replaced the deadline would have to be suspended, put back a number of months, as much as six months. a lot on the line but the biggest on the line if the leadership of theresa may. by all accounts, at least 184 conservative mps have said they will back her. i'd be really interested to see what the final tally is because it is a secret ballot and who knows what they say in public and what they do in private. we should know within the next hour and 20 minute exactly what the fate of theresa may is. neil: you should hear what we privately say about you. great job as always.

i don't think we know until 4:00 p.m. eastern time. another two and a half hours before we know officially with the shares are. there is a deadline of march march 29th of which we're told is supposed to happen. the im official does then i'm not. let's say she does survive what about brexit? >> welcome in the question isn't whether she's going to supply. that looks very clear as your previous commentator mentioned 180 people already voting pitch only needs 158 votes. the issue is how many people vote against it. if a few vote against it, her position as strong she can go back to brussels, bring out some kind of concessions and she might be a litigator deal through. if on the other hand the number is something of voters to vote against her, it's difficult to

see how she can let bonds because then it's almost certain that she's not going to be a litigator deal through parliament. >> i don't know how it works. we don't have a parliamentary system, but she would then people would be tripping over each other to knock her down and take that job. but they seem to be saying, all right, teresa you handled this storm and then you are toast after you do. the issue pain in her hands is firstly the deadline fast approaching march. we don't have time to waste go into real leadership title double take at least six weeks and we lose time on negotiation. this can all lead to a general election and we can be jeremy corbyn of the labour party be the next prime minister. a lot of people in the conservative party are afraid that they could get worse

keeping theresa may on as leader. neil: there's always a possibility they could put this up for a vote again. another referendum like we had two and a half years ago. if there were such a thing, how would it go? >> well, probably not very differently from what we got the last time around. if you recall there was only something like 32% in favor, 40% gains. the very close election watch and have a very divided country on this issue. hopefully we don't get there. hopefully something comes out of europe for they make concessions at the last minute or they give them a little bit more time and you get the kind of deal shoes got in place. the alternatives have been another referendum, another election or no deal or worse alternatives than sticking with

something as jury as it might be it's better to go along with that kind of deal than to open a whole pandora's box. neil: well put. thank you very much. >> my pleasure. neil: we talk about the trade impasse that appears to be less of an impasse. but if i told you kentucky bourbon is feeling the impact of these terrorists? jeff flock with a preview of what were looking at. reporter: i am surrounded by 2000 barrels of kentucky whiskey, much of which they had hoped common meal, to sell in europe. of course until the 25% retaliatory tariff. the lights are going out on u.s. trade with europe. whole story in a moment. ♪ there's no place like home ♪

argh! i'm trying... ♪ yippiekiyay. ♪ mom. ♪

neil: all right, wilbur ross the commerce secretary just confirmed some of the things we are denote we are ready know that he's encouraged by progress that has been made on the trade front with china. we have some good announcements today, market announcements. will go piece by piece. let's not set a timetable. one thing is we are making progress. when asked about reactions of possible moves and auto tears, the commerce secretary that i

think is something the president that had been understanding. there is speculation, some wrong turns out they are that he was quite correct. they are reducing them, reducing those auto tears and that's a good thing. we do sell a few hundred thousand cars a year to china. billion dollars in revenue and it's a sign of goodwill that they're moving in the right direction. we don't have the details of all of this. hope springs eternal for chinese will deliver the goods on now. in the past with other presidents, democrat or republican militias say that they did not always done so. bourbon is caught up in the middle of all of this. the impact of these terrorists, but it goes way beyond just china. terrace in general have a way of piling up on you. jeff flock live from the distillery in louisville with more. hey, jeff. reporter: retaliatory tariffs from the chinese as well as the e.u. by the way, and this is what they call a column still. maybe her ancestors utilize these back in the woods

somewhere. i'm not sure. this is a legal one at a place called kentucky. less distilling co., a distiller with the big expansion sending a lot of bourbon. this is bourbon barrels, also write whiskey here to europe. take a look at the terrace. 25% now took effect in june, june 22nd to be precise. that means you've sold how many cases in europe this year? >> none at all. reporter: you are the strategy man and this is what it looks like either way. this is a great craft hilary with four generations, but you shut down after prohibition. you brought it back on invested a lot of money in a huge plant and now -- >> unfortunately not been able to grow in the e.u. at all. reporter: are you mad at the president over this? >> i don't think he's to blame per se.

i think it's just part of the negotiations that are ongoing. we are confident that in the end things will kind of eventually work out in benefit everyone. we are confident that will happen. the good thing is the economy is booming right now. that's definitely playing to her advantage in a big way. neil: the expansion has been in walk with me because they want to leave you with a shot you see all the rest of the accoutrement on to distilling. but this is the barrelhouse out here, the rake house i guess they call it. you see all of this product here. you get a major market kind of shut down. >> it was a significant portion of her 2018 business plan. unfortunately that hasn't come to fruition because of that. neil: by the way, and leave you with a picture of henry craver, founder of distilling back in 1889. i couldn't read the thing there. 1889. for generations. now five generations.

nothing more american than the effeminate target something this is what they try to target. nothing more american perhaps in kentucky bourbon. neil: q. to normal as they do, the damage is done. the damage is already dunn for that guy in that industry. reporter: exactly. this is played out across the bourbon trail, which is big market in europe. neil: amazing. by the way connie made a generous assumption that my family would know something about alcohol of any sort. you just offended me. >> if it still fits, wear it. neil: very good, my friend. he's the best. jeff flock. he did that report totally drunk. he was totally out of it. i mentioned yesterday and i thought i was the only one. did you watch mike pence and

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what about mike pence the vice president who was in a stoic role. if you wanted to see a thought bubble thing i want to be anywhere but here. "usa today" eliza collins and evening train. you may not, besides dictating that he got, i am wondering, the president likes in there for these types of events, and that the vice president has always been there for almost any major initiative announcement, join comments to the press. why is that? >> well, i spoke to several sources at the white house about this. essentially, president trump looks at mike pence one for support even though it didn't seem given the awkwardness that he was given much of it, but he also says he recognizes his formal role as a former congressman and he wants mike pence to relay the negotiations

that go on behind closed doors in these meetings. this is actually supposed to be a behind closer meeting. it wasn't supposed to be open to the press, which also contributes to his very awkward nature there yesterday. he looks to mike pence to relate these negotiations to congressional leadership and republican leadership and that is exactly what mike pence did yesterday when he went to a senate republican luncheon relayed all the information that came out of the meeting. that's one part of it. whenever he's in these meetings we see he never gets in front of the president negotiations. he doesn't want to step on toes or contradicting the president said. that's another reason he was so silent for the good part of 20 minutes yesterday during the meeting. neil: you're right about that. also to healing this point, he didn't expect that this could be going on so long before cameras. normally these things are perfunctory. goodbye guys and we'll continue our discussion. it was not like that. what you make of that?

>> exactly. chuck schumer nancy pelosi seem to have no problem talking over the president, pushing back on this point. pence does not do that. he's obviously second in command and he does not want to get over the president on that. you also don't know where president trump is going to go in these negotiations so trump is looking out for himself and not going on saying one thing and having the presidents were. we've seen trump agree with chuck and nancy before. you just don't know what's going to happen, especially in front of cameras and that could have played a role. neil: elaina, the vice president is always in a no-win situation and we heard a lot of similar stories about george bush senior when he was ronald reagan's vice president, never to do anything to look like he was potentially upstage the president, even after ronald reagan was shot. and i understand that. but is there anything else missing or that the vice president might play the good cop role here and quietly and effectively from his days in

congress work with congress to find a way to get that wall spending and avoid a government shutdown. >> well, sticking to what you said the dynamics . that hasn't really been publicly attacked by the president yet or been in hot water with the president. it is because of this good cop as you described him. the way he plays that good cop. it works on the hill as well, people do look to mike pence they hope to put in a good word for the president. this plays behind the scenes and don't see that play out in front of cameras. neil: mind if we switch gears. john roberts, white house correspondent got off the phone with president's lawyer rudy giuliani, in light of the cohen's three-years in prison, the sentencing hearing reveals why the president think this is

is witch-hunt, quoting rudy giuliani. cohen zadra matally was blindly loyal to the president. recording your client, not telling him about it, revealing contents of recording, stands at stark contradiction what cohen said being loyal to trump. what do you make obviously administration, eliza saying, taking great distance to say this guy is a liar, he is going to prison for lie, end of story, we're not discussing beyond that? >> they can say that all they want. michael cohen has been closely aligned with the president for a long time, long before he ran for president and was in the white house. trump, during the campaign, michael cohen would call reporters as trump's extra hand, close aide, sort of interpret for the president. they can take this stance, point out secretly recorded to the president, might not be loyal,

truth is michael cohen has been in trump's life a very long time. trump has implicated in what came out for michael cohen. a very uncomfortable position for the president to be in, long-time lawyer and very close aide is going to prison for three years. neil: elena, the three-year sentence, quickly, what did you make of it? >> interesting to see, because there were filing and sentencing memos from both robert mueller's team and southern district of new york and they both recommended different things. southern district of new york investigators were a bit more harsh what they wanted and what they recommended for him. it is troubling, spoken to the people in the white house, playing out in trump's inner circle, they called it reality tremor what is going on especially with regard to michael cohen, implications it could have for 2020, both legally as well for the president. i think that especially seeing his three years now, there are implications in there, especially when you look at at f

fbi investigation for the president. >> it is not over. thank you. we're hearing for chad per program, capitol hill producer moving ahead on saudi yemen vote, that resolution would punish the saudis for their treatment an murder of that "washington post" journalist. to charles payne, right now. i apologize for slipping over there. charles: no problem, neil. appreciate it. good afternoon, i'm charles payne and this is "making money." stocks rising this hour. for once they're holding up. we're up 396 points. this rally comes amid reports that china may be scrapping or altering the 2025 policy in favor of letting in more companies in favor of global dominance. prime minister theresa may will have not confidence vote, the hour it begins we'll have live reports from across the pond as