stuart: this is cruelty, and highly provocative. good lord, we had summits with this guy. ashley: we've get response from the president. stuart: it is is outrageous. neil it is yours. neil: m is leading the singing ship. it was really a disproportionate weight on the dow taken out and the dow would have been positive. i don't know if that would still be the case given the complexions of the rest of the other figures in the dow. a reminder how one bad earnings report can turn an index around as one good report with the case of microsoft, with good numbers, change your view on technology, now a trillion dollar concern, lifting the nasdaq into record territory as we speak.

in the stunning new development of the day, joe biden making it official he is running for the presidency for the third time. this time hopes it is a charm. take a look. >> i believe history will look back on four years of this president, all he embraces as an aberrant moment in time. but if we give donald trump eight years in the white house, he will forever and fundamentally alter the character of this nation, who we are, and i cannot stand by and watch that happen. neil: i think anything you say to a music backdrop instantly lifts its dramatic appeal but again that is his video introduction to the american people as if they need it. he is the most well-recognized name certainly among the democratic aspirants, that can help but you hurt you. prohibitive favorites many times not end up the ultimate winners. meantime we'll get a sense what voters likely respond to.

this uneven economy a lot of democrats talk about, indeed the prescriptions some of them are talking about to address it. we have liz peek, fox news and jessica tarlov. jessica, 20th name. we have never had such a crowded party field in modern times. >> republicans hat 17 going into the debates. neil: automatically arguing with me. >> oh, i'll sorry. neil: 20 is more than 17. i'm just sensitive. i should get over it. >> me too. whatever. neil: yeah. but i'm curious what do you make of how he comes in, name recognition, obviously president obama couldn't come out of the gate to endorse him. waiting for eventual nominee, good strategy to take, but he is attaching himself to the obama years, a figure still extremely popular in the party. >> extremely popular in the party. i went back and looked at a poll right before the my terms about the number one quality democrats

were looking for in a candidate, by a margin of plus 50, it was former obama administration official. neil: is that right? >> that is right. a morning consul poll. no one more identified with the obama administration. neil: didn't help hillary clinton, did it? >> no, it did not help hillary clinton four years ago. certainly did in the primary. didn't win the popular vote which some people matter. neil: sticky thing called the constitution. >> electoral college will be gone anyway in no time. the obama endorsement -- neil: by the way i wonder, i always ask this facetiously, if you had won the electoral vote, popular vote, you would be dancing a jig to this day, right. >> i'm an excellent dancer, neil. i think there is an important conversation to be had about the electoral college which people have been having a long time not because of al gore. neil: would campaign differently if we did? >> would campaign differently,

more people would have a voice. better represented but we're not changing that. the fact joe biden is getting in today will answer a lot of questions whether he was just the front-runner just because of name i.d. or he is actually the front-runner and can sustain the fact there are 19 other candidates in there he was still hanging out on top. neil: there is something to be said of that but i'm always reminded, jessica, good political historian in her own right, reminded hillary clinton was once unbeatable until she got beaten. looked like jeb bush was the guy until he wasn't. history is replete. there is special burden being front-runner and there is high expectations. can he deliver those. >> in recent months -- neil: she said i had a good question. >> you complimented her first and jessica is here. neil: go heed. >> biden's lead is narrowing. nationally he is still in the lead. if you look at states like new hampshire he is not in the

lead anymore. bernie sanders according to the granite state poll recently has actually taken the lead. i thought this was very -- neil: he is in third already. >> totally surpassing kamala harris, elizabeth warren, everybody else. neil: they all get turns being in front, don't you? >> or number three. >> a little bit the flavor of the moment for sure but i thought this launch which was sort of weak i thought, told us a lot about what biden is going to do. first of all he coupled it with photos of himself walking with president obama. to both of your points he clearly is going to be claiming a third term of obama. i think there is some no, nostaa for that in the democratic party but i have to say the video basically goes after trump. there is no policy no talking about his own accomplishments or what he brings to the party. neil: i thought it was very dark. >> it was dark but it was anti-trump. you know, here is what biden brings to the party. maybe an ability to bring back those voters in pennsylvania, ohio, michigan, wisconsin who

voted for trump. are those people really going to be up for hearing they made a big mistake? that was a stupid vote. their candidate was really the wrong person and this guy is the right one. neil: that the president delivered. >> that is the question. you look at things like manufacturing jobs. 193,000 lost under eight years of obama. almost half a million added in two years against all expectations. i mean there is awful lot of data points certainly on the economy. they will make people say, no, this was the right vote. joe's nice guy but this -- neil: close call, those five or six industrial states won by 70,000 votes. >> 77,000 votes what decided this. to your point. i thought that too, i saw the video i exhaled, oh, you know, my parents are back. the mean babysitter is going away now. i can have someone i'm comfortable with i know. but then looking at that -- neil: wait a minute. who is the mean babysitter. >> donald trump is meanest babysitter i ever had.

neil: would you want donald trump to be the babysitter. i digress. >> it's a metaphor, obviously a bad one. to your point, liz, it is important, democrats says this feels like the american carnage speech. this is too dark. neil: i thought exact same thing. biden was among those who criticized the president's inaugural address, he was mr. dark himself. >> second half of that was definitely not dark. talking about american ideals, our moral center. about alienating people who voted for trump. he doesn't go after the republican party. he went after donald trump the individual. >> nonetheless -- >> not about being a debbie downer. it is not about ice hating republicans who are disenchanted with president trump, independents. neil: it was dark. on the out. >> it definitely was. >> i'm sorry you guys had a bad morning. >> here is another thought i think about this whole biden

versus bernie situation. i think bernie sanders followers are going to be so angry if he does not get the nomination. they are aggrieved that it didn't happen in 2016. neil: many others in the party will be mad if he he does. >> well democratic party is split right now. i wrote a piece about schumer talking about the unity of the party. there is no unity in the party. i think sanders thing is kind of interesting. a poll just out last couple of days said bernie sanders people, if they don't get their guy, they are going to stay home. i don't know actually if they said they would vote for trump, i don't think that is true. but they might stay home. neil: where do you think did? >> it could be. i think this is a real issue. they think they were cheated last time around. if it happens again, they will go nuts. >> his road is easier, bernie sanders's road changes in the delegate system when we have the primaries. neil: it is all proportional though, right? >> it make as tremendous difference.

the schedule where you see people are campaigning. to the point about bernie sanders voters staying home, yes the bernie bros are terrible trolls on twitter -- neil: means you could get to the convention without a clear majority. >> exactly. we want to avoid any sense being rigged or that narrative. that place what president obama and michelle obama does we'll not endorsing until far down the road or once we have the nominee. >> far from clear that obama would be endorsing joe biden anyway. the person he has been talking to people about is beto o'rourke. >> that is not -- >> that's true. >> i know he also had those meetings but he also has been a strong advocate for kamala harris. he obviously has a great relationship with joe biden. neil: he will not tip his hand, right? >> no, he will not tip his hand. >> if the party thinks he will really support joe biden in the primaries, not going to happen. >> he made that clear. neil: barack obama he cannot translate his own popular appeal to others. can't do it. >> no. once in a lifetime.

neil: once in a lifetime opportunity debate socialism, versus capitalism. at the center of this race. "wall street journal" greg ip on that. greg, think about it, the approach many democrats take, not all, i don't know all their positions this system is rigged against you. under donald trump the rich benefited of tax cuts, certainly corporations, you're getting slivers. is that resonating you think. >> both parties like to caricature as other side most extreme, intolerant, whatever their philosophy is. democrats like to brand a lot of republican business leaders as essentially rapacious captains of industry, there is a lot of other thing going the other way, every democrat asks for medicare for all is therefore socialist. neil: i think you're right, they get into their professional wrestling positions and say what they think their base wants to hear but do you think it's a wise move what is clearly a palpable economic recovery and

one that has substance to it that it's, it's a mistaken venture, it doesn't resonate with a lot of folks who say, well, types are pretty good right now? >> it is very hard to say. i don't really know the political dynamics very well. i would say certainly trump would like the 2020 election to be about capitalism versus socialism. he knows that most, very few americans want socialism. they like capitalism. they like the free market system. if trump can succeed sort of portraying his opponent in the democratic party as a party of socialism that gives him a pretty strong advantage. neil: how you define it. if you leave out socialism, talk about helping kids with their college bills, maybe providing health care for all, then it takes on a new context for voters, right? >> exactly right. i think -- you hit the nail on the head, neil. what do you mean by socialism? all the people say for socialism don't really know what it means.

they don't think it means what you and i mean, government owns means of production like cuba or venezuela. they think it means everybody gets health care, college is free. we have a little bit of regulation. who can actually be against that? i think one of the tests for both parties will be actually trying to make the term socialism or whatever it is they're supporting resonate with what people actually understand it to be. if you ask young people, if they're told that obamacare is socialism, they would say, i like obamacare, therefore i actually like socialism. on the other hand if you actually look at the root of it, say, it is a system that was designed to work with private insurance to make sure everybody got health insurance and republicans are trying to take that away that tips the ball in democrats column. neil: it is very well-put. i will copy your ideas word for word, say they're mine, greg. very good job. appreciate it. >> thank you, neil. >> depends as greg says, how you frame that. that will be the argument for the upcoming election, won't it?

don't put a nice spin on this. tesla's numbers are out and they're awful and the forecast, dicey, after this. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done.

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even more after reporting a cash burn rate of over 1 1/2 billion dollars. net loss of $2 million. wall street was prepared to be jolted but i don't think to the degree they were jolted. elon musk would have a lot of explaining to do. what he does now, what he telegraphs now, who better to follow charlie gasparinos is on top of this long before so many people jumped on it. what is going on here. >> wall street thinks they need to raise a lot of cash. neil: burning. >> a lot of cash. he has been resistant, bankers approached elon and tessa, he made a statement, now might be the time to do it but what we're getting from the company, when bankers are actually pitching -- neil: now might be the time to raise money. >> stock offering. they have a shelf registration. it is good until at least may. that bankers are saying they're getting like mixed signals out of the company, that they really don't want to go that route.

there's a lot of reasons for this. we should point out that musk himself highly leveraged, he basically borrowed against his own shares to fund other projects like spacex. that borrowing, there's a margin call if the stock hits $235 or something like that, he has to sell some of his stock to basically pay that margin. that could send a ripple through the shares. you could see a massive selloff in shares. neil: kind of what happened during the financial meltdown. >> absolutely. if he raises shares, that dilutes current shareholders which pushes the stock down which makes it more difficult for him because again he faces that margin call. neil: does he lose control with more shares printed? >> no. he still is the majority shareholder. listen, obviously other people would have stakes but, you know, it depends. if he sell as stake of the company to somebody he could theoretically lose control. that may be the price he has to be but right now -- neil: divided shares, how does

tesla's structure work? >> he is the main shareholder. it is held by a lot of institutions. it is traded like crazy. a heavily-shorted stock. jim chanos, great short seller, steve einhorn, david einhorn, the other hedge fund manager, they're heavily shorted stock. i think dan loeb is heavily short the stock. there is a lot of pressure on the stock. here is i think the problem they have, a ceo is prone to overstatement. you have a market growing increasingly uncomfortable with his overstatement. you have a company in need of raising cash. here is what becomes interesting. does wall street actually raise the cash for them? does an underwriter like goldman sachs, morgan stanley, jpmorgan, step in and actually put their imprimatur on this stock? remember they have to underwrite it. they have to own it, sell it. are they going to be able to do that given how crazy the ceo is? an there's a real question

whether he can actually raise the money if they go there. neil: what used to be their exclusive cachet. >> electric. neil: vehicle of choice. >> right. neil: now a lot of them have electric vehicles. >> starting to get them. neil: starting to get them but that the uniqueness, the panache is gone as far as unique to tesla. >> also, they're not getting as much of the subsidies. those subsidies allow you to build them with tax breaks. neil: $7500 or so? >> yes. neil: no matter how wealthy you are? >> they're expensive. model 3, 35,000-dollar car. neil: lunch money. >> it is lunch money to our viewers hopefully. what i'll say is this, neil, when you start rolling in -- plus he has a sec investigation hanging over him, you throw in all this stuff, his misstatements he needs to raise money, this is really a very perilous sometime existential time. neil: is he a genius? like the thomas edison of our types. you always hear that? >> yeah.

i don't think so. thomas edison made something so unique. neil: i remember covering edison. >> you were there with the microphones, mr. edison -- neil: get it going. >> think about it this way, he created something that was so unique, changed the world, i don't think electric cars are going to change the world. i'm sure there is a bunch of lefties -- neil: think that technology has blossomed in so many areas. >> but what is the technology? it's a battery? >> you always say that trivialize it. have you been in a tesla? there are beautiful cars. >> so are mercedes-benz. neil: you have no idea what you're in. you're in the back seat. >> kneel, i'm telling, are electric vehicles going to change the world? neil: i think they already are. everyone and his uncle. >> everybody and their uncle? they're dipping their toes. by the way they make most of the money -- neil: tens of billions of dollars worth of dipped toes.

>> where revenues. neil: you're a caveman. >> get an interview with elon musk you're sucking up to him so much. neil: i just love the technology. >> tell him that. i bet he gives you a free ride. neil: write that down, free ride. thank you, my friend. very good seeing you. widely respected around the world. i'm not talking elon musk. i'm talking gaspo. microsoft touching gasparino territory, trillion dollars in overall valuation. dipped back a little here. a lot of folks are -- helping not only technology stocks but nasdaq rich in a lot of technology stocks. market watcher michael robinson on all of that. michael, amazing when you look what is happening with microsoft. i remember when apple was cool and microsoft was a dinosaur. and yet it has come storming back. what is going on here? >> it is an example of the transformative of power moving to the cloud and also having a

terrific ceo like nadella. when ballmer was there, no offense, mr. ballmer, that company was stuck in neutral, mired in legacy business with pcs. nadella, five years as ceo totally transformed the company. cloud sales are up 41%. neil: is that what led to the turnaround? i understand that people, forget that microsoft is still responsible, software standard for eight out of 10 pcs out there. >> that's true. neil: and you know, from spreadsheets to word documents the like, i get that. but are you saying its future what it harnessed on the cloud is enough to propel and justify this runup? >> well it's a big factor. the margins are insane when you move to the cloud. first of all they have cloud hosting. neil: right, right. >> for clients. those -- neil: they make a lot of money off that. almost like itunes is for apple. that is a ka-ching business,

isn't it? >> that is a ka-ching business. you're looking market movers from tech. big picture, best time to be a tech investor last 10 years. particularly the last five years. microsoft has been transformed because of the cloud. nadella saw the move. i don't think wall street recognized how powerful that was going to be. $9.6 billion in quarterly sales in the cloud versus basically zero in the same quarter of 2014. that is a pretty powerful transformative rally for the stock and shows what is going on with the company. done a great job. you cannot underestimate the importance, leadership is vital. he has been a great leader. neil: you're right. >> he called the shift at exactly the right time. he is, he is constantly, getting in amazon's face every quarter with their sales. becoming a very viable option. it is all the things they can up sell. plug-in. microsoft has a terrific investment going in artificial intelligence. nadella seen that shift. when you marry artificial

intelligence as a service, as a cloud delivered service you can sell that. its marginal revenues keep rising. marginal costs don't increase that much. they haven't had to throw tons and tons of employees at it so far. neil: think about everything attached to the cloud. azure, database, related services each user for each time, they frequent that it is just again more money in the till for microsoft, right? >> yes. so i'm not surprised that they hit a trillion. i've been -- the companies that would hit a trillion, obviously apple, amazon, microsoft and couple others. i'm not at all surprised. there is temporary -- 995 as we sit here now. call it a trillion. we can round up, it is a trillion dollar company. neil: it briefly was just that. michael robinson great read on things. i always learn a lot. we have a lot more coming up, not only microsoft record territory, some news on a big

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neil: homebuilders seeing activity. it helped pick up homebuilder stocks not across the board but bears watching. hole building for last two years, folks is remarkable. we used to get a couple piece of housing data, new home sales, used home sales, mortgage applications, now there are 18 difficult pieces of housing news we get every month. by and large there is a die dichotomy there is for my next guest selling compound, "new york times" columnist,

michael goodwin, who joins me right now, taking a look all this stuff that is happening. you and i were chatting during the break, michael about joe biden coming in the race and the message and i thought it was, for joe biden unusually dark but having said that we were saying the keys on the left and right to victors who won among republicans and democrats in the past, it is usually uplifting or promising message but what do you make of that? >> look, i mean that is generally what especially the swing voters want. they want to know you're on their side. they want to know you support generally the problems and idea they support but they also want to believe in you. they want to trust you. they want to know what your values are, not just what your policies are, and i believe that, that hope giving people hope for the future is quintessentially an american trait. this idea that your children will have a better life than you do. i mean that is essentially i

think what generations of presidents have gone to the bank on those who deliver on those folks are reelected and held in high esteem by the country as part of their legacy. biden, i think biden's problem is larger than that, however. i see joe biden as somebody who is kind kind of lost now. he apologized who he was, who he wants to be. neil: a lot of apologizing. >> i don't see good things for joe biden in this race. neil: you and i know, history, we've seen a couple these elections, whoever is the front-runner sometimes a cursed position to be in, ask hillary clinton, ask jeb bush. can go way back in time the late, great, henry scoop jab son, was supposed to get the '76 nomination before this guy jimmy carter. there is unusual pressure on the person. i'm wondering all the polls say

he is the guy who could beat president trump, leads him by eight points in national polls, those are the same polls that said barack obama would lose going against john mccain by eight to 10 points but hillary clinton would beat him. we learned not to trust that. but what do you make of the pressure that is on biden to deliver the goods? >> it's a lot. it's a big thing because, another way of looking at these numbers, he and bernie are both in the 28, 29, 30 range in various polls. these are the most widely known of all the candidates. so one way to look at it is, like, bernie you ran the last time, you got all these delegates. you were the engine of the race. you are the engine of this race and you have only 29%? neil: it is a crowded field. >> but still you have only 29. same with biden. neil: impeachment stuff, threat of more hearings will hurt the president? he is obviously planning to fight this aggressively even

when coming to subpoena former aides to testify on capitol hill? is it just best he let them get out of the way or, or is there a battleground strategy here that makes sense? >> i think democrats will not be satisfied with anything he does. everything he does will whet the appetite for more. i think that is his strategy. i've done enough. they're not going to be satisfied. i think he could be more articulate arguing this is not oversight. this is harrassment. this is not designed to oversee the agencies under them. this is not about the federal budget. this is just about partisan politics. i believe he's right about that. they are not talking about how the agencies operate. whether the budget is being properly spent. this is about how can we nail him. mueller failed. neil: this is what he wants, other party leads are saying be careful here. don't go crazy with hillary clinton. the report was daming on the

president. saying impeachment talk is at best premature. party leadership loom anyone is saying look, this is gift for us, don't screw it up. >> when he think of the party chairman, think of them as the party leaders, jerry nadler, elijah cummings, adam schiff, their seats are safe. they don't have to worry about the election. nancy pelosi is thinking about the marginal seats, the seat in swing states. also helping the nominee to win those swing states. if you're going to alienate the swing voters in the swing states right out of the gate, you're handicapping the entire field. neil: would the president's base right now, could that alone get him reelected? >> no. neither base is sufficient. both will have to fight for the 10 or 12 or 14% of swing voters who are persuadable. neil: well-put. all right. michael good win. very good seeing you again.

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neil: all right. these two are getting real cozy, aren't they? kim jong-un and vladmir putin together. what are they exact i up to? let's get read from fox news senior foreign correspondent greg palkot. who has more on the unique pow wow. hi, gregg. reporter: neil, mixed signals coming out of this summit between north korean leader kim jong-un and russian president vladmir putin. it was the first time the two met together. it happen ad at the eastern port city of vladivostok. it happened two months after that hanoi summit involving president trump and kim jong-un.

a lot of people thought that missed the mark. talks went on longer than expected. there was a one-on-one. it went two hours, neil, instead of one. there was a broad staff session and dinner. they were a bit on formal side. it was friendly enough. there were couple important messages from putin we should pay attention to, neil. first of all he said, probably good news for the trump administration, moscow and washington agree on the need for north korea to give up the nuclear weapons. that is at the core of everything, but leave it to putin, he says pongyang needs more security guaranties. it needs security guaranties not just from the united states but from other countries, for example, russia. as for kim jong-un he probably went away from the meeting feeling a little bit unsatisfied. would have hoped that putin would have made some gestures towards easing some of the economic sanctions which are causing so much problems for north korea but he got face

time. he got global face time. and again, after the problems recently with negotiations with the trump administration he could probably play this for a little bit more. one last note, neil, putin says that he will indeed brief president trump on what he found from the meeting, but first he is going to, going to brief the leadership of china because he is on his way to beijing tomorrow, first things first. back to you. neil: you know it does look to your point, greg, he goes off to these meetings with the president of china, then obviously vladmir putin, and leaves without apparently or at least on the surface getting anything, just like he left hanoi without a deal with the president. it is not thought through. reporter: exactly, exactly, but he is building up his credibility. think about it. he met with president xi of china four times in the past 18 months or so he met with south

korean president moon three times. he met with president trump twice and a few other leaders in the mix. all of sudden a young kid schooled in a private institution in switzerland a couple years back is playing on the global stage. that does have to help him, neil. neil: greg, we'll see. thank you my friend. thank you very much. in the meantime the white house wants to change the way we go about picking and choosing who ultimately comes to this country legally and legally the president is looking at picking and choosing based on what you can add to the country, what you can do for the country. so what talents you have, just like in the old days before the depression of course where we looked at people's, you know, crafts, skillsets that had us sending a lot of german engineers here or those italians very good with marble or cement or whatever, and that seems to be the approach that this administration is taking to get back to needs based, what could

help the country a little bit more. former chief of staff for the border patrol here on that. a merit-based system what we like to call it. we did have that in the past. it is a little less reliant on that per se, but what do you make of the approach the white house is trying to take here? >> neil, the white house has been consistent saying they favor a merit-based approach what traditionally is family-based immigration approach in recent immigration law. this solves part of the problem of providing a pathway, for as you describe the most talented people, many who are being educated here on student visas, stay to contribute to our economy instead of going home, taking skills to the other country and creating jobs there. that is only one piece of the puzzle. congress which is regarded to get this legislation they will need to deal with issues like temporary agricultural visas

which have broad support among rural republicans and some democrats too. they will also have to get some deal in there how we address the daca situation. neil: so the idea we would return to what we had, i know right before world war ii, right after the bombing of pearl harbor we were looking as many welders, those good with steel, part of building and reconstruction effort for the war machine that would be our offense taking on the german and the japanese. we looked for those skillsets. we looked for, again, things that could benefit the country. now the argument has since been, well we have to diversify a bit. if you're in need, taking safety and a haven that is enough. can't you do both? >> you can, neil. in some ways the two are not really that related. part of the problem we're having right now with the current crisis of central american migrants, our asylum system is

not equipped to deal with this amount of claims, which, most of which when they're adjudicated sometimes, two three years later are found not to be a valid claim. tough deal with that separately. providing high-skilled labor categoryies, new visas won't address that problem, so you need a solution there. but it will address what are needed occupations. a lot of this is going to the tech industry as you know, neil. they have been the biggest consumers what we call h1b visas. we're talking about instead of welders and marble workers we're talking about engineers and coders. those are the highest need occupations. wer not putting out enough from the universities to meet demand. neil: a lot of those companies say we need a lot more than we got. we don't grow enough here in the usa good seeing you. >> good seeing you, neil. neil: i will think about a movie

with high expectations about about "avengers: endgame. they're talking about making 250 million in the first weekend. 800 million the entire week. those are high numbers. is it really justified? after this. >> we lost, all of us. ♪ we lost friends. of the did you know with vanishing deductible,

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>> even if there is a small chance, we owe them. neil: all right. "avengers: endgame" out is it tonight? formal previews tonight? of course through the weekend. expected to be the biggest movie of all time. fox news headlines 24/7 carley shimkus. high expectations. >> it made $147 million in china one day. it will make a billion dollars less than a week. yeah. one of the reasons is because this is the widest release ever. it will be in something like 4600 movie theaters nationwide. neil: some playing 24 hour basis. >> consider the hype of the movie. nobody knew this would be a

two-series. of when infinity war ended on cliffhanger, people are looking to see final conclusion. neil: have you seen it? >> no. but i did buy my ticket the first day it came out about a month ago. yeah, i thought i was going to be the first person to do it in the theater. i was not. when i went on fandango people already bought tickets. neil: i thought i was with the ken burns civil wars series. this is its own cultural icon, isn't it? >> yeah. the way, this series of marvel movies really transformed the way people look at comic book movies. they used to be kind of cheesy. these movies were a total slam-dunk. the action is incredible. they're funny. the cgi is amazing. and it has been over the course of this 10-year phase people

grow attached to these characters. this is considered the culmination of all that. and the last one. it its three hours long. so a lot of people will be spending time indoors. this weekend. i'm excited. neil: really? >> i'm excited to see it. it will be good. it will be huge. neil: so the idea of high expectations for this, if it makes 800 million, would that be deemed a failure? >> the headlines will be as such, yeah. even though that much money made, it will be a little bit of a disappointment. i cannot see the outcome, that i think it will break all kind of records. people are so excited to see it of course. neil: sure. >> i'm one of them. i will be wearing my captain america t-shirt. neil: are you kidding me? that scares me, when i see people dressing the part. this is weirding me out. >> i don't have a captain america t-shirt. i think i'm going to buy one. i will get you one too. neil: there is a goal. get one for gaspo. >> oh, yeah. we'll all go together. neil: thank you very, very much,

carley. she was said it would be a big deal. i laughed when she first said it, not laughing now. netflix is fighting to keep a lot of its most watched shows, some of the very old shows. russ, is here. this could be possible sign of trouble for netflix what do you think. >> i think it will be a big bill. essentially netflix has number of shows that are their most watched shows, "the office" being one of them, "friend" being one of them. these are shows they don't know. in those two cases nbc universal. the contract for "the office," their number one streamed show, that runs out 2021. neil: that is their number one. >> i like the show a lot. it is soothing and relaxing. i think people leave it on all night. neil: i think it is very, very funny. if you're resting on that, depending on that -- >> right. neil: obviously they spent a lot of money to do their own original series and the rest but

you have to get a high return on that investment. >> right, absolutely. right now they renegotiated the contract a few years ago. right now nbc knows they have them over a barrel especially since nbc is launch thank own streaming service. they could get netflix to pay out the nose for these shows. they got netflix to pay $100 million for "friends." netflix has original programing. it doesn't do the level of churn. there are only one or two in the top 10 shows. quote ozark" one of them. neil: we can talk about apple, disney, all these other services, if you have all the services you're paying more for the cable bill whose cord you supposedly cut? >> i don't know on that level. cable bill has gotten ridiculous. that in couple years could be a possibility. they say, hey, i need "the office" or hey, "sabrina" and

they will choose three or four streaming service. that it will be it. it becoming cutthroat which deals get made. who wants to watch what. it will be very intense. neil: russ, thank you very much. >> sure thing. neil: russ frush tick, tech extraordinaire r joe biden the 20th man in. he may not be the last one. he says he will raise a lot of money. is there distinction that the money he is raising will not come in small donations but big one. >> come on, guys. let's go. >> start in pittsburgh. don't tell your mother.

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neil: oh, boy. this is when you hear one stock that just ruins it for everybody else. 3m announcing some layoffs, also telegraphing some concerns going forward. that's knocking 27 points off the stock. if not for that, the dow would be up but of course a big percentage hit like that can't help but knock some of the wind out of the sails of buyers here. so the dow is down. nasdaq, though, into record territory, thanks in large part to technology continuing to have a very good run. microsoft briefly becoming a trillion dollar concern, dipping back a little bit since. but the market averages on their own doing quite well, thank you, when you step back. by the way, the nasdaq is on pace for a record close again. so any gain would be a gain, which would be an advance into record territory. joe biden telling supporters

before a big fund-raiser today he's now candidate number 20, the 20th candidate in the most crowded field we have seen in a major party in modern times. edward lawrence with the latest on that. hey, edward. reporter: it's official, former vice president joe biden running for president. the reaction as you can imagine has been pouring in. senator chris kuhns from delaware embracing joe biden, saying he doesn't just talk, he gets results. senators bob casey and doug jones giving endorsements. notably, not president obama yet. >> he doesn't want to -- whoever wins this nomination should win it on their own merits. welcome to delaware. reporter: the president donald trump in a tweet also welcoming as he calls him sleepy joe into the race. the president offering a warning that the democratic party will get nasty and the primary will get nasty. in his announcement, biden says our very democracy is at stake. >> if we give donald trump eight

years in the white house, he will forever and fundamentally alter the character of this nation, who we are, and i cannot stand by and watch that happen. reporter: a lot of establishment democrats cheering that announcement. biden has been taking sort of a publicity tour today. he got off the train in delaware, was seen at a pizza shop not long ago getting his meal to go before that fund-raiser in philadelphia later on tonight. let me give you some little history related to this. historians say there have been 14 vice presidents that have become president but only one becoming president after taking a hiatus from politics. do you know who that is? neil: let me guess. richard nixon. reporter: you are correct. richard nixon. neil: only because we showed the picture of richard nixon. i'm not that smart. all right. thank you very much, my friend. edward lawrence in the middle of all that. joe biden is hoping for a very big 24-hour fund-raising number.

not just the amount of money raised, no one is really doubting that, but how much of that is from smaller individual donations, sometimes $10, $15, $20 at a time. something barack obama made famous on his way to the white house, as a rising star in presidential politics. that was some time ago. now joe biden obviously hoping to come out of the gate very very strongly to american conservative union chairman matt schlapp. we also have democracy for america chairman charles chamberlain on if these donors are possibly looking elsewhere. i guess it depends who the donors are, charles. if they are largely the well-heeled ones who have a lot of money, money is money, i get that, but would it hurt the vice president disproportionately those types? >> well, all the candidates need to raise a lot of money so certainly having that money is going to be helpful.

but i think what is really important about the idea of grassroots contributions is what it says about everyday average americans and where that energy and the support is coming from. so when you are able to raise a lot of money from small contributions from a lot of people across the country, it says you are resonating. it says you are talking about the things that matter or you are presenting a vision for how you are going to move america forward and people are back it up with their money. that matters. that matters a lot. neil: i'm reminded of the fact that donald trump, despite being a billionaire, didn't raise anywhere near the most money early on in the race. a lot of that in the 2016 campaign for the republicans was going to jeb bush. yet it really didn't matter. early on with hillary clinton and barack obama going at it in 2008, a lot of the early money was going disproportionately to hillary clinton. we know how that turned out. we can overfocus on this. but how closely do you think the president will mirror that this

go-round? he's raised a ton of money on his own and has very, very deep coffers this time versus his last run. how will that change things? >> first of all, it's also important to remember he has his own money and put a lot of that into the last race. you're right, overall, the amount of money he spent was dwarfed not only by the clinton forces but also previous republican presidential campaigns. i do think that he has the ability to communicate on social media and in the media unlike other republicans before him, and he has this strength which republicans hardly ever had, which is he raised ten bucks, 15 bucks, 25 bucks, from a lot of people who hadn't given before. that army has only gotten bigger. it's not gotten smaller. it's really a grassroots phenomenon. i do think they will be organized enough to add on top of that the bundlers and super-bundlers and all the probably 90% of those regular big gop donors on top of that grassroots effort. i think in politics today, that

grassroots effort matters because it's not just the money they give, it's the fact they are willing to actually do things on the ground for the candidate. neil: they tend to be more passionate, come out and vote. >> that's right. absolutely. neil: who has that passion right now, charles, in this crowded democratic field? >> well, i think one of the things that's really exciting to see what's happening with this is there's a lot of candidates that are generating that kind of enthusiasm. you know, a couple candidates have completely rejected the idea of doing any big money fund-raisers. elizabeth warren, bernie sanders. you see huge numbers of people support i supporting small contributions, it's not just for warren or sanders -- neil: i don't know if elizabeth warren can do that. right? >> you know what's interesting, i think when you look at the way in which her momentum is gaining, it has to do with the fact she's presenting ideas. that's the bottom line here. it's not just about money. it's really truly about what is your vision, how are you going to fight for everyday americans,

how are you going to fix the structural problems and how are you going to beat donald trump. i think that's what we are seeing with the money primary but that's also why the momentum is there for some of these candidates that are really bringing in the small dollar contributions. neil: matt? >> i think the key here is what we saw in the last presidential campaign, jeb bush and hillary clinton got the early big endorsements from sitting elected officials. they got a lot of that early money from the big megadonors. it was the wrong strategy. hillary clinton was able to kind of eke through because of super delegates. there's no super delegates this time, basically, on the democratic side. neil: well, they are not available until the second ballot, right? >> they are much more minimized in their effort. all these early endorsements mean even less than they did before. so the second thing is that i think what democrats are looking for from the polling i see is they actually think trump is very beatable and they want to find somebody who is passionate and resonant on the socialist issues they care about and that is really what's going on in the

democratic party. i think for joe biden, that's a tough thing to do. neil: we'll see. still early, as you both like to remind me. thank you, guys. i appreciate it. jerry baker is with me right now, "wall street journal" at-large host. trying to get a sense of what's happening this election year, it's a crowded field and of course, the tensions, what will be the battle cry for democrats, the uneven nature of the economy, there are still those left out of it, but it's a tough sell when you look at key demographic groups that are experiencing the lowest unemployment rates in american history. how do they play that? >> it's a very tough sell. you are absolutely right. it's exactly as you say. the economy is not the greatest it's ever been and sometimes low unemployment, low inflation, you know, wages are rising for most people at a faster rate than at least a decade. neil: why doesn't the president get more bang for the buck for

that? >> he does. i think insofar as the president's approval ratings reflect the kind of positives on the economy and the negatives of some of the tone and language and some of the things he does. neil: you think the mueller thing and now the fight over people testifying on capitol hill, will that drag on? >> yeah. i think, look, i think most people have made up their minds on this mueller issue. i'm not sure that's going to move things. i think, if you look where he is, his approval ratings are in the mid 40s. there's the so-called trump effect pollsters talk about which is the opposite of the obama effect. lot of people when they were asked whether they approved of president obama, there was some people who thought they should say yes partly because of the race issue, partly because they just felt that that was what was expected of them. with trump there's almost the opposite which is that some people feel i don't really feel comfortable about saying to a pollster i do approve of the president but actually i do, because somehow it's not right and polite to -- neil: they secretly have maga hats but can't tell people? >> his real numbers are behind that. to me, it was telling when joe

biden launched his campaign, what he chose to do, he didn't talk about the economy at all, that whole video, online video. he talked entirely about the president's character -- neil: it was very dark. for a party that went after this president for his very dark inaugural address, it was dark. for some people, that worked. for the leader of that party now, to have a similarly dark announcement and refer -- not that it wasn't a big deal, i'm not minimizing it, but was that the tone you wanted? >> i think for the current democratic party, yes. the distaste bordering on hatred of donald trump in the democratic party is as we know very very strong. neil: but you want to tip that? you want that to come through or -- you know, barack obama was optimistic. the message was optimistic. >> biden's got a problem which is that he's not exciting the base. we know that. they are excited by bernie sanders, excited by aoc, though

she's not running. they are excited about the candidates who are promising something radical, different. neil: barack obama said these are great ideas, we've got to find a way to pay for them. right? >> right. what i'm saying is biden, it's hard for biden to excite people on hey, i'm new, i'm coming in, i've got this radical new program. where have you been the last 40 years? what he can do instead, is he can appeal to that part of the party that really, really is less about policy but more about trump's personality and what they think he's doing to the country and by the way, by tapping into charlottesville, also played to a constituency with which there may be some concerns he has weakness, african americans and minorities more generally, and women. neil: we know that's a problem for bernie sanders. then there is kind of an older white male take the party's nomination in this environment?

>> right now, between them, biden and sanders have over 50% of the vote. now, i agree, that doesn't mean very much at this stage. neil: combined they are over 500 years old. >> i do think it's an interesting thing. the party, the activists in the party clearly want something really different. there was evidence, though, in the midterm elections last year, i think this is what biden's people have talked to, all the democrats who won when they gained all those seats, 40, 50 seats in the house of representatives, they tended to be fairly moderate. they were not radical liberals. there's a constituency certainly in the general election and people like biden are hoping a large enough constituency in the primary that doesn't want this radical talk, doesn't want socialism, doesn't want this really sharp move to the left and wants instead someone who can go up against trump and -- neil: and win. >> i think that's the key thing biden thinks he has, a character issue. we have to see. neil: we have to see. thank you very much. good seeing you, my flend.

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neil: all right. this is kind of interesting here. the saudi wealth fund plans to raise billions of dollars in debt, i would assume saudi debt, and they can do a lot of infrastructure projects and the like in the royal kingdom. we don't know the details how much they are ultimately looking at, but for a country certainly awash in oil and other riches, this is interesting tapping its own debt market to raise the cash they need for doing a lot of the stuff they want to do. we'll keep an eye on that. meanwhile, keeping an eye on tesla, burning through about $1.5 billion in cash. lot of people assuming it was running through cash, maybe not to the degree we later heard from the company. john schwartz on all of this. john, those are some staggering figures. we have heard staggering figures out of elon musk and his company before. it always seems to weather the blows and the controversies. what do you think about this? >> well, i think we are used to it. we are used to the stark, ominous, putrid numbers. what really strikes me now is think about what's happening

today. consider a few things. microsoft is over $1 trillion in market value for the first time. a dozen analysts have upgraded or actually raised the price target for facebook after it had another big quarter despite the ominous ftc fine about to hit them. we also have amazon about to report $60 billion in revenue this quarter. so all these things are going on, then you compare it with what's going on at tesla which is like same old, same old story, burning through cash, losing money, questions about the leadership. the stark contrast to me kind of underscores this lingering problem that's not going to go away any sooner and will probably get worse. neil: i also think they have lost a little bit of their cache or panache. they used to be not the only electric, you know, vehicle maker in town, but certainly the premier one. >> right. neil: now everyone and his uncle, when i heard mustang was going to make electric vehicle, i said game over. it's not so unique anymore,

right? >> exactly. that's one of the pitfalls of being a visionary or being first to market. if you have a really good idea, all the large established companies are going to come after you. you mentioned mustang. i think there was a jaguar ad around electric car that's literally silent. you've got bmw. all the big guys are getting in. i think in a certain sense, musk thought we will sell this $35,000 model 3 and maybe it took too long and demand wasn't as great as they thought because the market's becoming much more competitive than what he anticipated. so that's a pitfall of being in the market first and then getting hit by the big guys who have the resources and the cache to move in and take you on. neil: you know, thank god you know this industry so well, jon, but for the life of me, i don't even know how you get a tesla vehicle these days. used to be they had these fronts, these stores, now i guess that's going away. do you just look up in the yellow pages? i'm dating myself here. to find out how to get your hands on one of these vehicles?

it used to have its own unique system. >> that's the other advantage the big guys have, they have all these service centers. you know where to go to buy the car. tesla doesn't have that infrastructure. you know the one thing also that struck me about the earnings season is with tech right now, it's been uniformly good, twitter, snap, microsoft, amazon probably, facebook, and the thing that kind of strikes me over and over again is that all those companies have like a certain source, very stable income coming in for revenue, and i'm thinking about facebook and google with advertising, thinking of amazon with cloud as well as microsoft. with tesla, there really isn't anything like that right now. so in effect, if you have a very kind of incremental technology that's stable and maybe a little bit staid, you're fine but if you try to be this radical first-to-market visionary, that kind of hurts you, especially in the beginning. it hurt amazon when they lost a ton of money in the beginning,

before they overcame it and diversified. tesla finds itself in that same boat right now. neil: it's a crowded boat, with other people in that boat doing what they're doing. very, very good stuff. always appreciate that. meantime, facebook, revenue popping 26%, advertising model getting a little bit disrupted here, but it has not hurt the stock, up about 26%. that was the revenue in the latest quarter. that was surprising on the upside, even though we are getting indications that the company, just to put some critics at bay over privacy related issues, is willing to pay a big old fine, maybe billions of dollars worth, to fox business' newest reporter in the flesh. jackie deangelis, first of all, welcome. what's going on? this doesn't seem to be the reaction you would think for facebook given the potential fine. >> the investors aren't really looking at the fine. they are saying $3 billion to $5 billion is certainly a lot of money, the largest we have ever seen but that's not what we are

really worried about. that's sort of a lump sum over here. facebook is dealing with it. what we are worried about is the monetization of the product. it's always been, right? it all comes down to advertising dollars. the revenue yesterday, over $15 billion, $14.9 billion of that comes from advertising. that means that they are killing it in terms of their execution. neil: with all the controversy, with all the stories -- >> with all of it. so the question is, you know, when you look at the digital ad space, who is dominating here. google and facebook together, sort of like a duopoly. that will continue to grow if they can keep executing. it also takes us to this issue of what is the next phase for them. they are saying it's all about the stories. facebook saying it's all about instagram and whatsapp and integrating platforms together. there seems to be a gap in terms of the users where they can really continue to grow. neil: all the controversy around them, if it hasn't affected the number of people who use

facebook in any substantive way, hasn't affected their revenues, to your point of what they are getting from advertisers, it almost makes you wonder whether the cabal against the company and the stock just failed. >> right. that is really the central question, where is this probe going to go. what is mark zuckerberg and the company going to do about the privacy issues because what happens is if the users do walk away and this is sort of still developing, it's in progress, that's an estimate of $3 billion to $5 billion, if users do walk away because they get spooked, advertisers are going to walk away as well, the revenue is going to go up in smoke. that's really the issue. he's been very proactive, zuckerberg, about saying we are working on the privacy part of this. but it's also very interesting, he's sort of been less proactive on the regulation side of things as well. so it's interesting to see how different ceos in the space are handling all these issues at the same time. neil: $3 billion to $5 billion fine if it comes to that is essentially what zuckerberg may in this market run up.

>> exactly. look, it's a lot of money by anybody's standard, certainly. but the company can certainly absorb it. when you look at signs that we have seen in the past, $22 million in 2012 for google, very very small compared to this. it would be historic if it was in that playing field. neil: how you enjoying yourself so far? >> so far, so good. i love it here. neil: even gasparino? >> love charlie. neil: interesting. she's great. great addition. we are lucky to have her. jackie, thank you very, very much. we are showing you facebook, the stock running up smartly right now as we have been pointing out here. investors were worried about possible fines, god knows whales, again, they have a funny way of showing it. mark zuckerberg already among the richest folks on the planet. about $4 billion to $5 billion richer today. more after this. you wouldn't accept an incomplete job

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neil: i don't know what korean

is for chutzpah but "the washington post" is reporting north korea is billing the united states $2 million for the hospital care of otto warmbier. remember him? blake burman with the latest from the white house. reporter: a lot of questions here and it's the policy of the united states, the united states government, that we do not pay for the release of hostages, but a news story out by "the washington post" this hour calls into question whether or not that applied in the case of otto warmbier who was held by north korea. two central questions here. one, whether or not the u.s. agreed to pay for his release and two, whether or not that payment was actually made. here's what "the washington post" is reporting. north korea insisted that the u.s. agree to pay a $2 million hospital bill for the care of otto warmbier before being returned to the u.s. according to the report, president trump authorized the main u.s. envoy to sign for that bill but it is still unclear if the u.s. actually ever followed

through and gave north korea $2 million. the white house not necessarily denying this story on its face, as the press secretary sarah sanders says the following in a statement. quote, we do not comment on hostage negotiations which is why they have been so successful during this administration. as for warmbier, of course as you remember, he was the 22-year-old college student who was held captive in north korea for nearly a year and a half. when he was returned to the u.s., he was comatose, he died four days later. during the last summit between president trump and the north korean dictator kim jong-un, the president received bipartisan criticism for saying he did not believe the top leadership in north korea knew about warmbier's condition at the time. so bottom line here, at least "the washington post" is reporting that there was this request from north korea that the u.s. signed off on it but i should stress at this point we do not have any evidence that $2 million was ever transferred

officially from the united states to north korea. neil: thank you very much, blake burman at the white house. all of this as vladimir putin and kim jong-un are meeting in russia. retired four-star general jack keane on all of that. general, first off, on this development of the $2 million for this tragic young man, what did you make of that? >> well, it's typical of what the north koreans do. they have done this in the past, when they have given somebody up it's a little face-saving on their part so they want us to pay the medical bills. it's outrageous on the surface of it because certainly, they were the cause of otto warmbier being comatose and also dying from what happened to him. so yeah, it's another frustration in the continuing saga of dealing with north korea. not surprising but certainly disappointing. neil: in the meantime, the two leaders are meeting, that is kim

jong-un and vladimir putin. i don't know what can come of that, but of course it comes as he's promising similar meetings with the chinese president. is he just sort of spreading the wealth around just in case things go south with us, should we worry, what? >> i think you're on to it. from kim jong-un's part, going to russia, what he's trying to do here is particularly put some pressure on president trump, gain some leverage, because when he came home from the hanoi summit, his hard liners around him truly expected him to come home with sanction relief and he came home empty-handed. he's been trying to gain leverage ever since that. by talking to putin, what he's saying to president trump is look, i got friends in high places, not only in beijing, china, but also in russia. but putin, i think he loves being on the world stage acting as a global leader, in this case, trying to resolve the stalemate between north korea and the united states, and suggesting in his comments that

he's made that the united states should not be the only guaranteor of north korea's security in these negotiations, that possibly several other countries should be a participant in that as well. that would take us back to the 2009 six-party talks that were terminated when the north koreans pulled out of it and russia really has not had a hand to play since then. neil: know what's interesting about kim jong-un, he has these p pow-wows with bigger than life figures, vladimir putin, the chinese president, donald trump a couple of times, and always leaves empty-handed or appears to. >> well, i think what he's doing with the russian leader also is that russia has been providing economic relief to north korea despite the u.n. resolutions to deny that, the sanctions, and russia voted for that. they have been trans-shipping oil using third party ships to keep north korea afloat economically.

north korea here, i think, has gone up to putin and said i want more of that, more of that back door, and also, according to the u.n. resolutions, this year, 10,000 north korean workers who are in russia, most of that money gets put into the coffers of the north korean government, are destined to come home. i bet anything he's working with putin to develop a work around and avoid the u.n. resolution bringing those workers home and therefore a loss of income. i think that's the second part of what kim jong-un wants out of this. neil: very interesting. i didn't think of that. general, thank you very much. good seeing you. >> good talking to you, neil. neil: meantime, the president saying just because you subpoena my staff members and former staff members to testify doesn't mean i have to honor that, nor do they. this could go all the way to the united states supreme court. this could delay such testimony if we see it at all. who is playing with whom on this? after this.

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neil: all right. 3m is helping produce a three-digit loss in the dow right now. it's a big reason why we're down, period, for the dow right now. gerri willis with the latest from the new york stock exchange. hey, gerri. gerri: that's right, 3m accounting for most of the dow's loss today. as the manufacturer of everything from post-it notes to industrial products is down 13% right now. the company announced it would cut 2,000 jobs as it reported a double miss on both earnings and revenue lines, net sales fell 5% to 7.86 billion while earnings disappointed as well. now, layoffs are part of a broader restructuring. they are expected to provide savings. the company lowering its profit outlook for the year. at issue for the st. paul, minnesota company, weak demand for its products in china and among car makers, revenue in china down year over year. its car business down 9%.

as important, the company said it didn't cut expenses fast enough to reflect that lower demand. 3m is a standout among u.s.-based suppliers to china, many of home like caterpillar and ppg industries said their business is improving. 3m shares on track for their biggest one-day decline in more than 30 years. the company, get this, sells 60,000 different products. back to you. neil: wow. that's incredible. gerri, thank you, very, very much. meanwhile, the president vowing to fight all the house subpoenas, especially demanding that former aides testify on capitol hill. let's get the read from former justice department official. help me with this. can the president challenge a subpoena for his folks to testify on the hill? can he legally do it? >> well, he can, but it's a real dicey area. it's not an area that the courts really want to get involved in, if there's a complete showdown between the legislative and executive branch. but it's a subpoena. a subpoena is essentially a court order so there is an

enforcement mechanism for congress to fight to issue contempt show cause orders or for the judge to have to deal with a motion to quash filed by the white house. there is the potential for litigation and it's probably long-winded litigation, too. neil: i bet it is. i'm wondering what you think will come of this, though, assuming they do testify and they do eventually appear before congress. both of them have expressed willingness to do so despite what the president is saying. can they override the president who might be claiming or his legal team might be complaining about executive privilege here, you are compromising, you know, potential private conversations, what? >> yeah, there's a batch of issues there you are putting your finger right on it. the one thing is if you are not an official anymore, you are not part of the current administration, i think you are viewed as a bit of a free agent, where you can either go or not go as you see fit, because it's not really oversight as in ongoing oversight if you don't work for that administration anymore. so guys like don mcgahn are very

interesting. they talked to the sfeshl couns special counsel for days on end, has a long record of information that made its way into the mueller report, and he's basically going to be a free agent to decide to do whatever he wants to do. the other problem is if he previously testified and did not assert executive privilege, there's a good argument that it's waived now. lot of legal issues there to sift through for both sides. neil: then what about legal issues for the president? if he said that he never told mcgahn to fire mueller, mcgahn is, we are only going on this report, his comments to mueller and his team, i guess which were 30 some odd hours that he did, then what? >> well, look, there's no shock here that there's going to be inconsistencies. i mean, the one thing i kind of wonder without any real inside knowledge is whether the president was very mercurial, said a lot of things that he doesn't even remember saying at this point, that others took very seriously. now, sometimes they walked away from his instructions, that's clear, but you wonder if he says

it and doesn't even have it register now that he said it. but i don't know. that's a tough call. that should not be the linchpin of what congressional oversight looks like, that one inconsistency. neil: let me ask a legal question, then. if it is true that the president did want mueller to do that, did later on go to jeff sessions to essentially do the same thing, and they didn't do it, is that obstruction, in your eyes, or is it much to do about nothing because it never happened anyway? >> i think it's something that really is addressed pretty head-on in the mueller report. they talk about a number of issues with obstruction. one of them is when it's very public, when you are going out in the twitterverse and saying things but for these private moments you are talking about comments made by a president that have perhaps political or personal motivations which are essentially a defense to obstruction of justice, and again, people didn't act on it. so it becomes a very academic, very hyper technical argument.

neil: obviously the fact that mueller didn't pursue that more, maybe he did for all we know, sort of left it in congress's hands, do with this what you will. what do you think? >> i think he pursued it. there's a bunch of experienced prosecutors looking at these facts. the facts really aren't all that disputed in the report. they look at it and say you know what, this is going to be tough for any prosecutor to ever prove criminal intent beyond a reasonable doubt. that's where the obstruction really falls down. it's not about presidential immunity. it's not about whether there's a big factual dispute between some of the president's men and women and himself. it's whether a prosecutor has a reasonable likelihood of establishing proof beyond a reasonable doubt that he intended to obstruct justice as opposed to intended to have a better political day or to have personal embarrassment swept aside. neil: you would never know, right? you would never know his real intent. >> that's the problem. it's not uncommon for prosecutors to have to face that issue. it's a thorny one here. neil: you ought to pursue this legal thing. you are quite promising at it.

seriously, very good. be well. >> thanks. neil: very good read of things. let's get a quick peek at the corner of wall and broad. we've got the dow down about 100 points. i keep emphasizing this is disproportionately centered in the 22-plus hit on 3m, a key component of the dow. one of the more influential members, one of those exposed to china and what's going on there. right now, the fact that it's laying off 2,000 people and it didn't telegraph good times ahead, that's all wall street needed to say, we are out of here. after this. i knew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word.

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neil: all right. mexico says it's doing its part, claims to have deported 15,000 immigrants largely from south america, latin america in general. still, thousands are headed here. they board these trains and essentially that finds a stop here in the united states/mexico border. fox with the latest on that. william? reporter: the problem is not at the border, agents say, but loopholes in the asylum process that draw migrants like those you see here funneling into south texas monday and tuesday. president trump blames democrats for putting politics before policy. >> we could solve the entire problem i say 45 minutes but it

could go a lot quicker than that. if the democrats would agree to do certain basic common sense things with respect to our laws. reporter: you mentioned the new caravan in mexico. it has many jumping on trains to avoid police who began cracking down on migrants without papers. still, the caravan reportedly numbers over 7,000. >> if we travel by bus, they are going to pull us out and deport us into our country so that's why we decided to travel by train. >> this caravan is no accident. it's actually the result of all these sanctuary policies, it's the result of congress not acting and continuing to encourage illegal immigration. reporter: 300,000 central americans have entered mexico illegally in the last three months. tuesday, their foreign minister rejected u.s. efforts to stop them there by denying entry to any asylum seeker who refuses protection in mexico. >> we will not accept an agreement for being a safe third

country. this is mexico's clear position and this idea for such an agreement, i don't know who planted it, but we will not accept it. reporter: the president plans to add national guard troops to the border to stop the caravan but dhs is also now considering a plan to bypass immigration courts all together and remove those undocumented immigrants who can't prove they have been here for two years. also, something just in. a massachusetts judge and his bailiff this morning for helping a fugitive immigrant slip out the back of a courthouse to avoid jail. back to you. neil: thank you very, very much my friend. of course, we have already seen this immigration issue is the one most on voters' minds of either party right now. nowhere on that list of top issues which include immigration, health care, the economy, et cetera, was bob mueller. nowhere in the top 20 items that both parties were focused on. to daily caller editorial director on that.

vince, what's interesting, it's an issue that could play out to either party's advantage but you would think the president, because he's been bemoaning this crisis at the border and been dismissed by democrats who say he's overstating it, now more democrats than ever, including cory booker and jeh johnson, the former homeland security secretary under barack obama, are saying he's right. how is this playing? >> that's true. also, the newspapers that those same democrats read, "new york times" and "washington post" both flag this as a border crisis that needs to be solved. that means the president does have an opportunity here if he can maintain his focus. the idea is focus on the border. we have over a million people on track to enter into the country this year, many of them inevitably will be coming here illegally once they step across the border and also once their asylum claims begin and they don't show up to court again. they are here illegally in the country. that means they are competing with americans for american wages. you heard jared kushner say

earlier this week american wages are the president's number one priority on this immigration issue, and that should mean the four million or so americans who enter the job market every year when they get out of high school or college shouldn't have to compete against an extra million illegal immigrants when they get out there. neil: you know, tom friedman, the "new york times" columnist, he talked about the effect of really high walls like we have along the san diego/tijuana border that seem to do the job. he wasn't advocating walls only but obviously another entity saying you know, you lose sight of this at your own risk, right? >> yes. and he's advocating for something that the democratic party broadly doesn't want to confront which is how to get control of this. we saw from "the washington post" actually recent reporting that suggested that a strategy call among democrats, a conference, they were discussing immigration and what little they talked about involved less enforcement and less detention facilities. those aren't ways to solve the problem. they are just ways to create

more chaos. that's the last thing the country needs and it's definitely something the president should focus on going on into 2020, because it's people of both parties who truly do care about getting control of our immigration system. you can be for more immigration but everyone has to be for order. that's the only thing that makes sense. neil: you know, while i still have you here, vince, joe biden became the 20th entrant, probably the most, you know, popular one for the time being in the democratic presidential sweepstakes. he will have a big old fund-raiser in pennsylvania. he's from scranton, pennsylvania so he hopes to parlay that into winning back the keystone state. is it your sense that a joe biden could do that, that he could win pennsylvania? >> i'm not sure -- i'm not sure at this point because i don't know who joe biden wants to be. the video he launched this morning with his campaign was an identity politics play. joe biden meanwhile at one point was lunch bucket joe, the guy who was supposed to convince the working class to come along with him. i think he's a bit schizophrenic about his identity at this moment and he's going to carry a

lot of baggage. the left is already attacking him for his views in the past. he's got a long political career from which they can draw those attacks. and also on the right, the reality is he's had his deplorables moment. he's called some of president trump's supporters the dregs of society and that will surely come up against him as you get closer to the general election, if he's right in the front where he is right now. neil: when you crunch the numbers, his nomination to lose or are people making too much as a given? >> i think it is more the latter at this moment. the beginning of any race for president involves who has the name recognition. bernie sanders and joe biden clearly do. it's reflected in all of these surveys and as we look at iowa and new hampshire, joe biden actually has been slipping. he's tied or losing in the latest polls. which means he has to make sure to stay ahead of bernie sanders and certainly any one of those other 18 contenders who are looking to overtake both of these white old men which is not exactly the most stylish thing to be in the democratic party.

neil: what's wrong with white old men? all right. >> i don't know. neil: thank you very much, my friend. good seeing you. a white young man. we have a lot more coming up here, including a look at the dow and a quick peek at what's going on with microsoft. for awhile today, a trillion dollar concern. it might still be in a couple hours when the market closes. more after this. - the world's central banks added more than

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we suspect we're knee deep in earnings season. a biggie out after the closing bell. that is amazon. expected to make $4.77 a share. it is revenues are expected to close in on $60 billion. we'll follow all that. charles payne ahead of all that. charles: thank you, neil. i'm charles payne. this is "making money." breaking now, there was devastating earnings report for one of the most important stocks in the dow, we're talking about 3m, dragging the dow deep intoed red. we'll break down all of these earnings for you. also president trump welcoming former vice president joe biden into the 2020 race as only he truly can. biden, formally announcing his candidacy today in a crowded democratic field. is the man to take on trump? or is he too mainstream for the new brand ever liberal socialists? >> we'll discuss it. charles: "avengers: endgame" alre