with the news of the sanctions which were expected that is the situation as we speak. home depot cofounders, ken langone, bernie marcus rang the opening bell. they will sit down with neil for exclusive interview at 12 noon. it is 12 noon. it is yours, neil. neil: 40 years ago we were in middle of long lines because of the gas crisis. ken langone showing me the economic difficulties they faced when opening back then. take a look. >> home depot is probably the poster-child for capitalism. when i heard here bernie sanders talking about socialize, this could never happen in a socialized, never happen. neil: but it happened in a pretty difficult economic period. >> interest rates were 21%. and worse. neil: right.

more of our exclusive chat with bernie america cause, ken langone coming up, their view of the political environment and when they could do it again today. a new sanctions order apparently targets the supreme leader of iran. there is method to it. blake burman. reporter: executive order signed by president moments ago, we'll get comment from the president shortly, iran's sue people leader. when you talk about iran, the supreme leader is high as you can go in this country. the president of the united states signed an executive order to levy sanctions against iran's sue scream leader. according to the president this will target key financial resources and support for ayatollah khomeni. he said he would in the last few days be willing to engage in talks with iran if there were no

preconditions as well. talks though between president trump and iranian president, maybe even the iranian supreme leader seem aways away off especially now with the news from the president that these newest sanctions will be hitting as high up as you can go within iran. we are awaiting comments from the president, neil. i believe we'll be getting them here shortly. i will keep it that as president of the united states was in the oval office moments ago sanctioning the iranian supreme leader. neil: you're right. we should be getting comment real soon. the president makes the announcement. has a signing on this measure. on the these of his refusing with minutes to spare an attack on iran in response to their downing a u.s. drone. the president said it was simply not proportionate when he talked to his generals that 150 iranians would likely be killed in the process this is very different from that, the sanctions tough inned up as they are, are on top of sanctions

pretty severe. this one we're told as well will go after allies who continue to either get oil from the iranians or other equipment or the like. again, toughened up. dot a lot of is, cross the ts, to try to make it difficult for anyone to do business with iran. that might prove easier said than done, many critics from abroad, don't go too far on this, mr. president, you have kind of got iran where you want them. we'll hear from the president shortly. oil issues have been benefiting. oil has been benefiting not as much as you testimonyally you would think be the case in the middle of something like this. one of the things we're very aware of as well what kind of effect will this have on potential talks of iranians. president said he is open to that he has not telegraphed what the talks would involve. he did say to nbc's chuck todd over the weekend open to no preconditions. no one going in with any preconceived notions or demands.

what has been held out there in the past that iran not redevelop the nuclear technology or the kind of stuff that can make nuclear weapons. the irransians claimed that was never their intent. when they struck the 2015 accord with president obama and allies around the world they would stick with that even as president trump essentially abandoned that. now to the president of the united states making this all official just moments ago. >> okay. thank you very much. in a few moments i will be sign an executive order imposing hard-hitting sanctions on the supreme leader of iran and office of supreme leader of iran and many others. today's actions follow as series of aggressive behaviors by iranian regime in recent weeks including shooting down of u.s. drones, shot down the drone, i guess everyone saw that one. many other things. and they have done many other

things aside from the individual drone, you saw the tankers and we know of other things that were done also which were not booed and not appropriate. the supreme leader of iran is one who ultimately is responsible for the hostile conduct of the regime. he is respected within his country. his office overseas the regime's most brutal instruments including islamic revolutionary guard corps. sanctions imposed through the executive order i'm about to sign will deny the supreme leader and the supreme leader's office, those closely affiliated with him and the office access to key financial resources and support. the assets of eye toll khamenei and his office will not be spared from the sanctions. these measures represent a strong, proportionate response to iran's increasingly provocative actions. we will continue to increase pressure on tehran until the

regime abandonses its dangerous activities and aspirations including the pursuit of nuclear weapons, increased enrichment of uranium, development of ballistic missiles, support for terrorism, fueling of foreign conflicts and belligerent acts directed against the united states and its allies. the agreement that was signed was a disaster. it was not doing what it was supposed to do. many bad things were taking place. most importantly it was so short term, within a very short number of years they would be able to make nuclear weapons and that was unacceptable. never can iran have a nuclear weapon. also included in this we want the stoppage of their sponsoring of terrorism. they stops sore terrorism at a level level nobody has ever seen before. that has been over the last number of years. they have taken all of that money that was given to them by

the past administration, much was given out to terrorist organizations. in fact i remember when john kerry was asked a question about whether or not this money will be spent for terror, he actually said yes or at least he was referring to some of it, but he said, it will be used for terror. we're giving them money, yes it will be used for terror. that was not a good answers. america is a peace-loving nation. we do not seek conflict with iran or any other country. i look forward to the day when sanctions can finally be lifted, iran can become a peaceful, prosperous, productive nation that could go quickly t could be tomorrow an also years from now. so i look forward to discussing with anybody that wants to speak. meantime who knows what will happen. i can only tell you we cannot

ever let iran have a nuclear weapon. it won't happen. secondly, very importantly, we don't want money going out to sponsor terror. they are the number one sponsor of terror anywhere in the world. so i will sign this order right now. and i want to thank our military. i want to thank all of the people that have been working with me over the last number of months on this. i think a lot of restraint has been shown by us, a lot of restraint. that doesn't mean we'll show it in the future but i felt that we want to give, by this a chance, give it a good chance. iran has potential of phenomenal future. i say that about north korea too. i said that about north korea. i think north korea has a phenomenal future. i think iran also has a phenomenal future. and i would like to, i think a lot of people would like to see them get to work on that great future. so i will sign this now. and i appreciate you all being

here. thank you. okay . okay. thank you very much, everybody. [reporters shouting questions] reporter: mr. president, is your goal to negotiate -- >> we would love to negotiate a deal if they want to. if they don't want to, that's fine too. we would love to be able to. frankly they might as well do it soon.

obviously the people of iran, great people. i know many of them. i lived in new york. haven't been there very much last 2 1/2 years i know many iranians living in new york and they're fantastic people. i am friends that are iranian and, it is just, it is very sad what's happening to that country. the deal should have never been done. it wasn't ratified by congress. wasn't properly done as you know, as a treaty it was not properly done. it was incorrectly done. but we'll get it properly done. so we'll see what happens. i hope it will be for the good but the people in iran are great people and all of the people i know, so many in new york, these are great people. okay? anything else? reporter: just to be clear, is this u.s. response to the iranian shooting down the drone? >> this, you could probably, steve, add that into it, but basically this was something that was going to happen anyway. reporter: [inaudible].

will you take additional action? >> i won't say what i will do, but i don't think they should do it. reporter: what is your message for the supreme leader? do you want to meet with him mee potential to have a great country, quickly, very quickly. i think they should do that rather than going along this destructive path, destructive for everybody. we can't let them have a nuclear weapon. he says he doesn't want nuclear weapons. a great thing to say but a lot of things have been said over the years, it turns out to be not so. he said very openly and plainly for everyone to hear that he does not want to have nuclear weapons. so if that is the case, we can do something very quickly. okay? thank you very much, everybody. reporter: mr. president -- [inaudible] >> thanks everybody. >> thank you. >> she sent me birthday wishes.

a very friendly letter both ways. very good relationship. >> thanks, guys. this way. >> thank you, everybody. neil: there you have it, as expected president has gone ahead signed off on additional sanctions against the iranians, not specifically sure what they are, we do know iran's oil revenues have been cut by about two thirds. we understand in the latest batch he revoked waivers granted to eight countries including china and india, could go ahead and import oil from iran. that will tighten that up. whether china and india would go along with that is anyone's guess. china has been a big critic of our approach to leave the nuclear agreement. the quote from john kerry, the president is technically right what the former secretary of state said at the time about that deal, that included iranians receiving $150 billion in sanctions relief, much of that funds had been frozen for the better part of three

decades. suddenly unfrozen. he acknowledged at time, quoting i think some of it will end up, this is from secretary kerry in the hands of the irgc. that is iranian revolutionary guard and some other entities, some of which are labeled terrorists. to some degree i will will not sit here and tell you every component of that can be prevented. the president exciting as an example that he had to do what he did today, that was unconscionable. oil prices right now, sort of shrugging their collective soldiers on all of this. they had been running up last week in advance of increasing acrimony between the two countries a little less so today. "wall street journal" john bussey with us. "axios" market editor, and "barron's" senior reporter mary childs. mary, this tightens up a lot of areas. specifics are unclear but where is this going? >> well that's a tough question. i think the market has gotten used to this kind of uncertainty

from the president. leaned heavily on this if we're in holding pattern, let's rally. the fed is playing ball, everything on that front is okay, we can calculate that. from a market perspective no way to price in what the president will or won't do, no way to predict it. without any clarity, knowing the next step, we're waiting and rallying in the meantime. neil: john, we were in a position before rifts with iran or opec where we have kind of a blase market response. >> yeah, and you're right. it will be hard to determine what china and india are going to do. we're asking them not to take oil from iran. they need it for their economies. undoubtedly will be discussed at the g20 meeting when the president meets with xi xinping. neil: how can we punish the chinese more? >> if anything, iran has been cozying up to china and to russia. so it is doubtful that is going

to put even more of a crimp on iran. mind you, what we said earlier is correct, their shipments of oil are substantially reduced. while this may have been just a little bit of show, as a way of addressing the shooting down of the drone, the sanctions that were already in place are doing the job that the president wants. whether or not it affects the markets at this point, a lot of investors are bearish sentiment is rising if anything. because of the fights with the fed. with iran. neil: i don't want to jump on you. we are monitoring this. treasury secretary steve mnuchin will spell some of this out. we'll get a list what they hope to get into. but one of the things that is very, very clear the white house doesn't plan to let up on this front. by sanctions alone they might be able to get what they want, do you agree with that? >> no, not at all. look what they have done with the sanctions and what sanctions have done over the past few

years. i was writing about this in the "axios" market newsletter, u.s. sanctions are not having the bite. stock market in russia, russian ruble hit 10-month high, highest nearly a year. neil: who is keeping iran afloat? >> people keeping iran afloat, people will buy the oil despite sanctions. the big player is china. venezuela. when we put sanctions on their oil sector everyone expected maduro would be gone within a week or within a day. he is still. there that is because they have deal with russia and china which ignore our sanctions. they have this deal with iran that they set up because the u.s.-backed out, that doesn't mean we backed out. hey, we still want a non-nuclear iran, what is the eu is saying we want the iranian oil. no reason for us to do it, iaea says iran is still abiding by the deal. neil: they have bragged about wanting to beef up --

>> they bragged but when the official regulators come to check out the stuff, these guys are not building a nuclear weapon. they don't have the capability. neil: treasury secretary is taking some questions here. maybe some of specifics. can we dip into this? reporter: maybe it was not a mistake or intentional act? >> i wouldn't read anything into that. again many of these, the executive order that the president signed was in the works previously. these actions are people who have either made threat or specific things. and again, i don't think you should interpret this anywhere otherwise we are designated people who we believe were responsible for the chain of command, whether they knew it or not. reporter: thank you so much for doing this briefing. what is your response to your critics saying these sanctions are more symbolic than substantive because won't bring iran to the negotiating table because iran said they won't --

>> the president was very clear if they want to come back to the negotiating table, if he is ready, if not they won't. people saying this is symbolic, that is not the case at all. we literally locked up tens and tens of billions of dollars. these sanctions come along with additional entities where people are hiding money. no, these sanctions are highly effective. reporter: attack on the oil tankers. we've seen the attack on the drone. what makes you think that these sanctions have been effective? what signs are there -- >> no question these sanctions have been very effective cutting off funds, going to the irgc and other people. i can only presume, i will not presume why they're doing things but these are highly, highly effective on locking up the iranian economy. as the president said, we look forward to a time in releasing sanctions if they're willing to negotiate. reporter: thank you. when you talk about sanctions on the supreme leader that is as

high as you can go inside of iran. can you give us the thinking as to why the administration wanted to bring it up to that level? >> the president has been clear. maximum pressure on the sanctions. so that is our strategy. it is not just him. it is leader's office which encompasses a whole range of activities are. reporter: mr. secretary, have you done intelligence, research, what assets these individuals have in the united states and global financial system? do these people have money or assets outside of iran? >> so the answer when ever we do sanctions we do intelligence. i can't comment on any specific intelligence. we followed the money and it is highly effective. reporter: do any of these people -- reporter: mr. secretary, thank you, military option or military reprisal on the table? >> i obviously can't comment on that. i leave it to the president. reporter: thank you, mr. secretary. have you consulted with america's allies on these sanctions, is there buy-in

america's allies? will they be -- >> i have not consulted on specific sanctions. in general i have had many, many conversations with all our allies. i was in japan 10 days ago, meeting with the finance ministers and discussed our sanctions program. i will be going to the g20 with the president. this will continue to be a topic of discussion. reporter: mr. secretary, if that is to me. >> i gave it to you. reporter: you said this is in response to event in the recent events. is that about the shooting down of the drone or the attack on the six tankers or both? >> again, what i said is, some of these were in the works, some of these are in addition. all of the above. [talking at once] reporter: the president came close to military action. now you're coming back to sanctions. what direct response -- >> i said some of them, i will not identify which ones are which. i said that some of this was in the works, some of this is a

result of recent activities. reporter: mr. secretary, how do sanctions relate to president trump's deal of the century, what is coming up happening in bahrain. >> i look forward. i'll leaving for bahrain in about an hour. i look forward to our discussion in bahrain. we'll be rolling out the economic plan which will be great opportunities for the people of palestine. we have a terrific group there of finance ministers, business leaders all around the world. i think we have 350 people boeing. so i look forward to it. reporter: mr. secretary, following up on the question, talking about sanctions are effective in terms of inflicting pain on the economy. is this evidence yet or will there be evidence do you think that having effect on iran's people? >> let me first comment, our issue is not with the people of iran. i want to be very clear. we are not looking at creating issues for the people of iran. having said that, we are, have

sanctions against bad behavior and there is no question that locking this money up worked last time. and there is no question locking up the money works now. thank you very much. [shouting questions] neil: there you have it. treasury secretary of the united states steve mnuchin making it very clear this was not the sanctions in direct response to the shooting down of that drone. it might have been worked into that as the president was saying when he formally signed additional sanctions. we're trying to get a good idea what this includes. we're told it will extend to countries that try to buy iranian oil in the open market. you can still do that. eight were granted a waiver when dealing with the united states on this matter including china and india. they ripped up that waiver so to speak. any country that continues buying oil from iran is dealing with us. we don't know what we're threatening to do in response to that. a number of financial institutions tied to shipping

and would be affected. we didn't get names of those institutions or how more of a sweeping punishment for these guys that virtually frozen doing twist with iran. a worry for the markets is not a worry for the markets. all you need to know about the environment today with dislocations in the middle east, 40 years ago we had the last energy crisis, very environment, 1979, the third year of jimmy carter's presidency we were dealing with long gas lines again. opec was jacking up prices by 25%. in middle of that, company called home depot was opening up first stores in atlanta, georgia, you talk about a crazy view to debut a concept that was then. the billionaire cofounders of home depot with me now, after this. why go with anybody else? we know their rates are good,

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completely eliminates student debt in this country, ends the absurdity of sentencing entire generation, millenial generation are a lifetime of debt for a crime of doing right thing. neil: how you pay for it, $1.6 trillion college debt, student debt plan that covers upwards of 45 billion americans. you tax wall street trades, half a percent tax would go on stock transactions. 10% tax on bond transactions. .005 tax on derivative transactions. where it would start. cns news editor terry jeffrey doesn't know quite where it ends. he joins us now. you can get a lot of money that way, looks small to begin with, what do you make of this? >> this is example of bernie sanders's socialism turning things upside down, if we did this, this would transfer wealth from the minority of americans

who actually completed four years of college, gotten a degree, which only 35% of the americans over 25 belong to that group, it would transfer wealth to them from the 65% of americans adults who didn't complete college. people graduate from college, according to census bureau have incomes 74% higher, median earnings, higher than people who just graduated from high school. bernie sanders is talking about a great big socialist program to transfer money from the elite, from working americans to the elite. and -- neil: what do you think of the idea how they will get it? wall street won't even notice. we know investors who will pay that. and at such small percentages, their argument is, sanders argument, is you will hardly notice it, what are you whining about? >> here is another aspect of transfer of wealth. if you're someone saving for your own retirement, regularly putting money away in 401(k) or ira, you want to be

self-sufficient, independent, not dependent on government, bernie sanders will tax you for saving that money through the system he is going to use allegedly fund this. bottom line is, at the end of the day, this 1.6 trillion is more money added on to the already over 22 trillion-dollar federal debt. so it is also a transfer of wealth from future generations who have not even been born yet to folks who have already graduated from college in the united states today and are among the economic elite when you look at it objectively in the united states today. neil: all right. so you're not a fan. terry,. >> no. neil: always good talking with you. of course there is a separate argument, we'll explore this as well later on in the days to come, if you take away colleges need to worry about whether students can afford college they're attending you might embolden hikes and tuitions, room and board, a separate argument, not one for today, for the time-being.

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neil: home depot opened the its first door 40 years ago. think of what was going on then. a recession and long gas lines. ken langone joining us exclusively to reflect on that saying they were different times. middle of a recession, long gas lines again. >> bad times. bad times. >> neil, we couldn't get a banker to give us a line of credit. we had no money. ken raised two million dollars. we were opening four stars for two million dollars. which can't be done.

we had no money. no bank in atlanta would give us money. kenny's friend all over in chicago, in fact one member of the board, his father was the biggest banker in dallas. >> barry cox. >> his father was an investor. wouldn't give us a loan. neil: what didn't they like bit? >> no credit. we had an idea. all we had. the concept didn't make sense. we got investors to give us letters of credit we were able to use to go to bernie's friend ruth fleming at security pacific bank. we took the lcs, got a 3 million-dollar line of credit. neil: you opened up stores. you were handing out dollar bills to get them to come in. >> yeah. neil: did that bring much traffic? >> no because they left the air out of the paper. if anything could go wrong, it went wrong. it was ajc, a double truck, double pained, they left it out. neil: you looked like a fool out

there? >> we went out on the highway to hand money out. people didn't even know who we were. so, but i called the, the publisher of the paper and i didn't scream at him. i said, you just put a knife through my heart. neil: >> the guy said why? you left the ad out. for that he gave us back of the first page for three years. you couldn't buy. you couldn't buy. neil: that is gold. you would be relentless, police people leaving home depot, if they didn't anything, you want to know what was going on? >> i used to spend my time outside the store, they would leave what didn't you find. you didn't have such and such. give me your address and i will have it tomorrow or tonight. buy it at competitor, knock the price down by a third, make sure the store had it at that price.

neil: incredible. >> when you start a business, this home depot is probably the poster-child for capitalism. when i heard here bernie sanders talking about socialize, this could never happen in a socialized -- never happen. neil: but it happened in a pretty difficult economic period. >> interest rates were 21%. neil: right. >> and worse. neil: why did you choose then to do this? >> because i got fired. neil: i understand. he didn't choose t was fate. we got fired. >> we didn't know jimmy carter would be in the white house. neil: if you knew what you were dealing with in the environment, did you ever say, maybe we have to postpone this until we're out of the recession? >> no, never, never. people needed product. people still had the build houses. people still had to fix things. what we started to the do it yourself craze in america. in america. that was a big deal. neil: but did you know that was coming at the time. >> it was something else.

because where the world was. we were able to get leases from jcpenney which was here on sixth avenue right up the street, we were able to get leases on four stores in atlanta. neil: treasure island was one of them. >> they were shutting them. they were shutting four treasure islands. part of the deal was, you remember this? we fav, we were going to give jcpenney warrants as part of the rent. neil: wow. >> for 10% of the company. now two days before the closing i'm calling them, hey, we have paper warrants. they're a nuisance. we don't want them. keep them. >> security pacific bake also didn't take any warrants. neil: idiotic moves. >> it wasn't idiotic. you have to understand at the time, if you looked at it, you knew the business, you would say this is a failure. there is no way they could succeed. how do you sell product at a third less than everybody else? how do you have qualified people on the floor of the store. how do you have inventory that

is five times what everybody else has. neil: how did you do that? there were biggest competitors. >> volume. volume. neil: you didn't have volume. >> but which expected it. neil: in the beginning you had a lot of empty boxes, on the shelves. >> but that was inventory. we had no competitors really. neil: i think they were ignoring you. >> they didn't think it would work. sears roebuck was the competitor. they were the biggest competitor. i used to follow them on retail analysts on wall street. i would get up and i would say, look we're a a gnat on their rear ends, just ignore us. they really did. neil: every visionary company starts out that way. >> we offered kroger 10% of the company for $2 million we had gotten started. they came back and said, you can't have low prices, high service and wide assortment,

still make money. that was it. they walked away. they didn't do the deal. that was their reason. microsoft was the same way. people didn't believe. neil: absolutely. >> they could have owned the company, ibm. they didn't. they gave them the technology. we had the same thing. neil: if you were starting in environment like we are today, much lower taxes, much more stable economic environment, what do you think? >> first of all it would be very difficult today. neil: yeah. >> the government is really working against you. one of the things kenny and i were talking about in the car coming up here, when we, before we went public, i made a commitment to people that i hired. i said look, if we're successful, we have a public offering, every single person working here will get stock in the company. and arthur and i limited our salaries. neil: right. >> we took no options. we're the only company i know of, no options. we never took an option, ever, ever. i could be as rich as warren buffett today.

but i would rather have every assistant manager, every manager, secretaries -- neil: you never paid minimum wayne. >> never once paid a minimum wage. >> never minimum wage. but every single one of them, look we had a great story today, there was a guy working for us 36 years. he spoke to greg minear. i'm retiring. he said, why are you retiring? the truth of the matter my dividends are worth more than my salary. making more money on dividends than my salary. neil: you made a lot of millionaires. >> by the way the cornerstone of our belief from day one was people in the store. we always believed if this was going to work, we had to get the right people, motivate them, after we got them, we had to respect them. and we do. >> and you do. reason why i mentioned it, you're both billionaires. you have freight success. there is the push from the billionaire's club. heard a group wants higher taxes, george soros, chris

hughes, facebook cofounder, host of others. descendants of family empires, abigail disney, pritzker, they say tax us more. what do you think of that. >> well they trust the government more than i do. neil: right. >> i can't tell you how much money we've given away. my foundation actually has given away over $2 billion. i would rather give it away than have some congressman give it away. we built hospitals. we guilt the georgia aquarium which you happened to be at. neil: beautiful. >> the cardiac units, stroke units. neil: langone medical center. >> nyu. we do better with our money than the government. why would i want the government to have it? anything they touch -- neil: do you get annoyed, big ol' targets, not specifically on you, the rich, all these democratic candidates, to a man or women they single out nice like you, this is what happened to capitalism. >> wait a minute.

what has happened to call -- capitalism. two, three, four of us, humble origins. everyone of the four of us. his father was a plumber. enormously successful financially. look what we've done. but i have a different point. i have no trouble paying more taxes provided it is used to redeem the futures of the young people today. what the hell am i doing? what is bernie doing getting social security? we shouldn't get a check. fix it. make that happen. neil: but it doesn't happen? >> why? because they haven't got the guts in washington. neil: bernie sanders is out today with a plan that will tax wall street trades, pennies on the dollar, but it's a start to pay for among other things, college debt, free college down the road. >> don't bring up bernie sanders. that is a red flag in front of me. he is the enemy of every entrepreneur that will be born in this country and been born in past. neil: he represents half the

candidates views. >> we don't have, our kids today, don't learn western civilization. they don't learn history. history repeats itself. you see things happening over and over again. neil: if he became president what would you guys do? >> move to australia. >> what could he do? he can't do anything to us. he will affect my grandchildren. let me bring up one thing. neil: sure. >> bernie sanders talks about socialized medicine. my foundation now is working on one issue, that is taking care of these veterans, kids who fought in afghanistan, iraq. you know that 20 a day commit suicide. 20 every single day. what is bernie sanders doing about that? why doesn't he shut is mouth and do something about these kids? they go to the veterans administration. they can't take care of it. the proof in the pudding is, 20 a day are committing suicide.

if it was measels, the cdc, the world would be in an uproar but it is kids that put their lives on the line, that are treated so badly, i didn't hear one single candidate talk about it. by the way, trump is fully supportive of this. he has done some things that could fire people, that have done the wrong thing at the veterans administration. the veterans administration is what medical care is going to be like in the night if bernie sanders is elected. neil: you mentioned the president. let me get your take. the president said if i'm not reelected expect a market crash, what did you think of that? >> i don't know about that but let me go back to bernie sanders. believe it or not chavez in venezuela came into power through democratic process. if the people in america today, the fellows with the hard hats on, if they want to know what the future holds for them following bernie sanders, go to

cuba, go to venezuela, go to russia, go to eastern europe. guess what? it doesn't work. it never worked. average venezuelan last year lost 34 pounds. there is no food down there. neil: look they had a lot of riches to begin with. >> one of the wealthiest country in the southern hemisphere. it was sitting on a huge pool of oil. neil: latest example. but, donald trump has said, these are the cast of characters that they are replacing, this is what you have to look forward to. he also said wall street would be so stunned by the alternative, that it would crash. >> i have learned after 60 something years in the business. don't guess the market. market will do what it wants to do. i hope to god for sake of all of us, that trump is wrong. when we change structure of nation, that is risky game.

there is a good shot we have severe economic downturn if american people go in that direction. that is what happened in venezuela. neil: all right. ken langone and bernie marcus. in the next hour we'll get their take on these china talks that home depot's present ceo is costing home depot dearly. their thoughts on that. ♪ openturning 50 opens theuard. door to a lot of new things... like now your doctor may be talking to you about screening for colon cancer. luckily there's me, cologuard. the noninvasive test you use at home. it all starts when your doctor orders me.

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>> all of this personal information that is being sucked out of us often times unknowingly, as we use our phones and devices on a regular basis, that is not something that is entirely owned by the company. neil: bipartisan senators including senator warner want big tech to be accountable to how our data worth to them. fox business's deirdre bolton with more on that. that is the first step. >> that is the first step, calling the bill that is a dashboard, accounting safeguards to broaden oversight and regulations on data acts. why they picked dashboard. every social media company with

100 million followers, users, more would be implicated in this, facebook, google, twitter, amazon. i called all four. three out of for said no comment. facebook gave as you statement. we look forward to ongoing conversations with the bill's sponsors. but the idea you as user would get a report, would have the report, right to a report every 90 days on the types of information collected on you by the tech companies and a dollar amount of how much it is actually worth, your data. neil: wow. >> some analysts are saying probably somewhere around 5-dollars per month, per user, estimate these companies are making from our data. so whether or not we're in a relationship. whether or not we are have a certain little of education. what kind of other sites we follow, just anything that would help sell targeted ads. neil: what would that mean, if you had access to that? >> you could request, as most of these companies say that you can request, that your data be deleted but it is pretty clunky and difficult at the moment.

you would be able to know what data is collected, how it is collected. the value of it, said how to delete it in a much more efficient way, right now it is pretty clunky. it is possible to delete the data. you have to know what you're doing. neil: amid the swirl of clamping down on these guys. is this the opening -- >> i think for facebook as we talked about, for two years they have had pr disaster after pr disaster with data ended up in the hands of cambridge analyst can, third party firm t was misappropriated. we can say that. it was tens of millions of users. since that point the companies are in the cross-hairs. google youtube has had problems. whether they are suggesting content dangerous to children. whether or not pedophiles are using those in ways that are too easy. neil: who will do this oversight board or -- >> i was making fun of acronym

of dashboard, it is supposed to be clear, transparent for you the user. this is what they have on me. this is what these companies are making from me. it is just supposed to give you the tools. neil: transparency is everything? >> that's the goal. neil: that's the goal. >> sure. neil: deirdre, thank you very much. meantime we have new sanctions signed on how we treat the iranians. we're having a devil of a time finding different ones than were before. they are including more people doing business with iran right now, making it difficult for them to deal with iran in the future but it gets very murky after that, after this. here peod to form the stock exchange which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions.

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president trump: we don't want money going out to sponsor terror, so i'll sign this order right now, and i want to thank our military, i want to thank all of the people that have been working with me over the last number of months on this, and i think a lot of strength has been shown by us, a lot of restraint, and that doesn't mean we're going to show it in the future. neil: the president signing an order imposing new sanctions on iran, oil dropping on this, and the financial market strategist joining us on this. i'm still having a tough time finding exactly what some additional measures we're taking here. i understand that we're moving the waivers that we granted the

countries doing business with iran to get its oil including china and india. beyond that i'm a little bit at a loss but obviously intent here is to even further crack down on how revenue gets to iran and this mays it very difficult. that's the upshot right? >> yeah, i'm looking at this as more symbolic than anything else we're stepping up the pressure but i'd simplify all of these moving parts by simply looking at the price and we've seen a pause in the price and the macro market as well with the s&p right now holding around 29.60 after making new all-time highs last week we had a delayed reaction in crude oil and it's simplified down to the basic, you can look at the price and see that we traded between 58.55 for almost three weeks before that breakout hads last week and now it's starting to play catch up to the rest of the macro market in the fact that the concerns of the global slow down are not there and looking at

getting a rate cut so that should stop the dollar from going higher and it could be a positive for the crude and the market once again. neil: i'm so much older than you whetherrer even a threat of something like this happening -- >> in the old days. those days are gone. neil: it's different this time but clearly the reaction is different than what you'd associate in the middle east. >> that's not our oil. that oil goes elsewhere and now we're always on kind of a razor 's edge as far as oil supply and any disruption in the world has impacts in the global economy and in oil markets here as well maybe not as extensively as we used to have when we were both younger traders but it's important we hold above this 55 level and 60 was the drop from the top if you remember we had an accelerated drop a couple months ago, when we broke below

that 60, so markets often come back to their breakout points let's see if we can come back to that 60 level there's a lot more upside in this crude market and there are other components, other pieces of the puzzle that are very much positive for assets and the fact that the pressure to lower interest rates is really heating up, and we've got the dollar drifting lower, and the stock market is back up at the all-time highs once again so as we've seen before, you can't break the market. now i love your interview with the home depot guys and i like how they've come to the conclusion years ago if you played the tape from 2012 i think it was they were convinced if obama got elected the market would crash. now they realize the market will do what the market is going to do and i love that optimism of the fact that the stock market still has a lot of upside potential regardless or irregardless, which is not a word, of what happen elsewhere. neil: they've said, they can't

hazard any guess depending on what the president said whose predicted if not re-elected, all good news for a young fellow like yourself. thank you very very much. all right, so our sanctions against iran, are non-military tactics and strategy to former u ss commander, first of all, commander we really don't know for sure whether this is in sponsor just added to the shoot down of our drone last week, but it sends a message, right? >> absolutely, neil. i think when you look at it of course it had something to do with it. the sanctions may have been started already, by a process going on in the inner agency to determine what next steps, but once that drone was shot down, clearly that just reinforced and probably sped the decision up to be able to impose these sanctions. neil: so what happens now? obviously, the president was offering the supreme leader, and here is a chance to come to the talk of a table the first u.s.

president to even venture such an idea. what do you think of that? >> i think it's a good idea and it's unique. what has worked for us since 1979 when it comes to dealing with iran and it's virtually nothing so why not offer that olive branch out? it does put trump on a higher plane, it makes the supreme leader come up to it so i think that let's make the offer and see what happens. we've got the sanctions in place , there are no pre- conditions out there but they have to come to the table, willing to make an honest deal. clearly, the jcpoa or the iran nuclear agreement was a path to a bomb. all it does was delay it for 10 years, everybody realizes that now they are trying to hang on to it but at the end of the day, an agreement that was negotiated in bad faith with bad tenants was thrown out otherwise it would have been submitted as a treaty and passed by the senate which the obama administration never did. neil: so when you hear democrats today, commander, criticizing

the president, that he created this crisis or sense of urgency by advocating that agreement, which a lot of our european partners signed on, you don't buy it? >> i don't buy it because i think you have to look at it, neil. one of the tenants that i'm most sensitive to right now is why did we have to finally declassify, for almost a decade, the fact that iran was behind 608 american deaths in iraq and afghanistan using explosive form projectiles, ied's and small arms, in order to make sure that nothing would disrupt that negotiation for the jcpoa. that is unacceptable, the lives were risked, americans lost, and the obama administration clamped down on it and even it went on during the bush administration, so the fact is, we have been playing nice with iran for far too long, and it's about time that we harden that line and tell iran, no more.

the drone the other day was exercising what they call transit passage. it was an internationally recognized air space. iran was wrong for shooting it down, and we should continue to squeeze and hold them accountable for these violations , but let's not go to war over a piece of equipment. neil: that's what i'm saying commander it's always a pleasure always learn a lot. be well. >> thank you, neil. neil: u.s. trade delegation meanwhile expected to meet with chinese counterparts in japan ahead of the president's big meeting with xi-jinping in japan this will probably come up as well as china is part of the crackdown here a country that had a waiver to trade in oil from iran and had that ripped off what they do in response is anyone's guess and fbn's edward lawrence with more. reporter: hey, neil this would be a very big week coming up to determine how the trade talks will progress if at all, i can tell you that according to the chinese vice minister of commerce, he says the trade delegations have been in contact over the phone over the past few

days or so, now the chinese have hardened their language, ahead of the meeting between president trump and xi-jinping, and the chinese have give come to the table saying the vice commerce says during that call that the two sides work to consolidate the important consensus reached between the two world leaders and he went on to take exception with the u.s. placing five your entities, businesses, one large computer manufacturer in china and universities on an entity list banning them from u.s.- based technologies and chinese experts inside china say the chinese want the u.s. to come back to the table to work out a trade agreement without an overemphasis on legal enforcement in those trade deals the chinese assistant foreign minister saying that unilateral ism and protectionism have seriously effected the international economic order and risks and uncertainties facing the world economy have risen. now some members of congress growing a little uneasy that maybe it's the chinese running these trade talks.

>> let's talk about intellectual property and tariff s and let's make a deal. a lot of people are waiting for a deal but at the same time this is america and we need to drive the process. >> also moving forward with placing basically everything else that china imports under a tariff. the administration last week signaling that maybe it's not going to be a 25% tariff, on some $300 billion worth of items coming into the united states, the chinese want the u.s. to abandon those tariffs and just negotiate talk about coming to a better deal and the chinese have threatened counter measures if those new tariffs go into place. back to you neil. neil: thank you my friend very much in the meantime bernie sanders wants to cancel student loan debt and that makes a lot of students very happy and it might not make you happy, however i'll explain.

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neil: all right, big cohen might be getting his lights back hitting a 15-month high after jumping more than 10% of the weekend going into the day i think it was up in excess of 170 % this year of course it's a volatile investment, not for the faint of heart, we'll keep an eye on it for you, meanwhile bernie sanders is pushing a new tax on wall street. take a look. >> bottom line is we should not be punishing people for getting

a higher education. it it is time to hit the reset button. under the proposal that we introduced today, all student debt would be canceled in six months. by taking this action,. neil: and campus reform media director cabot phillips is with us right now and you talked to a lot of younger folks obviously maybe you have student loan debt you're dealing with and here is bernie sanders come along saying i can help you out. what do you think? >> it's funny to hear the crowd look around and slowly start to clap because they couldn't believe their ears also the idea we can simply eliminate $1.7 trillion this is not an elimination of student loan debt but an aleve equation by putting it off on to other people, wall street and job creators bernie sanders is basically the person that runs for student president and promises vending machines and better school lunches, better recess conditions, even though you're not based on policy just promising free thins to people because it gets them support him. this measure was only increased

the sense that personal responsibility is not important, but when you do something like this out a loan and get them on, that's a tough situation but we're increasing people to turn to the government and say solve my problem for me government this should not be on me, make sure that the rich people are having to solve that problem for me. that's not a tenable solution in the long run it hurts our economy and does nothing but teaches an entire generation of the future that you should rely on the government. neil: well i also worry that argument notwithstanding about how it is is with colleges that have been hiking tuition and room and board fee at an average of double and triple the inflation rate, year after year, decade afterdeck aid, and now if the government wants to wipe that slate clean, whether it will be to do even more than that. >> that's absolutely the case and universities have no incentive to keep their costs low so we can say okay let's do away with the debt that we have right now but if you're not doing anything about alleviating the debt in the future there is

another $1.7 trillion of debt 10 years from now. universities know they can charge as much as they want and there will be a steady stream of students coming in with high risked government-backed loans and students are saying i have to go to college so i'll take out these loans many have no idea the implications it is. we've got an 18-year-old kid taking out $80,000 in loans without looking into what that means for them how it impacts them in the long run that's a dangerous situation. the estimate is at 40% of all people with student loans default in the next 10 years. that's only going to begin to snowball more if we don't educate them on what it looks like to take on student loans and incentivizing universities to act like a free market and the government would never private lenders would never be lending to the amount of people that the government is because the government doesn't care because it's not their money they're playing with. neil: but someone else is going down you don't think about it as much. thank you, good seeing you again >> appreciate it neil. neil: we have a lot more by the way on the sprint t-mobile

merger and waiting for it to happen but the more days and weeks that drag out you wonder what's going on here, charlie gasparino with more on that. charlie: i hope this doesn't end because without this story who would need me around here? neil: well that's right. charlie: yes, including student loans by the way interesting point the government getting involved in housing is what caused the housing crisis, if it was so easy to borrow money, and they were lowering standards by fannie and freddie, essentially subsidizing all of these mortgages, it pushed up the prices of housing, adequately and caused a crisis so just remember when government gets involved what happens. governments involved in this deal as well, so that's another reason why it's not going through. it's the anti-trust department at the doj. we're getting this from sprint and t-mobile officials talking to fox business on the condition of an o him it they believe the decision could come any day now. today, tomorrow, wednesday, and the wildcard in this, because they basically have the framework, is charlie ergan of

dish and it gets back to what i was reporting on your show friday. charlie is the guy that the head of the doj anti-trust division believes could create another potential wireless carrier to nullify the notion that this is this deal will create less competition because you're going from four wireless carriers to three, and he would come in and they are anointing him as the saviour. it's an odd place to be for a guy that was opposing this deal, whose run somewhat afoul to government holding on to spectrum. the government wants him to use it to build something with it and he's not doing it fast enough but they're looking at him as the saviour right now and a negotiation -- neil: that's weird right there. charlie: and that is weird and now here is the calculus. he's got spectrum already. they can buy some more. don't have to buy a lot, some more from the combined sprint t-mobile, and by doing that you basically have this sort of ability, the infrastructure, you know the ability, because you have to create the

infrastructure, which is towers or maybe create some deal with one of these other carriers where you use their infrastructure but you have the spectrum to be a competitor and that's what they're banking on so it's all up to ergen, does he drag his feet? one thing he does want is he wants an extension. the government has given him until 2020 to use the spectrum he already has to build something, something more than just what he's planning, something meaningful, maybe 5g or whatever, but do something with it. he's looking for an extension on that and that's what they're negotiating and if he doesn't build it out, what other penalt ies? neil: what does he have to do? give back? charlie: yeah, that's right. you buy it and give it back if you don't use it. that's what they're talking about so he wants an extension on that and that's where this is coming down to. neil: he bought all this stuff when no one wanted it. charlie: right but he's hording it. by the way this guy is the poker 's player poker. neil: absolutely. charlie: you just don't want to, a lot of people are raising

their eyebrows like why are they getting in bed with this guy because listen, he focuses on himself as he should be his own position, but it's holding up a big deal that's got a lot of jobs on the line. president trump and the economic guys in the white house want this deal because they think this could be a competitor for the chinese and 5g, and they know that sprint, by itself, is a problem at a company, so this is -- neil: might not survive on his own way. charlie: might not so we're hearing days hopefully i can break it on your show and then i won't work any more. neil: let's say you add it really early in the day and all of the other fox business shows are saying charlie break it with me. would you hold off? charlie: i would under one condition. if i thought it was going to break otherwise, i would have to give it to the other shows. neil: why? charlie: because that's just i mean -- neil: but we're buds. charlie: i know but if i can hold it. neil: i watch your back you watch mine. charlie: listen to me, this is a

big thing. if i can hold it i will but if i know, listen, you know what's even worse than giving this to stu "varney" and i love stuart is watching david faber break it that ain't happening, but i'm already kidding. you understand what i'm saying. neil: you have no friends. charlie: getting beat by david faber is like, first of all -- neil: he's a wonderful human being as you are. charlie: he's not that nice of a guy. neil: you're a nice guy he's a nice guy, two nice guys. charlie: why are you talking to me. neil: [laughter] charlie: the managing editor is -- neil: speaking of charlie iran came to mind if the ha hard line media is saying that it's based on fabricated excuses we'll have more after this. , that's gonna be a good one. ♪ (playing) did you know that nationwide has customized

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neil: all right, after that

interview with billionaires who are also great comics if they want to go, on the threat of terrorists as home depot and they were celebrating their 40th anniversary today. let's talk about china for a second, the home depot chief was saying already, it's a billion dollar hit, with the tariffs that are promised, on top of the tariffs that are already being effected. how much home depot absorbs i have no idea, but do you agree that if this china thing isn't settled in soon home depot and a lot of other businesses and a lot of u.s. average folks will feel it. >> well i haven't spoken to three manufactures who are very slowly moving their stuff out. they're going to vietnam, thailand, singapore, very quietly. that business is leaving china. china is going to be a loser in this one because they're not going to win. i just hope the president has enough backbone and i think he

does, to stand on this. these people have taken advantage of us, for so many years and it's not, this is not written. it's true. everybody knows they've stolen every secret that we have and they get away with murder. neil: but home depot shareholder s are being looking at this saying -- >> neil it's not going to have an effect, look let me tell you why. number one products are going to be produced other places. number two they will be absorbed in the prices. the american people may pay a small percentage of it. neil: you don't think it's 25%? no, no, no, we don't see it now, neil. remember this. china has had a free ride since we said to them 40 some years ago we want to help you get on to your feet and come into the world. that was then. today, china and the united states represent 39% of the gdp of the world. china's 15 and we're 24. the fact of the matter is, we

can't afford any more to allow this to go on. as bernie points out they've been cleaning our clock intellect intellectual property means nothing. neil: so this is a fight worth having? >> but why haven't we had it? because our politicians the swamp creatures, push it down the road. let the next guy deal with it. >> no, no, they don't have the guts. >> that's what i'm saying. >> they didn't have the guts to do it. neil: still arguing. >> trump is not a politic. he does what he feels is right. if he was a politician he would do half of the thins he does, because it's not politically correct and being politically correct, we saw that with -- neil: what is the clearest strategy he has? >> i don't know. neil: the last second an iranian raid. >> he's got great insight. >> yeah i don't think he has a strategy. i think he reacts to things as they happen and he's got common sense that tells them that this is right and this is wrong and

he acts on it and by the way that's why the american people voted for him. they pes reso tired of the slick politicians, they are slick but they don't do anything. obama did nothing on china. clinton did nothing on china. bush did nothing on china. neil: are you republican? >> i'm a republican but i vote democratic. neil: when is the last time you voted democratic? >> i could tell you for members of the house, the senate within the last eight years. neil: last democratic president? >> that i can't tell you because i certainly didn't vote for obama and i certainly didn't vote for clinton. neil: okay now your first republican vote was for abraham lincoln? >> exactly right. you know abe was a good friend of mine. neil: exactly. >> the thing we need to understand about trump he's keeping every campaign promise he made. go right down the list for things he said he was going to do. right now the man's instincts are correct. china needs to recognize they

can't be a rogue state like they are in commerce. they are a rogue state in commerce. they do what they please and its been allowed to happen. if saturday night on mark levin 's show he had a guy and he was talking about the bureaucracy in washington, they run america. we need to understand that we can't do what we did in the past the way we've done it. neil: why isn't he up more in the polls? >> i'll tell you why. neil: i'm just asking >> i'm tell you why because it's before the election, people don't want to say they're voting for him. they just don't. they don't volunteer it. neil: do you think anything else gets in the way whether it's style? >> oh, yeah. look, his style, he does chase people off. listen i've told him that and he knows it. the upper class college educated women, he gets rid of. he is who he is.

i mean, he's not a politician. >> i said you could win over people if you act like a politician and he says i'm not a politician. i'm going to do what i think is right and i'll have to agree with kenny. the regulations of what he did -- neil: are you the only one allowed to call him kenny? >> a lot of people do. i call him langoni. look he's my brother. he may be italian but he's my brother. >> brothers by different mother s. neil: i always kid you guys but i'm convinced i know your dad was a plumber but neither of me strike you as handy people and yet you've started this huge operation that's all about handy people. it's weird. only in america. >> only in america, true. don't forget that. only in america. neil: but you're admitting that you're not handy? >> i'm handy. you said i wasn't. >> no i said it. >> hold it.

he squeals on me constantly. he's the first jew since jesus -- neil: this is a family show. [laughter] >> at least i can hit a nail straight. neil: really gentlemen think of the moment you started against all of the odds you just lost a job, you could have invested anywhere. this was a singular investment. i knew from the minute but you call me -- neil: you had faith in him but you look at the opportunity -- >> they're better in bad times. neil: michael dell said that. >> there was an incredible opportunity. this man, he needs to know this. nobody ran that business better than bernie marcus and he was humble, he still is. neil: you've done okay for yourself. >> i make a living. >> we made a buck.

neil: i'm crazy enough to say i'm going to build a world class a care yum in atlanta. >> you were there. it's a great aquarium. neil: it's stunning. >> it's like nothing else in the world that i've seen anyway. >> the fish are happy. >> they are. i like the beluga shark is that what it was? neil: no idea. they're fish. what the hell? >> to be their people. neil: after all these years gentlemen seriously it is a great testament of capitalism just good prevailing what you've donald where you make it. >> one of the greatest things in my life is my friendship and partnership with him. >> i love this man. >> we were meant to do what we did together. i had the day he called me to tell me he got fired i said dear god thank you. there is a god in heaven. neil: the one area you said bernie brought you out of your shell. >> oh, no, no, it still needs more work.

i'm seeing a shrink now. neil: congratulations. >> thank you. neil: just marvelous. you know the one thing i love about doing my job is i get to talk to great people and people i can go back in time and said yeah, i knew that person, i knew michael dell when he was just starting out i knew bill gates when he just went public and these two guys when they were near millionaires and now they are multi-billionaires and neither one of them, neither one remotely handy as they said. only in america. a little more after this. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪

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these are the only medicare supplement plans endorsed by aarp because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides. you may choose any doctor that accepts medicare patients. you can even visit a specialist. with this type of plan there are no networks or referrals needed. also, a medicare supplement plan... ...goes with you when you travel anywhere in the u.s. call today for a free guide. neil: you know when they talk about underpinnings in the market that look good including earnings and all that they talk about the deals still in vogue proved today, in a $17.3 million deal, christina partsinevelos with more on that. reporter: neil, merger monday creates the largest gambling company in the united states, like you mentioned it's a cash

and stock deal and also has to take over caesar's debt and if you are an el dorado shareholder which is priced a little bit lower down 12% you'd get 51% of caesar's company, and wondering when it's branded caesars very well-known name however it's run by executives with 26 properties across 16 states but overall this new caesar's company is going to be cop posed of not only caesar's palace or el dorado property so in total about 60 properties are cross the country, and has been rumor ed for quite some time. there was a report three months ago reuters put it out saying el dorado opened up all its becomes from pressure from billionaire carl icahn on the board and neil since we're at the new york stock exchange right now we had slack that ipo' d last week it's a little bit lower today part of that reason could be that

microsoft put out a list of security concerns and on that list, a few others like google d ocs as well as amazon web services and they are saying it's only because of security and only geared towards slack that's free, back to you. neil: that was weird. all right, thank you christina very very much. meanwhile interest rates are dropping. that you know but what if i told you it's not just a u.s. phenomenon showing you 10 year and a little bit over 2% here but this is a global phenomenon one we want to watch because normally when interest rates are dropping that's the world or investment community telling you they're prepared for some slowing down the united capital ceo joe duran on what he sees behind this trend. what's going on here, joe? >> well i think you have no image and no concern about inflation. you have a german economy with rates extremely low, and very

eager to continue to provide capital and by relative sense the u.s. is a bargain at 2% you get a yield much higher than you do in europe with a higher growth rate and it's from currency so if there's no reason for it to go up what you're see ing is concern obviously with gold and bitcoin, all rallying a lot, oil even so you're seeing some people investing in a way that is looking to offset some of the dechain that we're seeing in interest rates and obviously stock market doing incredibly well after a little softness a few weeks ago. neil: i guess it always pays to worry you always want to balance out the stocks, is this a worry going forward that could put a lid on what stocks do if interest rates keep going down both can't be right can they because the bond market and the stock market be right and each continue advancing? >> yeah, it's rare but it does occur. what i'm looking at right now is

i'm seeing that there are more advancing stocks to declining stocks at this peak than the prior time be were here in march. that's a very good sign so it says that it's a very broad market and you also see a lot of stocks not doing well, like kraf t, and some valued very highly so it's not like everything is going crazy, not all ipo's are doing great but the ones that have the most interest so you do have speculative bubbles occurring, also a lot of reasonable valuation as well, and again, in all this context, we're in the third year of a presidential cycle so there's a lot of impetus to keep the market doing well. neil: you mentioned a presidential election. the president just cannot get off this whole fixation with jerome powell the federal reserve head ripping him saying now they stick like a stubborn child when we need rate cuts to make up for what other countries are doing against us.

they blew it. he's not letting go. >> he won't let go i don't think but i think it's kind of speaking out of both sides when you say the economy is better than it's ever been and we need a rate cut. neil: right exactly right. >> they can't be together. i think you leave the rate cuts until they're really necessary. the fed has clearly indicated a willingness to stare at something. we will get a quarter of a point , we might get 50 basis points by the end of the year, although we are seeing a softness in shipments and that's a sign, a really good early indicator so i do think the things are getting a little squishy but not enough to warrant aggressive moves today by the fed, and clearly, i don't know that they are going to respond to being bullied but they clearly have a bias toward doing something in the next month or two and that'll be more support for stocks obviously. neil: while i've got you here i want to get your thoughts not so much on the wisdom of the wall street tax that bernie sanders

wants to pay off $1.6 trillion in student loans and then more kids going to college but he's doing it by imposing a half a percent tax on stock transaction , and tax on bond trades even a .005% tax on derivatives transactions so the reaction you get from his campaign is it adds up into trillions of dollars over the years so wall street won't even feel it what do you say to that? >> well that's absurd. again i hate to say this because i'm actually an independent. i just wish there would be a rational conversation about how we spend money because frankly, there's so much waste happening every day, and the answer seems to be to put more taxes and taxes which make us less efficient which makes the whole system work less well and eventually there's less money to support people. i agree somethings going to be done with student loans, but how

about making sure graduations actually occur? because most people have student loan who graduate get to pay it off. it's the people who don't and that's a huge percentage of people taking student loans that don't actually graduate, so again, there has to be some ownership from the people who are getting this as well. neil: regardless, your views on the subject do you think that a tax like this would be felt by wall street, would hit the investment community or because it's still relatively small at the beginning, it won't be a big deal? >> it will get passed on to consumers. it always does. neil: right. because whose actually doing the transaction? it's either reflected in the pricing or going to be reflected in the what you pay, but ultimately, wall street will pass this on it has to. it's not like there's trading there's a lot of margins sitting there. not like everyone is making a ton of money on trading as you can see from firm after firm. neil: that's right. all right, joe, thank you very

very much, again others are echoing what he wants to do by going after wall street. that is after all they say where the money is, we'll have more after this. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.

neil: all right as you might have heard the president adding some gnaw sanctions against the

iranians, the u.s. officials confirm a cyberattack was cop pleated on iran, even though a military attack in the last few minutes to spare was canceled, cybersecurity expert, brian finch says that when it comes to cybersecurity the iranians are pretty strong on this and they are a big adversary of this. brian very good to have you. >> thanks, neil. neil: they're saying, i'm sorry, they no harm done, we didn't even feel it, i'm kind of paraphrasing their official response that was a cybersecurity attack on us. they say nothing happened do you know if something did? >> well i've only seen what's been reported in the press and some quiet discussions with the u.s. officials, but you know, i wouldn't believe iranian media. they are the original fake news and so of course they're going to deny that something happened and that it had negative effects but it seems entirely plausible to me especially if they bought equipment from the russians or others that the u.s. would know how to go in and disable it and render it ineffective going forward and i think it's a

perfectly appropriate shot across the bow to the iranian military government saying we know where you are if we want to come in and hit you, you'll never know it. neil: they are pretty good at this themselves rosenstein it? >> they are actually quite good iran's physical military may be third world but their cyber capabilities are actually quite first world. they've caused damage inside the u.s. and done very effective espionage over the years some of the cybersecurity leaders like fire eye for instance have been tracking several groups known as apt-33 and apt-39 that have regularly cracked into aerospace , financial, petro chemical and military resources throughout the past few years, or decade really. neil: so how do they get so good at this when a lot of other stuff not so good? >> so there's a lot of capabilities you can buy off the shelf. you can actually outsource cyberattack capabilities from other hackers including from russia and china but it's also relatively easy forex perts to get up to skill on this inside

the iranian intelligence groups. you can buy the tools from pretty much everywhere a lot of the attacks are conducted using farley well known exploits and it doesn't take that much difficulty or money to go out and buy the viruses or even craft them on your own from a nation state perspective to go in and cause problems inside american companies or inside the u.s. military or government. neil: interesting. brian thank you very much. good catching up with you. >> thank you. neil: the president is also expected to sign executive order today that targets hospital prices, at least makes them more transparent so you can know if you go to a hospital how much it's going to cost you, this way if you're feeling sick you can get sicker. after this. my insurance rates are probably gonna double. but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up just because of an accident. smart kid. indeed. are you in good hands?

neil: you didn't hear it from me but this 5g thing is going to be very very big and the white house is considering additional pro techs for 5g technology in the u.s. , deirdre bolton is here. >> yes it is going to be a big deal so everything we use our phones now for just supersonic, right? that is what it's all about. but the trump adminitration according to our sources is considering only accepting that equipment that has been manufactured or designed outside of china show up here in our network, so which for most cities is probably less of a problem than you would think, so there's ericsson, there's nokia, outside from huawei and zte which are both chinese, nokia and ericsson there's been so

many mergers those are basically the only four network equipment makers left. nokia bought alcatel and lucent and there's only four, and so actually, our rural parts, of this country, those municipalities have said to the trump adminitration listen, like nokia and air in son's equipment is more expensive than huawei. neil: is that right? >> it's cheap, which is why the europeans use it and the japanese use it so the trump adminitration is also trying to pressure our allies to make the same kind of pledge, so essentially, nokia and ericsson already moved a lot of their manufacturing centers away from china. they are pretty diverse anyway, they both have plants in brazil and other places in the world but that would change their supply story as well and then for our rural areas, it changes the pricing and they've actually said collectively to the trump adminitration, we can't afford nokia and ericsson prices. neil: but didn't huawei become suddenly part of this trade that the president threw them into

the mix maybe as much to acknowledge this problem? >> i think so and i think the widespread belief that china steals from the u.s. so that when you have a huawei carriers and equipment, that the chinese can glean whatever information let's just say, that there's kind of spying that's inherent in the system, to which interestingly enough the uk and germany have said yeah, we know they spy but we've already hedg ed that and we're prepared for this equipment to be picking up sensitive information, but we have already built around that. neil: isn't it amazing they build into the full supposition that they're going to be -- >> i feel like if you're a restaurant owner and you know your bartender is stealing $50 a week you just accept that as a price of owning your business, right? it's like at least he's not drinking the good stuff. only taking $50 a week. so i think that's how our allies handle it so right now our sources say there's a 150-day review as to quite frankly how

realistic this is, that the u.s. imposed this rule, one of those companies we legitimately do want to do business with so basically the deadline becomes october and then in theory the trump adminitration will make a decision to completely ban huawei, i would assume that at some point zte will be on that list as well i don't know that. neil: you can't extract them, right? we're not going to deal with it and it's like all these official s are telling them boss, we do $10 billion worth of transactions a year. >> yeah, well i feel like for nokia and ericsson like oh, do tell you don't want to do business with the other half of the companies that make the equipment? they are probably getting a break for once. neil: and they want to extend it too right within some of these other high-tech chinese companies, that just added names to the list and all of that, but we are at the point where everything is -- >> yeah and even these companies are like i guess we'll build another arm on our factory

in brazil so they've already done that, nokia and ericsson, anything coming from china so they have already been with their supply chain but you're rightist all very interconnected so there's 150 days to come up with a plan. so we'll see. neil: i think the whole thing is delayed right? and a lot of towns, in general you need more of these mini towers not like the big ones >> then a lot of people who say -- neil: not in my neighborhood. >> not in my neighborhood for sure. only work if you're standing on the porch in the very specific location it, won't really be useful inside of the home. there is a lot to be done on this. neil: it will be fast. >> getting in that one spot. neil: thank. neil: thank you, deirdre. interest rates dropping a little bit here. a lot a little bit of relief

over the iran thing, hasn't erupted so far. waiting to hear back on iranians on new sanctions we're imposing. more to threat of those who do business to iran. we shall see. charles payne, to take you through the next busy hour. charles: good afternoon. i'm charles payne. this is making money. stocks are grinding sideways, with record new high territory. markets are on a tear with three straight weeks of gains. a tear for the whole year. next potential catalyst could happen on friday. investors waiting highly anticipated meeting between presidents trump and xi later this week. we'll have look at potential outcomes. tensions escalate between the two countries but trump also said he is willing to talk with iran with no preconditions. we'll go live to the white house coming up. the socialists are at it again. senator bernie sanders unveiling his plan