market. that is where we're holding. we have a gain of about 140 point. literally moments from now we have a meeting between the president and shinzo abe of japan and we're confidentially expecting a trade deal! how about that? all right? neil it is yours. neil: thank you. what you think for the president of the united states this is continuing a economic juggernaut. he is the chief architect that is it how he is viewed. much like during the bill clinton mess if it ever gets that far it, helped a strong market and a strong economically recover adding millions of jobs, that was a backstop that stopped much momentum for the house calling for impeachment and the senate not. that is kind of workings here. whatever disrupts this, risks

disrupting this is bad for the markets. whatever helps it is good. that is where we stand. it is not a political thing or red or blue thing. it is a green thing. whether they are republicans or democrats they love making lots of money. my name is neil cavuto. my thanks to david asman filling in while i was out. what is occupying the markets attention, to impeach or not to impeach whether there is enough evidence or drama around this to build a case for this. the so far the transcript of the infamous phone call is out. we don't know all the details. we don't know for example, if it es out right verbatim context of the call or whether there were other calls. what we've seen of it so far does not seem to emply anything too, too worrisome for the president, a little icky but not necessarily a constitutional crisis. to blake burman at the white house with more on all of the above. blake, what have we got? reporter: hi, there, neil, here

is the argument and the president and the white house are making about this five-page memorandum, the july 25th call of president trump and newly elected president of ukraine, volodymyr zelensky. this right here says there was no quid pro quo of a threat of $400 million of aid being sent to ukraine in exchange for an investigation into joe and hunter biden. it is not in here. however, democrats are saying that the president of the united states suggested to a political leader of an another country to have an investigation into his main political rival at that time, joe biden is beneath the oath of office, it is a betrayal of the oath of office as democrats put it. one of the key passages in it, i want to focus on, neil, page four, a little more than halfway through the call between president trump and zelensky. the president says at one point, quote, there is a lot of talk about biden's son and biden

stopped the prosecution. a lot of people want to find out about that whatever you can do with the attorney general would be great. biden went around bragging he stopped the prosecution, if you can look into it, it sounds horrible to me. the president is saying he hit the right tone on that call. he is reprising a term he used for the mueller investigation to talk about democrats impeachment efforts. >> it's the single greatest witch-hunt in american history, probably in history but in american history. it's a desgraceful thing, the way you had that built up, that call was going to be the call from hell. it turned out to be a nothing call. reporter: nancy pelosi says the lack of a quid pro quo does not miss the severity of the president's request. >> the fact is the president of the united states breached his constitutional responsibility, has asked a foreign government

to help in his political campaign at the expense of our national security, as well as undermining the integrity of our elections. that cannot stand. he will be held accountable. no one is above the law. reporter: according to a senior department of justice official the only criminal violation, i'm sorry, i will get to that in a second. the president one more full screen, also offers assistance of rudy giuliani. because the president offered assistance of his personal attorney rudy giuliani and attorney general at one point, selling zelensky, i will have mr. giuliani give you a call and i will have attorney general barr call, we will get to the bottom of it. i'm sure you will figure it out. i heard the prosecutor was treated very badly and he was a very fair prosecutor. good luck with everything. the president offering the assistance of the u.s. government, the attorney general and his personal attorney.

according to a senior department of justice official, neil, the crime that was looked into here by the department of justice's criminal division dealt with campaign finance violations, potential campaign finance violations but the reason why doj, decided not to move forward because that quote could not be quantified as a thing of value, talking about the suggestion from the president to look into, to have a foreign leader look into his main political rival. doj argues you can't quantify that value. neil? neil: blake a couple of dumb questions on my part. you're very patient with them. do you know of anything that shows there were other phone calls or other transcripts that might be available where these kind of issues did come up? reporter: so, i will direct you to page 2, the top of this memo. you're seeing president trump and shinzo abe there. neil: right.

>> president zelensky says, quote, i'm able to tell you the following, the first time you called me to congratulate me when i won my presidential election and second time you are now calling me when my party won the parliamentary election. i should run more often. that you should call me more often. this is the second conversation we know of between these two. there was one when zelensky had won his presidency, won his election months prior. so you would think at least democrats will try to make the case, well if he gave us transscript of this first one, let's see the stance -- transcript of the second one. they're asking the whistle-blower complaint be brought full. does knot appear the office of director of national intelligence will make that happen at this point. neil: blake, thank you very much. the president is meeting at the united nations with shinzo abe the leader of japan, putting together a trade deal, exclusive

between those two countries. it looks like it has been cobbled together. let's listen in. >> to approximately $7 billion in american agricultural products, japanese tariffs will now be significantly lower or eliminated entirely for u.s. beef, pork, wheat, cheese, corn, wine and so much more. this is a huge victory for america's farmers, ranchers and growers and that's very important to me. >> [speaking in native tongue]

neil: now if you don't know japanese this is probably complete loss to you. fortunately i don't either but they're really sort of detailing is this agreement between the united states and japan have. it got a little nasty not too long ago where the japanese were looking, you know what you're doing to our chips? we'll go after you. the whole agricultural thing overcows. it got pretty blunt. but they have obviously cobbled together something. the president indicating this is a good deal a little earlier. might presage an earlier than expected deal with china. that is the big one everyone is waiting on here. the president seemed to think we could have a deal sooner rather than later. let's listen in again. >> [speaking in native tongue] neil: we'll continue monitoring this but fortunately everyone on my crew does know japanese and will provide subtitles here. keep in mind we have signed a

mexico trade deal with canada as well. that is looking dicey as the leaders of the canada, united states, mexico signed off on it 11 months ago. it is still yet to be passed in congress. given the impeachment environment it might not. this could be waiting on deck like planes at laguardia by the same token, nothing else is getting done in this environment. let's go back to this. >> [speaking in native tongue] >> the deal we're announcing today will reduce our chronic trade deficit, built up, taken effect over many, many years of dealing with other governments and other administrations. and it will deepen our enduring national ties. that is a very important deal. our teams will continue negotiations on remaining areas of interest to achieve a final comprehensive agreement. we're negotiating very, very big transactions with japan. some of them i think, probably all of them in the

not-too-distant future will happen. this is a big chunk but in the fairly near future we'll be having a lot more very comprehensive deals signed with japan. >> [speaking in native tongue] neil: all right. we'll continue monitoring this. adam schiff is speaking right now. we won't take you to that. he of course is not satisfied with the release of the transcript of this conversation with the leader of ukraine the president had back in july. still says these are impeachable offenses. we'll monitor that. let's get the read on this trade deal, if and when it can ever pass muster in congress where deals tend to back up, right now with the fixation of impeachment really back up. to moody's vice president, lead u.s. analyst william foster. william, what is the likelihood

this gets passage this year? >> the u.s. trade deal we're talking about? neil: i'm talking about the japan deal, you're right the president signaled but i want to get into this one right now. >> sure, we need to see more the contents of this trade deal. we're still looking for the usmca for quite some time. that is a very important one for north america. japan will basically be in que queue along with that. u.s., mexico canada deal is greater significance for the global economy. i think we'll have to wait some time for the japan deal to pass. neil: given the fact that usmca is tap here in congress, democrats want more guaranties with american workers that has to be dealt first, then the japan deal, then if we get a china deal, that one. even if we get a china deal, the president raised the markets

hopes hinting we could have one sooner than later, what do you think of all of this? where is it all going? >> any trade deal concluded is going in the right direction. the fact that usmca at least there was an agreement in place. that needs to be ratified. japan is moving the right direction. obviously china is a way more complicated complex picture. not just trade we're talking about. we're talking about investment, technology, geopolitics. it's a much bigger picture. to the extent we can see some other deals with other countries move forward, maybe not to full conclusion but at least, at least notional passage, that is good. neil: william, the impeachment noise, i don't mean to minimize it, it is significant back and forges about talking only fourth time in history about removing a president from office, so i don't minimize that but is it going to be such a disruption that none of these deals

ultimately get approved even if leaders of these countries come to basic broad agreements, even china? >> our view is no. fundamentally what we see with the impeachment proceedings this is really headline risk to the financial markets, including financial markets are not too concerned about it. we do not think it will materially impact the direction of economic policy in the u.s. or the fundamentals of the u.s. economy. neil: william, thank you very, very much. as we're monitoring congressman, chairman schiff by the way we are getting some blurbs from nancy pelosi, the speaker of the house saying that the summary of the trump call with the ukrainian president confirms trump's behavior undermines the integrity of u.s. elections, national security. she says it is not part of trump's job to use taxpayer money to quote, shakedown other countries for the benefit of his campaign. says that the summary seems to confirm the need for impeachment inquiry of president trump, something that mr. schiff is echoing as we speak. former deputy assistant attorney

general tom dupree on all of this. you've had a chance to obviously look through the transcript. we're told that it is, most of the gist of the conversation not verbatim but you've seen, allowing for the possibility of other conversations between the two gentlemen, is there anything here that strikes you as impeachable, a high crime and or misdemeanor? >> what i was looking for, neil, was the existence after tangible quid pro quo, in other words a statement from the president that conditioned the provision of military aid on assistance with the biden investigation. i think a lot of democrats led us to believe that this transcript would have such smoking gun of this nature. it didn't have that. so i think the democrats are in a tough position right now, at least if all they have to go on is this call because their case for a quid pro quo has to look to circumstantial evidence, to the context which this conversation occurred. they have to look whether there were other conversations, some that preceded the call we've

been looking at to try to establish this narrative that the president was conditioning military aid on help with investigating the bidens. neil: you know there is a point in these, in these back and forths with the leader of ukraine where the president says, you know, there is a lot of talk about biden's son. that biden stopped the prosecution. a lot of people want to find out. whatever you can do with the attorney general, referring to bill barr who is going to call later would be great. biden went around bragging he stopped prosecution if you can look into it, it sounds horrible to me. does that very quote, comment sound horrible to you? >> well, look my view of this conversation this is a conversation the president should not have been having. i think it was also a mistake for him to bring in rudy giuliani as go between. i think when the president did that, there is kind of a blending of his personal interests, giuliani is his personal lawyer, and his official duties.

i would have hoped that people who were either on the call with the president or preparing him for this call would have warned hill to stay away from this area because again this is not something you can easily defend that the president was going into this territory with the president of ukraine. neil: i almost get a feeling from the president of ukraine he is sucking up to the president, wants to keep him happy, i guarranty as president of ukraine that all the investigations will be done openly and candidly, that i can assure you. you are very deferential to the person you're talking to, the leader of the free world, i get that, i understand the quid pro quo thing, is there anything here that bites back at the president and boldens democrats to say what other conversations did you have with this guy? what other things did you dangle or not dangle before this guy? >> there are a few things, neil. there are references in the transcript to other conversations and other

meetings. we know the democrats have those in the cross-hairs. adam schiff and nancy pelosi will be pounding the table to get a hold of those. it is relevant from the president's perspective, ukrainian president wanted in-person meeting with president trump. it would he will late his stature. he wanted to get to the white house -- neil: use the president's plane rather than his own. air force one is pretty impressive. i got a kick out of that. >> by the end of the call president trump invites the ukraine want president to come to washington. there is clearly back and forth here. the ukrainian president wants to please president trump. he wants to be accommodating. he promises investigations. he promises transparency. the democrats over couple weeks will try to dig into this, to figure out exactly what was promised, exactly what offers president trump held out to the ukrainian president to elicit his cooperation. neil: thank you my friend, tom dupree, former assistant attorney general.

quick look at markets before we go to our next guest. they like the way things are sorting out, that there isn't really explosive comment here that would rise to level of high crime or misdemeanor that would impeach the president of the united states. that is their interpretation. they hear legal analysts on tv stations or news they the works, this is embarrassing for the president but not at risk of impeaching the president. that is their immediate interpretation. they could be wrong. they do bet money on it. that was relief rally that ensued after that. president saying a china deal could come sooner rather than later. the dow shot up 50 points on that. so the market sense of all of this the crosscurrents and better than expected housing news we got today, that was also unexpectedly good news where home sales shot up more than 7% in august. that was up 6.4% so far this year. again, stronger on both counts than expected. so the economy is good. the prospect of dragging the president through a

constitutional crisis, maybe not so good, net-net inclined to buy on all of that. that can change on a dime and these guys invest a lot of dimes. i'm passing that along. joe biden meanwhile is on defense in this well situation, what he did or didn't do, how his son might have exacted some favors from that country. it has been exhaust heedly we're told but a lot of people are not aware of the details. you bet the president will continue to pound those details. some of mr. biden's own rivals are no doubt going to do the same. let's get the read with political analyst janna caldwell. get a sense where he sees all this going and david brown, former senior advisor to senator patty murray. gianno, what you have seen and heard of this transcript and the interpretation that it didn't look good for the president of the united states to appear to be strong-arming the leader of another country to give him

information on a potential rival but nothing impeachable. i'm relying on lawyers and constitutional expert host have been saying that. there are others who say just the opposite there is plenty to go on here. where is this all going? >> honestly i don't feel it was strong-arming of any kind. to me this is not a smoking gun. certainly something which democrats will try to rest their case upon but we got to keep in mind democrats were calling for impeachment as of yesterday before there was any evidence of, not evidence of a call before they could see the transcript and before the whistle-blower report was even seen. when i continue to hear this effort of impeachment we talked about what happened in the 2016 election, even in cases with the mueller report, people were saying, democrat were saying maybe there wasn't anything there he certainly did something. no way this guy could be president, all things he says and done there is no impeachable offenses. they are more so grasping for

straws. 40% of americans don't want to see him impeached. but they don't believe in it. they will continue to build the case. yesterday was the official start of the 2020 election. neil: a lot of times in these things, prior impeachment proceedings, the first effort to embarrass the president to point out conversations like this, that don't appear on the up and up, can kind of look as i said icky before, not necessarily impeachable offenses but certainly moral ones. that doesn't have you lose the presidency but it does have you lose some support, is that what this is all about you think for democrat? >> neil, i think that is directed at me. begin with nixon for a second. i think that is appropriate historical parallel here. that wasn't about embarrassing president nixon about the rule of law and criminal conduct that happened in watergate. likewise the proper inquiry whether the president of united states weaponized u.s. foreign policy to harm a political opponent, joe biden.

>> how he political opponent? he has not won any primaries yet. >> i'm not sure i understand? meaning -- >> let me finish the point before you jump on in. he is running for president. you know that. i know that it is two-person race at this point probably biden and warren. we're talking about presumptive democratic nominee. more pot point when this phone call occurred the u.s. was with holding military aid to the ukraine. in the call summary, not transcript, not verbatim, not recorded, call summary the president talks about how the united states has been good to the ukraine, suggesting that reciprocity hasn't occurred. he leads the conversation to biden. i have, i think most reasonable americans have pretty serious questions whether this president not only violated every basic norm in american democracy, not use a foreign power to hurt a political opponent whether he broke the law. i want to hear from rudy giuliani. i want to hear from the attorney

general. i want them under oath. neil: big difference between suggesting an being, having said that, gianno, david does raise an interesting point how things can start out. i remember 3/4 of the nation, watergate hearings started it was enormous waste of time, democratic pile-on. revelations came up through the hearings. i know the case is very different. we kind of know the broad parameters here but we don't know there is possibility of more coming or other conversations or transcripts of other remarks and or aid that was hanging in the balance. we don't know, but are you concerned, gianno, this reinforces a image that the president has that he is fast and loose on this sort of stuff. >> well i think for the president, i mentioned, you mentioned it could be embarrassing to him. doesn't seem like this president gets embarrassed. there have been number of things come about where potentially anybody would be embarrassed but he hasn't.

do i think this is consideration that should be investigated? absolutely as american, if the president pressured any country for the benefit of him politically that is problematic action. but we also must recognize there have been other things we've seen democrats do. three democratic senators wrote a letter to ukraine, i believe back in may, suggesting that they would withhold funding if they didn't investigate this or the third. with that being the case a lot of things happens within our country -- neil: i'm sorry, gianno. i shut you down there i did not mean that. i want to thank you both. part of that hinged on the administration it wanted some other countries germany to pony up dough. if they give aid to ukraine it shouldn't all come from the united states. there was argument that was held up for that reason. there is no way for knowing for sure. this japan leader where the two leaders of the two countries right now, it apparently will open up markets to the u.s. of

about $7 billion. the interest here is to halt the deficit that has grown mightily with japan. we'll have more after this. when you open a new account. just another reminder of the value you'll find at fidelity. open an account today.

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lease the glc 300 suv for just $479 a month at your local mercedes-benz dealer. >> right now china is way behind us and they will never catch up if we have smart leadership. they have lost trillions of dollars. they want to make a deal pretty badly t could happen. neil: it could happen sooner than expected. that was the president a little earlier today. scoring a deal, japanese led to buy more farm products from the united states. the devil in the detail, like the devil is in the details with the china deal. back and forth occurs on same day we got transcript of phone conversation back in july with the president of ukraine urging that the leader there kind of get to the bottom of any dirt they had, any available intelligence they had on

joe biden and his son hunter's relationship with a natural gas concern when the government and leader were toppleed. stocks are moving upward on the belief here nothing will come of that. that could be premature. it sometimes is. stocks were moving up ahead of the watergate impeachment hearings. we had the opec oil embargo and all the rest, and katy-bar-the-door after this. we had the president talking about likelihood after china deal sooner rather than later. gordon chang on all of this. ford done, the president seems to be indicating here maybe we get a deal sooner rather than later. others say maybe we wait the whole impeachment drama out? where do you see them going? >> i see this a long and drawn out process, neil. with regard to everything, xi xinping, the chinese ruler owns the trade friction with the

u.s. inside of bejing's political circles. if he makes significant compromises he is in political jeopardy. he needs pretty much a 100% win. president trump knows the ins and outs what is going on, we don't, but nonetheless from the outside i think this will be a very, very long process. i don't see a china deal well until next year if ever. neil: there is the japan deal scored today or at least broad outlines of one but awaiting approval of the usmca deal, the one the president scored with leaders ever canada and mexico yet to be ratified in congress. it looks like it could be a slow process. so what about all the trade back and forth and the fact that some of these deals, even when they're scored, you will have to wait until they're ultimately done? >> yeah. but they really strengthen the hand of the united states because we're creating a trading bloc that does not include china and japan is particularly important, neil, because japan

is going to buy a lot of u.s. agricultural products. china targeted the farm belt by not buying soy and other u.s. products. they wanted to do that to hurt president trump in the runup to the 2020 election. japan relieved a lot of the pressure on the administration. this is really good news for the united states. neil: sorry my friend. sorry we truncated particularly on the impeachment front. we're getting blushes from the house intelligence chairman adam schiff, this is far more damning that i certainly expected. republicans say just the opposite. you know how it goes, republicans minimize this, democrats seizing on it. it is as much political as it's a constitutional issue. which wins out is anyone's guess

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>> translator: today america is supporter of terrorism in our region. wherever america has gone terrorism expanded in their wake. wherever we have gone on the other side we have defeated terrorism. neil: all right. that might be the view from iran's leader rouhani right now suggesting it will accept the nuclear deal changes if the u.s. returns to that original deal. the center of energy environmental director myron ebel what that could mean.

very good to have you. what do you make what he was saying, casting in reverse, you, united states, triggered a lot of this and not iran? >> the middle east has been a mess for thousands of years politically and strategically. it is a very important crossroads to the world. of course it has a huge amount of oil so i think there are too many moving pieces to know exactly whose to blame and who is doing what. i would say the fact that america's increasing energy production in this country which is result of the shale and oil gas revolution, has been let loose by president trump's deregulatory policies are helping to reduce the geopolitical power and the dangers from the middle east blowing up. neil: all right. i was referring by the way to

iranian president hassan rouhani, not the supreme leader. i want to make that clear. >> right. neil: what the president was indicating there, the president of iran, we're always open to sort of dealing with the united states. we're always open to revisiting this deal, that kind of thing, but they have to go back to the deal. how likely do you think that is? >> i don't know. i don't know the psychology of the iranian leadership. i watched them for many years in sort of a amateurish way. they are very dedicated to their islamic revolution which of course is opposed to other islamic fact shuns for example in saudi arabia. so it is, you know, we learned i think with the obama deal with iran that you can't trust iran. if there is a deal it will have to be very well-policed and monitored to make sure they're keeping it. so, you know, it is hard to say what this statement actually

means. neil: given the fact that the markets, the oil markets have been rather tepid in their response to any of these overtures, whatever you want to call it, makes me wonder whether anything is really changing. certainly markets are not putting money on it. what about you? >> i don't have money to put on anything, really. i work for a non-profit group. neil: touche to you. >> the disruptions caused by the attack on the saudi oil facility was major. it would have been a huge problem for the global oil market 10 years ago. it isn't nearly as much today and that's because the united states is now the world's largest oil producer. we could, the main problems with the united states now are, you know, the people who are trying to block pipeline construction. the premier of alberta, jason kenny, pointed out recently today or yesterday, that if we had completed the second

keystone xl pipeline by now the u.s. would be in much better shape to handle any geopolitical shocks in oil, i can't talk, oil disruptions. neil: we've absorbed all of that. very good point on all. myron, thank you very, very much. here is one way to try to stop the controversy over vaping if you're one of the leading companies behind it, have your ceo step down. here's the thing. the ceo stepped down but the pressure has not, after this. ♪ imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com!

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neil: the food and drug administration clarifying plans to enforce restrictions on marketing vaping products it is an important distinction you should listen up to. hillary vaughn with more on what they're talking about.

reporter: neil, we heard from the fda acting commissioner a few moments ago, giving a general timeline when certain flavors of e-cigarettes could be banned. he said they're expecting a ban on certain flavors to take effect within the next few weeks. fda testified before the house energy and commerce subcommittee today also saying how far he believes the fda would be willing to go in e-cigarettes are determined to be unsafe? >> how far is the fda prepared to go to protect the health and well being of young people if it determines that these are unsafe? >> the fda is a science driven organization if the data supports more aggressive measures. >> how far? >> we could ban all flavors. reporter: law make remembers blaming different parties why people have been hospitalized because of lung illness. nine people have died because of vaping related complication.

one is the vaping giant juul that represents 70% of the market share for vaping. members of the house oversight committee called juul's testimony before congress in july deceiving. we're learning their ceo, kevin burns is stepping down. not only that, two major tobacco giants, altria, philip morris international are ending merger talks with juul. we heard a lot of criticism towards the fda not doing enough to regulate this. if hundreds of people were getting sick or several people dying from romaine, our grocery shelves would be empty, why is not the same standard applied to vaping? a lot of questions from the cdc what is causing illnesses. they didn't have a lot of answers. they didn't know what brands, what product, what flavor what chemical is causing people to sick and some people to die. neil. neil: quick look at corner of wall and broad before we go to break. we're seeing a through the prism

how the market sees things. you could argue depending on your political disposition whether this is warranted. they say there is no smoking gun but you clearly see in the phone call that the president is asking their president to investigate a potential rival. that is a trying to use a foreign power to influence an election. that is no-no. no promise of aid, stymied delayed or denied, there is nothing to go on here. that is jump ball for democrats. it's a very clear constitutional offense. vanya shivashankar said it is as much. worse than he thought. for republicans minus mitt romney. it is no big deal so far. the fact that the president seems to indicate a deal with china could be in the offing sooner rather than expected could see more buying than selling. i stress for now. we're see everything through the prism of people betting money on

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neil: we've been monitoring the president of the united states and his counterpart japanese prime minister shinzo abe. they're talking of a new trade deal. we'll be monitoring. this was expected to come together, not quite so soon for the united nations busy week, pleasantries all of that, what it does call for at least on the part of the japanese their commitment to buy more of our goods, particularly agricultural goods, tune of 7 or $8 billion. hard to quantify. i don't know the stipulations built into the deal to make sure they do just that, because they're the same stipulations that the we want the chinese honor if we get a dale with them

which the president said could come sooner rather than later. look at this, a guy still with a job. >> trump or me? neil: no, it is you. is that a couple days, good luck, charlie. how are you? >> i'm style here. feel very strong. neil: you are that. >> lifted weights today. neil: did you really? excellent. does curling sub sandwiches count. >> no. but pumpkin spiced lattes do. you have to balance them. that is what you should do or they spill. build up your balance, strength at the same time. neil: little bit of at a time. >> a little caffeine. neil: there you go. what are you following. >> the markets are obviously up on the whole news about impeachment. neil: do you buy the knee-jerk reaction? because i saw a lot in this thing? >> it looks a little sleazy, right? i will say this markets are always wrong, are not perfect ever, particularly in the short term.

and -- neil: the knee-jerk reactions isn't the final reaction. >> right. it's a work in progress. you have to take it over a period of time. they're often wrong. they may be wrong about this. this may be a serious thing. neil: right. >> they may be wrong about tech. that is the interesting thing. like tech, if you look at the stocks, particularly of google and facebook, wall street is saying a lot of noise in washington about this, no big deal. you talk to -- neil: should step back. government efforts to rein these guys in. >> rein these guys in, break them up, maybe fine them, maybe cost tens of billions of dollars to investor losses. i've been talking to wall street nice very close, manage major portfolios, talk to people in the washington. they talk to the doj, ftc, trump doj and ftc both investigating. they talk to david cicilline's office. he they are actually doing investigations into tech. this is bigger existential threat that the markets are

telling me. the markets are not pricing in the fact that google and facebook in a bipartisan way have major targets on their back because there is a major bipartisan consensus that they're too big, thus there is an antitrust issue not allowing new entrance in. there is a national security concern with them. they avoid taxes. privacy obviously is a huge issue. neil: right. >> particularly those two. now, republicans and democrats at this moment still disagree over the ultimate penalty. democrats consensus driven is like break them up. republicans are not quite on the breakup part yet. google will be broken up from youtube. sell youtube off. things of that nature. clearly something is going to happen. the word i'm getting from people deep diving this. s that the markets are underappreciating how much is at risk on these companies. neil: when you say at risk, the

biggest -- i can remember is breakup of at&t. >> yeah. neil: if you were an investor in at&t you made out fine you got baby bells a chunk of everything. that is the most extreme case. >> this is little different. neil: a lot different. >> if you broke up jpmorgan jpmorgan, like elizabeth warren saying break up the banks, the sum of its parts are worth more than the whole on these banks. a lot of conglomerates. neil: what about technologies? >> i don't know if that carries over. technologies are free. we search google for free but they gather -- neil: that is why i search you, what has charlie said. >> i won't get into that but, if you're google and you own youtube and, what's the other one? whatsapp and other different things. neil: or facebook. >> facebook you're compiling -- neil: that is a clean break you can make. >> not only that but you're compiling data, the sum of its parts, the whole is worth more than the sum of its parts. that is what a lot of people

think. if you force the breakup of these things, at least the theory i'm hearing that will cause investor losses. if you force the companies not share information or force them to do certain things because of anti-competitive concerns. neil: how are the issues held up, charlie? this is bipartisan for different reasons. they don't see it happening or what? >> two things. the companies themselves, facebook and google have been very good at investor relations telling major investors don't worry, we'll pay this off. neil: really? >> even apple. apple has done a different job. what apple is doing telling people we're different from them. we have a closed system. we take data, share, do our thing but -- neil: now they will make a lot of mack pros in texas. >> apple is running around telling people we're different than these guys. neil: if i could switch gears if you don't mind. you're a student ever market history. people say this will be

watergate. >> right. neil: impeachment stuff. i distinctly remember the summer of 73 when the watergate hearings started, most people thought it was political sham, a democratic hit job. we had the oil embargo, things turned south. a bad environment for richard nixon. >> inflation. neil: a very different environment for bill clinton. i'm not saying if it gets to that stage but i think the economic and market environment can have a big, big influence on the course of hearings? >> it usually does, right? it has throughout history. neil: the fear of the markets have, that is why they reacted this way. not making a political statement. they like keeping what they got. >> yesterday people around here were talking about the political implications, how this was impacting the market. i went to start speaking to traders and investors. they were downplaying the impact on the market. i sent around a note. the senate is going to stop, is going to stop, he will not get

convicted by the senate if this went to impeachment. democrats have been engaging in weird stuff like this for years. neil: so they don't have any view -- >> i'm not hearing hearing that. i'm hearing that, listen, think about it this way, and here is something, people should think about what this does to trump politically. say he does get impeached. and in the impeachment hearing we'll have a discussion about joe biden calling up the ukrainian, my son was involved. neil: so it is too early, real quick. >> there is another way of thinking about this, actually trump has done good by canceling out biden. he may not win. he will face elizabeth warren who he can probably beat. neil: way too early to say. >> way too early. neil: again, what you see is for now what you, markets are up about 152 points, the good news gaspo still has a job. more after this. when you open a new account.

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neil: the president at the united nations. let's listen in. >> the democrats are all fighting with themselves. we'll see. if it happens, it happens. otherwise when we take over the house next year, we'll do it our way and we'll make it even better. bob lighthizer, do you have a comment on that? usmca? >> i think it will come up for a vote. $1.4 trillion worth of trade and literally -- >> one of the biggest trade deals ever made. fantastic deal for our country. you know, it's possible they won't vote. i know these people much better than you do. go ahead. how tall is the man next to you? how tall are you? >> 6'6," sir. >> i won't ask you the weight but you're in good shape. you look like an ex-football superstar. keep it up. you eat a lot of beef, i assume,

right? you know, you can use him in an ad. go ahead. reporter: u.s. has dealt with japan for 70 years now. [ inaudible ] so this is a tremendous trade deal. >> yeah, this is a great deal. it's a great deal. they won't report it. you won't see any articles but at least we know. but locally, you are going to get great. locally the price -- you know, people don't understand this. but locally, if the press treats us very well, nationwide, just ridiculous. they're fake. but we have gotten -- so when you go back to your local states, you are going to get tremendous press on this because this is what they wanted. they have wanted this really for a long time. i think kansas is doing pretty well. do you like this man? how's he doing? they love him in kansas? >> next to you, sir, he's the most popular man in kansas.

>> i like him. i like him. anyway, anybody else have anything to say? please. >> never spent any days in new york but this is the greatest day i've ever spent. thank you to prime minister abe for this agreement. it gives so much opportunity to pork producers across this country. thank you for working hard every day. >> how are you doing with china? because they're coming in big. tell me. how is pork doing with china? >> it's just starting to turn around. >> are you seeing the big movement now? >> it's starting to move. >> yeah. they're going to need a lot. >> they're going to need a lot. they've got some issues over there. we're standing ready to help them out. >> so they are starting to come in and you can see that happening very big. how will that compare to japan? in terms of ultimately where do you see china versus japan in terms of buys? pork? >> japan has always been our

largest market, it's hard to say, mr. president. but i think [ inaudible ] they are going to -- >> china is going to buy more pork than they've ever bought by far. i mean, they told me the numbers are going to be incredible and they're coming to you. they want to make a deal. they're trying to be nice. i was nice to them. they had, as you know, their 70th anniversary and it was very important to them. did you know the 70th, and it was october 1st. that's when the tariffs get lifted. and they called and they said could you possibly make it another day and we delayed it two weeks. so we did them a favor. but they're doing us a favor. but they're buying a lot of agricultural products and in particular, where you are. okay? thank you. that was a very nice statement. anybody else? you guys all right? yes, please. >> fourth generation farmer,

somerset county, new jersey. lot of folks here represent big ag. i'm small ag. i have a small farm. been there for 300 years. if all this comes, it's going to help me and a lot of small farmers all across this country so we have to get the first one done. thank you to japan and thanks to usmca. big ag is good, small ag is good, too. >> we did a big deal with south korea. it's a great trade deal. it's already done. it's had a very very positive impact. it's been very positive for us. that was a great deal we got done relatively quickly but nobody talks about that one, you know. by normal standards, a big deal. but japan is going to be very special and this is my special friend. thank you. thank you all very much. thank you for being here. thank you very much, everybody. [ applause ]

thank you very much. thank you. thank you very much. neil: i never know for sure. but the president is working out this deal with japan in which the japanese agreed to buy $7 billion more in u.s. agricultural products. they will include beef, pork, wheat and cheese. that's all you need right there. you got that, you've hit a home run. throw in the wine and this is a party, folks. again, the reason why i mentioned this deal, it's on top of the usmca deal, the one we scored with the mexicans and canadians, the leaders of those countries signing off on that almost a year ago. the president expecting some skepticism here that it's not

going to just rush through the house and now given all this impeachment talk, he didn't say that but he certainly implied that, everything is sort of frozen in place. he did express optimism that a china deal could be scored but a lot depends on the events on capitol hill. a quick read on that with our senior capitol hill producer, chad pergram. reporter: i just came from a press conference with adam schiff, chair of the senate intelligence committee. they went through this document, the notes of the telephone call with the ukrainian leader. schiff said this is how a mafia boss sounds. i have a favor to ask you. house speaker nancy pelosi, she addressed the notes in a democratic caucus this morning. listen. >> i hadn't seen it. i've just come from our own meeting. but the transcript is -- the fact is that the president of the united states, in breach of his constitutional responsibility, has asked a foreign government to help him in his political campaign at the

expense of our national security, as well as undermining the integrity of our elections. reporter: after pelosi had time to go through that transcript, she said quote, either the president does not know the weight of his words or does not care about ethics or constitutional responsibilities. the big question on capitol hill is how does this affect the legislative agenda. i asked the chairman of the house democratic caucus that very question as impeachment starts to creep into all these other key legislative issues. >> actually, historic record shows that president nixon continued to work with a democratic-led house and senate on an agenda on behalf of the american people simultaneous to the watergate proceedings, and president clinton continued to work with the republican-controlled house and senate in 1998 on behalf of the american people. the same thing should happen this time around. reporter: democrats had a caucus

meeting this morning not about impeachment but about the usmca. nancy pelosi, speaker of the house, deputized eight democrats to work with the administration on the usmca and jeffries says they want to get to yes but still have to work out things on enforcement and also on pharmaceuticals, and on a completely unrelated note, we have some breaking news here in the capitol that just came in the past couple minutes here. the senate has voted 51-41 to overturn president trump's declaration of a national emergency for the border. that's major. under the statute, you can vote every six months on that. they voted in march and weren't able to do it. what this means is it would block diversion of funds for the wall. you know how the president has been going around congress, bypassing congress to do just that? well, this vote would put a stop to that, neil. neil: obviously given that margin, republicans voted for doing so themselves, right? reporter: absolutely. i need to get the vote breakdown. this just emerged since we have been on air here but that's the key. there's a lot of republicans in

swing states, you know, who started to feel the heat. there were some republicans who were jumping ship anyway on some of these other resolutions, saudi arabia, khashoggi, et cetera, so this is the first time we have had a vote like that go against the president, and that's why it's significant. neil: i think the significance as well, i'm glad you outlined that, is it wasn't a political statement against the president as much as this is what congress does, not what you do, specifically on this, this is what the senate does, not what the president does, you can't reappropriate funds without our okay, right? reporter: right. this is where democrats and republicans saw this through the same lane. the constitution is pretty clear the way it lays out the authority to spend the money. it puts it in the purview of the congress to appropriate money. it gives the president a little bit of wiggle room there, but they thought this was a bridge too far. the fact that the president was doing that repeatedly, you know, you have democrats and republicans and they guard their prerogatives of the purse very closely. neil: thank you very, very much,

my friend. chad following these latest developments on the hill. we're also following this impeachment back and forth and we got the transcript of that infamous phone call. i say infamous, there might be other calls here but at the heart of it is a president of the united states going to a foreign country to say investigate the former vice president of the united states, because i believe that what he and his son hunter biden were up to at the time warrant investigation. now, a lot of people say that in and of itself isn't enough to create a constitutional crisis or rise to the height of, you know, high crimes and misdemeanor. others say it most certainly is. republicans are saying unless you have a quid pro quo or that aid or something was held in abeyance or delayed or denied and ultimately it did go through, means this is much ado about nothing. all in the eyes of the beholder. i say in the eyes of the markets, it seemed to be a passing crisis and not one that will really fester into much.

the markets are hardly a good barometer of these sort of things. the knee-jerk reaction is that there was no smoking gun here at least in the eyes of the markets. they tend to focus on the things you do and interpret from that they had nothing to worry about. they are often wrong. they minimize the severity of the watergate crisis. they overreacted at the time to the clinton crisis. so they are snapshots in time and like a snapshot, once snapped, it's shot, that image is gone. that's the knee-jerk impression and why the dow is up about 150 points. that and the fact the president seems to be intimating a deal could be in store for china sooner than we thought. hard to say. this much, i can say. we have the real experts here to sort it out including james freeman, danielle shea and national review contributing editor, deroy murdoch. deroy, i will begin with you. the vibes i'm getting from the markets, one day does not a trend make, we think the president survives this, it looks unseemly, you know, trying to cajole a foreign leader to do

your bidding, but no constitutional crisis. what do you think? >> it looks that way to me. 24 hours ago, you hear this is going to be an indication of the total corruption and graft of president trump. adam schiff says today this is how a mafia boss sounds. i read the transcript. it looked like a very friendly conversation. president trump and president zelensky of ukraine were laughing and kind of joking with each other. they talked about corruption in general and trying to clean up corruption overall and as part of that said please cooperate with us as we look at the genesis of the russia-gate probe and also by the way if you find out anything related to biden we want to investigate that, too. neil: that does have at least an icky feeling to it. >> if in fact joe biden engaged in obstruction of justice by telling the predecessor president of ukraine you are not going to get your billion dollar loan guarantee unless you fire the prosecutor who is going after my son, you've got six hours to make a decision, that sounds much more like -- neil: i think what's at issue is the present occupant of the oval

office. they said what prompts this discussion is this comment from the back-and-forth he had with the leader of ukraine. there's a lot of talk about biden's son, hunter biden, of course, who sits on the board of this natural gas concern, that biden stopped the prosecution, a lot of people want to find out about that, to deroy's point. whatever you can do with the attorney general, referring to bill barr, would be great. biden went around bragging, this is the president still talking about joe biden, that he stopped the prosecution so if you can look into it, it sounds horrible to me. that's where the mafioso comment comes in. >> it's definitely a very sticky situation. on one hand, i can understand where president trump is coming from because you always have the democrats coming after him and trying to uncover the different types of things that he's doing. so on one hand it makes a little bit of sense, if he thinks there's something going wrong here, from the person who it's involving which is ukraine, look at it. for me, i know that it's really sticky but it makes a little bit

of sense. neil: what do you think? >> i think trump looks a lot better after you read that transcript than before when we could only go on people's descriptions of what happened. neil: threatened or withheld aid? >> there's not only no threat in there, what really comes through when you read the whole thing, this isn't trump pressuring the ukrainian guy. they are in total agreement that this is a weird thing that ought to be looked at. the ukrainian president says i'm trying to drain the swamp here just like you did there, and talking about how it's kind of a new day in ukraine. neil: he doesn't exactly look like pope francis, either, where he says i would love to meet you, maybe travel on your plane, whatever. it's a little weird. >> i mean, that's a different question. neil: i agree. >> but the point where i think it's really significant, just to kind of push back against this narrative that this is trump kind of strong-arming this guy is it's the ukrainian president

who brings up rudy giuliani. he says -- neil: no, no, i'm not trying to take sides. but the issue of whether there's there there, deroy, do you worry about whether the timing, after all that, to talk to a leader of a foreign power essentially about inserting himself into potentially another u.s. election, that let's say it's not, you know, impeachable offense, it is offensive, right? where does it go? you have to have proof that nothing else untoward happened here and there might be other phone calls where this issue of aid was brought up. at least this one, the one in question, it does not. what do you think? >> yeah. i went through this looking for the pressure, the strong-arm tactics, you know, any sort of extortive behavior. nothing like that. it was a very friendly call. one thing that's unfortunate, you hear comments from zelensky about his discussions with angela merkel of germany and macron of france. that's not good to have that get out there.

we have this which would normally be classified and secret now out there because the democrats have brought us to this point. that weakens our national security and diplomacy. neil: we were talking about the market reaction. i'm seeing things through that prism alone for the time being. their interpretation was pretty much deroy's and mr. freeman's here, that nothing will come of this. now, that's assuming there aren't other phone calls, other transcripts to come, there aren't other conversations that maybe this issue did come up. there's no way to know. i believe adam schiff was raising that possibility in comments today, also wants the whistleblower's report and the whistleblower himself to come forward and talk about it so where do you see this going? the market for the time being doesn't see it going anywhere. >> as of right now, we have the s&p up about seven points. we're not experiencing any type of disaster today, especially after yesterday. yesterday, we experienced that knee-jerk reaction, the s&p traded lower about 1%. the stock market does not like bad news, especially an

impeachment of the president. however, what i saw last night personally, president trump spent quite a lot of time on twitter last night defending himself and has this way where he's now able to communicate with the american people and is able to, you know, talk about what is coming out about him, so the market's not sitting here waiting wondering what's going to happen. we have the transcripts now. so as of right now, the market is stable but it doesn't mean that something in the future can't come out that will make it worse. neil: one of the things i do, i know you do as well, james, i like to watch all the news channels, and a couple, it's all horrible for the president. there are others, you know, where the president is father o'malley so i usually look at this and say it's probably in between. you hear some things that are offensive that i raised with deroy but there are other things where all right, you need a little more than this to go on. i like the convenience of seeing it through the prism of the markets because they abhor uncertainty and especially the

uncertainty of a president who has led a market and economy they like. they might not flip over him but they like what's been done under his leadership. that was the environment for bill clinton, if you think about it. it was the backdrop. i like to think it saved his bacon here. i like to think just the opposite undid richard nixon who probably would have been brought down regardless. but hyperflation, stagflation as it later became known, didn't help nixon. >> i think the market is not perfect every day. i think it's efficient over the long term. day to day, maybe not so much. i think it does provide a nice check on political rhetoric because it has people putting their money on the line versus cost-free opinions. neil: they can just as easily take their money offline. >> they can. they can. i think that's what -- this is part of the story of the trump presidency, is a lot of noise out of washington that we have a fundamental threat to our republic and the rule of law.

investors do not like investing in countries without rule of law. it's not good for growth, it's not good for property rights. they shun them. so it's essentially been the opposite in this era. now, it's basically trade that's been driving it, and interest rates, more than people thinking wow, trump's really screwing up the american experiment. i think in that way, it is a helpful barometer. it's not the be-all, end-all. it can't obviously predict the future. but it's the best guess to say a lot of what you're hearing in washington is noise. neil: if the market's impression thus far is there's no there, there or there's nothing here that can stick, i'm not a lawyer, but i have watched enough law shows like "law & order" for example. i don't see anything so far, you know, to dislodge markets. what do you think? >> no, i don't see anything thus far to dislodge markets either. i mean, president trump has a really strong record with the

economy, a really strong record with the stock market. neil: you think people come to expect this? deroy kind of touched on it, i don't want to put words in his mouth, this is not a shocker? >> no, it's not a shocker at all. ever since even before president trump was elected, there have been multiple instances trying to kind of bring him down, per se. neil: none of them have worked. >> we hear every week or two, we have a new scandal and everyone freaks out, then it calms back down. i think you may actually have some legislative gridlock in d.c., the democrats aren't going to be in much of a mood to pass anything helpful which is the bad news. the good news is gridlock can be a good thing. i don't think very much bad things will get passed. if we continue to have a 21% corporate tax rate and deregulation and so on, i think the market fundamentals will continue, the economy will keep growing and that may overshadow the clouds that may be lingering overhead. >> a big thing to watch for is if trump gets hurt politically and biden gets hurt politically, so you end up looking at a

bigger probability of an elizabeth warren presidency where you are talking about outlawing entire industries, really fundamental changes in the role of government, i think that is -- [ speaking simultaneously ] neil: a lot more on that. by the way, because some of these plans are doozies and they will raise a lot of money but they will also chase away a lot of money. after this. [upbeat action music] ♪

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are you okay? it looked like they were kind of man-handling you there. reporter: i'm good. i fell out of frame there but i never hit the ground or anything like that. neil: good. good. reporter: it was a chaotic scene while the senator was here this afternoon. you sea the crowd has thinned out incredibly since then. it was by far the largest crowd and the rowdiest crowd we have seen since this strike started a week and a half ago. the senator came across the street, that's when that little incident happened. he hopped up on a flatbed truck and talked to the union workers, calling for what he calls justice for the workers. the question i wanted to ask him was about his single payer health care plan. obviously under sanders, union workers who like their company-sponsored plans, they would have to give it up. i was persistent after that little incident happened before, i asked the question again and it was the only question he answered to the media. >> in the united states, we spend twice as much per capita on health care as do the people of any other nation, and despite all of that spending, you got 87

million people who are uninsured and underinsured, you got 5,000 people -- 500,000 people a year who go bankrupt and 30,000 people die and we pay by far the highest prices in the world for prescription drugs. so while so many people, uninsured or underinsured, it turns out the health care industry last year made $100 billion in profit. a function of health care is to provide quality care to all people, not huge profits. reporter: a lot of people -- reporter: so you can see he never really directly answered my question about these workers who might like their plan, but the campaign did announce a plan under that single payer system in which union workers would be able to bargain for things like wage increases and other benefits. obviously we would have to see how that would be implemented, if the senator is elected. neil: thank you, my friend. meanwhile, the detroit news

editorial page editor with us now, writing the uaw was exploiting workers, not gm in this case. nolan, good to have you. why do you say that? >> well, because this strike is all about providing some cover for a corrupt uaw leadership. we've had the ranks of the uaw leadership decimated by a federal corruption scandal, ten indicted, nine have already pleaded guilty. the only way they were going to get a contract ratified was to take these people out of strike and try to regain their credibility. now the question is how do you get them back in. neil: so how long do you think this drags on? the workers are saying their benefits are not that great, the company that wants them to shoulder more of those, the cost of those benefits, where is this going and how long is it going? >> well, bernie is out there today and bernie is trying to sell a national health care program. at the detroit news we did a recent poll.

michigan wants nothing to do with national health care, primarily because so many workers like these uaw workers enjoy very good company-provided health care. the people who build cadillacs also enjoy cadillac quality health care. they pay just 3% of the cost of their health coverage compared to 30% national average. neil: sorry i'm jumping on you there. even if they were forced to pay more, they figure it's still better than what bernie sanders is proposing? >> gm is not asking them to pay more. gm is not touching their health care. $7 billion offer on the table that would not touch the health care, not touch retirement benefits and over the course of the four years, they would get 20% of their base pay in extra cash. it is an awfully good offer. and it just begs the question, what will it take then to get a settlement? i think it's going to take them staying out long enough for these workers to get tired of losing money. neil: i guess i mistakenly heard

it was for future workers, new workers who come on, that would have not a tiered or grandfathered in sort of health plan where they would pay a little bit more, or benefits that would be more like 401(k)s that are traditional in corporate america. but what's the biggest sticking issue as you see it right now for the workers against the company? >> that's hard to tell. you ask these folks why they're on strike and they will talk about temporary workers being in the plant. i know they have asked for profit sharing for retired workers. it's not like a typical strike, where they can see we need higher pay or we are fighting for our health care benefits. this was a strike, i think, triggered by the fact that you have union membership mad at their corrupt leaders, angry with the company and so they are going to stay on strike until their financial interests overcome that anger. neil: nolan finley, phenomenal

writer, whether you disagree or agree with his premise, puts things in very stark, simple form. i appreciate that. by the way, we are learning the guy who has more political lives than most cats has survived again. prime minister benjamin netanyahu, we're told, has been chosen to form a new government. israel's president rivlin said he chose mr. netanyahu, the conservative leader of the likud party, because he has a better chance of forming such a party. he is about ten seats short but the president deeming the prime minister has the better shot at forming such a government. for benjamin netanyahu who was on the ropes looking like he wouldn't survive this near death blow from last week, an election too close to call, he's been called again to try again. more after this. at fidelity, we believe your money should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account.

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trump took away from this framework. mr. trump exited without a valid justification and illegally from an international agreement so if the united states of america's government is willing to talk, it must create the needed conditions. neil: that's iranian president rouhani with chris wallace sounding defiant, saying iran is ready to accept changes to the nuclear deal but only if the u.s. were to lift sanctions. that doesn't appear likely for the time being. rebekah grant, where is this going? >> well, germany's angela merkel has told us that all the sanctions are not going to be dropped. that said, the big change this week is britain and france and germany agreeing with the u.s. that iran will have to talk and talk about much stricter elements to a new iran deal, including better renaligional stability, no nukes and better

control on their ballistic missile proliferation. >> i'm wondering that better i think you said regional cooperation, does this mean they need to stop funding terrorism? >> oh, it means a long list of things. they need to stop harassing our forces, they need to stop funding terrorism but the key this summer, james, is they need to have that stability through the strait of hormuz. we've got operation sentinel running to monitor that but iran really has to back off. they've had a pretty bad summer with all their escalation and we do need better regional stability. ultimately that means some solution in yemen as well. >> this is deroy. one of the amazing things the me about the iran nuke deal is it does not allow any inspection of iranian military facilities. why would you happen to look for weapons in military facilities. do you think they will ever allow that in a new deal? >> oh, that's the key thing, because there's such suspicion that iran has multiple sites and

look, there's just no reason for iran not to let iaea inspectors come in and inspect everything. if they're a peaceful as they claim they are, we know they're not, they will let the inspectors in. i think they will have to agree to more stringent inspections before we get all the sanctions off iran in the long run. neil: i'm looking at all this saying wall street is panicked about any of this, it has a funny way of showing it, right? >> exactly. we aren't seeing panic in wall street. in fact, what i'm seeing, i'm seeing a defense sector that has been slowly gaining strength throughout 2019. we have stocks like lockheed martin that are right up there near their highs as well as etfs that are continuing to be strong. neil: do you get a sense that the iranians feel they maybe stepped a bridge too far here, that the attack on the saudi facility, while successful, that drones could pull it off while everyone was expecting storming by soldiers of the gates of the kingdom, that they didn't

anticipate this followup? what do you think? >> i think they didn't anticipate the restraint on the part of the the u.s. and the fact that that horrible despotic aramco strike would make britain, france and germany finally move to the u.s. position. i think they really overplayed. plus it's a terrible strike. it was so precise, so accurate, and you look at that and you say they must never, ever, ever have nuclear weapons because it's too risky. they would actually use them. neil: they probably would. that's what concerns a lot of people. thank you very much, rebecca. one speaker in trouble, one speaker remembering another who was in the exact same trouble. does nancy pelosi risk becoming the next newt gingrich? [ orchestral music playing ] mom you've got to get yourself a new car. i wish i could save faster. you're making good choices. you'll get there. ♪ were you going to tell me about this? i know i can't afford to go.

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neil: all right. well, kevin burns is stepping down as the company announced it's suspending all advertising, you know the deal, what the company is dealing with and reacting to. gerri willis with the details. what's happening? gerri: that's right. the ceo of juul labs, the

nation's biggest maker of e-cigs, stepping down as you say after the fda said it intends to ban flavored vape products. juul's ceo kevin burns will be replaced by someone from altria, who owns a stake in juul. the company pulling all advertising, saying they will not lobby against that federal ban. nationally, about eight million adults, five million kids are estimated to vape. these numbers from the federal government. meanwhile, with juul sidelined, altria, philip morris international announced they would end talks for a potential merg merger. merger talks were spurred by juul's threat to their traditional cigarette business. philip morris shares up 4.6%. altria, down 2.46%. sorry, i misspoke. philip morris is up 6.44%. elsewhere in the market,

nike is up pretty handily, about 4.3%, leading the index and adding around 30 points to the dow's rally. nike's stock soared to an all-time high after reporting a blowout quarter last night. the ceo telling investors sales were driven by new products and that revenue in china spiked a handy 22%. at least in the first quarter. not getting impacted by the tariffs. back to you. neil: thank you very, very much. much ado about the transcript of that phone call between our president and the president of ukraine. lot of people stepping back, saying the one it could potentially damage is joe biden. there is a method and pattern and logic to that. i am barely grasping it but i understand it's out there. after this. ♪

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neil: can you overplay your hand? nancy pelosi might be channeling newt gingrich to get a sense of that right now, that there is this sense the democrats are so craving to throw donald trump out of office just as republicans were bill clinton when he was speaker of the house that they regretted what they wished for because it came back to bite them. the read from this, from philip wingman, realclear politics white house reporter. what do you think of that fear and that's why nancy pelosi plays it so tight to the vest? >> we know nancy pelosi for some time has been trying to hold back her own caucus, who was chomping at the bit for impeachment since they took over the house of representatives, but what is interesting right now is i've got a lot of democrating staffers rushing for their federalist papers and also commentaries on the constitution because they have to figure out what an impeachable offense actually is here. so that's an open question. but what is not an open question and what nancy pelosi does know

is what representative sensenbrenner told me earlier in the year, that this impeachment process, he managed clinton's impeachment, these impeachment processes are all-consuming. so this is a news cycle that's going to continue for several, several months, up to the election next november. neil: you know, it's always what is a high crime and misdemeanor. some people say just talking to a prime minister of another country about getting dirt on a potential opponent, it is unseemly but is not enough to rise to that level. i don't know if that's the case. but that it could be if there's proof that we either dangled aid to the country, canceled or delayed it at a minimum, then it becomes an issue. if that doesn't appear to be the case, still early, there might be other phone calls, other transcripts, other examples, is this going nowhere? what do you think? >> so with the mueller investigation, there were a lot of complicated chapters and story lines to follow. it was very difficult to present to the american people after it dragged on for so long and there

wasn't a big bombshell in the mueller report that you could hang your hat on if you are a democrat. with this ukraine issue, though, with the phone call between the president of the united states and the president of ukraine, it was much easier to package and to your point, there might be more transcripts, we don't know. what we have seen right now is that there was no explicit quid pro quo. obviously there was questions about aid the u.s. was going to give to ukraine, there were questions about biden, there were questions about, you know, what was coming out of ukraine in 2016, but it doesn't seem to be so neatly packaged that it can substitute for the mueller investigation. neil: you know, james freeman, what struck me in this is so many people listen in on these calls. like if i were to call you and i had an army of people around me and i'm fully cognizant of the fact i have an army of people listening in as i talk to you, i think i would be a little cautious, right, in what i say, or not? >> yeah.

and i think that there's nothing on here where as far as i can read it, where you say oh, that's something he wouldn't have wanted out there. i think even if people, even though it's not in the phone call, if people think this was actually some kind of subtle pressure, the united states all the time pressures foreign governments to clean up corruption in response for some kind of u.s. help. so i think ultimately, even if they do, democrats manage to have some case to say no, even though it wasn't on the call, it really was tied, it's all going to hinge on whether you think the underlying issue of the biden conduct was corrupt. because if you think it was corrupt, then it's -- [ speaking simultaneously ] neil: you know, what i remember just in history is when we had the cuban missile crisis, one of the secret parts of that deal

was john kennedy removing our missiles from turkey to keep the soviet union satisfied. that didn't get out until years later. but this sort of thing happens all the time. now, that's different. i'm not minimizing this. i'm just saying that where is the stuff that could rise to a high crime and misdemeanor that would land the president in really hot water? >> i don't see it here. maybe elsewhere but i don't see it here. i think he made a very good point about how simple this is, can the american people follow this or not. watergate was basically covering up a break-in at the democrat national committee. the clinton impeachment was about lying under oath about sex with a white house intern. if you start describing this thing, the president made a call with the foreign -- with the president of ukraine about possibly looking into what the vice president did, regarding -- you know, it's several paragraphs to explain this. i don't think it's a typical cut and dried thing that will get the american people to rise up and say oh, my god, we have to throw this man out of the white house. >> even if they do pay attention to the details, i think biden's

conduct is the one you really end up questioning. why was his unqualified son getting 50 grand a month from this company that the ukrainian prosecutor was investigating? neil: yeah. that's the one thing, but a lot of people have said that, and i don't know enough about this so i don't want to pretend to be an expert, that at the time it was fully investigated or so joe biden says, and they were trying to look for a quid pro quo in that case, never found one, but the government collapsed, the prosecutor was gone so it was really nothing to dig into there. that's their take on it. and this is very different. but the irony would be, i'm wondering what you think about this, that for the markets, it could ultimately hurt joe biden more than the president. do you buy that? >> yes, i do buy that. because if there is something there, and if they can uncover some corruption that happened with biden or with his son, that's even better for president trump and his run into the next election cycle into 2020 and the stock market loves president trump.

whether or not you agree with his policies or not, the stock market -- neil: lot of unanswered questions here. phil, i do want to also switch gears a little bit. the markets were rejoicing over this. again, it might be as i said, a quick snapshot reaction that might be proven wrong, but i think they were also jumping for potential joy that a china deal could be scored sooner rather than later. factor that in, the deals that are coming together certainly with japan, the usmca that waits for congressional approval, that waits and waits and waits but the backdrop of all these deals that could be coming together. >> the white house is certainly frustrated with the fact that their new usmca has not been moved in congress right now. this is a source of constant frustration. neil: does it make it more difficult in this impeachment environment? >> it absolutely does, especially when it comes to a moment where democrats are going to be focused on getting him out of the white house early, not on

getting him a legislative landmark deal. makes it very difficult. to the china news, though, we have heard rumblings about a deal for some time. if trump can close a deal before election and keep the economy hot, that plays right into the trump campaign's playbook because their argument is very simple, going into 2020, which is, is your life better now than it was before, check yes or no. that's what they hope will get him a second term. neil: by the way, on the trade situation, ambassador lighthizer doing his best reaction to this, said when asked about the likelihood of a trade deal, we'll see. how many times, we'll see. what do you think? >> i think [ inaudible ] good answer but i think what you hope is they are digging in for a long, possibly unproductive negotiation with china, is that we get more peace on other fronts. i think that was nice to see the president saying he's wrapping

up the trade deal with japan, let's hope that's concluded, and i think that's what businesses need to goose investment because you have seen that reluctance from corporate executives to invest with all this trade fighting going on. if it's just limited to china, i think that's more tolerable. neil: all right. there is a lot of news here. the new bond king is on the wires right now reacting to this whole impeachment push. he was talking to foxbusiness.com. take a listen. >> i think this is more theatrics than anything else. i don't think it's a major market issue. i think that when it comes to politics, the outcome of the 2020 election is far more important. neil: he's echoing everything you just said, that this is not the issue that would derail it. there might be others but this isn't it. what do you think? >> it seems that way.

the dow 24 hours was up pushing 200. based on what we have seen today, i think the market is saying okay, maybe not this scandal, maybe the next one. neil: how does this backdrop to the economic environment for you? you have to look at that, you have to look at earnings, you have to look at everything that's going on. there are a lot of people look at this and say no matter what you think of the politics, it's been a long bull market run, it's a record bull market run. we haven't sort of repealed the economic cycle, and for a lot of people, this is an opportunity to collect your profits and go. what do you think? and that october does that. >> well, yes, we have had a very long run bull market over the course of the last six or seven weeks or so, the market has been slowing down, losing a little bit of that momentum -- it's built up a lot. i'm still relatively bullish on the market. i have been moving a little bit more into value areas of the market just with the ongoing

kind of political discourse but overall, i'm viewing the stock market as strong, i'm viewing the economy as strong and while the trade war has impacted different areas of the market, particularly earnings, in sectors, for example, industrials that have been impacted by steel tariffs, the majority of the market has still remained strong. neil: you know, i don't know if this is typical of a lot of people who look at the trump situation and the comments and say all right, this doesn't really surprise me or that he could use strong-arming language and the democrats go even further than that, but this environment that he's produced trumps, no pun intended, all of that stuff and that will be what keeps him in office. if i had a dime for every time i heard that, i would have several dimes. what do you make of it? >> well, certainly the market environment is one that favors the incumbent at this point, but -- neil: even with all this stuff, right? >> even with all of this stuff. we have seen that republicans are continuing to stick with

trump here. it is concerning for republicans that you see that he's losing to each of the democratic top tier candidates right now in a theoretical head-to-head matchup, but what i think that was most interesting to me when i read the transcript is that this is donald trump, who accused the fbi of tapping his phones during the campaign and there was something to that surveillance, and yet all of these years later, he hasn't moderated. he remains the same person that he was in 2016 and that's a person who beat hillary clinton. whether or not this is the person who can beat the next democratic champion, we don't know. but one thing we do know is that trump is still very much trump. neil: there is that. >> and i think it's going to be largely about the economy and i'm actually a huge long-term bull on the u.s. if these trade fights get resolved. i think that's the big issue more than any of this -- neil: even lighthizer was saying he's confident usmca will come up for a vote because it would

be a catastrophe for our economy if it did not. which is not exactly a fox alert. >> just to make the small political point, if you were in a swing district or a trump district and you are a democrat member of congress who won in 2018 and the next year is all about impeachment and no trade deal, i think you are going to have a tough time running next november. neil: very interesting read. thank you all. terrific job. bunch of brainiacs here. meantime, we are learning the president is expected to address reporters at 4:00 p.m. eastern time in new york city. we will of course cover that on fox news at 4:00 p.m. eastern time. wonder what he has to say. he's been so quiet. more after this.

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president volodymyr zelensky. that conversation, interesting one of the july phone call democrats say it is proof he has to be impeached. republicans say nothing of the sort. the market seems to be shrugging its collective shoulders. now to charles payne. charles: good afternoon. i'm charles payne. this is "making money." breaking at this moment, the transcript is out president trump called ukraine's president showing no connection between foreign aid and investigating joe biden. what does that mean for democrats and house impeachment hopes? president and ukraine's leader will meet moments from now. we'll take you there live when that happens. whoever said the trade war would kill u.s. is way off. big gains as the market resumes the march back towards all-time highs. all that and so much more on making money. ♪ >> it is the single greatest witch-hunt in american history,