it is contracting to. that is according to this report. that did not go down well on wall street. even though a contracting manufacturing sector may suggest that the fed will lower interest rates at a more rapid pace. that is on the sidelines. right now the market is reacting to slower manufacturing. neil, it is yours. neil: thank you, stuart. that sort of undid what it did what looked like a pretty good rally. it is october. we're playing the organ. we were thinking about doing everything in orange. this slowdown fears historically scary month for investors. some of our more noteworthy tumbles have been this month, 1929, 1987, 191989 and 2007.

i could go on and on. growing china trade uncertainty. things are getting a little violent right now in hong kong. for next two hours we'll put it all together. we say boo, you decide whether you still want to buy. see what we did there? ♪ neil: boo! we're down 226 points just like that. starting off the first day of this problematic month. it is not traditionally the worst month for stocks but more memorable from some of those crashes, crashettes whatever you call them. i'm not saying it will end up this way but it is starting out that way and scaring some folks. we have had big drops this month. october of 18 we can remember 1342 hit. in 081525 point hit.

we could go on and on. in percentage terms the big one to beat is 25% plus hit in the dow in october of 1929. in 1987 we lost a quarter of the dow's value. i only mention that, this is a spooky month. we have a lot of spooky developments we're getting into. not only widening search for subpoenas on capitol hill and people resisting those subpoenas, we'll get into that in a second. this morning the manufacturing sector is slowing down. that has been the president's big argument going for him. the one thing unimpeachable this recovery, this economy. let's get the read on "wall street journal at large" host, gerry baker and mark lundberg and liberal commentator danielle mcglocklin. i like to say danielle is

slightly left of center. some people extremely left of center. gerry, some people say we want to tempt october fate. we had a runup, one day a few hours to go. what do you think? >> your extended halloween metaphor is apt and well-placed. we got off to a grim start with the ism numbers. neil: no one saw that. >> i spent last month talking to american business leaders. they're pretty optimistic, the consumer is robust and confident. the wages are growing strongly. there is not economic imbalances 10 years into expansion we might expect to see. inflation is subdued. there is are no financial problems. maybe a little bit of debt. inflation is so low, not a big problem. you have a benign backdrop coming into october, coming into the final quarter of the year but there is, this is the key. this is the key to the ism

report, there is a big lingering concern about trade and what would happen if we get deeper into a trade war between the u.s. and china and the key thing in the ism manufacturing survey today was exports which exports measures were down, expectations for purchasing managers were down very, very sharply. that's what drove the overall index down and that continues to hang over the economy. otherwise things look pretty good. you mentioned all the issues, impeachment, china, trade issue, brexit at the end of the month hang over the market. there is that fear how bad the trade war gets continuing -- only thing i think holding the economy back. neil: mark, i was looking at some of those numbers and pretty much to gerry's point that 47.8 read showing contracting economy, lowest level sense june 2009. we were in middle of a meltdown with the obama administration. they were trying to put a ban

aid on a gaping wound to see what stuck. it is psychological. a lot of this, most ceo's you talk to today are pretty confident the way things are going. they are keeping their powder dry. they don't know about trade. the president said blame the fed. i think we have his tweet, guys. essentially saying it is not on me. it is on the fed. they tighten needlessly, but they have reversed that since. based on idea that trade policies of this president creating this environment. what do you say? >> well it is never on him, is it? always someone else's fault. neil: i can see that. i think the weight thing is a thyroid myself. i understand where he is coming from but what do you make of it? why are you laughing? >> you should give credit and take responsibility. the question is the economy succeeding because of or despite trump's policies. the answer we really don't know.

what scares people about october in addition to halloween is unpredictability. one thing that investor need and want is some predictability. what is likely to happen what is likely to occur what motivates and stimulates where they invest neil: but they have a lot of good predictability and seized on it bidding up markets. s&p is up to 20%, one of the best performances in decades. today, days like this notwithstanding it has been a nice ride. >> it has been a nice ride and we hope it continues. the problem is at any given moment anything can disrupt things to very volatile extent. neil: i guess so. danielle, looking at this, wouldn't it be ironic everyone is worried about impeachment what happens, even if it gets through the house, won't go to the senate, lo and behold, way too early to tell we're shellacked out of the blue with unexpectedly weak economic number that calls into question the one piece of economic sort

of armor that this president has had that this recovery has been unimpeachable. >> exactly. neil: see what i did there with the unimpeachable. basic cable. >> fill in the day. neil: exactly. >> he is in some ways i hear bill clinton what he says, he says this economy is unimpeachable. look at s&p, look at stock market. neil: that is the wind at his back going into the impeachment hearings. >> certainly was. s&p rose between impeachment and acquittal during bill clinton. neil: the markets didn't think it would end up in impeachment, certainly in the senate. >> same thing is happening now. i don't think people generally the senate will impeach if the house is justified to go forward beyond an inquiry. it is noise at this point. to my panelists points, china trade an tariffs, these are the things that concern the market. i don't think impeachment is anything more than noise at this point. >> i would like to impeach your

argument if you may. neil: feel free. >> i think look again, exactly as we were saying uncertainty is out there. but it is, it is pretty remarkable that the economy is in shape it is in. ten plus years into the expansion. longest expansion we ever had. normally you would see signs of stress. you're not seeing it. the president blames the feds. the feds to be fair to jay powell they could have been a little bit easier. right now the domestic conditions don't argue for radical easing. the only thing happening out there that could argue for any kind of easing by the fed concerns what may happen with this china -- neil: it is psychological, right? it feeds on itself. after the '87 crash, ronald reagan was president he would shrug his shoulders, stocks would go up and stocks go down. a lot of people said we need a whole new policy. he eschewed that. we're not in that position now,

i stress that but it has been this president's biggest clarion call, right? look at the economy. he cannot the risk that getting dinged around, right? >> no he can't. if the economy tanks it is over for him. this is is it. he knows that. i think for the foes part -- knows that. the fed is easy target. people urging him to blame the fed. neil: not people. i think he is urging himself. >> doesn't need to be urged, does he? neil: right. >> i think generally speaking the fed has done what it is supposed to do. it could tweak a little around the edges but generally speaking it has done what it is supposed to do. but your original point was right. neil: i like what he says. >> if the economy tanks he has no leg to stand on. >> original point, all of your points. neil: you guys -- >> one up there. neil: very funny stuff. steve bannon was on with

trish regan last night saying on the whole impeachment talk maybe the administration was too cooperative this is from last night about providing documents to various committees. take a look. >> you would think this is somewhat after bad precedent for future president. >> it is terrible precedent. releasing the other day. i know why the president had to do it. it is terrible precedent. turnbull and the mexican president are gone, one reason because of those transcripts. you can't have these transcripts and continue to conduct foreign policy we were the ones said hey we have to restrict how many people had it. at the time hundreds of people got it. neil: the danger, damned if he does, damned if he doesn't. if the president provides a transcript, there must be other phone calls an transcripts of those phone calls. he said be careful being so cooperative it comes back to bite you. >> you could say this about the national security rationale, for example, for building a wall. we'll see a democratic president, climate change is

national security emergency. you see what is good for the goose has to be good for the gander. this is a little bit different, this president has been interested in your thoughts, there have been some really, historic is big word to use, i think about helsinki. a meeting with putin, even closest advisors didn't know what happened in the room. lavrov, 2017 after the inauguration, president as his right declassified information relating to israel. neil: you want transcripts for saul those conversations? >> we're in slightly different paradigm. because there has been lack of transparency, i think this was important. neil: be careful what you wish for there. if every president knew that he was tenterhooks for releasing conversations or transcripts of those conversations. >> there is a reason to keep it confidential of course -- neil: don't release -- >> exactly. >> right of veto over it. you know, they agreed to that.

neil: look even in this one. angela merkel ended up looking bad. they were sort zinging her. >> if you're saying things you don't want people to know maybe you shouldn't be saying them? >> i'm sure, when ronald reagan was talking to mikhail gorbachev -- >> they can have private conversations. when reagan met alone with gorbachev, one-on-one, no aides in the room. the first thing reagan did was call the team together, here is exactly what went on. here is what was said. there were no contemporaneous notes or things of that kind. >> right. you can't, you're not subject to -- >> president reagan nearly sort of gave away the whole shebang there, didn't he? you were in that famous meeting in reykjavik where he went way beyond where the allies were going and most of his national security advisors. neil: it worked out for him. >> you're right. presidents have to be able to

have confidential conversations. otherwise -- neil: i think that is what bannon was saying. he is worried the genie is out of the bottle. it will only get worse. >> if you don't do that, there will be even worse. even less transparent than it is now because if presidents think every single phone call they make to foreign leader ends up on the front page of "washington post," they will find ways to communicate with leaders they will go -- >> the problem with this administration is already happening. think about the nds or channels during the transition. my point i agree actually they need that, they need that protection, they need that confidentiality because we need foreign leaders to be able to -- >> if you allow it to become a precedent. neil: when something erupts in the middle of everything then it becomes that. >> helen thomas, anytime reagan met with a foreign leader the first question she would ask in the briefing room, were there

any secret deals made? everybody -- neil: you got me. here we go. neil: final word. we'll take a quick break. down at session lows. down 275 points. we'll spell it all out for you the concern seems to be, gerry was spelling it out, weakness in the manufacturing sector, contraction, few people saw coming. we're back at levels since 2009. it doesn't mean wipe out material. it could be a one off. hard to say. does continue a trend, a lowdown in that area. right now wall street is selling first, asking questions later. food thing we have all the graphics in order and color codes and red thing going. we'll veer into orange as it becomes necessary. for now we have a lot to cover so let's get started. ♪ 300 miles an hour,

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neil: the dow is down 281 points. the president slamming pathetic federal reserve board members after this weak manufacturing data came out. of course it is showing the lowest level on the factory floor operations in about 10 years. follows on the heels of a chicago pmi report that was contracting for the third time in the last four months but steve moore, the former trump economic advisor says this could just be a one-off here because in the scheme of things the vast majority of the preponderance of data is positive. he spelled it out all in i believe yesterday a "wall street journal" column which he talked about robust growth we've seen across the board, individual wages, adjusted wages for all types of americans. he joins us right now. steve, always good to have you. does this alarm you what is

happening in the manufacturing sector and how would you describe it? >> this is certainly weak. we knew this was coming. i agree with the panel, this is a result of largely the trade war between china and the united states. also i think a result of just global slowing. for the last nine months or so, neil, the united states had to carry the rest of the world on our shoulders. we're only the country growing. europe has been flat. japan is flat. china's economy has been going downhill pretty quickly. i'm not too surprised by this. i kind of knew it was coming. i agree once you get a trade deal announced, hopefully that happens sometime soon, i think you will see manufacturing spring back to life. neil: maybe the president need as trade deal more than the chinese? >> i think they both need it. this is frustrating week after week from the show. it is in both countries interest to get it done. china levels the playing field a little bit. you get a deal, both countries

spring back to life. we'll see what happens. the ball is in beijing's court there. on the issue what is happening in the larger economy, neil, these are blockbuster numbers. thank you for reporting them. i had to triple check these numbers to make sure they were right. they are so off the charts. what we found, based on the census bureau data, they do monthly current population numbers, those numbers are used for the job numbers, from the date donald trump entered office through the end of july this past year, these are the most recent numbers, middle class incomes are up $4100. that is a chart topper. the previous 16 years under the entire bush and obama administrations incomes only rose by $1000. it is pretty spectacular numbers. neil: the numbers, you're relying on statistics. people can argue, play politics, you love the president, hate the president but very, very good. one thing i wanted to raise with

you we're showing about the increase in median household income a little north of $65,000, about 6.8% up tick. or the fact that an average household realized 1400 benefited, you're right on all the above. >> right. neil: one thing in the president's favor, the recovery, the economic juggernaut that ensued, wouldn't that be a kick in the you know what if that starts unraveling at the worst time? >> well here's the interesting thing. i got a sneak preview of the august numbers. when i was telling you the july number. these are not the official numbers yet. i will not even tell you what the numbers are because they're not official yet. but they're really high. what is interesting in in july and august when all the talk was starting about recession is around the corner but income data are showing exactly the opposite. neil: you're helped by inflation is so low. >> absolutely. neil: i'm not minimizing that. that is not the what the president is doing.

he ripped fed a new one on this. i would do the same thing, if i don't like stuff i don't blame the staff. if i screw up i blame the floor director. they understand. the president went after the federal reserve for the manufacturing thing. it is like he is preblaming someone. i wonder what you make of that? >> i think this, is one thing i disagree with your previous panel. i think the fed is way behind the curve. that they have been way too tight. neil: i don't think anyone would dispute that. but what i'm saying though, now they are moving the way they're moving now because of the trade uncertainty. i'm wondering if you think the president's trade policies are causing all of this? that he has to shoulder some of the blame? >> sure. i mean look -- neil: he doesn't do that? >> he gets credit for good news and has to take the blame for the bad news. i'm not trying to be one-sided about this i'm simply saying one thing contributed to the slowdown in the economy, this time last year we're growing 3%.

now we're growing only at two -- neil: i'm not trying to disparage you or the president of the united states. >> i'm saying it is both. it is both. both the trade war -- neil: whatever is happening he is trying to say this is the fed's fault. this is a lot of his doing. >> i think trump has been right about the fed. neil: that is not what i asked. >> he doesn't even have a phd in economics he understands stuff better than the fed guys do. neil: he must be getting worried, bashing the fed. >> he is worried about them. he is is. he has been consistent. let's face it he has been consistent that they have been behind the curve on this i favor one more rate cut. one more. neil: all right. >> because i want more dollar liquidity. everybody wants dollars, neil. neil: fair enough. >> print more dollars in the economy -- neil: you're the president of the united states you want a weak currency, your goal is a weak currency. >> no, no,. neil: he wants it weaker than

now. >> we are furthest thing from the weak currency. neil: strong economy. he should welcome it. >> he just doesn't want the prices to be falling. look i think the fed needs 25 basis point cut. we have to get the trade deal done and we'll have the best economy ever. neil: and peace and joy for everyone. more after this. ♪ 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done.

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neil? neil: very interesting. not a given you can seize on the low rates. in middle of all of this the inquiry is heating up on capitol hill. doris kearns goodwin on advising both sides to step back, slow down, take a deep breath. why that is crucial no matter where you are politically.

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call unitedhealthcare today or go online to enroll, and take advantage of our choice of plans, like aarp medicare advantage. [sfx: mnemonic] ♪. neil: all right. we are down around 260 points on the dow right now. we have 27 of dow 30 stocks down. not a good environment if you think we could be slip-sliding into impeachment hearings and the rest. doris kearns goodwin is here with that backdrop. her book, leadership in turbulent times out in paperback. among many of her best-sellers where she looks at leadership,

where individuals in the job, unenviable job as president of the united states. i didn't know you were here in person. we were prepared to trash you and all. my god, she is here. always great to have. >> you thank you. neil: the backdrop, the economic backdrop, i always argue, doris it helped bill clinton. didn't lessen the magnitude of the impeachment hearings at the time but i kind of think the fact that wall street wanted him to survive it because of the economy and markets help the him. just the opposite with richard nixon. he probably would have been in trouble regardless. the environment staffing nation. the effects of an opec oil embargo didn't help him. this environment, notwithstanding looks good for this president. what do you think? >> no question for president clinton when the monica lewinsky scandal a lot of people wondered about his personal qualities. they should thought he should resign rather than take us through some kind of

impeachment. as the hearings went on, they thought there might be impeachment, they loved the job he was doing. he was never focused on impeachment. i'm doing the work of the people. they felt he was partly responsible for that good economy. by the time they drew up the articles of impeachment his approval was like 66%. when they impeached him, it went up to 73% because they did not this to happen. when they got impeached they didn't want hill to go through a senate trial. they want ad censure instead. they were rational about the decisions he was good for them, good for the country. that impeachment was a partisan endeavor, not good for the country. neil: you warned democrats to go slow, i don't want to put words in your mouth, this is deliberate process. we have only gone through it three times. i'm wondering what have you for

seen? a lot of rush, rush, get subpoenas. >> they didn't expect it to go as fast. road map whistleblower provided gave them a whole bunch of names. they're getting them in there to bolster the case. the standard they should be asking themselves anytime you're impeaching somebody, how will this look 50 years from now? will it look like it did with president nixon that he violated the rule of law? they have to do this, even though impeachment is wrenching process? neil: you have to get those in the president's party to view that. >> right. neil: that is so far is not happening. mitt romney, susan collins raised concerns. but that's it. >> but the question will be, as i think it was with nixon, events are going to keep coming forward possibly. i mean nixon, only 19% wanted impeachment when he started. then you had john dean's testimony. then you had the "saturday night massacre." of course you had the tapes. the tapes are the smoking gun. neil: the tapes were everything.

you had people like howard baker prominent republican say what did the president know and when did he know it. barry goldwater said the jig is up here. >> the question of what will the leadership of both parties be like right now? they will both be telling different stories to the american people. there will be narrative that the trump presidency put out. there will be a narrative the democrats put out. the side that will be able to persuade more people will be the side that tells the more believable story. i think the mueller report didn't provide a story. what i mean by a story, somebody can sit next to somebody in a bar, somebody can sit next to somebody on a television set, this is what president trump did that violated the law, violated his oath of office, not just using those words, explaining what he did. bring the framers back in what they said about impeachment. this could be a time we learn the about country again. those of us who are historians, as terrible as it is we know it is one of those moments we'll

look back to oldham mill ton, jefferson. i like that. neil: you're talking about 50 years out. we live in culture, 50 minutes, maybe 50 days now and then. you think of the next election. part of the argument for the rush, doris, a lot of democrats fear, particularly those who won districts the president won, considered moderate i talked to a few of them, who don't want this hurting them in the polls. they look too eager. what do you say to them? >> i think what you say to all of them right now, if you could, that my four guys would give lessons is, sure they're ambitious for themselves, sure they care about the next election, whether a republican worried about going against trump or democrat worried being too moderate, at some point you are a member of this institution. your ambition for the congress, ambition for the senate, ambition for the country, whatever you think is right should be able to exceed the ambition yourself. if you loose election, you done the right thing, you remember that, you tell your children that. if you don't do the right thing either way is it worth it? what

is the price of winning. neil: it is so polarizing the president feels that democrats negative cut him slack. never recognized he was legitimately elected president of the united states so they have always out for him. democrats argue in turn you flagrantly violated, forget about whether there are high crimes and misdemeanor, your whole decorum in office has been repulsive. the two sides never see eye-to-eye. >> this is the world we're living in now. that is the concern. when the nixon thing happened -- neil: but you experienced that with lbj at the height of the vietnam war. >> that is one thing history can provide solace for. we've been through much more difficult times than this before. we went through lincoln and the civil war. we went through the great depression. we went through world war ii and vietnam fights and came out. citizen activists got us out. what is harder about the social media and divisive kinds of media we have. that reminds me of the 19th century the build-up to the

civil war, two partisan newspapers you were reading democrat or republican. if you were reading republican paper about lincoln in the douglas debate he was carried out in triumph he was so great. you read the same facts in the democratsic paper, he was so embarrassed he fell on the floor, he had to be dragged out. that was replaced by national newspapers, by three television networks, national radio before that. neil: but networks, news networks will see things and their audiences through the prism of their bias, right? >> that, people are only looking what they want to see. so we've become siloed. what is going to bring us to have common citizens? the one thing teddy roosevelt warned about if people in different parts of the country, in different sections, religions, races start seeing themselves as the other, rather than common american citizens then american democracy is in trouble. somebody has to break through that. we the people have to decide this is it, we have to become american citizens to face our problems as a nation. neil: we had some startling

economic news today. it might be a one-off, doris, raising with another guest here, several, that showed the factory sector contracting to the likes of what we had during the meltdown a decade ago. it could be a one-off and other numbers going the president way. he put the blame on the federal reserve. he didn't take any blame, his trade stance with china might be merittable and work but that is creating urn certainty for the same factory owners s there something be said any president, republican or democrat taking the blame? >> it's huge. the people want you to take responsibility for the decisions you made. when lincoln made the decision for the emancipation proclamation, he told the cabinet this is my responsibility. you don't have to worry. i will take it. i won't blame anybody else if it doesn't go well. acknowledging errors and learning from mistakes is ability to grow.

that make as leader in business, politics or university. that is what makes you grow. you're going to screw up at times. there will be times, but if you blame other people and don't absorb and self-reflect what you might have had to do with it, how can you possibly change? neil: i don't buy that. i blame everyone for every mistake. >> no, you don't. i don't believe you. neil: take nothing for granted. this weight thing is a whole gland you lar issue. good to see you. doris kearns goodwin, leadership in turbulent times. it is her latest. who knows maybe another book is coming on the whole drama playing out before us. the dow down 245 points. she might be a great historian. she has done nothing about making people enthusiastic about stocks today but she can only do so much. cologuard: colon cancer screening for people 50

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♪ neil: that is why these guys are pushing a wealth tax. >> to take it to try to get revenue from it. neil: what would you do? >> probably wouldn't change a

thing. i think a wealth tax is a nice talking point right now for elizabeth and for bernie. i don't think it happens. because they don't have to delve into the details. they don't have to dig in to see how it would actually work and what the ramifications would be because liquidity is going to be a huge issue. neil: he is not saying it because he is a multibillionaire but mark cuban is not entirely sure soaking the rich plans can be implemented anyway but elizabeth warren and bernie sanders are resonating with their fan bases and passion of the party seems to be with them. former minnesota governor tim pawlenty on what republicans offer back. what do you think, governor? big rap republicans are great at saying no, no, you're not you in wisconsin but what is going on the national level, deficits and debts have been building a far faster clip. what do you say? >> well i think what republicans have to offer neil, is growth and opportunity. if you look at some of the statistics being applied setting

aside all the other high hyperbc things in the economy. we have some. highest minority employment in the country. growth is occurring helping people of modest, entry level incomes. neil: so, go of, when you hear a survey that comes out today, on manufacturers, those who run the factory floors across the country saying the trade situation, uncertain around that, with the economy goes keeping their powder dry, they're not expanding, little added hiring going on, they're just not sure, the president blames that on the federal reserve. there may be some truth to that when it overhiked when it did but the federal reserve blames cuts ensuing since because of the trade situation. who's right? >> well probably both. if you look at the business side of it of course they value certainty. you will not deploy large

amounts of risk capital unless you have a sense of certainty as thinks like rule of law and rules of the road when it comes to matters of global trade. it totally makes sense. it is rational for deployers of capital to look at an unsteady global trade and market situation, you know what? we'll pull back a little bit. but to the president's credit as you referred to earlier with your earlier guest somebody had to call the question on the chinese. otherwise we sit here and get flogged enlessly like a bunch of dopes with trade relations. his calculation is get longer term or intermediate term gain for short term pain. it is difficult and burdens on the sectors of the economy, maybe the broader economy but we couldn't just continue to allow the chinese to exploit us and they were. neil: governor, always a pleasure. tim pawlenty former minnesota governor, former financial services head, much, much more.

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october 7th through 13th.

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government. at the end of the day someone threatening something that existential you go to the mat and fight. neil: note to self. you're a high-tech billionaire giant. you're at a high-tech conference. there will be microphones. he is finding out the hard way. that is mr. zuckerberg of facebook. elizabeth warren wasting little time on twitter. what would really suck if we don't fix a corrupt system that let es like giant companies like facebook, engage in illegally practices and resymptom on consumer privacy rights and repeatedly fumble on their responsibility to protect our democracy. neil: charlie gasparino. >> i will protect the democracy. neil: did he think that would not get out? >> i don't think what he said was so bad. we've been reporting on the show tech faces -- neil: he puts up a very different public face. they don't engage the beast.

>> all she said, this is something we've been reporting, she will go out there if she wins and democrats sweep congress they will try to break up facebook. neil: right. >> facebook and google. neil: she is not the only one. >> but mainly her. facebook and google. all he said we're going to fight. i don't think that is so bad. he basically said we're going to fight a lawsuit. neil: right. i think it's the other behavior, the secrecy he had with the guys. went to capitol hill and met with them, i know you had to do that. you can't be caught saying that. this is how he really feels. >> i didn't think it was so bad. all he said he would fight. neil: you're hardly barometer of proper behavior. >> didn't say screw her or -- neil: new studio, new standards. >> this is very impressive. i feel like i'm in a spaceship. neil: do we have any standards at all? no. >> it is cold and sterile in here. neil: you whine a lot.

doris kearns goodwin was sitting where you're sitting she didn't complain once. >> i saw her breath it was so cold. by the way i do have news. neil: what is the occasion? >> thank you. well the fcc is now formally, informally approved the sprint t-mobile -- you thought this deal was over. neil: it never is. >> official approval by the federal communications commission, now we know, brendan card, one of the commissioners was holding out for a while in approving thing. he voted to approve it. it needs to go through the process. here is why brendan was late with the other republican commissioners, there is three. the chairman, brendan and another one. they have three out of the five. here is why they were late. they're looking to beef up the order so it can withstand a serious challenge by the states. the state ags still want to break this thing up. that is why they waited long on this to put it together. so the formal order will be presented very soon, we think about six weeks. but you know, you will still

hear about the deal because the state ags are filing a suit. the sec wanted to put together a order they think the strongest order. neil: will this happen or not? >> it is happening. neil: it is happening. they have already got the stationery. >> you could really put the genie back in the bottle. the sec believes its order helps make that very, very difficult. that is why they took a long time on this thing i'm told. neil: very quickly, factor report has a lot of people thinking one thing going for the president, stronger economy, wouldn't it be a kick that unravels on him before the election. >> if it unravels on him he is about as close toast as you get. neil: might be a one-off. >> there is other conflicting date takes that's what i said. >> what bill clinton had going for him, what nixon didn't have going for him, strong economy in face of impeachment. once you start getting impeachment, bad economy, tweet and everything, people start

saying maybe i can't -- neil: little bit. >> i don't believe anybody would vote for elizabeth warren. neil: stop it. your opinions don't matter. >> think about it. she wants to up end -- neil: force field up. we'll have more after this. >> entire economy. 5. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.

neil: you know, our alert is even more scary now, but why it's building here is the fact we got the scary numbers out. by and large, the confluence of data has been very strong and continues to be, even from the factory floor we've got more good data than bad data, but this particular report on the manufacturing, the ism number which keeps track of the people who make the decisions on what supplies to buy or not buy, whether to expand or not expand, well, almost to a factory they are saying you know, we are really holding back here, hedging our bets by not making any bets, by reducing capital spending, by cooling it on hiring and just waiting out this trade situation.

to the point where we're back to levels we were in june 2009. that could change and there are other data in key districts that show it's a little stronger than that, but in chicago, chicago pmi reported, purchasing manager index if you will was running down for the third month out of the last four. it's happening across the country, places like wisconsin, the former wisconsin governor scott walker is with us on that. governor, great seeing you. you know, i'm wondering what you make of the environment because wall street immediately seized on this, uh-oh, we have serious hiccups here. do we? >> no, i think people are kind of waiting to see, and that particularly happens as you go into election year, but we have seen in wisconsin's case, historically low unemployment. when i ran, you talk about 2009-2010, unemployment was 9.3%. for almost two years now we have been at or below 3% unemployment, at record high levels or near record high levels in terms of --

neil: but you had a good environment, you ran a lot of elections, but i'm wondering for the president, does it guarantee if you have a good economy, that you can seal the deal? >> it does, the two go hand-in-hand. this president unlike anyone i have seen in my life is effective at defining his opposition. so whether it's joe biden i think was the biggest loser last week with all the attention focused on his son and if you really look at that, that's pretty damning, other elizabeth warren who's got her own problems in terms of authenticity and how far left she is, or bernie sanders, who -- neil: really, you look at it, governor, we can argue the politics of it, i'm just wondering with the economy still as strong as it is, today notwithstanding, as impervious as they've been, the president should be up by a lot, shouldn't he? >> that's conventional wisdom. the challenge is particularly in the midwest, where the battleground states are, wisconsin, michigan, ohio, even

including parts of pennsylvania -- neil: how do you think wisconsin would go right now? i was trying to touch on that with former governor pawlenty about his state, but is it your sense that it would be tougher this go-round for the president? >> there's no doubt about it. the democrats, if they were were wise, would wait to nominate their candidate until the week before the election because the longer it can be just about the president and at least some elements of the media feeding into some of his comments and that, for swing voters, whether in wisconsin or minnesota, you mentioned pawlenty, some of the others, there's that midwestern nice sense, that style might have an impact but the counter to that is they're not. they are going to do it next summer in wisconsin, milwaukee, where i live. i will be just a few blocks down the way from there. neil: you going to stop by, say hello? >> i will probably be on your network. people look at the facts, unemployment the lowest since december of 1969. african-american, latino, people with disabilities, veterans all have the lowest ever recorded. when you look at steve moore

wrote a great piece today about middle class tax, middle class families, between the tax cuts and wages see a $4100 increase -- neil: to be fair, those real gains are because we have very low inflation and that might last for awhile. the president has been blaming a lot of this, on the federal reserve, that they tightened too soon and now they are having to reverse that but we wouldn't be in this situation if they had done what he said. what do you make of that? >> i think there's some truth to that. i think the larger context, though, one of the things, i'm a free trade guy, i think there are some concerns about trade although i think when people hear, i was talking to jared kushner not too long ago about this, when you hear the end game which is what he actually said up in canada at the meeting of all the global leaders where he pointed out that his ultimate goal would be no tariffs. if people hear that, if we get this trade deal through and that's a big if, got our fingers crossed, if there's a trade deal with canada and mexico, that's a huge step. you see the next step being talked about with the leadership

of japan. i think we actually put the pressure on and people saw that the end game was to level the playing field so that american workers and american farmers could be competitive with anyone in the world, i think -- neil: do you worry, though, about the other stuff he does to rain on that argument? because he does have a good argument. but the numbers are what the numbers are and by and large, they're good numbers, yet you know, making calls to foreign leaders that risk once again giving the appearance of a foreign power interfering in another u.s. election. i don't know, i'm not a lawyer, i don't know if you are, but -- >> i'm not. neil: it might not be an impeachable offense but it doesn't look good. it has an icky nature to it. i'm wondering if the president even cares about that, or do you care that he apparently does this? >> the reality is, i know this well on a smaller scale, the night i was elected november 2nd, 2010, that night, someone

had already bought the domain name for recall scott walker.com. reason i say that is because in my case, we saw it play out, there were people working to recall me because they didn't like the fact i had won in a blue state where the progressive movement started -- neil: they argued you were doing a beeline for labor and they were getting ready for -- >> and eight years later we have seen $8 million cut taxes, schools are the same or better, all -- neil: but you kept the focus on that. the rap against this president is he didn't. >> that's the challenge. i think the same thing is true. it didn't matter what was going to happen. at some point they were going to look for a reason to go to impeachment. the key for the president to survive this is to keep coming back and talk about -- neil: you never called a foreign leader to dig up dirt on someone, right? >> well, i never had an opponent who did what joe biden and his son did. that's the thrust of it. the big loser in all that, if i was any of the other democrats running, i would want the media talking about that, because you look at a guy whose son had no reason to be involved with this

company, had no expertise -- neil: that's why they might be quietly hoping biden implodes, hoping it goes away. if you are his opponent. >> it would take away one of the key arguments which is somehow he's the most electable. you look at the scandal really is about joe biden and his son. neil: we will see how it all sorts out. great seeing you, scott walker. beautiful state of wisconsin. madison is beautiful. it was surreal. i do remember that. good food. very good food. thank you, governor. meantime, hong kong protests are turning very violent. one protester earlier shot in the chest. an 18-year-old. we understand he's doing okay. hard to say because not a lot is shared with the general media after such events. let's get the read from former cypress semiconductor ceo t.j. rogers. a lot of people looking at this as sort of the wild card in global events. it could disrupt a trade deal at the very least on the 70th anniversary of communist china. it could disrupt lots of things. what do you think?

>> first i would like to comment. i just listened to governor scott walker. i'm talking to you from nutcake lane in california. so nice to hear a politician that just is logical and straight. to your question, i think the president is betting his presidency on the trade deal. his thesis is they play unfair and we're going to force them to play fairly. if he wins that one, then the economy recovers. i do believe we have trade issues in the economy. if he doesn't, it's a problem. of course, you know, hong kong is something, if something goes really bad in hong kong and we attack china for doing that, and that breaks the talks up, that would be very bad for the president. neil: so when china's xi jinping is saying no force can stop the chinese people and the chinese nation, he's upped the ante in hong kong, he seems to be fighting fire with fire. most of this could be geared toward a public that's very

receptive and enthusiastic about the 70th anniversary, i get that, but do you think this does drag on even through the election? >> i'm amazed at the resiliency of the protesters. they are going against people that will shoot them. look at tiananmen square. and they keep coming out and the older people, every story is about how old people drive their cars and shuttle protesters back and forth. they are dead serious. they lived in freedom in hong kong for a long time and they are not about to have chinese style communism take over their country. neil: in our markets and the reaction to this apparent contraction going on in the factory sector, as you reminded me, we talked about economic numbers for decades, they come and go and can change. you get a bunch of them together that say the same thing, then you have something to worry about. so far that does not appear to be the case. but it could be. we are back to levels we were, you know, during the meltdown. does it worry you, if this gains traction?

>> well, i'm also a free trader. i know that's right. i know both sides are better off when there's free trade. but this issue is about free trade that's on a longer time scale. will you be allowed to rig trade to your advantage as the manufacturing facilities in the united states are shut down. take atl. catl. it used to be atl, it was an american battery company. it's now catl. they put a plant in china. china got their secrets. china forced them to put a chinese plant in. then they said they were going to subsidize all batteries in china, only if the board of directors was 100% chinese. bam. atl becomes catl and they own the company. that kind of stuff has got to stop. and in the short term, he needs to disrupt it. again, i'm taking the president at his word. he's saying i'm going to make it

painful enough that they stop that kind of stuff. neil: we will watch very very closely. t.j. rodgers, good seeing you again. thank you very much. >> thank you. neil: all right. right now, the longer this back-and-forth goes over ukraine and everything else and democrats are wondering who's going to get the better of this, republicans wondering whether democrats are going too aggressively on this, that leaves one guy who appears to be winning it all. vladimir putin. after this. ♪ ♪ ♪ no, just a sec. what would it look like if we listened more? could the right voice, the right set of words, bring us all just a little closer? get us to open up?

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neil: all right. we are revisiting session lows right here. it's the reason why we color code all of this, for those of you who are color blind, we provide down arrows, in this case we have 27 of the dow 30 stocks feeling the pinch. apple, johnson & johnson, these are the ones bucking the trend for the time being, a lot of it

on a report that shows manufacturing activity is frozen to the point it's going the other way, it's contracting. it follows on the heels of a report out of the chicago purchasing management environment that showed things slipping for the third time in four months. we've got reads out of philadelphia and new york that echo similar slowdowns although not of this severity here. lot of people seizing on that as a sign here that not only does the federal reserve have to intervene to cut rates, that probably is more, you know, editorial call on the part of the federal reserve at this point because the confluence of data is much stronger, but it could sort of rain on the economic parade that this president has been enjoying. it's been the one thing that has been unimpeachable for this president, the recovery itself. blake burman on the impeachable part of that that's gaining steam, having nothing to do with the economy and everything to do with a lot of people breathing down his neck. blake? reporter: yeah, and a lot of news as it relates to the secretary of state mike pompeo today, neil, in all of this as he has just voiced his concerns on this day as it relates to the five scheduled depositions that

are set to take place up on capitol hill of past and current state department officials. two of those depositions are scheduled for this week, one's tomorrow and one, the day after that. in a letter to the democratic head of the house foreign affairs committee, pompeo lays out a handful of problems that he sees with that. for example, the secretary of state says that some still need to retain legal counsel, as he argues that attorneys from the executive branch must be present. he contends that the process amounts to intimidation, writing in that letter quote, i am deeply concerned with aspects of your request that can be understood only as an attempt to intimidate, bully and treat improper the distinguished professionals at the department of state, including several career foreign service officers whom the committee is now targeting. meantime, here at the white house today, the president is continuing to insist that he should be able to learn more about the whistleblower. want to show you a thread here

that the president posted on twitter today. bottom part, the first tweet, the president says quote, why aren't we entitled to interview and learn everything about, he goes on to say the whistleblower and also the person who gave all of the false information to him. however, the whistleblower's attorneys, they are pushing back on what they view as intimidation, saying in a statement about their client quote, the intel community whistleblower is entitled to anonymity, law and policy support this and the individual is not to be retaliated against. they end by saying doing so is a violation of federal law. neil? neil: thank you very, very much, my friend. i want to go, still in the nation's capital, to jerry. he has a unique ability to put all these cross-currents in a clearly focused column that looks way beyond some of the obvious and talking about how this back-and-forth on this whole ukraine situation, everything else, going back many

years to other situations, is benefiting only one guy, vladimir putin. near the end of his said column on this, he talks about how putin's goal for years has been to sow discord and division within the u.s., thereby weaken america at home and on the world stage. he concludes on that front thanks to the ukraine controversy and the impeachment fight now unfolding, things are working nicely for him right now. jerry seib with us now. i think you're right on the money. we can argue over who is benefiting in this political back-and-forth but i understand why vladimir putin would be smiling. >> well, yeah. it's not just the fact that he wants there to be division in the u.s. there's also a desire that he's exhibited for years now as well that he wants to illustrate that western democracies are so messy and inefficient that they are no models for people in russia, who are by the way in the streets in some cases in moscow now demonstrating for more democracy. this allows him to say to his

people you don't want a mess like this, right. what else does vladimir putin want. he wants ukraine next door to be intimidated. he wants the ukrainians to think they are not really a high priority for the west in terms of their own defense, and he wants the ukrainians to think their government is so corrupt, it should accept russian help, in quotes. both those things are furthered by this controversy. the president has a phone call and the transcript says he tells the ukrainian president, you know, europeans aren't really doing much to help you, and when the ukrainians talk to the president about getting javelin anti-tank missiles which they want to defend themselves against russia, the president says first do me a favor. ukraine looks like the pawn of the west here. in almost every respect, this is the sort of thing that as i say, has to make vladimir putin smile a little bit. neil: you know, john kennedy was famous for saying, you know, democracy in countries like ours might have its problems, i'm paraphrasing, but we don't have to build a wall to keep our people in. of course he was referring to the berlin wall at the time which is since gone. but these protests you allude to going on in russia, namely in

moscow and they continue almost every weekend, they are not going away either but putin can frame this as yeah, we might have some disruptions here but nothing like what's going on in the west, nothing like what's going on in america. right? >> right. which is both true and misses the point of democracy entirely. part of the point of democracy is you are free to argue with each other and you work these things out and in the end, you come to a solution. but in the short run, i think vladimir putin benefits from the fact some russians probably like the idea they have an authoritarian leader who keeps things running and who is efficient if ruthless in the process. if that's the case, then he does have a model here he can point to. and there is evidence to suggest that's the way he likes to see things. but you're right, the moscow protests which are not giant but they are continuing, suggest that some people within russia have just about had it with that idea and they are trying to push in a different direction. so there's a russian domestic

context for all this. neil: very good. always seeing you, thank you very much. college players in california are getting ready for big endorsements, but the ncaa, maybe bigger problems. >> my guess is, this is only a guess, that the ncaa may implode, particularly as it applies to football. e a world we nothing gets in the way of doing great work. where an american icon uses the latest hr tools to stay true to the family recipe. where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. where the nation's biggest party store can staff up quickly as soon as it's time for fun. this is the world of adp. hr, talent, time, benefits and payroll. designed for people.

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parties come in with a lot of money and say you know what, this is about the cash now. you need to focus on yourself, this school and your economics as an athletic department, let us invest in you, extract yourself from the ncaa, we will partner with x number of other schools and we will create our own organization and we will create our own economics and you will get to make more money. neil: so good for the athletes, not necessarily good for the ncaa. doug eldridge on where all this is going. what do you think of what he's saying there, doug? it's the ncaa that has to worry, not california? >> i think mr. cuban is absolutely right. i think in the short term, california is certainly going to get some opposition from the ncaa but i think we are looking at the possibility of unprecedented times moving forward. in california might be the ideal david to take on the goliath that is the ncaa. you are talking about a state that has the fifth largest economy in the world behind only the united states and germany, japan and china, and a population of 40 million people.

i think they are well-positioned to completely turn the tide and redefine how we look at amateurism and the notions of quote unquote, student athlete, a term that by the way was defined and created by the ncaa to begin with. neil: what does it mean for, you know, college players, let's say this does spread. how does it change the game? do you really need an ncaa? >> well, i'm glad you asked. let's take a step back and look at the mechanics and moving pieces here. first, they aren't drawing a salary from the university like for example, an nfl player would get a game check from the new york giants. the payment is coming outside of that. the off-the-field endorsement and sponsorship opportunities. for the first time, the california bill is providing the opportunity for college athletes to be compensated for use of their name, image and likeness. it's also important in that same breath to remember only roughly 1% of college basketball players ever make it to the nba. roughly 2% of college football players make it to the nfl. the other 98% or 99 p% don't.

there's a corollary in terms of marketability once they get to the pro level. so we're not talking about hundreds of thousands of athletes hitting that marketing crescendo but there are certainly some that will be available to. my biggest issue with this, remember, i'm a capitalist and pragmatist, not an idealist, so my issue is not the notion of fair market value, but the free market valuation. when we are talking about an entity like the ncaa that does $800 million via march madness, $1.1 billion in revenue and schools like texas a & m that invest $500 million in stadium upgrades, none of which i have a problem with, until it comes to an athlete not being able to cash in on use of their name or image or likeness because it violates the ncaa's definition of amateurism, underwritten by the notion of a student athlete. at some point, marketing students will look back and use this as a case study, no different than haagen daaz or hallmark essentially creating

mother's day as a means of driving greeting cards every may. student athlete was contrived by the former director of the ncaa to aindividual a workers' compensation suit by the widow of a football player that died. they were worried that college athletes were perceived as employees of the university. so to shift perception, they created the term student athlete to establish this notion that they were amateurs in pursuit of a hobby. back then it was to avoid a worker's comp claim. 70 years later, the economics of the sports business model have dramatically changed. we are talking a billion dollar entity and the players are ultimately the ones that lose out. governor newsom certainly rolled gutter balls in the past from paper straws to boulders on the sidewalk for the homework but this might be a strike and i think other states will follow suit as well. neil: we shall see. thank you very much, doug. good seeing you again. >> thank you for having me, sir. neil: the latest on this impeachment push and how it is sort of blocking progress on anything else, including a trade deal. that would normally be benefiting democrats or at least

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i think over the next 30 days, really, this is going to be october is going to be the hunt for usmca in october, to me, that's the most important thing for the global economy, for this hemisphere and for america, so i think if we were to pass the usmca, it's good for

both farmers and manufacturers, rare in a trade deal. it's good for all 50 states. neil: all right. that was peter navarro on our air earlier i believe with maria, talking about how maybe this impeachment stuff gets in the way of getting stuff done like a usmca vote. that is the accord that was written off on by the leaders of canada, mexico and the united states almost 11 months ago, almost a year ago, actually. he wants it done, signed, sealed and delivered. we shall see. the former dnc chair, fox news contributor donna brazile on all of that. good to see you. >> great to be here. i love this beautiful set, by the way. neil: i designed it myself. i just threw it together. >> i'll invite you over. i'll cook. neil: what do you make of this, that increasingly, i talk to moderate democrats who won districts that the president won, part of the reason why 40 seats were gained, a lot of them were about -- i think you talked about that but to a man or woman, some of these, i have had them on the show, have been worrying this impeachment stuff

is getting in the way and could hurt them in these very big swing districts. what do you think? >> i watched the representative last night, she had a town hall meeting in october of all places where i never thought democrats would pick up a seat. what she said to her constituents, she said i'm not there yet but here's where i am and she went on to talk about health care, she talked about -- neil: on impeachment, she said she wasn't there on it? >> she wasn't there yet. she went on to talk about health care, where she's at on health care, making sure we continue to protect those with pre-existing conditions and then of course, she got into more substance. i do believe as you saw last week, the democrats understand that we have to walk and chew gum. that's an old saying that we use, but last week, you saw the house come together to pass the budget and to make sure the government functions throughout the rest of the fall. we've got to come back after thanksgiving. but i do believe that nancy pelosi, who is really a dynamite

leader. i mean, you talk about somebody who knows how to get the progressives as well as the moderate and conservative wing of the party together, nancy pelosi has a maniacal focus on keeping the government moving, fixated on the democratic priorities, yet she's going to allow her six lieutenants, i call them lieutenants, her committee chairs, to complete their work on the impeachment inquiry. neil: she's given adam schiff the lead on that, right? >> i think that's appropriate given what -- neil: she doesn't think nadler's up to it? >> no, i think look, eventually nadler, maxine waters and others will play a role but -- neil: she's being cautious, right? she doesn't want to just go diving into this? she's walking a tightrope. >> she is, but remember, before she became a leader, i was a hill staffer back during that period of time, she was a member of the intel committee. i think she understands what's at stake and understands mr. schiff is probably in the best position to carry out his

responsibility -- neil: because of that caricature, that tony soprano thing? >> i wouldn't be hate or love. i would be more like tina turner. neil: you hear this all the time, they were saying i remember a lot of this during the clinton impeachment that what's it going to prove. in the end, you know, he's not going to be convicted in the senate and that's the view here that worse case scenario, it's not going to happen in the senate. >> but you know -- neil: we don't know. >> president clinton complied with the subpoenas. don't forget because i was a hill staffer back then when many democrats on the left, progressives said don't do this, don't do this, you know, attack ken starr, attack this, the president said no, i got to go forth, i got to show the american people i'm doing my job but what difficult was wrong. it took awhile to get there. once he got there -- neil: he did have a war room going. >> i remember that war room. in fact, i was dispatched over

to the dccc, democratic congressional campaign committee, and the dnc because we were up against an election year. that year we came within five seats of taking back the house and it was mr. gingrich who lost his job. neil: you're right about that. you know, i was talking this over with money managers, democrats, republicans, donna, who said the one common theme between what you were going through and remembering about bill clinton and what possibly president trump goes through is that strong economy, strong markets and that was really the wind at bill clinton's back, because whatever you say about the president who lied about an affair with an intern, it did not warrant to many on the hill eventually kicking him out of office. it's way too early on all this stuff, but that the backdrop here is such, i talk to a lot of guys, neil, i know all the problems with the president, yada yada but i don't want this disrupted. i don't want -- this has been a

gravy train. don't disrupt it. >> you know, two weeks ago, i would have showed up here and said only 125, 130 democrats are strongly in favor of impeachment, talking about house democrats. you saw what happened last week. we went from 137 to 218 within 48 hours. neil: are we there now, at 218? that's what you need. >> well, let's see what the facts bear out. we still have to go through an inquiry. i'm one who believe it shouldn't be rushed to judgment. it should be done in methodical process but if the president continues to obstruct, if he continues to say to democrats or to the congress that you don't deserve this material, then -- neil: well, i don't know what the definition of obstruction is but saying you didn't do something, on and on and on, it delays things. right? do you see anything like that that could keep this dragging on awhile? >> well, i do believe that once the whistleblower comes forward and testifies, hopefully behind

closed doors, i don't want to put -- i wouldn't want to put anybody in jeopardy of being threatened. so i think once we hear from the whistleblower, we should have more information that will, you know, at least guide the committees in their own thinking over the next couple of weeks. neil: who is the nominee, democratic nominee? >> if i knew that, i wish i knew that. i know in my gut what i would like to see but here's what i know. i was in iowa last week and the voters there are still shopping. so until they settle on a candidate it's too early for me to settle on one. neil: the argument is he's sinking, joe biden, she's rising, elizabeth warren. you buy that? >> joe biden was stalwart prior to these allegations. he's still in the catbird seat. he's still leading the democratic pack. she is still rising. when i looked at that money, some of the figures that came out, mayor pete, the fact that cory booker was able to statey the race, able to raise a

substantial amount of money over the last ten days. neil: bernie sanders. >> what's astounding about dernie sanders, he has over a million supporters andaverage c. neil: is that right? >> under 20 but i don't want to spill the beans right now. all right. thank you very much, donna brazile. she in a classy way said i'm not that eager for that. more after this. - did you know that americans that bought gold in 2005

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gold is now on sale at prices unseen in years and this year could be one of the greatest gold-buying opportunities of all time! call now while vault inventory remains. as one of the largest u.s. gold coin distributors in the country, the u.s. money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase your american eagle coins at cost for the amazing price on your screen. neil: all right. we've got the dow down about 310 points. the impetus for a lot of selling today was this weaker than

expected manufacturing report, particularly hitting mostly dow 30 stocks because well, most of them are manufacturing entities and global entities, at that, and they are taking that to the chin here. my buddy charles payne said that that might be a bit of a leap here, at least at this point of things. also making money right up after this show, with us now. what do you think of that report? >> you know, first of all, i was a little surprised wall street thought it would edge higher considering that we have been -- the numbers have gone down sequentially almost every month the past seven or eight months. we have seen manufacturing recession in the rest of the world, then of course yesterday, we had the chicago pmi number that was unmitigated disaster. but having said that, you know, it's one of those reports where, you know, president trump put out a tweet afterwards, he talked about the fed, he talked about jay powell, and i will say that while i'm no fan of the tweets per se, i think he's right in the sense that we have chicago fed president charles

evans yesterday, today, couple weeks ago, saying he thinks the fed should stop cutting rates, yet it's his area where the weakness is coming from. general motors has 33 plants that are closed. think of all the economic damage there. you've got an asterisk after this but i think these guys have to wake up. also, they have to put a lot more pressure on president trump. yesterday, a steel company went out of business. almost 400 employees. the governor is blaming it on president trump's steel tariffs, not the way it was supposed to work in their play tl bobook. it's only a matter of time before something like this becomes a political issue. neil: i know the president has fingered the fed for this, that if anything goes awry in this manufacturing contraction, they wouldn't be in this pickle, he says it all the time but the fed is making moves to cut now in response to the trade situation that is still out there, and still unresolved, and i'm wondering who do you blame?

>> i really think honestly, i think the fed has done a terrible job. i really do. i went over charles evans' speech in frankfurt that he gave this morning, i saw what he talked about yesterday in asia, i go over powell's speeches all the time. you know, it's just, they made some big mistakes and they continue to make mistakes. also, the strong dollar does not help. i mean, this is something we've got to talk about. i know that we love so-called king dollar, very smart people you and i know like steve forbes say the dollar can never be too strong but in the global economy, it just makes competing very hard. neil: all right. i don't buy it but i love you. >> i was in the mirror practicing that for like 30 minutes. neil: i'm just joshing you. thank you, charles payne. "making money" host, bestselling author, brilliant mind. meantime, new signs of worries for mark zuckerberg over an elizabeth warren presidency. here's the thing, though. the thing he was saying was picked up on some open mics and

now he has some explaining to do. after this. from the couldn't be prouders

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neil: you going to run for

president? >> my family voted it down. you change their mind, i'm all in. neil: all right. the family voted it down. mark cuban saying he's not running for president. other 2020 hopefuls waiting to jump into this race. let's get the read from our fox business panel. dagen mcdowell, doug schoen and charlie gasparino. charlie is not running for president of the united states. doug, you know, you are still kind of an ad hoc adviser to michael bloomberg. so he must be keeping the powder dry. >> i think he's pretty much ruled out a race. if nothing else, the calendar makes it very very difficult, this late in the process, for he or really anybody else to get in. neil: but to beat a general election candidate -- >> still. neil: is it really? >> it is. >> he hasn't disbanded his office. mike bloomberg never had a big campaign team, as you know. he had about six, aside from

doug, six people working full-time on it. neil: doug was the most important. >> well, that's what he says. sorry. but those six people are still working for him. they are not doing -- they are in that office, i'm told. i've gotten this confirmed. now, does that mean he's running? the way it was described to me by people over there is the door is open about that much. neil: you always wait for the opportunity, right? who would have guessed biden would be potentially imploding, right. you've got to plan for contingencies. >> maybe. with respect, doug -- neil: got to watch that. >> bloomberg would have to go through a de-jerking process before he could ever run for the highest office in the land. neil: whoa. >> getting elected mayor of new york city -- >> the bar is kind of low, isn't it? >> no, but you know, here's the deal. i will say this about elizabeth warren. what people missed during 2016 was president trump on the campaign trail interacting with

regular folks, and he found that he loved it and he was great at it. elizabeth warren is experiencing the same thing right now. mayor bloomberg, having interacted with him here and there over the years, as he was new york city mayor, he's a jerk. he just acts like a jerk. >> a jerk? neil: he did get elected three times. >> he doesn't act like a jerk. mike bloomberg acts like -- >> he did to me. >> mike bloomberg acts as a normal human being. listen -- >> to new yorkers. to new yorkers. neil: let me switch gears a little bit. this is an interesting argument, whether that likability, approachability, say what you will about donald trump, he had it in 2016, hillary clinton didn't. george bush had it against al gore. gore didn't. it's an intangible but it's a real issue. >> but here's the thing. if donald trump wasn't a jerk, he would have higher approval

ratings. neil: you are a little extreme. >> i'm just telling you, his approval ratings are all related -- neil: what do you think of the likability? it's become authenticity. mike bloomberg in his own way is an authentic mayor, business leader, philanthropist. donald trump in his own way is, too. >> i will say something nice about mayor bloomberg. 12 years of balanced budgets, i don't think i'm wrong with that, that he's managed this city through two financial crises, one after, you know, in the years after 9/11. neil: you started out with the bad. you focused on the negative. >> then 2008, the financial crisis. he made some hard decisions. he is very strong -- neil: you don't consider him likeable. >> he is not likeable. >> that doesn't make him a jerk. >> he has acted like a jerk in front of me. >> okay. neil: here's what i want to know. a lot of people say if joe biden

were to stumble and elizabeth warren emerges, that she will get much more scrutiny on that intangible likability. is it that important? or authenticity? with politicians, that's an oxymoron. >> her bigger problem is running as far to the left as she is, because she's largely rejecting the principal tenets of capitalism and free markets. the democratic party has always been a capitalist party. she's effectively advocating for redistribution of wealth and power. neil: she is so far left she can hop into the middle. >> it will be very difficult for her to do. that i think is her problem. >> there's no pivot on her. biden, i know he's proposing a wealth tax -- neil: he's going her way. >> but he's leaving enough daylight to pivot. these others aren't. i think that's the problem. trump, for better or worse, i like him personally, just so you know, i know the guy, most people don't find him likeable,

okay? that's a negative on him. neil: a lot of people say the same about you but you're good at what you do. >> is he good at what he does? we don't know. neil: look at the economy. >> i met him at the victoria secret fashion show and he was with melania. but that was before he even shook hands with people. it was when he still had germophobia and he got over that. neil: could he beat elizabeth warren if it came to that? >> yes. he could because -- neil: charlie? >> he could. >> she wants to take 180 million people's health insurance away. >> as much as the country believes donald is a jerk, because they do, she's a socialist. i just don't think we are going there. >> she wants to destroy energy. she wants to wipe out millions and millions of jobs. neil: outside of that, perfectly fine. all right. thank you all very, very much. we have offended pretty much everyone. we have a few seconds to see if we can add the pope. -all ground personnel... ...or trips to mars.

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neil: all right, we're down 330 point right now. things got a little worse since i was talking to charles payne. it is the weirdest thing. anyway, charles maybe you can correct your ills and errors in the next hour. how are you my friend? charles: i will try to redeem myself. remember the cp effect. we'll need it. this is charles payne and this is not "making money" right now. the dow making more than 400 point swing to the downside t may have changed everything now. this may impact fed policy, trade developments and other things. we'll talk about that. it is about toing a big test slugfest. mark zuckerberg caught on tape saying he is ready to fight if elizabeth warren tries to break up facebook and he will take it to the mat if he has to. ncaa blowing the whistle after a

new