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tv   Cavuto Coast to Coast  FOX Business  August 20, 2024 12:00pm-1:00pm EDT

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who were assassinated and some of the other people who became president afterwards when they weren't assassinated i'm going to guess nine. stuart: ashley? what do you say? ashley: i should follow been because he is incredibly smart but i will go with number 3, 12, just to be different. stuart: lauren? lauren: i'm sorry, i think it is 15. stuart: is murphy playing? >> i'm going with number 3, 12. stuart: i am going with number 3, 12. the answer is 15. the first to get promoted to president was john adams in 1796 and the recent was president biden in 19 -- 2020. coast-to-coast starts now. neil: we are focusing on the consumer, the customer, whether he or she is slowing down a little bit.
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another home improvement chain saying that has many are into improving their homes, when home depot triggered the same thing are across the board, this is where bad or less then great news is treated accordingly. the market is selling off a little bit. sam, we've had an 8 day run for the s&p 500. a little bit of a test today. what might have started? >> good to talk to you again. the s&p was only a point away, one% away from a new all-time high and that is something that probably will be recorded this week but we had lowes come out and say their earnings beat
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expectations but revenues were soft and guided lower primarily because of a reticent consumer. we had similar comments from home depot, home depot shares were up mainly because investors realize this is the sensitive business and with the fed likely to cut rates, could be good things for the group six months from now. neil: that a growing consensus. the minneapolis fed president, austen goolsby, 48 hours before him out of chicago hinting of a rate cut and the need for one maybe next month so they seem to be greasing the skids for that. >> you can revise the old saying, for me once shame on you, fully five times, shame on me. i say five times because the market was expecting the first rate cut to occur in march so if the fed does not cut rates
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in september that will be the fifth time and the market will respond negatively but the fed funds tool is pointing to 100% likelihood that the fed will cut rates in the september. only question is whether it will be by 25 basis points or 50. neil: one of the things i always look at is be aware of it, there are still people factoring up to three rate cuts this year, maybe more. are you in that camp? >> yes we are. we are factoring three rate cuts, all being 25 basis points. we don't think the fed will be out of the block like an olympic sprinter with a 50 basis point cut but we see four more in 2025. the fed wants to show it's not behind the curve but at the same time not make the same mistakes of the 70s or 80s. lauren: 20 is it a mistake to
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let the markets do your bidding? the fed chairman and governor and district president i talked to over many years, it's been many years, they all say is the same thing, we don't obsess about the markets, we move when we feel we have to move but they do watch the markets and these tantrums and the they might have ignored it two weeks ago but they were quite cognizant of it, right? >> they do watch things. whatever happens to the markets can trickle down into economic activity, what investor sentiment affect consumer confidence so they have to be aware of it but are trying to focus on their mandate of employment as well as economic growth and interest rates. the fed will be monitoring it but they realize they can control short rates but the
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bond market itself controls long rates. neil: good seeing you. madison alworth, democrats are meeting in the middle of this for the big convention and a lot of key players. michelle obama, barack obama, it builds after president biden had a chance to aggress attendees but it was late last night. a good many of you probably missed it. to madison in chicago. >> reporter: it is day 2 at the dnc and we will get the ceremonial rollcall from the delegates. it is ceremonial because harris and tim walz have been officially voted in and nominated as the party's delegates, as the party's nominee earlier this month but i don't think you will see it is obvious tonight because when they do their virtual rollcall they will get the moment on the mike to excitedly pledge their already cast votes for harris is the obamas will also sure
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their support with michelle obama and barack obama giving speeches. expect them to talk about their long-standing relationship with harris and their support of her leading the party into the future. there's a lot of comparisons between obama's campaign and harris's campaign. we will see that tonight. harris won't be on stage physically. at a campaign rally at the pfizer forum, the seventh of visit for the vice president to the state this year and her third visit to wisconsin since launching her presidential campaign. anti-israel protests capture chicago police arresting several protesters on monday after demonstrators breached anti-scaling fencing. a group representing the protesters said the 12 protesters were arrested
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yesterday and two on sunday. the spokesperson for that protest said that 20,000 people marched yesterday. there's more planned for today, a protest outside the israeli consulate. all of that happening while inside, we have those delegates pledging their votes and the obamas on stage as we kick off day 2 of the dnc. neil: aishah hasnie has been following donald trump. crime is the big issue on focus today. >> reporter: we talked to voters, they want the president to talk about crime but connect it to the southern border, they are worried about who's coming across the border and they want to know what he will do about that. they want to hear him talk about that but we want to talk about why he is doing this, take advantage of the fact democrats are in chicago partying, having a good time
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cell bring, he's hitting the battleground states hard trying to talk about the issues. the issue is crime today. let's talk michigan. 15 electoral votes, trump won the state in 2016 and lost it by a smidgen, a big era but population, uncommitted voters, democrats, harris has an edge over trump in a recent new york times siena poll, this will be the first time we hear from donald trump since president biden's dnc speech last night. trump has been calling this switcheroo on the ballot a coup. michigan's governor gretchen witmer says she's feeling a real momentum shift in her state since harris became the nominee but trump's running mate who is in wisconsin says not so fast. >> a lot of love for joe biden in chicago and michigan but we are noticing the enthusiasm,
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people signing up and getting turned away because we have too many volunteers. ac shift. >> the entire argument scripted via teleprompter is if you elect her president she will somehow fix the inflation and border crisis that was caused by her leadership and promoted by her policy, just doesn't make a lot of sense and that is why the democrat convention is low-energy. >> reporter: another part of the story, the harris campaign slamming trump for choosing to hold this event today in howell. last month, while while he was in grand rapids a dozen white supremacists showed up outside the courthouse and rallied for him changing things like how hitler, we love trump, we love hitler. the michigan indications director for team harris says the racists and white supremacists who marched in trump's name last month have all watched him praise hitler,
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defend neo-nazis in charlottesville and tell far right extremists to stand back and stand by. trump has never defended these guys in howell. trump spokeswoman pushing back on the harris campaign statement saying that demonstration, white supremacist group has nothing to do with the campaign, nothing to do with why they decided to have this campaign and howell today. by the way, just to be fair, president biden also had a campaign, not a campaign event, an event about build back better here in howell in 2021. he didn't think it was a bad idea to come to this town. neil: the crazy markets, the economy looking better than it did before. if you are team trump, you don't like to see that, no one wishes for a meltdown but that
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kind of environment we had two weeks ago when everything was careening signaled, donald trump said so at the time, bad things to come. if he doesn't, then what? >> reporter: wall street doesn't matter to people on main street. i was talking to a woman in livingston county and she was saying how the economy, not crime, is her number one issue, she's having a hard time buying groceries. she's a grandmother with grandkids to feed, she babysits them all the time it is saying that is hurting her every single day. what happens on wall street impacts people like my dad, on main street, people don't feel like they are in a good spot right now and i don't know they feel it will change by november. neil: what you are saying in a nice ways nerds like you who follow this might be an the thralldom. >> reporter: we need that.
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neil: i always enjoy chatting. aishah hasnie following those develop into. would that be the backdrop, where we have come back in these markets, two weeks after the huge sale. from lee carter, gop pollster and patrick murphy, the former us undersecretary of the army, former pennsylvania congressman. i didn't want to try to frame this as bad news on wall street is good news for them but typically, the meltdown around 2008 didn't help the republican party in power in the white house, george bush wasn't running, john mccain was, didn't help matters any, would have been hard to elect almost any republican nominee that year. it looks less likely to be that kind of backdrop this time. >> overall, the economy is a different kind of thing.
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you would think fewer than one in 5 americans right now feel like they can make ends meet and are struggling with these main street issues, things in their bank account. i think that the economy does play to donald trump's ranks if you have the discipline to get back on message focusing on make america great again, making america wealthy again, things he laid out in the rnc, talking about the messages that are the most popular, wasn't really reacting to everything the left was pretty in front of him, that's what he needs to get back to and remind americans that that is why they were excited about him a few weeks ago. kamala should not be able to get away with a message that she has right now saying on day one she's going to fight for the middle class, she's going to put inflation in place, all these things, not day one for her, it's day 1000 and something for her. this is her administration. the republicans need to make
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that case. neil: your thoughts on the 1968 comparison that comes up about this democratic gathering in chicago all these years later. without emphasizing the protests and all of that, there's a big difference at this go around democrats at least appear more united, not very good keeping the time, that's a separate issue but vastly more united than they were before hubert humphrey who ended up having to give his acceptance speech at 2:30 in the morning. what do you make of that? >> i agree with you because president biden put the country over his interests. he's been a successful president, barack obama who will speak tonight, in 2,008 the economy was not in a good direction. barack obama, worked on the numbers, he speaks tonight, 11.6 jobs, fact checked,
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unemployment was at 4. 7%. %. 4.7% and wage increases under his term got the economy on the right track, continued until covid hit and covid as you know, we lost 10 million jobs in america, and president biden and kamala harris brought us back on the right track. neil: you talk about the sacrifice president biden made to take himself out of it. he didn't jumper. he was pushed. let's be clear of that. >> he was gracious, saba poll numbers, very strong last night. neil: he was surrounded like tony soprano, it would be a good idea for you to call it a day, right? >> i don't agree with that assessment to. neil: i thought it was a very good analogy. i am kidding.
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>> i will make you an offer you can't refuse. i know that wasn't sopranos but let me say one last thing. i do think because the economy is moving in the right direction and outfitted rate cut, president biden a year and 1/2 ago in may of last year, overwhelming majority of economists in america said we are out of a recession, president biden, 11 rate cuts and rate increases, we have a soft landing, 9.4 small businesses and brought back 14 million businesses. these are not do jobs because of covid. neil: you raise a lot of good data and they are not wrong but
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bottom line is sometimes -- don't you get nasty with me. >> can i say one last thing? he is talking about crime today. i'm sure he's going to lead the fact that crime went down 13% homicides this year, $15 billion investment in law enforcement under the rescue package, they don't want to talk about that, we stood shorter and shorter in america, my father for 22 years -- neil: now you are testing my patience and tony soprano won't like it much. we are all off of the mac, americans don't feel a lot of this and don't like being lectured to by the former congressman, the biden folk saying everything is hunky-dory and you should be happy and grateful about it and they are not feeling it. that's delicate dance, isn't it?
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>> no doubt about it. the american people are pessimistic about their economic picture. they don't feel any of these are comic policies work for them. polling numbers are atrocious on how people feel about the economy. talk about academic measures but people who feel it, hard to convince anybody otherwise. neil: i was kidding, the tony soprano thing i want to talk to you about a little bit later but that's a separate conversation. >> you swim with the fishes, i know where you live. neil: here you go. i do appreciate it. one of my favorite governors because he is able to get things done with both sides and work through some of the attitude you get is the governor of connecticut, how he sees all of this. the convention and getting into the fall campaign is next. ♪
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neil: always a balancing act when we look at the party in charge and in control of the white house, especially upper dibs when talking about an economy rounded the bend. you can't push things that were too great, when americans aren't feeling that great. he tries to be aware of it, talking about the democratic governor of connecticut, good to see you again. >> nice to see you. neil: how the convention is going, economic numbers support what the president is saying in the wee hours of last night, it is doing better but a lot of americans aren't feeling it. home depot last week, consumers retrenching a bit.
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it is a delicate balancing act, don't want to be too gung ho, what do you do? >> new business startups, and the envy of the world. at stanley, black and decker, maybe those jobs went overseas, at stop and shop, there's a disconnect. we everyone is included in our prosperity. neil: with president biden speaking so late. put you on so late the people may not see. >> we are not a member of an
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organized party, things went on too late. everyone says he's a 94 president. neil: why not cancel the other guys speaking before him? when i heard they were promoting senator kunz, wonderful senator, you would start cutting in the schedule to allow time for president biden who made this happen with kamala harris to be your party standardbearer but they stuck to that schedule and pushed old joe later and later and later. >> a couple people did get pushed aside. more to the neck or -- more to the point, he was on fire and there's a lot of love in that a room. this was a thank you joe night and he had a good story to tell. neil: did. not as many were able to hear it to your point but to be fair, i didn't mean to be cruel about it. the parties a lot more united
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than it had been on this optimism a building like there hadn't been, certainly not like 1968 when the party was very divided. how do you see this coming out of the convention? a bump for the ticket, sometimes can be a very short bump. michael dukakis discovered that in 1988 but there is a bump. what do you expect? >> the party is as unified as i have seen it. kamala and tim walz, governors love tim walz. we worked with him quite a bit but we had james carville to breakfast and he said democrats, we always when august but the election is not for another three months, we are just getting started. neil: in connecticut i was talking, you have a remarkable ability to work with republicans and democrats, there's the political zinging
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get but connecticut is a place you have to do that even though lately it has been a blue state. you have a lot of very wealthy republicans and others who call that home. you have to balance that out as well. it isn't done so easily and other states and nationality, as polarized as ever. do you think any of that changes? >> i like the way we work together in connecticut. howard federal delegation is very democratic based on the issues we care about. at the state level we had republican governors as often as democratic governors this last generation or so. my job is i come out of business. on a different kind of democrat and i work hard to make sure both sides of the aisle, our last budget was almost unanimous. i felt good about that. of the 20 the difference was you do come out of it and it is a requirement for republicans or democrats especially to the
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level of you as governor of a big state to have that background, most don't and it can be scary what happens as a result. >> i want more people coming out of business in the legislature to get in public service was we had a fair number of lawyers and advocates, brings balance to what we are trying to do. neil: we've got to watch the lawyers who have the background in business because that can be scary. we will see, that's another conversation. very good seeing you again. >> great to see you. neil: in the meantime we told you about lowe's warning consumers were retrenching a bit, home depot saying the same thing, consumer dialing back a bit but when it extends to travel which has been the big thrust behind this recovery you are talking and a lot of people are worrying after this. ♪
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neil: last it was all about those astronauts stuck in space, the boeing star liner, now some other news concerning some new planes on the tarmac and others being called in for
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repair. it gets a lot more complicated than that. kelly o'grady, what is going on? >> reporter: every day we are finding about something new at boeing, this is regarding the new 77 x model, most efficient twin-engine airplane out there. the company started test flights but paused after discovering structural damage to the aircraft so this was during scheduled maintenance. boeing, problem with bars that connect to the engine to the plane, sounds like it is important. the company shared this, quote, we identified a component the didn't perform as designed. the teams are placing the party and capturing another component and will resume flight testing. they are inspecting the test fleet. no near-term flights were planned so it isn't delaying things on that front. they are keeping the faa informed. you can see stock is close to
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5% today. customers have been waiting a long time for the 77 x. it was supposed to be in-service on the way back in 2020. the timeline had already been delayed to 2025 so you have questions are rising. another hiccup. what does that mean for this timeline in the 480 models that have been ordered. not the development boeing was looking for. this is another black eye here. neil: stranded astronauts in space, they can't buy your press. here's what else. thank you very much, kelly o'grady, mark murphy not necessarily following boeing but is following a lot of what we are hearing on consumers and travelers that they like to travel but don't travel as much or spend as much. that would represent a fairly dramatic 180 from what we've seen through the whole recovery.
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mark murphy, where are we going with this? >> more pain ahead for the travel industry. you combine disposable income getting squeezed from the inflation standpoint and to be clear the high end market is not being impacted by this. is the lower end of the market getting hit and the only way to drive that demand back is lower prices and a tough situation and the geopolitics, all sorts of unrest in different cities and countries around the world where people, look at that on tv and do i want to go to paris or london or get caught up in a march. look what is going on in spain. in the us, unbelievably strong with domestic travel and hotels being taken out of circulation.
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you have a perfect storm and will continue to see things. the root of it is the economy but other factors including an election year. everyone gets nervous during election years. it is ironic we talk about a survey of this, consumer confidence, the earlier segment, lowes and home depot, looking at travel, we don't need to survey consumers, we can see it in the actual data and the data is numbers and it is hard to forge those numbers. the neil: nearly part of the summer some of those airlines were talking about advance bookings going well out 6 months from then and now that isn't happening as much. the aggressive bookings for future travel in fall, winter, spring, they've come down a bit. what are we to make of that. is it just reticence on their part, they will recommit later of things look better or they are tapped out. >> they are tapped out and will
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look at alternative travel. you've seen the employment numbers which are a little nasty, you've seen the consumer data about inflation. when looking at costing a family of four $11,000 more today to just live on the basic staples that doesn't affect the top 5%. and impact everybody else and that money that's going to pay for more groceries and gas and everything else, that money used to get spent on travel and you don't have the free cash with pandemic with the pandemic to spend which fueled a lot of the pent-up demand for travel and during the pandemic a lot of travel industry executives made stupid decisions in terms of shutting down and bought pushing back so you have a massive surge but will feel the pain going forward for some time. neil: but you can find some great sales now. >> one of the things you have
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to be as opportunistic going into shoulders season travel where everything drops. a great time to travel in october and november because the kids are back in school and that frees up a lot of inventory. neil: my next guest, i don't know if you follow him but one of the savviest market readers i know because he combines pop culture with what is going on with the hard numbers. think austin powers meets jerome powell. ♪ ♪ gum problems could be the start of a domino effect
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neil: i want to show you a great market website. the chief strategy officer and co-founder does things in a way that are a big departure from what we might consider normal combine events, images, videos, clips from great movies in the past.
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what you see in the investment world, michael block with us now and what makes you intriguing for me, most of the stuff i enjoy reading, you make it fun and you do that because you get pop culture, you get the notion that business and business news can be entertaining if you have some fun with it. >> it is all a matter of getting attention. i do that when i speak with clients or we make public appearances, great to be here with you. julie: open up the denny's? >> that would be the best reality show. communicating this, given what you had now and peace to gather clips from airplane or whatever
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but what is the strategy? >> the point is how do we engage with people, dealing with human beings, whether you are quantitative investor or a day trader or sovereign wealth fund. everyone is human and it goes to how we defined our platform, you meet very relatable autonomous investment equations, what they are good at is time to gather, unstructured data. neil: where do you end? >> when i'm talking in the morning a lot of what i am expressing his the views found by querying the autonomous agents which your clients can do. some of the humor is coming from me frankly in terms of tidying together:powell and austin powers and jay powell.
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neil: there is a method to that. is it to hook people in or, you're very good at history and don't give yourself a lot of credit, you're trying to draw parallels. what are the parallels now you are looking at? >> it could be to anything. that's the beauty of this company. we had invested in the first ai company and it was all about predictive ai and finding patterns of anomalies and what others think is noise. we brought that to the financial world with agent smith. it's about finding interesting patterns and what's going on in the company's stock based on starbucks or product, fundamentals, the sentiments, the top-down analysis.
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it is very similar to how i view the world which is how it is great. neil: they don't do -- >> our view is you will miss out on something by not thinking differently. neil: let me get your take on the markets, unique way you see them is yesterday we were in freefall. how do you step back from that? you could go that bench and go through a history lesson or have fun with it. >> when clients are facing a drawdown they may not be in the mood for jokes. the serious part of what we do is agent am which stands for macro, every morning it will compile a battle plan for every
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day and users can see his battle plan, from the cpi doing this and president biden saying that an trump and harris, also focuses on the options market, it has a lot to do with the flow of money. it isn't just saying i'm a macro analysts look at options. he is saying i will look at everything, bring this to you. neil: i don't mean to jump on you but your customers day traders or short-term investors? how would you describe -- >> professional investors. it will range from investment professionals, everyone from self side traders, salespeople, investment bankers, foia managers, from the smallest hedge fund or daytrading shop up to the largest sovereign
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wealth funds and wealth managers and advisers so many of them will be very long-term focused but obviously when they get in on that morning, they will have a lot of questions from clients. why is my stock down? why aren't you telling me anything and rather than sending them to the wall street journal or other sources of news that's not unique our platform allows him to ask specific questions, what is so important about this level of the s&p 500 and they are able to give answers. it is in my note. neil: a lot more involved on that. but you get very early to do that. what gets you going? what's the first way to link at all? >> i press the reset button and agent m is ready to go drying from a myriad of data sources tying together data to give us that summer.
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which is why it's the only way we go. what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. neil: latest middle east news concerns delta air lines extending its flight cancellations to israel until september 30th this on the heels of other airlines avoiding the area not across the board but be very cautious where they fly. rebecca heinrich episode hudson institute, you can understand their caution. this is a region that could be on the brink of war but where do things stand now? >> sector state blinken says
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he's trying unsuccessfully so far to finalize a cease-fire deal to bridge the differences between the hamas terrorist group in gaza and israel in hopes that if they come up with a temporary cease-fire the the iranian government against israel for his relapse successful elimination of the head of hamas who was residing in iran when the attack took place. neil: was thinking of that attack at a house that was essentially booby-trapped for months. how many others are booby-trapped. it was unbelievably sophisticated if indeed it was, to pull that off. >> the government is good at taking out in the region.
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surrounded by terrorist activity and one of the things that was so significant about taking out the leader of hamas in iran is it exposed the iranian regime. and unable to protect its various proxy groups ever within its own borders that they are not safe there. and his relapse ability for intelligence operations and military operations and overly contained and restrained if the leaders of hamas reside inside these outside the borders. neil: did want your thoughts on let's say we get a cease-fire agreement between israel and hamas and let's see if iran counterattack isn't canceled. >> exactly right. iran is the whole ballgame and wouldn't take the promise of
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hamas very seriously. israel wants its hostages back. it wants to make sure hamas doesn't have those tunnels on the border between egypt and gaza. they've not done a good job making sure those tunnels do not exist and a lot of things undone and onset and unenforceable unless the idf has a presence that terrorists are not going to allow to stand. it all comes back to the iran regime which does not have strong incentive to take any kind of deal. neil: thank you so much. we are following the middle east very closely and the oil response is no response in and of itself. jackie deangelis and "the big money show" guys. neil: i am taylor -- taylor: i am taylor briggs. jackie: i am jackie deangelis.

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