the bacon i make at home. >> we're all going to have a lot of fun tomorrow. it's going to be great. ed: come back tomorrow. pete: enjoy the beautiful weather. ♪ ♪ neil: you are looking live at the white house where the president is expected to head out any moment, make his way to camp david. he'll be coming and going pretty quickly. the world is watching as he promises a response to iran that is forthcoming. welcome, everybody, happy weekend. i'm neil cavuto. we expect the president to take some questions as he makes his way to marine one. when he does, we will be on it. first, to gillian turner in washington on what she is hearing ahead of it all. >> reporter: the state department is pushing back on iran's claim that president trump reached out with a message shortly before green lighting and then halting an airstrike on thursday. they are tweeting out reports that a message was passed last

night to iranians via an omani back channel are completely false. iran needs to meet our diplomacy with diplomacy. now, the president recalled the moments leading up to his decision to hit pause on that airstrike yesterday, confirming planes and ships were at the ready but then just ten minutes out from launching that operation, he called it off. >> we had something ready to go the subject to my approval. i said i want to know something before you go. how many people will be killed. in this case, iranians. >> reporter: he explained that, ultimately, it was the potential for loss of life that changed his mind. >> they shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with 150 dead people, and i didn't like it. i didn't think it was, i didn't think it was proportionate. >> reporter: now, national security sources say the

scenario the president describes there is highly unusual. they say the potential casualties from both sides -- iranians and american -- is something that would have been considered in detail prior to planning any military operation. they also say the precise projected numbers would have been shared with the president in his intelligence briefings and military con ops briefings and during the national security process. additionally, neil, senior administration officials told me yesterday that the prospect of military action remains in full force throughout this weekend. neil: all right, gillian, thank you very much. the president's cautious approach throughout this crisis and not to mention some promising news on the trade front certainly helping the markets, the stock market is on track to have the best june in over 50 years. thank you, mr. president. he was referring to s&p 500, actually, he could have done one better when looking at the dow.

more on that in a second. back to these commercial airlines that are taking a detour the of the area around iran to be abundantty safe of and cautious. susan lee has more on that. >> reporter: good morning, neil. after the downing of the u.s. drone and attacks on oil tankers in the -- in the strait of hormuz, the faa is banning u.s. airlines from flying over the persian gulf and also the gulf of oman, and that affects u.s. air carriers including united, american and delta. as a result, united canceling its mumbai flight, that started on thursday evening. meantime, reports say that international air carriers are also avoiding the same air space. now, the tensions in the strait of hormuz rallying oil prices, and oil stocks this week precious crude spiking to its biggest single-day jump thursday on news of that drone strike,

and that lifted chevron, exxon and conocophillips for the week, and it had investors running for safety in gold and u.s. treasury bonds. gold prices hitting their highest in six years while the popularity in u.s. treasury bonds meant that the interest that you get back on holding the ten-year note fell below 2% for the very first time in three years, and that's typically not a good sign for markets. despite all of this, as you mentioned, we did see a record close for the s&p 500 this week, an intraday record for the dow jones industrials, and that's because the markets predict a near certainty we're going to get some sort of interest rate cut this year from the federal reserve and also some hopes of a china trade deal hopefully next week. neil: super, what if we -- susan, what if we get a china trade deal? there's less reason to cut rates, right? >> reporter: there is less reason. there is some certain city we'll get at least one cut this year.

neil: susan, thank you very much. what happens next? retired air force lieutenant general, david -- thank you for coming in on a saturday. >> hey, or good morning, neil. neil: your take on how the administration is handling iran right now and the cautious approach it's taking the. >> well, what i'd telling you, neil, is near term actions need to be put in the context of long-term strategic, desired strategic outcomes. in other words, while the president and his advisers need to take one step at a time, they need to be thinking about ten steps ahead. and in this particular context, that desired strategic outcome is an iran that forgoes the desire to acquire nuclear weapons. so i think what the president's doing in terms of taking a very cautious approach yet still putting iran on notice that there are severe consequences for any additional aggressive action while giving them a

offramp to negotiate, to desensitize or reduce the tensions is very, very wise. neil: you know, general, a wide swath that, to your point, the benefit of the doubt on a couple of key things, the first comment that he suspected that the downing of our drone didn't come from tehran but was, you know, someone -- you know, a trigger finger, could be a general on site, but it didn't -- at least in his mind -- come from the government there. and then to follow up on that, letting the world know that with just a few minutes to go before a planned strike, he canceled it arguing that killing 150 people wasn't proportionate with downing an unmanned drone. so he seems to be trying to set the stage to let the iranians know i'm giving you a lot of wiggle room here. are you going to wiggle back. >> absolutely. that's exactly -- and i think it's important, your characterizations are absolutely

accurate but not to get bogged down too much into the tactical level details, but to look at the larger strategic context which i think you laid out pretty well. and that's, like you said, give them a bit of room to take an offramp to get out of this tit for tat or the potential tit for tat hostile acts that they've initiated. now, it's also important to realize that the united states, quite frankly, are the ones that have the strategic advantage here. neil: right. >> one of the things that people are not talking about is because of this pause and the reality that iran has been put on notice, that there will be significant consequences if they continue to pursue aggressive action, that keeps our military and their government on very, very high levels of alert. well, that's costly, and it also puts a strain on the personnel there.

and so that plays to president's advantage in terms of not taking immediate action. neil: you you know, general, whi noticed and you're far better at this than i'll ever be, you actually know what you speak, but i did notice in a lot of the comments out of iran none of them, when they're critical, are criticizing the president. very, very similar to sometimes pretty bellicose comments we get out of the north koreans who will say awful things about the secretary of state but leave the president out of it. what do you make of that? >> well, once again, first, it's difficult to ascertain exactly what their intent is because it's very important to recognize that the iranians and that we not do mirror imaging, because the iranians are looking at world affairs through a prism of their ideology. at the same time, they're also paying attention to fact that they've got an indigenous population that has been treated very, very harshly, and they

have got to be careful about the way that they portray international activity to control the reactions inside of their domestic populace. neil: general, thank you very much more for your service to this country. you're a very mod ifest guy, but it's incredible. thank you very much. by the way, one of the president's top advisers when it comes to matters anything trade, peter navarro, on what the administration could be planning and, oh, yeah, about china, mexico and all that as well. peter navarro e is next. we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. we're the tenney's and we're usaa members for life. call usaa to start saving on insurance today. with huge savings-- like 50% off 100 to 300 yard spools of power pro fishing line.

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neil: all right, still waiting on the white house to hear from the president of the united states. he's going to be hearing off to camp david. you know the drill the, normally when he's on his way out of the white house, he will talk to reporters. not all the time, but a lot of the time. in fact, most of the time.

if that happens, we will go there live. in the meantime, something that was remarkable this week, if you think of the events that we just witnessed coming to blows or fear that we were coming to blows with iran, they shoot down a u.s. drone in the past, i'm telling you, that would have buffeted markets worldwide. oil popped a little bit, but look at our dow, our nasdaq, the s&p 500, a strong week for all the major averages as the president tweeted himself for some of the market averages enroute to strong thest month we've seen at least in 50 years for the s&p 500 and at least 80 years for the dow if things maintain where they are now. another week of trading to go. it is remarkable. the white house trade adviser, peter navarro, joining us right now. very good to have you. >> mr. cavuto, how you, sir? neil: i am fine. it is remarkable, you and i are a certain age, that in the past anything like this happened in the middle east, it would have whip sawed the world markets, kind of a collective shrug.

what do you make of that? >> well, as you know, neil, the stock markets are leading indicator of the economy, and what we're seeing in the economy is just a rock solid situation. we've got so far six million people that have jobs, you've got six million people off food stamps who have the pride of a paycheck. the unemployment rate is down to historic lows for blacks, hispanics, women, the disabled, veterans. we're seeing investment pour into this country, and that's boosting product it, it's boosting -- productivity, it's boosting wages. my favorite statistic is the fact that we've created over 500,000 new manufacturing jobs in two and a half years when the obama/biden administration told us we'd never create another manufacturing job without a magic wand with. so we are hitting on all cylinders. the stock market is hitting highs. my own view is that if we were to get u.s./mexico/canada

agreement and/or get the fed to lower interest rates and quit that quantitative tightening, we'd hit dow 30,000. and i say that when the day after president trump got elected, i was on another network and said that we would hit dow 25,000 on the basis of president trump's economic program; tax cuts, deregulation, the unleashing of our energy sector, leveling the playing field on trade. and we've done that. so we need to get the next leg up, in my view, is u.s./mexico/canada deal is critical to that. it's at least a point on our gdp, it's a half a million new jobs we'd create, 75,000 in the i auto sector -- neil: maybe that's what the catalyst here. i did notice you used the term to refer to biden as old biden. i guess you're plague off the obama/biden thing? [laughter] >> you got that. you know, this is -- i want to

be clear here -- neil: right. >> if we look at the decline of manufacturing, it's obideen, but it was also bush and clinton. we go back to china's entry into the world trade organization in 2001 that was facilitated by bill clinton or bihlary -- billary, if queue want to call it that. we lost, as the president has said, over 70% of our factories -- neil: so this is what's propelling the market, you think. now, you know, the trade and these type of issues can dominate the themes to extract what you want, the president views that, of course, to get the mexicans to change their border policies, and it seemed to work. we're getting understanding that when it comes even to iran, that maybe toughening sanctions without drawing military strikes might be the answer. is that what you see as well, that to avoid a conflict with iran by tightening the screws there economically, that's all

it will take? it won't take u.s. military strength? >> neil, i'm here to talk about the economy, the stock market, china and the u.s./mexico/canada agreement, and iran is a topic that i'm going to leave to president of this country, to john bolton and to mike pompeo at the department of state. neil: all right. so when it comes to economic matters on which you would touch, you don't think that there are constructive reasons to want to talk about? >> at this point it's not appropriate to talk about iran. we've got lots of good stuff we can talk about. i'd love to talk more about the usmca because, to me, we've got to get this done this summer. if you look -- neil: what if you don't? >> well, but let's talk about the deal itself. this is that rare occasion, trade deal this america that's actually good for america, but it's good for the three countries -- canada, mexico9 and the u.s -- because it'll bring manufacturing back to hemisphere. but this is also interesting because it's a good deal that

doesn't pit farmers against manufacturers. farmers, ranchers, manufacturers and workers all benefit from this. the big thing that drives manufacturing in the deal is the tight rules of origin coupled with tough protections for labor and the environment. and that will bring our manufacturing here, we'll share that fairly with canada -- neil: but you hope that's the case, right? i mean, when the president used trade as a wedge to get the mexicans to move on a border policy that did work, others looked at that and said, boy, at any moment whatever we crafted together on this new mexican/canadian deal could go up in flames. does that worry you? >> i think a more sophisticated view of the trump tariffs at this point is people understand now that the tariffs are used in different contexts for different things. clearly, with steel and aluminum there's a national security interest. we need to have those industries here. those tariffs are working. we've had a strong investment

there. with china, with protecting ourselves against the seven deadly sins of china, it's the forced technology transfer, the cyber intrusion -- neil: where does the china stuff stand, by the way? is it your thinking -- >> but let's, let's finish up on the tariff question, because i think that's really important. i mean, the tariffs, the way the president used them, he was harshly criticized when he threatened tariffs on mexico over the borderrish issue, but -- border issue, but two days later everybody had egg on their face because the president got done more in two days on mexico and the border issue -- neil: yeah, but they were critical because they thought it could dislodge the very deal that you and the president worked hard to get. >> but it didn't happen. neil neil i understand, peter, but you're okay with going to use trade as a lever to get other things. >> to be clear, in the mexico case on the border when we used

the international emergency economic powers act, that was a pure threat to our economy and national security from what is basically a legal mass migration. at any time, at any day here in america there's 100,000 people san diego, and we can't afford that. so that was clearly an appropriate use of tariffs in a national security -- neil: and it worked for what you wanted it to work for. >> it worked beautifully. neil: on china, there's been a great deal of suspension building ahead of the two presidents meeting at the g20 next week. is it your sense that progress will be made? how do you handicap what'll happen there? >> i think the suspension is kind of a suspense that gets built up in the media. i think the definitive word on this was tuesday. the president's grand event in orlando, which i was at, where he said simply we're going to

get a great deal and a fair deal or we're not. and then in the meantime, as you know, we've got a strong economy, a strong stock market. and what's remarkable here -- and i think you would agree with me on this, mr. cavuto -- in the two and a half years the president's been in office, he's completely changed the national discussion about china. there is broad, broad -- neil: oh, no doubt about that. what does your gut tell you, peter, are we going to get a deal, do you think, before the summer's out? >> so, again, the president with ambassador robert lighthizer at his side will go to osaka. i defer to my commander in chief and the best trade representative in u.s. history to, basically, represent the interests of the american people. neil: got it. >> but, look, we cannot let china keep stealing our stuff. neil: all right. peter, thank you very much. didn't mean to jump on you there. peter navarro, the white house director of trade and manufacturing policy, he was referring to robert lighthizer,

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the tape, we replay the tape as we do. and when we get it, we're going to share it with you. in the meantime, the south carolina democratic convention is going on right now, nearly all the 2020 democratic candidates plan to address voters today. peter doocy is there. >> reporter: and, neil, it is a convention, so every single presidential campaign is represented here, and we've seen supporters so far waving signs and chanting names. kamala harris even brought a drumline. she is going to be the first headliner of the day here in south carolina in just a couple of minutes, and she was's colterred off the escalator -- escorted off the escalator and towards the stage with a handful of noisy drummers, it was quite the entrance. jim clyburn's world famous fish fry last night where the last candidate standing at the end of the night was the front-runner, joe biden. and the host, jim clyburn, told me he believes primary voters did pay attention to biden's comments about stability with

segregationists, and clyburn compared it to an unforced err roar in tennis -- error in tennis. biden didn't bring it up either, instead choosing to celebrate that he stuck to time on statement and wrapped his remarks in under a minute. biden so far here in south carolina has been light on policy though and light on current events. towards the end of the night i caught up with the former vice president, and i asked him, mr. vice president, do you have time for a quick question about iran? the vice president said, no. neil. neil: all right. that's pretty much to point there. peter, thank you very much. the president is continuing to speak to reporters on the south lawn right now making reference to strong market gains, also referring to fact that the dow had its best month or is on track to have its best month in 80 years. i wonder where he got that that testic from? -- statistic from? also talking about the likelihood of tightening sanctions against iran, something that peter navarro

generally didn't want to get into details, saving that for the president. but again, indications the president's planning something with an iranian response that might not be military, might be all economic. we'll see. meanwhile, democratic lawmakers are calling on their colleagues to bashing joe biden. let's get the read from new york city councilman joe principle and fox contributor cath kat ti. what's very clear is they don't want to wreck the party. it's clear some party leaders are saying don't go light on joe, but don't press joe. what do you make of that? >> right, absolutely. well, that's just one of the many reasons why it's very difficult for an opposing party to defeat an incumbent, because president trump, he's just kind of chilling right now while a lot of them are attacking him, sure, but they're attack thing each other. and -- attacking each other. of it's funny that everyone's going after biden including bill

de blasio? if he thinks he's attacking biden for himself in order to defeat the president, don't see that happening. neil: wouldn't it be call if it did though -- [laughter] we could replay this? >> our fearless leader -- [laughter] yeah, absolutely. but i just don't understand why so many people are in this race, and they're attacking the front-runner who actually has a shot, and they're really diminishing his chances by doing so. neil: you know what's interesting, is whether it's right or wrong for the former vice president to say no problem talking to senators who might have been deemed segregationists at the time, it was part of his message, i talked to other side, it was not received that way and still isn't received that way. and i bet that ensues this weekend won't be as well. what do you think? >> i think it put emphasis on the fact that biden's strategy, which is often a problematic one in a primary, is to run a general election campaign. and that's the kind of messaging and story that would be received well in a general election

conventionally are, right? let's work together, let's cross party lines. in this primary electorate, it is not a well received message. so i think his strategy of trying to ignore everybody else which we've seen front-runners do time and time again, it was a little bit of hillary clinton's strategy in the last go around. it didn't work, ultimately, and i think it will catch up with biden as well. he may win the nomination, but it will be a problem for him coming through because all these other candidates, if ultimately biden does win, he'll need the support of all these people to come along with him in the general election. neil: so it's sort of like playing it safe, trying to run out the clock, a 16, 17-month clock, but having said that, joe, is it a worry for democrats right now that the men who many believe has the best shot at defeating the president could go down in flames because he's almost playing it too cautious? >> yeah. i mean, we just heard from peter doocy that the person who's the

front-runner for the democratic party didn't even have an answer on iran. that should be alarming some democrats. but buckle up, this is the biden bus. and, i mean, what a remarkably foolish way to say you work across the aisle, to compare your time in the senate as working with segregationists. you reminisce about the democratic party of old by talking about working with jack kennedy -- >> maybe that's why he stopped answering questions. next you ask me a question, neil, i'm just going to say, no, thank you. neil: i'd never do that. >> no, of course not. but it would be just as alarming for me to do it as him. he should have answered those questions, if not more. neil: we are waiting to get that tape from the president, he's talking a lot about the market, he's talking a lot about iran and his cautious approach to iran and his optimism that, you know, this will all work out. also talking about additional sanctions that could be coming iran's way.

not military strikes for the time being. the read on that from an iraq war veteran, republican congressman adam kinzinger, as we continue our live coverage on a saturday. stay with us. hey, that baker lady's on tv again. she's not a baker. she wears that apron to sell insurance. nobody knows why. she's the progressive insurance lady. they cover pets if your owner gets into a car accident. covers us with what? you got me. [ scoffs ] she's an insurance lady. and i suppose this baker sells insurance, too? progressive protects your pets like you do. you can see "the secret life of pets 2" only in theaters.

neil: all right. the president is referring to additional sanctions on iran. that might be a reason why peter navarro is sort of, was sort of cooling it on discussing iran at all with us earlier here. but the president is saying

that, hopefully, iran is smart, cares about its people. this is all coming from his q and a with reporters right now on the south lawn. he says he has many friends who are iranian who are high quality and that he hopes that iran does the right thing. also talked about, as i said, these additional sanctions. didn't pell out what they are, but -- spell out what they are, but in the end they will get iran to negotiating table, or that's the inference now. house foreign affairs committee member adam kinzinger, himself an iraq war vet. congressman, very good to have you. >> yeah, thanks. neil: do you think, congressman, by calling off the planned attack yesterday the president was trying to send a message to iran just as he was giving the country the benefit of the doubt on this downing of a drone that it didn't come from iran, but maybe a trigger-happy, you know, soldier or general on site, that he's trying to give them wiggle room to come back to us? what do you think?

>> i guess. i guess it's possible. look, if this was an accidental shootdown, which i don't believe -- i mean, immediately the iranian government celebrated it. they put out, it was a fake video, but a video of the downing of this drone, they said they could have shot down a plane with 35 people on it. and i think the other big thing to keep in mind is in syria last year, this same basic missile defense system accidentally are shot down a russian aircraft, the syrians did. so it is not perfect. even if they knew this was a drone, it easily could have hit that plane with 35 people on it. look, i thought the president shouldn't have called this strike back, but the fact that he did, i think we have a real opportunity now to try to engage the iranians, and they should know that if they do something again the president's not going to be that generous next time. i guarantee you, he's going to have too much pressure, and he's going to feel personally let down as well as continued danger to this country. neil: congressman, i don't have the exact timeline of the iranians when they mentioned they could have shot down this

military jet with 35 soldiers onboard, but it seemed to come soon after the white house was claiming that the president shelfed this planned attack with minutes to spare. was that their answer then to that olive branch, if you want to call it that? >> yeah, probably in their way. you know, keep in mind at any time any country with an air defense system, which is most countries, can9 hoot down planes. the reason they don't is because we know what the reaction would be, it would be massive especially if you're the united states of america -- neil: well, do you think they knew this was a drone, congressman, orbit? the it was so high up there that it's possible they didn't know which maybe is even more problematic. >> right. this is what my if big concern is. do they know it was a drone? they probably believed it was mainly because they knew the patterns, the altitude, and they'd probably seen something like that before, but there's oh assets that can do those exact kind of patterns. and if so they took a massive risk. and next time that happens and it's 30 americans or 2 american

pilots, it's a very different calculation. this is a $200 million asset. this is the same economic damage to our military as if iran had shot missiles and blown up eight f-16s on the ramp. maybe nobody died, but we would have lost eight f-16s,, so this is a big deal. neil: many who share your view have likened it to barack obama's line in the sand on syria, that the president missed an opportunity to say he means what he says and says what he means. others say that's not quite a fair comparison. what do you think? >> so i think it ultimately, i'm not trying to cower out of this, i think it ends on how this ends -- how this ends up in the long run. in 2013 it led to russia going into syria, iran with bigger implications in syria, and nobody took him seriously in the middle east. if the president says we're going to put on more sanctions, there's going to be a cost to you for doing this, in the future you use a piece of equipment, you're going to lose

it, that's the rule. then i think, ultimately, it's not going to hurt his reputation. if, though, iran thinks they can challenge him and they do so without a response again, it could be pretty bad. neil: we're learning as well as the president continues the talk to reporters, he says he's traveling to camp david to presumably talk about iran. i don't know what that means, but to talk about wider actions against iran? do you know anything about that? >> i don't, but, you know, what with i can imagine is it's setting up understanding that iran is doing this, having situations where let's say they do this again, maybe a quicker reaction, this is the reaction. maybe there's some cyber issues, maybe some more economic issues, maybe a different force posture. what iran needs to know is if we strike back proportionately and they react, the next strike will be very devastating to them. that's how you deter future

action by iran. neil: congressman, thank you for your service to this country. the president has wrapped up his answers to questions on the south lawn of the white house, but he ended saying it's time to start over on iran, added let's make iran great again. we'll have more after this. we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. we're the tenney's and we're usaa members for life. call usaa to start saving on insurance today. and we're usaa members for life. and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a low-dose aspirin. no more than 100 milligrams as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical study, brilinta worked better than plavix. brilinta reduced the chance of having another heart attack...

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which took them to the place where they discovered that sometimes a little down time can lift you right up. ♪ flights, hotels, cars, activities, vacation rentals. expedia. everything you need to go. neil: all right. any minute now we could get the tape playback of the president addressing reporters' questions. it went on for a while here, anywhere from 12 to 15 minutes he was exchanging news items with reporters before hopping on marine one. he's going to camp david, and a lot of people were wondering what are you going to do at camp david. he's addressing iran in one way, shape or form. he left out the possibility right now that tougher sanctions could be out there, but he also said part of his goal here is to start from scratch, rip up all sorts of old notions you have

from prior presidents, and to goat the president, make -- to quote the president, make iran great again. when we get that, we'll take you there. in the meantime, susan lee back with us, also charles payne, host of "making money," and last but certainly not least is the h squared research hitha herzog, good read of the retail community. hitha, your take on the fact that at least at this point it's, none of this stuff has jarred the economy, jarred the markets or, for that matter, jarred shoppers? >> no. it's this whiplash news cycle that we keep seeing from the president. are these sanctions going to be imposed, what is he going to do with iran, are, you know, there's a drone that flew over, is he going to start shipping troops out there, and then all of a sudden nothing. so i think's why the consumer understands that this is just yet another something, you know, a news cycle that we shouldn't get panicked about. with that said, if this does

continue, this will have a significant impact on the way the consumer spends. i mean if, when you talk about oil prices going up the way they are, that's going to have an impact on not only gasoline prices, but that's going to have an impact on what we purchase at the stores -- neil: but it hasn't yet. and charles, one of your points has been that this, there are other factors at play that are countering this, right? >> yeah. ten months of strong wage growth, typically for blue collar workers. something we haven't seen in well over a decade. you know, even the last consumer confidence report from the conference board may 28th was surprisingly strong the, a huge rebound back to near all-time high levels. and people are gainfully employed. we're watching this, gasoline prices. it's interesting, one of the more interesting things i learned in the last month is what people consider the pain threshold for gasoline used to be $2, $2.50, it's all the way

up to $3. if you look, they're selling suvs and pickup trucks like crazy. we just had the industrial production number out, it was huge, but it was driven almost by these factories churning out these expensive gas-guzzling trucks. neil: yeah, but they're not as gas -- >> not as. [laughter] neil: right? there is something to that, right? i mean, in the old days you weren't anything in that neck of the woods in the middle east, you could just count on markets tanking -- >> as we say that, we did see a small spike this week. neil: absolutely. >> but i would say take a look at what markets are doing at this point. as you mentioned, we're on track for the best s&p month in june since 1955, was back in 1938 for the dow jones industrials. but what i'm concerned about is where people are buying. we're talking about utilities, real estate, consumer staples. i would like to see more risk

taking if they're really sure that this rally -- neil: but it is a bullish time when we see something like this, people are worried about everybody getting giddy cocky and ridiculously wacky. charles is the expert on this, but there's a lot of sentiment out there that people are being cautious, right? >> i mean, people have been being cautious since, let's be honest, since the recession. neil: right. >> i mean, you're never going to see the sort of reckless investment that's happening or that had happened -- neil: oh, be careful saying that. [laughter] >> it's true though. when you have, when you look at the younger population especially what do they invest, they're more cautious in what they put their money into. that's not to say they're not getting into the market. clearly, we look at the dow, the market's performing really, really well, people are getting in. however, i think people are taking more precautions. neil: how do you characterize the sort of blase reaction that all of this is getting? >> i think it's people have learned, and i think hitha and

susan both hit on it with respect to news cycle. listen, this is not brand new. neil: yeah, yeah. >> at some point, it can become normal. it just is what it is, and we get used to it. and then to susan's point, the market -- what i love about this rally this year, at one point it was like 460 stocks in the s&p 500 were up and over 300 up more than 10%. i like that there's a wide breadth of buying. i don't want six names up so much that the fact that the rest of the market is down, which is what we saw for the majority of last year. neil: all right. we know the president go to camp david this weekend to address iran. well, he used to call it a dump. [laughter] >> it's not mar-a-lago. neil: it is not. anyway, obviously calibrating his response to all of it. it doesn't sound like there would be a military response -- >> more sanctionings. neil: what does that tell you? >> well, iran is, it's hobbling. is have you looked at the

predictions for their economy this year? if you want to look at bringing an economy to its knees, that's kind of where it is. remember in 2016 when they signed the iran deal, they shot up close to 20% for iran, so i think they understand what they need and who is boss. i mean, they need international money, they need to be able to -- neil: and looked like he is throwing that out there like a bone, right? >> he is. he's thrown a big bone this week. neil: why do you think he's doing that? >> you know president trump does not want to go to war. i know that the media tries to portray him as a war hawk, i but if you look at all tweets from 2012 when obama was president, he was pretty much against any middle east quagmire, conflicts, and uh-uh think his goal is to get us out of there. i think by giving iran some time here to be reasonable, he's also giving our european allies time to get onboard. they have been equivocating to a degree because they like doing

business in iran. it's okay for them but, you know, the stakes are too high, and this is a great time, as susan is pointing out, to really get them to do something because the people inside of iran want revolution. there's a lot of things going on on the ground we're not privy to unless people sneak out videos here and there, but this is a great time to keep the economic sanctions on and avoid war and avoid making the mullahs look like the victims. >> can you imagine the market reaction if those strikes actually did take place? there would be a straight line down -- >> when lindsey graham put out that tweet, we lost 200 points, and we are ready to go into the red. we got the tape sound of president trump -- neil: right. >> -- and after that, the market made a remarkable reversal, reminding me of election night when the market was down 900 points until he gave -- neil: but he's clearly not kowtowing to hawks in his administration apparently in these remarks, of which we're still awaiting, i'm not tease thing. [laughter] >> a little bit.

neil: but the president said regarding john bolton that the guy's definitely a hawk, but he says his security adviser is part of those he's listening to across the administration. he's listening to everybody on iran. what do you think? >> this is a diplomatic play, and while my beat is retail and i know what the consumer is feeling, you know, the way that the president operates, i think he wants to come in strong, he wants to make sure that the world -- not only the united states and iran -- know that he is the leader. but to charles' point, he doesn't want war. listen, there's an election. he just -- it's 2020 election season now, you know, even though it's 2019. you know, he wants to make sure that everyone not only the united states, but also the world knows that he is boss, and that's what -- neil: but i also think he might relish being unpredict bl. there's something of value to that, and that means enemies and friends -- >> no other president has done something like this before where

he flip-flops. and i reference the whiplash news cycle -- neil: no other presidents have flip-flopped. >> i enjoyed that navarro interview you had with the trade adviser. he said it, you brought china to table by being unpredictable. they just don't though what the response and the appropriate response should be. is he for real? is he going to put on these tariffs? he's so far proven that when he talks the talk, he will walk the walk. neil: christine lagarde is on the wire saying, charles, that there is strong evidence that the u.s., china and the world economy are the losers from the current trade tensions. now, if they work out to president's liking, that all goes away, right? >> it all goes away. i mean, i'm not a big fan of christine lagarde or the international monetary fund. neil: you should hear what she says about you. [laughter] >> i did, that's why -- [laughter] they're the epitome of the globalist elite are. neil: right. >> so, you know --

neil: you're not buying it. here's the president of the united states, the tape is in. >> so we're going to camp david, we're going to have meetings and a lot of work, coming back sometime tomorrow. we're heading right now to camp david. i want to say the stock market is on pace to have its best year, i mean, since i guess over 50 years, and the dow is on pace to have its best year many in 80 years. it's been 80 years since the dow has had -- tariffs are, obviously, doing very well because we're taking in billions and billions of dollars from china. we would be from others, and we might be from others, but billions of dollars are coming in from china and, frankly, look at what's happening with the stock market which is pretty much what i've been saying. also an article came out this morning that the tariffs are having very little effect on costs going up, and in some cases no effect, that the

country countries that the -- the countries that the products come from, they are bearing the cost, which is also what i've said. so the dow is up, looks like it could be an 80-year high, it's on track for an 80-year high, and the stock market itself is a 50-year high, so i'm sure you're all very happy about that, right? [inaudible conversations] >> [inaudible] >> i don't know unintentional or not, it was probably intentional, as i said, but regardless, they targeted something without a person in it, without a man or a woman and, certainly, without anybody from the united states in it. so we want to be proportionate. we're getting a lot of praise for what i did, and we have people on both sides. some like it and some probably not as much. my expression is we have plenty of time. you understand that. finish.

>> [inaudible] >> yeah, these are people that came into the country illegally. they've been served, gone through a process, a process of the courts, and they have to be removed from the country. they will be removed from the country. it's having a very big effect on the border, the fact that we're taking them out. the people that came in illegally going to -- are goingo be removed from the country. everybody knows that. and again, everybody that came into the country illegally will be brought out of the country very legally. now, with that being said, the border's in much better shape. mexico's doing a good job. we need congress to fix the loopholes and fix asylum, and we will have the cleanest border there is. >> [inaudible] >> we don't know, we're going to -- we'll see. >> [inaudible] >> well, some cities are going to fight it, but if you notice,

they're generally high-crime cities. if you look at chicago, they're fighting it. if you look at other cities, they're fighting it. many of those cities are high-crime cities, and they're sanctuary cities. the state of florida is now ending all sanctuary cities. he's doing a very smart thing, governor desantis, he's ending all, all sanctuary cities in the state of florida. and i'll tell you, governor desantis has been, he's been fantastic. he's right on the ball. and we have others that are following. you'll be seeing a lot of that. people are tired of sanctuary cities and what it does and the crime it brings. they're very tired of it. >> what are the -- [inaudible] options off the table? >> well, we'll see what's with iran. everybody was saying i'm a warmonger, and now they say i'm a dove. and i think i'm neither, if you want to know the truth. i'm a man with common sense, and

that's what we need in this country is common sense. but i didn't hike the idea of them -- like the idea of them knowingly shooting down an unmanned drone, and then we kill 150 people. i didn't like that. [inaudible conversations] >> how much progress -- [inaudible] >> i can't hear. >> [inaudible] >> yeah. we're moving forward with additional sanctions on iran, good question. and some of them will replace -- as you know, we have about as strong a sanctions grouping as you could possibly have on any country, but we're putting additional sanctions on, they're going on slowly, and in some cases actually pretty rapidly. but iran, additional sanctions are being put on iran. >> mr. president -- [inaudible] >> [inaudible] >> very little.

that's what it's all about. you know, we have built, and right now if you look at the united states, very importantly, we are the number one with oil producer, oil and gas, in the world by far. we're way ahead of russia, we're way ahead of saudi arabia with. we don't really need the straits anymore. we take some, but we don't need it. the biggest beneficiary of the straits is china. 91% of their energy comes out of the straits. japan, indonesia, many other countries need it. so we're doing them a very big service by keeping the straits open. but this is not about the straits. this is about iran cannot have a nuclear weapon, very simple. >> [inaudible] >> because we don't need it, just so you understand. we don't need it. [inaudible conversations] >> sir, your national security adviser came under harsh criticism by tucker carlson and others for pushing too hard on iran.

you said you're not a war moarng, but do you have confidence in the national security -- >> yeah, i do. i have john bolton, who i would definitely say is a hawk, and i have other people who are on the other side of the equation and, ultimately, i make the decision, so it doesn't matter. but i want, for instance, i disagree very much with john bolton, going into iraq, i think that was a big mistake and i've been proven right. i've been against that forever. john bolton is doing a very good job, but is taking a generally tough posture. i have here people who don't have that posture. only one that matters is me. having people on both sides is very important. (inaudible) >> potential casualties of the iran air strike. from the initial planning stages, at which point-- . >> i started to hear that it was a lot.

again, no decision was made. i said you come and see me and they came and see me at the time. we hadn't done anything and i asked the question, and i said i want to know that answer before i make a decision, but we hadn't made a decision to go forwardment i said, everybody, we will meet, one thing i want to know and i want to know it accurately, as accurately as possible, how many people will die? just so you know, i come from new york city. in new york city, we have a lot of iranians, and they're great people. i have friends that are iranians, many friends, living in new york city you meet many iranians. they're very smart. they're very ambitious. they're high quality people, but i have many friends that are iranian. i don't want to kill 150 iranians, i understand it. i don't want to kill 150 of anything or anybody unless it's

absolutely necessary, and most people very much agree with what i'm doing. now, if the leadership of iran behaves badly, then it's going to be a very, very bad day for them, but hopefully they're smart and hopefully they really care for their people and not themselves, and hopefully we can get iran back on to an economic track that's fantastic where they're a really wealthy nation which would be a wonderful thing. all of those things i want to do, but if they're going to be foolish, that's never going to happen. >> e. jean carroll, there was a photograph of her-- >> i have no idea who this woman is this is a woman also accused other men of things as you know. it's a totally false accusation. i think she was married, as i read, i have no idea who she is. but she was married to an

actually nice guy, johnson, a newscaster. >> a photograph-- >> standing with my coat on in a line, give me a break. with my back to the camera. i have no idea who she is. what she did is terrible. what's going on. so it's a total false accusation and i don't know anything about her. and she's made this charge against others and you know, people have to be careful because they're playing with very dangerous territory and when they do that, it's happening more and more, when you look at what happened to justin kavanaugh, and you look at what's happening to others, you can't do that for the sake of publicity. new york magazine is a failing magazine, it's ready to go out of business from what i hear. they'll do anything they can, but this was about many men and i was one of the many men that she wrote about. it's a totally false accusation.

i have absolutely no idea who she is. there's some picture where we're shaking hands it looks like at some kind of event. i have my coat on. i have my wife standing next to me, and i didn't know her husband but he was a newscaster, but i have no idea who she is, none whatsoever. it's a false accusation and it's a disgrace that a magazine like new york, which is one of the reasons it's failing, people don't read it anymore so they're trying to get readership by using me. it's not good. you know, there were cases that the mainstream media didn't pick up and i don't know if you've seen them, and they were put on fox, but there were numerous cases where women were paid money to say bad things about me. you can't do that. you can't do that and those women did wrong things, that women were actually paid money to say bad things about me. but here is a case, it's an

absolute disgrace she's allowed to do that. (inaudibl (inaudible). >> what will you do if they do not comply. >> the deportation rates as you call them are really a group of very, very good law enforcement people going by the law, going by the rules, going by our court system, and taking people out of our country who came into our country illegally. they came into our country illegally and we're taking them out legally. we're bringing them back to their country. i want to thank -- while i'm here, i want to thank mexico. so far mexico has been really good. they made an agreement probably-- not probably, because of tariffs, but they made an agreement and so far they've really honored the agreement. a lot of things are changing,

but, again, if congress gave us something quickly on asylum, something quickly on loopholes where we get rid of the loopholes, the border would be so beautiful, but the democrats just won't do it. but maybe now they will because there's no question you have a national emergency. they said that in the last caravan, they had hundreds of people that commit crimes trying to come into our country. we're not letting them and now mexico is bringing them back. but that hundreds of people, hundreds, that were criminals in the last caravan. we cannot allow that to happen. we're not letting them in our country. one other thing, we're very focused on ms-13 getting them out and i hope you're not going to stick up too much for ms-13. we're very focused. ice, these are fantastic people. we're very, very focused on getting ms-13 out of this country.

>> a question on iran, 150 estimate that you got late on thursday night, why was that different from the estimate you got earlier in the day from your national security people. >> it wasn't really. i didn't talk too much about that. again, no decision to go forward was made because i said, we'll meet at a certain time before the-- and nothing goes forward until we meet. i didn't want anybody doing anything and when we met, and when we met, they gave me a rough estimate earlier, but i wanted a more accurate estimate. the more accurate estimate were, i won't go into the number of sites, but you've guessed that pretty much right, you have in particular, right, but it was the number of sites and it was on average 40 to 50 people in each site, and when they shot down an unmanned plane or drone, i didn't like it. >> in the pentagon and through the white house-- >> that came from me. >> the estimate through--

it was given to me by a general. >> i had a long tialk with him,a gentleman. dunford did a great job. dunford is a terrific man and a terrific general, yeah. (inaudible) >> i'll be talking about iran. we have a series of meetings and more importantly, a series of very well-connected phone calls. we have a great phone system up there, as you know, so i'll be doing a lot of work. (inaudible) >> we may release it later. we may. look, iran right now is an economic mess. they're going through hell. the sanctions have hit them hard. more sanctions are going to be put on. a lot more. it's hard to believe you can even put on, but it's a mess. all i want is no nuclear weapons. under the horrible obama deal, he gave them 150 billion, he

gave them 1.8 billion in cash. think of that. in cash. many plane loads of cash. gave them 1.8 billion in cash. and he got nothing. but the thing he really didn't get was good inspection rights because the most primary places, you couldn't go to, you couldn't inspect, haven't seen them in years. the other thing he didn't get was time because in a very short number of years they will legally be able to make a nuclear weapon. that's unacceptable and remember this, the deal wasn't even ratified in congress. it never got proper -- in terms of treaty, it never got proper authorization from congress so with all of that, it was very important to me that we'll start all over. we could have a deal with them very quickly if they want to do it, it's up to them, but if iran wants to become a wealthy nation again, become a prosperous

nation, we'll call it, let's make iran great again. does that make sense. make iran great again, it's okay with me, but they're never going to do it if they think in five or six years, they're going to have a nuclear weapon. i know too much about nuclear, a lot about nuclear, and let me just tell you, they're not going to have a nuclear weapon. if that's-- and it has very little to do with the oil because again, china gets this oil 91%, japan gets this oil, 61%. int indonesia, many other countries. what it has to do, the fact we're not going to have iran have a nuclear weapon and when they agreed to that, they are going to have a wealthy country, they're going to be so happy and i'm going to be their best friend. i hope that happens. i hope that happens, but it may not. >> would it have been different, 10 to 15 casualties, instead of 100, 150 casualties.

>> anything is a lot when they shoot down an unmanned. anything is a lot. i didn't like it, i didn't like it. >> (inaudible) if they shoot down another unmanned drone-- >> we'll see, but i don't think that will happen. i don't think that's happening and if you notice, there was a plane with 38 people yesterday, did you see that? i think that's a big story. >> is that accurate? >> they had it in their sights and didn't shoot it down. >> is that accurate? >> they were wise they didn't do that, we appreciate they didn't do that. they had a plane in their sights, 38 people on the plane and they didn't shoot it down and i think that's a very wise decision and, and i think that's something that we very much appreciate. (inaudibl (inaudible). >> a planned strike and didn't have a fully formed estimate on casualties? >> no, they brought me a great plan, but i wanted to know at the end, i wanted an accurate account. they gave me very odd numbers.

i wanted an accurate account how many people would be killed. how many iranians would be killed and coming from new york i know a lot of iranians, they're great people. thank you very much. >> mr. president-- (inaudible). >> it's always on the table until we get in solved. we have a tremendously powerful military force in that area. it's always on the table until we get this solved. thank you. >> all right moments ago the president wrapping up that event on the lawn of the white house before heading off to camp david and he's going to address a lot of iranian concerns and he addressed a lot and i'll get to that with our david spunt and the allegations of e. jean carroll, a long time woman's advice columnist who said the president sexually assaulted her more than two decades ago. the president says he doesn't

know her, it's made up, there's nothing to it. david spunt in washington with the latest on the other stuff he had to say. >> quite an impromptu news conference with president trump. often times we don't know how long he's going to speak. we told he was going to leave on marine one 1:15 and he started speaking 1:20 for 25 minutes. you saw most of the cape there. he's going to be talking about potential sanctions with iran and did not get into specifics, but hinted that sanctions would be coming. and something else he said was he would not be opposed to working with iran, to help iran with their economy, this is a similar approach that he took, neil, with north korea, showing north korea and kim jong-un they, too, can be like other countries when it comes to the economy. this seems to be some sort of tactic that president trump is taking here. those on iran. he also talked about the ice raids that are going to be taking place tomorrow. the wall street journal reported that.

president trump said those raids are going to be taking place for people that have already been deported that are on their way out, folks here illegally. that will not come as a surprise to people and i asked him specifically about this. he did know the give a number of people, but we know they are happening in big cities like miami and houston. now on the third point, neil. you mentioned e. jean carroll, writer out of new york. president trump said in a statement yesterday that he never met e. jean carroll. she alleges in 1995 or 1996, she can't remember what year that he sexually assaulted her in bergdorf goodman near trump tower and he said he never met her in his life. i asked him about that and brought -- he said he didn't know her. and brought up the point that there was a photo of her and him and his wife iovanna trump and

that it might be an an evening and he pushed back on that and that's on the south lawn. >> neil: you summed that up beautiful live. getting record r word out of iran it executed a former contract employee for the aerospace and defense ministry on charges he was a spy for the u.s. central intelligence agency. he was an iranian citizen. left his post nine years ago and convicted by a military court with documents and spying equipment in his home. they just executed him. retired army lieutenant bob mcginnis on all of these. always good to see you. the president's approach to iran he can make it great again if they can give up entirely on their nuclear ammunitions, start from scratch. he's ripped up the iranian deal, do everything from the very, very beginning, what do you

think? >> well, i could easily write a strategy based on what i just heard, neil. clearly he's going to press a go 20 president xi and president abe and so forth, you need to help us, you know, because you're getting all of your energy out of the persian gulf where there's a major problem. then of course, he said numerous time there will be no nuclear weapon in iran. that was a clear signal to riyadh, to tel aviv, to jerusalem, to a variety of other people and of course the people watching this most closely are in beijing and moscow. so we've sent a very strong message. of course, i think really as an encouragement, he said, look, i'm going to stand by the iranian people. we would love to see domestic problems, given the stagflation in that country, clearly the ayatollah and president rouhani are under the gun economically and now, you know, the president's given a pause to this entire equation, and has

said though, if you go after our blood and our people, neil, the next time it's not going to be forgiving. there was so much in that very rich, like i say i could easily write a national strategy for iran based on what i heard. >> neil: it's very clear, he's going to camp david to weigh options on iran. it's clear if he canceled the planned military attack he's not thinking along those lines, you know this far better than i colonel, if he's going on tightening sanctions and at the same time sending a message all of this is avoidable, preventible, if you sort of change your ways. other presidents have tried that approach. i'm just wondering how you think that will go? >> well, it's going to be tough. you know, i think that president xi and putin are key elements here and he'll talk to them next week in japan. they have to give pressure on rouhani. at the same time, i believe the

threat of military action is very credible. the president, neil, kind much set up a scenario there, yeah, bolton is a hawk, but i'm listening to other people, but trump says, i'm making the tough decisions here. and that really, given his, you know, play with president xi, with the mexicans and others in the world, that makes him sort of hard to predict, and i think that's a real key here, a real strength that the president brings to a scenario that's incredibly volatile. now, he'll keep general mckenzie at u.s. centcom ready to go and i know mike pompeo is talking to people back channel and of course, we have mark esper off to europe talking to our allies. there's a lot going on, but i believe the president really has his finger on the pulse here. he's going to do the right sorts of things in the national interest. >> neil: colonel, thank you. you clarified a lot there.

the colonel was talking about mark esper, he's the new acting defense secretary, obviously, has all of this dropped on his lap as well. we also want to keep you up-to-date on the planned ice raids coming together, regarding illegal immigrants in ten cities, targeting initially about 2000 families. the issue for some of the cities, seven of the ten are what they call sanctuary cities where local authorities are not going to be helping ice in this area, so, it could get kind of dicey. the read from a former california congressman darrell issa on that after this. hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem...

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interpretation. what he seems to be saying here is that this is going to happen. it's not as if they're deporting every illegal here, i'm sure he wishes he could. this is targeting those who have gone through the legal process and ignored deportation calls. so we're going to force the

issue. how do you think this is going to go, especially on some of the cities in your state of california? >> well, the real question is, whether cities like los angeles actually obstruct justice, enact a criminal activity? because these are people, these are less than every one out of 6,000 undocumented families in this country. this is such a small fraction who have had their day in court, gone through the process and ultimately been ordered out of the country and then disappeared. and it's not even a big chunk of those people. 2000 would be the tip of the iceberg for this. so, the question is, are my colleagues, my former colleagues in the congress, they've passed these laws. republicans and democrats, presidents of both parties signing them. do we believe that after we've given you this exhaustive opportunity to make your case to stay here, that, in fact, you should still not go? if you do, okay, fine.

change the law, but otherwise, this is not a partisan issue until you make it a partisan issue by obstructing the enforcement of these men and women from ice. >> you know, l.a. mayor garcetti said, and i quote, los angeles will always stand with our immigrant brothers and sisters and our law enforcement officers will never participate in these actions. he goes on to say, that no one should ever have to fear being snatched from flair home -- their homes or from their loved ones, i wonder where you think this leads then? >> it should lead to the mayor being held accountable if he actually in any way, shape or form obstructs. these people have had their full day in court. you know, here is the thing that the hypocrisy that i see with many of my california mayors and so on, is they don't want these people living in their front yard, and they don't welcome them by the hundreds or thousands into their homes and yet, they'll act as though

somehow it's compassionate to simply ignore laws. some of these people have been ordered out. the president said came illegally. some showed up at the border and said, hey, i'm here for asylum. they went through the entire process and turns out they were lying. they were held by judges, very sympathetic judges, generally, to absolutely have no case so if we're not going to deal with less than, about one out of every 10,000 undocumented we're talking about moving out of here then do we take nobody? do we leave the criminal aliens when they get out of jail, having committed misdemeanors or felonies do we leave them on the streets. >> neil: bottom line, it could get rocky. >> it could, but at some point if theys what they really want, the president should get every federal criminal once they're released and they're dealing with the effects of the law.

>> neil: as you know, congressman, congressman duncan hunter has been pressured to resign from his seat over charges he misused $250,000 in campaign-- $250,000 in campaign funds. his wife pleaded guilty to doing just that, using some of the money for things she shouldn't have and i'm wondering if he were to step down, would you run for that seat? >> well, right now i'm hoping that senator menendez will stop obstructing my confirmation for a position in the administration. it's-- that's been the focus of just trying to get him to allow me a hearing for a position the president nominated me for about a year ago. having said that, i served with duncan hunter and i served with duncan hunter's father before that. they're loyal americans who try to do their best. he has a day in court. i think we should be patient and wait for that day in court.

>> neil: all right, well, he commented on these rumors that you might entertain running for that, he says of you on the hill. darryl has been a supporter of me from the past and he's supporting me now. probably doesn't know anything about the district. it's a prerogative to run anywhere for office where they want to. have you guys talked? >> i talked to his father just the other day. it includes a big chunk of the district i ran for before redistricting. it's not the district. he's the lawfully elected congressman and he's pled not guilty and asking for a day in court coming up, and people should respect that. >> neil: if he looks weeks and you're held in aboy-- ab

abayance so issa should run for this. >> it's important to let people have their day in court. having said that, i think the other important thing is, you know, the senate -- the u.s. senate needs to start confirming the president's nominees because that's the only way to hold the president accountable is to let him have people to run the government at all levels. >> neil: it sounds to me, i don't want to put words in your mouth. either for the delayed appointment post that the administration wants you for or who knows, as a congressman again. >> you know, i just don't golf so i've got to do something. and i love the opportunity to serve. >> neil: all right, darrell issa, very good chatting with you again, the former congressman and who knows, future congressman, just throwing it out there. the fed indicated rate cuts are coming, maybe as soon as next

month. it appears that jerome powell might be getting in the president's good graces and that might be elite, and the president who wanted to be on the federal reserve not given a chance after this. ta ke care of us. it was an instant savings and i should have changed a long time ago. we're the tenney's and we're usaa members for life. call usaa to start saving on insurance today.

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markets and a lot of that had to do with the pressure, you know, that he's put on the federal reserve to cut interest rates and some saying there's no connection here, but the federal reserve did signal if trade issues hit the fan, they're ready to provide some support, not quite so literally, but the thinks seems to be that's the federal reserve's way of telegraphing. a guy who wanted to be on that federal reserve, but ultimately pulled his own nomination, steve moore joins us right now. steve, what do you make of that. the markets are responding to the prospect of an interest rate cut, but not this time-- >> first of all, let's go back to the day before donald trump was elected president. if memory serves me right, the dow was at about 18,000 and now we're closing in on what, 26,800 or something like that. if my math is right, that's

almost a 50% increase in stock value since donald trump was elected. that's a pretty spectacular record. think of the trillions of dollars of wealth that have been created with people with pension funds and 401(k) accounts. this has been a spectacular bull market, the president is right about that. the other thing about the economy that i find really remarkable, we have, 3 1/2%, 3.6, somewhere around there, you know, which is about as low-- you and i used to say 4% was full employment. we've got a lower unemployment rate than full employment and at the same time, we have inflation that's running at less than 2%. i mean, what i'm saying is, this is a pretty beautiful picture we have, right, full employment, rising wages, low inflation, low interest rates, you know, you and i will tell our grandkids there's a time you could get a 30-year mortgage for 4% interest rate. so it's a really strong economy. now, i happen to think and donald trump agrees, that the fed has been a little too tight and given how strong the economy

is, and the surge in the value of the dollar, we need to accommodate that by putting more dollar liquidity into the economy because we think we can get 3 to 4% growth. now-- >> if we get that, i mean, if you think of how this all started, it was concern at the time with the mexico situation. >> that's right. >> neil: and we were slapping tariffs on there because of what they're doing at the border. and the fed comes out telegraphing we're there just in case everything hits the fan. i'm generalizing. >> neil: now we've got a deal with mexico, and see if they'll stick with the border promises, look like they are. let's say we've got a deal with china, do you need to cut rates? >> if we get that deal with china, it's going well above 30,000, it's going to be spectacular. >> neil: you wouldn't need to cut rates. >> depends what happens. i always look at prices.

the real economy is affected by tax policy and regulatory policy and labor force participation. what the fed needs to do is just look at prices. i don't want them looking at the performance of the economy. you can't-- look, there's this mentality out here and this is what i was challenging the current fed about is this mentality that somehow if you get strong economic growth you have to pull it back because that's going to cause inflation, that's why i mention the fact, no, wait a minute, we have full employment and we have low inflation at the same time and that's blown up the fed's model which used to believe for 30, 40 years, boy, if you have high unemployment the only way you can bring it down to have high inflation. their model was all messed up. now, donald trump is not happy that they didn't cut rates, i think they should have, but we're pretty close to a sweet spot right now with the economy. remember, just two or three weeks ago, a lot of people were saying, my goodness, the recession is around the corner and it doesn't look like that right now. it just keeps plowing forward, given these problems.

i agree with you. the one dark cloud on the economy, the thing that could mess up the economy if this china trade war begins to go on month after month after month, i'd love to see it get resolved and china could make concessions, that would be good for both countries. and china's stock market has been hit hard by the trade war. >> no doubt, it would be in everyone's interest. >> steve moore, thank you for coming in on a saturday, my friend. be well. >> have a great weekend. >> neil: you, too. we're hours away from planned ice raids in ten u.s. cities, seven that are considered sanctuary cities pursuing some 2000 families who were told that they had to leave, that they were going to be deported and they haven't left. they're going to force the issue after this. e i go again on my ♪ goin' down the only road i've ever known ♪ ♪ like a--

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fighting it and you look at other cities, they're fighting it. many of those cities are high crime cities and they're sanctuary cities. people are tired of sanctuary cities and what it does and the crime it brings. they're very tired of it. >> neil: all right. the president talking about the planned ice raids, for lack of a better term, targeting some 2000 families here illegally in some cities, including houston, chicago, miami, l.a., anyway seven of the ten are sanctuary cities that will prevent ice from nabbing these folks or for that information sharing any information with ice as to the whereabouts of these folks. let's go to sheriff mark daniels about all of this. he's the cochise county sheriff. sheriff, good to have you. >> good morning, neil, nice having you. >> neil: same here. how does this work, sheriff? if i'm a sanctuary city and ice is coming into my city to find these who have been formally

gone through the deportation process and refused to leave, how does that go? >> well, first of all, we need to understand, this isn't selective, hey, we're going to grab some today. these is a justice process, they've been deported by our judicial system and ice has warrants to go to the areas and fine these people, just like a regular warrant, find the people and deport them. the now, the local jurisdictions have a choice, they can support it, they can help or they can ignore it. the sanctuary cities we know what they're going to do and that is going to ignore it. i met with director mark morgan last week in louisville, kentucky and we spoke with these raids and sheriffs, we support. we support our ice partners and this is all about cleansing communities for the right reason, the quality of life. these people deported are the ones that have been deemed not appropriate to live in the united states for many reasons. >> neil: all right, and it seems

like a very straightforward legal process, but some of these sanctuary cities do their darnedest to make sure ice or anyone else trying to apprehend these families cannot do so. i can easily imagine, sheriff, this turning into something dicey. how does the process go? >> well, these ice agencies, federal agents will come into these communities and they'll start going to residence, residence deemed to have been where these folks live and there's going to be some opposition from these sanctuary cities. i'm not a supporter of sanctuary cities, i'm a supporter of the constitution and the rules of our nation, the laws of our nation. >> neil: what can they deally do? i know what you're obligated to do, what ice is legally obligated to do, follow the laws, the constitution, what they are, these cities, i've talked to some of the mayors,

they're of the opinion they are's just within their right to stop this process and maybe that's when they could come to blows. maybe i'm hyperventilating too much? >> no, i agree with you, neil. it's a federal law. as a sheriff i don't have authority under immigration, we have the opportunity to support if we choose and we choose to support our ice agents. mayors, i think it falls almost into a hinder iing, again, not a supporter of sanctuary cities and i think it goes back to their oath of office to support the constitution of their state and the u.s. constitution, not to support their own agendas and that's what's being played out by these cities on these leaders, i think have created these problems is so many ways. >> neil: sheriff, thank you. we'll watch all of this. they're supposed to start within the next few hours. we'll see what happens here. so many different crises at the same time or things that could easily turn sour at the same time yet we haven't seen it in

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only for a limited time . >> all right, the president is already at camp david. it's a short helicopter flight, i'm told, from the white house. we're told that this is all about sort of regrouping and what he's going to do about camp david. i'm sorry, at camp david about iran. so, he's seemed to indicate in remarks earlier that he is not looking at any military measures for the time being, that he's going to be focusing on sanctioning, toughening them up and buttoning them up and it's emerged the last 24 to 48 hours for the first time the iranians shot down the first u.s. drone

to a sleeper issue that's become a front and center issue. back with me now we've got charles payne and lee. and you're market historian, maybe events came up and iran and overtures to iran and they're like a new game changer, what do you think? yeah, but it is from the trump play book. we talked about condos on the north korean beaches and making iran great again. obviously he's talking not only to the leaders and trying i guess, but saying to the folks in the countries, hey in north korea you don't have to exist on one meal a day. he won't perhaps trigger a revolution, but there's always the sense and these countries where we have major issues, there's dissent within those countries. they're basket cases and so, knowing that, hey, if i can make overtures not just to these leaders and to the world, but also of the citizens of the nations, it might help, it won't

hurt. >> neil: that would be miga, make it great again. i wonder if that's a sticker for democrats and season hey, here is what he's doing. >> it's ironic, the president touted his america first agenda and that would seem to be directly in line with everything he ran again, which is the concept of nation building which i think has gotten bipartisan criticism. >> neil: over tours to the north koreans, he's doing a lot of this. >> but the reality is, i would like to see results. i applaud the president for a strategy first brought forward by barack obama in 2008 and he said i will talk to these people directly. i applaud the president for the strategy. where are the results. >> neil: where were the results were barack obama? >> well, we got a historic deal with iran under barack obama as a result of-- >> north korea-- >> that trump got rid of. in both cases where are the

deals. >> many question the results you got with that. >> including the president. i would argue now we're at a worse place with iran because we got rid of that deal. >> neil: we don't know. it's still early. what i'm curious about is your take on how people digest this. obviously the president is saying there are other ways around this than just firing off missiles at people and killing people, now, maybe that was for dramatic effect to sort of say i'm not going to do that and remain inpredictable. where does this go? >> i think he could turn, i guess, the screws when it comes to the economy. i was looking at the oil output. oil is probably biggest access for iran to get money to improve their economy. oil exports were over 3 million barrels per day according to opec a few years ago. today in march, 2019, it's at 1 million so they're selling a third less oil into the international markets and getting $10 billion less in revenues. that hurts an economy like iran, especially when you need to find

jobs. >> neil: aren't they always hurt though? always coughing up dust, isn't that-- >> that's another one of the problems that the ayatollah and the mullahs have. they took that obama cash pile. >> 1 #.8 billion. >> and used it to spread terror around the world instead of growing their own economy. ironically that hurt them more with the citizens of iran than it actually helped them because they squandered that fortune. >> neil: what do you think? >> well, look, the reality is iran has always been in this position of not saying we don't want to have the talks until we have the sanctions lifted, et cetera. i think one of the things that's hurting the president he doesn't have the full foreign policy team in place around him. i know he says he can make all of these decisions and he's got the best people and he's the smartest advisor, you could use a full team of people. >> neil: and get variations of opinion, that's for sure. curious, you guys help me out with this, this comes on the heels of the ongoing north

korean talks and unpredictible with china, including the huawei china talks. there's something unpegable that helps make for potential deals. i'm just wondering whether any of those issues become galvanizing ones, the democrats fear that the economy they think they're making, inroads on, because this president isn't benefitting more from it, but maybe on these outside issues, he could. >> the china situation could be potentially huge because there's major bipartisan support for the effort that the president is taking on right now. you know, you hear it. you heard chuck schumer saying stay the course on china. so, if the president can cut a deal now, i know, listen, i already know that "the washington post" and new york times headlines the day the deal is cut, the day the headline written, it was a deal done, but it's a terrible deal so those headlines are done, but if the president-- >> and to the credit, it had a

different view of the mexican deal than the new york times did so they can sometimes-- >> sometimes occasionally. occasionally, but the bottom line, i think that could be, and i hope and i don't think the administration is going to let politics play into this, but et cetera interesting because last week, neil, the bank of america surveyed the money managers around the world and manage almost a trillion dollars and they said if the s & p went to a certain level we would get a trade deal to the down side. the suggestion there could there could be political or stock market pressure to get a deal done. >> the interview you did on fox business, because said to you if the economy stays as healthy as good as it is, he'll win the election. >> neil: it's funny because i was going to ask you. >> yeah. >> neil: very prescient on your part, that he was surprised that the president hasn't been benefitted more polling-wise from all of this. now, of course, the democrats

have their big convention going on in south carolina as i speak and they're saying to a man and a woman, you're not getting anything out of this, i think almost universal they're for junking the tax cuts in one way, shape or form because they don't see this. >> because the polls have been right all along. throughout the years. but i think the there was an economic study as well that presidential approval ratings and how the economy does headed into the election, they're really very different. >> neil: up until a couple of weeks before. >> correct. >> of course it is, there's no doubt-- and we've talked about this before one of the biggest things that could hurt the president would be an economic downturn of some time. reality of this economy i don't know that that's going to help him much more. >> neil: you hope. >> i'm for a strong american economy, and a democrat-- >> and ken langone, bernie will join me for an exclusive interview on the 40th

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>> just in the past couple of minutes, president trump saying military action against iran is still a possibility and vows to add more sanctions against tehran to prevent the islamic regime from gaining nuclear weapons. the president there on the south lawn of the white house, just a couple of minutes ago. welcome to america's news headquarters from washington, i'm leland vittert. the story continuing through the weekend. >> it does, indeed. i'm laura engle. the president talked to reporters on his way