that is a massive seachange. it is being accepted and even enthusiastically accepted by nations as they go about, you know, building up towards this. the enthusiasm wanes a little bit when we get to the realities of our defense production right now. it is not a super secret that we are not producing as much, as fast as we would like to, and in fact, many nations have money burning a hole in their pocket but there is not enough to buy right now, so the alliance as well as all the member nations are very, very focused on how to improve our defense industrial production and how to modernize our force structure at the same time. this has been a massive shift in the way nato operates. just a few years ago when you were at nato, if we had had a conversation like this, we would be looking for the empty bottles on the floor. this is just a complete seachange. it's also a seachange in terms of specific policy, right? germany has agreed and asked for the stationing of long-range conventional weapons on their territory. i m

peter:when you talk about a seachange, barbara bush left college to marry george h w bush.ut four of the five last first ladies have all had advanced degrees. katie: that is right. but only one of them, jill biden, has worked outside this role, essentially the most scrutinized volunteer role in american politics. the fact that there are women who have advanced degrees and not pursued that says something about these unofficial but very rigid expectations around the world -- around the role. peter: barbara bush was not the first first lady to speak at a wellesley commencement. let's listen. >> in the position of leadership and power, we have an indispensable element for criticizing and constructive protests. peter: what are we listening to, katie rogers? katie: hilary iran him addressing her class at -- hillary radom -- hillary rodham at her commencement address. she requested to deliver the speech to her fellow graduates, it was considered a really radical thing to do, she challenge this idea of the status quo. peter: you write that her speech received a standing prevention

you see the seachange with his executives.will put down and 80 our, and putting limits in place. 6:00 pm friday to noon, they have a protected window they don't communicate with superiors and a full weekend off every three months. you have to understand, this is the culture for decades. and michael douglas and charlie sheen in the boiler room mentality at these banks, another movie called boiler room, realizing they can't jeopardize the health of these younger kids, making 200 grand a year, that is where the allure comes in, to change the culture. neil: you have to weigh your health. >> yeah. neil: there has to be a balance. we are taking a look at how the senate is looking at these donald trump tax cuts. all of them and it could represent one of the biggest hits to the economy, how are they dealing with that because it is coming one way or the other. investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthc

that was a seachange and he did that. stuart: you think harris loses?m beginning to think she's going to lose. the polling if you look at the swing state polling those are middle income voters, they are not in favor of reparations, they are not in favor of women playing or men playing in women's sports or packing the supreme court, they are appalled and some of them they are appalled by energy policy, pennsylvania is key on that. stuart: we will see how it works out. thank you. quick programming note. a highly anticipated cbs news vice president will debate will take place, tuesday of next week, october 1st. you can watch it here on fox business starting at 9 p.m. and leading up to the debate, preshow coverage on the bottom line from 6 to 8. back to the markets, mark tepper with me. i read your stuff. these profits are disappointing though not well for the market. >> we are setting ourselves up for substantial disappointment next year. when you look at third-quarter earnings this year, on july 1st they were expected to be up 7. 3% for now they are only

is your sense that this represents a real seachange in this will be stable when folks recognize thatt's not just the hr department pushing me from one direction. i am going to want to steer clear of political controversy. >> to the point that you made earlier, the fact that, especially in the companies we are talking about in the public markets, competing for talent you pressure coming from within your employee base, you pressure coming from without, you have the sensibilities of being fundamentally different in terms of these being wealthy college-educated people who don't understand the new parties that exist now. that is what they have to contend with. i think the recognition to your point that you will never make anybody happy with anything you say in the best he will do is be as neutral as possible. it is not easy to navigate that, but the decision to lay and to get out there on issues i think, there is an emerging recommendation that more bad can happen then good. part of that is just, you know, general columns and public affairs strategy. just in terms of corporate identity, i

if there's anything in that direction that would signal a big seachange. >> thank you very much indeed, weeks and months ahead as those challenges remain front and center. still with us sitting patiently for us. when it comes to the linkages between china and europe how much of a headwind is china right now for europe and its economy. raffaella: it's one of the reasons why we see industrial production europe stagnating. so it is important but europe also trades primarily within itself so it's the combination that currently china is week and next year we don't yet know how much trade barriers will rise from the u.s. and from the eu and the fact the european business sector does not have clarity on how much investment makes sense in 25 and 26 given the external landscape and the policy proposals from the eu. tom: what is the state of european manufacturing. that base and the weight that sits there in germany. what is the outlook for european manufacturing with china being one of the threads to that outlook. >> the data seems to be indicating you will get in terms of industrial output man