i was amazed by woodward and bernstein's resolve.ing glamorous about what they were doing. i thought it was important to portray the hard work and the feelings about the film from a studio standpoint was non-commercial. phones, typewriters, washington. bob did something which was brilliant. he said, these guys, even though they are from separate, diverse backgrounds, think of them as one. particularly when they're interviewing people. he said, let's learn not only our own lines but let's memorize the other guy's lines. >> sloane. sloane was the treasurer of the committee -- >> his wife did what? >> she's pregnant. she made sloane quit. >> make a note of it. what do we got? where is that -- >> each of us would come in at any time. we would take one half of a sentence. finish it. >> she said it. right here. she said at the time of the break-in there was so much money floating around that i know -- >> i thought it was one of the most exciting and most successful things that we did in that film. >> like woodward and bernstein, dustin and

bernstein?ink that's very true that what the president has done in his unconsciousnable attacks on the press, because they undermine the role of a society and a free press that make it possible for our system to work. and donald trump and the cold civil war he presides over is to make sure our system does not work. he is undoing the last 75 years of america's policies in the world and leading the world and the world order that was established after world war ii. and similarly at home, turning back the clock in terms of civil liberties, in terms of women's rights, in terms of abortion, right to abortion as we're seeing in his pronouncements in the last few days. and for what? to build his base? as frank bruni pointed out in his column today, he used to be a supporter of a woman's right to choose. i'm not sure he gives a damn about the abortion issue except as a means to hold onto power. and if you talk to the people that know him the best, they say that so much of this cold civil war that he is b

what do you say to that, carl bernstein? >> i think that's true.ropaganda purposes. but at the same time, i think we have to look at this as an extraordinary development that donald trump has been partly respsible for bringing about. the one thing we know about donald trump is that he does drama, he does spectacle, and that's what this is, as was what occurred in canada over the weekend. a horrible spectacle. trump at his worst, dishonest, lying and now we see the kind of spectacle that he wants, that elevates him, that brings him the adulation he hopes that he believes he deserves. there's a long way to go. but could this be trump's nixon in china? again, we don't know yet. we need the details. but with nixon in china, it was a great accomplishment and at the same time, richard nixon remind a criminal president of he took office until the day he left. i don't think we can expect donald trump to change his stripes. we are seeing a tapestry in which canada and this summit are all part of the same stage, staged by the same dramatist an see much chang

. >> amc networksius downgraded over at bernstein. the analyst says it's unlikely that amc will be acquired and invest as hoping for a takeout will be disappointed. the stock fell to 65.02. >>> still ahead, opec's big decision. >>> i'm brian sullivan in vienna austria, why the decision to race oil output will also raid oil prices on "nightly business report." u.s. banks argest have all cleared the first part of the fed's annual stress tests thess test is conducted to ensure that banks will be able to maintain enough capital during times of extreme stress. the central bank introduced the test following the financial the result of the second part come next week. >>> the world's bigge oil producers are nearing a deal to lift oilproduction. if that happens it has the potential to change the dinamics of the energy market. oil prices today struggled for direction ultimately settling brian sullivan is in vienna tonight. >> reporter: it's looking more and more like president trump will get his wish and opec will pump more oil in the months ah

he got a downgrade over at bernstein. we will be talking a little bit -- excuse me,how it was not specifically from tony, but from his colleague, but we will be talking with tony broadly later in the show. the stock getting downgrade to underperform from market perform. joe: let's take a look at the government bond market. nothing going on there basically. i could just skip right over that basically. yield flat on the day. much more actn, however, in the commodity world. let's look at oil and gold prices. texas intermediate back above $70 of their old. people start to perceive the supply and demand perspective to -- west texas intermediate back above $70 a barrel. estimates of saudi arabia will increase to the most ever, though perhaps still limited. bottom line, lots of moves in the oil market, sending the price up three point 5%. finally, i want to look at when industrial metal we have not talked about lately, which is very ugly. zinc futures. stock files building. .oncerns about trade in china on its longest losing str

back with carl bernstein, matt ryan and april lewis. matt, i cut you off. >> it's all right. >> do you want to discuss this fake news thing? >> first, what would be saying, what w any center right conservative person be saying if president obama had done this, if he had basically met with the dictator, praised that dictator and attacked the press? it would be impeachment talk, i think. and it is. there should be. the other thing that really bothers me -- >> you think there should be impeachment talk? >> well, there is talk. look, i think that clearly i don't know that democrats want to talk about impeachment to be honest with you for political reasons, but we are where we are. but i also wanted to bring up the unconservative nature of what donald trump is doing. there is this old william f. buckley quote. people who compare the kgb to the cia, it's basically like saying that the person who pushes an old lady out of the way of a hurtling bus is the same as the guy who pushes an old lady in front of a hurtling bus, because either way, you

stacy rasgon of bernstein. let's get to courtney reagan >> just hitting here at cnbc.com, new reporting from lauren hirsh she's saying sources familiar with the deal say that conagra brands is in advanced talks to acquire pinnacle foods this is a deal that could be announced as earlier as this week no price could be immediately learned in cnbc.com's reporting. however, it is likely that the deal would be done in a combination of both cash and stock. the companies were not immediately able to be reached for comment. that would be conagra and pinnacle foods, but again, cnbc.com's lauren hirsh reporting conagra is nearing a deal to acquire pinnacle foods as you can see, your shares of pinnacle foods are spiking by more than 4% back over to you >> thanks. courtney reagan with that news let's get back to brian sullivan in washington. he just spoke to rick perry. brian. >> yeah, we did. that's why i wanted to bomb back in on your show. thank you very much. here's the thing department of energy secretary rick perry co

jared bernstein is a former economic policy adviser to vice president joed byly. currently at the center of budget and policy priorities. >>> this just in, protests in washington, d.c. over the administration's immigration policies. here's a live look. you can see people there wrapped in foil blankets. that's similar to what the children get along the border. we are also seeing protests across the nation. in brownsville texas the aclu is rallying outside that stead's federal courthouse where prosecutions are taking place for people taken into custody at the border n. milwaukee wisconsin near where the president was last hour protesters are calling for an end to family separation. what you are watching right now is washington, d.c., live pictures of protests. >>> all right. happening now in arizona, the first lady is making her second visit to the border. her first stop was a visit to a u.s. customs facility in arizona that's housing migrant children. >> thank you first of all to have me here. and i want to thank you for all of your hard work that you do. and i kno

intel's rating was cut again this time by bernstein which now rates the stock an underperform. they cite structural issues at the company. the price targe is 42. the stock fell to $49.67. >>> siriu xm was downgraded from underweightve to weight. they're entering a more mature phase of growth which presents a new set of targets. the stock is $5. >>> tjx companies was downgraded to neutral from overweight. the analyst citesua von given the stock's gain. st> still ahead, why renovating your home could coou a lot. >>> strong housing a demand an expanding economy help the nation's largest home builder linar easily beat estimates last quarter. while earnings and revenue grew strongly, the company said average sales prices of their homes jumped morehan 10% to $418,000. the shares rose nearly 5% ohe day and that, in turn, helped lift the rest of the home builders in today's session. >>> hom g pricens surged but slowed ever so slightly a possible sign that the higher mortgage rates may have been a factor. the s&p kay schiller national home index ros 6.4% in april year over year. that wa

we are roughly around session highs right now, up 112 points on the dow richard bernstein of richard bernstein's adviser and brad newman, gentlemen, welcome, good to have you here rich, you said we need to get ready for position of portfolios for inflation, why and how do i do that? >> tyler, first thanks for having me on one have to admit that the economy is pretty strong right now. we have product markets that are very tight and labor market that's very tight. the economy is doing very well on top of that, and what's so unusual is a public policy right now is very pro inflation. we got a significant tax cut despite tight labor markets and normally you got a tax cut at the beginning of the cycle and not late in the cycle. fiscal spending is up about 6% or 7% year on year now normally that would happen early in the cycle and not late in the cycle. now on top of that, you are getting restrictions of products and labor. so we already got type markets and through public policy, we'll restrict that hes markets even more and that's inflationary >> richard, i don't know if you can hear the

a double upgrade to "outperform" from analysts at bernstein has pushed the share price up another 6.3%t now. it is up nearly 6.5%. shares in london are up generally, led mainly by export orientated firms after disappointing uk factory data that we have been talking about hit the pound. that's all the business. sophie, back to you. marion, thank you. some more breaking news. a court in italy has found a man guilty of abducting a british model chloe ayling. lukash herba was accused of luring the 20—year—old from south london to milan with the promise of a photoshoot, and then kidnapping her for a ransom. he has received a 16 years and nine month sentence. james reynolds explains the case pkg) injuly 2017, in july 2017, chloe ayling injuly 2017, chloe ayling came to milan. she said she had received an offer of modelling work. she told the police that she went to an office to discuss the photo shoot. there, she says that lukasz herba, from poland, overpowered her, drugged her and took her away. for the next six days, she says that she was his captive. lukasz herba took chloe ayling to a re

bernstein. any other public comment? hearing no comment, please call the next line em read] >> commissioner mazzucco: we'rers of the public, going to go into closed session to handle some litigation matters, personnel matters, and other matters. any public com? hearing none, next lineitem. [agenda item read] >> commissioner mazzucco: do i have a motion? >> yes, so moved. >> commissioner mazzucco: do i have a second? second. >> commissioner mazzucco: thank you very much. we're going into closed session. thank you very much for coming this evening. left right i had a burning doorway to do the right thing and join the department such this we my brother applied and fortunately we'll here and this means a lot i'm home everyone night to study and we workout together and it is a blessing i have a brother to go home a fed off of one another we're the twins but pretty much we're not treated and individuals sometimes treated as a item if he did something wrong they use the word instead of you the it heroism we're going our our sep

i have met david bernstein. i lost one of my senior staff members to him some time ago.i don't believe that we ever did any work with them to [inaudible] >> a couple follow-up questions on that. [inaudible] as part of a consumer motivated campaign for a presentation like that. >> when you accept the fact we tried to demonstrate the methodology that we haven't had any relevant case studies on how this methodology could be employed. >> you've given your answer to the committee on that. some people might be concerned about this piece of work. it's the improved results that's one thing but it's the kind of methodology for the clients in other countries as an appropriate information sharing knowledge part of the work. >> we were sharing some kind of tops the intelligence please understand he can certainly speak to this common practice that has been undertaken over the world under very many jurisdictions and this is not some government secrets that we are giving away a but it's how to target the small audience groups of people. most sophisticated agencies would be able to keep

see you in a bit to the closing bell exchange now, joining us, richard bernstein, jim, and steve from steve -- we got a pattern here, steve, but -- it's real money? could be -- you don't want to name -- they did rich bernstein, jim -- i'm just saying you could go that direction too. >> well, what do you want me to tell you, kelly? >> tell us about the market. rick santelli is in chicago. starting with you because i gave you a hard time today. do you think the market should be down more on the trade war concerns or do you think things look all right to you? >> you know, domestically, things are all right, and let's get all these fake free traders all their high horse they're not the president. reach out to the g7. let's drop all tariffs across the board. was not the g7 crickets? silence, oh, wait, the playing field is fair, we don't want to go there >> started well before g7. >> tariffs were coming this way greater than tariffs going that way. it is not. the president's actions simply are retaliation. >> no. if he wanted to retaliate against china, he could have with the allies. that's

if that wasn't enough, bernstein analyst out with a note this morning, questioning some of tesla's accounting practices scott, you deal with entrepreneurs all the time and certainly familiar with the phenomenon that is elon musk, all the things he's inventing and pushing out to market. a lot of people doubting him, trying to make money off doubting him trot out an i don't care jacket some time soon what do you make of all these moves and what investors should really be focused on to determine value here >> look, you know, one of my spare time hobbies is to sort of dream up what's on elon's white board today. i think what's been on his white board is raise more capital. he has created a number of different major assets one of which is worth as much as gm and ford now in tesla and he has done that by using capital as a competitive advantage. and he has had to raise tremendous amounts of capital, equity and debt. he's $10 billion in debt now i think he's heading toward the day of reckoning a lot of people have said this for a while. we're on crunch time right now you know, so if you look at what

there's the sell side that is taken care of by bernstein and that using cel-sci ratings to fill in that third one is machine learning. machine learning and it is picking stocks based on algorithms they put together. julie: instead of based on an underlying index or a sector, they're supposed to be performance-based. they are picking stocks that they suspect will outperform. just make it sure i'm understanding this. how are they doing? >> one common thing is that they are all outperforming the market. it's a little bit of a faux pas for the performance a little bit short for some of these products. i don't want to make a big rock statement, but it's not what noteworthy. julie: that sort of tracks with the idea that it is a stock pickers market perhaps or give some credence to it. are there any commonalities in terms of the text that the buy side and the machines have chosen? >> i've looked at for etf's and there is not a stock that appears in all four of them, but some come pretty close so a name like adobe systems is across all three of them. delta airlines was an interesting pick. alph

bernstein's take said he gets credit for a stock price that jumped about 120% under his watch, easilyt the s&p 500 and the dow, roughly in line with the nasdaq. numbers went up under his tenure he presided over a tough transition, from the pc market to potential growth areas. chips for servers, internet of things, memory, programmable processors and new areas like self-driving cars but he also says krzanich presided over a detearation in process, technology leadership making trance ifrt transistors smaller every year some traders and investors have become excited about intel's rivals, like amd back to you. >> josh, in this, we can't forget specter and meltdown that caused the sto to fall for a little while and i think that fits in around this process intel hasn't been able to do that in a similar pace i wonder if the analysts are able to say what sort of ceo intel looks for next do they look for more of a sales and marketing person like krzanich's predecessor do they even, perhaps, look outside? >> no, he didn't touch on that, jon, what they look for next it's interesting that someone

bernstein. anyher public comment? hearing no comment, please call the next line [agenda item read] >> commissioner mazzucco: members of the public, we're going to go into closed session to handle some litigation matters, personnel matters, and other matters. any public comment? hearing none, next line item. [agenda item read] >> commissioner mazzucco: do i have a motion? >> yes, so moved. lerk: commissioner, we're back on the record, and you still have a or >> commissioner mazzucco: you.k please read the next line item. [agenda item read] >> motion to not disclose. >> do i have a second? second. all in favor. and please call the next line item [agenda item read] >> commissioner mazzucco: and commiss, asier i stated earlier, i move to adjourn in honor of our former president, julius turman, who passed earlier in may, may 13, 2018, at 52 years of age. law in private practice.r in he was an assistant united states attorney in the district of new jersey has worked for several firms as an employment litigator in san franci

i think carl bernstein said if we're not in a constitutional crisis it is imminent. feel we're at a conscience crisis, a crisis of humanity. how do we treat one another? why do we treat each other this way? for the love of heavens, reporters are people. they live in a community. they are part of the community. they are trained to be a disinterested third-party observer. you question, probe, ask hard questions. that's not rude. that is not being illegitimate or dehumanizing. it is when you return those with that type of deference, with that type of indignation, that type of anger to us and dehumanize us, there are real results to be paid. those five people paid that price yesterday for what? for what? then to be dehumanized further with sean hannity. sean hannity, as i said also, he does not have the wherewithal and does not have the experience, the ability, nor the talent to be a community journalist where you have to write the story, cover the story, lay out the story, talk to sources, be involved in more than 40 hours a week, involved in your community. it is very

david bernstein joins us now.avid, i think -- as the father of many children -- ed is crushing when parents are separated from their kids. but i wonder why this is only suddenly news. just for example, how many american children right now are living without a parent who is behind bars in this country? do you have any idea? i don't have the exact numbers but we know it is quite sizable and theyqu are there for all kinds of crimes. >> tucker: 2.4 million. >> tucker: the majority of american prisoners have americae separated. and that is a sad thing. i haven't heard anyone on the left mentioned that. they are not illegal aliens. i just wonder, why the focus on the pathos of these stories while the suffering of american citizens of the exact same kind is being completely ignored by you and your fellow liberals. why? >> first of all, i'm not ignoring it. i'm talking about it. i think it is unfortunate because research shows us that parentsse who are -- parents and children when they are separated, incur tremendous trau

. >>> intel getting chipped after bernstein downgrades to underperform, to $42 from $52. down a buck at $49.62. >>> next, health and human services secretary testifying on capitol hill as health care is a hot topic item ahead of the midterm elections. >>> former congressman dave weldon going to tell us how people are finding a health care alternative in a booming one billion dollar enterprise. very interesting. "countdown" is coming right back. they appear out of nowhere. my secret visitors. appearing next to me in plain sight. hallucinations and delusions. these are the unknown parts of living with parkinson's disease. what stories they tell. but for my ears only. what plots they unfold. but only in my mind. over 50% of people with parkinson's will experience hallucinations or delusions during the course of their disease. and these can worsen over time, making things even more challenging. but there are advances that have led to treatment options that can help. if someone you love has parkinson's and is experiencing hallucinations or delusions, talk to your parkinson's s

last night on cnn, don lemon was talking to carl bernstein and they tried to do a high five.how that went. >> i'm very good about -- >> maybe by reporting the truth, we're going to prevail here. >> yes, thank you. give me a high five on that. >> that's what we really ought to -- th>> give me a high five o, carl. [ laughter ] >> reporting the -- that's our job. >> jimmy: that is pretty impressive. they ruined the high five and a a thumbs up at the same time. it was very, very rare. guys, this sunday is father's day. so, happy father's day, early. [ cheers and applaus but with the big day coming up, a lot of people are shopping for e perfect father's day card, and while there are lots of good choices there are also some very unpopular cards out there. for example, this card says, "dad, you taught me everything i know." open up, it says, "that's why i'm so messed up." [ laughter and applause ] is next one says, "this father's day, i'm giving you something you'll love." open it up. "i promise not to touch the thermostat." [ laughter ] and finally this one says, "you're my best fr

with scott higham and lenny bernstein of the "washington post," we called the head of public relationssked to speak with barber: this is bill whitaker. i'm a correspondent with "60 minutes." i was calling to see if we could speak with linden barber? we were told the company would not make him available. we also tried for several months to speak to congressman marino. finally, we went to his d.c. office. hello. i'm bill whitaker with "60 minutes." >> staffer: yes. >> whitaker: and we'd like to speak with congressman marino, if we could. >> staffer: i'm going to have to refer you to our chief of staff. >> whitaker: we were told he was not available. >> chief of staff: okay, can you please turn the camera off? and we have to ask the camera to leave the office. >> whitaker: his staff then called the capitol hill police on us. >> capitol police: just accept the un-invite and leave the area. >> whitaker: when joe rannazzisi looks back, he has one regret. >> rannazzisi: you know all these people that died, happened under my watch. the one thing i wanted to do, the one thing that i just though

it was by the investigative duo called bernstein and bob woodward.dean alleges nixon knew of cover-up plan." now, that's the kind of headline that scandalized the nation. even at a time when many watergate headlines were shockers. because if true it meant there was a lawyer on the inside ready to turn. the kind of thing that could end a presidency. which it partly did because this man john dean had knowledge almost no one else had, telling investigators nixon had prior knowledge of payments used to buy the silence of watergate conspirators and offers of executive clemency extended in his name and that nixon was deeply involved in the cover-up." this was all considered quite poenlt even though dean had "little or no documentary evidence to support his charges against the president and most of his allegations are based on his own recollection or purported conversations with mr. nixon." wow. i think three things jump out there. one, there's no more dangerous person to flip than your lawyer. two, abuse of clemency powers can backfire. has donald trump re

bernstein initiated on the medicme meddevices they're calling for double digit upside each of these namesby the way, beating the s&p 500 year to date intuitive surgical rising 33%. boston scientific gaining nearly 31%. and abbot labs up almost 8%. carrie has been looking into the space. what are you looking at? >> we own boston scientific. we like it a lot and like it right here we like is, intuitive surgical it's a little expensive here abmd, there valve company, a pump, really great pump company. it's on the expensive side we like to get it lower. but i think some of these names represent a good opportunity considering that health care has not been a strong sector tech is where everything has been energy has been strong this gives people an alternative. i think these are good ideas and i support the trade. >> one of the names that came up as well is medtronnic, and we had unbelievable option activity they're going out to august, buying the august 90s, looking for them to maybe start to give back some of the mojo. it lost some of the mojo it really sold off, not to the abslult lows but h

well, carl bernstein said if we're not in it now, he believes it's imminent. >> provocative stuff.atching as always. thanks, my friend. we have some final thoughts and reflections. i have a story that comes to mind that i want to share with you that will give us some perspective. a very powerful lesson about the struggle we have going on in our society right now. next. join t-mobile. and get netflix included for the whole family. so you can get lost in space in your own backyard... or get pumped up for your grand entrance. only t-mobile lets you watch your favorite movies and shows in more places, without paying more. get an unlimited family plan with netflix on us. and right now at t-mobile, buy one samsung galaxy s9 and get one free. with tripadvisor, finding your perfect hotel at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay! tripadvisor searches over 200 booking sites... to show you the lowest prices... so you can get the best deal on the right hotel for you. dates, deals, done! tripadvisor.

well, carl bernstein said if we're not in it now, he believes it's imminent. >> provocative stuff. be watching as always. thanks, my friend. we have some final thoughts and reflections. i have a story that comes to mind that i want to share with you that will give us some perspective. a very powerful lesson about the struggle we have going on in our society right now. next. with only a kite, a house key and a wet hemp string, benjamin franklin captured lightening in a bottle. over 260 years later, with a little resourcefulness, ingenuity, and grit, we're not only capturing energy from the sun and wind, we're storing it. as the nation's leader in energy storage, we're ensuring americans have the energy they need, whenever they need it. this is our era. this is america's energy era. nextera energy. i'm a small business, but i have... big dreams... and big plans. so how do i make the efforts of 8 employees... feel like 50? how can i share new plans virtually? how can i download an e-file? virtual tours? zip-file? really big files? in seconds, not minutes... just like that. like everyt

bernstein saying that last week was not a capitulation.nt does this become a negative cycle matt:? matt: annemarie, what have you got? >> iranian production. following my sit-down with the oil minister, here in the red, this is when sanctions were imposed. this green circle shows when the e.u. banned imports. in the yellow, sanctions being lifted. you can see the production skyrocket. they would not tell me what they are forecasting in terms of exports. we know that total, shall have stopped buying iranian crude. mike winter says by november 400,000 to 500,000 barrels of oil could come off the market from iran. all right. i like both charts. i was hoping to see more correlation with those assets. i don't think i know what to do with my money there. i'm going to go with annemarie's chart because it shows me something interesting to keep my eye on in oil. maybe i'm a little bit biased. annemarie, congratulations. stay with bloomberg television. up next is "surveillance." guy, it has been a pleasure. ♪ francine: roadblocks to trade, the u.s.

over the next three years, they're getting those views and one from bernstein having that opec meeting rich, thank you. before we handed over to "bloomberg markets: asia," a look at the market trading. we are seeing a volatile session ending the trading week after trade tensions heat up once again from both sides of the u.s. and china. we are easing off a little bit on the nikkei 225. the cost be is also down a third of 1% -- kospi is also done a third of 1%. anz will be doubling their buyback program to $3 billion. this is what we're looking at for the china markets. we saw for the selling on a shanghai composite. this is where we closed. we're watching to see if we are getting closer to the bear market territory, rami. ramy: that's it from "bloomberg daybreak: asia" so stand by for "bloomberg markets." rishaad: asian stocks facing a grim week as trade trauma haunts investors appeared the yuan fully and play as a trade more weapon, markets waiting on central bank support, cuts are further easing. china's plan hitting a speed bump after xiaomi's snub. i am rishaad salamat. also, opec a

speaking at the bernstein strategic visions conference, he did express concern about international firms banks are entering our business. i do not know how many times i have said it. chinese banks are injuring our business. i cbc makes a lot more money than jc -- j.p. morgan chase & co. they combine with the need to buy. scarlet: the chinese banks have huge home markets and he is worried about competition from them along with other companies, such as alibaba. that is your business flash update. up, apple kicks off its big developers conference next week. the big reveal that is designed to help people kick the iphone have it. that is not sound advertiser friendly. scarlet: everybody needs their phone, just not a check it as often. julia: from new york, this is bloomberg. ♪ scarlet: that is some of our reporting streaming live from twitter and live from new york. it is time for charting futures, where we dive into the futures market through the charts. look ate are taking a bitcoin. on the session, bitcoin is lower after falling 19% in the month of may. on the year, bitcoin is down 47% on

up there as well nasdaq up more than 100 points right now, strong day for tech jamie dimon at the bernstein conference today we saw headlines, what do you think were the highlights? >> main thing, draft headlines, comments on the escalating trade tensions, of course, this morning, before the developments on north korea >> i do think that this trade stuff is a negative. it's going to hurt sentiment it's badly thought through it's not strategic you know, legitimate complaints about trade, but this is not the way to go about it you see it, you know, in the markets. >> that's it outsider trade, remains optimistic on the economy, saying we're only two-thirds of the way into the economic cycle, and he touted a golden age for banking. though, did warn of competition from china >> chinese banks are entering our business i don't know how many times i say it chinese banks are entering our business they make more than jp morgan chase does icbc or bank of china buy what they need to buy they have a huge home market they are coming. i'm not worried about just recovery of the european banks i'm worried a

arabian gulf president market close to session high dow up 182 >>> we're watching tesla today after bernstein'st a note saying the gross margins of the company may be overstated phil lebeau joins us with more on this note making the rounds today. >> i'm looking at the note from tony saganagi. gross margins is an important metric because the company said we'll be over 20%. but in a note put out this morning, he says i'm having trouble squaring the numbers with what i've seen. he says tesla services margins are plummeting does this mean auto motive gross margins could be overstated? here's what he's talking about the services margin, take a look in the third quarter of 2016 it was plus 5% in the first quarter of this year, it was negative 45%. part of that is because of an increase in the cost of goods and services within that services division. and again, auto motive gross margins is what so many people, investors in particular are focused on for tesla's automotive gross margins, 18.8% in the first quarter. the estimate from tony for the second quarter of margins roughly 15% when it comes to aut

familiar echo to me. 40 years ago, i made the movie "all the president's men" about how woodward and bernsteinrs ago i produced a documentary about the story to uncover the truth. it struck me as prophetic and worth repeating today. we thought watergate changed america and our political process. but did it?

it being evutionary, not revolutionary, but he did not say this is a step backwards, tony, from bernstein know who he is. >> you do? >> you've haxed feelings he's an great american >> the time warner lawsuit >> talking about great america, jeff -- >> time warner -- >> oh, coming back a little. >> coming back. >> no kidding. >> yeah, coming back ever since that professor friend of yours from harvard came out against the government. >> against the government, yeah. >> yeah, i just think that it's going to be a little tighter, and i feel that way because i've spent a lot of time thinking about google and this move >> yes. >> google and amazon and this move if they wanted to, if they wanted to go buy anything involving entertainment, they could do it. that's how wealthy these companies are. >> i know. we are only a week away from what is expected to be that ruling that you're referring to from judge leon and the doj for time warner, so much on that, including our parent company comcast's potential bid to try to acquire the fox assets. while we're on that, might as well mention as well uk regu

bilateral meeting with the canadian prime minister as well as france's esident ma so let's turn to jared bernstein, the senior fellow at t and jimmy -- a krrk nbc contributor. jimmy, to you first. did he sell the message to the american people? >> i didn't understand it. i will be honest with th trade system is broken though we have seen an explosion in global trade since 1990 some of the president'so like peter navarro think that's a bad thing. would like to reverse globalization, would reich to repatriate global supply chains. that was a peter navarro message i think larry gave as far as the economy is going, we may be accelerating but most economists say if you inject a bunch of stimulus into the economy gdp will jump -- whether it jumps one or two years, whether we are into a period of higher sustainable gdp growth that's tissue. >> was this a miscalculation by the administration to put larry forth? larry was brought on he is a well-known kmot commodity on tv. you see him articulating pro growth policies and here he is and jimmy says it was confusing he was dumbfounded. >> i'm still getting us

i have met david bernstein. i lost one of my senior staff members to him some time ago.i don't believe that we ever did any work with them to [inaudible] >> a couple follow-up questions on that. [inaudible] as part of a consumer motivated campaign for a presentation like that. >> when you accept the fact we tried to demonstrate the methodology that we haven't had any relevant case studies on how this methodology could be employed. >> you've given your answer to the committee on that. some people might be concerned about this piece of work. it's the improved results that's one thing but it's the kind of methodology for the clients in other countries as an appropriate information sharing knowledge part of the work. >> we were sharing some kind of tops the intelligence please understand he can certainly speak to this common practice that has been undertaken over the world under very many jurisdictions and this is not some government secrets that we are giving away a but it's how to target the small audience groups of people. most sophisticated agencies would be able to keep

tot is the tone you have give to bernstein. need.enjoyed our bear markets. what's the show humility to use every day. kathy: we have all seen how markets move. we always used behavioral finance of the core of how we think about investing because we can take advantage of the human tendency to overreact in the face of trouble that can lead to great insurance. we can go to the fact that people get overly exuberant. is keyzing human emotion as a common patient the cluster. as a common patient the cluster. guy: it looks like the s&p will test why 700 the moment. the market is feeling nervous. ist would you say right now the market getting a little bit -- the u.k. economy -- u.s. economy is moving along nicely. >> i think investors are appropriately looking ahead and saying the trade discussions and issues haven't been escalated. we thought was a minor thing in march with posturing, they are real now and we've seen some companies recognize they could have problems as a result. if you start to connect the dots , you worry this could lead to

i can cope with david bernstein! thank you for coming in.in different ways by stephen hawking. first of all, david adams sankha, what was it that really got you into science? -- david and sankha. i was in bath town about two years ago and saw somebody have an epileptic fit around his family. what got me in treating epilepsy was his family's reaction to the fit, it was quite a visceral and uncomfortable experience but the family almost treated it as if it we re family almost treated it as if it were normal. it was not a factor of love or care, it was just the fact that this has happened so much to this person, their lives have become normalised to it. so david and i teamed up after that and decided to create something that could help people with severe epilepsy. for as it was designing and creating a device which can predict an epileptic attack before it can happen. that is incredible, how does it work? by managing two aspects of the body, it has sensors monitoring aspects of heart rate and body temperature, combining them through a specific

bernstein, bradley just gave them the reins and said go to it. "the post" did incredible work then.y. >> all these years later. >> but, you know, what's interesting is the time line, because people are sort of saying, oh, my god, this can't go on, this can't go on. if you think about the time line, we are only in the middle of where we were during watergate. >> right. >> the break-in was a year -- was yesterday, june 17th. it took over two years before nixon resigned. and, by the way, today is the day the an niversary of "the washington post" printing the pentagon papers and on the 20th is when the supreme court ruled in favor of "the times." this is one of the things about watergate in the end is there was the tapes. you had clarity, proof. i think everybody keeps saying with mueller where's this going, where's this going. it could take another year. >> yes. >> it could. the other thing is if you think about the way that news was decimated in 1972 and '73 and '74, very little time on tv networks. now you've got a president who has a very loyal, very expansive media that will broadc

do is sanders, clinton, or warren, i would vote for trump despite all the problems the trouble is bernsteinent quite a while ago. >> he's unhinged at times. >> he said president trump is a president of his base. he's not the president of the country. i would like somebody to be more unifying he could accomplish what he wants to accomplish and do it in a different manner >> what do you think of howard shultz >> he's a decent guy >> he lives sort of in the american dream category. >> i would say, listen you had a guy on yesterday i would vote for president i've known ken langone for almost 50 years. he is absolutely the cat's meow. at 82, he's probably too old to run for president, but we need a centrist we need a moderate we need somebody that unifies people that works together you know, in a sense, what president trump is saying and doing is what ronald reagan said he did when he ran for president, what did he say he said i want the government off the backs of people and did that by reducing regulation and reducing taxes it's ditto for trump he said i'm going to basically restore the lost p