those free electrons and extract well from the masses as we say in the big tech companies google apple microsoft facebook they get the users to build their platforms for them and they can scale just add another server and now they're you know 100 worth a trillion $1.01 half trillion dollars and so that's a structurally it's a structural problem that nobody saw coming what you're saying in your book is. people don't understand this aspect to it because they are thinking backwards they're thinking about the duster revolution even the information revolution and now but they just don't understand it so and obviously policymakers don't understand it politicians don't understand it. it isn't as if it's going to be as it's going to envelop the economy and we're going to look back and to say well we just enact fast enough we never we don't we don't get it i mean i don't see how anyone's going to really be able to act in it and be a proactive jap i think are just going to be swept away by this one thing it's why i wrote the book because nobody's saying it coming they couldn't put $2.00 and $2.00 together and in t

among harvard university professors which tells you everything, that's also true at apple, google, facebook, microsoftpick one. american cities didn't -- but rich adults made it possible, they paid for at all. find a prosecutor who refuses to keep violent criminals in jail and changes to my chances are george soros put them there. why are they doing this? it's becoming clear, the middle class voted for donald trump. our leaders have decided to punish the middle-class for doing that. never in our history have our elites been this reckless and this angry, the entire subscriber base of "the new york times" have been seized by a frenzy of destructive rage, they are throwing plates around the kitchen and smashing the windows. at some point they are going to wake up from this bender and realize they've destroyed their own home in their first instinct as it always is will be to leave. if but we should not let them, we should seize there. they did this, they should have to live with the consequences in midtown. melissa francis lives in new york, she's the cohost of outnumbered and we are always happy to have

which tells you everything and by the way, that's also true at apple, google, facebook, microsoft, pickne. america's cities, rage of adults made it possible, they paid for at all. find a prosecutor who refuses to keep violent criminals in jail and the chances are george soros put them there, but why? why are they doing this? it's becoming clearer, the middle class voted for donald trump. our leaders have decided to punish the middle-class for doing that. never in our history have our elite spend this reckless and this angry. entire subscriber base of "the new york times" has been seized by a frenzy of destructive rates. they are throwing plates around the kitchen, beating the dogs, smashing the windows. they've destroyed their own home in their first instinct is to be to leave and split for saint barth's. they did this, they should have to live with the consequences. in midtown. cohost of "outnumbered" melissa francis, we are always happy to have her. melissa, you've been in new york for a while, you are a keen observer of what happens, what is happening there right now? >> so everythin

largest companies in the world and in the united states today are technology companies -- apple, facebook, google, microsoftand so forth. do you worry that there is too much power and too much data in the hands of these technology companies, and are you surprised the government has not done something more than they have today about this? bill: well, technology has become so central that government has to think ok, what does that mean about elections? what does it mean about bullying? what does it mean about wiretapping authorities that let you find out what is going on financially, or drug money laundering and things like that. so, yes, the government needs to get involved. i, for the early years of microsoft, bragged to people that i did not have an office in washington, d.c. and eventually, i came to regret that statement, because it was kind of almost like taunting washington, d.c. and so now the technology companies -- partly because of the lesson of microsoft -- of course, they could have seen that lesson through at&t or ibm or kodak or a lot of innovators as well, they are very engaged. there will be

like microsoft the reality is we know that big tech companies in the united states facebook and apple and google have not been good stewards of data here in the u.s. of the collection of data they use and the misuse of data it happens all the time so the idea that the chinese are collecting data and they're bad but when facebook and apple and google and now possibly microsoft are collecting that same data it's somehow ok that somehow a good thing it makes no sense to me at all you know todd actually before i get to any deep content in this i really want to ask you 1st what is your opinion of this situation we just heard ben say that this is a terrible idea but what do you make of this situation of the president basically forcing the sale of this and to an american tech company. well i think overall this is the geopolitical politics of. china and the ongoing problem that we've had with china already because you look back at what has happened with wall way in the other events that are going on and the fact that india's already be end you know tick tock there's a lot of other things that are happen

businesses the top ranks are occupied solely by american and chinese companies microsoft apple amazon google and facebook china's front runners are all the above are intense and. the only german company to even make the top $100.00 is as a.p. ranked 58th in the world. but some german companies are trying to catch up in the summer of 21000 fashion retailer salon dot opened its new headquarters in berlin twice a month on boarding day when they welcome all the newcomers. there are 200 today alone 200 out of 14000 accounting. for snacks are tailored to the new workforce. the average the londo employee is in the early thirty's and speaks english. they come from all over the world. and i was really surprised when i found this amount of people i've heard that it's ok if i'm sorry i didn't like that i'm so excited it's it's like it's imply that they are doing something good it's a bit going on which you don't want to annoy them and to hear and learn a lot of scenes and you know move forward in my career. the newcomers are shown the heart of the company. and say let's start. the place is designed to make people r

and p. 500 just 5 big tech names apple amazon google facebook and microsoft are they make more than 20 percent of the entire market capitalization of the s. and p. $500.00 still from the $500.00 biggest companies so if we might see a certain reversal in that trend so let's say something positive happens on the health front what we all wish for and if we see some tech sector rotation that could mean a real pressure if investors all of a sudden might pull some money out of the tech stocks sold to me it's a bit unhealthy by the way let's. see what's going to happen on monday that's when apple and tesla so some stocks are really have been on fire will do their stock splits oh well the beginning of the next week could be interesting in that respect already got to get this idea of tech caring all the way up and then it can also be dealt with his perspective from new york thank you very much. all right and staying on the tech scene we've been reporting on social media sensation to talk in its recent troubles a ban in india a threatened ban and for sale in the u.s. elsewhere in the world the a

have traded slightly lower on friday but when you look at the broader picture, amazon, apple, microsoft, facebook, google, pulling the markets higher. now the markets this morning trying to figure out what to make of president trump's executive orders over the weekend. some of them are not enforceable. the eviction ban doesn't ban evicks. we'll get to that as we talk politics later. but let's talk payroll taxes for a second. president trump has ordered employers to stop taking the payroll tax out of paychecks if you make less than $104,000 a year. so this is going to make your paycheck bigger but you still owe the taxes later and by making your income bigger, you make your income tax slightly bigger as well. democrats and quite a few republicans argued against this idea, saying taking out a payroll tax helps people who are employed and does nothing to help people that are unemployed and don't get a paycheck at all. and i thought this was a clever idea. malls are getting emptier and amazon is talking with simon properties about moving into spaces once owned by macy's or penny's or sears and for warehouses

and p. 500 just 5 big tech names apple amazon google facebook and microsoft are they make more than 20 percent of the entire market capitalization of the s. and p. $500.00 or so from the $500.00 biggest companies so if we might see a certain reversal in that trend so let's say something positive happens on the health front what we all wish for and if we see some tech sector rotation that could mean a real pressure if investors all of a sudden might pull some money out of the tech stocks so to me it's a bit unhealthy by the way let's see and what's going to happen on monday that's when apple and tesla so some stocks are really had been on fire will do their stock splits oh well the beginning of the next week could be interesting in that respect already got to get this idea of tech caring all the way up and then it can also lead you down with his perspective from new york thank you very much. all right and staying on the tech scene we've been reporting on social media sensation to talk and its recent troubles a band in india a threatened ban and for sale in the u.s. elsewhere in the worl

are expensive as you know, it's really five stocks that are driven the averages, apple, microsoft, amazon, google and facebookf the weighting in many the s&p 500 and 47% of the weighting in the nasdaq 10 . so the averages belie what is going on in the american economy. >> of the five stocks, very expensive, well priced, cheap? >> to be frank, we own apple i bought it a million years ago when it was a value stock. i don't own the others i actually looked at the pes based on next year's earnings. they're roughly around 30 times. google is 26 times obviously amazon, 74 times forward earnings i understand they're all power house franchises they're great businesses one of the problems i have when you refer to the gik, the speculation and companies like zoom and shopify and spotify and zillow it's the greater fool theory reminiscent of what we saw during the tech bubble in 2000 >> so, scott, at what point do you think investors will demand some proof of those valuations for the companies where you cite that speculation one quarter? two quarters a year from now? at what point do they say this is the right valuation

important to understand is that not only are large tech oriented names basically, apple, microsoft, facebook, amazon and google, not only are they a very large shale -- share, but they are also a very large share of s&p 500 earnings. if you look at those, other than amazon which is extremely aggressively valuable, the rest of those companies are at a discount to where their market cap is. that,er words -- reverse they trade at a lower market than the rest of the market below that. basically what that means is these big companies that have been able to protect their cash flows and continue to grow quickly through the pandemic are very weighted in the market so the market overall should be more resilient than we would have expected. those are important things to consider when looking at the aggregate level of the equity market and how it has performed coming out of the endemic in march. -- pandemic in march. vonnie: what needs to have been stimulus wise? -- gdpot get another cannot go up to 32% for example. george: it is not whether gdp bounces in q3. q3 will be a huge sequential growth number. the problem will

the nasdaq in particular by five companies, amazon, apple, microsoft, facebook and google alphabet. markets trying to figure out what to make of the executive order over the weekend. some not enforceable. scott mcfarland talks about that. with doesn't ban evictions at the local lovell. let's talk about payroll taxes. he's ordering the suspension of payroll taxes that stop taking them out of your paycheck if you earn less than $104,000 a year. that will make your paycheck bigger but you still owe the taxes later because it will may make your income bigger, it may make your income tax bigger. they don't like the idea because they make paychecks bigger for people who are working. the unemployed who really need the help don't get paychecks at all. and kris and marcus, this is a clever idea. you know how malls are getting emptier and emptier, they're talking about moving into spaces once owned by macy's or penny's or sears and turning them into warehouses to serve amazon delivery trucks. so some day we'll show our grand children malls that are now just amazon fulfillment centers. you use

i mean, if you didn't have the growth of apple, google, facebook and the faang plus microsoft stocks,&p would only be up 12% most of those companies are in california and they're not leaving. now on the margins are you going to see some businesses go? perhaps. but the bulk of the economic activities are still in california i think it's a good thing that these companies post covid are looking at remote work and putting headquarters in another part of the country, a second headquarters. >> just reading something from your district. l.a. county and the state declareddto purge 1.5 million inactive voters we do want everyone at the ballot box personally to make sure we do have that faith and confidence in the system, but both sides have different viewpoints on how we get that faith and confidence but i appreciate this morning and we love technology we love all those california tech companies just wondering, you know, whether they love california as much as they used to congressman, we appreciate it. thank you for your time. >> thank you thanks for having me thank you. >> all right andrew >

apple, google, facebook. reportedly considering taking a piece of tiktok, maybe setting up a bidding war with microsoft for tiktokto report. axios now reports apple is not interested. earlier they said it was interested. now they say it's not. look, whoever buys tiktok, president trump wants the treasury to get a small piece -- i don't know about a small piece, a piece of the sale price. look at those big tech stocks move all over the place. in a few minutes we will speak to national economic council director larry kudlow about the tiktok deal. and we have a powerful storm making landfall in the carolinas. it's now moving up the east coast of maryland. that's right now. it's a threat all the way up to maine. serious flooding, tornadoes in some parts, too. >>> now this. you just can't ignore what's going on with the election in the twelfth congressional district in new york city. yes, i know it is a very small local primary and i know i have spent a lot of time on it, but an election crisis is coming. new developments in new york will make things even worse for all of us. there were 65,000 mail-in ballots in that

apple of course in the lead. microsoft, amazon, facebook, google following. i guess we ran out of the google logo there. okay. as we focus on the broader market, are there tomorrow's apples you would be looking at? >> yeah. i think there's a lot of them. not everybody's going to be able to recreate what apple has done, obviously, but there's some good opportunities. look at the people that have to service apple or the providers, because that's going to be a big part of the market. if you look, for example, at verizon, they seem to benefit when the price goes up. one thing i want to remind people, it's still cheaper to buy a share of apple than it is an iphone. i guess the average price of an iphone, $800. over the last ten years you would have been much better off buying a share of the stock. you would do a lot better than having to replace your phone every couple of years when they get an update. so yeah, there's no doubt about it, there's a lot of good opportunities. i mean, you look at the stock split in general, and what's going to become more of a trend for these stocks because they have been high-flying

cybersecurity plays, they have all been on fire and the big six, not talking about facebook, amazon, apple, netflix, google and microsoft. these are all companies that have to do better when you're stuck at home and stocks monopolized 20% of the market getting evaluations we haven't seen since the faded.com era there are plenty of signs that we're leaving the trough at least for the publicly traded companies stuck there. the recovery plays now this requires a real leap of faith because we have 10% unemployment high down from 15% until the spring so we're headed in the right direction we have a horrific number of people who can't cover their rent, can't put foot on the table but as we'll hear, commercial rents are increasingly being paid. the stock market is not a reflex of the entire economy. it doesn't tell you how america is doing as a whole. it never has we're not trading unemployment features or hair salon options we're trading stocks of medium to large-size businesses what matters to big business covid cases and deaths are coming down from an alarmingly high level the russians claim they have a vaccine though they

anyone who questions the savings or wants to compare the standard of oil is foolish, google, microsoft, facebook, appleat have led us through this pandemic and a lot to live our lives, they have actually championed the smaller businesses and then give up platforms. we have to look at it with a new set of eyes, i cannot put the broad stroke that any company is about company. stuart: last time you were on the show you said you are shorting tesla, you are betting that it would go down, what are you doing now. >> i still have it, small position, after respect the stock in the people who think is a bigger story 100% but if i'm looking for short exposure in my book, i would get shortage on tesla, i don't recommended for the weak of heart, i've been closely following the company for years, for 40380, i think it's a wonderful product, elon musk is a complete visionary but prices right here i am cautious so i have a small position. stuart: should i go out and buy apple? >> to think that they are going to split the stock, psychologically, there's a lot of people actually believe splitting stocks is allowing them

google, microsoft, facebook, apple. better than gold they're not cheap.y, but they're not pricey relative to interest rates. okay i'm not adding to them, but sitting with them because those are great companies. i would only pound out that the fang stocks of today are like the nifty 50 of '72. i went back and looked 1972 dominating institutions jpmorgan and u.s. trust. their philosophy was we don't care what multiple we pay for what we buy as long as we buy the world-class dominant company. okay back then avon was a nifty 60. 55 times earnings. eastman kodak, 48 times earnings ibm, 37 times earnings polaroid, 90 times earnings. revlon's 30 times, sear roebuck, 31 xerox 41 okay we don't have -- back then by the way, in 1972, the government was 6.5% today ten year government 70 basis points while expensive, not outlandishly expensive and pick your poison. i have a few there and what we have to understand in the nifty 50 of today, a certain failure rate as there was. polaroid no longer with us avon didn't turn out to be what people thought it was. ibm didn't

when you consider you have apple, google, amazon, microsoft and facebook, so those five big tech companiesk up 7.36 trillion valuation. they make up more than a fifth of the s&p 500. so when you think of the s&p 500, it's basically those five stocks plus like 495 other stocks. we are talking about five stocks when we talk about wall street. stuart: that's right. money is concentratedly flowing into those five big name stocks. i keep using these words. amazing, astonishing, incredible. all of the above are true. all right. thanks, lauren. thanks, ash. >>> speaking of big tech, vice presidential candidate kamala harris has some strong ties to these tech companies. could this cause a problem for her with voters, ashley? ashley: i don't know. it depends on what the voters think about big tech. certainly, she's had friends in silicon valley all the way back more than ten years ago when they backed her when she ran for state attorney general in california. she's gotten some large donations from some of the bigwigs, the elites. sheryl sandberg of facebook, the former exec at apple, marc beniof at

the thing about apple is unlock stocks like amazon and microsoft and facebook and google where you have 80 to 90% of analysts always have a buy on it. apple has been a two-way street in terms of opinion, costs aren't that high now you have two-thirds of the analysts have buys on it that's not really an overwhelming consensus that everybody loves this stock i do think it's really more part of the debate that's always gone on with apple as opposed to some new bout of negativity washing over. >> it was from buy to neutral apple, downgrade from bank of america. >> it was lower now higher, $0.44. let's get other names here -- sorry, just want to move onto square the company doubled this year, up another 8% today. we're going to get your thoughts on that. first kate rooney has a story for square kate. >> hey, sara, square's quarterly results are latest sign of a booming digital economy. q2 results helped by popular payments app, cash app in more brook and mortar moving online company posting 64% in revenue wall street had been bracing a loss of $0.05 on earnings but square surprising to the u

that is money coming out of the highly successful big techs, you can see it now, microsoft, apple, google, amazon, facebookl of them on the downside while the rest of the market goes up. that's rotation of where the money is flowing. all right. we are up 323 points. susan, what do you know, what do you have on this rotation? am i right? that's what's happening? susan: not just out of tech. have you looked at gold? we are down 3.5% for gold prices. the safety play is no longer needed if indeed there is a vaccine. hopefully maybe not from russia, but if you heard from pfizer and biontech, they might have one possibly available by the end of this year. then you look at the treasury market. you just pointed to the enthtenr yield. it shows there's confidence maybe we could see the end of this coronavirus pandemic if there is a vaccine on the table. when the yields go up, that means investors feel that there's more safety to go and play in more risky assets. does that make sense? they can buy up stocks instead. stuart: it makes sense. that's where the better gain may be in the future. .63% on the ten-year treasu

so in the stocks that i have, some of the big ones, the apples and microsoft and facebook and googlese world, but i also have a few for, you know, reopen trade. but the vix is somewhat worrisome. while i don't want to sell my winners, i do want to protect them protection is actually getting a little bit more expensive now with the vix trading up. as to, i can't just sell things because september is historically bad i will be curious how septembers have gone when the fed is just flooding money and stimuluses around the corner. probably don't have any comparisons for that dynamic which we find ourselves in i'm nervous about every month but not this one so much more than any other. >> you could argue that the last ten years have been filled with central banks flooding markets whether in september or any kind of month out there perhaps bono i will turn to you on this here, because karen and guy and carter bring up these independent point -- points and i want to turn to you because we've talked about the cost of ensuring things. karen brought it up. it's ticking higher but still relatively

so apple, amazon, microsoft if, facebook, google -- parent alphabet -- so dominant that they representsomething that we haven't seen in 50 years. we have to go all the way back to 1978 when that last happened. that type of dominance, top-heavy dominance concentrated in just a few names. back then, giants were ubm, at&t, gm, exxon. the dow, by the way, after a hundred years. kodak. also cautionary tales and show how the economy involves and so do market lead leaders. iphone sales flat from march to june with at the height of covid where global smartphone sales were down from 20%. samsung also report sales down during that time. raising the target price on apple to $600 the street high. but i checked sales force this morning, it's up 28 right now. 28% right now. i'm going to steal a line from you, i missed someone. stuart: yeah, what a shame. [laughter] >> yeah. stuart: extraordinary stuff. let's get to the virus. moderna showing positive results in vaccine trials. lauren, what more do we have on this? >> this is big because this is positive results for older americans, that's a key demo

microsoft walks away. the problem tiktok has that even though there has been at times other suitors looking at it, we have reported that google has kicked the tires, facebook has kicked the tires, apple's the tires although they came out today and have said publicly they're not interested. the most logical suitor from an antitrust standpoint is probably microsoft although something else happens, something a private equity deal which you know, we are talking lots of money here but again, this needs regulatory approval and donald trump seemingly looked like he was going to approve the deal with caveats that microsoft would have to show that the information that tiktok has is not being infiltrated by the chinese government. remember, tiktok is owned by bytedance, a chinese company, and the allegation that is heavily denied but the allegations they are sharing user data. so trump sort of inserted himself, more than sort of inserted himself yesterday and said the treasury department wants a finder's fee. we do know this. microsoft and tiktok's parent, bytedance, are unlikely to pay the fee. at least that's what we're hearing as of now. you know, microsoft continues to weigh the scope of thi

stuart: but some of us have done quite well buying microsoft or apple or facebook or google or netflixdividual stocks. >> sure. but it's so hard. look, i love buying etfs for my kids, i'm generally buying the levered etfs. these are etfs that will go up or down three times with any change in the market. they sound very aggressive and they are aggressive but as long as you can stomach the declines, i think in the long term it's really the best place to be. stuart: hold on a second. i can see gld, buying into gold. the markets are opening, the bell is ringing and it's 9:30 eastern time wednesday morning. we are off and running and i'm seeing some green, ladies and gentlemen. green for the dow, green for the 30 dow stocks, most of them are going up. in the very early going, couple of seconds' worth of business here, we are up 160 points. as for the s&p 500, that is up .4%. a solid gain. nothing huge. the nasdaq composite, now earlier, it was pointing lower. now it's moved higher. you're up about .25%. better show you disney. they have 100 million streaming subscribers, 65.5 million are pa

apple. could you look at microsoft. both are on the communications company. companies that we consider to be communication services like facebook and google are on there. the dow is always quoted. so is the s&p but the s&p is really tracking so much more assets, 11 trillion versus the dow's 31 billion. charles: right. >> so great big divide between these two indexes. charles: on that note, alicia, i do believe that if the dow gets to new highs, when it goes positive, everybody sitting at home who don't necessarily watch financial tv will see that and as it approaches new highs i think the individual investor will become more bullish. your thoughts? >> i definitely think that there are two things that are really dry powder for today's market if there are new highs. the first is that most flows have gone into the bond market and not equity market by a factor of five to one. there is where people can get the cash from. the second thing, close to five trillion dollars in cash sitting on the sidelines. so that is where you get your dry powder from. i do think that as markets move higher and get through the wall of worry, and as case count in the u.s. isp dr

google or amazon. let's not forget that google, amazon, facebook, apple were all broadcasting into a hearing about the question of their size and dominance and microsoft. microsoft not only has the capability, but it's not under the scrutiny the same way as other tech companies in terms of their size and their power and potential antitrust violations >> emily, it's scott good morning to you. i'm wondering how much you think we should worry about or american companies like apple and others who are operating in china should worry about any sort of blowback from the chinese or retaliation as our tensions get ratcheted up specifically as it relates to technology, how much those companies should be concerned today. >> i'm he guessing they're very concerned when they saw that executive order go through last night. there's no doubt about it. when one thing happens to a major company in a sector, the other ones are naturally going to react you know they've probably got their different teams on the phone, lawyers on the phone. apple does a lot of production in china that came up in that hearing that cecelia mentioned the big tech antitrust hearing and they're

thing as single stock risk because they've seen the fortunes made in facebook and amazon and apple, seen them made in microsoft and googlethey don't want to be left out by being in some sort of s&p fund and i don't blame them. >> certainly today is the day, jim, that completely ratifies that point of view as we see all of mega cap tech really supporting sectors that are otherwise in the red, including banks and we haven't really discussed what to expect out of jackson hole tomorrow, jim, but alan blinder in bloomberg today suggesting rates could be near zero for the next five years >> i disagree with that. there is such a thing called science and if science solves first testing, gets that gap down, no more labs, then solves therapeutics so that if you get it you can take a pill or a needle and you get cured, then we will be thinking what was blinder thinking why didn't he stick to -- why didn't he think about science instead of sticking to commissi economics. this is a giant science economy. i'm tired of hearing from strategists who don't lead off saying it's a science economy. it's a science downturn for heavens sake it

apple? would it be google would it be amazon would it be facebook and why? >> well, from where microsoftclearly to me be amazon amazon's aws product and moef s microsoft's azure and office 365 products, they actually compete so that would be the one that kept me up at night. now in terms of the frontier of consumer competition, that's a whole different thing, if you will you know, the promise of what you don't have probably feels less competitive than the opportunity and the battle you're in right now. i would certainly pick amazon and azure. >> hey, steve, you look at what's happening with major league baseball and just the, wow, what the heck happened? because clearly have a better plan with basketball >> so far so good. i think our league has done a very good job. this whole notion of having a bubble i was down in orlando last week. i don't get to go in the bubble. there's a separate owner's bubble, if you will, and those are kept well apart. yeah let me say, managing partners. the word owner is offensive. managing partners bubble, it is separate we actually behind glass with no conta

facebook and google have kicked the tires on this. this is the problem with anybody but microsoft. none of these players will pass, even apple will pass regulatory muster. they are too big as it is. there is anti-tech sentiment, even in the white house forget about congress. they will not pass muster. only place can do it, they're not into consumer internet and online stuff and social media is microsoft. they're the most likely bidder on this. maybe the only bidder. a couple of things. you know, president trump kind of upended things yesterday, by saying this is kind of crazy, they would have to pay a fee or pay the treasury a fee. two things. first off, my sources close to bytedance which is the parent of tiktok, microsoft, there is not going to be a fee paid. number two, talk to any legal expert it comes close to extortion if he says in order to get this approved you have to pay me because i'm the middleman here. it was really a reckless thing to say. this is here is the bottom line, say it doesn't get approval now. bytedance, microsoft could sue the federal government saying they were extorted this is really dangerous ter

the president recognizes that facebook can't buy them, google, apple, amazon can't buy them, they are all under fire the president think that it's a done deal for microsoftnd i think he feels like, wait a second, i just gave microsoft the sweetest deal in the world let's have a little kickback to the treasury i don't know if that's so strange. i don't. come on, david, it's a sweetheart deal? in the history of the united states has that ever occurred that you are aware of? >> in the history of united states have we ever had a president like trump honestly what are you going to talk about lincoln next like madison >> well, i can talk about typically the fact that even both parties have stayed away interest corporate decisions to a certain extent, now, we can get into a long debate about it, jim, because obviously there have been times when the u.s. government is deeply involved in the economy and to a large extent in some of these kinds of things, particularly when it comes to banking but i can't remember anything like this, can you? even the idea. by the way, it's not going to happen. >> no. >> it's probably illegal and it's not going to happen, but i thi