and jim stewart from "the new york times."things media right after this >>> happy boxing day investors reeling after the christmas eve selloff. we'll show you where stocks are trading right now. >>> shutdown in washington president trump says it won't end until congress agrees to fund his border wall >>> from comcast and sky to disney and fox, 2018 was a big year for media mergers we'll talk to jim stewart about that the final hour of "squawk box" begins right now ♪ >>> live from the mobusiest city in the world, new york, this is "squawk box. >> good morning. welcome back to "squawk box" here on cnbc i'm andrew ross sorkin along with kelly evans and wilfred frost and michelle caruso-cabrera sitting in with us as well >> good morning. >> she used to play an anchor on tv now she plays finance in real life >> and knows about the opera >> plus joining us for the hour, "new york times" columnist jim stewart. also a cnbc contributor here to talk about all sorts of things we aren't going to talk about les moonves are we >> we don't h

. >>> when we come back, jim stewart is with us on a friday we'll get his thoughts on the current market ago percentage of additional tariffs on u.s. autos and getting a check on the major averages, dow is down 228. nasdaq almost down a percent s&p down 0.8%. financials were the only seconder in the green. just went red so that means all 11 are down. "squawk on the street" will be right back this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. >>> good morning, everybody, i'm sue herera, here's your cnbc news update at this hour cohen appearing on abc's "good morning america" saying he bought the silence of two women because donald trump was concerne

how cbs handled the controversy about former ceo les moon investments the man behind the report, jim stewart will be here more "fast money" after this >>> welcome back to "fast money. a new report in the "new york times" says les moonves misled investigators and destroyed evidence let's hear from cbs reporter jim stewart. the allegations are just baffling some of them are just jaw-dropping. >> they are really unbelievable and i've been doing this a long time and i've seen a lot and every time something new comes out i'm frankly astonished. >> in your column which goes along with this investigative piece, there's a notion that the board knew about this, that there is some liability on the part of the board when it comes to all of this over the years? >> i don't think it's just a notion this report by the lawyers is pretty clear that board members knew one in particular arnold copalson was privy to the lureied details of the worst incident and when the woman told him about it, he said, well, that's trivial, and by the way, we all did that, like, you know, big deal he's the one who later when s

stewart? >> caller: boo-yah, jim. >> boo-yah, stewart. >> caller: jim, i need some advice >> sure. >> caller: mad money portfolio separate from my retirement funds >> okay. >> caller: it's been very aggressi aggressive, f.a.n.g., chip to e stocks, oil. it's done good until now it's down 35% as of today. my question to you, some of these individual stocks are down 40, 50, even 60% at what point now do i cut my losses, take that money and buy some more bear market friendly stocks or at this point do i just sit tight and wait >> i have to tell you, i'm going to urge you to sit tight and i'm going to do that because of what you just said, they're down 40, 50, and some of these companies are pretty darn good >> caller: yeah, they are. >> they have good balance sheets look them over if the balance sheets are bad, they may not get through this period if the balance sheets are fine, i want you to stay it's your mad money portfolio. now, if we get a sharp rally, lighten up a little and they'll come back again, because the fed is not going to relent so fast a lot of people come on air and say the fed i

permanent chief of staff and we'll be looking for who is going to replace the defense secretary jim mattis. >> stewart: mentioning chief of staff joh kelly gave a pretty wide-ranging interview to the "l.a. times" and piece of this interview that em coos coming up in all of the headlines t isbout the president's wall, the wall he has promised his base and his supporters. and john kelly said of the wall, be honest, it's not a wall. >> that was really sort of a remarkable, you know, it is sort of like the old joke about washington, a gaffe is when somebody tells the truth. and we're sort of in that ight now. i mean i think what he is saying is the pre and over again, at first it was a concrete wall, then it was a rrier, nowkind of ba maybe it is some kind of steel slats. and really you can't call it a physical wall because most ople who looked at the border know that you can't actually lit reallily put a physil wall all across the border. nancy pelosi, of course, sort of mocked this the other day when she said well perhaps he will settle for a beaded curtain. >> stewart: well, of course, the wall is at t

first ry recorded their eltones.t by the va ♪ the first black artist jim stewart ever worked with, so on and this was he type of music would want to make, even though he was a country fiddle player by night and a banker by day. if they were going to make our end b records, they were going to go sub -- make our end to be -- make r and b records ever going to have to find a so they got a movie theater and turned it into stax records. and they understood the power of opportunity, the power of empowerment. and it was a time of segregation, when blacks didn't mix if ever, if at all, so what they felt they could do was create a workplace and an environment where people could create freely, where young people would have an this is a place where young people were paid to make music, paid to work in a record store, paid to stuff envelopes and send things out through the mail. and this was the original along. did not see color when it came to hiring employees and working the people they wanted to. they came into the neighborhood and embraced the neighborhood, ingratiate in themselves and the ne

. >> jim stewart >> happy new year. >> thank you for being here. >> we'll see you tomorrow. "squawk on the street" begins right now. >>> good wednesday morning, welcome to "squawk on the street," i am carl quintanilla with sara eisen. cramer and faber had the morning off. futures are slightly green this morning after the biggest christmas eve loss in history. oil remains below 43 not a lot of data today but s&p is up 5.5 in october futures is volatile. stocks are suffering their worse december ever. >> plus, the president's powell problem. once again the criticism from president trump. retail rises, a record holiday sales, it is not so rosie. the worse december ever. christmas eve trading put stocks on track as the worse in december the president latches out at the fed, he argued the fed is raising rates too quickly and now he says it is the team to buy into the market. >> we have a normalized interest growth, a normalized intere interest -- they ahave money in the bank i have great confidence and i have great confidence in companies. we have companies greatest in the world

. >> joining us now at post 9, pulitzer prize winning columnist jim stewart.s been a while since we talked markets with you but let's talk about where we are as we end the year. your thoughts. >> this feels like a bear market there have been selloffs when i've been on saying no, this doesn't feel like a bear market to me, it's like one flash but this grinding down does have that feel about it to me, nevertheless my approach is be disciplined, rebalance, look at percentages, if you can't bring yourself to do it, pick a fixed date and rebalance, ignore the political static i know trump is getting a lot of the blame and why wouldn't he? there's chaos in the white house, the threat of the shutdown but i never make market bets based on political issues because the effect on the economy is so tangential sometime sometimes. interest rates is the big thing, we here in a new environment where essentially very safe liquid assets are yielding something we haven't seen in-year-old. we all knew that would pose competition for stocks and that valuations are coming down i do

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think it was colorado state university, there was literally a presentation where both jim watt, james watt and stewart udall, kind of the two total opposite interior secretaries, met and talked at a presentation and there is an interesting photo of watt shaking his hand. you could see in udall's eyes, oh, my gosh. i think he had progressive views in the 1960's, views kind of not ahead of his time, but really seeing the long view of things and he really did as well 50 years later, the day before he died. the title of his book, "distance in his eyes" that's what references to, he had a long view, looking to do things what's best for the nation, not now, but for 10 years from now, 100 years from now and actually i had the -- even before i wrote a sentence of the book, i had the title picked out years, years prior just because reading all of the information, that was kind of the overlying, underlying theme i think with all his work. good question. yes. >> so you mentioned with the daffodils in the d.c. area, and i am old enough to remember that i think lady bird had a passion for wildflowers and did the s

attorney's office once headed by rudy giuliani, once headed by jim comey an office that's prosecuted terrorists, mobsters, and martha stewart. at this moment, in december of 2018, sdny represents the greatest legal threat and potential criminal threat to donald trump. and a prosecutor told me this week that there is nothing stopping that independent office from sending its investigation and its conclusions to congress. >> that should get everybody's attention. all of which somehow brings us to this year's ten most. >> three, two -- >> number ten, men we are calling the good fellas. >> that's michael cohen, paul manafort, and mike flynn. >> just because the word "good" appears in goodfellas, we should probably point out to our more sincere viewers, you mean the opposite. you mean the scorsessian deal of good fellas. >> donald trump is a great unifier. >> i could go and plead guilty to eight felony charges. >> he's a man of great intellect and great abilities. >> so he's lying very simply to get a reduced sentence. >> michael flynn, general flynn, is a wonderful man. >> michael flynn, who served as president trump's national

thanks so much joining me now with more on this is jim kessler, the former legislative director for chuck schum schumer, also with me is alice stewarta republican strategist and cnn political commentator. alice, let's start with you and what sarah hit on. was it a smart move for the president to get rid of zinke now at this moment before the democrats take over the house? >> this is something that the president after the election said he was looking into a lot of these allegations against zinke and he would act on it at the appropriate time, and i don't think we need to read too much into this. while there was a lot of investigations going on circling him, the end of the year we knew there was going to be some staff changeover. we knew some people were going to be leaving. we knew there were going to be new people moving in. with the probe going on, this is the good time to make any changes like this. people who are under scrutiny now is a good time because we know that the democrats are full speed ahead looking at anything and everything they can uncover and investigate. so yeah, in terms of that aspect, this is a good time. >> goo

stewart, thanks to both of you. appreciate it. >> happy holidays. >> happy holidays. >>> still ahead with the fight against isis still raging on in syria, how will defense secretary jim mattis's resignation and president trump's troop withdrawal impact the entire region? >>> and later, what does this government shutdown mean for the men and women who keep us all safe? right now we're watching lawmakers on capitol hill hopefully working on a compromise. with lush honey, known to replenish and royal jelly and propolis, known to nourish and repair. as a whole blend, it helps heal damage to the ends. blended makes us better. whole blends. blended makes us better. this is incredible! last chance to join t-mobile and get the awesome iphone xr, on us! it has an amazing camera. i can "bearly" contain myself. it's your last chance this holiday season to join t-mobile and get the iphone xr on us. (burke) parking splat. and we covered it. talk to farmers. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ sometimes bipolar i disorder can make you feel like you have no limits. but mania, such as unusual changes in your mood,

jim, approximately that same amount was previously allocated in the last fiscal year and the trump administration has spent approximately 6% of that money. so why in the world would congress as stewarts of taxpayer dollars allocate an additional $5 billion on top of that when the trump administration hasn't even demonstrated the basic competence to spend the money that we've already allocated to them. it's ridiculous. >> it sound like the president is not going to get wall money in the new year. that's what it sound like. >> that would be waste of taxpayer dollars. i think consistent with the constitution and the origination clause, we do in the house have a responsibility to make sure that we allocate money in a manner that benefits the taxpayers and i think that's what we intend to do. we'd like to do it in a bipartisan way. we're not going to function as wholly owned sub sid sears of the trump administration. that's what our colleagues have done for the last go years. >> that ends on january 3rd. those days are over. >> okay. let me move to the russia investigation. as you probably saw earlier today, in a pair of interviews, rudy guiliani was offering conflicting information as to