mr. cohn: it wasn't really payback because the one point we were making was we are not going to be like them, and that was very important. the other point i would want to make is that as you listen to us, each one of us really was in a different war. we only saw a certain segment, and you cannot generalize on any one of us. you really have to listen to everybody, and then you can make your generalizations. as far as my service was concerned, i came into the battle of the bulge. because i spoke german, they put me in intelligence. mr. hydeck: can you hear him, by the way? i just want to make sure. mr. cohn: as intelligence, we worked initially as counterintelligence officers. while i was only a pfc., i did not show any rank. i was always u.s., u.s. because they were not to know who was what when we were intelligence. our mission during the battle of the bulge was to find germans who had penetrated in u.s. uniforms. they were a hazard for us because they could do all kinds of damage in the back

mr. cohn's comments in the past about where he thinks rates should go and spec addition, the law would beame and what would be different under cohn. he is likely to be more dovish than janet yellen, and that is saying something, because janet yellen was one of the most dovish people on the fed for a long time. the regulation side, he seems to have made anti-reagan vision, before, and the federal reserve has 2 mandates. tionnti-regula comics before, and the federal .eserve has 2 mandates tankerpresident trump on regulation come he is not for it. on monetary policy, do we know whether he would be dovish or hawkish? in the past yes made comments critical of the size of the fed balance sheet but it looks like the fed will start the process of reducing the balance sheet before the next fed chair takes office regardless. and other comments of the president have been looser, like you shouldn't raise rates. gary cohn impact was critical of janet yellen a few years ago, saying that until inflation is over 2%, there is no point in raising rates. that shows you that the president is a little bit dov

mr. cohn: as intelligence, we worked initially as counterintelligence officers. , i did was only a pfc. not show any rank. becauseways u.s., u.s. they were not to know who was what when we were intelligence. our mission during the battle of the bulge was to find germans in u.s.penetrated uniforms. they were a hazard for us because they could do all kinds of damage in the back of our lines. find that this was a legitimate mission because when we hit an infantry roadblock in belgium, they had wiped out four llers with a bazooka. we searched those people. they do not have anything on them except u.s. don't tax, which we confiscated because we could tell that these people were either prisoners or they were dead. our mission in germany was that we had to move into the big captured andy were we had personality and building targets. the personality targets with the people who were going to be tried in war crimes. anything that could be useful to the forces afterwards. first of all, government are naz

well, no disrespect to mr. cohn, but it's real reaffecting the market not the fear that only he would leave. >> yes. >> they are afraid that it would lead to a kind of mass exodus, and the one thing that's been said, even by people who don't favor the president, is that well at least he's surrounded himself with some very capable people the generals that he has, wilbur ross, mnuchin, and if people began to fear as they did this morning that if cohn would leave and he was no longer surrounded by competent people and that took a hit in the market the other thing we have to remember is some of of this is technical. we've had a couple of hindenberg owe men meaning the new highs and lows and breadth of the market has been sitting. >> and the s&p is below its 50-day moving average. 2450 was a beachhead for you this morning, but now we're well below that. >> yes that's where they held twice this morning and now have plunged through, so it's going to be a little bit tough here. >> tony, what do you think is behind all of th

. >> mr. cohn is one of many people that are working in the administration right now that i think plan to have a life and professional jobs once this administration is over. but based on the turnover that we've seen in the white house so far, i think anyone that's in the administration right now, the clock is sort of ticking. i think we're going to see very few people go for the duration of the term, so, i know that he's sort of -- he's talked about his problems with what happened, and he's in there for now, but i really think whether it's mr. cohn or anyone else, it's only a matter of time before we see more turnover. >> so the president facing veiled or not so veiled criticism from gary cohn but stating criticism from retired senator john -- or daned oh -- he says the president of the -- he also says we are the party of the union and he is the most devisive press in our history. there hasn't been a more with de visive person since george wallace. the our party has been corrupted by this hateful m

we early on and part of the public record had requested information from mr. cohn.that wasn't sufficiently forthcoming, we had to subpoena the information and mr. cohn is choosing this time to make a public statement about how he would like that information to be seen. >> are you convinced that the subject of the back and forthwith the president, a russian born, what they were wanting to do, to build in russia. that was the object they were engaged in. >> if these reports are accurate, and i can't comment on any materials we may or may not of. a major financial undertaking that would dmif economic wealth to make it worthwhile. that was ample reason for the president to document a very pro russian policy. particularly at that stage of the campaign when the president doesn't know whether he'll win he may derive benefit from whatever it does by run go for president. but also if he were to lose the election. least he didn't have the benefit of saying nice things about russia and having a pro russia policy might help him do business in the future. >> i want to ask but th

. >> mr. cohn. >> i mean mr. hn seemingly a further endorsement of cohn by bannon's exit, so i view that very possibly. >> we'll see who's being tee'd up to replace him. that's not going to be cohn's role. >> maybe it won't be. >> hopefully the next senior adviser is not a cousin or blogger from the nether world. >> are we clear on that point of view that none at this point or very little of the president's agenda was being factored into the stockmarket at all. >> still is not. >> the whole thing could go to heck in a hand basket and increasing pli turmoil in d.c. was going to be a big problem for the potential stockmarkets i think they showed you that. >> oh, sure. those led you down and those wo benefit from tax and deregulation until something gets done, i think there's a little bit that does get into that. >> we've got too more voices joining the conversation john harwood, in terms of change and the white house, what do you want to say on that? >> i don't think it's going make a whole lot of difference in the

what are you going to do about it, mr. cohn? are you going to stay there or walk away? >> you have been inside the white house. is that decision as easy as that? >> the president of the united states of america addressed the american people and sympathized with white supremists. yeah, it's easy. walk away. >> all right. i appreciate your time this morning. thanks for coming in. >>> he co-authored "think big" with the president of the united states but what does this businessman think about the president and the way he's treated the events in charlottesville? stay with us. a penny it's ourr back to school one cent event at office depot office max. notebooks! one cent! rulers, glue and 12-pack pencils! all one cent each! hurry to office depot office max! ♪taking care of business if you could book a flight, then add a hotel, or car, or activity in one place and save, where would you go? ♪ expedia gives you the world in your hand, so you can see more of it. ♪ expedia. here ya go. awesome, thank you. thank you. that's... not your car. your car's ready! wrong car... this is n

we heard that the president was distressed by the interview that mr. cohn gave.a good thing, in my opinion. you want the president to be distressed when one of his top advisers speaks his mind. >> who was the grown aner? david? >> that was me. i understand the argument. at the same time, they are the enablers of donald trump. you always keep making this argument that i got to stay, i got to stick in to make these better. i spoke to one republican who is a critic of donald trump who says, they believe that&should leave except for defense secretary mattis because maybe he's the one who will panot pas on the president's order if he does something rash. gary cohn's comment was dismissing. he said he was dismayed by what happened in charlottesville. he didn't say he was dismayed by what the president did. they're still letting trump be trump and have his finger on the button and his hand on the tiller of the ship of state. >> we know, making its way around the social media universe, there was a video of the general, mattis, that you referred to, saying he wants milita

as i kept stressing to people it was not mr. cohnlone that the market was concerned about even those that don't aglee wreh the president said over and over again at least he's surrounded by pretty good people so if cohn were to leave and that would start a rush out then the fear is that the president wouldn't be surrounded. >> you mean -- >> re-sign and move on to something else if cohn went ross might go and other people might step away. >> is there a responsible to way to assess what the market impact would be >> we had a lot of inflammatory guesses about what that would mean for stocks? >> well, if you had more than one resignation it would have a very formidable effect 500 or 1,000 points from the dow possibly not all in one day. >> i am encouraged the vice president is back in town a day early he is scheduled to meet with the president at camp david. the vice president has cleared his schedule for the entire weekend to make himself fully available so we can cross our fingers and hope something good comes of this. >> the market h

mr. cohnthere we go. [inaudible] >> we have total agreement on major issues. people are going to be concerned about border tax and not border tax and we clearly said we are not having border tax and so we are showing to the world -- [inaudible] stuart: joining us now tony, assistant secretary at the united states treasury. mr. cohn is upbeat there but first you've got bet the budget done and debt ceiling and then tax cuts, have i got the tax frame right on that? >> that's about right, stuart. thanks for having me this morning. he layed out, i think, a reasonable time frame with the secretary where you can have legislation crafted by the committees of jurisdiction coming in early september, moving through the house and the senate through october, bringing it to november and at that time you are also going to have the opportunity in congress to address the debt ceiling, to address the budget. the fya team which could be necessary for advance meant of tax reform. the thing that's absolutely clear

secretary you said mr. cohnwn mind once he had time to do that and he weighed these things, him and other appointees would you consider him morally corrupt if he decided not to re-sign? >> i think anyone who remains in the administration bares responsibility for lending their legitimacy and reputation to an administration that by my lights is traducing american values.va. i have no monopoly on truth. and so it's judgment for each individual to make and i'm not prepared because i can't walk in other people's shoes to make that judgment for them i am prepared to look at the collective of officials in that administration and find it astonishing that no one, no political appointee to my knowledge, has yet chosen to resign i think that's something that, as this plays out, they will like the people who surrounded richard nixon, live with that for the rest of their lives. >> which brings us to one last question, mr. secretary, even the president's harshest critics argue that having mass resignations or people of influe

and then when the idea that mr. cohn might be leaving yesterday, that frightened the market reports of mr. bannon being let go helped in two different ways. number one, they think he's mildly disruptive, second darely this will reinforce cohn because he was an adversary of cohn's. >> we've gone a minute and a half into "power lunch." i want to bring in michelle cabre cabrera caruso i wonder what this will do to try to get the narrative back of the kind of agenda he wants to put forth. >> there's the bigger question about general dysfunction in the white house and specific issues when it comes to it. even "the wall street journal" editorial page says steve bannon was a source of dysfunction. if you see a smoother running white house, we'll see if it has to do with him or him and trump. >> maybe the broom as john kelly said, will sweep clean there's a new chief of staff in terms of taking charge of the white house. >> i do wonder, guys, if we would see more of a market reaction once the president himself confirms this move

mr. cohn standing there wishing, looking like he'd rather be anywhere else but there. markets were rattled because they thought gary cohn may be out, and that would hurt the president's pro-growth agenda. so where do we stand now between washington and the markets? come in market watcher keith fitzgerald. keith, look, the markets recovered after we learned that mr. cohn, quote, isn't going anywhere. is he really key to this stock rally right now? >> well, here's the thing, i don't know whether he's truly key or just the perception is that he's key. either way, traders have to make a decision right now, they have to decide which side they're going to bet on literally and figuratively. i think he is more critical to the emotion of the market than to the substance of the market, and i think if he departs, that does, in fact, pose a significant problem for traders, and we could see the correction that we would normally to otherwise have this time of year. >> yeah. earnings season is over, we're in a vacuum right now. august, september notoriously rocky on markets. ashley: d

he has an important job and taking it on and working with mr. cohn and say these are the policy.portunity and jobs and health care system in this country is falling apart and costing more money than anybody thought it would to go through the obamacare period. there is it big important decisions to be made. these are policy decisionses to be focused on and i know general kelly and the leadership are doing that. there are diversion that are sad because no one should ever, ever believe that national socialist and people who believe that they are better than someone else should have a place in society. having said that, there is violence that has to be stopped. two months ago we had a member of congress almost killed. we have look at these things and in addition to the policys that are changing the direction of the country and move it to greater growth and opportunity and more job and better health care system. we are not talking about them now, but they are done and the leadership of general kelly as cleave of staff is a good move and important to move forward for this administratio

tom: people supporting mr. cohnliam martin, or is he a hard-nosed executive like lloyd blankfein? drop theo not want to connection with martin, but there is precedence for politicized fed, and i think may be a competent fed official, there will be the optics of this is trump's man at the fed will maintain a low interest rate environment to support the administration's policies, and that was the question marks around little independence. come backel, let me to you. i am being told of the payroll is probably not that important to the fed, maybe a little bit important, but it is one of the things the markets will rush off as well. michael: i am in agreement. calmthey are utterly waiting for the numbers. if that is the case, why is nobody doing anything this morning? michael: the nonfarm payroll has been really volatile relative to expectations all year long, and the reason is clear -- you got a mismatch between these concepts that the applicants have the skill sets required by the jobs being offered, and that means a ,

number one, we never really heard mr. cohn expand his opinions on monetary policy. heard him a lot on tax reform and he and everybody else tells me he wants to stay and see tax rorm through with steve mnuchin over the monetary policy, does he favor the fed policy and or the other things that will be coming up in the white house i think in the end people be happy with both. >> economic growth and prosperity does not cause inflation. more people working does not cause inflation. we're seeing that right now. as the economy moves to 2.5%, 3% -- >> on this for one second we have comments from the other big central banker right now, mario draghi stay right there. >> yes ecb president mario draghi speaking and steve liesman has headlines from that. >> reporter: mario giving comments and says it looks like the recovery is at an early stage in europe and japan, a little further along in the united states and warns that the cyclical rates, the higher rates could converge down on lower rates if action is not taken to boost productivity, and to boost productivity he says we hav

and mr. cohn?ace they have been through this administration when it don't trump jim comey and accused president obama of -- when a donald trump fired james comey and accused president obama of wiretapping. they can apartment allies his behavior does compartment -- compartmentalize his behavior. they are deciding they are serving the nation as much as the president feels him tom: where is the president this morning and what will you do to avoid a frenzied day as cbs called the press conference yesterday? still inenker: he is new york. i am not sure if he has any public events scheduled. , david there will be duke, the former head of the kkk , endorsed donald trump's speech, comments. will he be challenged to disavow that endorsement? he had a hard time doing that during the campaign. this issue is not in any way going away. donald trump made it front and center. tom: thank you. joining us is greg valliere from verizon investments who wrote of the most extraordinary note i have seen from him in a dec

that he's just not as important as is being made right now >> who, he >> gary cohn >> no, i think mr. cohnhink hays very interested in the fed job, all right that's what people tell me i met with him a couple of weeks ago. he was very concerned about the trade picture. like me, he's much more of a free trader. so is treasury man >> do you want gary cohn to be fed chair? >> to i want him >> you, larry, personally. >> i'm not ready to make a choice >> is there any difference to you from him being fed chair versus janet yellen, who by other reports is quite likely to stay on. >> i've never spoken to him on monetary policy. i'm a guy who likes to watch market prices, gold, commodities, exchange rates, treasury yield curves, things like that. by the way, yellen has done a pretty good job. i mean, we're growing more rapidly. the inflation rate is coming down i know the dollar has lost some ground, but really, over the last several years, pretty steady against commodities and gold so, i don't know what gary's opinions are on a lot of these issues and as we get closer to the appointment, i'll be v

glenn: i think it will be very centered on business tax reform and i would add to what mr. cohnnistration can go out and talks about tax upon. the most important person remains the present review cannot do big tax reform without presidential leadership. the real leadership is still in the white house. michael: i can cut taxes for corporation, but i do not know what they will do with the money. we did tax or nature nation and it all ended up in mergers and acquisitions. it does not necessarily mean that there will be more productivity. glenn: we do need to allow companies to bring back overseas cash. a lot of that will going to investment. it may also go into financial assets, but that is fine. we need to make america the place to invest again. a lower corporate tax will also raisesages because it productivity growth. i think there's bipartisan support. we can't just talk about it. we need to do it. about theet's talk current economy. you want to get to 3% growth. how far away from that are we? a ways from that, but it will require policy changes. we also have a wind at our back

check the big board, still 50-point gain just the way we were before mr. cohn program. financials up after job's report. would you look at that? that's why maybe the banks and the financials are up this morning. that's the truth. that group is up. i've got to say, i think will i say jeff and dr, no, no, they stay. they must have done good. >> must have. stuart: we want your comment on this, if you're in loaned en, you go to a pub, grab a pint, you better mind your p's and q's, some british pubs are cutting down on cursing, they want a family friendly. what kind of a pub is family friendly. well, they want to be, we will be back in a moment. [laughter] ♪ what should i watch? show me sports. it's so fluffy! look at that fluffy unicorn! he's so fluffy i'm gonna die! your voice is awesome. the x1 voice remote. xfinity. the future of awesome. stuart: green arrows, pay particular attention to am, bottom of the screen there. up over 1%. 157.24. very close to all-time high. secret footage of airport workers lobbying passenger suitcases into a baggage, yes, they were fi

we're not seeing people like mr. cohnthers giving speeches that show them contrary to the administration's policies. david: once again, thank you so much for being here, shawn golhar of barclays. later today, i'm going speak with former commerce secretary carlos gutierrez. that's coming up at 1:00 p.m. eastern time this afternoon, live from new york and washington, this is bloomberg. ♪ emma: i'm emma chandra, here in the hewlett-packard enterprise greenroom. later, chairman of the house ways and means committee, kevin bready, joins us at 12:00 p.m. eastern. this is bloomberg. jonathan: the united kingdom wants to avoid any physical border or customs customers as part of the brexit deal with the european union. the e.u. has called britain's papers a "positive step." joining from us london is bloomberg's brexit editor, and still with us is chris. simon, let's talk about what we've learned in the last 24 hours, if anything at all. simon: i think the main thing is that the british are still trying to assemble a position on a

when mr. cohn awkwardly in press conference in lobby of trump tower, he met with the president last friday and reports said that he had written a resignation letter, what we don't know if he handed it in, if he did it certainly wasn't accepted. we were also told that the interview where he went off on the trump administration, they bungled the reaction to the charlottesville violence, they knew that ahead of time and perhaps the belief that they were going to allow to vent a little in exchange for him staying in his position. he said, himself, gary cohn he was under tremendous pressure after charlottesville to quit. stuart: drafted the -- ashley: we do know he's still in the administration. stuart: he's still there. perfect person to comment on this is jay con chaffetz, former utah congressman, fox news contributor. >> thank you. stuart: that story, he drafted a resignation letter, that tells you the divide in the white house and the chaos in the white house, does it not? >> well, i think the presi

mr. trump. but we'll see what happens but that is a big focus for wall street and the fact that we didn't see likes of mnuchin and cohnollow mr. bannon, so perhaps slight support in the markets this morning >> not that i know mr. bannon at all, but i don't see him leaving his politics behind. so my choice is from the "wall street journal," it's titled playing chicken with china and it's discussing strategy president trump is using with regard to china and north korea drawing parallels to former presidents and their strategies when on the brink of or during war. it's written through the lens of game of chicken with that two cars speeding toward each other and either someone swerves or both drivers die see writes will he actually bomb north korean missile sites and risk restarting the korean war no one perhaps not even the president can be sure, but inside xi oig concludes the outcome is too high to in-nothing, he is unlikely to rein in his north korea ally and i think it was interesting to look at how we can't figure out what he's doing, trump's strategy, in the parallels with what he's seen before with other nuclear w

take a quick look at yields, but there's some scuttlebutt that an interview with gary cohn where mr. cohnn i've been under enormous pressure to both stay and resign, but i'm reluctant, i've got things i want to do is basically what he said and markets seem to be ticking up as that interview -- >> rightfully so. >> -- became publicized. and you would say rightfully so. gary cohn is a good man to have there in terms of dealing with the financial markets. those of us that actually know gary cohn know him to be thoughtful, gracious and someone that understands financial markets and his presence in that administration is incredibly important to wall street. >> not the first time someone that had street cred was enormously healthy, remember robert reuben when he came in with the clinton administration, it buys you respectability. >> 100%. because there will at some point be an economic crisis and to have gary in the room -- >> hank paulsen. >> exactly >> sounds like i'm -- a who's who of goldman. >> it is basically. >> jim cramer from goldman. >> exactly. >> he'd be great in the administration

gary cohn, mr. mnuchin. going to talk about infrastructure spending and maybe try to put the agenda back on the rails on that front. is still withkeir us. when you look at how you position yourself in the united states, do you put the president in one box over here and you put the economy and the fed and everything else in a different box over here? there is too much volatility in that box for me to worry about, so i'm going to focus on what is going on with the economy, on the retail sales numbers, what is happening with the fed trying to normalize policy -- is that how you play the united states? absolutely. focus on the fundamentals, and that will help you navigate the uncertainty, whether it is political or otherwise. clearly, the trump presidency is controversial globally and within the u.s.. the u.s. economy is doing exceptionally well. the federal reserve is talking about continuing the normalization -- albeit at a slow pace. earnings are very strong. it is a robust picture. there are challenges in in

executives and investors have really been betting on for most of this year cohn trade. even as mr. e capricious executives have continued to hope or pray that gary cohn would support them it's an interesting read, especially as we try to decide how important each individual, specifically gary cohn, steve mnuchin, wilbur ross, their roles in the administration and providing progress needed on the economic front >> you know, the stories, ever since the tragedy in charlott charlottesville, a lot of industry leaders and people on wall street talked about the idea that president trump needs to have competent, stable people around him many people, wloerhether or not agree with some of the views out there, some adults in the room have been viewed positively by industry >> like corporate america and wall street. >> gary cohn is one of those people it's an important story to watch develop. art cashin says he is an integral faigure in this whole trump administration. >>> my pick is in project syndica syndicate. it's titled the lost lesson of the financial crisis this is allianz's chief econom

the "new york times" reports that gary cohn drafted a resignation letter in response to when mr. p blamed both white supremacists and their opponents. cohn is jewish. he told "the financial times" that "this administration can and must do better in consistently and unequivocally condemning these groups." but at the white house, press secretary sarah huckabee sanders played down the comments. >> gary has not held back how he feels about the situation. he's been very open and honest, and i don't think that anyone was surprised by the comments. >> woodruff: meanwhile, police in san francisco are gearing up for possible trouble tomorrow, when a conservative group holds a free speech rally. the united states has slapped far-ranging sanctions on venezuela. they bar any funds for the government or the state oil company, but, they stop short of cutting off imports of venezuelan oil. the goal is to squeeze president nicolas maduro, as he moves increasingly toward authoritarian rule. the head of south korea's electronics giant, samsung, was sentenced to five years in prison today. a court i

after he was elected and had gary cohn who instructed him, mr.sident, they are not a currency manipulatomanipulator,w you the mathematical model that the treasury department uses on a regular basis, that's when the president changed his tune. on the 29th of january, the president tweeted, i'm very disappointed in china, foolest past leaders allowed them to make hundreds of billions in trade yet do nothing with north korea, just talk. we'll no longer allow this to continue, china could easily solve the problem. >> that was a few days ago, july 29th. >> on august 1st, rex tillerson in a rare press conference you don't see him do that, said, quote, we certainly don't blame the chinese for the situation in north korea. do anything about say thank you sir, you're seeing his own cabinet members and gop leaders distance themselves and say the opposite after having their own credibility hijacked over and over by him. >> and stephanie, the reason they are doing that is because the president of the united states makes plain every day that his words should

mr. mnuchin and gary cohn basically came out with a statement of principles on tax reform and they are talkingthey can. they gave away the big base broadening or. we are about essentially going and to the future essentially we are going to start september, the president is going to need to have all of the steam he can. they will have to take on a number of constituencies as they tried to broaden the base. will be ablek they to get rates much below 25%. to 25%ll be lucky to get and there will be some losers as part of the process and wall street won't like that. tom: terrific briefing. some reality on how the sausage actually gets made. outnew edition coming thursday. this week's issue, samsung to get you to your apple world. apple coming out with earnings and all the rest as well. here's a good one off briefing on the cover of business week as well. i think alix steel is there. she is upgrading this morning. she is getting like the mother of all ipads to use on daybreak. coming up, more on apple. this is bloomberg. ♪ >> this is bloomberg surveillance. i'm taylor riggs. asan's softbank has as m

went to that rally and re-invented the history of these comments and cohn saying, no. wait a second, mr. president. what you said is wrong and final inially my conscience tells me to condemn it. >> give you in views to react to. sara murray reporting on the brink of resigning after the president's press conference that tuesday, the one where he likened white supremacists to counterprotestors in charlottesville. there were violent people but the protestors that started this whole thing were the nazis and klan spewing hatred. and saying cohn was very upset but did not seriously consider resigning. we have different versions of the story. >> who knows what the truth is, and what gary cohn actually did. if you look at sort of the visual of that and talk about them standing by, in ways they were props. right? for the president there as he stood there and equated protestors to neo-nazis. almost as if he had done that, again, right? when ben carson, and were at a rally in arizona. i think the president has cover from people from these different groups, jewish-americans, or african-americans, e

cohn yesterday. early in the day there was reporting that mr. ght be -- that gary cohn might be considered to be leaving. that yellow band there, those rumors on twitter, you can see the blue number which is the s&p came down, the vix number came up, the white house went out with an unnamed official to the press, saying that gary cohn was staying. the white number goes back down in the blue number goes back up after that. what happened later in the day was barcelona. right then, the markets were reacting to that news about gary cohn. we are now joined by bill cohan. he is written a piece for vanity fair, about gary cohn. thank you for joining us from nantucket. give us a sense of why gary cohn might be that important, not only to this presidency but to the markets overall? he was number two at goldman very, a longtime trader, smart about risk-taking and risk management. he is one of a few in the white house with a sense of the markets -- the sense of wall street, who actually seems like he knows what he's doing. he is also a democrat by inclinati

mr. mnuchin has a decent relationship with republicans on gary cohns well as who is a point person on taxesthe problem with between republicans and the white house is not any of these people, it's the president. the treasury secretary will count the gold at fort knox, apparently. he is doing that a little later. thank you so much for being with us. let's get to first word news. taylor: america's top at is called for a wide-ranging investigation into the seventh fleet after the uss john mccain collided with a tanker near singapore. 10 american sailors are missing and five were injured. it has significant damage to its hull. collisionecond fatal involving a u.s. warship in the pacific in two months. in marseille, france, one woman was killed after a van rammed it into bus stops.another person was injured and police have arrested one man. authorities have not ruled out terrorism but they say the suspect is being treated for psychological problems. an army sergeant, bowe bergdahl, is choosing to be tried by a judge, not a military jury on charges he endangered comments by walking off his post i

mr. secretary if i could ask you, gary cohn had remarks this morning in which he said he felt compelled to express his distress about the president's remarks last week. he said he felt intense pressure to resign. he said that he won't do so, but he believes that the administration must do better confronting hate groups. do you associate yourself with those remarks? did you feel the same pressure that gary cohen said he felt to resign? >> let me first comment, i put out an extensive statement earlier last week on my view of the situation. i think there is no question that the president was not equating the hate groups with the people that were peacefully. under no circumstances was i going to resign. gary and i have known each other for 20 years. i can tell you i am speaking to him every day, his number one focus is absolutely working on tax reform with me and getting tax reform done. darius committed to be here and couldn't be more excited about that. >> towards the outcome in afghanistan and broadly in connection with the south asia strategy, the president gave very clear guidance that we

mr. bannon's gone, gary cohn, he's the glue, if you like, to put this economic agenda through.om senator bob corker, republican from tennessee, who questioned the stability of the president. not the presidency -- >> and the competency. >> right, and competency. stuart: and his competence. >> tennessee again. something's going on in tennessee. [laughter] stuart: but if the white house is now subject to some more discipline, speaks with one voice, a more cautious voice, gets some competency back -- >> and gets some victories and some wins. stuart: you need a win! >> anything. stuart: all right. our time, all three hours of it, is up. but gerri willis is here in for neil. go ahead, gerri. gerri: this is "cavuto coast to coast," i'm gerri willis. stocks turning around on a report that a decision on steve bannon's future, well, it's imminent. and officials are expecting a firing. we're going to dig into this over the next few hours, but i should tell you this, that this is a single report. we're telling you this because the markets have turned around 90 points. but first, our top st

mr. secretary, if i could ask you, your colleague gary cohn had remarks in an interview with the financial times this morning he felt compelled to express his desstress about the president's remarks last week. he felt intense pressure to resign. he said he won't do so but he believes the administration must do better confronting hate groups. do you associate yourselves with those remarks? did you feel the same pressure that gary cohn said he felt to resign? >> well, let me first comment, i put out an extensive statement earlier last week on my view of the situation. i think there is no question that the president was not equating the hate groups with the people who were peacefully and under no circumstances was i going to resign. gary and i have known each other for 20 years. i can tell you i'm speaking to him every day. his number one focus is absolutely working on tax reform with me and getting tax reform done. and gary's committed to be here and couldn't be more excited about that. >> towards the outcome in afghanistan, broadly, president gave us very clear guidance, over period of seve

gary cohn comest diminution, some of the folks just mentioned, h.r. mcmaster. i would be surprised of mrbannon can hold his tongue on those folks for which he has very strong feelings in the neck or -- in the negative. sourcekevin tweeted a close to ben and told him democrats have seized control of the white house. kushnerary cohn, jared -- they are all democrats. do you think there will be any change or shift in policy or in the rhetoric we hear from the president himself? >> i think you have already seen in policy, as the president has put forth some of his major initiatives, although again, he has not received much momentum them.ction on more traditional republican views per forward on lower taxes, less regulation, infrastructure is a natural for a bipartisan support -- for bipartisan support. i think you have already seen a somewhat more muscular foreign tillersonh secretary mcmaster. i would put forward the notion that what you're hearing and suggesting is this is not as radical of an agenda as some of perhaps president trump's conservative supporters wanted it to be. i think it is

cohn interview. cohen,e spin from mr.athan ferro, right now joining us is william .ross as we look at a better than good jobs report. enthusiasm in wage growth. is it a wage growth that is enough to change the dialogue into the september meeting? maybe not. 2.5% and didn't change. obviously that is positive but not much. more than expected during this point and time in the cycle. rather strong economic report but i don't think it moves markets much. job growth to me, does not seem to stimulate economic growth and consumer spending as it has in prior cycles. anemic and the mysteries are rounding the participation rate wreaks havoc. what i think is most important to policy rates in the u.s. and globally our core inflation rates which are declined from 1.5% in the u.s. 1.83% over the last few months. until we see a lift back to 2% in terms of the core inflation rate, the fed probably begins quantitative tightening but will not raise short-term rates this year. >> we saw that with governor carney in a different calculus. davi

reporting that president trump's longtime lawyer, michael cohn, sent an e-mail to a spokesman for the russian president, vladimir putin. that spokesman, mrskoff, on wednesday confirmed to reporters that the kremlin had received the e-mail, but he said he did not respond to it and that his office did not get involved in such matters. joining us now, the co-author of that "new york times" article, investigative reporter matt arpuso. also with us, jed sugarman, professor of law at fordham, university. matt, your article about michael cohn touched a lot of bases including his very direct attempt to make contact with vladimir putin through a spokesman. >> right. and what we know because michael cohn has turned over a lot of e-mails to congress -- what we know is that there was obviously a great outreach by people around donald trump in an effort in 2015 to try to build a trump tower moscow. and as that deal fizzled, michael cohn sort of in this last-ditch effort sent an e-mail to the general mailbox of the russian press secretary, kind of the russian equivalent of white house.gov saying, hey, can you help me resurrect this deal. but michael c

mr. trump about immigration and described himself as having more hard-line views. bannon was unafraid to feud with other white house officials, particularly the president's son-in-law jared kushner, economic adviser gary cohn, and national security adviser h.r. mcmaster. just this week, bannon seemed to undermine trump administration foreign policy when he said in an interview, "there's no military solution to north korea." as for bannon, he has already rejoined breitbart news and even as for ban non-he has already rejoined breitart news and joined an executive meeting there this afternoon. he says he's going to go to war on behalf of the president, but as one official said to me, "others might need to duck." anthony? >> mason: margaret brennan with the president in new jersey. thanks. bannon's departure comes as the president continues to take heat for his handling of charlottesville. on facebook mitt romney wrote, "mr. trump caused racists to rejoice, minorities to weep, and the vast heart of america to mourn." romney said the president needs ong dmit he was wrong and apologize. a number of charities that had toanned to hold fundraisers at mr. trump's mar-a-lago club in palm beach have pulled out, includ

mr. trump about immigration and described himself as having more hardline views. unafraid to feud with other white house officials, particularly the president's son-in-law, jared kushner, gary cohnand h.r. mcmaster. just this week, bannon seemed to undermine trump administration foreign policy when he said an interview there is no military solution to north korea. >> more arrests were made today to jeers from onlookers. in all, four suspects have been detained following the twin vehicle attacks. one on a busy barcelona street, the second 75 miles south in the beach town. the police document reveals young faces of those believed to be behind these attacks and on the run. one is to 17 years old. sources tell cbs news the terrorists were planning a larger attack, possibly a vehicle bomb using gas canisters, all being constructed in a houston on the street. the house exploded wednesday. it was leveled. the explosions were so strong this neighbor showed us how it broke the glass in her window. spanish police theorize after the explosives prematurely ignited, the terrorists went to plan b. the next day, a van was driven down the tourist-backed road in barcelona swerving to hit as many

mr. seder wrote in an e-mail. i will get all of putin's team to buy in on this. i will manage this process. in another e-mail to michael cohnfelix seder wrote, i will get putin on this program, and we will get donald elected. felix seder was hired by donald trump to broker real estate deals. the times also reports felix seder helped arrange ivanka trump's trip to moscow and that he said, quote, i arranged for ivanka to sit in putin's private chair at his desk and office in the kremlin. joining us now, stephen harper. he's an attorney and author. and adjunct professor at northwestern university. he created the trump/russia timeline. also with us tonight, tim o'brien, executive editor of bloomberg view and author of "trump nation, the art of being the donald." and, steve, on the timeline, here we have what will be on your timeline, the entry of some new e-mails. this new e-mail discovery that's now been published first by "the washington post," then more details by "the new york times." and this is a very, very direct communication about getting vladimir putin himself involved in helping donald trump win this election. >> it'

mr. bannon, but he's a good person. >> the president's description on bannon fueled speculation his job is in jeopardy. he's been accused of damaging information including gary cohn who was visibly dismayed during the president's presser but has no plans to resign. >> it's a dishonor to our country's veterans to allow the nazis and white supremacists go unchallenged. >> they have all condemned the hate, but they've been careful not to criticize the president. today ivanka trump and jared kushner will join president trump here in new jersey. they had been away in vermont for a few days but had been quick to urge a disavowel of the hate groups. and, charlie, tomorrow vice president pence will join mr. trump at camp david for a national-related security meeting. >> thanks, margaret. >> in a statement george w. bush and george h.w. bush said america must always reject racial bigotry, anti-semitism, and hatred in all forms. hundreds made their own statement at a vigil last night in charlottesville. it followed a memorial service for heather heyer who was killed in charlottesville. david begnaud has more. >> look what we found, a beautiful memorial in honor of heather

mr. president, here's my letter of resignation. hear me out and he may -- if the president did not hear him out he would have submitted it. i get that. >> look, i think it's -- i give gary cohncredit for it. because i don't think he's trying to have it both ways. the minute he says something negative about trump he's on -- >> blow back, right. and breitbart took him to task. >> doesn't matter. >> there was a column about dana milburn and he used the great yiddish word, shonda. that means shame. and the shame is people like steve mnuchin who have stood there and said absolutely nothing. that's a disgrace. i think the military folks have put up with that nonsense. they're there and they're patriots. if i were there, would i have quit, yes. but cohn knows what he's doing. >> but i think we have to be real candid. you know, i have been to work over the last several weeks closely with some of the rabbis that have said they're not going to engage in this traditional phone call with the president before the holidays. they have been working with us on this march i talked about on monday. you have to remember what donald trump said by equating -- making a moral equivalency between ne

mr. bannon says he is going to go to war essentially with the white house democrats. is he talking about gary cohnwho used to run goldman sachs who is a democrat. ivanka, jared and also at the same time he is going to be going against paul ryan and mitch mcconnell. todd: right. steve: paul ryan at least got some stuff passed through the house that's on the trump agenda. mitch mcconnell didn't. david bossie was on as todd said a moment ago last night on the channel and depicted a little bit about what he is going to do going forward, mr. bannon. >> steve bannon is an honorable soldier in our effort. and somebody who is going to, as i said, lift up the president's agenda. now, if he has policy disagreements with people inside the white house, where he was handcuffed while he was inside the white house. >> that's a different ballgame, yeah. >> it's a different ballgame now. he may not have those same handcuffs as it relates to individuals inside the white house who he doesn't believe carries the president's agenda wholeheartedly. steve: so here's the big question is famously steve bannon on the wall