whe neil: when you hear congressman nadler tell me, the debts commission is not the only idea out there, i stressed it was th, only debt commission, he said if you are going to raise it in any th the debates you should raise all other ideas, i came back, said why, you have only one debt commission, chosen by thecans a president, occupied by the republicans and democrats, whyhe not debate those points at ade debate, he short of nullified the argument. >> he is in the same league witt jan schakowsky. shih was she was a member of the commission, she was there to sock the rich it seemed that see theme was sock it to them, that old "laugh-in" line, i would love to have nadler put out a plan, let's hear what he has to say. neil: i know his plan, he related it to mee, you could solve this by socking it to the rich, what do you make. >> i said once, and i had the ah figures, let's say anybody thata earns over a million bucks a year, let's scam skate confiscate everything they can. yacht, and the 5 homes, take it all, that would run the country5 for 9 months.t who is kidding who? the interest pe

neil: when you hear congressman nadler tell me, look debt commission is not only idea, when i stressed it was only debt commission, he said, well, look, if you going to raise it in any of the debates, you should raise the other ideas, i said why? you have one debt commission, chosen by the president, occupied by republicans and democrats. why not debate these points at a debate, he just nullify that argument. about what do you make? >> he is in the same league with jan schakowsky she was a member of the commission, she participated fully, she was there to sock the rich it seemed the thing was, sock it to them, the old "laugh ins whic"line, ls not just hear objects but hear who he says. neil: i know his plan, he relayed it to me, what do you make? >> i said once, anything that earns over a million buck a year, let's confiscate everything they have. their yacht, the kamans, -- caymans, the 5 homes, take it all, and that would run the country for 5 months, who is kidding who? the interest a year is 250 billion, that is more than the budget of 8 federal agents, defense, commerce, i mean, i

nadler was on earlier saying that debt commission's recommendation should not become part of the presidentdebate, they might cheapen the process, what is your take? >> well, the record of facing up to our long run deficits is is adismal, we have not done it, the main thing driving your deficit going forward is retirement of baby boom generation, and cost of health care, we've known about them for years, we have not done anything, i share the frustration of senator simpson that the political process is not facing up, it is republicans and democrats. neil: you are right. over the years that i've known you, have you been warning about entitlements and focused on them when nobody was, long before that guy ross perot was, yet, it is ignored. i wonder, what do you think it will take to get this addressed? >> i think we're about to find out, neil. because the congress put itself in a box. it e enacted short tax cuts, and allowed them to expire at the end of this year. all of the bush and obama tax cuts expire at the end of this year. and we have this weird thing called the sequester, which means

>>guest: nadler is the kind of guy that gets us in trouble so when you look at him and you look at what his suggestion is we should not put this on the table, it was his boss, obama, that brought it up in the first place. >>guest: well, consider the course. donald trump is not the brightest guy in the world. second of all --. >>neil: he is a billionaire. >>guest: you start with $40 million and make good investments and the state bales you out you can become a billionaire. >>neil: donald trump is dumb? >>guest: i will not get into that. i will not get it to that. no point to discuss that. we have been feuding for 25 years. in point to that. i opposed his project on the west side of manhattan. but that is not the point. i didn't say that. what i said, if you read the letter, we urge the commission to fight any effort unnecessarily narrowing such an important debate by plays this set of proposals over another. we urge the commission not to bias the debate by focusing on one set but to put forward a series of debates where the candidates can engage about their vision. they should in the unn

jerry nadler is a guy who gets us in trouble. so frankly when you look at him and look at what his suggestion is that we shouldn't put this on the table, it was his boss, obama, that brought it up in the first place. that's the way it goes. >> you know, don, while i have you, you are not speaking at the convention by your own choice i'm told. >> i was asked to speak, and i am doing something else. >> what is that something else? >> i can't tell you that, but it will be quite exciting and hopefully quite amazing. >> wait a minute. is it something you will say? >> it will be amazing, but i can't tell you. you will be one of the first to know, if not the first. >> so is it going to be a speech inside, outside? >> i don't want to say. it will be something i think that will be really quite interest willing -- interesting and perhaps amazing. >> are you going to say anything damaging about the republican ticket? >> certainly not about the republican ticket. i'm a big fan of the republican ticket. >> outside the convention hall your sup

. >> james nadler, thanks for your time. >> china dooms sayers have been waiting for them to slam on the brakes. mark mobius says not so fast. find out why right after this. ñc let's take a quick look on u.s. futures. just about the same up across the board but not by a ton. dow jones implied to open 12 points higher. that follows another down monday that snapped a three day stretch of gains. >> european stocks also slightly lower yesterday. today are higher ahead of the u.s. opens. gains for the ftse 100. borrowing figures are not great for july. third percent higher for the i beibex. spanish ten year yields hit 6.2% yesterday on a ten year higher than that today at 6.28. >>> shares of china's oil producer cnooc slid 3%. keys first half net profit fell 19% from a year ear iler hit by operating costs. they are cutting their dividend by 40% to 15 hong kong cents. >> china wealth funds have teamed up to invest in an l and g asset in the u.s. they will invest in a plant. the energy player has been looking for funds to start building its l and g plant. asian companies have been snapping

now some democrats in the house really pretty liberal democrats, jan schakowsky, jerry nadler, have writteno, no, you can't do that. well obviously the plan to cut the deficit and to get federal spending under control will be a huge part of the debates. gregg: sure. >> there is one devoted entirely to domestic policy. that will be a huge part of it. doesn't matter what the guys outside say. gregg: anybody is free to ask any question here among the moderators. it seems anathema to free speech and democracy to do otherwise. bob schieffer, candy crowley, has been select for debates. i heard one criticism, that they're liberal leaning and they won't force the candidates to answer the questions posed. what do you think?. >> presidential debate down to two candidates, republican versus democrat, kind of thing where usually the moderator does not play gotcha. is not really trying to favor one side are o the other. gregg: right. >> it is not really, it is not the same as a talk show. you just can't pin them down. they can pin each other down if they choose to try to do that. people can make their d