difference, too, trump's rise seeks the washington insiders, brexit is about unelected brussels outside siders. bits british sovereignty. whereas american sovereignty is not in doubt, whether under trump or clinton as president. finally, trump's rise in recent. but the uk is from 1951. there has even been an in house referendum before in the uk in 1975 which was delivered by a labor government high heighting the extent and longevity of the anti-europe debate in the uk. so observations between the two but in my eyes no, conclusions to draw for next week's uk vote election. >> from brexit to interest rates. now a new concern for investors. rapidly falling expectations for the second quarter. analysts are looking for a 4.7% decline in profit growth for the second quarter. that is a dramatic change from two months ago when earnings were expected to fall just 2.5%. so does this mean the profit recession may not be over? let's turn to lindsey bell. analy analyst. let's start with why this big change. what can you tell me? >> well, i think the big change that you're discussing is really, it st

argument is britain should vote to stay to reform the eu and not make it this bureaucratic, unelected brusselsny strik kind of eu. so she's complain about that but saying it is best to stay and actually reform it. >> and that certainly resonates with plenty of voters. however the problem is of course is if cameron and co echo that argument, one is they would say is this is a vote about british people. and the other vote is of course cameron has already tried to negotiate. and reform. >> and it failed. >> he says it was a success. and if he says -- again it is an accurate argument but hard to put across because it confuses their own arguments in voters minds. >> going to be close. >> we are approach top of the hour. and that means "squawk box." >> when you say it with that accent i almost believed you. >> well i meant it. >> just for a second. >> you know when i see newspaper head lines. i immediately -- i read things that just almost make me laugh. and today it was yesterday the fed said that the pace -- the pace of their rate hikes could shift. and it could slow. the pace could slow. might ge

those who want britain to cut ties say too many laws are written by the unelected eurocrats in brussels. for the us, the vote is more about security than the economy.>> if the europeans think it is the european union that gives them security, just nato goodbye and we will see what vladimir putin thinks of facing not nato but the european union. >> with 36 people registered to vote, that is 70% of the british population meaning it could be the highest turnout. final results are expected early tomorrow morning. >>> today's us supreme court ruling has brought immigration back into the spotlight as a major issue in this year's presidential race. mike emanuel tells us that hillary clinton, donald trump and bernie sanders all reacted to the decisions.>> donald trump is stepping away from the campaign trail. the presumptive nominee traveling to stockton to check on to golf courses. drawing criticism following the departure of his campaign manager and the revelation that his campaign had far less cash on hand than hillary clinton did at the start of the month. >> i don't think she's got more mo

got tired of being dictated to i unelected dealer crafts in brussels. itis

brussels. the idea you have this unelected leader in brussels. nobody knows his name, nobody voted for him. you have this overlay of european bureaucracy that the british resented and even cameron used to talk about as been onerous and problematic. the british already had their foot out the door. they are not part of the eurozone. they don't have the euro as currency. they didn't have, in fact, real open borders the way they are on the continent. they were half in and half out of europe. now they are trying to persuade the world they can renegotiate everything and they have access to european markets like before. i don't think that is true. i think we are running in to a situation where all of the brits that retired here in france and spain who could do so because they are europeans and easily i don't think they will find it easy anymore. those europeans who were studying and working in britain, to a great extent supporting the british economy they will find it difficult, as well. i think we are heading in to, as bill was saying unchartered territory. >> as you and i have spoken so many tim

brexit is about unelected brussels outsiders. brexit is about british sovereignty.rican sovereignty is not in doubt whether under donald trump or clinton. trump's rise is new and recent. u.k. stems from before the first incarnation in 1951. there was an in-out referendum in 1975 delivered by the labor government stemming from the longevity of the european debate in the u.k. in my eyes no conclusions to draw from next week's u.k. vote for the u.s. election. >> a couple things. you said that the pro-exit brexit voters are in favor of free trade but just a different way. what do you mean? >> if you actually boil down what this debate is about in the u.k. it's kind of a similar thing. both sides, exit and remain, want to remain the free trade parts of britain in the eu but don't want to be drawn into more political and fiscal integration. the exit camps say we need to leave in full and renegotiate trade agreements. the question is do you believe you can once exiting? osborne and cameron want us to stop being further integrated if the currency needs more political and fi

. >> what i saw and glynis people got tired of being dictated to by unelected bureaucrats in brusselsr the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. you guy's be good[ bark ] i'll [ bark ]later bye. see ya pal. ever wonder what your pets do when you leave home? [ laughing ] aw you cutie pie. aw. aw. aw. aw. [ barking ] [ washing machine running ] party's on! know what your pets are up to with xfinity home. xfinity. the future of awesome. see the secret life of pets, in theaters july 8th. nicole: confusion to lead the european union showing no signs of settling down. britain is in turmoil and world market spinning again. the lay of the land here is that europe for the that europe for the day had an effort to inject some stability into the markets. u.k. treasury chief george osborne issuing a

these kinds of absurd economic choices made by unelected bureaucrats in brussels goes by the wayside,no longer be burdened with this. in the long run, this is going to be great for the ordinary british citizen and great, frankly, forked world economy. charles: what about their immigration policies? i think one of the big deals in 2004 the e.u. expanded the, added ten more countries. listen, not economic powerhouses, right? estonia, latvia, a lot of cheap labor poured into britain. how do they resolve that? they're not going to deport that people, but that won't matter if they can jump-start the overall economy. >> charles, the first rule when you're in a hole is to put down shovel and stop digging. [laughter] the british have decided to stop digging altogether. now, of course, they have work to do to fill back in the hole, you know, get rid of some of the barnacles on their capitalistic machine that has been built up by the e.u. but the first thing they've done is said, stop. no more insane regulations, no more additional taxes. we're going to pause, and and now we're winning to look

simply no longer has control over it, so laws, they are decided by unelected bureaucrats in brussels immigration policies and destiny. two big differences here could go either way at this point. we are trying to get more results as they come out. greta? >> well, it certainly is fascinating to watch. we are watching breathlessly from this side of the ocean. thank you. >> as he just noted the brets appear split. votes stay and leave are neck and neck. benjamin wants to say. good evening, sir. >> good evening, greta. >> why do you want britain out of the eu? >> we want to take back control of our laws. of our democracy, of our borders, and of our taxes and our money. we certainly don't want to cut all ties with europe as benjamin was saying just there. i have never heard anyone suggesting that why just want a growling return of powers so we can be a self governing such as you are or any other state in the world takes for granted. >> i have read article says angela merkel who is, of course, the chancellor of germany has begged cammeron's support in your honor. is that what you wrote or s

control of its own trade, borders and sovereignty, which they clay lie in the hands of unelected bureaucrats in brussels. >> i believe very strongly that running your own affairs, controlling your own laws, borders and your own economy gives the country the best opportunity to put in place what's needed to succeed in a very fast-changing and unpredictable world. >> the leeds campaign claims that the remain camp says the figure is vastly inflated. the leave camp says untapped immigration puts unbearable strains on the health and benefits system. the remain camp says immigration must be tackled from within. president obama has also weighed in. saying he believes britain was better off inside. delivering what was widely seen as a veiled threat if they left. >> and uk is going to be in the back of the queue. >> and that was quite a backlash against obama when he tried to intervene like that but chris at the core is the issue of sovereignty. should the uk stay inside the 28-country bloc europe which is tried and tested, which many people consider to be a safer pair of hands. or should they leave to try to fo

control of its own trade, borders and sovereignty, which they clay lie in the hands of unelected bureaucrats in brussels i believe very strongly that running your own affairs, controlling your own laws, borders and your own economy gives the country the best opportunity to put in place what's needed to succeed in a very fast-changing and unpredictable world. >> the leeds campaign claims that the remain camp says the figure is vastly inflated. the leave camp says untapped immigration puts unbearable strains on the health and benefits system. the remain camp says immigration must be tackled from within. president obama has also weighed in. saying he believes britain was better off inside. delivering what was widely seen as a veiled threat if they left. >> and uk is going to be in the back of the queue. >> and that was quite a backlash against obama when he tried to intervene like that but chris at the core is the issue of sovereignty. should the uk stay inside the 28-country bloc europe which is tried and tested, which many people consider to be a safer pair of hands. or should they leave to try to forge

those who want britain to cut ties say that too many laws are written by the unelected bureaucrats in brussels to do its own trade deals and it has no control over its immigration or sovereignty. this vote has implications the world over. many are terrified of the economic consequences and the uncertainty has already sent shudders through the markets. while for others, including the u.s., it's very much about security. many europeans have argued it is a united european union which insures security. but others disagree. >> if the europeans think that it's the european union that gives them security, then kiss nato good-bye. and we'll see what vladimir putin thinks of facing not nato, but the european union. >> polls closed one hour ago at 10:00 p.m. local with results expected early tomorrow morning. almost 46 million people registered to vote. that's 70% of the population. meaning it could be the highest-ever turnout in uk history. and it does appear, shannon, to have been a record turnout. and also it's still on a knife edge. but the polls have it slightly in the favor of the remain camp. tho

england, at least from what i read is that people got tired of being dictated to by unelected bureaucrats in brussels. we have a lot of that in this country. a lot of the president's bureaucrats expanding regulations in a way that slow our economy and make it difficult for us to have growth. even though we didn't pass any legislation allowing them to do that. a good example of that overreach, this very week, the supreme court rebuffed the president's immigration executive orders that he previously said he didn't have the authority to issue. >> do you think that was the right move for britain? >> it's up to the british to make that decision. you can read about the frustration of having ceded to the bureaucrats in brussels so much authority. and i -- you see the same thing here. we have had a regulatory rampage over the last six years. a lot of the people the president's put on the boards and commissions, and his government, are pursuing policies we haven't passed in congress. the supreme court just slapped him down on one of them this week. that's the way you get slow growth. when you have slow growth

they are decided by unelected bureaucrats in brussels. 50% of the uk will have voted to leave urine. change has to happen. a big moment no matter which way it turns. lou: i don't see how it could be much closer than this. obviously with 390 counting areas to go, we have a ways to go. but when folks are getting nervous this early, that suggests there may be something in the wind. reporter: and the markets also wondering. lou: they have been wondering for weeks. joining us, former u.s. ambassador to the united nations, john bolton. also fox news contributor. former pentagon official kt mcfarland, i thank you both for being here. john, i want to say to you right away. you sensed this early on. an hour ago, and here we are. it looks like it's unfolding. we'll see what the rest of the counting areas indicate. but i think you nailed it right away. remain is not a sure bet at all. >> i think it's have much up in the air. there is a heavy turnout in some traditionally labour party areas. and they are voting to leave which shows the power of big british and the desire for self-government. the

. >> they don't want an unelected, unaccountable bureaucrat in brussels in belgium, telling us what we should be doing. and creating regulations and directives. >> sreenivasan: bill main-ian and his friends at the local u.k. independence party-- or" ukip"-- campaigned for nine months to convince voters to leave the e.u. >> in a word democracy. in a word destiny. >> reporter: not one of them able to convince his own children. >> if once they understood the issues, they made it on the other side, i respect that, i wouldn't agree with it, but i would respect it. >> sreenivasan: it wasn't just the main-lan household, across the country there was a generational divide; younger voters wanted to remain, older voters wanted to leave. >> i'm really quite terrified about the whole thing. >> sreenivasan: haley and her husband dan who didn't want to give us their last names are in their 20s and live in london. unlike haley's parents, they voted to stay in the e.u. >> i'm not really sure what's going to happen and that uncertainty is really unsettling. >> sreenivasan: 19-year-old phoebe jordan is a

again with european union, unelected bureaucrats in brussels making decisions and where people felt there is something of the a ruling class in the united states detached for the american people, not looking out for their best interests you can see parallels but saying apples to apples is going too far. >> hillary clinton has weighed in on this and she is blasting trump's response. i'm not sure if we have sound. i'll wait for my producer to tell me. so he's blasting him and called him out for promoting his golf courses in cot land and jumping on this bandwagon late in the game. do you think this is fair criticism? >> i think it is. donald trump had a true leadership moment. by fate he happened to be in cot land where this big moment was happening and he opened up the perez conferen press conference talking about sprinklers and amenities at the resort. he got around to talk about in the the q&a but the fact that he didn't know how to seize this moment, it plays into his favor, hillary clinton and barack obama were on the losing side of this issue and the fact that donald trump couldn't bet

there's a lot of feeling against the unelected bureaucrats in brussels who do everything from makingental and transportation regulations. the most important thing is that the eu is a failed experiment. it's only growing at about 1%. britain is one of the strongest members. it will be far better off outside the eu than in it. the real loser in this is the eu not britain. when the dust settles, investors are going to go back into the markets and they're going to find that britain is a good investment and will grow faster without the european union. we wouldn't want an american union telling us what to do, and they don't want a european union telling them what to do. >> jeffrey, what's your response to that? >> i think we've been living with the uncertainty of the referendum for a long time. we woke up this morning with shock. that's turned into concern. from a business community point of view, international domestic -- that's probably towards the downside of the risk of what this all means. we've got to look for sources of calm, for stability. a huge source of potential stability and o

at the moment that's decided by the people in brussel who is are uneliclecte unelected, and they haver laws. >> what about the proponents that were advising that it's important for the uk to remain in the union? >> well they said first of all if england leaves if the uk leave, that means the sb disintegration of the whole european plan. they said it's essential for security that we have to be one bloc in the developing world. as we go forward each little country won't have any power, so we need to be singular. i spoke to ambassador bolton just yesterday and he said tryinging to come together in one big group has back-fired. it means too many people in the pot. too many things taken away from being able to deal with america. so people say unity all-important in the changing word. but also that's detrimental. so mixed views there. >> well ben, greg says he doesn't have a question but he has a thought. >> i was saying the reason why england wants to pull out is they don't want to be pregnant with terror. so look, i want to make, i want to compare the way america looks at issues in englan

sometimes were not even in the room because we've given away the ability to do that to an unelected bureaucrat based in brussels. >> they are elected and appointed and have the sole right to oppose legislation. >> we live in an interdependent world but the point about this referendum, for us to vote to get our independence as a nation and that means we make our own flaws in our own and we can then make her own decision. >> one more question. excuse me for interrupting their >> we've been told that this referendum is a once in a generation opportunity. i'm interested to know what you think the eu will look like in 20 years time if we stay in it? >> i think it's done for frankly. i think the eurozone is a catastrophe. just look at what they've done to greece and other mediterranean countries. the migrant carries this is now not just dividing countries but dividing within countries and leading to a whole new brand of politics. the money has run out. and yet, at the same time they're saving up for the day after our referendum about an increase european budget. the project doesn't work. i want us to get back our ind

with immigration lately, particularly with restrictions that have been passed down from unelected leaders in brusselshere the pushback comes. do they not move fast enough to make this a unified market? or were they wrong in trying to overreach? >> many will argue that you can't have a common currency without a more common political union. we saw that happen in our country 225 years ago with the articles of confederation. but i'm not sure. i wouldn't say where they went wrong. it's very difficult to get 28 countries together. some would argue when they expanded into eastern europe, that was a step too far. but the people of eastern europe are europeans and they wanted to be part of the western world. the u.s.-led worse than alliance. so i think the real challenge, and it can be met, is to maintain a strong nato, a strong commitment to a continued economic growth and stability, and while the economic consequences may be dire for the uk or may be largely -- may be minimal. the real issue -- they've spoken on that. it's a democracy. they voted and you have to accept their vote. but the effort now has to

if you were a brit and you were being, you know, managed by unelected bureaucrats from brussels, you're supposed to, like, for the good of the -- of everybody else you're supposed to put your own concerns in the back seat -- >> i understand the appeal of that. >> so do i. >> britain has economically benefited virtually more than any other member of the eu. its per capita growth has gone up even more than germanys. the standing by benefits to euro britain for a stable europe. the eu has helped to knit together europe. it took europe off the geopolitical map. that was fantastic. britain has benefited in every -- >> people would say it's not knitted together. it's jury-rigged. there is no single financial authority. look what happens over there. >> this is a democratic deficit. having the monetary policy without the fiscal policy was a colossal mistake. >> cart before the horse. >> one other thing. united kingdom will cease to be the united kingdom if brexit happens. >> because of scotland? >> scotland will leave. scots can take the high road. unintentional. i also worry -- i used to be

like to congratulate our british friends for voting for their independence from the unelected bureaucrats in brusselsho were running their lives. taxation without representation. and by the way, congratulate the british for ignoring their fawn overmedia who our failed, incompetent president and his failed, corrupt secretary of state hillary clinton who allowed the jv team isis cancer to metastasize. know that the media is dishonest -- host: let me ask you this question about the brexit. no member of the european union has ever left it before. this raises a great deal of uncertainty, both politically and economically. are you concerned that whatever percussions all over the world, including here in the united states? are you there? caller: yes, hello. i am not concerned. thank you. i am not concerned because the british are wise enough and have enough economic strength to cooperate with the other countries and make the necessary adjustments economically. but thank god the british people, as well as the american people see through the media's deception and dishonesty. host: that is matthew calling in f

that, that structure in brussels it doesn't really answer to the member-states and doesn't have to be responsible to the european parliament in strasbourg. a bunch of unelectedeople in brussels showering all europe from the polish-ukrainian border to lisbon and from the north cape to greek islanding telling them what to do with everything and they have no legitimacy. if you look at it now, majority in france, and they're having election next year would leave a bigger majority than voted to leave in britain. a majority in the netherlands and in denmark. they have new governments in the last six to nine months pledge to leave. they're going to hold referendums. what is really at issue the way the eu has been set up. everyone is for a common market. everyone is for cooperation. there is no xenophobia, there is concern about immigration this was a government system that was never going to work and a fantasy from a bunch of bureaucrats. connell: as we look down from here, we look on these days, will see uk that is stronger without the european union but if you're right about the real problems and s&p seems to think along these lines, we saw this particular issue

i think initially, it was about sovereignty, i think to a degree about the idea of unelected bureaucrats from brusselselling the english people what to do. there's an economic aspect, it's hard to get a handle on. gdp per capita has done extraordinarily better for england than it did for germany and america. so, where is this economically? because the markets are so afraid of this thing, why? >> well, in the first place, the u.k., while it's a member of the eu, it does not use the euro, and the british pound still, that does separate it from the rest of the common market. there are other regulations and restrictions and things that do not apply to the u.k. that do apply to europe. from my standpoint, i think that england has been held back by the eu and i think the eu has probably been helped back by having england in it. there are a lot of counter veiling obligations in both countries and united states of both countries that really don't mesh well. i would say the same thing is also true for ireland. my joke is that ireland should punch the euro because they're in a separate economic category than is

if the eu continued on its current path with unelected bureaucrats in brussels, you know, bringing along the weak and the strong -- or bringing along the weak on the backs of the strong without the -- you know, without the people in the individual countries going along with it, that could lead to corporatism is what they're talking about and bureaucracy. in this way, the brits are taking their country back. >> i see it the opposite way. >> absolutely. they've taken their country back. >> like stay and remain -- stay or leave. go ahead, mark. >> well, obviously the brits have taken their country back. and i applaud them for it, and i think that's true across a lot of europe. you have this -- look, let's be square about this. you've got brussels where the offices are. most of the major decisions are made in berlin. so you have got a lot of people that are tired in europe. and i speak to a bunch of big institutions over there. they don't want to be told how to run their country by either berlin or brussels, and they've stood up in britain and said that's enough. >> mark, can i ask you one q

people are angry the rules are beg set by unelected bureaucrats in brussels belgium.ime and schools to be destroyed and healthcare system overburdened? that is not necessarily racist. >> it is not. it is concern about the culture of your country and direction of your country and the willingness or some people to assimilate. those are legitimate things for people to be concerned about. the dalai lama said europe and germany were taking in too many migrates and he said germany should remain germany. germany is not an arab country. that was the dalai lama. is he a bigot? >> -- comments about politicians and demagogues. listen to his comments yesterday. >> we see in europe. other parts of the world and we see it in my home country. where some politicians find it convenient to scapegoat immigrants instead of welcoming them. to play to our fears. [ applause ] to play to our fears rather than as abraham lincoln said "appeal to our better angels." divide us based on religion or ethnicity rather than unite on common humanity. build walls instead of bridges. it has been un-amer

, were not even in the room because we've given away the ability to do that to an unelected bureaucrat based in brussels. if i'm elected and they are appointed, they have the sole right to propose legislation. >> there appointed by representative. >> we live in an interdependent world but the point about this referendum, for us us to vote and get our independence as a nation and that means we make our own laws in our own parliaments, and we can then trade and make our own decisions. >> one more question please. excuse me for interrupting. >> we've been told that this referendum is an opportunity. i'm interested to know what the eu will look like in 20 years time if we stay in it. just look at what they've done to greece and the mediterranean country. the migrant chryslers is now dividing countries and dividing within countries a new form of politics. the money has run out and yet at the same time they are saving up for the day after our referendum their announcements about a european army and increase european budget. the project doesn't work. i want us to get back our independence and say we will be go

brussels are making the decision. >> what we don't know if crew will be the next prime minister. that is still to be seen. that prime minister will be unelected. unelected by the people of great britain back to you. >> as far as the digital age self-diagnosing yourself on the internet. how, they can be con suzing. cooling is helping people out to see person arndt. it allows people to rert suburb ch for answers. they are hoping to reveal the most common conditions and symptoms the person is having. google tells you how to treat it or wlen to go to the er. >> known for turning new york from a three. famous florida greafr died after a recent stroke. nothing escaped. he got everything from a fannie back to broad shipwreck and more he was 87 years old. >> looking at the forecast, around here, people will be wearing shorts and t-shirts. mid-70s and 60s on the coast. vam lees from the north bay to east bay soaring to the upper 90s. south of downtown from saratoga to morgan hill. the ac may still be running. temperatures currently in the 70s and mostly clear skies. we'll see the winds picking up the heat. no, rrpd 2:00 or 3:00 in the afternoon -- the

when you have, again, this government unelected, and the clerks in brussels mattered, and when you have control of everything from immigration to the fat content of the cheese, something is wrong and i just feel there was a turning point last year and you've alluded to it as have others, when angela merkel, opened not just germany's, but europe's gate to a million migrants. that tipped the hand. she did not consult with the others in the eu and she expected this em to salute and fall in line and the brits today, god bless them, said no. stuart: ralph peters, thank you very much indeed. we appreciate you being here. kim strossel, i know we have to say goodbye. thank you for being there on a big day. dy not make too much of it, it's a big deal. >> no, you did know the. we've got european stocks for you, individual stocks by the way, where are we. i know they're going down. banco santander, a spanish bank down 18%. deutsche bank, that's a gigantic banking operation, it's down 15%. banco duval, i'm not bill boa, it's down. and the bp down 16%. and credit swiss , way, way down. and i guess t