Transcripts For FBC Cavuto Coast To Coast 20240714

Trust me, would you be hit no matter how much youre invested. Fed kicking off twoday meeting. The issue isnt whether they will cut but how much they will cut. Consensus is quarter point in Interest Rates you never know. Fbn Lauren Simonetti is with us. 25 point basis cutter is considered bake in the cake. Markets predict 76 chance is the size we get tomorrow. President trump wants more. I would like to see a large cut. I would like to see immediately the quantitative tightening stopped. See the tightening stopped. Stop the quantitate tightening and raising rates was a big mistake. He says they are doing the opposite of quantitative tightening. Theyre easing but injecting money into the economies difficult making it for the u. S. To compete. The u. S. Is with ongoing trade negotiations with china impacted both countries. Take a look at this, the impact for consumers would be marginal. Greg mcbride, bankrate. Com says a cut would reduce the minimum Monthly Payment on 5,000dollar credit card balance by one dollar. Homeowner equity line of credit would be reduced by 6. 25 a month. Since we have had nine Interest Rate hikes since 2016 it will take a lot more undoing to move the needle for consumers if youre in the camp we should get a cut. Neil . Neil thank you very much. Lauren simonetti on all that of the president is warning china, if youre waiting out me you might be making a mistake. Take a look. I think if china had their wish they would wait until after the election. They will pray that trump loses they will make a deal with the a stiff, somebody that doesnt know what theyre doing, like obama, biden, all the president s before. What they have done is picked our pockets as a nation. That is not happening with russia. Neil dave maney with us right now. The chinese if they had their druthers, dave, anyone to negotiate a deal than trump. What do you think . I think that is probably true, neil. The president is unusually willing to kind of go with his gut no matter what, his gut, im not saying i agree with, his gut saying a hardline on china trade is whats called for and i dont think he is really listening to much of anybody about it. So do i think he would be a harder line than almost any democrat . Yeah, he would be and i think he is willing to weather those storms. Neil you know whats kind of interesting, i know they are sitting down theyre talking to each other, that is a good start but theyre miles apart still, that surprises me you know . Yeah, they are. Look, philosophically our two nations come from wildly different places. You this kind of long, imperial tradition in china which xi is said to be very fond of, very much a follower of, whether or not he is thinking in multicentury increments or not, the fact he is a hardcore autocrat, running a hardcore centralized planned economy. That is not the way we work. Donald trump for all his faults, is an unbridled, very highly qualified capitalist. Those two systems are not going to see eyetoeye at the negotiating table. Neil what is interesting, the prevailing wisdom has always been, you and i got into this many times, china has a lot more to lose than we do. If that is the case, the chinese certainly are not acting like it. Indications that huawei, unexpected sales jump is happening despite being all but blacklisted by the white house. There is a separate view, some of the chinese economic numbers that are looking worrisome are not looking as worrisome, the latest spate of them. That doesnt mean theyre still off their strongest Economic Performance roughly a year ago but they already might be coming out of their mess. Look, think were moving into uncharted territory which is both good and bad. I mean the bad part is, it is uncharted. The good part, were dealing with somebody from a position of not as economic equals but were kind of you know, they are succeeding in their own way. I give them credit for it. It is not a system i would want to live under. I think not a lot of people in hong kong want to live under. Neil right. But the economic success is real. So theyre not dealing off their back foot. Were not dealing off our back foot. So that sets up a place where you know, you could imagine new and very interesting agreements being reached. You could imagine these two guys, these two nations butting heads at the table forever. Neil while i have to the you here, your predictions what the Federal Reserve is going to do . Look, you know, im not a fed expert other than to note that it is very interesting it is no longer got that kind of dominant intellectual personality as it did in the bernanke, greenspan days. There seems to be dissent. My guess they will ease off just a little bit. Neil one quarter point i assume is what youre talking about . Thats what it looks like. Neil dave, always good. Thank you, my friend. Democrats getting ready to take the debate stage in detroit. It is not an accident that it is in detroit. Michigan is one of the states democrats hope to win back against donald trump this go around. They think that joe biden will be the nominee. He sleepy joe he likes to call him. Tonight is an interesting start to things. Elizabeth warren, Bernie Sanders getting the attention, the two progressives who presumably will duke it out to be who is the sole progressive, that might be overstating but what do you think of the mixup tonight . It will be the first opportunity they have for their ideas to be stood side by side neil. They were not on the first stage at the first democratic debate. The question is whether or not will they attack each other . Or will Bernie Sanders choose to go after joe biden instead . That is the strategy the campaign is using leading into the debate. Joe biden, not debating tonight, but tomorrow night. He will not be there to defend himself. Neil i tend to follow where the money flows to the candidate, normally right after a strong debate performance. We saw Elizabeth Warren doing very well. Castro doing very, very well. It might be shortlived but i tend to get momentum from that. There is nervous biden money after the debate, he sips recouped that even poll numbers stablized. How much is at stake in the lesser tier, the tier that isnt polling as well . Bide deps numbers stablized, neil, not where he wants them to be, 19 where he was from before Kamala Harris, Elizabeth Warren, Bernie Sanders nipping at his heels so he does have a lot to lose. What you say about the lower candidates, it is very interesting cory bookers team says came out before the debate, it doesnt matter how he performs, he has met the threshold for the next two debates. Taking pressure off the candidate giving a extremely strong performance. He already met the threshold. He will be there anyway. Neil there is always a view in these debate, whether it is the republicans, you know a few years ago, the democrat now, to appeal to the base, or to maybe carve out a new base as donald trump did, a more populistminded one, the base in the Democratic Party is thought to be extremely progressive, open to a lot of Big Government initiatives for which theyre richly rewarded. In the commentary, followup they get in the press. Now this goround joe biden might think i have to part company a little bit here. We might be leaving ourselves down a rabbit hole. What do you make of that . And that is exactly what we expect to see the next two nights. Specifically on the topic of medicare for all. What does that really mean for the candidates . Youve seen this week Kamala Harris fighting with Bernie Sanders over that. Joe biden getting in the mix on that too. That is something i would imagine they will get into the dirty details of in the next two evenings. All the candidates get pressed on that. Following up from the first debate, neil, remember the handraising question whether the candidates were asked whether or not they would extend that to undocumented and illegal immigrants, it is possible that they could get pressed to explain more details on that too. Neil exactly. I remember the New York Post headline, everyone holding up their hands, who wants to lose the next election this everyone raising their happened. Donald trump really jumped on that. Neil i remember that very, very well. You have your work cut out for you. Good luck. Thank you for helping us make sense what is going on . Detroit tonight and tomorrow night. The president is not backing down on the baltimore comment. There is a strategy to this. Where is it going . My body is truly powerful. I have the power to lower my blood sugar and a1c. 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They really appreciate the military family and it really shows. With all that usaa offers why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. It was an instant savings and i should have changed a long time ago. It was funny because when we would call another Insurance Company, hey would say oh we cant beat usaa were the webber family. Were the tenneys were the hayles, and were usaa members for life. Get your usaa Auto Insurance quote today. When i walked through a snowthats when i knewtte, i had to quit. For real this time. Thats why im using nicorette. Only nicorette gum has patented dualcoated technology for great taste. Plus intense craving relief. Every great why, needs a great how. Neil President Trump in jamestown commemorating 400 years of representative government. Keep in mind that was the first chance of legislators meeting in the new world that was then. The president s comments largely ignored by the Africanamerican Community or at least virginias africanamerican lawmakers who by and large boycotted the event. Blake burman with the very latest. Reporter you know how that goes. When the president left for the event in jamestown he was pressed by reporters on the south lawn with the ongoing feud he is having with democratic congressman, head of the House Oversight committee, congressman Elijah Cummings. The president contended more phone calls have been coming into the white house on this issue than any other. He says that people are thanking him for getting involved and bringing a spotlight to it. As he says, he is simply pointing out the corruption in cummings district. Listen. Those people are living in hell in baltimore. Theyre largely africanamerican. You have a large africanamerican population and they really appreciate what im doing. What Elijah Cummings should do, he should take his oversight committee, bring them down to baltimore, invest all of this, really study the billions and billions of dollars that been stolen. Reporter but the backlash to his comments continues as well. For example, as you example the virginia legislative black caucus boycotted the jamestown appearance moments ago. One lawmaker from the group saying in a statement, the commemoration of the it about of this nation democracy will be tarnished unduly with the participation of this president who continues to make degrading comments toward minority leaders, problem mull gait policies that hurt marginalized communities and use racist and xenophobic rhetoric. President was asked about the back and forth with the reverend al sharpton, he said of himself, i am quote, the least racist person anywhere in the world. He continued to, neil, to call sharpton a racist. Neil . Neil this is not letting up i take it. Thank you, my friend. Democrat are slamming the president as a racists awe heard there. Former cincinnati mayor, Trump Transition Team member, ken blackwell, what he makes of all of that. Ken, you have known the president for a while. Do you think he says racist things . I really dont, neil. If you ask me do i think if he ever uttered racial terms that are inartful and, you know, not the clearest, most positive terms, yeah but he is the no the only one. I know of a lot of president s that have but the reality is, look, this is a war, neil, between those who want to create like, for the president , an Opportunity Society and those who want to expand a welfare state and increase the dependency of minority communities on Big Government. It is political strategy. If you increase the number of people dependent on government, they will vote for the advocates of Big Government. What the president is saying he wants to fuel our economy, expand it, get capital flowing back in here, create jobs, and look, what is happening is the Opportunity Society . You have a tick up in, in labor participation. You have a drop in unemployment. You have a tick up in family income. These are measures of success of an Opportunity Society. You look across this globe at expanded welfare states and socialist governments, and what do you have . You have failure. And as the president cant go and say failure is happening in baltimore, then we have come to a sat state. Neil it is more than that, right. I appreciate what youre saying because he can look to the economy and the economic gains and the record low unemployment for africanamericans and record wage gains for africanamericans, as demographic, as a community. Theyre the most robust of all american groups. Yeah. Neil but then he stomps on it by you know, go back to where you came from remarks, maybe inelegant as you say, it wipes out all the progress he is making in substantive terms . That is unfortunate, neil. Because in the final analysis this president has put us on, back on a track of prosperity and he is operating from a concept. From the many, one. There are practitioners of identity politics who in fact operate from a politics of division, divide and conquer. This is a classic struggle between those of us who believe that we are a nation of many racial and ethnic and religious groups but we are held together but a set of values and principles. Neil he should all be more aware his words matter, president of the United States, leader of all the people, he says all this, maybe up intentionally to your point, or you believe the rat infested comments, go back to your country, are slips but that is not how theyre seen. Does the president take away, does he forget about the media, does he take away progress made for minorities and africanamericans doing sufficient like that again and again and again. I really dont think so, neil. In the final analysis, i want to make sure that im clear on this, this is a president whose actions and the results should be the measure upon which we take his inclusiveness. This is a policy set that has expanded the economy, and included more people in the economy. And so this notion that were going to play the games of the left in terms of identity politics, and, lets be truthful. The fact of the matter is, the president has said, if the president was black and a democrat and said what he said, everybody would have been nodding their heads and in approval and agreement. So if in fact you tell me that a white president cant say that baltimore has become rat infested, that it is in fact crime riddled, that government corruption prevails, and that be perceived as the truth, because and it is not perceived as the trying because he is white, that is a racial problem. That is a racial problem. Neil you talk to africanamericans, you want to hear them, they like what is going on in the economy, no doubt, i get that, many are call in droves to the white house, i dont know who these people are but they are, would you advise the president as a friend, someone who was instrumental helping him get elected in the first place, say, hey, mr. President , youre destroying this, youre killing yourself with this stuff . What i would say to the president is, your policy package is right. The fact of the matter is, that you are a disruptor of the status quo. You are a barroom brawler. There are some language that you speak that will be misinterpreted and that is what is happening her. Neil right. It is being misinterpreted, and that is a challenge. I think what the president understands is that he will speak truth to the American People and the truth will prevail and the measure will be in the pudding. And that is the result. Neil it has prevailed for republicans he secured Even Stronger lock on their vote but he has lost it with independents, he is dipping now with africanamericans. It is out in the jury how he fares with hispanics. Does that worry you . Your argument he is not intending to do that, but im telling you poll impact is that. Here is my predictment, neil, i look at polls over time. Neil i hear you. The president will in fact get anywhere from 10 to 12 of the africanamerican american vote. 10 to 12 . And that will double what mccain, that will double, more than double what romney got and it will match with george bush got in 2004. Neil that would double what he got last go around. Because he is speaking to legitimate needs and a value set. Reality is, that africanamericans are the Diverse Community and there are those in the community, although want is an opportunity to work and to provide for their families. They are those folks who believe in the. Dade. Christian ethics, families are incubators of liberty. The president defending the judeo base of our nation, he defended the family, that will get him more hispanic and africanamericans votes than the last time around. That is what he has to stay on. Neil well see. And again he is not a choir boy. He will not always get it right but pains me to see al sharpton talk about the president when that, he has been a racial, polarizing figure himself. And then he turns around and calls the president racist. Neil some of these people who inflame racial controversies and hatreds of their own to the president , your right quite the it is a little rich. Always good to see you, my friend, ken blackwell. Always good to see you. Neil i dont know if you were one of the 100 million caught up in the capital one hacking campaign, there are things you can do to make sure youre not dragged into the credit mess. After this. Obviously, for Auto Insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Neil capitol ones stock getting crushed right now after this data breach and now the first lawsuit filed. You can expect many, many more. Fox businesss Grady Trimble on steps you can take if youre one of the 100 million affected. Hey, grade did i. Reporter its a only matter of time. They are seeking classaction status. Could be the first of many federal investigators say this woman, paige thompson, from seattle singlehandedly hacked into a Cloud Storage system. And got access to all that data. Capital one says the breach affected 100 Million People in the u. S. Who applied for or had a credit card with them since 2005. On top of that, another 6 million in canada. Here is what is compromised. About 140,000 Social Security numbers and 80,000 Bank Account Numbers as well as credit scores, credit limits and payment histories. On top of all of that, were talking all of these things on your screen, addresses, phone numbers, dates of birth. The breach calls into question the security of amazons cloud service. Where capital one stored the data. The woman arrested work the for amazon as Software Engineer from 2015 to 2016. We got a statement from amazon. It says Amazon Web Services was not compromised in any way and as they put it functioned as designed. For capital one this lawsuit could be the beginning of its troubles. The Company Estimates that the breach could cost them up to 150 million. Neil. Neil grady, thanks. A new probe of parents using a legal loophole to get College Financial aid for their kids. Jackie deangelis has more. Nice to see you, neil. Outrage over a new College Admissions tactic concerning Financial Aid. Wall street journal is reporting that the Education Department is investigating a loophole where wealthy parents transferred guardianship of their child to qualify for scholarship of their grants. Through the transfer, only College Bound earnings, their earnings savings are considered. Still legal, no, but it reads as a whole lot of ethical questions. Some College Consultants are advertising theyre able to save families money without specifically saying what that methodology is in the marketing materials. The journal gave an example. Lets walk through this here. A woman in illinois she had a 17yearold daughter. She was trying to send her to college. Transferred her guardianship to her business partner. They had a income of 250,000 but they spent about 600,000 putting older kids through college. They didnt have savings for this daughter. So they also didnt have any home equity either. Their home was valued more than a Million Dollars. After the paperwork was done, the daughter showed 4200 in personal savings. So she got 27,000 in a merit scholarship, 20,000 in needbased aid. The 13,000 left over her grandparent paid that. Is that fair . People say no, especially in light of the recent bribery scandal that broke in march. Neil can they do that for a set number of time . Does your child have to be clear of you as a dependent for fixed number of time to take advantage . Doesnt sound like it. It sounds likes it is pretty easy to do and pretty quick to do, neil. Neil not that it is giving me any ideas, but you dont have to wait a year. We have a lot more coming up. The president lashing out at china. John paul dejoria says this will hurt a lot of people if it keeps dragging out after this. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No macan the past help you write the future . Can you feel calm in the eye of a storm . Can you do more with less . Can you raise the bar while reducing your footprint . For our 100 years weve been answering the questions of today to meet the energy needs of tomorrow. Southern company neil they are sitting down and talking in shanghai today, as the president tough ins the stance on china, even as theyre comparing notes, offering ideas to keep these talks going. Fox news radio show host jessica stone where things stand right now. What are you hearing . Were seeing plenty of bluster on both sides as negotiators go into day two of the negotiations. They are the first since talks broke down in may. Give you an idea where beijing stands, if washington still holds the illusion that beijing will cave in, compromise on issues concerning sovereignty and other core interests, then no deal is fine. China will always find a way to with stand pressure. Here is what President Trump said this morning. China is dying to make a deal with me, whether or not or not i will do it is up to me. It is not up to them. The president is continuing to make the argument the u. S. Economy is strong while the chinese economy is down. He always gives the his team negotiating room that china would love to wait until after 2020 to negotiate a deal. The real test whether we see announcement of purchases of u. S. Farm goods. That is the expected outcome here. Remember the president felt he was promised that in japan, in exchange for holding off on tariffs, easing up on huawei. Those purchases have not been made. At the same time were hearing that beijing may be preparing the chinese public to sort of accept some purchases of u. S. Agricultural goods with some messaging theyre doing in china. I want to bring you one other update if i may. Weve had reporting about this idea, that the pelosi had privately committed to secretary mnuchin to do the usmca by october. Were now hearing that, from her spokesperson this is quote absolutely not true. Back to you. Neil got a lot in there, jessica. Thank you very much for your help with this, jessica stone. John paul mitchell, the cofounder of so many things, patron spirits, so many Hair Products you name it, from nothing to a multibillionaire. His read on all of this. John paul, your big concern each side comes out a loser the longer it drags on but neither side seems to get closer where they want to be so handicap for me. It is. Love you out there, by the way. What you take a look at what is going on now, how do Companies Like mine and others how do we address this . The longer it goes on it is not good for either party. It is nod good for china. Rocket phone looking to do business in china, this tariffs got really, really big, where would we go . Were looking for alternatives. Many other companieses in the United States are looking for alternatives. A lot are close to china. Vietnam, cambodia, thailand, inyaw. If this goes on long term, it will hurt china more than the United States. I dont really see this going on long term. The mistake i would make with mr. Trump, no disrespect, mr. Trump, not you that makes the decisions. The final is the American Public you speak for to us get something fair going on here. I think it is not good for either side but others in our country look what if it did . Even if it didnt, should we look for alternatives any way just in case the unexpected happens in the future. Neil you are so going to get tweeted by the president but that is fine. John, let me get your take on Something Else the president said earlier today. Sure. Neil the chinese if they had their druthers would wait out the election, hope, pray, the president loses. Then they can deal with some other empty suit or the president saying maybe sleepy joe or one of these who wouldnt really be able to strike a deal in the u. S. s interest. What did you make of that . First of all he is right in one way, that of course they would rather wait until possibly trump may lose, someone else may possibly get in. Theyre right about that, but would china wait that long . I dont think so. China is seeing the economy slide a little bit here. The tariffs continue, the goods are not transferred back and forth the way they should be. I have a feeling well not get to that point. I think this thing will be over with in very short pier, meaning months, not years. Too much at stake. Neil got it. He wasnt calling them empty suits, losers is what he called them. Let me get your sense where this recovery in our country is going. The Federal Reserve is expected, as you know, to cut Interest Rates tomorrow probably by a quarter point. Correct. Neil do you think that is necessary . Do you think that will keep the recovery going, keep it going longer, what . I dont think it is necessary to keep it going. Just a quarter of a point lower. A lot of people do, especially for the debt of our nation. Neil right. Because when it goes down, our debt goes down which is kind of good too. I think what is happening now, the Consumer Confidence in the United States of america for our own people, people abroad is pretty high right now. People working now that werent working before in all ethnic groups. With all respect, mr. Trump, youre doing good things out there. We may disagree, i disagree with your demeanor. When you see people working in all ethic groups that were not working before that is a wonderful thing. They can spend more money. The economy generates more. The same result the American Dream is still alive, happening for everybody. That is pretty exciting. I think economy will continue to grow. Neil you mentioned ethnic groups. I would be remiss, if i didnt get into the controversy the president gotten into, remarks others deemed racist, the advancements in black employment levels, the advancement in hispanic unemployment levels, i wonder if he is stomping on the message leaving some to wonder whether he is racist . I think that once again your last guest or two guests ago on your show, said it awe. If mr. Obama made that same statement they would clap, yeah, there is probably a lot of rats, it is dirty in baltimore, lets clean it up, because he is white and trump they look at it different way. Especially the left part of the United States. Neil this go back to your country stuff and all, might be intent but words matter. Nancy pelosi doesnt think he is a racist. Thinks words he uses is racist. He should be very careful because donald trump unfortunately just comes off and says something. So easy to misinterpret some of the things he says or believe some of the things he says. If he would do what he is doing and back off a little bit on the commentary, that would be a wonderful thing. I think he would get a lot further ahead and perhaps congress will work with him a little bit closer. But sometimes he just says the wrong thing and it is wrong, it is wrong to do that. He should be a little more careful what he says. He does good things out there. Forget about cutting everybody else down. Take the higher road, mr. Trump, take the higher road. Neil always classy, john paul dejoria, he calls them as he sees them. He is a billionaire. He didnt think what everybody says but he is honorable human being at the same time. John, thank you very much. 2020 democrats are making a push right now to tax wall street. What does that mean . After this. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. [what about him . Lets do it. [ sniffing ] come on. This summer, add a new member to the family. Hurry into the mercedesbenz summer event today for exceptional offers. Lease the glc 300 suv for just 419 a month at the mercedesbenz summer event. Going on now. Who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Neil the first of two debates quicking off today which is weird because we first of two day fed meeting. What should we do. Candidates taking advantage of the situation, money comes with it, they have various idea how they pay for their very generous spending plans. Charlie gasparino has been dissecting a lot of that. Particularly Kamala Harris medicare for all, being paid for by a tax on wall street. Ive been speaking with traders and investors over the last couple days as this thing is taking shape, i tell you a tweet i put out yesterday really touched a nerve because when you really come down to it, forget about whether you like Kamala Harris or dislike her, look at her tax plan, it is essentially a transaction tax. It is not saying jpmorgan, bank of america, goldman sachs, you pay more money. It is taxing individuals who trade. Neil buying or selling . Yeah. Who are those individuals who trade . Well, there are a lot of retirees who trade. There are a some average people who trade. There are Pension Funds who trade. Right . Pension funds who hold, invest the savings of teachers, Retirement Savings of teachers, firemen and cops. There are mutual funds that trade. Average people, my motherinlaw out in queens owns a mutual fund. Trust me, she is not rich. Neil youre cheap. You dont help her out. I do. Neil okay, good. High frequency traders do trade a lot. Maybe neil these numbers she says are small. What are you whining about . You cant make your, you cant make your bones on hft, High Frequency trades. The real issue whether this is a tax on wall street or a tax on, a phantom tax on the individual and i would say, listen, just because youre in a mutual fund doesnt mean you dont pay expenses. Neil right. If they market, i think theyre called 10b5 charges, you pay for those charges. Neil they add up. Is it your sense, people you talk to, beyond wall street, it is going to be prohibitive . Investors plan to sell a stock, buy a stock, will think twice . Here is the impact. Could dry up liquidity, trade in dark pools overseas where you could hided trades. It will have impact on average investor because that investor will in some ways pay for this. It is, and, heres the other thing, which most people, which it is kind of burying the lead here, no one knows how much money youre getting out of this. Neil it starts out small,. 1 like the valueadded tax in europe starts out all. Until you figure out whether you can pay medicare for all which is another story. Im saying this is a slippery is he doing it too . Neil he has a variation. A variation. Neil their argument it is pennies on the dollar, not even, here is Charlie Gasparino to say more onerous . Great, sell that to the American People. When the stock market goes down 5000 points, liquidity dries up, people are not trading. Neil you think this could do that . Listen, markets go down based on lots of reasons including corporate earnings at the top of the list. If theyre booed they will keep going up. The market will be lower at some degree because of this. It will be lower than it should have been because of this. This is a tax on trading, liquidity and markets perform best when there is liquidity. Anytime you want to sell your stock, your ibm stock, someone will buy it. They will buy it at a reasonable price. It will not be bought with massive spreads where there are trading commissions. Neil right. This sort of stuff impedes that. And heres the other thing. I dont think she can get enough money from this. Neil seems so small. Youre dealing in the trillions of transactions over the course, maybe, i dont know. Certain people wont trade. When was last time you taxed something they do more of it . I remember the tobacco taxes right . You remember the bonds were based neil eventually people stopped buying tobacco product. The bonds went into default. Neil you like beyond meat . I think that is the most disgusting thing in the world. Neil another beyond can you imagine fake bruzit. Would you eat fake neil mention the numbers, fallout. What is it . Neil i cant tell you. Do they know what is in it, do they know what is in the stuff . Neil we have to wait. Im watching. So, why dont traders have coaches . Who says they dont . Coach mcadoo you know, at td ameritrade, we offer free access to coaches and a full education curriculum just to help you improve your skills. Boom mad skills. Education to take your trading to the next level. Only with td ameritrade. Dprevagen is the number onemild memopharmacistrecommendedng . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Neil beyond meat feeling a little bit of pressure today. Dont cry for shareholders or company, it is up 700 from the offering in may. Greg smith, early investor beyond meat, whether he is beyond worried. What do you think right now . Thank you for having me here, neil. I went to bed last night after witnessing beyond meat post one of the most remarkable quarters for newly minted company i have ever seen. I woke up to headlines saying quarter was mixed. I said to myself i pulled a rip van winkle, or some of the people writing at Media Outlets are summer interns and no idea how to read a financial statement. Neil there are expectations an gains. They are making money. What did you make of some people say, all right this stock run up too far, too fast, lets use this as a excuse to knock it down, what did you think . I think heres what is going on. When you pull back the results they blew away wall street estimates by more than 30 on the top line. Their Gross Profit Margin exploded 33 to 27 last quarter. If you put that in line versus someone like tyson, keep in mind tyson is making 12 Gross Profit Margin. Also what people fail to realize, beyond meat was actually profitable for the quarter when you backed out a onetime charge. What is going on in the stock today, is the announcement of a a secondary offering which is responsible way to get overhang out of stock for selling shareholders early investors of the company. Lockup period expires in november from the may ipo. They announced a Public Offering that is putting a little bit of dislocation. Neil the secondary offering, theyre already, you know, spreading things out too thin. The bang for buck is gone, you dont buy that. I dont buy it. Putting a temporary pause. This offering will price tomorrow night after the close. When you look at it, 3 million shares. It is not even half of a days Trading Volume in beyond meat. It is a very, very small blip. I think right now again its a very temporary pause. You have buyers might be a little bit deer in the headlights waiting for this offering to price tomorrow night, get cleaned up, get out of the way. You look at the company, they have such green fields ahead of them. 10,000 qsr opportunities ahead. We know where the market is going with respect to plant based foods. Theyre clearly the market leader. I see great things ahead for the company. This is a temporary blip right now until the offering price tomorrow night. Neil beyond meat, beyond sausage, all the other stuff. Well watch it closely, greg, thank you very, very much. Thank you. Neil you dont hear that view a lot. We thought we get that out there. When everyone goes one way, we like to say you heard that, lets go back the other way to put this in perspective. Meantime the fed kicks off a twoday meeting, that the president makes it very clear he is very disappointed with the fed. He wants Interest Rates to go down a lot. The consensus they will go down but they wont go down alot, after this. Hostilities, or cultural differences. The eagle has landed that place wasnt 240,000 miles away, one small step for man for a few moments, it was right here at home, one giant leap for mankind over 4,000 people from ibm helped apollo 11 get us there, today, we are ready to take the next giant leap, wherever it may lead. Neil all right. We dont know how much progress they are making with the talks but they are meeting with china. Profits are popping right now. In fact, the economy seems to be doing well. Most people think the Federal Reserve will go ahead and cut Interest Rates. The only debate seems to be could it be a half point . Very unlikely. Likely its a quarter of a percentage point. The College Admissions scandal thats just breaking. Neil all right. The big debate tonight. This one will pit Elizabeth Warren against Bernie Sanders and eight others, by the way. I dont mean to minimize the eight others but its Bernie Sanders and Elizabeth Warren and eight others. Lets get the read from hillary vaughn, who is following all this very very closely. Hillary . Reporter hey, neil. We are in detroit, michigan, where 2020 candidates are here warming up their talking points. Some of them here talking to voters, testing out the lines they are going to use on the debate stage. We are here in troy, michigan, just outside of detroit where 2020 contender, colorado senator Michael Bennet will be touring this facility, also talking to the local pipefitters union. He will hit the debate stage tomorrow night. But tonight will be the first time that prominent progressive senators Bernie Sanders and Elizabeth Warren will meet facetoface. Sanders yesterday took a break from debate prep to meet with rapper cardi b, tweeting this about their meeting. Today, cardi b and i finally met. We had a great conversation about the future of america and let me tell you, cardi b is right. Together we will get millions of young people involved in the political process and transform this country. Sanders and cardi b met for about 30 minutes at a nail salon in detroit. Joining sanders and warren on the stage will be beto orourke, who was spotted this morning running around detroit taking a break from his own debate prep. Beto in a frank fundraising email this morning to supporters admits a lot is on the line for him tonight, writing quote, it can be a challenge to talk in 30second snippets about issues that deserve a lot more time. A lot of eyes are going to be on us from the viewers in homes across the country, to the reporters wondering how our campaign will fare in the months to come but also, hoping for a breakthrough. Mayor Pete Buttigieg is facing trouble with black voters. In a new quinnipiac poll out yesterday, Pete Buttigieg is polling at close to 0 support among African Americans supporters. Todays debates in detroit showcase a place democrats are hoping to win back in 2020. Dnc chair tom perez on the ground in detroit admitting that in 2016, they did not have any fundraising operatives here on the ground. He said that has changed for 2020. Neil . Neil thank you very much. The president for his part saying joe biden will eventually be the democratic nominee. Sleepy joe, as he calls him. We have republican strategist rob smith and slightly left of center commentator, danielle mcloughlin. The pressure seems to be on the top tier candidates to emerge as the only in their tier so tonight offers an opportunity for Bernie Sanders and Elizabeth Warren to settle that. Will it . I dont think so. We are still a long way away. We are still months and months and months of course from iowa. But it will be interesting to see those two candidates who are offering to the American People very similar platforms at the far left of the Democratic Party to see whether they can differentiate themselves from one another. They are polling pretty consistently in the top tier along with joe biden, but only one of them will at some point its going to break one of their way. I think Bernie Sanders meeting with cardi b is a great move but why not meet with detroit rappers . Eminem . John connor . Now that you thought of this cardi b thing, did anybody see the Instagram Video cardi b did where she was literally ranting about her taxes, about the fact she pays lots of taxes and doesnt see any of that coming around new york city, does she know what candidate shes supporting, that by talking to Bernie Sanders hes going to raise everyones taxes . Hes not going to raise taxes. Were just going to put it on the deficit. You pretended for years to care about the deficit as republicans. Neil dont pretend that you do. I do care about free stuff for everybody. Free stuff for everybody. This stuff is not free. I do think cardi b is actually, i agree with candace owens, who challenged cardi b to a debate that turning point usa is having this fall. She thinks cardi b is a secret conservative. I think shes you are all trying to convince us they are secret conservatives. I get it all the time. Im here to say thats absolutely not the case. Neil i want to remove all doubt. You know, racial issues are going to come up. The president has been saying a lot of controversial things. Democrats say they are all racist things. We have a number of his africanamerican backers who beg to differ with that. That will likely be a big theme tonight, right . I cant imagine it wont be. You had these things coming out about baltimore, rat, roach infested, all that. Its a very easy talking point, one of those things you can very easily put your finger on and say the president s wrong here neil i had one guest on who said barack obama was saying a lot of this stuff, it wouldnt create any of the waves. Bernie sanders said exactly this stuff, it created zero waves. Bernie sanders cannot tonight step up on that stage and say President Trump is racist because he said x, y, z about baltimore because Bernie Sanders said the exact same thing. I was literally in baltimore yesterday and i was talking to residents on the streets, people are talking about the trash, talking about the rats, this is not a new conversation. Neil when you hear the president saying today before he hopped on marine one that lot of people have been calling the white house and commending him, African Americans commending him, he didnt name names and all this stuff but you believe that . No. I do. Because let me Say Something right now. When you i look at what the people are saying. When you look on twitter, there were really great videos out of baltimore. When you interview the people, they will say hes not saying anything that we havent been saying for years. If this is all having us start a National Conversation about what is going on in baltimore neil should he say it, though . The other point is context. Yes, other people have said this. We have had leaders of detroit and other inner cities say this about impoverished neighborhoods. The difference is if you look at the track record of the president as it relates to renting to African Americans back in the 70s, as it relates to the central park five, people are not going to give him neil look at his record as president. Record low unemployment, record low among African Americans. I agree with you how he says it isnt exactly pristine. If i had to go on someones word versus actions, i would go with actions. Youre talking about results, not actions. These results have come despite the president putting a stop to a number of programs that were designed to benefit African Americans. Neil you argue hes not making inroads with the Africanamerican Community. I have to push back. I have to push back on this and on this. The First Step Act which is the most comprehensive criminal Justice Reform literally in decades passed. 3,000 or maybe 2200 inmates were just released. About 2100. Neil are any of those votes going to turn as a result, though . You think the people will hear that and record low unemployment levels and all of this, Prison Reform and all that, that is going to resonate . When i was on capitol hill lobbying senator ted cruz to switch his vote for the First Step Act, i said senator cruz, we need to have something to bring to the Africanamerican Community when we start going for 2020 and the first you know, record low black unemployment, thats great, but the First Step Act, this is something tangible, something real, when you go to the internet and you see these videos of these prisoners that are returning home because of what this president neil this was bipartisan legislation. Both parties can take some credit for this. Obviously jared kushner, there are huge numbers. I do try to give credit where credit is due as it relates to experimental drugs as this president has done, with the compromise, watered down because conservative republicans didnt want all the things that the progressive criminal justice organizers wanted but still, i totally agree, about 2100 people walked free, about 900 had other state level issues they had to be incarcerated back at the state level. It was a great thing. I will give credit. But my point was theres a history and its about giving somebody the benefit of the doubt when you look at their language. People will look at his history, some wont give him the benefit of the doubt as it relates to what he said. Neil no matter what inroads hes making its not going to register. I had a guest earlier who was saying hes going to get up to 12 , maybe more of the africanamerican vote which would be far more than doubling last time. You see that . No. 12 wouldnt be more than double. He got about 8 last time. What a lot of people dont realize is he got more africanamerican votes than john mccain and mitt romney put together. Theres some sort of appeal that is going on here on the ground that is not be honest. Well, lets be real about the fact theres some sort of appeal thats going on with people on the ground. Its not in studios like this, its not among the people that are going to be commentating about whats going on in the debate tonight. Its people the ground. Its a real thing thats happening. I have seen it with my own eyes. I have been in the white house with 400 black students with maga caps on cheering what the president has done. There is also a different and slightly more rarefied environment when you have people coming into the white house. What is interesting, i go back to this benefit of the doubt. So much of politics and the decisions people make at the ballot box relates to obviously your pocketbook but your emotions. How you feel about somebody, whether you are inspired by someone, whether they are saying the things you wish politicians would otherwise say. Neil you think theres a quiet vote there that doesnt admit to supporting donald trump . I absolutely think so. Its why we saw i think people, they talked about it in 2016, this idea that people responded to telephone polls and didnt admit they were favoring the president. You see this very clear line, almost a linear relationship between when a person questioned about the economy thinks the economy is going well and whether they support the president. Its a very interesting thing they almost pivot together which maybe has implications for whether a great economy can buoy and force him to allow him to have another term or not. This is a president who really pushes you into a corner one way or another in a way that i dont think we have ever seen. If you talk to the people of baltimore, they will probably tell you how inspired and motivated they were to vote for representative Elijah Cummings for the past 30 years and it probably hasnt gotten them that far, either. Neil interesting. Its still early. All right. We have a lot more coming up including how the Federal Reserve could play a role in this election process. Ironically, especially doing the president s bidding. After this. Limu emu doug mmm, exactly Liberty Mutual customizes your Car Insurance, so you only pay for what you need. Nice but uh, whats up with your partner . Oh we just spend all day telling everyone how we customize Car Insurance because no two people are alike, so. Limu gets a little confused when he sees another bird that looks exactly like him. Ya. Hell figure it out. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil we are kicking off a lot of twoday events. The Federal Reserve, we told you in the last segment about the kickoff of the democratic debates in detroit, two days of that, but its the fed meeting thats getting a lot of interest at the corner of wall and broad. The expectation is that Interest Rates are going to start going down with a quarter point cut that could ironically help the president , who has been very critical of the Federal Reserve and its chairman, jerome powell, who he said was a mistaken choice. We are back with dan, rob and danielle. Dan, one of the things the president has said, if we had stuck to the same kind of policies we had under barack obama, this constant rate cutting, buying up all the notes and bonds to keep Interest Rates forcibly low, we would be thousands of points higher, the dow, the economy would be over 5 . Thats what hes been saying. Yeah. If you did what he did on the fiscal side which is add trillions to the debt, we would and did that on the monetary side with the fed, im sure that would help the economy take off. Neil you dont support or agree with what the president claims hes been doing to spruce the economy . Look, when he tried it, when it was first proposed a lot of people said we have no idea because no one has ever tried to add trillions more dollars of deficitbacked spending to the economy in the ninth year of an economic recovery. No one has ever tried it. Neil other president s of both parties give it a stab. I dont think you have, because neil barack obama wasnt alien to just he did that again, at the time when the economy was going down, right. We were in the midst of a recession. He did it to stimulate the economy. He did it to stimulate the economy out of a rut. We were at the time this tax cut was passed in the midst of the ninth year of an economic recovery. Neil now apparently the Federal Reserve, i dont want to make this too dull here [ speaking simultaneously ] neil we would be a lot stronger right now if the fed had never started hiking rates. A lot of people agree with him on that point, whether you have to get back to where we were when they started this process. Thats debatable. Ironically, if the Federal Reserve were to do so, start cutting rates tomorrow, maybe follow up with a cut or two after that, that could secure the president s reelection. Right . It could. The fun chny thing about everyb thats trying to run against the president right now, they are running on everything but the economy because the economy really is going very well. Neil well, they talk about how unfair it is. Yeah, they talk about how unfair it is but i want to push back, so there is kind of like this fiction the economy doing well right now is just an extension of Everything Else that was happening with obama so we are kind of like riding that obama economy wave. The truth is that there are lots of different Economic Indicators that just started after the election. You have Business Investment up over 300 billion since 2016, capital goods and orders up sharply, new Business Applications actually surging. Neil thats all on President Trump. That is not all on President Trump, but it is a direct result of some of the changes that have happened since hes come into office. Neil i will disagree not with that point of view, but the notion that its either or. I think both president s contributed to this recovery and the market runup. I give them both a round of applause. But i do find a little disingenuous when this president says he inherited a depression. Thats a bit of a stretch. Because it has no basis in fact. Thats why. Neil possibly that. Certainly we are neil you will say that he did goose it, that he put it on steroids. To my earlier point about giving credit where credit is due, obviously wall street loves a republican president. Wall street loves deregulation. We can have that conversation neil wall street technically does better with democratic president s. Interesting. You wouldnt think that. Neil im not taking the prism of any political viewpoint. If, for example, the fed lowers rates and we get this added shelf life, this recovery, then what for the president . Because you could argue given this environment, he should be up ten points in the polls but its all the stuff you guys got into in the last segment that keeps him down. One thing we have seen, there have been a number of Academic Studies on this, the impact of quantitative easing, monetary easing, is reducing. Really, the effect of a fed rate cut when rates are at 5 or 4 , as they have traditionally been, is going to be significantly more than rate cuts now when we are at 2. 5 . Yeah. Neil its psychological, right . A lot of its psychological. Neil i dont think they should be cutting. If they cut rates you will see a reduction in credit card rates which will free up money for regular people spending. A lot of people are in debt right now. Mortgage Interest Rates are extremely low, where theyre dropping Interest Rates again makes a difference and studies are showing its not really making much of a difference because rates are already so low. Home ownership is a really important part of wealth building for the middle class. Very important part of the economy which is why we have tax system around Mortgage Rates and other things. I agree, the traditional argument against this is what happens, because we are in a slow global slowdown, what do we do to stimulate the economy if we do go into some sort of neil liz warren says we are creating a bubble. Do you agree with that . For me sometimes as somebody thats a fiscal conservative, i love everything thats going well with the economy right now. I do fear that we sometimes dont learn about the lessons of the past. Sometimes . Neil youre right. Im openminded enough to listen to an Elizabeth Warren critique about us creating another housing bubble and make sure that we realize what just happened not too long ago to make sure that that does not happen again. Neil you are so young, you dont even remember the housing bubble. When you say you learned the lesson. I mean, you know maybe im not as young as you think. Neil they are going to be coming back. But we have a lot of stuff going on, not the least of which is a lot of hypedup sentiment around apple. Its going to report after the bell. That has gotten to be a good litmus test for the economy and where things are going and whether people are prepared to spend as we are told now in excess of 1500 for the next iphones. After this. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Gimme two minutes. And ill tell you some important things to know about medicare. First, it doesnt pay for everything. Say this pizza. Is your part b medical expenses. This much about 80 percent. Medicare will pay for. Whats left. This slice here. Well. You have to pay for that. And thats where an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company comes in. 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Call or go online to request yours. Tick, tick, tick, time for a wrap up. A Medicare Supplement plan helps pay some of what medicare doesnt. You know, the pizza slice. It allows you to choose any doctor, who accepts medicare patients. And these are the only plans of their kind endorsed by aarp. Whew call or go online and find out more. Neil the accused hacker behind the capital one breach that was able to compromise records of better than 106 million americans through the cloud is getting really scrutinized how easy it was to happen. The legal shield chief product officer on what might have been compromised here. I know its very early in the process. Welcome. Thank you for coming. But what are we learning about this right now . Well, i think what were learning frankly is a continuation of a disturbing trend that we have seen with some of the other large breaches, going all the way back to equifax, including names like microsoft sorry, not microsoft but marriott, and the fact that a relatively small number of people, very determined hackers, keep staying a step ahead and being able to access large data bases of information. I think people, it sort of shatters the myth that the cloud is some sort of outthere, secure fortress and where its really just a series of servers and software which is just as vulnerable to hacking as onsite facilities. So were seeing some very determined bad guys staying a step ahead and getting ahold of your information. Neil we dont know how many peoples records were indeed compromised or bad guys got their hands on, started using the Social Security numbers, the credit reports, all that other stuff to nefarious means. We do know a number of Big Money Center banks are leery of this cloud thing, whether they do it on their own or through a third party, in this case like amazon. Im wondering whether this will further that caution. What do you think . I think it will further the caution because again, people trust these institutions as if they cant be hacked, and we are finding again that this individual working alone, presumably, was able to expose a firewall of basically a third party service. A lot of these Cloud Services are rented, hosted by a third party, and theres sort of a degree of separation there that makes you wonder exactly how protected you are. Neil so if you hear that an institution with whom you deal is doing a lot or storing a lot of your stuff on the cloud, anyones cloud, would you, if it were you, would you just say all right, i dont want to deal with that situation . Well, no. I want to be clear, too. First of all, the cloud and how it operates isnt really my area of expertise except here at id shield, we are looking constantly at what types of data are being compromised. So we can draw the conclusion that no, i wouldnt mistrust the cloud in general. But what i would make the point of is that the types of information that are accessible, even if you are protecting like in this case Social Security numbers or credit card numbers, it can be any combination of information, name, date of birth, address, and that gets pieced together and sold to the dark web in ways that can compromise your identity down the road. So its not really the cloud itself that i think is a problem. Its just that any number of types of information can be extracted from that. So while a company may claim that the most sensitive Financial Information wasnt compromised, lots of other pieces are. Lets face it, the cumulative effect to this point for the ones i just mentioned means your information is probably out there. Neil whether its on terra firma or up in the cloud. Exactly. Neil or in this case, what happened here at capital one. Its vulnerable no matter where you put it if youre not careful. Thank you, scott, very, very much. Thank you. Neil in the meantime, European Union is not budging on renegotiating that brexit deal with britain. Britain is saying well leave even if you dont renegotiate a deal. The only fallout we can see for the time being is that the british pound is getting, well, pounded. Let me ask you something. Can the past help you write the future . Can you feel calm in the eye of a storm . Can you do more with less . Can you raise the bar while reducing your footprint . For our 100 years weve been answering the questions of today to meet the energy needs of tomorrow. Southern company 4 out of 5 people who have a stroke, their first symptom. Is a stroke. 80 percent of all strokes and Heart Disease . Preventable. And 149 dollars is all it takes to get screened and help take control of your health. Were life line screening. And if youre over 50. Call this number, to schedule an appointment. For five painless screenings that go beyond regular checkups. We use Ultrasound Technology to literally look inside your arteries. For plaque which builds up as you age and increases your risk for stroke and cardiovascular disease. And by getting them through this package, youre saving over 50 . So call today and consider these numbers for just 149 youll receive five screenings that could reveal what your body isnt telling you. Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. Neil all right. In earnings season we hit you with a lot of numbers. Some are more important or at least seen as more of a barometer than others. Apple would probably be among them and after the bell today, we will find out how it did in the most recent quarter. Kristina partsinevelos is at the New York Stock Exchange with more. Kristina analysts are relatively bearish on apple so the bar is set a little lower. Year to date you are seeing the stock up 32 despite its being lowered today. What are we expecting from the earnings that come after 4 00 p. M. Eastern time . We are expecting earnings per share of 2. 10 on revenue of 53. 4 billion. More specifically, what are investors going to be looking for in this Earnings Report . The first one, Service Revenue growth. Should we see any type of weakness because na that is sucn important part of their business. Then talk of new 5g phones, maybe there will be some comments about that because they have said they are looking into that, 5g technology, very connected. Then last but not least, comments on the u. S. china trade war and whether thats softening any of the iphone sales. This comes at a time when the chief design officer did step down very recently and we got some rumors for you from mac rumor. Com and they are very accurate when it comes to any new type of apple leaks. According to them, giving them credit, two 2020 iphones that will have 5g technology and their cameras will be very specific. They will have time of flight camera sensors. That means it can detect depth so if you are taking a picture of a bedroom i will know exactly how far away your bed is in there so create a 3d map. Switching gears though, you brought up earnings. Lets go over under armour. We are starting to see shares plummet today, down almost 13 . They had mixed results, the big concern with under armour is the outlook Going Forward in north america. You had them outline that they expected to drop in north america for the next full year. Theres a lot of competition wrapping up here with nike, lululemon. Thats the reason underarmour says they will focus more on h athleisure. We are expecting 33 to 34 cents a share. There you have it. Plummeting primarily due to full year guidance. Neil thank you very, very much. Meantime, you know about this fed twoday meeting that kicks off. The president weighed in earlier today. I am very disappointed in the fed. I think they acted too quickly by far and i think ive been proven right. People have said i was right. They were wrong. The fed is often wrong. Neil all right. To the former chairman, ceo of american express, harvey golub on what we might expect. Very good to see you. The president has been very critical of the Federal Reserve, says its robbed us of at least 5,000 extra points on the dow, a much smarter recovery. What do you make of that . Well, its business as usual. Every president would like the fed to lower Interest Rates so theres higher Economic Growth. The fed tries to reach a balance between Economic Growth and inflation. That tension always exists. Donald trump is right, the Interest Rates were raised too early, there was insufficient evidence of inflation problems and they could have lowered them. That would clearly help the economy and help his political chances. Neil you know, he wants to see Interest Rates cut a lot. I think hes said that one full percentage point, not in a single meeting, but that it should be that much. Hes hoping for a half point cut. He will likely see a quarter point cut. What do you think of that . I think its probably going to be smaller than the one point cut. But they probably should cut it by some amount. Neil why . What do you see happening that would warrant it . Whats going on globally or what . Partially globally, but partially in this country. Theres not a significant amount of inflationary pressure. You know, normally in the past, when we have had unemployment this low, labor shortages cause inflation, that has not happened. In the absence of inflation, theres no reason economically to raise the Interest Rates. Neil so the fact that we have been dealing with record low unemployment, we havent seen inflation, gets people worried about the other thing, deflation. Are you worried about that . No. No, im not worried about deflation. Unemployment is low but theres still a lot of slack. There are people that would want to work, theres a lot of inefficiency in the system. So im not really worried about that. Neil now, the president has been arguing for lower rates, saying it would help our trade posture with other countries because they have been rigging their currencies, he says, by bringing down rates, weakening their currencies to the point that we are always at a disadvantage. Is that alone a reason to cut Interest Rates to hope that a weaker currency follows and all of a sudden, trade deficits improve . Well, i dont know if trade deficits would improve because the cost of imports would also go up. So we would have more exports but higher costs of imports. Im not sure what the net effect would be. But to your question, i dont think that alone would be a good enough reason to lower Interest Rates. Neil as you know, the democrats are kicking off two days of debates and to a man or woman, they are talking about taxing wall street trade or a wealth tax or some variation of taxing the upper income. How do you feel about all that . I feel it demonstrates a massive amount of economic ignorance on their part. And a contempt for the intelligence of the American People. You have heard and i have heard the major claim of a lot of Democratic Candidates is the system is rigged, corporations and individuals dont pay their fair share of taxes, income and other taxes, and we need to redress that problem. They never actually define what fair would be. What is the fair amount that rich people or corporations should pay. So it probably would be useful to look at what the facts are. When we talk to both corporations and individuals, their taxes, corporations do not pay taxes. They write checks to the federal government but their taxes become a cost in the production of their products or services and that cost is passed on to customers in high prices, to employees in lower wages or fewer jobs, and to shareholders with lower share values and at lower dividends. Every economist that i know agrees that the Corporate Income tax is essentially that kind of passthrough. What they disagree with is how much of that Corporate Tax is borne by customers, employees and shareholders. They all disagree on that. But they dont disagree on the general basis of the case. In addition, Corporate Taxes as a cost lower the rate of growth of the economy by forcing corporations to have a high return on their investment, because they are interested in their return of what it is they do, what they invest in on an aftertax basis, not beforetax basis. So corporations dont pay taxes. The best Corporate Tax rate, the fairest, would be zero. That would help the economy the most. And should be aware that democrats in fact admit this from time to time. You will recall when trump put the tariffs on china and on mexico, the democrats, the Democrat Party were complaining that would on a dollar for dollar basis increase the prices in the United States. What they were implicitly saying is that a tax, tariff is a tax of a different kind, is not paid by the corporation but is passed on. So the whole idea that corporations pay taxes, the number really ought to be zero and taxes raised in other ways. Neil i wouldnt hold my breath for that. But well see in the debate. You never know. Very good seeing you again. Thank you very, very much. Good seeing you, neil. Take care. Neil has a delivery guy ever showed up at your house with a pizza and you have looked at the pizza and said someone ate some of this . What if it was the delivery guy . Neil all right. The british pound hitting a twoyear low on this stalled brexit deal. Ashley webster on what that could mean. Ashley . Ashley yeah, well, listen, the softer the brexit, the better it is for the pound. In other words, now that we have Boris Johnson as the prime minister, who has stated publicly hey, were getting out on the latest deadline, october 31st, and well do it if we have a deal or not, that has hit the pound. Boris johnson is a very strong personality as we know, and he has made this his rallying cry, were out whether you like it or not. Now, the question is, can he do that. Well, probably not. Hes pretty much in the same position that theresa may is. Hes got a deadlocked parliament. Also, time is of the essence. Lets not forget europe does absolutely nothing in the month of august and the European Commission wont be back in full session until november the 1st. So there is a time factor here. Bottom line, when it comes to the pound, the softer the brexit, the stronger the pound. Right now, we are showing the pound at 1. 21. Good time to go visit the uk right now. Neil get in fast. Thank you very, very much. Chicago is implementing something called fair work week law. Jeff flock with more on that. Hey, jeff. Reporter designed to stop employers from jerking employees around, changing their schedule and all that. Heres how it works in chicago. The measure that was just passed, you have to give two weeks notice of someones schedule. If you change their schedule you have to pay them an hour pred t predictability pay. If you cancel or cut their schedule, you have to pay them half of what they normally would have made if they worked. This is a trend not just chicago, elsewhere around the country, cities and towns and one state have passed these kinds of laws and it affects literally hundreds of thousands of workers. Now, important to note, its not highpaid workers. You have to make 50,000 or less or 26 an hour or less. Problem is, this has an impact on employers driving up costs. I leave you with a quote from a hospital ceo on the south side of chicago. He says if this drives our salaries up 5 to another Million Dollars without funding from the state, we will be closing. We wont have the money to survive. Cuts both ways. Trying to make it easier for workers, tougher for employers. We will see if the jobs survive. Neil thank you very, very much. Jeff flock in chicago. I couldnt believe this when i read it. A quarter of all delivery drivers admit to eating their customers food. Theres no way that can be right. Its got to be more than that. After this. You wouldnt accept an incomplete job from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. Neil a lot of parents are finding a way around these annoying Financial Aid requirements by essentially giving their kids to other people. Its a little more involved, but thats kind of whats going on here. We have dion, rob and danielle here. What we are finding out, if they come from households where its almost impossible to get aid, maybe find a guardian for your kid in the interim, that child will then all of a sudden have very little income to show, gets the aid, gets the scholarship, away you go. Its all legal. Yeah. Its legal, but its certainly not ethical. Have we not learned anything from what happened with university of california and people getting relatives getting in and children of celebrities . Neil you have kids looking at colleges. They are too young. Thats not the point. The problem is college is insanely expensive. People are doing insane things to avoid paying for insanely Expensive College in this country. Go to europe, spend 2200 a year, get a great education. My whole thing is just because you can do something doesnt mean that you should do it. Its just so sleazy and gross. I mean, look neil this is my base, this is my audience. Im a First Generation College student. You know what i mean . The only reason i was able to declare independence is because i was done with the military at the time, that was the only reason because i was under 25. It just strikes me as this is why people like Bernie Sanders and Elizabeth Warren and aoc can sell this idea to hate the wealthy, hate the rich, that neil legal. All legal. What do you think of that . Its actually enticing interest in these Democratic Candidates. Look, he makes a good point there. I think a lot of times when you see this, you see the rich and wealthy cheating to get advantages they shouldnt get. Its like you working the system because parents are making 250,000, half a Million Dollars a year, they are finding legal loopholes to get their kids in with all this Financial Aid and youve got these poor families that say we didnt even get that much Financial Aid, it does stoke anger and resentment. I dont want to start wealthy bashing. We all love wealthy people. We all love capitalism but this is like man, have a little bit of integrity. Neil which brings us to our next story. U. S. Food deliveries, we found 1 of 4 delivery people are munching on your food, trying it out. I wondered that when i looked at my pizza. The only thing that surprises me, i thought that was low. Really. What did you think it would be . Neil i thought it would be half. Half . Wow neil youre hungry, you know. Can i just give my rant here . I dont understand why so many people get food delivered. It comes late, its cold, you have to pay extra, you are doing door dash, uber eats, you are paying an extra dollar on top of you got to tip the delivery guy. I will go pick it up. I will use my legs. I dont understand it. You go to the restaurant, you pick up your food, its like 20 minutes, its hot, piping, fresh out the kitchen, then you go home and eat it. Neil but you sit there watching fox news. You dont leave the house. Anybody remember when that photo of the avocado toast went viral . Some woman paid like 20 for this avocado toast and it was literally a piece of burnt toast . It looked disgusting. Neil dont blame me. I dont even like avocado. What does that say, though, it was kind of arbitrary that if thats, like, this is doing immense harm to grub hub, all these they dont care. The people who order this food dont care. Just buy like an extra bag of french fries and sort of let it be known theres extra food in there or get off your damn chair and neil there is that. There is that. Got to lead the revolution. Neil Roger Goodell is ordered to testify in this whole ram saints call. I thought this thing was settled last year. He has to testify under oath. What do they hope to prove with this . Do you know . They dont want to prove anything. They just wanted some action. This is a typical thing, you bring a lawsuit and try to avoid getting dismissal. Neil they are not going to replay the game. 600,000 people asked, signed change. Org to get the game replayed. Neil i remember last year it was a legitimate sore point. I get that. But its over and done. Its all about discovery. All about getting these guys on record. The other thing is, will he testify . He will be compelled to. That call should have been made. That was an egregious hit. What they want to do is see exactly what the nfl is doing about this. Right. What are they neil thats what i dont understand. What do they want to see them do . They want to know what they did in terms of what happened, what action was taken against these referees, what happened after the nocall and what is the future, what are they doing in the future to prevent that call from happening . This is the insanity of it all. Speaking of insanity of it all, its a game. Okay . We have gone from referees that are living and breathing to video referees so the referees this is sort of the next ridiculous level where you can go i say this as a lawyer you can go to court and you can delve into the organization and find out what happened after the human referee and video referee messed up. The lawyer doesnt want to go to court. No. No. Its a game. There are millions and billions, billions neil the lawyers arguing this case are the same ones whose parents with a wink and a nod [ speaking simultaneously ] neil guys, you were fantastic. Very good seeing all of you. We will sort all these global issues out on another visit. Thank you for joining me today. We have the dow down about 47 points here. We have a lot of people waiting to see what the Federal Reserves going to say. So much more. Stay with us. Neil that didnt take long. The lion king surpassed one billion dollars in global ticket sales, 19 days after its release. I dont know if that is a record, probably not, when you consider avengers. Not too a shabby. Charles payne, market maestro. Charles one Company Getting all the money. Doesnt really matter at this point. Neil youre right. Disney rings the register. Im Charles Payne this is making money. Of the major indices are slightly lower, anxiety over the fed and china overshadowing a monumental surge in Consumer Confidence and experts are worried about the downside of low rates. The bubble word is bubbling again. We are awaiting fresh comments from President Trump after he expressed no regrets blasting Elijah Cummings over the conditions in baltimore. Alveda king met with President Trump yesterday and said the president is not a racist. She joins me lat