Transcripts For CNBC Street Signs 20170821

Footage of the man believed to be behind the van attack in barcelona. And u. S. Warship collides with a huge oil tanker in singapore. Ten sailors are missing in the second accident involving a naval destroyer in just over two months lets take a look at the picture that we have so far for the european markets there is quite a lot of red out there, with the stoxx 600 carrying on its negative theme from friday when it was down by 0. 7 its adding a further 0. 2 to that red line. As for the individual european markets, the ftse 100 sitting flat with a down side bias, the xetra dax down by 0. 4 , and ftse mib down by 0. 2 adding on to what was a negative day on friday these are the individual sectors that were following for you travel and leisure is managing a bounce back after a drop of 1. 5 friday loochk with travel and leisure, we have basic resources putting on a nice gain of 0. 7 food and beverages a also above water. Lets get to one that has popped on the stoxx 600 and that is maersk. Its agreed to sell its oil and gas division to total for just below 7. 5 billion in a combined sm share and Debt Transaction maersk expects the daily to clodeal to close in the First Quarter of next year. We spoke to the ceo last week who said he was confident about the companys outlook in its core business. Demand has outgrown supply since the Third Quarter of last year and that has been very positive for freight and looking made, we do see a relatively modest growth in new supply, new container ships coming from ship yards in the next he will couco years. So if we assume that the Global Economy will continue to be on a good path, positive path, then we have strong fundamentals. Deal talk, mensrger monday. Cries lir sharing are surging. The company confirmed its interest in fiat citing a great official last week we were talking about where there is smoke, there is fire it was interesting what our guest a moment ago was saying how there might not be concern from regulators on competition interests, but National Interest might be something that they could raise a red flag over. I dont know any more because you have huge change coming to the sector with electric vehicles and we have this diesel issue unfolding. So i wonder where the authorities will being looking at the changes downs track and the shift toward cleaner energy. So it might be the right time to bring in partners. And lets get more on this story with nancy in singapore. Nancy, whats the latest well, we told you on friday that great wall was the last name standing among chinese auto makers who were reportedly interested in fca and were getting that great wall is interested the Company Representative telling reuters with respect to this case we currently have an intention to acquire, we are interested in fca. Now, this comes after an Automotive News report, remember Automotive News was the publication that got this speculation started in the first place and their latest report said that great wall was in fact interested in the jeep brand that led some analysts to speculate what weve been talking about for quite a while in a way that perhaps fca could be spinning off its jeep brand or its ram as well because that is seen as the most valuable its a different message from reuters. The company say nag were interested in acquiring, so that does leave question as to whether they are looking at the entire company or whether they are after that jeep brand. Because remember that great wall is the largest suv manufacturer in chai, that is a crucial part of their business. And with the jeeps brand popularity not just in china, but globally, thats why this has always been seen as a key potential acquirer we have yet to hear from Fiat Chrysler on its own to see how they respond, but it had been reported earlier that Fiat Chrysler executives had already been to china to meet with great wall again fiat did not comment on that, but the fact that great wall is saying today that they are interested in further talks, thats why youre seeing the stock pop today at Fiat Chrysler because the ceo has said many times that he wants a merger partner to help with the costs, to help with the innovation and the transition that the industry was going through. He was famously rebuffered by General Motors and has been looking for a partner ever since. So it could be good strategic news, but many analysts have said that the rice would have to be right and we understand from reports that the initial approach was rejected what you the price was too low, so it does raise the question whether great wall if they were the original bhider is willing to increase that price. I spoke to an analyst who didnt think that either side would be able to agree on the price that they thought was really palatable at this point, so that does leave the question once again over whether Fiat Chrysler would accept such an approach and then of course the political implications that you were just touching on as well. Nancy, thank you very much. The countdown is on to jackson hole heavy hitters of Monetary Policy will descend on the town three years ago at the same conference, the ecb president laid the ground work for the bond buying scheme traders want to know what details he will release on how the central bank will exit the Stimulus Program joining us now, chief Investment Officer. Alex, you were looking at the credit side of markets, but youre at the high yield end where you are seeing disruptivt forces impacting credit. Do you think there is appetite for that project because yields have been fairly low across the board. I chose to do what we do because i wanted to discuss so even if you wanted the high yield, they are all connected if you look at the sovereign side where there have been very low yields of late it is true. When you look at high yield bonds, you always look at them relative to risk and mario draghi decides the risk and the spread is supposed to he reflect Corporate Risk if you have a buyer in the market creating tightening of Corporate Risk, he companies can allow themselves to come to the market and finance cheaply despite the fact that they are extremely risky. Investors have to be fully invested just go in and buy everything and that creates what i call bifurcation in the market. So either comprehended is good enough to buy because its not going to default and people hoold it in their portfolio and the spread is tight, or the credit is a disaster and it will be trading very low prices i mean, the pure example is last week air berlin, they moved from being priced at at 100 all the way down to five krepcents on oh dollar and it took a week. People were hoping that the owner come in and support it that is prove that mario draghi is creating a disaster in the market, an absolute disaster and they should move away and they should let the market normalize and price credit correctly. Hopefully they wont let it become an absolute disaster, but youre right that the desperate search for yield around the world has too your point created a situation where investors are forced to take on horrific, but where would you be seeing the opportunities in the high yield market that doesnt present a huge amount of risk at this stage . My answer wont be very satisfactory to you because i think there is nothing wrong with sitting on on the sidelines a bit and waiting for the market to reprice in general. So if i had to invest in the high yield right now, i would be not happy at my job because there is nowhere really that there is pockets of value. So weve decided to focus on what we call destructive opportunities. So we search for reconstructions that are driven by technology on specific sectors that are carrying a lot of debt and we go both short and long. Disrupted by one massive o r overbearing player like am ston in t amazon in the retail space amazon is a very destructive company. I think they have a very talented ownership and management, but Destructive Technology they did issue bonds and a lot of them. I think they issued a 40 year bond priced at about 145 over risk free. And if you think about what happened 40 years ago, 40 years ago was the First Mobile Money call and since then weve obviously evolved a lot. Do you think amazon will exist in 40 years . The pace of destruction is changing in an accelerating pace can a company issue, a business issue, a 40 year boond and can i buy that 140 basis points over without being at risk that i lose all my money . I agree, if you look at some of the strategy updates, i think some of us have question marks seeing out in a couple years let alone 40 years or 100 years where some of the debt is being offered for duration in terms of what you were saying about mario draghi creating a disaster in the market, that suggests we might see more insolvencies we talk to specialist in the area of winding down companies, they have not had that much business in recent years when would you like for invol sense city ri insolvency in the market first of all, retail is obviously as we spoke about amazon is a space to look for insolvency i dont understand how the bond market agreed to take the new debt, but i think also in transportation and low guess ticks, we therewill see more of happening in the near future the fashion industry there is a lot of lightweight and savvy fashion retailers that are coming with online strategies that are mind blowing in my opinion. The whole transformation as well in to electrification of the Combustion Engine will lead to a later stage. Insurance premiums on automobiles are going down dramatically is energy out of the woods now . No, i dont speculator so i dont know to me it seems like energy is not going to be out of the woods, but deeper into the woods until the woods dont exist. So electrification of the Combustion Energy will have a massive impact on energy in general. There are new technologies that are called 3d printing that allow you to produce a good at home which will basically demolish the need to hold goods in storage so the whole concept of retail will disappear and that technology allowing cars to drive themselves to deliver to you goods and you think about the psychology of human beings and you think about people want things and they want them now, and if we want them now, but its available now, maybe i dont need to start it at home our Technology Reporter told me that you can 3d print chocolate. Really . Right up my alley in terms of the first thing i would print with a 3d printer. Seems like a good use of resources. Takes five minutes to print and 30 seconds to eat. Thanks very much for joining us, alex chief Investment Officer with alva capital straig you can email the show. We always love to hear from you. And you can tweet us at street singns cnbc coming up on the show, were live from barcelona for the latest on the Massive Police manhunt for the van driver behind fridays deadly attack. These days families want to be connected 24 7. Thats why at comcast were continuing to make our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Welcome back a search and rescue operation is under way looking for ten missing u. S. Sailors, this after an accidental collision between an american destroyer and an oil tanker east of singapore the damaged warship has arrived back into port as the search for the missing crew members continues. Police in finland continue to investigate a stabbing spree that left two dead and eight injured. The prime suspect was arrested at the scene of fridays attack. The man appeared to to have targeted women Spanish Police have extended their hunt for the driverer eoe van take that killed 13 in barcelona. Investigators are now searching across europe for the last of the suspects lets get more with matt bradley. Has anything changed since we last spoke to you a few hours ago . Reporter thanks, just in the last hour police have confirmed that the man they are looking for is younes abouyaaqoub, the 22 yld moroccan who is thought to have driven the van that killed 13 in on las ramblas. And authorities believe he might have slipped into france, but this is a manhunt that is expanding to all of europe one of the cared us es used in s was photographed by a Police Camera in paris just a few weeks ago. So a lot of these elements are coming together and connecting a lot of countries here in europe, but one man is inspiring more scrutiny than this young moroccan, hes the 40yearold imam who is thought to have recruited that 12 person terrorist cell that has launched two attacks here in the catalan region most of the suspects is very much a Family Affair they all trace back to the town here in the catalan region these dozen people are thought to have been recruited by the imam and hes thought to have been involved in terrorist attacks throughout europe. Remember the brussels attacks. And hes also thought to have had some connection to the madrid attacks back in 2004. That was the most lethal terror attack on european soil. But here as you can see behind me, on las ramblas, things are getting back to normal this is one of the most trafficked tourist boulevards in all of europe and people here are say they go are not afraid and they are still strolling down here, dining, having breakfast, things are getting back to normal here. Matt, i believe about 100 Million People walk that strip per year, so a huge tourist town but in temps of the immediarms k you also through the local reaction because they have not had to deal with a terrorist attack since 2004. So what is the reaction now that spain is also on the watch list for isis reporter well, thats right. The spanish had really felt very blessed as they watched terror strikes in capitals throughout the continent, they thought they might be spared even though they had taken a big by the of a terrorist attack back in 2004 when hundreds of people were killed in the madrid subway bombings but today everybody is worried that this is a terrorist network that is extending its tentacles far beyond just here bruh remember, the calcatalan h 59 tracted about a third of the arrests. So they are not surprised to see a terrorist network like this one sourced right here in catalan. Thank you very much travel and leisure stocks are enjoying a small rebound today following a tough month culminating the selloff friday it was down by 1. 5 . Richard clark is Senior Analyst European Hotels and leisure. Richard, thank you very much for joining us whenever we see horrific events like we saw on friday, there is always going to be a negative knee jerk reaction in travel and leisure stocks and the question therefore, how much is just going to be temporary, how much will have a Lasting Impact what is your feeling at this stage considering we are starting to see a rebound in that sector today . I suppose it really depends on the nature of the attack, where it is and how big of a tourist venue that is. When you have the attack for instance in tunisia, people could no longer travel to tunisia, that will have a huge effect on any company that has exposure to the tunisian economy. So far weve seen no foreign advice saying not to travel to spain. It seems its an isolated incident and i wouldnt to have a long lasting effect. If you look at recent attacks in manchester, we saw it bounce back fairly quickly. It was really only in the new days afterwards where people maybe canceled plans a number of the big tour operators have been gearing a lot of routes toward spain and if you have that focus, you have to say if the demand does come up a little bit, pricing gets affected and so too does profit. There was a big shift last year because of turkey, egypt and tunisia had fallen out of popularity among travelers from the uk, germany, et cetera this year they have started to rebalance toward new destinations so they were already taking people away from spain its the ryan air jet who has increased the flights to spain that may suffer more as a result of it. In light of brexit, how much does the currentity t city thury into the destination decisions how might that affect some of the operators in the region . The pound is down against almost every currency. So if youre taking a holiday, it will cost you more than it good last year just because the pound has dropped almost wherever you go. And our Analysis Shows that it will cost even more next year. So far this summer, it actually looks like travel has remained fairly resilient and people are still traveling. Its about flat in bookings. And that is not too much of a surprise because staying at home in the uk has also gone up in price as well because of the inflood of Foreign Tourists to the uk next year there will be slightly more and there are two big oil deals suggesting that there is an opportunity which could potentially spell Higher Oil Prices in the next 12 months what do you make of how the companies are hedged around the oil price . Yeah, there is no speculation in the way they hedge. They just hedge a year in advance, so tremendous met much know how much that they will have to charge for the following summer and so they will know pretty much today how much the oil will cost them for next summer. The oil price starts going up today, then we Start Talking more about kind of winner 2018, summer 2019. Quite a long time in the future for the investment horizon on those companies to be worried too much about the oil price today. Richard, thank you so much for joining us coming up on the show, going against the grain. Well be discussing alcohols appeal as an alternative investment with the ceo of a whiskey Trading Platform thats what i call drinking the profits. Whuuuuuat . Rtgage offer from the bank today. You never just get one offer. Go to lendingtree. Com and shop multiple loan offers for free free . Yeah. Could save thousands. You should probably buy me dinner. No. Go to lendingtree. Com for a new home loan or refinance. Receive up to five free offers and choose the loan thats right for you. Our average customer could lower their monthly bills by over three hundred dollars. Go to lendingtree. Com right now. Welcome back to street signs. These are your headlines Fiat Chrysler shares raised to a 19 year high as great wall says it is interested in buying the jeep brand and amerimaersk off loads is business to total. Stand by your man or not, carl icahn resigns there his role as trump adviser alleging conflicts of interest. But Steve Mnuchin defends his decision to stay in the white house. A u. S. Warship collides with a huge oil tanker near sink are pore ten sailors are missing in the second accident involving a Navy Destroyer in just over two months we knew it would be a negative start to the trading day in europe after a weaker close on wall street and a sea of red on friday but were picking up steam to the down side for a couple of the markets. The cac and xetra dax. As for the eurodollar sitting at 1. 1745. Dollar jen is currently 15908. 86 the dollar is losing even further ground pushing below that 1. 09 mark the pound against the dollar at 1. 2871 and the Australian Dollar is keeping its head above 79 u. S. Cents. It did move above 79 once again after better than expected jobs numbers last week. But it is slightly on the back foot in early trade. As for thei u. S. Futures, we ha a weaker close on wall street which was kind of interesting because the markets turned around, they were encouraged by the sign that steve bannon the close white house aide to on donald trump had been banished from the white house, but then they still he closed in the red there and over the course of the week we saw some bigger losses the s p 500 looks fast it could have an implied weaker open. And the dow could have a shaky start. Still so much politics in the market and i saw a tweet from john howard who has covered politics. And over the weekend, he tweeted prediction in from a Top Republican strategist, trump resigns, pence makes rubio vp, gop recovers obviously this is just one persons prediction. But that the stage, everyone is trying to place their bets and gain the markets and try to work out what is going on amidst the chaos. Yeah, whether trump surveys, he may find a way through some of the politics and rally republicans. That could be the next phase in terms of the agenda, nafta renegotiation talks have where thatted wrapped up in washington some worry the differs are too deep to resolve by 2018. Mexico hosts the next round of talks in september the Chinese Commerce ministry has expressed its strong dissatisfaction with a u. S. Probe into chinas alleged stealing of American Intellectual property. The u. S. Trade representative announced the investigation last week after President Donald Trump called on his representative to explore whether an investigation was necessary. And you might cast your mind back a couple weeks ago when basically 45 was saying that it might go a little easier on china as they put more pressure on north korea, but clearly that did not happen steel talks might be on the back burner, but the technology probe is still front and center. Might be still push back from the americans. Meantime in other geopolitics, the u. S. And south korea are kicking off joint military drills including computer simulations of a potential attack by north korea. South koreas president says the xhers are purely defensive and do not aim to raise tensions with pyongyang bill neely has the latest from seoul. Reporter stunning new images from kim jonguns north korea propaganda posters that show the u. S. Capital crumbling, destroyed by missiles. We never though which way hes going to turn hes not irrational, but he is unpredictable. Reporter that unpredictability is being tested again tonight as u. S. Forces prepare exercises on the Korean Peninsula this week. These in april tensions still high after threats from President Trump and from north korea the military exercises that start in south korea are loathed in the north where they watch u. S. Troops practicing to kill their leader this week though the exercises are different, not live fire mostly underground computer simulations involving 17,000 u. S. Troops and 50,000 south korean but no db1 bomber overflights provocative says north korea u. S. Officials do expect some response to the new drills, but no sign yet north korea is planning any imminent launch kim jock unmay have jongun may have paused his plan to bomb gu guam, but still nerveracking. Families are among nearly a quarter million living in south korea. South koreans are more worried about what the American Government will do more than what the north korean government will do. Reporter the war of words may have cooled, but military options like military drills are still very real. Bill neely, nbc news, seoul, south korea. This week were talking about alternative investment including some unusual ones. This morning on squawk box, we inspect the diamond market and now scotch whiskey nice to see you, rupert. Curious to see the flat form that you use for your app is actually similar to one that was created for the Worlds Largest online gold business how can the technology be used across two very different businesses that is exactly the right point. The software translates very easily pup think about a gold bar sitting in a vault and whiskey sitting in barrels for 10 to 15 years sometimes, you have an asset which is investabili investable through Clever Technology is it better do it that way than buying one Single Beautiful kask of t kask of the golden stuff yes in, the past youve been able to buy a barrel of whiskey from a variety of investors. Its fun, but not a good financial one. You would be paying arou12 to 15 pounds a liter but on this website, its about 2. 50 so weve changed the way that you can invest so how much of the storage do you do yourself and how much is done the supplier to store the produ product . We buy it new, so its come off the still into a kask and then beautifully it stays in their warehouse. So we pay rent, we keep it there, leave it there for as long as you possibly,and then make it buy backable to other distill industries and blenders later down the line. What has the performance been so far and what do you project over the next few years and why would i want to invest in whiskey . Scotch whiskey is a very steady long term business. Growth, volume growth, has been 1. 5 for 35 years. Now, if you take that same period and what has happened to maturing stock, 7 to 8 is what investors have had over that time but up until two years ago when we opened, youd never really been able to take advantage of that unless you were a whiskey distiller or blender so 7 to 8 has been the long term growth. We cant predict the future, but we see the outlook for scotch is very positive. A number of the large players have all consolidated and some are making big Investment Decisions to try to build up the market the key thing that we all try to get right is the forecasting for ten years. Because all the brands are on average needing scotch whiskey eight, ten years downs line. So if there is a shorts as is ie goes up. But the lovely thing about whiskey unlike no other asset i know, it gets better the longer you store it whiskey, a five year old is always better than a one year old. If you take a look at the various brands, i did a wonderful tour in dublin over the weekend and of course they were saying their whiskey brand is the very best but you go to scotland, ireland, to america with the bourbons everybody will say their whiskey is the best. What is the most bankable whiskey . It depends on your mood one evening you might want a balt malt or blend, but is there is a brand name . There is no one name that is better but what we do, we buy commodity whiskey. It will end up in blends like johnny walker. So youre really buying a commodity and it doesnt go up and down with demand of which bland youre buying. So its pretty boring from that points of view, but long term its pretty steady is there is a number to put into this kind of an investment . You say the average value is over 7 thousa,000 pounds. But should it be more, should it be less . I think an at ter in a difference asset is always part of a diversified portfolio when we look, they are a little bigger than gholgold, but wereo years old and were looking 10, 15 years downs line. What is the risk . The risk is that we distill too much and there is a glut four, five years down the line or scotch whiskey the brand goes south. There is no sign of that indeed weve seen a pick up from 2012 to 2015, it was a bit flat but in the recent year, numbers have picked up so were growing around about 4 relative to last year at the moment and i lerned ee elearned ovee weekend that there was a taint because of the prohibition in the United States where they were adding water to Irish Whiskey so therefore watering it down anyway, thank you so much. Very interesting rupert patrick, ceo of james eddy uk brexit secretary david davis has called on the poou woa union to engage in talks he argued that trade is a key component to the companys exit. The settlement bill and border issu issues everything in its natural order. Angela merkel has said she does not think Auto Executives should get millions in bonuses after the emissions scandal. During an interview, merkel said it was not politicians responsibility to set salaries, but urged automakers to be sensitive of course in an election year. State side, thousands, maybe millions of people are gearing up for a coast to coast total Solar Eclipse, the first such event in a century get your glasses today is the day you know what this day is. Its the Great American Solar Eclipse day. Nbcs jay gray has filed this report from wouldyoming with a k at how americans are preparing reporter the wait is just about over were going to have a Solar Eclipse, first one in 100 years. Reporter on the eve of that eclipse, many are still on the move trying to get to a spot where hspot spottotality, the moons shad dough rushes along the path from oregon through south carolina, lasting less then three minutes at each spot along the way just the most incredible event and its over so quickly reporter if you are not able to get to that corridor of total darkness, there is still plenty to see tens of millions across the country will experience a partial eclipse. But to watch it unfold, you will need a pair of special glasses if you can find them they were all sold out. Reporter for the better part of a week, there has been a rush on the protective eye wear and if you dont have it, doctors warn dont take a chance the sun light has harmful ultraviolet radiationand the problem with that is if you stare directly at the sun or an eclipse, it can cause permanent damage to the eye. Reporter the only time you can take the glasses off while looking at the eclipse is during totality and those who witness the phenomenon say it can be overwhelming its surreal, its other worldly. Reporter and tonight millions are waiting for that experience and their glimpse of history. Jay gray, nbc news, casper, wyoming. General electric Ceo Jeff Immelt is the frontrunner to be the uber ceo other candidates are also being considered uber has been without a ceo since kalanick stepped back following invest tore revolt jeff immelt left ge earlier this year amid criticism of the companys Stock Performance under his tenure carl icahn has resigned from his role as adviser to President Trump. This came ahead of an article which criticized him for his potential conflicts of interests as adviser particularly around regulatory reform. Cnbc published an investigation into his potential conflicts due to his stake in energy dak in december icahn said he offered his resignation to, quote, avoid part is an bickering and that he never, quote, profited from my position u. S. Treasury secretary Steve Mnuchin has defended President Trumps response to recent events in charlottesville, virginia as well as his own role within mr. Trumps administration in a statement responding directly to a letter penned by more than 350 of his Yale University classmates, mnuchin said that the president in no way shape or form believes that neonazi and other hate groups who encores violence are equivalent to groups that demonstrate in peaceful and lawful ways. He also said his jewish heritage helped him to understand the, quote, long history of violence against jews and other minorities President Trumps Approval Rating in three key mid western states stands below 40 according to a new poll. The polls were conducted in michigan, pennsylvania and wisconsin. States where trump was the first republican to win since the 1980s. More than 6 in 10 voters also said the president s conduct embarrassed them, but voters also say nat economy has gotten stronger under trump head of Political Risk iah market, john, i dont even know where to begin lets start with steve bannon. There are rumors that he has a habit of calling exstaffers late at night. So bannon could still call him and rely on him from afar. When i talk to people, i say here is the brain of donald trump, i actually have a slide, like here is donald trump, heres what he care bps ans when the people that he calls on the weekends, late at night, one of those will be steve bannon he took him through the last 2 1 2 months of the campaign, was vital to his victory so he wont be totally going away where you do see influence is some of the key issues, he wont be that voice in the room. He was really kind of trumps brain on issues of trade, afghan policy and also russia, as well. Where its all gone wrong for trump has been in his tweets about the confederate statues and also in chaotic press conference where he failed to classify exactly who the protesters were and to label them so how do we draw out of this the fact that trump is still not going to be the biggest enpli in t enpli enpli in the room . Does john ellie hahe wil kelly e reining trump in if you think about it, you can rearrange the chairs anyway you want to, the captain is the captain and that is donald trump. So i do think what where he beginning to see is a slight moderation at least in the tweets that we saw yesterday and the day before so that was a relatively positive thing for the administration and were also seeing a little more organization in the way that the white house is announcing new materials, new rhetoric and also the process involved inside of kelly. So those all positive traits that should get the message more coherent and also potentially with relations with congress which has also been problematic. And i mentioned a tweet from john howard who said that prediction from a Top Republican strategy that trump resigns once mueller closes in, pence becomes president , makes rubio vp. What do you think about in a. You never know. One thing youre always looking at is if the democrats win in 2018, as far as the house of representatives, they then can actually publish tax returns of the president. So is there something in those tax returns that could actually cause damage to the president , all of a sudden he feels com on spelled to do Something Like resign before that happens though, remember resignation, impeachment, that is all a political decision and at this point 80 5 80 of republicans are still with this president. So republican congressmen, whether senate or house, it would be difficult unless there is some real smoking gun if you cast your mind as to what is considered of progress, there is a suggestion that steel reform might grop by tdrop by t wayside. Steel makers dont want tariffs to xwhgo up. And its such a land mine effect to try to tackle prices at the border do you think that is the case that steel will be let go and tax reform will be the focus i think you can do it concurrently some of the things as far as the done in the white house itself you dont necessarily need Congress Tax Reform is different. We have different members within the Administration Working with congress and at that point, youre really into to to have to have a little bit better coordination especially in comparison to what we saw with health care. So in that case, you can kind of do both at the same time i think it will be interesting to see as we go forward, they only have a imts willed time frame to get these things done once we enter into 2018, you have electoral midterm elections, it gets a lot more difficult then about that. Many people ive spoken to around tax reform turn their focus on what has to be done but its one of the most complex legislation that you can try to change and when you dont have august sides or all republicans on the same page, let alone the democrats, testimony be extraordinary difficult to get the changes needed there is a reason why it hasnt happened since the 80s major tax reform and the reason for that is its easy for republicans to agree on lowering taxes but what we dont see is that what are the entitlements that you have to give up, what tax breaks those are the difficult decisions and thats where it breaks apart and also can you bring a couple of vulnerable democrats on board, these moderate democrats, if that is the case it gets a little easier. Otherwise pretty difficult task. And how significant is it that Steve Mnuchin is sticking by trump i think items importas impo we dont see the members of cabinet distancing themselves. Including the Vice President that is what he needs going forward. Thats interesting. I think there was talk for a while there that here he has his own pact, hes traveling around, we dont see him in many of those discussions. But what would e see time and t again, his star is with donald trump. Thank you very much for joining us jerry lewis has died at the age of 91. Lewis was known for his quirky and zany character shot to fame in the 50s he starred in a number of movies and also pilotsed the muscular dystrophy telethon moving to the markets now, lets take a look at the u. S. Futures. Could be a slightly negative start there. That is it for the show. Worldwide exchange is next chances are, the last time you got a home loan, you got robbed. I know i got a loan 20 years ago, and i got robbed. Thats why i started lendingtree the only place you can compare up to 5 real offers side by side, for free. Its like shopping for hotels online, but our average customer can save twenty thousand dollars. At lendingtree, you know youre getting the best deal. So take the power back and come to lendingtree. Com, because at lendingtree when banks compete, you win. Thats why at comcast were continuing to make4 7. Our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Markets front and center well tell you what to watch and Berkshire Hathaway losing out on a multibillion dollar offer for a texas power player and of course well hit the story that is total eclipsing Everything Else today. Its monday, august 21, 2017 and Worldwide Exchange begins right now