Pits today and buying anything that looked safe. Look how the dow is closing today. Down were waiting for the numbers to settle but down more than 600 points, to put is in perspective the dow down 655 points at its session low, and right now it looks like the dow will close in negatfor the year. The biggest losers this day were your banking stocks. Names like citigroup. Bank of america, jp mortgage, one of the issues there, these institutions become less profitable with Interest Rates this low. Travel and leisure stocks, also extremely hard hit. Priceline. Carnival cruise lines, royal care caribbean. American airlines, priceline down double digits. Why and they get 71 of revenue from europe. So a fright about people traveling to europe. The british pound earlier in the day, falling to a 31year low against the dollar. You have to go back to the mid1980s to find a price that low. The pound did rebound a little bit. It finished roughly at 1. 36. And then lets look at the ten year. We talk about running for safety. The yield on the tenyear, again, as the yield falls it means price dozen up. The yield falling to a fouryear low earlier in the day you. Saw it come back a little bit but again, that is a gauge of fear if you will. The upside is that Mortgage Rates should be very attractive, maybe even a little lower. But housing here has been incredibly strong. Home sales existing home sale can the highest level in more than nine years, and home prices here, at a record. If you can believe it. And moodies just came out wife with a report saying its going to be minimal impact on the u. S. Economy. One tenth of a percent. I think thats something to remember when you see this kind of selloff, when you see well, there was fear in the market. It puts it in perspective and maybe cooler heads will prevail monday morning. Thank you. Thank you. June 23rd needs to become a National Bank holiday and well call it independence day. Thank you. Independence day it was, pro Brexit Forces ecstatic of the vote. But what happens now . Right to ben ben hall on the impact across the bond. Reporter people woke up to a new britain and independent britain but a very insecure britain. This is 40 years after the first voted to join the eu and now overnight they have left. What lies ahead is uncharted territory. Its was the first early signs the north of england that showed those government they were doing badly and it became clear the how long was going to surprise everyone. The final decision was called just after 7 00 a. M. This morning, and not long after that david cameron, who staked his leadership on the outcome, resigned. The british people have made a very clear decision to take a different path, and as such, i think the country requires fresh leadership to take it in this direction. Reporter this direct is away from europe. The leave camp promised it would take back control of immigration policies, trade deals and own sovereignty and now has to live by the promises. 48 of people voted to stay in the European Union so very divided country. Very interesting to see how the negotiate this divorce from the European Union. The uncertain played out in global marks. The dow diving, 500points at the open. 600 points at the close. The market staying negative. Down 500 points throughout the session today. And ending near the low. Down 611. So what happens come monday . Lets get to our market pros. Larry, lets kick it off with you. You think things get even worse from here. Even 24 hours ago it was unimaginable that the uk could pass this referendum. Thats why traders and investors were to poorly positioned for this event. Were seeing this massive surge in volatility today. Why stocks were running up. Now a consequence was a surge in u. S. Dollar. Might sound like a good thing to have a strong current si but if youre a big u. S. Multinational is going to be more difficult and its going to mean less profit which will weigh on u. S. Stocks in the second half of the year so not all good news. So connect the dots for us. We just talked about the fact that its going to be a minimal impact in terms of trade with the u. S. , in terms of the economic story for the u. S. Is the 600point selloff warranted . The timing could not have been worse for this event. Its a friday, going into the summer. Liquidity is challenged. Its the end of a quarter. Not when you want to have big new information presented, and its an index rebalance for the stock index. So a lot going on in one day which exacerbated the volatility. Big current si moves are not a one day event and can last several days as investors absorb the impact on corporate earnings. For small u. S. Companies mates be a gross overreact but for Many Companies there will be some reaction. Its going to be messy and disruptive. The u. S. Economy will the the safe haven. Alan you were watching trading today. What does closing near the lows, down 611 points, tell you about how we open on monday . Not significantly lower than where we open the session the futures were down hard overnight. Would classify this more as a reversal of the recent rally than a rout in the market. Last night, its only been 20 hours since the tables turned. This markets were completely wrong and caught offguard, but if you put in perspective, a three percent loss today, come piped with pa two percent game coming intoed the day is a net lot of one percent. Not catastrophic. Lets see how things develop. But the flight to quality did not sustain. Gold is up. Treasuries off their highs highd we have seen the dollar back off. So the flight to quality, the door is hanging around 95. You saw the british pound sell off whenned had been at 2016 highs a few hours ago so put it in perspective. These are injures knee jerk recollections. The fundamentals still remain. Not a lot of places to hide. We want to show you the market board here. One board said winners. Thats incorrect. Not a lot of win erred thes were the big losers on the session. Everybody expected the financials to be the big losers because theyve got the exposure to britain. Absolutely, and to touch on something that one of our guests wag says earlier, these are investors who just got this wrong. You saw a market, not just the stock market in the United States but a british pound, and risky assets around the world, strengthening since the middle of june, in the last week or so. The dow was up at least through yesterday, up from june 15th, up 371 points so if you give back 600, thats just as your guest was pointing out, reversal of what has been going on and the fact you did see a bounce in the tenyear, coming off the high, little reversal in these other risk averse assets. At least it seemed like people are being calmer in their trading as weve got toward the close. I think its a great point. The truth dismiss people were looking at this market and saying, its discovery stepped and it is due for a pullin. This was the exact reason, and good reason nor people to say, okay, im out for the time being. And i want to add one thing mariey dash. Just going into our own election in november, theres a lot of uncertainty hanging over the market and hanging over business, heading up to our own president ality election, a survey of Small Business saying the uncertainty is impacting decisionmaking so their vote ununexpected and it weighs. Alan, what did you ski on the floor see on the floor this morning and did it change in terms of sentiment. I think everybody was surprised by the action last night and just kind of shellshocked by the fact that the markets went down so dramatically, below 2,000, the s p, which is a big die. Psychologically got a lot of peoples attention. But like you said this market has come a long ways higher. If you look at the last five years, the s p had been up 66 coming into today and were still essentially unchanged on the year 2016. So its a wakeup call but its important to see how things follow through or dont follow through in the next week if this is going to continue this downslide or just another example of another selloff that bounces back that we have seen every time for the last six or seven years, people have not believed in this market rally, and i think this is a good excuse to take some chips off the table and sometimes to overreact because you can click on a button anytime. Larry, glazer, final question for you about volatility. We hear about the index. One trader said thats what he is focuses on in terms of the catalyst on when to get in, get back in the market. Once volatility is up there, high are than today he wants to be a buyer of stocks. Whats your catalyst. A great point and the old adage on wall street for investors was when the vix is high, the volatility index, its the time to buy and we saw a massive spike in volatility, something we hand seen in some time and going into the weekend, investors are concerned there would be another shoe to drop. That next shoe could be another country in the eu talking about their own referendum and leaving the eu. You can see the eu under pressure for other reasons and investors could seize the movement. So sew the Financial Markets well be closely watching how we open on monday and what news is presented over the weekend. That domino effect is being watched for sure. Maria, can i add one thing . Looking at that volatility gauge you were just talking about, it was nowhere near where it was after 9 11. Noy mere where it was after longterm Capital Management collapsed and, it was like multiples lower than where it got during the 2008 financial crisis. So in the grand scheme of things not a lot of fear, not in that gauge. I think youve make great point. Im looking at this market down 611 points. We were navigating the open this morning, and looking ahead to the market, and yet three percent . Its not as bad as i would have expected. Its not as about. Maybe were used to this and maybe we just feel calm through all of this. It was rough day bit it could have been worse. Thanks axe. Does the big break from the European Union there mean a big break for donald trump here . Dr. Ben carcinogens us next. And refugee fears driving a large part of the vote. Were back in a moment. I accept im not 22 i accept i do a shorter set these days. I even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. But i wont play anything less than my best. So if theres Something Better than warfarin, im going for it. Eliquis. Eliquis reduced the risk of stroke better than warfarin, plus it had significantly less major bleeding than warfarin. Eliquis had both. Thats what i wanted to hear. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily. And it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. I accept i dont play quite like i used to. But im still bringing my best. And going for eliquis. Reduced risk of stroke plus less major bleeding. Ask your doctor if switching to eliquis is right for you. Welcome. Nell cavuto spoke with nigel farrage. Wasnt that long ago that people laughed at you and now theyre mentioning our your remarks on terror, britains opendoor policy and the multiculturalism that bred this and now talking about you and Prime Minister in the same sentence. We did in may of this year win the European Election across United Kingdom. The first time the Insurgent Party has topped the poll and were about to win a Parliament Re election. Mage thatcher with a tie. If i could get anywhere close to being the sort of leader she was would i be pleased. We have had enough of boring politicians. That was ven. No one is laughing now. Nigel farrage declaring the brexit a victory for pale people. He is not alone. Donald trump praising voters for taking the country back, we go to dr. Ben carson, dr. Carson good, to see you, temperature for inning us do you think this was about this socalled trumpism, taking hold across the world . Well, think its about the british people, particularly many of the workers, the hourly workers, being very unhappy with the fact that you have people coming in, taking their jobs, they feel that the authorities outside of their own country who are dictating their future. Its very similar to what is going on in this country threat the reason that donald trump should be happy. I dont know if anybody can absolutely say that this was caused by donald trump, but i think this feeling of lack of autonomy is something that expands beyond the ocean. For sure. How did they miss it . How is it possible that a politician, leading a constituency, misses what the constituency actually needs and wants . Because theyre ideologies. Theyre just like the Political Class in this country, who dont know how to pull their head out of the sand. They just be in one direction just go in one direction and if something doesnt work they say we havent done enough of it. We need to do more, rather than stopping, using their godgiven brains to actually look at data and make intelligent decisions. Its very frustrating. Its frustrating to me and i know it mulls be frustrating to a lot of other americans. It is frustrating because the people are needing to be heard, and now we have this. Let me ask you about the impact to the u. S. From your standpoint. Moodys came out earlier today, said baseline brexit will cut u. S. Gdp by one tenth of a percentage point. One tenth of a percentage point. Theyre saying baseline u. S. Growth averaging three percent in the next four years, and the direct impact on trade should be modest. What is all this hit stair ya hysteria about . I dont know. If we grew at three percent that would be good. We were growing at 3. 3 for 150 years until 2000 and then we cut down to half of that. Its good if we start coming back, but theres going to be an overreaction to what happened today. So, the market went down 600points. Peel women take advantage of that next week and recognizing nothing has changed you think te buyers are going to come in and say, okay, theres opportunity in the u. S. Right now. Absolutely. I would. Take us behind the curtain with donald trump for a minute. What is going on in terms of the conversation . Is he changing his tone . He was in scotland today, obviously, seemed a lot more measured than the last few weeks. Are you and other advisers speaking with him and directing him to change or take a pivot . He is actually a very smart man, and i think he is recognizing that he is likely to become the president of the United States, and that means you handle yourself in a certain way, and i believe that he is learning to pivot in a way that he doesnt lose his base but he begins to bring in others who have been inflammed by the thing he said, and again, if he were to explain some of the thing he said, that makes pen perfectly good sense but because he is not politician he doesnt explain thinks like a politician would. What is the most important policy that will have an impact on america . Is it economic . Is it National Security . He has talked about his Corporate Tax plan. 15 Corporate Tax rate that you would think would be very bullish for the economy here. What do you think is most important in terms of the policy he needs to implement should he become president in year one . Well issue really think the economy is the crux because it is the thing that will allow us to do what we need to do with our military, with our defense, and so the two are really tied together very significantly. And we need to begin to look at the future for our children, our grandchildren, the people who are coming after us. Anybody knows that you cannot continue down the path at that time were going and expect something good to happen. It didnt happen for the french. Didnt happen for the spaniards and didnt have for the ancient romans and not going to happen for us. We have to at some point start doing things that actually make sense. Its easy to do. If we dont raise what we spend for three straight years, we can balance the budget. And if we do some other additional things we can restore an atmosphere that will encourage entrepreneurial risk taking. Thank you, dr. Carson. Thank you. The good doctor may be confident in donald trump. What is the stock selloff on wall street saying . Back in a minute. Every day you read headlines about businesses being hacked and intellectual property being stolen. That is cybercrime. And it affects each and every one of us. Microsoft created the digital crimes unit to fight cybercrime. We use the microsoft cloud to visualize information so we can track down the criminals. When it comes to the cloud, trust and security are paramount. Were building what we learn back into the cloud to make people and organizations safer. Welcome back. We know donald trump is cheering the uks decision to leave the European Union. What about Hillary Clinton . To fox news jennifer griffin. Not long after the white house released its statement on british voter decision decision to leave the eu, the Clinton Campaign released a statement quote, respect the choice the people of the United Kingdom have made. Our first task has to be to make sure the economic uncertaintive created by these events does not hurt working families here in america. Echoing the message of president obama, who had campaigned for britain to remain in the European Union. Clinton said the u. S. Would continue to have a special relationship with written with britain and talked about the need for calm, steady, experienced leadership in the white house to protect americans livelihoods, a tacit shot at republican presumptive nominee donald trump. Clinton will be campaigning for their first time with massachusetts senator Elizabeth Warren on monday in cincinnati. Well be there. They are roadtesting their ability to peel away voters from trump in the rust belt in this key battleground state of ohio. Thank you. So we have Elizabeth Warren campaigning with Hillary Clinton, which wall street doesnt like. We have donald trump taking on trade, which wall street doesnt like, and now we have this brexit shakeup. Which candidate does wall Street Investors prefer . Lets bring in anthony scaramucci, helping trump with fundraising and democratic strategyis, steve laser, who is better for investments are for wall street . The economy is going and jobs are improving and we think the republican policies are bet sore were getter bet for are wall street. By the time the convention is of theyll get there. We know what youre going say, steve, and we know what anthony is going to say. We want to hear real reasons. I think hillary has put in a lot of work talking to wall street. Bernie sanders tried to hammer her on her close relationship to the a lot of speeches. During those speeches she has had a lot of dialogue with 0 those folks and trying to understand how you address the risk to wall street without damaging their business. They feel comfortable with her because of that and she understands wall street better than somebody like a donald trump whose business knowledge is limited to casinos and real estate. I think working class america wants to break the circuit between wall street and washington. And i think donald trump is the best equipped to do that and i think thats also in the best interests of wall street at this time in the cycle. Weve got to break the circuit. Secretary clinton will not disclose her speeches. The speeches are very flattering to the wall street people and doesnt want to disclose that. Upset the Bernie Sanders people why not just more political nonsense that the American People are tired of. The whole decide of breaking the connection between wall street and washington, dc, wall street is a major components of the economy. Washington, dc has to be involved in whats going on with wall street, the banks. And i think thats the kind of language that we should want get to away from. Hillary is much closer to my position on wall street. Dont think we should demagogue them or say theyre awful bad people. Address the problems let me ask you about specific policies. One thing that hillary has nod talked about is tax reform. Donald trump is talking bat 15 Corporate Tax rate which i think would be a gamechanger for the economy. Where is she on taxes . Whats her tax plan . Again, just like with the addressing the risks, i think hillary, like democrats, feels the rich are not paying theyre fair share of tasks do you think thats true. I do think thats true. I do. But the highesterners are paying 60 , all in. I dont think that those numbers are exactly right. Lets go through the numbers. The federal tax raise for the highest earner is 39. 6 . Then if youre in new york, the state of new york, 10 mrs. That takes you to 50 . Then you have new york city, another 3 . Then youve got the Obamacare Tax so you have 55 . What about the Capital Gains taxes she is going to put in thats going to slow down the growth of capitol formation as well. The problem is that people arent actually paying 39 . They have a lot of loopholes. We found that out with mitt romney he was paying a lower effective tax rate than his second. Thats one portion of the highest earners, like a Hedge Fund Manager who may be able to manipulate earnings as capital gapes. But thats not thats a very small portion of the highest earners. Theres a tremendous amount of tax breaks available to the one percent in this country and thats the reality. I dont think mitt romney is an unusual example. I think a growls receipts gross receipts getting the same time of deal. Then 50 of the people not paying tax. The grows receipts for the top three percent is over 70 of the entire personal income tacks so its unfair to say do. But they have 70 to 80 of the income. I think theres the problem. Lets focus on revenues. Thats going to make the society batter. Get the lower and middle class people higher wages and more growth and more opportunity. That will make the society better. Where the democrat does not understand is the rich will always be among us. What will be most month us when you turn it into a storm giantses nation and theyre sitting at the top like in cuba and venezuela and france. Democrats Hillary Clinton get that and she is not bag demagogue on the rich, wall street, on the banks. She wants to address the issues and make it fire but doesnt want to destroy the ability of that she wants to think she goes to do the stuff she is ill talking about like rein in the banks, controlling drug prices, put coalminers out of work . Is she saying thats bulls the has been pushed to the left and then when he this power she will different. I think financial regulations she will be able to do that. A lot of friends on wall street. An healthcare reform shell be dealing with a republican house. Major structure policy nightmare going on. The American Public knows and it looking for change in november. Good so to see you both. What it means to fer immigration debate . Well be right back. Lets celebrate these moments. This woman. 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He warned the uk not to exit. Mike lee warned the president not to get involved. The senator is with us next. Welcome back. British politician nightle farrage leading the charge to get the uk to exit the European Union. He has been pounding the dangers of open image and the refugee crisis for a long time. To charlie gasber reno live in london, and good to sue you gentlemen. Lets talk about immigration. And let me kick that off with you, doctor. This is really the crux of the issue, isnt it . It really is. What were seeing is that despite the lack of leadership in europe and with the rudderless eu, the british people have said, the only way to fight this is to dig our heels in and regain our nationalism, and the influx of millions of refugees who bring with them a lack of identity, a loss of nationalism and the defeat of a significant force of isis which is pushing them out which is about islamow nationalammism, the british are doing the right thing. Digging their heels in and saying were going to protect yourselves and its about National Security. And in america were sort of seeing the same response. But charlie, the question becomes what do these new trade deals look like . What new agreement will the brits negotiate . To get to that 575 billion annual trade between the eu and the uk. I mean, its a huge question and nobody knows here right now. That is one of the reasons why the markets are all over the place today, is the very fact that theres uncertainty on this side of the pond especially. More than even in the u. S. That was a the u. S. Markets traded off 600 points. Largely because of the uncertainty. Everybody had a price that brexit would fail, remain would stay. They would stay in the eu, so that sort of thing sort of like surprise hurt, hurt our markets. The bigger question is what goes forward with the eu and thats why the pound got pounded and why stocks over here got pounded. For sure. Charlie, when you spoke with people over the last couple of days, you have been doing great reporting. Were you getting the sense it was the refugee crisis that was underlining im losing my audio and im sorry about this. Okay, okay. Great reporting as i had. Its always a technical difficulty that screws everything up. Just trying to get at what the people on the ground are saying and im wondering if the refugee crisis is one of the issues that kept coming up from the people that youre speaking with. Doctor, what about that . Angela merkel was very clear. Were open arms come. To germany to the European Union. That was the upset for the uk. Where does that go now . Well, the bottom line goes to where the people are trying to get back to tell their leaders, you need to declare war on the primary cancer coming out of syria which is isis, and the refugees are symptom. But the symptom notice just to bring them in but to begin vetting against yesterdayism, and islamism. They saw crimes and rapes and attacks on women throughout countries and saw the same cell commit an act of terror in paris and then in belgium being protected by a Muslim Community that did not report them. So when you have leaders that dont have the courage to address the primary cancer, the people will dig their heels in with solutions which is related to National Identity against this global nationalism. Its extraordinary they kept pushing back on the idea even as we learn that isis got their hands on a passport making machine, as we learn from john brennan, the head of the cia, that in fact isis has plans to infill trait the refugee crisis, and yet, the push to open up the borders was stronger than ever from the officials, and those in charge. Listen. I have family in syria that we pray stays safe and trying to get them out, but as an american i know the only way that we can win this is for the free world to declare war against the theocratic mentality, and muslims who arent able to come to terms with the social contract of the free world, which is secular, the equality of men and women, and all the other aspects of what gives us National Identity and the eu lost a lot of that identity and wasnt willing to confront that, but basically said by opening their arms, then somehow thats going to solve the ideological problem, and people knew it didnt but you know the bracketsis beginning to solve the problem. Charlie, youre back with us. Is that what you heard from the people on the ground . Oh, yeah. The upset . That was one of them. The fact that they believed britain puts a lot more into the eu than they get out and let me just make something clear. No one here is beginnings immigration itch wouldnt be here, you wouldnt be here, the other guests wouldnt be here without immigration. The problem is when you have unfettered immigration, years and years of nonstop immigration, very poor people, it has a very dire Economic Impact on society, and heres the other thing. Theres a cultural issue. In the past, people came in waves. It corporationed with the demand corresponded with the need for labor. Of you have immigration that is nonstop theres a important where people dont assimilate. They cant assimilate. Youre bringing in people after theyve assimilated even more people that havent assimilated. So thats one of the problems theyre dealing with here, were dealing with in the u. S. And this is it an outcome of that. Well leave thrill. Thank you so much. After warning against the brexit, the latest on how president obama is responding now, and the senator who told him, get out of the way. Dont get involved. Test. Test test. Test test. Test. Test test. Test. Test test welcome back. President obama addressing the brexit vote while at Stanford University today. To kevin cork on how the white house is reacting. Reporter good day to you. Back in the q. You remember the president making those comments back in april when he made his visit to london, he was talking about the idea if they were to leave the eu the uk could suffer economically related to major trade deals. Im not saying thats the only reason the leave camp had momentum but it was a consideration. Of course the vote yesterday is proof that was one of the elements that made the leave camp so strong, and with that in mind i want to share with were viewers exactly what the president said in april that a lot of people felt like was a thinly veiled threat to not leave the eu. Our focus is in on negotiating with a big bloc of the European Union to get a tread agreement done, and uk is going to be in the back of the queue. The back of the queue. Americans dont say back of the queue but the president did. That was then and heres what the president said today in california after the surprising vote. While the uks relationship with the eu will change, one thing that will not change is the special relationship between our two nations. Relationship that will no doubt be tested as we all learn the extent of what the socalled brexit will mean from an economic, structural, and strategic, if not military, partnership as well. An interesting time ahead. Sure is. Now to republican congressman from utah, mike lee. Senator mike lee, rather good to have you on the program. Thank you for joining us. Thank you. So, what do you think about the white houses response . Much has been said today about when president obama visited britain and basically said, look, if you vote to exit, you will get to end queue. The United States and uk have had special relation shape going back a couple of centuries. That is not going to change. That should not change. And theres nothing about the decision that was made last night that ought to call that into question. Thats why next week im growing to introduce legislation that would require to us continue to honor our existing trade relations with the United Kingdom between now and whenever a bilateral trade agreement can be worked out. And then calls upon president obama and his administration to start negotiating such an agreement right now. So what do you think are the most important thing that we need to be watching with regard to these renegotiatings . I was looking at some past dispels the eus trade pact with canada, for example, took seven years to negotiate. It is still not rectified. Im not sure why canada has had such a hard time negotiating that deal with the United Kingdom. Dont think we would find a similarly difficult path. No reason it has to take seven years. But they have been an important trade partner until now, will continue to be hereafter and its foolish to think because they have chosen to take a step away from centralized distant bureaucratic government that would jeopardize our relationship with the United Kingdom. Its absurd and i dont think any of us feel that way. I dont think the American People feel they way and theres no reason for us to take that approach do you our government. People are nervous because of the uncertainty factor. We recognize that. We just dont know what the next two years looks like. And whether or not were going to see tariffs, higher tariffs in terms of enough trade deals, what is your expectation in terms of the possibility of a trade war . People are worried a bit, sometimes, when donald trump talks about trade with china and other nations. Do you worry that we could go too far in terms of nationalistic policies . Well, certainly. Theres always reason to worry about us walking away from opportunities to have free trade with other countries. We certainly dont want to go in the direction of the tariff act which 80 years ago or so kicked off the great depression. We dont want Something Like that. But mr. Trump is not against free trade. And i dont think the people in england, who just voted for the brexit, are against free trade. Theres against centralized power far from them, that is increasingly bureaucratic, and a government in which they have no say. A type of government system that is really good if youre a big business or a big bank or really good if youre someone with connections to big government. But its really hard on the poor, the middle class, that are subject to the dictates which are sometimes arbitrary from the government. Senator, good to have you. Thank you. Thank you. Senator mike lee. The vote in the United Kingdom might have just brought back the economic policies of Margaret Thatcher and Ronald Reagan. Ron about it, next. This is your daughter. And she just got this. Ooh boy. But, youve got hum. So you can set this. And if she drives like this, you can tell her to drive more like this. Because youll get this. You can even set boundaries for so if she should be here, but instead goes here, here, or here. Youll know. So dont worry, mom. Because you put this, in here. Hum by verizon. The technology designed to make your car smarter, safer and more connected. Put some smarts in your car. The United Kingdom voting to exit the European Union, an era of Less Government could emerge. Might we be looking at a Margaret ThatcherRonald Reagan economy part two . Art laugher joins us, he joins us on the telephone. Art always a pleasure to have you. Great to be with you, maria. What do you think . Ronald reagan Margaret Thatcher economics, is this where were going . I think so. Things are similar to where they were in 1979, 1978, 1980. And the pressure is in all areas, no the just immigration. Its bad economies, its all sorts of pressures, regulations, restrictions. With that being the background, think youre seeing the first shot fired with brexit. Youll see a lot more coming. I think this will lead to a donald trump presidency, ultimately and a lot of prosperity for the world. Im very excited about whats happening. It seems like a perfect opportunity for donald trump to basically reach out to the uk. Like he did this morning, when he said look, the uk has always been an ally of the u. S. And theyre going to be at the front of the queue when it comes to renegotiating a new trade deal. Do you expect him to do that . Do you expect him to be reaching out to the new leadership of the uk when we see who will be the next Prime Minister . I expect him to reach out to the uk totally. I cant imagine him not wanting to do that. And especially given the way britain has responded here to cameron and to gordon brown and all the bad economics, bad thought, bad regulations. Theyve just told him enough is enough already. And the u. S. Is about to say that to obama and hillary. That enoughs enough. And what youre going to see is the new order. Very much like thatcher and reagan. Art, i dont understand why were not hearing a tax reform plan from secretary clinton. I know what Donald Trumps plan is. 15 Corporate Tax rate. You would think is going to be a huge gamechanger for the economy. But how do you pay for it, art . Well do you see that you can pay for it easily with economic growth. Maria, right now, while we have the single highest Corporate Tax rate of thoecd, single highest. And i think our tax revenues as a share of gdp from Corporate Taxes are the fourth lowest. Thats an exact example of the laffer curve, high tax rates, low revenue. We need to stimulate economic growth, get companies to relocate back in the u. S. Because its profitable to be doing business in the u. S. You cant do it with the type of taxes and the types of regulations. You know the antiinversion stuff thats coming out of the u. S. Treasury. Is just hostile and nasty. Youve got to entice people to work and bring them back into the u. S. Not hit them with sticks. All right. Art, great to talk with you as always. Art laffer. Joining us right there. What a reaction on wall street, the dow diving 600 points, next, separating the facts from the fear. Back in a moment. Squuuuack, lets feed him lets feto the sharks sharks yay and take all of his gold and take all of his gold ya and hide it from the crew ya. . Squuuuack, theyre all morons anyway i never said that. They all smell bad too. No you all smell wonderful i smell bad if youre a parrot, you repeat things. Its what you do. If you want to save fifteen percent or more on car insurance, you switch to geico. Its what you do. Squuuuack, its what you do. Amplts major selloff on wall street today as britain exits the European Union. Lets show you the dam. You wont want to miss coverage of this enormous moment on fox this weekend. Kicking off at 10 00 a. M. With a live cost of freedom special and catch me on sunday morning, sunday morning futures, 10 00 a. M. Eastern on the fox news channel. The moment that everybody is bracing for, when the markets reopen on monday. Ill be there, hope you join me then. The five begins now. Im eric bolling along with kimberly guilfoyle, juan williams, greg gutfeld and dana perino. Its 5 00 in new york city and this is the five . We are outside on the plaza, at fox news headquarters. Helping kick off fox fan weekend. Were very excited to see our wonderful fans here with us. On this beautiful day. Theyre all around us. Shom waves are rippling across the globe after great britains landmark vote to leave the European Union. Here at home the brexit economic tsunami sent the markets tumbling. A few moments ago the dow closed down more than 600 points while some celebrated the uks hi