It comes following the developments over the weekend with the planned meeting President Trump canceled with taliban leaders at camp david and comes at a crucial time with regards to the president s middle eastern policies. Remember, Jason Greenblatt stepping away from the administration and the last week. The longawaited mideast peace plan also anticipated sometime before the end of the year. Mike pompeo also weighing his political future within the next 12 months. A rumored senatorial run potentially in his future. A lot of moving parts on the president s Foreign Policy and National Security advising team. John bolton was a controversial figure within the administration , particularly with regards to his hardline approach on iran. There were several differences in terms of how he had assembled a team, but he does have its allies within the administration. The bottom line, breaking news, President Trump announcing on twitter that he has accepted the resignation of john bolton, his National Security advisor, and will be naming his successor sometime next week. David he was a controversial figure in the white house. The president admitted that and said i know a lot of people disagree with him, i might disagree with him, but i still want his counsel. Something has changed. It mightve been afghanistan, but you also point your finger at iran. One place where he differed with a lot of other people was a desire for regime change, it even military action in iran. With him gone, does this open up the president to have the talks he has been after with iran . Kevin yes. Facinglton was already significant attacks from democrats about his positioning in regards to the president s policies regarding iran. You saw that flare over the summer. Has an openingnt for that new National Security advisor role. It will come at a crucial time politically, as well as geopolitically, both as the president faces reelection and as the president looms that decision with regard to a peace plan and the global threat of iran. The president said to be on the main stage of a General Assembly meeting later this month. All eyes will be on the type of rhetorical approach he takes when he will present to the u. N. General assembly in a few weeks. Many moving parts. This is a decision that has caught many off guard. This is not in anticipated decision with regards to the president s announcement of this. Glaring hole in the president s Foreign Policy. David as markets try to sort through this, one indicator may be the price of oil. The price of oil has gone down, particularly wti crude. It seems to have happened right at the time this tweet came out and one wonders whether that is the market, anticipating the possibility. Withth sharad brown sharad brown with senator rown. D Brown Sherrod b kevin what is your reaction to this . Bolton comes out of the same group of advisers that lead us into the war with iraq and put our troop in harms way for too long. I did not know this until i walked out of the hearing and you told me. I welcome that news. Kevin this hearing with regards to fannie and freddie. What did you make of the administration plans to privatize fannie and freddie . You know what happens when you privatize. In this case wall street benefits and the public loses. We know it will mean higher prices and less access to affordable housing. That is a problem in cities like cleveland. It is a problem in appalachia, ohio, rural areas, problem in suburbs, a problem throughout my state and throughout the country. Kevin i know youre busy, we appreciate you on bloomberg. The reaction starting to trickle in on capitol hill upon the breaking news of john bolton resigning from the president S Administration and the fannie and freddie to elements as well. David we will come back to fannie and freddie. I want to take a moment to say the markets are trying to sort through this. It appeared the price of oil moved down decidedly, particularly wti, as soon as the news came out, which might underscore the possibility this could affect the iran sanctions. If there is more oil, the price goes down. We wonder whether this might affect the iranian situation. Kevin exactly. Last week when i interviewed brian hoke, who was the advisor to mike pompeo, he said oil and the oil markets is something. Ncredibly important to them with regards to oil, what i can is somethinghat the administration has consistently said is on their radar. You are saying that in the Market Reaction about just how significant of a role these geopolitical events play. David it is too soon to know who will be the replacement for mr. Bolton, at the same time we can think about who are the other advisors around the president who might come to the fore. Mike pompeo seems to have a close relationship with the president. Does this mean mike pompeo may have an even more Important Role in advising President Trump on International Affairs . Kevin absolutely. I would make that case that this could impact whether or not mike pompeo decides to run for senate. Meanwhile, brian hook continues his assent within the administration, as does jared kushner. Kushner has been working behind the scenes on crafting this middle eastern peace plan that has yet to be unveiled. They have been traveling ether a long time traveling together with Jason Greenblatt, a longtime advisor to President Trump. With his advisor with his departure, brian hook remains. Will be fascinating to watch what type of ideology is ascribed to the success for of john bolton. Will it be a more hawkish individual, will it be a more libertarian leaning . Theres the possibility of someone like a senator rand paul trying to be a gobetween between the iranians and President Trump. And then you fastforward to the g7, where Emmanuel Macron suggested he would serve as a gobetween between the iranians and the u. S. Very diverse ideological backandforth in terms of the president strategy. Again, john bolton, this is a surprise, this i anticipated. He was long believed to have a close personal relationship with President Trump. Ultimately he has resigned. David many thanks to kevin cirilli. He was up there to cover fannie mae and freddie mac but he is covering john bolton stepping down. Res. Lets turn to bill fai there is speculation about what this might mean for the president s policies. We focus on iran. Are there other places we should be looking at . Bill john bolton heavily involved in many aspects of trumps Foreign Policy. A big cheerleader for the president to take a tough line against the venezuelan government led by nicolas maduro. He was someone it was not believed to be very supportive or very optimistic of President Trump outreach to north korea. Most notably, when President Trump stepped across the border into north korea, on that historic trip, john bolton was traveling to mongolia at the time and tweeted quite a bit about it. There were a lot of issues where john bolton, perhaps more than any other advisors in the National Security cabinet, stuck to what were his core beliefs about the big local issues out there, whether it is iran, north korea, venezuela, john bolton has long been skeptical of any talks with iran and President Trump has obviously said many times he is willing to meet with irans leaders. There was no shortage of areas where he disagreed. As kevin mentioned earlier, this leaves mike pompeo and potentially a strong position. He is the longest serving member of the president s National Security cabinet. He is the only remaining original member of that cabinet. There is a lot of speculation about how long he will stick around. He has potential political aspirations with the senate from kansas. Pretty jim maddock day pretty dramatic day and i think well be looking closely at what may have been the final straws for john boltons time. David you point to particular places where the president is outspoken you have iran, you have north korea, venezuela may be a different case. In those areas, is it more likely the president will get to sit down at the table in iran and have a negotiation . Bill if that is what the president wants to do, i think secretary of state mike pompeo will help make that happen in a way that perhaps john bolton would not. Of any of his traits as secretary of state, mike pompeo has done a remarkable job of making sure there is no daylight between him and the president. It is clear there were a number of issues where there was daylight between john bolton and President Trump, just as there was between President Trump and jim mattis, the defense secretary who quit at the end of last year. Ike pompeo has done a good job if he has differences with the president , he presents them in a private way that seldom if ever early cap. That is not the case with some of the other people on trumps National Security team who have gone by the wayside the last two and a half years. David this potentially indicates good news for kim jongun in north korea. Mike pompeo has made more than one trip to north korea and is an emissary for President Trump. The president says he wants to sit down again. Does this make this more likely with mr. Bolton out of the way . Bill mike pompeo has been the point person ever since he was cia director with north korea relations. The u. S. Point of view is the ball is in north koreas court. We heard from President Trumps top envoy last week saying we are ready to talk. They need to respond to us. ,here is always the potential but i think this outcome this outcome does not affect as much as the black box of european politics of north korean politics. David many thanks to bill ferries from washington. Joining us with more is alix steel. You know oil like nobody else. Once this tweet came out, i watch the price of wti and it went down. 5 . Now it has come back up to flat. What is oil doing . The initial reaction is we might have seen a softer line between iran and the u. S. The reality of the situation is that it did not matter. That was not going to be true. Iran has said multiple times that in terms to come to the negotiating table they need sanctions lifted. No matter who will be in the white house, and definitely not if bolton is in or bolton is out. The other issue is on demand. There already rumors in the market that iran has been selling their oil, to china perhaps. They have been taking out some of their equipment, and there is some floating storage off of china. Is some floating storage off of china. China could also be secretly buying some of its oil. There is already been the work around from a material supply perspective. I do not think this matters. David we think perhaps this could be good news for the iranians. ,ho might it be worrying to particularly im thinking of saudi arabia. No big fans iran, they do not want the sanctions. They have to get the oil prices up. Alix they dont. If you going to the opec meeting on thursday, if there was any sort of negotiation between the u. S. And iran, it would be difficult for the market to absorb 1. 5 Million Barrels of oil a day. It would be near impossible and it would make sallys job it would make saudis job much more difficult. Already exemptions because of geopolitical issues, so where with the supply even go . That would mean you would have to pick up demand, something the saudis cannot do. David President Trump has had a close relationship with the kingdom. One thing they have not agreed on is the price of oil. Trump has tweeted again and again he wants it low. Opening things with iran might keep it low. How they reconcile that . Alix i do not think President Trump wants to talk to iran. I think he wants to hurt the economy and drive them to the table. If iran will dig in their heels and you have europe trying these workarounds, president macron of france saying we might do a 15 million line of credit, we will give you money and you will pay us back with oil, that will not look good for President Trump who wants a hard line against iran and will not back down from that. I do not think he wants to talk. I think maybe you do not get the job done because there is not enough pressure on iran. David that is a distinction you make because john bolton had been hawkish on iran. Before he went into office he said things were confrontational. President trump might have his cake and eat it too. He might say i can put pressure on iran through economic sanctions, but i do not to go to war. Mr. Bolton has a tendency to go in that direction. It is possible he could disagree with john bolton on that part of it but not sit down at the table. Alix what this reminds me of, and im sure this is a stretch, but in terms of the desire for an oil country, is what saudi arabia did by replacing his oil minister its oil minister. They want the impossible. The oil minister cannot get the price high, so they replaced him with something internal. President trump wants what he , he is not getting what he wants, irans economy is not week, it is not destitute the way President Trump was hoping it would be, therefore you have to change the strategy. I do not think the oil market is interpreting it as we will not go to war, things will be better, it will be ok. David there is such a history of the United States thinking economic sanctions will be powerful. If you go through history, it is not easy to find times it actually made a difference. Alix there is always a difference between the official data and what is going on beneath the surface. Officially, the sanctions have done more damage to the Iranian Community with oil than obama did. But like i said, if they are still selling it, and they see a more pliable europe, that will be a different scenario on the ground. Not seeing the economic drag we would have thought a year ago. I feel like the oil price is reflecting that. David thank you so much. That is alix steel, who is my coanchor in the morning. John bolton is out as National Security advisor. Oil dropped on the news. Morehead, including a conversation with general mark kimmitt. From new york, this is bloomberg. David this is balance of power on Bloomberg Television. Im david westin. Minutes ago, President Trump announced he fired john bolton as is National Security advisor. We will keep you uptodate on that and also speak to general mark kimmitt later in the hour. Google has potential antitrust problems, and they just got a bit bigger. From 48 stateals open practices into the countrys advertising practices. The probe was announced by the Texas Attorney general from the steps of the Supreme Court yesterday. This investigation is not a lawsuit. It is an investigation to determine the facts. We are looking at advertising. The facts will lead where the facts lead. David we welcome out and type our expert antitrust panel, jennifer lead and Jennifer Reed and james keefe. I understand you have a conference coming up on tech and antitrust. How timely is that. Perfecttiming james timing. David the federal government has said it is taking a look at these issue. How much does it add that you have 48 states saying we will open an investigation . Jennifer the floodgates have opened. This is a hot button issue, tech and the control over our data. I think the states have been activist in the last couple of years. This is an issue that affects all the consumers in all 50 states. It does not surprise me that the states decided to get involved. They do this in a number of ways. A lot of times they piggyback on what the federal government is doing. I am not surprised they decided to set up their own investigation and pursue their own line of inquiry because it allows them to take different tact from the department of justice and the trade commission. David explained to me what this adds. It is is it a matter of the law being different or is it more resources that could help the federal government . James it is more a matter of resources. The law is the same. This is just an investigation. If youre going to get any relief, you have to go to court. Probably federal court, whether the federal agencies of the state agencies, and you have to get a judge to find liability and then address relief. It is an extremely early stage. There is a lot of angst about privacy and elections. In terms of antitrust, that is a long way down the road and will have to go through a judge. David privacy is one thing, competition is a different thing. Suppose he will start the investigation, what would you look at . We were told to look at advertising and search because they have such a dominant position. James those are their primary areas. Advertising and search. There will be a question as to whether they are dominant in those positions as opposed to the platform. Youre looking at search for what . What type of advertising . What are the options. They will be fighting those issues along the way. The more difficult issue is a court will have to find exclusionary behavior. Just being big and efficient will not do it. David that is the question, a bad act, either in getting the power or using the power. Are there allegations that would give you cause to look at it . Jennifer i think there may be a few. This is so difficult. In this area of antitrust law, which is section two of the sherman act, everything is judged under the rule of reason. That means the court has to look at what the p