Coming your way. But lets kick things off with the aforementioned Michelle Carusocabrera live in cleveland. Michelle. Hey, tyler. Another newsy day. Weve had news break in just the last half hour that the trump employee who helped write Melania Trumps speech, well, that person has accepted responsibility for the similarities to Michelle Obamas 2008 speech John Harwoods going to join us with all the details. Big night, senator ted cruz, onetime president ial hopeful expected to speak. Whats he going to say after trump called him lying ted in the primary . And then of course the headliner is indiana governor mike pence who has the spot of v. P. On the ticket as senator marco rubio, its going to be a big, big night. Lets get details on speechgate. John harwood is on the floor. John. Michelle, its very interesting. This is an expla thags that the Trump Campaign could have offered yesterday but chose not to. Instead the Campaign ChairmanPaul Manafort came out and said, no, there were no phrases borrowed, they were just common words. Now theyve put out a statement saying that was not true. That meredith who worked with Melania Trump on the speech said that Melania Trump had read michelles words outloud to her, she wrote them down without attributing the quotation then put them in the speech. She said she offered her resignation yesterday to the Trump Campaign. The Trump Campaign rejected it. Shes grateful for their loyalty to her. And so republicans are hoping that this will put a punctuation mark on this controversy. The question is whether it revives it actually because last night the convention had moved on, tiffany trump, donald trump jr. Gave effective speeches on the floor. And now weve got the further detail about exactly how the borrowed phrases did in fact get into Melania Trumps speech. John, there was you reported earlier that she had actually read out part of Michelle Obamas speech, is that correct . She was an admirer of Michelle Obama . She said that Melania Trump was an admirer of michelle. That Melania Trump in working on the speech with her had read aloud portions of Michelle Obamas 2008 speech. And she, meredith mckiver, the speech writer, wrote them down. And then when she was assembling the speech, typed those words in as if they were Melania Trumps as opposed to Michelle Obamas. So she gave a clear accounting of how those phrases got in there. And thats what was new today. John harwood, thanks so much. Joining us now, Donald Trumps chief fundraiser. Welcome to power lunch. Thank you. Its great to be here. We want to get to that topic in a second, but this Melania Trump story that wont die related to her speech, it gives the sense once again Carl Quintanilla used a kind word earlier, the improvised nature of the campaign, the inability to come up with this explanation yesterday, now reviving the whole drama today. It speaks to some would think a level of disorganization. Well, let me first say this is just an unfortunate distraction. Melania gave a great speech. The important part is the message she was saying, the people here loved it. They went crazy. They loved the fact donald was here to introduce her. Thats never occurred before. And it was one of the most exciting parts. And the fact there was part of this speech there was this unfortunate situation is really a distraction. And last night don jr. And tiffany were amazing. So, look, nobody expects the first lady to be Gabrielle Garcia marcus, i get that, right . But speak to this issue of the constant kind of amateur mistakes that seem to be happening on the campaign. I dont think these are amateur mistakes. What i think is, look, this is a billion dollar startup, okay. And if theres a few mistakes that the press is blowing out of proportion, thats not a big deal. Were proud of the fact that we have 150 people and Hillary Clinton has 850 people and spending money hand over fist. Hillary would have had 22 people check that speech before it even got to her. So this is just an unnecessary distraction on what is an unbelievably exciting week here. And especially with the addition of the governor, people just couldnt be more excited about this ticket here. Are you going to be the treasury secretary if donald trump becomes the president . Let me just say first of all, whatever job donald wants me to have when hes elected, id be honored to serve him. Would you like the job . Id be honored to serve him in any capacity he wants. Again, this was something that was mentioned yesterday. And the press has picked up. Obviously no decisions have been made on any transition positions. And im honored to even be considered for it. So not to bang on about the improvised nature, but we heard carl icahns name thrown around at one point as potential treasury secretary, another name i cant even remember at this point, youre the third name. It again speaks to this kind of rolling with it approach to the campaign. Where his positions just dont seem very fixed. Again, i think this is quite the opposite. This is the press exaggerating and playing off on things. Let me tell you were just starting the transition office. Governor christie is leading that effort. Hes doing a terrific job. After the convention that will gear up. There havent been any decisions made or any official vetting, so whether its my name or other names being thrown around for these jobs, the focus is on getting donald elected. And thats the focus of the entire campaign. You used to be with goldman sachs. Yes, i did. The platform, the official platform of the gop now wants to bring back glasssteagall. Is that something you would support if youre in the cabinet . I think thats something we have to very, very seriously think about. Thats not a no. I think its something we have to think about. Why . I would say that first of all theres way too much regulation across many different industries. Whether its banking, whether its energy. You know, we think that in many of these areas you need to look at regulation. We believe in correct regulation, but we dont believe in overregulation. So bringing back glasssteagall to me sounds like more regulation, not less regulation. Well, again, i just want to be clear, were not taking a position on whether we support that or we dont support it, were saying that a lot of things need to be looked at. I think dodd frank needs to be looked at. Obviously theres an important concern of protecting depositors. So all im saying is like Everything Else things will be looked at. And well see what makes sense. But id say the overriding theme is there is way too much regulation across too many industries. And if you look at energy, we believe that there can be clean air and clean water and Energy Independence with less regulation. Thats an important part of this campaign. Tell me about the donors that youre getting at this point. Because the whole world has taken note of the fact people like paul singer are not here and not supporting donald trump. Some of the biggest donors to the Republican Party have stepped away because donald trump is on the ticket. Are you able to replace those people . Well, let me first say were sorry that paul isnt here. Hes missing a terrific week. Theres a lot of other super donors, okay, that are here, okay. Like who . Sheldon edelson, there are a lot of republican donors that are here. And the more exciting thing is there are people that have never been part of the Republican Party, that have never donated, that are here and here to support this. This is one of the most exciting weeks. I said the other day its the super bowl of conventions. This is it. Mr. Mnuchin, thanks so much for joining us. Thank you very much. Well look forward to the next events over the next 48 hours as this comes to pass. Dont forget live from the Republican National convention 10 00 p. M. Eastern time right here on cnbc. So we can introduce mike pence tonight. Guys, back to you. Michelle, thank you very much. See you in a bit. The big news outside the convention is also probably a hot topic inside the convention. What is the future of fox news chief roger ailes. Julia boorstin has the latest. Hey, brian. Thats right. Sources tell us that roger ailes and 21st century fox are in negotiations over the terms of his exit in the wake of a Sexual Harassment suit followed by anchor Gretchen Carlson and more allegations surfacing. 76yearold ailes oversees about 20 of 21st century foxs revenue as well as earnings before interest, taxes, depreciation and amortization. Now, ailes is chairman and ceo of fox news including Fox Business Network which he launched in 2007. Hes also chairman of the 28 fox tv stations. Now, on this news fox shares are trading down over about 2 . But bernstein analyst issued a note today reiterating his outperform rating on the stock saying while losing ailes injects some degree of risk, they struggle to identify any trouble nearterm financial implications. This is the first james and Lachlan Murdoch evidence say its the shift theyre driving at the company and also replaced m and reorganized the International Business and pushed for more directtoconsumer tv distribution. Now, as for fox news next chapter, sources are saying fox is looking at both internal and external candidates, a longtime fox exec will shine as one of those names being considered as an ailes replacement. Back to you. Julia, thank you very much. Now to another developing story weve been following closely right here on power lunch for weeks now. Talking about Autonomous Vehicles. And now the national Highway Traffic Safety Administration is weighing in on the topic. Lets get straight to phil lebeau in chicago. Hi, phil. Hi, tyler. The comments this morning from nhtsa administrator in San Francisco stressed the fact that nhtsa is working to finalize these National Guidelines for Autonomous Vehicles. And as they do that they realize many people are saying, wait a second, you had this accident involving a tesla vehicle on autopilot that ended up with the driver of that vehicle being killed in an accident. Are the is the technology coming along too quickly . To address that topic, within the last hour dr. Rosekind from nhtsa talked about how the critics out there perhaps are jumping the gun a little bit in terms of their criticism on these rules. They are shocked, shocked to discover theres vehicle automation that is already here. And for some of those same critics who mere weeks ago were saying nhtsa was moving too fast, theyre now sending out press releases demanding to know where is the government to stop this. And dr. Rosekind says they are finalizing those Autonomous Vehicle guidelines. He will not comment and did not comment this morning about the tesla investigation, which is ongoing. Speaking of tesla, shares have been moving higher. Elon musk is promising to deliver his master plan for tesla rationalizing the solarcity bid. One of the things that occurs to me is not only do you have to create the technology that works, is reliable and is easy to use, but you really do have to educate the drivers and the users of these vehicles. When i get today my manual that teaches me how to use my navigation and Entertainment System in my car, its about 300 pages long with all kinds of capabilities that i never use. I can only imagine how long the manual will be and what ill be expected to know about an Autonomous Vehicle. Well, thats the challenge with all new technology. When i bought our newest vehicle just a couple of years ago, my wife looked at me and she said how long until we can get out of here. I dont want to sit here and read through a manual or listen to the person selling the vehicle to me. Thats not just you, tyler, thats everybody. And thats part of the challenge that the regulators are hoping to address, which is educating people on the proper use of the technology but not giving them a feeling that it can do everything so they can disregard paying attention behind the wheel. You know, there is a joke, guys, that if you want to ask what is the most unread book in the world, seriously, it is is it car manual . It is car manuals. Not paper printed on those things in every car in the world and im not sure who has ever opened one other than to see what kind of oil the car may take. And thats a stretch. Or where the hood release is. Thats my problem. I cant find it on my car. Thats the idea. Bill, thank you very much. You cant find the hood release . I cant find the hood release. Generally lower left under just a thought. I cant. So much for the end of the world. The dow is now up nine days in a row. New record highs all around. But are there any troublesome signs out there for you or your money . Were going to find out and help tyler find the hood release coming up. Tokyostyle ramen noodles. Freshly made in the japanese tradition, each batch is small. Special. Unique. Every bowl blurring the line between food. And art. When you cook with incredible ingredients. You make incredible meals. Fresh ingredients. Stepbysteprecipes. Delivered to your door, for less than 9 a meal. Get 30 off your first delivery blueapron. Com cook. Record setting day. Dow and s p 500 new intraday highs. Dow up now for a ninth day in a row. The longest winning streak since march of 2013. Is this a trump rally . Lets bring in brian pier, Portfolio Manager of the hennessy cornerstone mid cap 30 fund and patrick, chief strategist at silver crest asset management. Ill set aside for a moment whether this is in any sense a trump rally. Well get to that. But what i do want, ill begin with you, patrick. What i do want to know is did this rally, either its timing, its persistence, its magnitude surprise you . I think it surprised me to some degree because were seeing very high valuations in the equity market. But i think it really comes ironically as a result of brexit. Because brexit has pushed down Interest Rates in the united states. And when we see Interest Rates this low, usually theyd be flashing a sign of recession, impending recession in the united states. But in fact its not about internal weakness. Its about external weakness. And the fact that you have negative Interest Rates abroad, you have expectations of further easing are pushing capital to the united states. Theyre keeping Interest Rates low and theyre pushing up valuations. And that is supported by the fact that you do actually have growth and you do have good earnings. Nine in a row isnt exactly dimaggios 56game winning streak. But it feels pretty good. It feels pretty good. Is trump in any sense responsible for it . I dont believe so, no. I think actually weve seen a shift in the marketplace. And i think up until this point youve had a utilities and kind of Telecom Sector thats been leading the market. And i think youre now starting to see a pivotal shift back into Consumer Discretionary names and names that really hadnt participated up until this point. Utilitys the only sector, as a matter of fact, down over the past month. Right. But lets followup on tylers first point. How much of the rally is just because bonds are yielding nothing around the world . Because theres two reasons to own a stock, im optimistic that this companys going to produce earnings that will give me money, or Everything Else sucks. Stinks. And so im going to buy stocks, which is not a longer term strategy. Which one of those is it . You get my point, right . Everything else stinks so im going to buy stocks, thats not exactly a ringing endorsement for the stock market. No, i agree. But to Patricks Point the valuations have been pushed up to a certain degree. I think weve got this catalyst in the brexit where the market was pulled down enough points where people looked at that as a potential entry point and really looked at some of the companies and the underlying fundamentals and said longer term we think that the growth returns back and we particularly like domestic economy. And we think that, you know, all of this uncertainty in the eu bleeds money to come back here. And theyre looking for opportunities. And so maybe theyre starting to seek out these areas. Its a combination. Because the rest of the world is looking to the u. S. For growth and investment returns partly oud of their weakness. But theyre also finding it here. Where can i invest today for return and safety over the next 12 months . I think selectively in u. S. Equities, particularly in areas that have been neglected or lumped together with others. For instance, consumer facing industrials is one area. Like . Give me an example. Im not saying youre going to recommend that stock. I dont these would be Companies Like consumer facing industrials. Something like 3m where they are selling not just to weve all noticed the weakness in capital goods orders. So a lot of industrials have suffered from that. But there are a lot of industrials that arent suffering from that.