Future key figures at the white house of where the stocks will go i think there are the concern is there any life to the trump agenda, and there was a feeling growing in the marketplace that the republicans and the administration couldnt get a vote on what time of day it was, that nothing was work g working. And then when the idea that mr. Cohn might be leaving yesterday, that frightened the Market Reports of mr. Bannon being let go helped in two different ways. Number one, they think hes mildly disruptive, second darely this will reinforce cohn because he was an adversary of cohns. Weve gone a minute and a half into power lunch. I want to bring in michelle cabre cabrera caruso i wonder what this will do to try to get the narrative back of the kind of agenda he wants to put forth. Theres the bigger question about general dysfunction in the white house and specific issues when it comes to it. Even the wall street journal editorial page says steve bannon was a source of dysfunction. If you see a smoother running white house, well see if it has to do with him or him and trump. Maybe the broom as john kelly said, will sweep clean theres a new chief of staff in terms of taking charge of the white house. I do wonder, guys, if we would see more of a Market Reaction once the president himself confirms this move or steve bann somehow confirmed a lot of reporting on this likely accurate, but i wonder if the president comes out and says i would like to do this, its the second leg. Were 150 points from bottom to top thats a pretty chunky move. All right lets go to eamon jarvis. He was here on this working vacation he djts do a whole lot of vacationing on as it turned out. I think thats an excellent point. You look at this white house since Inauguration Day this has been a tremendously tumultuous white house you saw people pushed out and now steve bannon, one of the people seen as the architect of the president s Campaign Victory pushed out the president himself minimizing earlier this week Steve Bannons role in the campaign, saying he didnt come in until late. He called him mr. Bannon several times. He also said he likes him and doesnt think hes a racist. Clearly left him hanging out there all week with an indication he might be about to force out yet another senior official from his white house is President Trump someone whos had a lot of those forced out. Will it stop the political damage that the white house has experienced. You can imagine officials will feel this will be a positive cycle, turn the page, a fresh start and get the president back on his economic agenda and Foreign Policy agenda and off the issues of statutes and racial things over the past week. Lets talk about the potential agenda lets bring in john harwood. When i think of steve bannon and what he tried to do, attacking the rich, an isolationist, and also a much, much tougher line with china so there are potential changes going on here, depending on the degree and what he had to say. You erie right, michelle. One of the things that steve bannon was enthusiastic about was what mr. Trump was excited about. Their shared view had nr influence. This something Donald Trumps talked about for a very long time hes talked about immigration and matters relating to race for a long time. Now i do think you note the forehandle on tax reform he talked about trying to counter those democratic facts he appears to have that lost that internal fight. The fact that he floated the campaign, several iterations of them all had the top rate coming down significantly for them for both taxpayers and business. When i think about trade, theres still Peter Navarro in there. So its still when it comes to the trade agenda, very, very hard on china. I should say, michele, i also talked to a top. I asked what deference it makes and it wouldnt make a difference unless bannon was writing all of trumps tweets. I dont think thats the case. If it was none, i would think not. John kelliy with the exception of the twitter account is somehow able to impose a different flavor to the entire white house staff and make the president eat that food. Also, come october, the debt ceiling must be raised Goldman Sachs believes theres a 50 possibility that well have a brief shutdown do you think this departure impacts the debt ceiling and the likelihood of a Government Shutdown i dont actually, brian the president s got Mick Mulvaney and Steve Mnuchin whos another point person on this they have in the past gone on different views. Just as i was about to sit in front of this camera, the Freedom Caucus is reported to be divided on whether its going to try to hold up the debt ceiling in return for a policy concession so theres no strategy or clear path to either extending funding of the government beyond the 30th and the 2017 fiscal year or to raising that dote limit and republicans in the past have shown its very difficult to ably man that position. John harwood. Stick around eamonn as well. What could it mean for the markets and expectations lets brake in michael michael, you go first. He seemed to be or a very thin rope, mr. Bannon that is is it a telling market for the markets. I think its a natlike expansion. There was an article on what putin did there. All of a sultd of more reasonable calmless, i think what were seeing twha same kind of unsettledness i dont think theyve solved anything yet. Ron yeah. At least it resolves the concerns that gary cohn, the top Economic Voice in the white house, that he may stick around. This weekit felt like it wa going to be one or the other. But we havent solved whether the legislative agenda can be moved forward, that it gets through both the house and senate where there are a variety of different concerns over policy, it didnt matter. I think its important. I guess the only question that mime matter. Is that going to i do dont want to say enable the president to work a little nicer not with the democrats but with his own party . We dont toy. Some of the reports weve seen, the president was angered by what was seen. And he was go ahead im sorry. We want to get back to eamonn where breaking news. Eamonn thats right. Were now getting an official secretary from the White House Press pool saying white house chief of staff john kelly and Steve Bannons last day. Thats very much the position at the white house. They were not saying this was a decision by the president himself. The white house likes to say the president took a position. In this case its between the white house and saek. What u the staff. What dow owe now about the people that are staicking aaround. Thats a good point you dont know if thats a has cleaning ore an atamt to change news cycle were also learning from politico that riengs prebessie all star sometimes when you read up a top official, you have to go with it. Stay with us because were going to get more news conferences. We spend every august saying how these are the slow days of august nogg noggin thats when the government locked up the nil ceiling. As not a calm edmonton. Not since 1997. Take me back to fundamentalsing michael. How them then. This an over reach of whether hes been getting things done. When you do look a. Tell economy. The market very full dwrily priced things are energy looks lake it could be getting ready for a bit of a rebound you saw the rinne laj that were holding up battle. All of a sudden nasdaq led the charge back and nasdaq whee have smalt caps not play the russell is now for the year. If they were stalled the kpaers the motw mess itted will help more robust growth might not help him theres a question whether or not a fungling government is building up around the president almost clues sclies eer if you go back writing that or orr. Now you see general kel i my moving im. Let the pretty kind of to what he does that and put a cocoon around him. You want bans. I mean you see this fie in the hou houmd. When hes outside and not confined its hard to do that. And its Jared Kushner looking over his shoulder. I dont know if you were able to see the interview that bannon gave if bannon was true what he said on north korea bennen said in the interview, dont do anything. The peek in soak would if. What ron was saying earlier, whats the functioning working group in the white house can they get some pole to capitol hill and does anybody in this white house have a relationship and get in a conversation and get anything thin dunech preprotests are envochled. I think that new psych it is goim to get more michael with the capitol dome behind jaime. Well steve bannon rnl joining usz now he ees the which kr be that were skjing. With bannon out, to you think thehouse fudges any more smoully apartmental it maerts rm weve a guy whos a deal make err in running a kpaj run a corporation isnt about that you have to bring them up on the stage with you this is a nice story, but you cone going i think back to the teen of rangerrag tomb of the art kls. In it it do you think everyone should be on the same page michelle, he picked those people you ive got to build your constituency he doesnt emulate any of those things which means hes a pure Business Leader ahad organized. What you saw, step akway and wht they they. A person who talks the way the president talks, dow yoejt want to towel fuld. I think they were doing the right thinged an tackle were p i thought it was the groups don i ohm not sure obviously haves very radical feelings about the man but at the same time, violence never cured anything to endorseny sri lens okay they have stepped up to the plate. I think thats what a ceo does he has to represent all of those people. Hey, gordon if the president tried to resurrect a counsel in a year, wouldyou try to join yes the country wants change and thats why he voted in they can help him identify the correct changes to make. Without them hes suffered if he wanted to resurrection it, im sure he could. Im not sure im a fwad one but there are pretty smart people hes going to miss but he needing them. Yet another terrorist attack in barcelona all of the airlines have to tell us when it came to travel to europe, they were sue of it. What have you been seeing when it come s to that . Theres a certain amount of conditioning thats been happening to travellers the last few year it really hasnt hit a doublegy light but over the time it will. Nobody wants to fly into a war zone all right, mr. But anthoethu have you talked to anybody in your excellent reporting that said if bannon goes, were going to be able to work more closely together wu thing thats clear is steve bannon had espoused so somieds thsomie that were in kconfliction. Steve bannon the one reportedly advocated for the 44 top rautd for the wealthiest americans and that the skpajt brady. Theyre very foe cutted out getting rates home he says, quiet, rate production is key every breath that congressional lawmakers use to denounce the kkk is the breadth of not talking about it this is the administration of putting this events behind them. It could be. President trumps support will be b critical to the tax reform. You saw him starting to spread the responsibility for getting this type of legislation through both not Just Congress but the administration they have shown they can move forward over the next few days over the weekend, the american prosperity, theyre having their annual submit in richmont. Wilbur ross is going to be there as well as other key republican lawmakers and republican candidates for office. So that will be an attempt to see if they can move past the events and their vision is. I wonder if we got a foreshadowing of Steve Bannons take reform . He was a puj proponent of it earlier you heard he was on board. Or at least a border tax he was part of that nationalist movement within the administration think that border tax was dead in the senate. Did the white house jump on board and read the tea leaves and realize what was going on anyway im unclear if that was a ball move about ott the hill. Youll see him and mick machine continue responsibilitying together on monday it will be a chance. Thank you joining us now on the cnbc newsline is sara fagen sarah rjs ra sara, welcome. Thank you steve bannon caused a lot of discourse with his colleagues. Love him or hate him, he was not a force of dialogue within that building removing him is a positive step and puts the chief of staff more in charge of the teak. How does the message get back on message and what is the message he ought to get back on. Right now he needs an accomplishment and the fastest way to do that is to focus almost exclusively on tax reform. There are a ton of things. Get a tax reform package pass through the congress and sign and he needs something he can point to as an accomplishment. Theres a lot of agreement on the need for tax reform, and so this is still doable although theres fighting in the west ring i dont think the republicans on capitol hill are any way to jump and do it but hopefully they can still come together. We were talking a few moments ago who the in the white house can help him the moefrs in the house. Or there smeb else youre right. Hes well respected. Well liked he comes from that body, conservative, and theyre weighing the Republican Party depending whats in the package they put forward but if he can help navigate that, you know, the thing about alda and the president has lost a number of them. If you look, hes turned over his staff. Theres still a lot of good people there former attorney general jeff sessions, very well respectedlet his deputy chief of staff in the west wing. Thats someone who can help him. He does have a team there who can get a package done, but theyve got to get together and basically be exclusively focused on it. Im sure you know of some who turned it down if you were asked to work in the white house, this white house, would you . I would new york work in this white house. Mostly it eefrs my concerns of the way the president has run the west wing. I think there are people willing to serve and looking at the greater good of the country and they think theres things to be accomplished there are many of them who say ive got to do what i can to be helpful here i do think, you know, before then more people were willing to serve. I think if it lasts or some more staff resigns, boy, things would get very, very difficult in the recruitment process. When bob pisani returns when we put up the deco, thats the thing at the bottom of the white house, there was a cheer at the knock exchange. Can you splice and dice that to what degree would he have had on the fast refurj or immigrati immigration, its is. Look it most of the time they were if somebody had pushed trump to the right on these issues, trade policies that would not be good for this economy, tax policies, that would not be good for this economy. And so the fact that hes now on the outside, i think those traders and folks on the floor under that makes it more likely that something meaningful can get done, that its goic to be a balanced approach thats going to grow the economy. Sara, thank you very much as always, we appreciate your time we put you on double duty. We appreciate it. Thank you. Heres whats happening at this hour. Police in finland say two people have been killed and six others injured. Police say they are looking for more potential suspects. Spains Prime Minister convening a security meeting with Government Officials after two vehicular terror attacks which killed 14 people and injured 120 more among those. The Prime Minister and political Prime Minister theyre calling for him to resign the president seemingly supported white sue prem sichl and facebook founder mark zujer berg plans to take two months off for the birth of his first daughter he took time off with max and was grateful he had the time theres max. Thats the Business News at this hour power lunch. Track your pack. Set a curfew, or two. Make dinnertime device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. Introducing xfinity xfi. Amazing speed, coverage and control. Change the way you wifi. Xfinity. The future of awesome. S. Big news of the day, steve bannon has been pushed out of the white house. Were showing you this picture from january 28th when President Trump was on the phone with Vladimir Putin we want you to take a look general michael flynn, hes gone sean spicer, used to be the White House Communications director, hes gone. Steve bannon, gone, reince priebus, gone. The only two left, President Trump and michael pence. Major turnover this is less than seven months ago. Lets go to john harwood. Have you got thoughts on where he might go from here. Bannon on the outside may be sort of just as fractious as he was on the inside. Well, that is exactly right, tyler, and maybe even more so. We revolves him to return to breitbart news, which had been his platform before he became Donald TrumpsCampaign Just tweeted out, war if he cant play nice within Donald Trumps white house, you can revolves hes going the use his platform to go after people like gary cohn and others that he considers too liberal or moderate from the yourseoutside. Breitbart has a lot of influence over what it speaks to not only President Trump but members of congress who fear primaries against republican opponents so its possible he could make more china outside the white house than he does inside. Hes pretty harsh in the white house. When i read the most recent interview in the magazine, he names names of people within the white house. Its startling how strong he is. Unless you believe he had submitted his resignationed on august 7 and you knew he was going to be out, you would say, ah, twhases he exit interview oftentimes people in the white house if their fate is uncertain, they might prepare a res ig nation letter and hold off turning it in. We dont know if steve bannon didnt have one to use as a cover when he was leaving. Th