Good to have you back. The dow trading at yet another record high this morning, before trading into the red just now. The nasdaq largely left out of the rally last week, added to its losses this morning, but its not just stocks. The dollar trading near 13month highs, the tenyear lead at its highest level since january, and, roger, a lot of people unprepared not just for the political outcome, but the market response to that outcome. Clearly, if the last few sessions are any indication, were in for more chop. I have no idea where this is going to shape out, but seems the one thing that had to happen, the surprise was so great, there were two or three industries, like banking and other regulated places, where essentially we saw 180degree shift that moved from clinton to trump meant you were going to go from heavier regulation to essentially much less regulation, and for bank stocks in particular, that caused a massive increase in enthusiasm. Which is understandable. So, as that repricing takes shape, do you believe the markets will start to bet in the longer term on pro growth policies that they think will happen on trade, infrastructure, energy . Well, i think if pro growth policies happen, yes, of course they will. You know, i think the core question is, where will the priorities in the new administration be, and i think especially of the new congress, you know, the new congress has some agendas, you know, related to Social Security, medicare, and dismantling the safety net. And, you know, that will be good for some industries, and i think bad for a lot of people. And well have to see how that turns out in the market, because, you know, its not clear how much is going to get done. I dont know which priorities are going to turn out. Carl, kayla, heres the problem, if you look at whats done really poorly over the last week, look at netflix down 10 over the last week, amazon down 8, google down seven, facebook down six, apple down 5 , microsoft also down about 5 . I mean, these are the things if innovation is sleeding, if youre expecting a growth economy, that you would hope to be growing. Were talking mobile, cloud, American Companies that are exporting innovation around the world. If youre looking at major indexes being up, i think youve also got to question where are these stocks down . Well, actually, john, i think thats a poor point, because i think that the big moves have been in stocks with, as i say, that were expected to be heavily regulated. Think about energy stocks, think about banking stocks, and those are not the growth sectors of the economy. Those are, you know, obviously old economy businesses that would likely, you know, people expect them to prosper under a republican congressional control. Well, a lot of the legislation, roger, would not only be new legislation, but it would require Something Else to be repealed. Financials would require some roll back of dodd frank, health care would require some rollback of the Affordable Care act, but it seems that tack reform and Infrastructure Spending are the two things you dont need Something Else thats already in existence to go away for that to happen, so how do you expect that to actually play out, and how long is the time period before we get those done. Is it a first 100 days type thing . Kayla you know, i would be shocked if anybody who claimed they had a clue really did have one, you know, i think that its been a long time since weve had one Party Controlling all three branches of government, and, you know, thats clearly where were going to wind up here. And it seems to me that in that environment, you know, the republicans are going to have to make some choices, because they can pretty much do whatever they want and theres an awful lot that theyve promised people and i dont know theres time to get it all done, so they are going to have make choices, which ones go first is not something i have any clue about. Yeah, tough one to read. Meanwhile, roger, we switch to social media and the election. Mark zuckerberg continues to defend the network amid reports fake news stories helped sway the election in trumps favor. This is an area where i believe we must proceed very carefully, though, identifying the truth is complicated. We must be extremely cautious about becoming arbiters of truth ourselves, adding its extremely unlikely hoaxes changed the outcome of the election in one direction or the other. Its not just facebook and its not just leading up to the election now, roger. Lots of examples even today of a search about the popular vote and Different Things that even google will give you right now. So, i think that facebook is in a really difficult situation right now. You know, i think that the problem were looking at has more than one level. The fake news thing, so the storys actually been dug into pretty well. There was a report last week about a Little Community in macedonia where there are 46 or 47 businesses generating fake political news in the united states, and they initially tried to appeal to both left and right, so sanders, as well as trump. What they discovered was that actually it didnt pay to focus on the left, that all the economics were on the right, and i think thats partly because you had fox reenforcing all the negative stories, but the net of it was they built real businesses doing this, and it was asymmetric, only on the right. And i think from facebooks point of view, you know, they sit there and go oh, my gosh, this is an unintended consequence of something we did that was meant to make people happy, not unhappy. Facebook isnt blameless, roger. Sorry part of the problem seems to be how facebook surfaces related stories. They have the people also shared underneath and theres no vetting, it seems, based on what the source of what people shared or why they shared it. Carl, i actually think its quite a lot worse than that. This is an absolutely predictable result of a set of choices facebooks been making for years. And essentially it was discovered i want to say five or six years ago there was a ted talk given by a guy named eli who created a site called upworthy and noticed in both google and facebook they had what he called filter bubbles, where by surfacing things they thought you were interested in, they would wind up reenforcing preconceptions, and what i think nobody thought about at the time was that could be exploited politically to produce really negative outcomes. In this election, the outcome that the republicans were trying to produce was to lower turnout. And if you want to lower turnout politically, the simple way is discuss people, make them feel like the process is broken, and so all of this negative stuff that was generated, which was phony and a lot of it coming from outside the u. S. , had a tremendous affect at dampening enthusiasm and it was asimilar etic and no way facebook can duck this. I think they didnt do it on purpose, right, and i think they have that in their favor. When you have 1. 8 million sorry, 1. 8 billion members globally, you dont get a free ride op unintended consequences. You do have to address them, and i think they made an important move last week in response to a story about the ability to use facebook tools to essentially exclude people based on race or religion or any other demographic characteristic. Facebook stopped that out relative to housing and other places where its illegal. But again, inherent nature of the network causes this problem. Doesnt facebook have to question whether it should consider funding, incorporating Something Like snoeps into its platform . You have to go and check with some source and see if the facts are legitimate and theres also the issue facebook itself, just the way its laid out and structured is grounded in the idea that people are vetted by their connections, that the people are real. Thats why, arguably, theyve succeeded, friendster didnt, twitter struggles with that. The question is, should facts be vetted on facebook Going Forward now that youve got this built out network of people, do facts matter at all . Facebook seems to be struggling with that. Well, i do think they are struggling, and i think the key thing to understand is, ive really tried to dig into this and i believe the people of facebook recognize this as a huge problem. Its super hard to admit this, to say, yeah, we really screwed up, but i think there are a lot of people in there who are deeply concerned about the problem. And it is not easy to solve, because as you pointed out, carl, it is essentially inherent in the way that the algorithm manages your news feed that reenforces your preconceptions, so breaking that risks breaking the entire model. I do think there are things, as you say, like a snoeps like system that would be really, really helpful, but you can anticipate where failures are going to occur and i would say the ad tools that allow people to discriminate based on various demographic characteristics, including race and religion, are obviously open for exploitation by people with bad political intent and we live in a time where bad political intent is epidemic, not just in the united states, but throughout western europe and other parts. Absolutely. By the way, just to be cleared, john was asking you that prior line of questioning, ill add my own, and that is whether or not you see maus at risk here. Out of frustration at facebook, Farhad Manjoo writing in the times maybe its time to detox from twitter. Are you thinking about that . Ive already detoxed from twitter. I went off of twitter about a year ago simply for the reasons everybody is doing it now, just the signal to noise was unacceptably low. Facebook serves multiple functions in the economy right now, and i looked at it in my own life and i would like to radically reduce my exposure to it for political things, but its an incredibly useful service, so i dont want to cut it off, because it does so much thats good. And i honestly do think they can make enormous progress on this and for a lot of people inside the company are committed to that, but i do think we have to sit there and help them get there by pointing out, look, this is really unacceptable behavior and trying to pretend, you know, i understand why from their point of view they dont want to admit theyve made a horrible mistake here, but it is really important to accept that a terrible thing has happened and they are at least partially accountable for it, and that their system is set up now that it can happen again if they arent really, really careful. We live in a time where for whatever reason theres a tremendous amount of intolerance, a lot of intolerance for people who are different from us, and its not right, its not fair, and facebook can, if it chooses, find a way to, you know, maybe reduce the ability of people with bad intent to harm others, and i think its really important that they do so. Roger, i do see some activity on your twitter feed earlier this week, not trying to split hairs here, but on the engagement question, even for people who enjoy the engagement during the election, who did not end up jaded, disillusioned by the type of content that they were seeing, do you think just the fact the election is now in the Rearview Mirror will have a negative affect on engagement for facebook, twitter, other platforms that are reliant on those clicks . Its hard to imagine that it wont. By the way, not just for facebook and twitter, i would expect cable news to really be affected by this. And, you know, i think everything, because people got into a, you know, this compulsive check, check, check, whats going on, whats going on mode, and, you know, i think, obviously, on one side the disappointment is going to cause some kind of backlash, and i think for the folks who are really happy about the outcome, you know, now youve got a different situation. Now theres nobody to blame, right, theyve got, you know, the dog bought the car, now what are you going to do . Its like, i look at this and i go, you know, i think its going to be very hard to govern right now. I think the country is, obviously, deeply divided. It looks like the popular votes going to wind up between 2 or 3 million in favor of secretary crameric clinton and thats a gap that suggests no mandate. I think the sarkt is going to have to sort this out, its going to be tricky. Its been caught by surprise and im not sure where any of this comes down. All we can do is sit back and wait for these dislocations, roger, to right themselves. Its good to see you, thanks again. I think its going to be a wild ride. Yeah. Roger mcnamee. Look out for your neighbors. Look out for your neighbors. Theres a lot of intolerance. Im wearing this pin right now, listen, if you need a friend, right, were out there. Yeah. Not everybodys theres a movement afoot on that front, as well, especially in new york city. Roger, thank you so much. When we come back, samsung making a multibillion dollar bet on car tech. Details on that deal. Then aol cofounder will join the show, how a Donald Trump White House will affect Silicon Valley. Later on, she slammed trumps economic policies during the campaign, saying theyd add trillioning to the National Debt. Committee for a responsible federal budget president will weigh in on his win later this hour. Were drowning in informa. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Ways wins. Especially in my business. With slow internet from the phone company, you cant keep up. Youre stuck, watching spinning wheels and progress bars until someone else scoops your story. Switch to comcast business. With highspeed internet up to 10 gigabits per second. You wouldnt pick a slow race car. Then why settle for slow internet . Comcast business. Built for speed. Built for business. Samsung electronics is acquiring u. S. Based audio and Video Electronics supplier, the deal is valued 112 per share in cash or about 8 million. Thats a 28 premium. This is samsungs biggest acquisition in its history. The South Korean Electronics giant says harman will operate as a stand alone and plans to keep the headquarters and facilities. Given everything samsung has been through with the galaxy note 7 recall, this is a particularly interesting buy. The connected car is a space a lot of people are excited about. Look at what qualcomm just did as far as its acquisition. I guess the question is, do you get into that in a powerful way with a legacy purchase . Which is what harman is as innovative as it is. Do you get it doing that, or is it more of a Software Move where samsung should have done something on its own . Is this a shot across the bow at car play . Yes and no. In a way it puts them in position to do something in the car, but im not sure it puts them in the position to do something samsung specific, because harman plays so broadly, especially in the premium space against so many brands. And they are going to keep it separate. They are. Which is not traditional when you do a deal that big. But samsungs got so many separate subsidiaries, whether its heavy industry if you look at samsung as a whole, theres that. And the ceo will be on mad bob and shan mad money tonight, as well. Interesting to see what he has to say and how this will fit into that gargantuan samsung corporate structure. Indeed. Still to come, aol cofounder steve case on donald trump and how the win will affect investing in the valley. And we speak to Maya Macguineas. Shes worried trumps policies could add trillions to the National Debt. Stay tuned. Is it a force of nature . Or a sales event . The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. bing . Lets get a quick market flash here, go back to headquarters and check in with meg. Looking at shares of puma buys as shares are plunging at data coming out ahead of the san antonio Breast Cancer in september as these data show worse gastric side effects of their Breast Cancer drug as we have seen from previous studies. This is a side effect thats plagued this drug. They are trying to control it, but folks telling me the data today look to be worse in the side effect profile, so shares down at least 26 in pugh machlt. To politics now, Silicon Valley leaders, peter teal not withstanding, but just how are entrepreneurs, investors, and the tech sector at large prepping for the now president elect . Joining us now aol cofounder and chairman and ceo of revolution, steve case, also author of the third wave. Steve, you argue that this is a textbook case of disruption coming to washington. President elect donald trump is not ham strung by a partys ideology, so what do you think is the policy outcome from his administration . Well, i hope its really two things. I hope he really does bring the country together and Work Together here in washington, d. C. , in a bipartisan way to get things done, and i also hope he builds more of a bridge between innovators in places like Silicon Valley and people all across the country. We call it the rise of the west. We need to make sure the job creation, Innovation Energy of this economy is broadly dispersed and part of the frustration we saw last week with the election, a lot of people feeling left behind, left out, and they need to be part of the economy, we need a more inclusive economy, so hopefully i was not a supporter of trump, to be honest, i was supporting Hillary Clinton, but the American People have spoken. Now we need to move forward in a bipartisan way to make sure he remains the most innovative nation. We can only do that if people are focusing whats happening across the country. You know, the outreach to Silicon Valley, steve, was a hallmark of at least the early part of the Obama Administration before issues like encryption and Cyber Se