Transcripts For CNBC Squawk Box 20151012 : vimarsana.com

The whole thing. I saw it live. Watched all the playoff games. Its a tough slide. He wasnt going for the bag. He didnt get the bag, he didnt touch the bag, neither did tejada. The damage is done. They let him stay at second and then the rest is history. The mets lost that game after all was said and done. I think they suspended him initially. Broken leg. I was saying get up. Get up. It looked like a hard hit. I didnt know he had a broken fibula, which he did. Ah. You know, utleys done it before. In fact, you can go back and find a quote about tejada when he slit in 2010, same thing happened. I thought it was a good idea to suspend him to let tempers cool because other people are saying, hey, you play second base, too. Other people do it to you. Exactly. Someones going to go in from the mets and well see, but i thought it was a good idea to suspend his. You thought it was absolutely purposeful. It was. Everybody does that. It was important to break that double. It was a key time because if that they would have won the game if they had turned that double play. Would have been the third out. Yeah. A lot of sports this weekend. A lot of president s cup, football. Football. What do you like . A team in cincinnati that i dont follow closely. So i hear. Joes no longer a fan of the bengals. Theyre doing great. I watch ron fox playing seattle. Saw the entire game as a casual observer with no skin in the game whatsoever one way or another. Didnt care. So its working for them. Its working for them because they have never in the history of the franchise come back from down 17 points with six minutes left. Best thing that ever happened to them. The field goal in overtime hit the post and glanced through. Your buddy, tyson said the way that the earth the way that the earth rotation of the earth. Was moving skewed the ball by 3 8 of an inch which caused it to go. We have a National Physicists explain why theyre winning . Explain why. The u. S. Equity futures, if you want to take a look youll see that at this point it looks like the markets are relatively flat. Dow futures down by 2. 5 points. Nasdaq down 2. 5. S p flat. This comes after a pretty good week for the markets. Lets get you caught up with some of the other big stories were watching this morning. Glencore a to nounsing plans to sell copper mines in australia and chile. Anheuserbusch may raise its takeover bid. They face a wednesday afternoon deadline for a formal bid. Sabmiller has rejected three attempts. Speaking of deal sources tell us that dell now set to announce a roughly 65 billion takeover of storage provider emc as early as this morning. It will be the largest such tech transaction ever. Also sources tell us that theres a good possibility that there will be a go shop as part of this deal. Its very possible they will announce this transaction today. Of course, they will open it up for 60 days or more to see if they can get a better deal. We could be continuing to talk about this. Like . Hewlettpackard. If you remember, there was conversations with hewlettpackard. Cisco perhaps . It depends how far afield you want to go. If you remember when dell had a shot on its own transaction, carl icahn showed up and forced dell to pay more money. About 350 million i think was the total number. Why did this go to 65 billion . I thought it was 50 billion . I believe its 50 billion with debt. Its 53 is where it closed on friday. 53 billion. Adding in debt . Shouldnt do that. We will look for this to cross the table. Andy dalton looked better than tom brady. The defense looked like the steel curtain. How is this happening . Because youre not a fan. Ive got to take off a year. Cant go back. Cant come back. That would ruin it. In other Corporate News ferrari is setting up the ipo range saying it expects the u. S. Listing to be priced between 48 and 52 a share. That would value the company at 9. 8 billion. Parent company Fiat Chrysler will sell up to 10 of ferrari. Ford announcing it will invest 1. 8 billion in the next few years to expand r and d in china. And General Motors says its china auto sales dropped nearly 4 year over year. Theyre selling 2. 9 million vehicles in china. Chinas quality watchdog announces it is highly concerned about the volkswagen emissions issue. The countrys Environment Ministry said it would launch an investigation into vw. See, beijing, got a bad reputation, volkswagen, its not us. Were not the polluters . Not the chinese government. The diesels have been polluting, beijing would be wyoming. There did you. Lets talk about Global Economic news. Fed vice chairman Stanley Fischer says the fmoc is likely to raise rates. He cautions that in his words an expectation, not a commitment. He was speaking at the imf this weekend. Fischer says things could change pushing it further off the course. A majority still expect a fed hike this year. The poll by the National Association of business economics also suggests that the economy will grow at a slightly faster pace than previously forecast. And in Global Markets news, a big jump for chinese stocks. The shanghai composite rising to a seven week high. Among the catalysts for todays rally. They took fresh steps to inject liquidity into the economy. They will expand a Pilot Program using high quality credit assets as could he lateral. The pbocs Deputy Central Bank governor is quoted saying the chinese stock Market Correction is, quote, almost over. Lets get another check on the markets which shows you that the futures are relatively flat. If you look at last week though, the dow is up by 3. 7 for the week. The s p is up by 3 1 4 . You are talking about one of the best weeks weve seen for every one of these indices. This morning in the early trading youll see at this point things are relatively missed. It looks like the dax is up by 1 4 . You see declines over. 3 of a percent. The cac, the ftse. Overnight in asia you saw the nikkei was up by 1. 6 . Markets in china with the hang seng up 1. 2 and shanghai up by 3. 25 . Oil was the biggest of the gains in the commodities market. You saw the biggest rally that theyve seen since last december. This morning it looks like oil is still hovering right around 50 a barrel. 49. 80 a barrel. Lets check out whats been happening in the bond market. Youll see that the ten year note is yielding 2. 099 . If you were to look at whats been happening in the Foreign Exchange markets youll see that the dollar is down across the board. Euro at 1. 1381. Finally gold prices look like they are up slightly. A gain of 8. 40 to 1,164. 30 an ounce. All of those things mirroring the rebound in emerging market currencies and commodities and be stocks going up. All of that because of the fed. Yeah. The feds not going to do anything. The emerging markets are begging them to now they dont want them to do it. There was a meeting this weekend in peru where Stanley Fisher was meeting. The emerging markets, some of the central bankers said do it. The dithering back and forth thats the only reason they had such a great week. Joining us is allyson deans with aa deans advisory. And we retraced, allyson, 50 of the selloff in the market. Last week it was all about oil, all about commodities, all about emerging markets. Its as if the world thought they wouldnt be in russia. They lisened to them that it would be 2015. I dont know if they believe 2015 anymore for a hike. No, because everything seems to be slowing overseas. I thought there would be a hike this fall. Increased political instability, the crazy chbs of our politics, i think theres a lot going on that have made corporations pull in their horns. The job market is a bit more uncertain. Janet yellen cares a lot about the employment environment. I think they might be more cautious. What do you attribute the retracement of basically 50 of losses in the market to . Suddenly bad news became good news again. But when you look at all of the way it filters through the Global Economy, a weaker dollar probably will help whats ailing some of these emerging markets and commodities. Think about that really, really hard. Did you see how he might not have heard you. You think thats the problem . I told the guy to make sure you check everyones mics. Maybe they didnt check are you back now, john . Yeah, im here. I mean, this better be a good answer because youve had like a couple of minutes to think about it. No, my question was what do you attribute the rebound in the equities markets to . It coincided with the dollar the notion that maybe the dollar stays weak because the fed doesnt move for a while. That helped commodities. Its a weird thing for the equities markets to want commodities to go up, but when youre worried about deflation, i guess it makes sense. Well, ill tell you two things. One, the reassurance that the fed is less likely to move this year and then the second i think the intervention in china suggesting that, yes, theres probably less optimism with respect to chinese Economic Growth but Financial Markets and the central bank are moving ahead to stabilize. The economys not going into any kind of recession in china. So that pessimism is a little bit overplayed. There are two elements, one, the fed less likely to move by the end of the year. Second, their optimism on china that there is some stability there. Youd have to think if you were a casual observer, alison, that the markets are fickle about what they want. The selloff looked like it was precipitated by the fed not moving and then the rebound was precipitated by the fed not moving. That does correct the volatility, joe. I think thats what becky was talking about earlier. Thats where the volatility comes in. You really expected this em to move in june, very likely in september especially after Stanley Fischers mentioning that their expectations on inflation was reminding. I think some of it is that people wanted to see the fed increase rates because it meant things were Getting Better and we now have momentum and all of a sudden global uncertainty, the problems in china, all of these Different Things cropped up and then there was concern that the fed might continue with their promise to tighten rates in an environment that seems to have deteriorated. It almost makes sense that a weak dollar right now, normally youd want a stronger dollar. A weak dollar right now, we probably should accept that for since were you know, were in a Global Community now. I heard that yesterday, the president. Isis is only going to be community organizer. Only going to be solved by community of nations. Not going to be solved by him. For the world and the u. S. Corporations. U. S. Corporations. A weaker dollar is probably something that we should live with for a little while. We dont want it necessarily to go to 1. 05 on the euro. Unless youre planning a trip. Emerging markets needed. This he have dollar denominated debt, too. They need go ahead, john. Youre right on that. Its important for investors to remember that over 1 3 of the earnings of the s p 500 are earned abroad. Second, yeah, youre right. There are still emerging markets where issued debt that has to be repaid and if the dollar gets more expensive for them, its going to be more difficult for them to repay that debt. All right. Now im wondering im just as bad because now im wondering whether i shouldnt have raised, you know what i mean . It figures. Cramer now thinks they should raise. Now im thinking they shouldnt. Flip sides . Yes. Look, it tells you how strange these times are and how people are really trying to figure out what the underlying economy is, not only here but abroad. Were right on the cusp. Are we better or getting weaker . I dont think were Strong Enough and as a result theres a concern about whether higher Interest Rates will create problems. All these fed heads are saying that Global Concerns are much more paramount now than they were in the past. Theyre all sort of acknowledging that. I think its true. If you look at the the fed so now the whole world is on janet yellen. If youre talking about trying to expand trade and trying to become more reliant on each other, globalization comes with that. Or we have addicted the entire world to cheap money. Thats probably not a good idea. More and more debt, that solves things, john . Were so leveraged out globally, right . Its not private sector now, its public debt . Yeah. A lot of the public debt out there. You know, in my view, joe who bales us out . Is matt damon still up on mars . Is there another can we go beyond the earth . Theres no one left to bail us out here. No, there isnt. The challenge i think quite frankly from my personal view, 25 basis points isnt the problem in a lot of these emerging markets. Brazil, russia, 25 basis points isnt the problem. Its the lack of reform over the last couple of years. You talk about mexico and spain, there has been significant reform. The 25 basis points to me is not the fundamental issue except for your earlier point about repaying debt existing thats outstanding. John, thank you. Alison, thank you. Did you watch did you watch last night . I watched nothing. You didnt see obama with steve kroft . Zero. You didnt see that . Zero. What do you think is your what is incumbent on you to prepare for coming here. He was working on other stuff. This this this dell thing . Theres other stuff going on. I have work to do. While youre watching Television Im im working i was watching walking dead. That was preparing for the show. Steve kroft is thought of as the patsy for obama. He rolls over. Youre trying he tried to he tried to act tough. Obama was hes pretty good. I will say that. And he did say a couple of things. He talks about a lot of things. He talked about hillarys email, donald trump. Syria, he said, look, he didnt say im not leading on syria. Thats not a big deal. Syria, isis. Leading on Climate Change and Something Else he said, and kroft was like, okay, all right. Kind of rolled over on that. Im going to roll over now. Coming up, hundreds of southwest flights delayed by Online Booking problems and the pain might not be over yet. What you need to know before you head out to the airport. Take a look at this date in history. Hi, im allen green space. Space in the bahama. Those are four really good words. Im going to be me. I never wear this tie again. That was his favorite tie and he wore it did you give him grief . Yeah. God, the tie again. Annudrew, you thought it was only you. Haynes actually fought back. He was really he was tough and quick so youre just arguing im a rollover. No, no the a rollover. You have more important things to do. Welcome back. Were celebrating the 20th anniversary of squawk box. Come celebrate throw back thursday with us in the plaza from 7 00 to 8 00 a. M. For tickets send an email to squawk boxtbt cnbc. Com. Tickets . Come in here . Throw back thursday. Theyre all going to be out here. You need a ticket to stand on the plaza . Yeah. I like the way were doing this, pretending that somehow you cant just stand there. Standing room . Whose idea. Thats good. Thats clever. Until we gave it away. The government does things like that. Yeah. So theyre going fast. Yeah. Look outside. Hard to get a seat. There was one guy that looked like he was going to guys, you have to try to create the whole thing with seating and an area. They were actually going to for real. Not this kind of fak thing. What happened to the madman bench. It disappeared. The bench that was there . Lets get you caught up with some of the headlines this morning. We had just mentioned before the break Southwest Airlines now says that hundreds of flights have been delayed by a technical glitch. The company is warning that passengers flying today must print out their boarding passes before going to the airport. We had this conversation last week about whether to use your phone or not. The company is using backup systems to check in people who dont have a printed or mobile boarding pass. You can use that. There was a little bit of confusion there. Southwest isnt telling us what caused the problem but it does say theres no indication hacking is involved. Lets turn now to politics. There are only 16 days left until the next gop debate which cnbc will be hosting from boulder, colorado. John harwood is looking at the biggest issues on the table. He joins us from boston. John, what are you kind of digging into today . Well, becky, the fate of Social Security and medicare is one of the issues that has been overhanging american politics for years as the baby boomers move closer to retirement. The default political decision is to leave them alone. Theyre very popular programs and anything you do to raise taxes or cut benefits is unpopular. Thats the positions taken by mike huckabee, former governor of arkansas, the leading government pop pew lous in the race. There are some that propose to safe the safety net like medicare and Social Security, we ought to chop off the benefits to the people promising them that their money would be waiting for them when they were old and sick. My friend, you were forced to pay for Social Security and medicare for 50 years. The government grabs the money from our paychecks and says itll be waiting for us when we turn 65. If Congress Wants to take away someones retirement, let them end their own congressional pensions not your Social Security. Now interestingly, thats also the position taken by donald trump who says his tax plan is going to spur so much Economic Growth that well have enough tax revenue that we wont need to cut those programs. I talked to marco rubio last week, the senator from florida. He says, that is not happening. You also have to do entitlement reform. You cant cut your way out of this and you cant tax your way out. Trump says you grow the economy, you dont have to touch them. Thats not true. The numbers dont add up. The growth in medicare and National Physicists<\/a> explain why theyre winning . Explain why. The u. S. Equity futures, if you want to take a look youll see that at this point it looks like the markets are relatively flat. Dow futures down by 2. 5 points. Nasdaq down 2. 5. S p flat. This comes after a pretty good week for the markets. Lets get you caught up with some of the other big stories were watching this morning. Glencore a to nounsing plans to sell copper mines in australia and chile. Anheuserbusch may raise its takeover bid. They face a wednesday afternoon deadline for a formal bid. Sabmiller has rejected three attempts. Speaking of deal sources tell us that dell now set to announce a roughly 65 billion takeover of storage provider emc as early as this morning. It will be the largest such tech transaction ever. Also sources tell us that theres a good possibility that there will be a go shop as part of this deal. Its very possible they will announce this transaction today. Of course, they will open it up for 60 days or more to see if they can get a better deal. We could be continuing to talk about this. Like . Hewlettpackard. If you remember, there was conversations with hewlettpackard. Cisco perhaps . It depends how far afield you want to go. If you remember when dell had a shot on its own transaction, carl icahn showed up and forced dell to pay more money. About 350 million i think was the total number. Why did this go to 65 billion . I thought it was 50 billion . I believe its 50 billion with debt. Its 53 is where it closed on friday. 53 billion. Adding in debt . Shouldnt do that. We will look for this to cross the table. Andy dalton looked better than tom brady. The defense looked like the steel curtain. How is this happening . Because youre not a fan. Ive got to take off a year. Cant go back. Cant come back. That would ruin it. In other Corporate News<\/a> ferrari is setting up the ipo range saying it expects the u. S. Listing to be priced between 48 and 52 a share. That would value the company at 9. 8 billion. Parent company Fiat Chrysler<\/a> will sell up to 10 of ferrari. Ford announcing it will invest 1. 8 billion in the next few years to expand r and d in china. And General Motors<\/a> says its china auto sales dropped nearly 4 year over year. Theyre selling 2. 9 million vehicles in china. Chinas quality watchdog announces it is highly concerned about the volkswagen emissions issue. The countrys Environment Ministry<\/a> said it would launch an investigation into vw. See, beijing, got a bad reputation, volkswagen, its not us. Were not the polluters . Not the chinese government. The diesels have been polluting, beijing would be wyoming. There did you. Lets talk about Global Economic<\/a> news. Fed vice chairman Stanley Fischer<\/a> says the fmoc is likely to raise rates. He cautions that in his words an expectation, not a commitment. He was speaking at the imf this weekend. Fischer says things could change pushing it further off the course. A majority still expect a fed hike this year. The poll by the National Association<\/a> of business economics also suggests that the economy will grow at a slightly faster pace than previously forecast. And in Global Markets<\/a> news, a big jump for chinese stocks. The shanghai composite rising to a seven week high. Among the catalysts for todays rally. They took fresh steps to inject liquidity into the economy. They will expand a Pilot Program<\/a> using high quality credit assets as could he lateral. The pbocs Deputy Central Bank<\/a> governor is quoted saying the chinese stock Market Correction<\/a> is, quote, almost over. Lets get another check on the markets which shows you that the futures are relatively flat. If you look at last week though, the dow is up by 3. 7 for the week. The s p is up by 3 1 4 . You are talking about one of the best weeks weve seen for every one of these indices. This morning in the early trading youll see at this point things are relatively missed. It looks like the dax is up by 1 4 . You see declines over. 3 of a percent. The cac, the ftse. Overnight in asia you saw the nikkei was up by 1. 6 . Markets in china with the hang seng up 1. 2 and shanghai up by 3. 25 . Oil was the biggest of the gains in the commodities market. You saw the biggest rally that theyve seen since last december. This morning it looks like oil is still hovering right around 50 a barrel. 49. 80 a barrel. Lets check out whats been happening in the bond market. Youll see that the ten year note is yielding 2. 099 . If you were to look at whats been happening in the Foreign Exchange<\/a> markets youll see that the dollar is down across the board. Euro at 1. 1381. Finally gold prices look like they are up slightly. A gain of 8. 40 to 1,164. 30 an ounce. All of those things mirroring the rebound in emerging market currencies and commodities and be stocks going up. All of that because of the fed. Yeah. The feds not going to do anything. The emerging markets are begging them to now they dont want them to do it. There was a meeting this weekend in peru where Stanley Fisher<\/a> was meeting. The emerging markets, some of the central bankers said do it. The dithering back and forth thats the only reason they had such a great week. Joining us is allyson deans with aa deans advisory. And we retraced, allyson, 50 of the selloff in the market. Last week it was all about oil, all about commodities, all about emerging markets. Its as if the world thought they wouldnt be in russia. They lisened to them that it would be 2015. I dont know if they believe 2015 anymore for a hike. No, because everything seems to be slowing overseas. I thought there would be a hike this fall. Increased political instability, the crazy chbs of our politics, i think theres a lot going on that have made corporations pull in their horns. The job market is a bit more uncertain. Janet yellen cares a lot about the employment environment. I think they might be more cautious. What do you attribute the retracement of basically 50 of losses in the market to . Suddenly bad news became good news again. But when you look at all of the way it filters through the Global Economy<\/a>, a weaker dollar probably will help whats ailing some of these emerging markets and commodities. Think about that really, really hard. Did you see how he might not have heard you. You think thats the problem . I told the guy to make sure you check everyones mics. Maybe they didnt check are you back now, john . Yeah, im here. I mean, this better be a good answer because youve had like a couple of minutes to think about it. No, my question was what do you attribute the rebound in the equities markets to . It coincided with the dollar the notion that maybe the dollar stays weak because the fed doesnt move for a while. That helped commodities. Its a weird thing for the equities markets to want commodities to go up, but when youre worried about deflation, i guess it makes sense. Well, ill tell you two things. One, the reassurance that the fed is less likely to move this year and then the second i think the intervention in china suggesting that, yes, theres probably less optimism with respect to chinese Economic Growth<\/a> but Financial Markets<\/a> and the central bank are moving ahead to stabilize. The economys not going into any kind of recession in china. So that pessimism is a little bit overplayed. There are two elements, one, the fed less likely to move by the end of the year. Second, their optimism on china that there is some stability there. Youd have to think if you were a casual observer, alison, that the markets are fickle about what they want. The selloff looked like it was precipitated by the fed not moving and then the rebound was precipitated by the fed not moving. That does correct the volatility, joe. I think thats what becky was talking about earlier. Thats where the volatility comes in. You really expected this em to move in june, very likely in september especially after Stanley Fischer<\/a>s mentioning that their expectations on inflation was reminding. I think some of it is that people wanted to see the fed increase rates because it meant things were Getting Better<\/a> and we now have momentum and all of a sudden global uncertainty, the problems in china, all of these Different Things<\/a> cropped up and then there was concern that the fed might continue with their promise to tighten rates in an environment that seems to have deteriorated. It almost makes sense that a weak dollar right now, normally youd want a stronger dollar. A weak dollar right now, we probably should accept that for since were you know, were in a Global Community<\/a> now. I heard that yesterday, the president. Isis is only going to be community organizer. Only going to be solved by community of nations. Not going to be solved by him. For the world and the u. S. Corporations. U. S. Corporations. A weaker dollar is probably something that we should live with for a little while. We dont want it necessarily to go to 1. 05 on the euro. Unless youre planning a trip. Emerging markets needed. This he have dollar denominated debt, too. They need go ahead, john. Youre right on that. Its important for investors to remember that over 1 3 of the earnings of the s p 500 are earned abroad. Second, yeah, youre right. There are still emerging markets where issued debt that has to be repaid and if the dollar gets more expensive for them, its going to be more difficult for them to repay that debt. All right. Now im wondering im just as bad because now im wondering whether i shouldnt have raised, you know what i mean . It figures. Cramer now thinks they should raise. Now im thinking they shouldnt. Flip sides . Yes. Look, it tells you how strange these times are and how people are really trying to figure out what the underlying economy is, not only here but abroad. Were right on the cusp. Are we better or getting weaker . I dont think were Strong Enough<\/a> and as a result theres a concern about whether higher Interest Rates<\/a> will create problems. All these fed heads are saying that Global Concerns<\/a> are much more paramount now than they were in the past. Theyre all sort of acknowledging that. I think its true. If you look at the the fed so now the whole world is on janet yellen. If youre talking about trying to expand trade and trying to become more reliant on each other, globalization comes with that. Or we have addicted the entire world to cheap money. Thats probably not a good idea. More and more debt, that solves things, john . Were so leveraged out globally, right . Its not private sector now, its public debt . Yeah. A lot of the public debt out there. You know, in my view, joe who bales us out . Is matt damon still up on mars . Is there another can we go beyond the earth . Theres no one left to bail us out here. No, there isnt. The challenge i think quite frankly from my personal view, 25 basis points isnt the problem in a lot of these emerging markets. Brazil, russia, 25 basis points isnt the problem. Its the lack of reform over the last couple of years. You talk about mexico and spain, there has been significant reform. The 25 basis points to me is not the fundamental issue except for your earlier point about repaying debt existing thats outstanding. John, thank you. Alison, thank you. Did you watch did you watch last night . I watched nothing. You didnt see obama with steve kroft . Zero. You didnt see that . Zero. What do you think is your what is incumbent on you to prepare for coming here. He was working on other stuff. This this this dell thing . Theres other stuff going on. I have work to do. While youre watching Television Im<\/a> im working i was watching walking dead. That was preparing for the show. Steve kroft is thought of as the patsy for obama. He rolls over. Youre trying he tried to he tried to act tough. Obama was hes pretty good. I will say that. And he did say a couple of things. He talks about a lot of things. He talked about hillarys email, donald trump. Syria, he said, look, he didnt say im not leading on syria. Thats not a big deal. Syria, isis. Leading on Climate Change<\/a> and Something Else<\/a> he said, and kroft was like, okay, all right. Kind of rolled over on that. Im going to roll over now. Coming up, hundreds of southwest flights delayed by Online Booking<\/a> problems and the pain might not be over yet. What you need to know before you head out to the airport. Take a look at this date in history. Hi, im allen green space. Space in the bahama. Those are four really good words. Im going to be me. I never wear this tie again. That was his favorite tie and he wore it did you give him grief . Yeah. God, the tie again. Annudrew, you thought it was only you. Haynes actually fought back. He was really he was tough and quick so youre just arguing im a rollover. No, no the a rollover. You have more important things to do. Welcome back. Were celebrating the 20th anniversary of squawk box. Come celebrate throw back thursday with us in the plaza from 7 00 to 8 00 a. M. For tickets send an email to squawk boxtbt cnbc. Com. Tickets . Come in here . Throw back thursday. Theyre all going to be out here. You need a ticket to stand on the plaza . Yeah. I like the way were doing this, pretending that somehow you cant just stand there. Standing room . Whose idea. Thats good. Thats clever. Until we gave it away. The government does things like that. Yeah. So theyre going fast. Yeah. Look outside. Hard to get a seat. There was one guy that looked like he was going to guys, you have to try to create the whole thing with seating and an area. They were actually going to for real. Not this kind of fak thing. What happened to the madman bench. It disappeared. The bench that was there . Lets get you caught up with some of the headlines this morning. We had just mentioned before the break Southwest Airlines<\/a> now says that hundreds of flights have been delayed by a technical glitch. The company is warning that passengers flying today must print out their boarding passes before going to the airport. We had this conversation last week about whether to use your phone or not. The company is using backup systems to check in people who dont have a printed or mobile boarding pass. You can use that. There was a little bit of confusion there. Southwest isnt telling us what caused the problem but it does say theres no indication hacking is involved. Lets turn now to politics. There are only 16 days left until the next gop debate which cnbc will be hosting from boulder, colorado. John harwood is looking at the biggest issues on the table. He joins us from boston. John, what are you kind of digging into today . Well, becky, the fate of Social Security<\/a> and medicare is one of the issues that has been overhanging american politics for years as the baby boomers move closer to retirement. The default political decision is to leave them alone. Theyre very popular programs and anything you do to raise taxes or cut benefits is unpopular. Thats the positions taken by mike huckabee, former governor of arkansas, the leading government pop pew lous in the race. There are some that propose to safe the safety net like medicare and Social Security<\/a>, we ought to chop off the benefits to the people promising them that their money would be waiting for them when they were old and sick. My friend, you were forced to pay for Social Security<\/a> and medicare for 50 years. The government grabs the money from our paychecks and says itll be waiting for us when we turn 65. If Congress Wants<\/a> to take away someones retirement, let them end their own congressional pensions not your Social Security<\/a>. Now interestingly, thats also the position taken by donald trump who says his tax plan is going to spur so much Economic Growth<\/a> that well have enough tax revenue that we wont need to cut those programs. I talked to marco rubio last week, the senator from florida. He says, that is not happening. You also have to do entitlement reform. You cant cut your way out of this and you cant tax your way out. Trump says you grow the economy, you dont have to touch them. Thats not true. The numbers dont add up. The growth in medicare and Social Security<\/a> over the next 15 years, there is no reasonable growth rate that will help meet that. There you see exactly the makings of a debate that we will have on our stage in boulter on october 28th. Well expect other candidates to jump in as well. You have some candidates, becky, like rand paul who favor partial privatization of the system which george w. Bush proposed trying to get done in 2005. The Republican Congress<\/a> ran away from it. John, i would guess that 2008 and the downturn in the markets probably scared a lot of people away from that idea yes. Even if they talked about embracing it before that. What marco rubio was saying is backed up on the Social Security<\/a> administrations own website. When you talk to people like huckabee, how do they kind of say, no, im right even though the Social Security<\/a> administration is arguing the opposite . Well, its partly an Economic Growth<\/a> idea. Mike huckabee supports an entirely new tax system which is going to be, as he acknowledges, exceptionally difficult to implement. He wants the fair tax which is a 23 National Sales<\/a> tax to get rid of the payroll tax and the income tax and he says that will bring in sufficient revenue and spur enough Economic Growth<\/a> that he wont need to cut. Thats the fundamental argument. People say doing those difficult things is necessary for the government and those who say we dont have to. All right. You think about it, 23 sales tax on the black market economy that might spur as a result as people try to get around. That is the objection to the 23 sales tax. Thats right. All right. So, harwood, can we talk about Something Else<\/a> . Sure. Are you afraid . Dont dont dont dont bring up the pick six that ended the redskins game yesterday. That was painful. Horrible. Horrible. I know, atlantas, i dont know, undefeated, really . Uhhuh. My question, i guess what was in the petraeus stuff that made it so much more serious than the possible classified than email . Yeah. Because the president said, oh, no, we should have kroft said your administration has prosecuted people for the same thing and, you know, youre saying that this is not a big deal with Hillary Clinton<\/a> who worked for him, by the way, when she was at state, so what about petraeuss what about those emails were more sensitive to National Security<\/a> than the stuff that was in Hillary Clinton<\/a>s emails . It seems like they cover a much wider range of issues and if they were hacked it seemed like a lot more would have been at risk in those than petraeuss. Well, first of all, we have no evidence that they were hacked. We heard that there were attempts to hack but we dont know if those were anything more than the sorts of routine attempts that do we know petraeus was hacked . We dont know he was either but well, yeah, but, joe, the issue with petraeus wasnt email. The issue with petraeus was that he had a biographer who he knew was did not have security clearance to have Sensitive Information<\/a>. Right. He took the Sensitive Information<\/a> in his possession which included the identities of key players that were not public and gave them to his biographer for purposes of her work. Now theres a big difference between engaging in communication that is possibly susceptible to being stolen to actually purposefully knowingly giving secure information to someone not authorized to see it. Its a pretty big difference. Yeah. So you agree with that then, that there wasnt its not the this is a lesser infraction . Yes. What this is is a decision that was careless on her part, that was an unwise decision on her part, but theres no evidence that there was any deliberate compromise of National Security<\/a>. With david petraeus, he wasnt trying to harm National Security<\/a> but he did something that he knew he shouldnt have done and purposefully gave information that shunts have been that shouldnt have been passed to someone unauthorized to see it. Jets next week for you . I think im going to go to that game. Whats that . Jets next sfwheek redskins. Wa wait, you play the jets . I think so. Should you be scared of the jets . Yes, you should. Yes, you should. I think so. Anyway the only thing i know about the jets is that a fantastic former redskin, todd bowles, is their coach and with somebody like that in charge its a different feel. Jets have a different feel. All right. Thanks, john. You bet. Coming up. Its back. The newest edition of the walking dead. I havent seen it. I have. I was doing my homework last night. Stayed up late. Airing on amc, josh mcdermott, better known as dr. Eugene porter, joins us next. Tell you everything that happened . Does he have his mullet . He does. All right. Hes right there. As we head to break lets look at last weeks s ps winners and losers. When a moment turns romantic why pause to take a pill . Or stop to find a bathroom . Cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use and a free 30tablet trial. At ally bank no branches equals great rates. Its a fact. Kind of like ordering wine equals pretending to know wine. Pinot noir, which means peanut of the night. Hey, i love you guys youre awesome youre awesome oh, is that the kid . Youre awesome i love you guys whoo come in here, i love you guys. Oh, my god, walking dead you guys are awesome. Talk to you guys constantly. The fan board. That was me on friday. I was here taping another show. I was fortunately here. I looked out of the corner of my eye and guess who i saw . Thats how i got to book our next guest. It was through the windows of our new york studio. Josh mcdermott plays dr. Eugene porter. Thanks for having me. You were embarrassing myself. I didnt know they were videotaping me. I didnt either. I didnt sign a relies for that. When you licked the glass. Please come in. Please come in. Josh the nice guy that he is. I saw like a screen going up. Crazy woman. Its like that happens all the time in new york, you know . Yes, she licked the inside. I licked the outside. I was using i was using hand signals like i love you and i think i got my message across, right, josh . You did. Im here. You notice michael cutlets is on the screen. He is not here. Abraham. You got out of court and you didnt know that abraham yeah, i get out of a car right here. Im trying to find a building im supposed to go into. Someone starts screaming eugene, eugene. I start freaking out. Put my head down. It was cutlets. He was screwing with me. You know we have a lot of did we play our we didnt. Some of the squawking dead. Joe was on the talking dead. Weve had danai. Danai. Danai has been on. Normal readus. Youre in good company. Josh has been on and charlie. From amc . Yes. The suits. The suits have been here. What artists call management. The plan. The man. For anybody who missed it the sixth season of the walking dead appeared on amc. This is a huge business story. The walking dead has spawned its own economy. You were at comiccon. Yes, we did it at madison garden with 13,000 fans. This is really their show. We gave back to the fans. I was a huge fan of the show before i started working on it. This was truly special for me just to get out there and to be able to hug everyone, just say thank you. It was truly incredible. You joined the Fourth Season<\/a> . Yes. I have an action figure out now. So cool. They did like a body scan of me. I dont know why they wanted to make eugene an action figure. You talk about spawning its own economy and everything. Obviously the merchandising, advertising and everything. You look like a comic book character. You have the mullet. Yeah, i looked at that. I was like, oh, my gosh, they think that i look like this idiot in the comics. It was kind of sad. The mullet is for real now . The mullet is for real. They used to put in extensions and now ive grown it out. Are you still shooting . I cant say but lets just say i wouldnt have a mullet if i wasnt. He says hes still shooting then oh, my gosh. Thats the question. Youre going to shave it. My hair is blond like yours normally. They die it. You dont talk like mine is not its called acting, joe. That cadence. Youre a totally different person. Thank you. Its called acting. Does someone want to explain at that to him . I tried. I tried every day. Mine was clogged. We were talking about how wed love to have people come on thursday for our throw back show, well give people tickets outside. We were laughing about it because obviously its standing room only. How many people showed up at comiccon this weekend just to watch the presneer. Just at Madison Square<\/a> garden there was 13,000 people. They did like a lottery system and, you know, there were so many more worldwide. Our numbers just ratings wise somewhere around 24 million with like the live plus three and thats just in america. We go worldwide. Were airing within a day in the u. S. Its pretty incredible. Scott is doing this whole season, too . Scott kempo, yeah. Its so important he came in on season four. As a fan i noticed a huge difference. He was a fan of the comics before the show existed. Thats the guy you want running the show. Amc, someone else didnt produce it. They bought it. The comic books go on theyre still going. Now. 12th season. Im just wondering how comic books. I want to see these numbers, number one, from last night. I wouldnt be surprised if they beat last year which beat the year before which beat Everything Else<\/a> thats ever been on. Right. It continues to grow in an insane way. As long as the comic books come out there could be a walking dead 15. If you ever get off. They tell you an episode or two before you go. You know, maybe four or five weeks. Maybe we can see it in peoples faces. Maybe . Yeah. You can clearly see it sometimes. When you go do you want to turn or do you want just someone to kill before you turn . I hope eugene could kill everyone and then just sit down for a nice dinner and choke on a sandwich and thats how he goes. Thats how the show ends. He chokes on like a ham sandwich. But, like, really would the actor want to turn . I would want to turn. I think thats the thing. If you die. Like michael was a hell of a zombie. They want to see the characters as the zombie. Thats how it comes. We are rooting for you to have a long and happy existence on the show. How elephant genes could hold cures for cancer. We have that story when squawk box returns in just a minute. Proud of you, son. Ge a manufacturer. Well thats why i dug this out for you. Its your grandpappys hammer and he would have wanted you to have it. It meant a lot to him. Yes, ge makes powerful machines. But ill be writing the code that will allow those machines to share information with each other. Ill be changing the way the world works. interrupting you cant pick it up, can you . Go ahead. He cant lift the hammer. Its okay though youre going to change the world. You have heard by now that elephants never forget. Im not sure thats true, but a new study how do you ask them . A new study shows that they almost never get cancer either, and theyre huge. Were going to talk about this. This may hold clues for research. Theyre announcing a new funding effort to support continued studies. Here on set the man behind the research, dr. Joshua shiftman. Pediatric oncologist from huntsmans cancer institute. Huntsman, big name. Thanks for joining us. Thanks for having us. You would think given the number of cells that elephants have that by definition since cancer is almost sort of a probability the way it arises, you would think they would be even more susceptible and they are far less. Elephants, 100 times the size of people. 100 times. 100 times the cells dividing. That many cells dividing for that long. Almost 100 chance theyd get cancer. Exactly. And what are the incidents . Much lower . What weve found is less than 5 which made us think there must be some reason they dont. Evolution somehow made it so that they were protected from cancer. And you found increased copies of a gene, p53. It was discovered how many years ago . Many years ago. This p53, this is the most well studied gene in the field of cancer. Exactly. We have two copies, all of us in this room hopefully, one from our mom, one from our dad. We need those genes to protect us to make sure we dont get cancer. So elephants have 20, 30 times yeah, 20 times they have 40 copies. 40 copies . Yeah. Now my question is is it simply because they have so many more cells or does it actually look like this is what gives them the resistance to cancer . This is exactly what the study was that came out last week in jama was to look at this and try to understand. At the primary Childrens Hospital<\/a> where we take care of patients with childhood cancer, theres something called leap frog mania syndrome. Instead of what we have, they have only one working copy. They have 100 lifetime risk. Theyre missing p 53, they get cancer. Elephants have four times as much and they hardly ever get cancer. Were thinking this is what allows em will he fants to get cancer. Its nice to turn a negative into a positive. For animal advocates, theres an argument as to whether the elephants are, you know i dont know if its that much better getting eaten by a lion or going in a train and adoring fans but this is something that sort of turns the pr around for fel did. It does. Our family has been passionate about elephant conservation. We have the largest sustainable herd for asian elements. When we heard about this and the possible link between what are our elephants doing, and what could this do for pediatric cancer, we felt so strongly we had to get involved. The elephants are still around this year, arent they . This is the finale. Andrew, you are bummed . Im still bummed. A circus without elephants. Am i a terrible person . No. I want horses to go around central park. Im that guy. I dont know. So just saying. When is the last year for well be phasing them out by 2018. Can you go down we still have time . Theres a reserve where theyll be . Can people visit them . Right now, its not open to the public, our center for elephant could be ser vags. Certainly its an incredible place and were so happy to be getting involved in this. We have to go. What about the next snep. This is the most important thing. So with support from ring link brothers, theyve started a fund we are so excited because were going to take this discovery from elephants and try to figure out how to apply it for people. Elephants had 55 million years to figure out how not to get it together and working with this Childrens Fund<\/a> that they have started, how do we take those elephant p53s and how do we prevent cancer . How long . Not 53 million years. Hopefully within the next five years or so, but it depends how many people support us, how many people get behind us and reach the goal. The more funding, the faster it goes. Were hoping it goes fast. Thank you. Thanks for having us. When we come back this morning, the big bank this morning. When skauk box comes backment back. Welcome back. A big week for the major banks. Earnings season is here. Dick is here to walk us through some of the big issues. Well have a number of the big banks. First of all, who do you think is going to do the best, who would you you be investing in ahead of the earnings or is there anybody . Well, i think of the big banks, wells fargo should do the best. But you should separate out the big banks from the regional banks and your money should go to the regional banks. The problem that the biggest banks have is that they have big Capital Markets<\/a> businesses. They do trading, Investment Banking<\/a>, Investment Management<\/a> and none of those businesses did well in the third quarter. Whereas the regional banks, their primary business is lending money and that it do pretty well in the third quarter. So if i were putting your money to work tomorrow in a bank stock, it would probably be more in a sun trust than it would be in a jpmorgan. Who are you worried about this earnings quarter . Well, i dont think there is anything to really worry about. I just think that on an Investment Banking<\/a> side, seasonally companies dont bring stocks to market in the summer. So seasonally its weak. In terms of the trading activity, its mixed. Equity trading is pretty good. But if you look at governments, theyre flat. Agencies are horrible. Assetbacked securities are horrible. So its kind of a mixed bag in terms of trading. And i dont think its, if you will, a long term phenomenon, i just think its cyclical and a weak quarter. You talked about an overhang as a result of the Highway Safety<\/a> legislation. Explain what that means. Well, basically the government has taken the position that because they argue the they offer fkic insurance, they have the right to invade banks. So what theyre now doing is theyre not only setting very tough regulations concerning how the banks function, but in the Highway Safety<\/a> bill, what theyre doing is saying well take some of the revenues from the banks and were going to use them to repair highways. So unfortunately, i believe the banks have been nationalized, i believe were well on the road to socialism in terms of the way were it taking money flows out of the Banking System<\/a> and putting it into the government. And now were taking the actual revenues of the banks and were saying that has to be used to fix highways. Thats not what its supposed to be there. Peopletheir deposits in a bank because they expect that money to be loaned to someone else and they expect a nice return. Thats not happening. If i can go one step further we have to run unfortunately. I hope we can get you pack thyo week when the earnings hit and we can talk about that and the highway legislation. But in the meantime, i have to say thank you for now because we have breaking news coming up. Coming up, new signals this morning on the health of the u. S. Economy. We have cnbcs all american survey. Theres a difference when you trade with fidelity. One you wont find anywhere else. Onesecond trade execution. Guaranteed. Did you see it . In one second, he made a trade, we looked for the best price, and the trade went through. Do the other guys guarantee that . Didnt think so. Open an account and find more of the expertise you need to be a better investor. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets<\/a> and drive forward with broader possibilities. Cme group how the world advances. Its more than a nits reliable uptime. And multilayered security. Its how you stay connected to each other and to your customers. With centurylink you get advanced Technology Solutions<\/a>, including an industry leading Broadband Network<\/a>, and cloud and hosting services all with dedicated, responsive support. With centurylink as your trusted technology partner, youre free to focus on growing your business. Centurylink. Your link to whats next. Chinas finance minister says its not the right time for the United States<\/a> to raise Interest Rates<\/a>. Peter fisher says it may already be too late for the fed to hike rates. Confidence in the u. S. Economy is eroding according to the allamerica economic survey. Steve liesman breaks down the new data. And who hall of fame golfers tee off on squawk box ahead of the gary player invitation al. Gary player will join us. As the second hour of squawk box begins right now. Live from new york city, this is squawk box. Welcome back to squawk box. First in business worldwide. Im joe kernen along with becky quick and andrew ross sorkin. China shares jumped more than 3 overnight. A senior if i recall from the count official says the stock Market Correction<\/a> is almost over. And then over the weekend, China Central<\/a> bank took some fresh steps to inject liquidity expanzing a Pilot Program<\/a> that pa still stating bank borrowing. Checking equity futures, not responding too much at this point but up 14 points after one of the best weeks of the year ended on friday last week. More news from china coming from the imf meeting. Chinas finance minister says now is not the right time for the United States<\/a> to raise Interest Rates<\/a>. He said weak recovery in developed countries was slowing demand and hurting developing economies. Stanley fisher also making headlines at the imf meeting, he said the feds plan to raise Interest Rates<\/a> is not guaranteed, although it remains expected course of action. Just out this morning, ford announcing that it will invest 1. 8 billion in china over the next five years to expand research and development. The company also announcing two new hybrid models for release in china next year. And we have breaking news. Dell and emc joining forces in what is being called the biggest tech deal in history. Michael dell and a number of partners will buy emc for 33. 15 per share. Total value of the deal now 67 p billion. It is it include a piece of vn ware which we will talk about. Shareholders will receive cash plus the new tracking stock, it will remain a publicly traded company. And joining us emc headquarters, their chairman and also michael dell. Thank you for being here. Just as this news is being announced, we appreciate it. Walk us through how this happened. Well, good morning, andrew, joe, becky. Were pleased to be we this morning. About a year ago, i contacted joe and we had a number of conversations. We entered into an nda with the board of emc and weve been having productive discussions over the course of the year leading us on this great day here where were creating an unbelievable powerhouse of an enterprise company. So and i would also say that our companies have had a history of working together. We started back in about 2002 and for about a decade worked together, at one point the relationship was about a 2 billion annual run rate. And this is really all about bringing together complimentaem technologies and helping our customers address the challenges and opportunities that this Digital Future<\/a> is creating. Before i get to joe, real quick, michael, just to the extent that this transforms dell, just speak to that what is going on in the i. T. Industry and specifically the pc business which of course is your name sake, its what we think of when we position think of dell. But it seems to be moving in a new place now. Sure. Well, i think i. T. For a long time has been about how do you make old processes more efficient. But with all of the progress in digital tech it knowledge, there is a kind of Digital Transformation<\/a> that is occurring. And you see it with the explosion in the number of devices, you see it in the explosion of the number of applications. This is creating enormous amounts of data. You hear topics like big data, the internet of things. All of this has to be turned in to results and outcomes and success for companies. So there is both pressure on the legacy environments and a need to enter this new age. And the combined Company Really<\/a> has a fantastic set of capabilities to help customers do that. So it absolutely does advance the journey that weve been on for quite some time and i think we can bring kucustomers to the future faster. Joe, we had heard rumors about a year ago that you were beginning to hold talks with a number of firms including hewlettpackard at the time, also elliott the hedge fund is in your stock. How much testdid that drive thi . Basically we did a lot of investigation, what was our best path forward. And we truly believe that what michael said, the opportunity here in i. T. Is bigger than its ever been before. But there is huge disruptive headwinds. So how do you position yourself well. And we have the assets between us now and the heft to help customers with Cloud Computing<\/a> needs on and off premise, help them with their infrastructure needs, and really get some solutions and great partners to work with us. So when you talk to cios around the world, they really want less and stronger partners and this gives us a good foothold in this market. There was reporting over the weekend including some that i did that speculated and suggested there would be a out provision that would allow you to find a higher bid later. Is that in effect here . There is a gosh out cloud. We think is this a great alternative, but there is a gosh out clous and we will do our duty to get the best deal for our shareholders and time will show. Michael, you took your own Company Private<\/a> and ran in into blackstone and kacarl icahn. Fun, right . What do you imagine will happen here . I wont touch that one, but thank you for the opportunity. You know, all ill say, i think were bringing shareholders a fantastic opportunity and its a great day for our teams, our partners, and customers around the world. Michael, i heard that you said that you came up with this idea about a year ago, which is kinz of stunning when you realize thats only a year after you took your Company Private<\/a> again. It was the Public Company<\/a> with the largest revenue that ever went public addrend then went private again. You must have realized very early on the direction that you wanted the company to go. Was that as soon as you went private you started looking around and tried to figure out what do next . I think if you look at the trajectory that weve been on for some time, weve been all about helping our customers address the challenges and opportunities that they have and certainly this advances that in a very significant way. There is really no better combination in the industry we believe. And if you look at the leadership position across the next generation data center, certainly computing, storage, virtual pcs. Another important point here. As you go from a billion nodes to over 100 billion, every single node is a degree of security. And with all the number of capabilities we have together give us a tremendous ability to help customers secure that environment, as well. Joe, i hope you can speak to this. We have an analyst that has come on over the years and there was a report last week before this was announced talking about the potential price and he said in a nutshell while many emc shareholders would argue the breakup vaflue of the company between 35 and 38 and he strongly agrees with that, it appears that you and the board would rather go down the aisle with dell than pursue a breakup. Did you think about a breakup . We looked at a number of options, andrew. But obviously and this is what attracted michael to emc opportunity is we do have great assets. We have a pivotal setup, we have software to point data set up, we have conversion infrom from a infrastructure. And of course the security. So great assets. But this is a tremendous transition that the industry is going through. Doing this as a private company, we have a lot of assets that are slowing down and some tremendous assets for the future, so it will take us time to do it but i think doing it in the sunlight of a Public Market<\/a> is not the best alternative. Is this a bett this is a better alternative. But if you split up the assets, i dont believe the value is there. I believe the value is there when you put things together. Because customers are looking for less vendors to work with that can help them more extensively and this does that. So we think it will be a great future. This is skrojoe. I wont ask you about icahn or thinking. This is sort of transforming dell. I want to ask you about a president ial candidate that you used to compete against. Carly fiorina brought compaq. I think youre a republican and weve talked in the past. Do you think that her buying compaq disqualifies her from being thought of as a decent manager in terms of whether she would make a good president or not . You know, joe, i really didnt come here to talk about that. So nice try, though. Andreson said she was a good ceo. That would be a great person to talk about that but i will stay away from that one. But it was tough at that time, no doubt. And was shae goe a good competi . We certainly built a leading commercial business as it results to pcs. We certainly built an incredible server business. And thats an important part of this combination. Remember what is going on with virtuization, vmwareing on has a strong position, the way to contain a position, youre seeing this sweep across the entire data center. The anchor tenant in all of that is the compute engine. And so we see the barriers that have separated before the silos of compute, storage, networking, all the layer four through seven services over time dissolving. As you go to the software to data center. I was trying to change the subject from icahn and go shop. I didnt know you were going to make it worse. Before you go, a couple quick things. I want to understand how the tracking stock will work and you talk about rapidly trying to deleverage the Company Given<\/a> the fact that of course you will have to add a either about of debt or a lot of debt to make the transportation work. You can both speak to that . Abou debt or a lot of debt to make the transportation work. You can both speak to that . In this transaction, the emc owns 81 of the Common Shares<\/a> of vmware o. And this will take a portion of that and it will perfectly track the common stock and then well issue that to our shareholders in addition to cash. And that should we believe trade extremely close to the common stock and of course if we get behind vmware the way were going to and get the revenue synergies that we think are there, we should create great value in that stock for the shareholders. And then theyre free to trade that publicly and of course that will increase the flow which will make the vmware both common and tracker trade with more liquidity and better. And michael, how quickly can you deliver it is this. Sure. We are very focused on in the first 18 to 24 months a significant reduction in the debt which is going to come from certainly the cash flow of the combined companies which is quite powerful. Importantly the revenue synergies are about three times larger than the cost synergies. So were going to get a strong start on that. And very focused on maintaining Investment Grade<\/a> policies. We had great support from the banks as we put together this transaction. And all the Bank Financing<\/a> is committed. Gentlemen, let me ask you one question. This deal is being valued by 33. 15 a share. Thats because youre looking at cash and then also the tracking stock for vmware. You look at that stock, it closed emc at 27. 86 on friday. This morning only trading up away 29. 40. That tells us wall street either doesnt think the deal is going through or doesnt value it the same way. What is your reaction . Sometime will tell. Tracker stocks have been used many times but not its not an ordinary course of occurrence. So i think it will take a little bit of time to understand what were doing here. But we do believe over the long time it should trade close to the projected price 33. 15 per share. So i think you just have to let it trade through the market. That was part of the Big Questions<\/a> when this deal was first being rumored, we were first starting to hear things about it last week, people were saying there is not enough of a premium here and that will make it hard for shareholders to understand the valuation here. Is that a difficult task to try to get people to understand the value that you see . Basically this is becoming there is the first coming out party so to speak. You broke the story. So we havent explained it to the shareholders yet. They dont know all the details. So were confident as we explain the details that it should track very well with the vmware stock. Well help vmware with synergies and then of course it will be a deal that trades very well and very favorable to the emc shareholders. Michael dell, before you go, whats the chance you will hopefully come on in a couple years and be a publicly traded company again . We just went private. So were really enjoying the private control structure. I think you can see that it gives us great flexibility as a kcompany company. Doesnt mean i wont come see you, though. Im sure we can work something out. Maybe you ought to run for something. There you go. Im very happy just doing what im doing, thank you very much. Were not going there. Okay. Joe, michael, thank you. Congratulations on the deal. We look forward to seeing both of you very soon. Thanks again. When we come back this morning, new data on the health of the u. S. Economy. Steve liesman as has the results from the allamerica survey. And later the gary player invite al teeing off today. Stick around. The only way to get better is to challenge yourself, and thats what were doing at xfinity. We are challenging ourselves to improve every aspect of your experience. And this includes our commitment to being on time. Every time. Thats why if were ever late for an appointment, well credit your account 20. Its our promise to you. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Stanley fisher making headlines at the imf meeting. He said the feds plans to raise Interest Rates<\/a> by the end of the year is not guaranteed, although it remains the expected course of action. Joining us now is another fisher, peter fisher. Not Richard Fisher<\/a> or Carrie Fisher<\/a>. Hes senior fellow at the Dartmouth College<\/a> tuck school of business. We know you. Were kidding. Those other fishers got nothing on you, peter. But were trying to figure what weve seen in the past month or the reaction of the equity markets to the jobs number and now coming back again. What do you think is happening and are we at risk sometime peter of the market taking away the control that the fed has and doing things on its own eventually . Well, i think the fed does now have the credibility problem. Almost every member of the Committee Said<\/a> they expect to raise rates by year he said aen market doesnt see that. Committee thinks inflation will get back to 2 over the medium term and inflation premiums dont reflect that at all. I think the committee has painted itself in a corner. They have been conveying to us will idea that its all just about the next piece of data, bru i think theyre having a much more fundamental argument. You can see this. Yellen in a press conference and a lot of the voices since then have been saying the economy is very finely palled. It might speed up, it might slow down, therefore we should stand pat. But the committees statement for the many, many months has said actually something quite different. It said the outlook for the economy in the labor market is nearly balanced. Meaning once it became balanced, it would be the time not to have a zero Interest Rate<\/a>, to move to something off of zero. So i think theyre having the fundamental argument because theyre conveying as if its an argument just about the next data point. Do you see troubling signs about the Global Economy<\/a> or u. S. Economy staying Strong Enough<\/a> for the fed to finally act . I mean if they dont get any kind of signals that indicate any kind of weakening and theyre in that corner that you talked about because they dont raise, right . I think they have painted themselves in this corner. I think it is disturbing. Think of one of the things theyre waiting for. Theyre waiting for the commodity complex not to be putting downward pressure on inflation. Thats something theyre hoping for. So they can get back to their 2 inflation number. But one of the reasons we have such weak energy and Commodity Prices<\/a> is because weve had eight years of zero Interest Rates<\/a>. So the boom bust cycle is partly brought to us by the zero Interest Rate<\/a> cycles. So what is the if ted do, waif wait to see if the commodity market rebounds . This is a big problem. Do they expect the inflation dynamic to reassert itself or not. Yellens speech at umass was a very powerful statement is ththe thought wed see inflation picking up. But if you read the minutes kafrl that cacarefully, thats t the staff and collective of the committee seem to be saying. Theyre saying, well, productivity is slow, potential gdp is weakening, we expect gdp to droe fagrow faster, but nobo anticipating that. So corporations were induced to do things by zerp that they wouldnt normally do, part of the overhang for not hiring more people. And you made the point that part of the energys complexes problem in terms of being deflationary, thats also as a result of the fed action. Do you think anyone on the fed really believes that staying where they are is part of the problem rather than part of the solution . If you hooked up a Lie Detector Test<\/a> and said its part of us not being able to get out of our own way, is that because of you, youre not actually helping, youre hurt something i dont think any of them really think that. I think they have no belief that their actions are actually being counter productive. Well, i think well have to wait and see the minutes. I think some of them sense this. I think they know that Monetary Policy<\/a> only works through expectations. And right now with the whole world waiting to see whether they raise, the direction that expectations go is to restrain. And thats why i think youve seen this mood. Not everyone in peru is saying this, but most of the voices are saying get over it, rip off the band aid, move rates up a bit and then well get out of this dilemma. Its a real problem. If its selffulfilling, if you cant raise because the economy is not Strong Enough<\/a>, but the economy is not Strong Enough<\/a> because you havent raised, its like, you know, thats a real problem. Its a selffulfilling prophecy. Thats the dilemma. And maybe they missed the window. How did you people finally they have to wait for the paint to dry, right . How does that happen, do you know . Well see what comes next. Get above it and paint the corner. I dont know. Anyway, have you ever met Carrie Fisher<\/a> . She was hot in that original good to see you all. Youre thinking of the second one. Do you remember . I know you remember. You were young. Star wars 5. She was looking at harrison toward. You ck ford. You can admit it. Coming up, an update on randy quaid. You wont believe that one. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. They speak louder. We like that. Not just because were doers. Because were changing. Big things. Small things. Spur of the moment things. Changes youll notice. Wherever you are in the world. Sheraton. Its more than a nits reliable uptime. And multilayered security. Its how you stay connected to each other and to your customers. With centurylink you get advanced Technology Solutions<\/a>, including an industry leading Broadband Network<\/a>, and cloud and hosting services all with dedicated, responsive support. With centurylink as your trusted technology partner, youre free to focus on growing your business. Centurylink. Your link to whats next. Welcome back to squawk box. A little bit of deal news this morning. Emc officially now being bought by dell in what is being described as the biggest ever Technology Sector<\/a> buyout. Emc shareholders will get what the company describe as 33. 15 per share consisting of cash, about 24. 05, plus a to being th stock that tracks the stock, vmware. Right now only 29. 05. Both ceos will have some work to do to explain this to shareholders. In hollywood news, the martian took the top spot at the box office for the second straight week bringing in 37 million. It was a rough weekend for Warner Brothers<\/a> pan. The peter pan story starring hugh jackman brought in an estimated 15 million. It finished in third place beside Hotel Transylvania<\/a> 2. A follow up to a story we told you on friday. Randy quaid and his wife were arrested after trying to cross the Canadian Border<\/a> into the United States<\/a>. Record check at a Border Crossing<\/a> in vermont showed quaid and his wife were wanted in california for felony vandalism charges and extradition hearing will be held in the next week. Put a red suit on him and i will sit on his lap. Seriously. That is that is cousin eddie shall. Yeah, it is, but i was thinking jerry fwar sgar garcia. If he tried to get in the country a couple months from now here comes santa clause they were on broadway. Do you think he will get a job in hollywood again . Bad santa . Maybe. Bad santa 2. Hes kind of whacko. That would be unusual in hollywood. Weird stuff doing on there. When we come back this morning, emerging markets enjoying a relief rally after a selloff earlier this year. Lowest level since july. Well talk to a top strategist from Jpmorgan Funds<\/a> on the signals. And as we head to a break, things have barely bunched. Wall street waiting for a little direction this morning. Excellent. Researching a hunch, and making a decision. Time for a change of menu. Research and invest with e trades browser trading. E trade. At ally bank no branches equalsits a fact. Kind of like mute buttons equal danger. That sound good . Not being on this phone call sounds good. Its not muted. Was that you jason . It was geoffrey it was jason. It couldve been brenda. Its gotten squarer. Over the years. Brighter. Bigger. Its gotten thinner. Even curvier. But whats next . For all binge watchers. Movie geeks. Sports freaks. X1 from xfinity will change the way you experience tv. New signals on the health of the u. S. Economy. Steve liesman joins us with the results from the allamerica economic survey. And steve, youre here. But ire over theyoure over the. Yeah, so i dont know if i should talk loudly, but this is one of the first times weve done this. More importantly is this disturbing drop in optimism that we find this our allamerica survey of 800 americans around the country, all income groups. Let me show you their assessment of the current state. Down a couple points, but you see this big recovery, it evens out. Those calling the economy sle excellent or good, around 22 . And now their expectations on the economy, what he they think about where the economy is headed, is it going to get per, and you can see this coming down, down, down and a very sizable drop right in here. We do have Something Else<\/a> to dive deeper into the data. We look at what is called net optimism. Those who say the economy will get better versus those who say it will get worse and a the decline really shows up here. D for this. There was a lot of pessimism about the stock market, geopolitical concerns and steady moderate lackluster Economic Growth<\/a>. But we did Something Else<\/a> here which is looking at those who are mostly optimistic and watch what happens to their threat optimism. Democrats, one of the most perennial optimistic, dropping big time. College graduates went negative. Retirees. Even the wealthy. They went negative. We dont know if this is an outside effect of the stock market decline, we dont know if this is geopolitical concerns. And it can also be a statistical blip. But you did see that continuous decline will in optimism in the country. Current state, okay. Outlook for the future, no the so good. Steve, how long have you been doing the allamerica survey . Seven years now and this is the biggest drop weve seen in on t optimism. Is it usually a leading indicator . It can be. When things stick around being like when we saw the debate over the shutting of the government. That hung around for a little while. You can imagine the idea that that growth has kind of come back and you can see that optimism was highest when the economy was weakest. There could be an inverse response there. Steve, thank you. Well see you at the top of the hour. The emerging markets may be enjoying a relief rally, but the next guest, Global Market<\/a> strategist at Jpmorgan Funds<\/a>. And we have seen people thinking that maybe this is the time to get back in. Why are you hesitant . I think its a bit too soon. It had become a pretty cheap asset class. So you are seeing a little bit of a relief rally. But before we get back in, what we want to see is cyclical upturn in growth we dont think were there yet. We have the relationship with china weighing on a lot of vm countries, commodities as well as the trade linked countries. As well as you have a big hang overon emerging markets. What happens with the ted . We know people worry about what happens to the u. S. Economy, but the emerging markets could get whacked even harder. Were feeling a lot better than about emerging markets than we were a couple years ago. If we think about pricing of emerging markets now, theyre a lot more fairly priced. Yields are not as record lows inially more. Its a very unloved asset class. Were feeling like emerging markets are in a better position to handle repsych now thsirehik. If you look at them individually, what about china in particular . Yeah, i think chinas economy is clearly slowing down. Our personal estimates is that its around 5. 5 to 5 growth. But this is something that i think is very irrespective of whatever the fed ends up doing. Its a part of their long term structural change in growth and thats an idiosyncratic approach to china. Weve nope for a long time that chinas growth had to slow. You wont bible to see the same high Economic Growth<\/a>. But how and why did this come as such a huge surprise to the markets earlier this year . I think its happening more quickly than expected. So we were thinking maybe this year china could handle 7 , maybe 6. 5 . We do still have strength in the consumer in china. But in terms of how the industry is slowing down much more quickly than expected. And we do think that the government has tools to handle that, so we arent expecting any sort of hard landing from this. I know youre telling people you think there is another leg down, but which emerging market is your favorite . Im partial to this, but i think were getting closer this brazil where a lot of the negative news is already priced in. So were closer to becoming interested in brazil. There is a lot of political turmoil in brazil, too. And your case to buying is presenteddicated on what happen . Just a little more certainty is all we need. It is all about the fiscal policy, how much are they going to be able to pass in terms of fiscal and y fiscal austerity. And i think a little bit more clarity is all the market needs. When you cover emerging markets and youre telling people this is not the time to be jumping back, where do you put the money in the meantime . So the weay we like to think about it is the growth gap. Emerging markets grow faster, but how much faster is what will what performance will depend on, that growth gap. And right now its only about at 1. 5 Percentage Points<\/a> faster. So thats still not enough to compensate for being asset class. So were focusing more in the developed world. So what is enough, 2 and higher . It used to be around 4 . So as long as you start turning upwards towards that 3 , 4 , thats already a good time to get back this will. Gabriella, thank you for being here. And coming up, the gary player invitational pro a. M. Tees off today. Up next, well talk to gary planner and anika sorenston. vo rush hour around here starts at 6 30 a. M. On the nose. But for me, it starts with the opening bell. And the rush i get, lasts way more than an hour. announcer at scottrade, we share your passion for trading. Thats why weve built powerful technology to alert you to your next opportunity. Because at scottrade, our passion is to power yours. 40 of the streetlights in detroit, at one point, did not work. You had some blocks and you had major thoroughfares and corridors that were just totally pitch black. Those things had to change. We wanted to restore our lighting system in the city. You can have the greatest dreams in the world, but unless you can finance those dreams, it doesnt happen. At the time that the bankruptcy filing was done, the Public Lighting Authority<\/a> had a hard time of finding a bank. Citi did not run away from the table like some other bankers did. Citi had the strength to help us go to the credit markets and raise the money. Its a brighter day in detroit. People can see better when theyre out doing their tasks, young people are moving back in town, the kids are feeling safer while they walk to school. And folks are making investments and the community is moving forward. 40 of the lights were out, but theyre not out for long. Theyre coming back. singing you wouldnt haul a load without checking your clearance. So why would you invest without checking brokercheck . Check your broker with brokercheck. Gary player invitational kicks off today. They have raised more than 60 million for charities worldwide. Joining us now from the event, Annika Sorenstam<\/a> who has been in studio with us in the past and also gary player. Great to see both of you. I hear the course is absolutely beautiful. Both of you have been able to get out and see the entire course . Gary . Joe, the golf course is fantastic. Particularly this time of the year. And its a course that the members can play and enjoy and they give a Freight Service<\/a> here. Annika, along with you and tom layman and a lot of others, its kind of a whos who of some present day offer, but a lot of guys that you remember from the past. And it should be a great event. First of all, we have a sponsor. You cant do these days without a great sponsor. And the bank is 425 years old. And plus rolex, calloway, et cetera, they are all unbelievable and it does bring the best players around the world. Were in four quadrants of the world and they bring in the very best and here we have annika who may be the best player lady player that ever lived and a wonderful lady. And also doing a lot for underprivileged people in the world. Not just best lady, but i guess there is some argument to be made about anyone else won 90 tournaments, men . Well, im sitting next to somebody who has certainly won a lot of tournaments. But, joe, its great to be here. I havent had a chance to play this golf course. But were here to raise money for a good cause and its nice to catch up with some fellow professionals. We started off with a nice dinner last night, we have a balan gallon gala tonight. And im certainly glad to be here. Is are you all around the world now or is it still focused on south africa . We started off in south africa. Now or is it still focus south africa . We started off in south africa. Nelson mandel will and i raised a lot of money for young black children and now were in engla england, america, china, were all over the world. And thousand of course we are delighted to say that abu dhabi want to haven would have these days and we are going to have one of these gary player invitationals there. India is talking to us. Were growing and our ambition is to raise 100 million before i die. Thats excellent. Everybody saw your swing at augusta this year. You still hit it so far. You swing like youre like 40 years old, gary. Not quite. But i still average around about 70, 72 at the age of 80. Golf is play and stay. Most other starts are play and go away. So this is an incredible game. You can play for a long time 37. You make great friend. And the great thing about golf, they are the greatest raisers of money for charities, more hone than a money than any other two sports put together. So fantastic to put so much back into our lives. I was transfixed yesterday at the cup. Do you think with the great finish, the father son finish, do you think the president s cup, was that what it needed, were you watching . Very much so. Very much so. And i think the great thing about the president s cup this year being played in this korea, that it will really boost gulf all over the world. But largely in asia. And thats where your biggest market is coming from right now. So it was very exciting to see all these asian players. And really True International<\/a> field playing the great United States<\/a> and going down really to the wire was fantastic. And how about ladies golf. Speaking of asian players dominating really on the lpga tour. Amazing players. Youre absolutely right. Weve seen a lot of great asian players the last 5 years or so. They have over 30 players on the top rolex ranking. This is the time of year when the ladies are playing overseas. So were getting a lot of great players around the world. Its really becoming a global game and we have also other International Tournaments<\/a> where the asians are playing. So its fun to see the growth, to see 245 there is that there. Growing the game is important to all of us. Things that we can do over the course to raise money for the charities just makes it a bonus. So im happy where the commissioner, hes doing an excellent job. Okay. We have to run. Gary, thank you. Annika, i try to do your move, you know, because if focus too much on hitting the ball, im likely to be coming out of it. But how do i do that and keep my head down . How do i do both . I cant do both, can i . You have to rotate. And trust yourself. And i told you, youre welcome to come to orlando anytime and well do the second lesson. Id rue in your swing. I can ruin anyway, we appreciate it. Thank you. And it will be a great tournament, great weather. Great to see you. So golfers dont want you, pro golfers dont want you as a partner and football teams dont want you as a fan . To be absolutely honest, my pro told me i was the best amateur partner he ever had and he never made the team never made the cut before. Coming up, the rise in daily Fantasy Sports<\/a> websites is similar to the birth of the online poker industry. Ben wrote the book on that topic and more and says the recent accusations wont derail sites like fan duel. Hell join us in the next hour. Mornings. Wonderful, crazy mornings. We figure you probably dont have time to wait on hold. Thats why at xfinity were hard at work, building new apps like this one that lets you choose a time for us to call you. So instead of waiting on hold, well call you when things are just as wonderful. [phone ringing] but a little less crazy. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Welcome back. Its a busy week for earnings because among the highlights tomorrow we get reports from johnson and johnson, jpmorgan, intel. And wednesday, bank of america, wells fargo and netflix. On thursday, citigroup an Goldman Sachs<\/a> and then friday, General Electric<\/a> will bring of course all of this up to bring you up to the minute results and instant analysis throughout the earnings season. When we come back, Chris Christie<\/a> comparing the gop House Speaker<\/a> drama to game of thrones. He joins us to talk about his bid for the white house. Its more than the cloud. Its security and flexibility. Its where great ideas and vital data are stored. With centurylink you get advanced Technology Solutions<\/a> from a trusted it partner. Including cloud and hosting services all backed by an industry leading Broadband Network<\/a> and people committed to helping you grow your business. You get a company thats more than just the sum of its parts. Centurylink. Your link to whats next. Dell is buying emc in a mega transaction hailed as the biggest tie up in tech history 37. Accusations of Insider Trading<\/a> rocking the world of Fantasy Sports<\/a>. A real life drama ripped from the pages of a novel. A warning of what is still to come. And lebron james dropping the golden arches for a slice of pizza. The final hour of squawk box begins right now. Welcome back for squawk box. This is cnbc, first in business worldwide. Im becky quick along with joe kernen and andrew ross sorkin. Weve been watching the futures and there are modest advances. Weve also been keeping an eye on europe and things have been relatively mixed. Youre being looking at gains of just under 0. 3 in germany and declines of about 0. 3 in france and sitaly. Chinese stocks jumping to a seven week high overnight. Twitter reportedly Planning Company<\/a> wide layoff this is week. Likely many of those impacted will be engineers. Twitter is not commenting. I saw a picture of jack dorsey who happens to be in this morning. Clean shave eshaven . I think he still had a beard. Dell is buying emc, cash plus stock that tracks the value of the emc investment in vmware. Michael dell and joe tucci joining us in the last hour. I thought we were going to show that. There it is. Bringing together complementary technologies and helping our customers address the challenges and opportunities that this Digital Future<\/a> is creating. S cios want less and stronger partners. Before we smoothly get to the next guest, take a look at share of emc. Only trading at 29. 28 and this is important because its a cash deal plus the value of the tracking stock which clearly investors are not putting the same value on that emc and dell are. It also represents a go shop clause. If you think there is another bidder coming in, you would think the stock would be higher. So questions and persuasion that both companies will have to deal with over the next couple of weeks. S because the issue when the rumors came out was that it was not going to be a premium offered for it. Emc and dell are valuing this at 33. 15 a share. And that is their value, but not the way the market sees it at the moment. And some nobel news. This guy at princeton, a micro economist, normal sized, but his work is micro economy. His name is angus deaton, award the though spell prize of economics. So on grcongratulations. Liesman, are you up to speed on this . Looking at the micro data to make macro points. Hes optimistic that the strides weve made globally which have been substantial in reducing poverty is is this a shot of both me and you . I see. Even though im right across the hallway. I didnt tell anyone i was going to talk to you. Thats not the first time. Anyway, angus is a u. S. Citizen but born this scotland. A new snapshot on the health of the u. S. Economy oh, well, thats convenient. Steve liesman joins us with the exclusive results of the cnbc allamerica survey. Nice to see you. You know, here is the deal. Weve been doing this as becky pointed out for eight years thousand. And weve never asked the American Public<\/a> what they think about the Federal Reserve<\/a> and low Interest Rates<\/a>. So this is the first time that i think anybody has polled the america people what they think of low rates and here are the results. 800 americans polled across the country. First thing i want to do is direct your attention to the third bar here. 47 say no effect. But among those who say it has an if he can, about 2 1. 11 not sure. Looking at what they think about if the fed were to raise Interest Rates<\/a>,he can, about 2 . 11 not sure. Looking at what they think about if the fed were to raise Interest Rates<\/a>, 42 say it would hurt. So on the broader u. S. Economy issue, they see an Interest Rate<\/a> as hurting the u. S. Economy. And then lets delve this to the micro demographics here. As you go up in income groups, some evidence here of this issue of low fed rates helping or exacerbating the inequality issue. Only 14 of those who earn under 30 houd say it helped them, and then for the wealthier americans, greater than 75,000 in income, 46 say it helped. And now lets look at it by age group. You can see some of the reasons for the complaints we get. 18 to 34, 22 say it helped. And then it goes up as you get older to 39 until youre a retiree. Only 21 of those 65 and over say that low Interest Rates<\/a> by the Federal Reserve<\/a> help. We also have information on what people think about the fed in general. Janet yellen doing a little bit better than ben bernanke. Well talk about that upcoming. Why dont you join us on the set. Republicans in the house are still searching for their next speaker and while tensions are running high on capitol hill, the president ial candidates are also sounding off. Governor chris clhristie has called it a game thrones. And i take it you dont mean it complimentary. Nobody cares. And i watched some of the stuff over the weekend. I see this guy jim jordan from the Freedom Caucus<\/a> talking about how wed like to change some of the house rules. Free amendments, the Way Committee<\/a> nobody in america cares. Dont sit there and lecture us about how you make the sausage. How about one person in the Republican Congress<\/a>ional leadership stands up and tells us what theyre going to do rather than, oh, who is begging paul ryan do something, who likes mike mccaul, who jim jordan wants. Who cares. The 45yearold unemployed construction worker out there who is trying to raise his family could care less. So these 20, 30, 40 congressmen who are in the freedom party, the Freedom Caucus<\/a>, do they risk really spoiling things for the gop candidates who are running for president with that being the big message that gets picked up and carried . Not for me theyre not. I made it clear i dont care. I dont care what they think. Nor does the United States<\/a> citizens care what they think. And thats where theyre really going to have a problem. Items not just those 40, its all 247. Its all 247. And by the way the democrats are in the same soup. Congress is 12 approval rating. And my only question is who are the 12 . Who are those people who are going like, hey, look at this, this is really good. Lets get more people doing this stuff. It doesnt make any sense. And real americans dont care. What they care about is the russians are in syria, iran is developing a nuclear weapon, i cant find a job, my kid is loaded down with student debt and these jokers are in washington, d. C. Talking about who will get the big office, who will get the great table at the great restaurant in washington. Thats why we need term limits. Theyre so out of touch. A lot of these people who are being called the obstructionists, if you dont agree with us, they would even take on paul ryan, those are the people who say theyre there because government has gotten too big and its business as usual and theyre there to be the disrupters. But the problem is theyre not getting anything done. I mean get something done. Its why folks i think will ultimately turn to governors to try to solve will because were held accountable for what we do. What are they going to tell us in washington, they referred a bill to the committee cifor amendment . That will make everybody feel great. If they want to make government smaller, do what we did in new jersey. Payroll is down 15 since im governor. Spending is down 2. 2 billion over what it was eight years ago. Those are the kind of things that mean something to people. We vetoed more tax increases than any governor in american history. Thats what people can look at and say, okay, i dont agree with everything he does, but hes getting things done. They dont get anything done down there and thats why people are so upset and angry. Tune what tomorrow night is . The squawk anniversary party, but we were deciding when to run the party, when to have it, and they said is anything else going on tuesday night and we said, no thats a perfect night for it. Isnt there a democratic debate . There is a democratic debate. Do you see the numbers that the republican debates get . I would be willing do you think they get half . No. I think 5 million, 6 million people. Is that a commentary on interest on is that anything positive for republicans . Sure, it is. Its about the excitement of our race versus the dull area that the democrats are in right now. If donald just told people he was watching it and not being in it and got higher ratings, donald would say it was because of him. What if donald was out of it is this. It would be less. Do you think anyone asked him just to appear with the democrats . Maybe hell do the teasehand or Something Like<\/a> that. But you have a flawed frontrunner. Of a ham a let vice president. B frontrunner. Of a ham a let vice president. To be or not to be with old joe. And then you have a bunch of other people that nobody really knows and a socialist. He said im not a capitalist. Hes a social list. I think they should invite debbie just to be there. Did you see her on saturday night live . That was pretty good. And listen, i think that tomorrow night, there is really nothing else going on. So you made the right choice. The big problem you got how about tuesday, absolutely nothing happening. Big problem you have is mets playoffs. Im a mets fan. We get in the playoffs once a decade, so we like to be there when they get there. I think they should let people cool off. Hell appeal the success essenti suspension. In a state that you allows gambling, do you have a view on the fan duels draft kings situation . I dont have a problem with them existing. Doing what they do. I dont think congress should get involved. Do you think there should be an investigation into whether there is inside trading betting . I think the integrity of the sites is important. Should there be an investigation . I mean, i dont know. Seems to me that we have a lot more important things to be concerned about in america than whether there is Insider Trading<\/a> between fan duels and draft kings. Its not the most important thing going on right now . You know, its close. We talked about the Federal Reserve<\/a> and the Republican Party<\/a> has been critical of the fed especially republicans in the house. And they called for new legislation exceptionally to change the way the fed makes its decisions. Do you have a view on zero Interest Rates<\/a> . Its bad. We got nothing left in the tool box now. Weve had this plodding along worse recovery since world war ii. What happens if we have a downturn . I think you wanted the fed to step in back in 2009. And they did the right thing back then, but that was six years ago and were still in the same spot. I think they should have wrhave rates sooner well, a while ago because they havent done it yet. Would you support legislation calling for the Federal Reserve<\/a> to use a rule in order to make policy rather than discretion . This is an art, not a science. So you have to leave some discretion, but i think it matters who is the chairman of the fed. And its kind of funny that janet yellen has better rankings than ben bernanke. A little bit better. But people dont know her. What is true, though, is the fed has much better numbers that be republicans in congress. And its republicans in congress who are criticizing the fed. Did we poll democrats in congress . Yeah, and democrats have a higher rating. Better than the fed . I dont remember that. Im sorry. I cant imagine anybody in congress is better than the fed. I cant imagine anybody in congress is better than chase utley this morning even in new york. Do you give more credit to the role of the president in how the economy develops or doesnt or the fed these days . Well, youd have to say Term Development<\/a> of the company. But this president s regulatory policies have been so awful. Theyre dreadful. You go Small Community<\/a> banks in our state, theyre closing. Theyre closing because of doddfrank. And Small Businesses<\/a> cant get credit. I talk to small bankers all the time and they say we cannot keep up with the regulation. All you have do is watch his 60 minutes interview last night. Ive never seen someone so certain about themselves when theyre so it demon extrably wrong. Putin is eating his lunch and this president says putin is losing. He says thats not where i need to excerpt leadership, i need to excerpt it on Climate Change<\/a>. He said what putin is doing is not leadership. Right. Hes scrambling to maintain what he has in syria right now and he didnt want to send his troops. Can i ask this one question . You say the Climate Change<\/a> is ridiculous is this. No, the emphasis get him, andrew. Do you want to deny it . The president should be putting more time and his rhetorical authority on Climate Change<\/a> than he does on peace in the middle east, than reviving our economy is what makes him a joke. Dont deny it, dont deny it, youll be a denier. You know what a denier is. So the next debate is going to be our debate. Yes. Very excited. I dont know if there will be anything about a wall unless its like a chinese wall. I dont know if there will be anything on planned parenthood, but there will be time for you to talk about like entitlements, for you to talk about rowe grow progrowth. I hope so. But you have to talk to her about what shes going to ask. I dont know what im going to ask. Im much better than spontaneous. If i get the questions beforehand, not good. And im the only person in the race with a retitlement reform plan. If you talk about entitlements, im more than happy to talk about that. You talked about removing some of the loopholes but not specified. All of them except including mortgage . All of them except the mortgage Interest Deduction<\/a> and charitable contributions. Those are the only ones that stay. Even the energy production. Yes, sir. You were here friday, did you see the poor soda stream guy . They put Carbon Dioxide<\/a> into water. And i said you know that that has been classified as a pollutant, so youre not taking pollutants out of the water, youre actually putting i thought he turned white as a ghost and said its not carbon monoxide. Hes afraid. Hes afraid that the president s regulators will come and close his company down. Thats what hes afraid of. Thats coming, epa coming to soda stream to close them down. We may have fun with some of the candidates if you ask certain economic questions that might be a little bit more than a laymans knowledge. A little depth in the next debate . I dont know, but it may be one last thing. I wasnt going to bring up trump, but he still is the front runner. His positives have gonk up and negatives have gone down. Is he becoming a politician as this race progresses . Donalds always been a politician. Is he currying favor with the politically correct crowd now is this this . I dont know about that, but hes always been a politician. Donald has always been a guy who tries to figure out, you know, what the best thing to say is and he says it. So the idea that somehow hes not is denying history. Who is standing in your way of getting the eventual nomination. Is rubio in your way sha . Everybody except for donald trump and ben carson are in single digits. So were all the same. And the fact is that when we get to january, joe, im going to predict it for you now, well be in a position to win and everyone will be sitting from saying its the most a mauzing comeback they have ever seen. And meantime if you paid any attention, slowly but surely weve been laying out a vision for the future with substance. And, two, working harder than anybody else. You have been coming on squawk box a little bit more. I dont know whether thats cause and effect. Its because andrew and i are getting closer and closer every day. They will use that against you. Listen, the deniers and aheaders at the New York Times<\/a> will be can you imagine right now the editorial room at the New York Times<\/a> is going to be texting saying dont get close to him. Did you read the piece on 158 familiesof right on the front page, the New York Times<\/a> said its true that some of the people they support would help them maintain their wealth, but more of them talk about wanting other people to have the ability to earn their open success that they did. Because a lot of these they were self made. They werent money people. And theyre going to keep their money anyway. They are. And they are saying that regulations and these arent allowing other people to have the opportunities they have. And i couldnt believe it, it was on the front page. There you go. Dean was out sick. Its a fair an pd balanced newspaper. Should y you should get a column. Dont tell me any questions. I wont. Because you want me to be spontaneous. When we come back, jim paulson will join us about what hes expecting the numbers for the state of the economy. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets<\/a> and drive forward with broader possibilities. Cme group how the world advances. I built my business with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . The s p 500 coming of its best week so far this year, but our next guest worry as correction could be far from over. Jim paulson at Wells Capital<\/a> management, one thing, jim, that is coming true, commodities, selloff might finally be in its waning stages. Big week last week. Youve been predicting that that would happen. But i would think that the increase in fear and negative sentiment would get you feeling better about near term. People got bearish pretty quickly, didnt they . I think a week ago friday before the jobs number, there was definitely fear building no doubt about it. I never really saw it get to the point where i thought it was capitulation. I never saw the market behavior rushing to safe haven treasurekies or dollar to gold in a big way. And the biggest thing to me i think is that the valuation level of this market probably has to be somewhat lower. I think more around 15 times earnings or so, to sort of withstand some of the challenges we have here. Very rapidly aging earnings cycle, a need to reset Interest Rates<\/a> higher and well now with passing through 5 unemployment, i think we will face the wage and price pressures that challenge both the valuation level of the stock market swellings the profit margin of the corporations. And if we just go right back up and we could, if we just go right back up, well still be selling 18 to 19 times earnings and well have reinforced the Investor Sentiment<\/a> of buying on the dip always works out. And we still have going to reset Interest Rates<\/a> at some point here coming up. So kron. Maybe its over, but i kind of think we might go back down and challenge those lows at some point yet and maybe even break below there and thoroughly scare people with final capitulation and more importantly find a valuation level that could support some of the new challenges well now face going forward. I was thinking if it was just not having a capitulation, we had a lot of moves from the lows in 08, or 09, whaedding who w moves. But then you gave the other aspects of Profit Margins<\/a> and all that other stuff. If it does go higher, maybe its not built on a solid foundation. But somehow were out of time. We had the governor on and so i dont know, you dont get as much time. I dont problem. Have a good party. Thank you. We will. When we return take, we have a live report from Reagan National<\/a> airport where Southwest Airlines<\/a> is struggling to get things back on course this morning. Here at td ameritrade, they work hard. Wow, that was random. Random . No its all about understanding patterns like the mail guy at 3 12 every day or jerry, getting dumped every third tuesday. This happens every third tuesday. We have Pattern Recognition Technology<\/a> on any chart, plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. For all the confidence you need. Td ameritrade. You got this. We are celebrating the 20th anniversary of of squawk box. Come celebrate throw back thursday with us in the plaza just outside of our studio from 7 00 to 8 00 a. M. Send us an email for tickets. And the reason were calling it throw back thursday is because carl, david and jim will all be with us. So if were not enough to entice you, come for them. We have uniformed personnel out there. Shares of eli lilly slumping this morning. They stopped development of an a. Heart drug after it did not show enough efficacy in a trial. It will take a Fourth Quarter<\/a> charge against earnings as a result. The drug was designed to reduce the risk of heart attacks by raising the levels of socalled good cholesterol. Attention road warriors. Southwest Airlines Says<\/a> hundreds of flights have been delayed by a technical glitch. Tom costello has the latest from Reagan National<\/a> airport. Tom, this has been a rough weekend for some of those folks and could be rough today, too. Reporter yeah, good morning. Yeah, 450 flights affected yesterday. No consolations, but 450 delays. And i talked to Southwest Airlines<\/a> a short time ago and theyre still dealing with this problem. So theyre urging all customers print your boarding passes at home. If you get to the airport and you have your mobile boarding pass, that should work. And the kiosks should work. The trouble is with their Computer System<\/a> at the airport when theyre trying to check people this. A rough day yesterday. Thousands of people affected. And were off to a rough start already today. This morning a massive Southwest Airlines<\/a> tech glitch impact tens of thousands of passengers nationwide. The computer crash crippling the airline across the board. Southwest is warning passengers today to arrive two hours early and print boarding passes at home before coming to the airport. As the airline uses backup systems to check travelers in. You might call it flying the frustrated skies. Its poor customer service, its poor information. Poor everything. Like the lines are not moving. In lots of people, lots of luggage, nobody knows where theyring for or what theyre doing. Reporter from coast to coast, miles of long lines at airports including nashville, phoenix, and scores stranded in las vegas. One woman describing a three mile line with a four hours and counting wait before even reaching the checkin counter. Theres elderly people that have had to sit out in the heat. Reporter in los angeles, passengers were stuck outside in sweltering triple digit temperatures. Police at l. A. X. Passing out water and setting up canopies for shade. While inside, southwest employees handed out pizza to thehungry. There one of our biggest worries was like we wont be able to have breakfast. Because we might polimiss our flight. Reporter trying to fly but get nothing where fast. So again, were off to a rough start here today. If you are flying today, print your boarding pass at home, get to the airport a couple of hours early. It could be another rough day. But again, so tar no consolations. I asked them whats the reason and they said they dont know yet. Their Technical Team<\/a> still working the problem. They dont think its hacking, but if they dont know what it is, that could still be a possibility. Reporter theyre emphasizing that they do think its just a technical problem with their facilities. Thats all they can say right now. Tom, does it make it tougher if you show up with luggage, is it easier if there is none . Reporter im sorry, heyed a helicopter overhead. If you show up with no luggage, does that make it easier to get processed . Reporter yeah, that would make it easier or come to the airport with the boarding passes already. They insist the kiosks are working. And how is it possible that the kiosks work but the computer doesnt. And she said we have no idea. All right. Top, great tom grarkts tom, great to see you. Reporter i have a question for you. If were doing throw back thursday, do you want me in london . There aor at the walls. You havent kept up, have you . Reporter i can still recite all the nasdaq symbols. There are only like three of them left. You told me buy all the pets. Com. Reporter tech amend biotech. Go heavy. If you get to new york, you should join us tomorrow night, though. We miss you. You should. All right. Take care. Did he get the invite . Maybe its in the mail. When we come back, accusations of Insider Trading<\/a> rocking the world of Fantasy Sports<\/a>. Ben mezrich will be here talking about a warning of what is still to come. Ve active management can protect capital long term. Active management can tap global insights. Active management can seek to outperform. Thats the power of active management. charge music you wouldnt hire an organist without hearing them first. Charge so why would you invest without checking brokercheck . Check your broker with brokercheck. Sports, allegations of insider betting is a scandal that is fueling concerns with sights like fan duel and draft kings may need more regulation. Ben mezrich argues this is just the beginning for the multibilliondollar industry and not even a few bumps can derail it. Hes the author of straight flush. Ben, i get it, but at the same time, isnt there some degree where you look at this and you say the whole thing might be a little bit of a scam . You know, its not a scam. Its a form of Sports Betting<\/a> but its not considered gambling. Fantasy sports is a huge industry, many billions of dollars and it will just grow and grow. When i say scam, im talking about the Insider Trading<\/a> that appears to be going on and nobody is paying attention to it. Its a self regulating industry right now. But the reality is what happened was not Insider Trading<\/a>. It was a guy who worked there who won a big pot at a rival site and it seems like according to their investigation he wasnt using any insider information, but he did leak out that he did have information at some point. It was after he locked this his scores. But the problem is that the optics arent good. It doesnt look like when a player on one site wins on another site and thats something that they will get rid of, they wont let people play on each others sites and they never should have. But, no, i think there is a possibility of Something Like<\/a> this happening. Certainly someone on the inside could have information and use it. And thats why in the end the industry has to be regulated whether its themselves, whether its some sort of commission or whether its governmental. Thats what i was going to ask, what is the proper way to regulate this. Is this a state by state situation, is this a federal situation . You look at its now its a state by state situation. Right now its kind of unregulat unregulated. Every state trying to figure out what to do about it. I watched online poeker disapper because the government decided it shouldnt be legal basically. And its slowly trying to come back. I really think in this case it has to be either a commission that is put together by the industry itself but is independent or it has to be something state by state. I dont really see the federal government get being involved in Something Like<\/a> this. Its something that should be legal in my opinion. Im a big lover ever of Fantasy Sports<\/a>, but do we put it in the category of gambling . What do you mean by gambling . There is still solved. But with 1,000 player, luck becomes more and more important just like poker. Olved. But with 1,000 player, luck becomes more and more important just like poker. Its not the lottery. Scratch tickets are entirely gambling and they seem to be fine. So its not as much gambling as the stock market is for the average person. The average person has no idea what theyre doing when investing in stocks. I can say that personally. So i think this is a little bit more skill based than the stog m sock m stock marketing. Thats interesting. So Sports Betting<\/a> if you will you think is comparable if not more so than what is going on with the stock market in terms of what is fair . Think about how much information you have about sports. How much data you have about every player and every team. This is something the average investor doesnt have about companies. You know everything there is to know about tom brady right now. And you can make a bet on how hes going to do against dallas a lot better than you can bet on how some stock is going to do. A fascinating suggestion. Were all trying to make the stock market as transparent as possible, but you think that sports is actually more transparent. Think about your own i dont know what team you like. Youre new york based so it frightens me to think. But when you watch your favorite team, think about how much you know about those layplayers andw much you know about the game coming up and the idea that its random is not true. There are luck estimates involved in making a sports bet, but its certainly a lot of data goes into it and people who are professional at sports picking an at fantasy picking, they do better than people who dont know what theyre doing because they have the data and they know will how to use it. And should there be an age range in terms of sort of a bottom range that can bet . I think there definitely should be. I dont want to see high school kidsing f ing fogoing on these i dont know what their feeling is on that. I think there should be an age range, but they love Fantasy Sports<\/a>, so im not sure where you put that age. Final question before we go. A little out of left field. Obviously the social Network Based<\/a> on your wet. Have y book. Have you seen the new steve jobs movie . I have not seen it. Every review ive read has been amazing. But im die to go sying to see. Full disclosure, we should tell you Comcast Ventures<\/a> and nbc Sports Ventures<\/a> have stakes in fan duel. When we come back, king james leaves again. But this time its not cleveland that hes leaving. Pro basketball star is ditching mcdid that alds and investing in blaze pizza. The president of the pizza franchise will join us. Theres a network that never stops improving. Thats grown faster than any other, covering nearly every american. And these geese. But its not who you think. Its tmobile. Our new extended range lte signal. Reaches twice as far. And is four times better in buildings. Think you know our lte coverage . Think again. See for yourself at tmobile. Com coverage. Good. Very good. You see something moving off the shelves and your first thought is to investigate the company. You are type e. Shorten the distance between intuition and action. E trade. Lebron james decided to end his endorsement deal with mcdonalds and instead hes with blaze. The company has expanded from two locations back in 2012 to 89 locations across the u. S. Today. And now its going abroad. The pizza franchise just opened its First International<\/a> location in toronto. Joining us now is the companys my hout is watermo watering and i have trouble talk. I have a piece here. Youre chief operating officer. What is the number one, you can tell us why king jamgs wes interested, but what is it that make the pizza different . Its fast casual. You go down the line, choose any toppings all for one price. We put it into our gas fired oven and in three minutes, you have your pizza. So basically pizza for lunch, pizza for dinner, late night and its high quality all Natural Ingredients<\/a> and served really fast. So you dont have to go in and have 15 minutes to spend if you go into a place to order. This is done in three minutes. Are you losing anything with the gas versus wood burning or whatever the other marketing devices are . Well, actually, i think we pick something up because we have great consistency with with the pizzas. And our pizza smiths do a great job of moving the pizzas through the oven. And were taking pizza back to its roots. Its always been cooked with fire and thats what we cook with today. Can i get different sizes, different types of crust or is it all the same crust . Well, we serve an 11 1 2 inch pizza, either our standard crust or we have a glutenfree, a as well. And again, our guests go down the line, choose all their toppings or as many as they would like all for one price. We like to say its a 12 pizza that we sell for under 8. You have to come if akcome in a . You can order online or come on in and go down the line. Yes. But you wont deliver it at this point. Well, we are partnering with a number of the Third Party Delivery<\/a> guys who are delivering across the country. And its available at a number of our restaurants today. This will help obviously with lebron because this is the first ive heard of blaze. What kind of recognition, name recognition, do you have at this point . Well, were the leading fast casual pizza supplier right now. And lebron invested this oin ouy days and now with lebron being an endorser, well work with lebron to make sure that we bring the brand to life through social digital platforms and other activities. So lebron invested in the early days. Like a lot . How much does he have now . Well, i cant talk about that. But lebron has done a great job assen early anxious investor along with other partners and has taken on greater interest. And now is endorsing blaze pizza. I like pizza and mcdonalds. And now is endorsing blaze pizza. I like pizza and mcdonalds. Im not privy to his relationship with mcdonalds, so i cant tell you why, but i think its great that lebron is now endorsing blaze pizza. Excellent. Im endorsing it im endorsing if now, as far as this one piece goes. Well go to break. Thank you, jim mize is president and coo. When we come back, jim cramer at the New York Stock Exchange<\/a>. A look at futures. At this point, flat. Wall street still waiting for direction. Squawk box will be right back. Aflaaac. Aaaaflaaaac. Someones sandbagging. Id be tired too. He paid my claim in one day when i got hurt. One day . Serious hustle. Serious duck. In just one day, we process, approve and pay. One day pay, only from aflac. Ah when youre not confident your companys data is secure, the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic<\/a> so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. So wi got a job ews . Ill be programming at ge. Oh i got a job too, at zazzies. friends gasp the app where you put fruit hats on animals . I love that guys, ill be writing code that helps machines communicate. interrupting i just zazzied you. phone vibrates look at it friends giggle i can do dogs, hamsters, guinea pigs. You name it. Im going to transform the way the world works. proudly i programmed that hat. And i can do casaba melons. Ill be helping turbines power cities. I put a turbine on a cat. friends ooh and ahh i can make hospitals run more efficiently. This isnt a competition lets get down to the New York Stock Exchange<\/a>. Jim cramer is here and joins us with more. Jim, we saw this deal earlier between dell and emc. Theyre valuing this deal at 33. 15 a share. The street is still trading that stock below 29. What gives . I think this vmware tracking stock is hard to fathom. No one knows how that worked, other than it knocked down vmware, the growth portion of vmc. Otherwise, what people feel is this just a Server Company<\/a> at a time when Pure Technologies<\/a> are offering a better alternative than emc. People are not excited. People were saying, wow, its really worth 33, why sell it . Vmware, as a tracking stock, is going to be hard to fathom. The deal will take a long time to close. I prefer looking at the Anheuser Bush<\/a> deal, which will happen, and i like molson and constellation brands. Why do you think that deal will happen . Because of who the big owners are on board . It is such a natural to be able to link neither of these beers is growth. You have to merge bud and sab, because the only beer thats doing well now is mexican beer. These are just about cost cutting. I like this deal very much. It will get done. Jim, at what price does it make sense . At what price does it stop making sense . Great question. This is one of these deals where it can go up 5 . This beer business is falling apart. Not as bad as soda but the anheuser buschs, theyre doing so badly, you have to get a deal done. Cramer, do you still like chase utley . No. Look, chase was the guy i most wanted to talk to when i threw the first pitch out. I thought this was an unfair play. A guys career, whole career has been devoted to being careful and good. When i watched that replay, i say he wanted to wipe the player out and he did it. This is not one of chases best moments. The eagles, im to the ready to write them off now. You have a mediocre division. I think eli manning is the hottest quarterback in the nfl. Whoa, whoa. Carson palmer . Aaron rodgers . Dalton looks fabulous. That was a great youre right. Dalton looked fabulous. Casual observer. I dont care one way or the other. There are a lot of haves in the nfl this year. Theyre not who we thought they would be. That was unbelievable. Great. If i were a cincinnati and if, i would have loved that. All right, thanks. Make sure you watch squawk box tomorrow, were celebrating the 20th anniversary of squawk box with a look at media in the next 20 years. Our special guests include barry di diller, les moonves and david zaslav. Actions. They speak louder. We like that. Not just because were doers. Because were changing. Big things. Small things. Spur of the moment things. Changes youll notice. Wherever you are in the world. Sheraton. As weve been telling you, were celebrating the 20th anniversary of squawk box. We will be ringing the closing bell at the New York Stock Exchange<\/a> later today. On thursday, we want you to be a part of the celebration. Celebrate Throwback Thursday<\/a> with us outside our studio from 7 00 a. M. To 8 00 a. M. If you would like free tickets, send an email. How will we ring the bell . What do you mean how . Who will ring it . Youve be you be in the middle. Will we bang the gavel . Press the button. Maybe well all press the button at the same time. Powers activate. You have to be in the middle, becky sandwich. Lets practice. This is ridiculous. Come on. Its like a team thing. Then like that. You know what ill do to you . Ill go high five, pull it down. No, like charlie brown. Join us later today during closing bell when we ring it. Squawk on the street begins right now. Good monday morning. Welcome to squawk on the street, im Carl Quintanilla<\/a> with jim cramer and david faber. Premarket study after the best week of the year for the s p setting up a big first week of earnings season. The emc deal is official. Bullish call on apple. China tacked on about 3 as the pboc","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia601203.us.archive.org\/26\/items\/CNBC_20151012_100000_Squawk_Box\/CNBC_20151012_100000_Squawk_Box.thumbs\/CNBC_20151012_100000_Squawk_Box_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240623T12:35:10+00:00"}