South korea were closed for whats the mid autumn festival there. And the european equities, things are up. Cac is flat and if ftse is up by 0. 2 . This morning crude is up by 24 cents still trading at 24. 81. Lets get you caught up on the busiest day of the week. The bank of engallant is going to be announcing its latest policy decision. Expects to leave rate. Jobless claims are out at 8 30 time. The Producer Price index and september philly fed index and at 9 15 look for august Industrial Production. We talk about the apple iphone a lot. Apple now saying the initial quantities of its iphone 7 plus are sold out. Thats the one i want. The new gadgets will hit store shelves sometime tomorrow. Consumers wont be able to buy sold out phones but the company will continue to take orders online. I wont be releasing its first Sales Numbers of the iphone 7. Why . I think they made that decision a while ago. It reminds me of the details. In fairness to apple, nobody else does. Samsung doesnt. Theyve always been in fairness probably more transparent. Once you give the information its a lot harder to take it back. You have to think maybe they thought it was going to be and this was a good time to do it. I think youre going to get less information over time. I do too. Theyve never been a fan of Quarterly Earnings but they do it. Early reports are good in terms of sales. What feature on the 7 plus has you pining for that phone . The camera. I carry the sr. Lr. Remember when i took the kids to school i took the slr because you can take the great focus. You look great and the behind looks fuzzy and its beautiful. You cant get that on a phone typically because its one camera, very flat. You can get that on the new one . The phone is basically almost as good as an slr. Thats one thing that would push me over the edge. And they say its good at night too. Good at night. What do you mean at night . The battery. Much clearer. Cover the aperture on all of your devices. So you dont get hacked into. I knew that i could the reverse thing where it takes it looking at you and i thought it was the whole like screen just took a picture ofmy. Theres a thing up there on the top of that. Yeah. Yeah, yeah, yeah. Dada da. I figured that out. When you keep seeing these email dumps come out, do you want everything you say or do forwarded . If you have any notions that theres any privacy left in the world, just forget it. I have one other problem is i dont get the midautumn thing. Its not midautumn here. Its not autumn. Isnt it september 21st . How can you have the midautumn festival on september 15th . I wasnt focused this. You dont. You dont. You need to quit the two is that a pivotal problem, joe, in your mind . Did you hear her . Its a midautumn problem. Its based around the moon. Its a little outside our traditional calendar. Supposedly down south its winter when its summer. Ive never seen that for sure. In brazil, sure. I can attest to that. It is true. Separately on the apple front, its now been just more than day since apple release thad new iphone software, and, joe, i hope you paid attention to this. The ios ten is out. The latest version has seen a number of installments. They estimate the Adoption Rate stands at 15 which is a better Adoption Rate of this later ios. However, in the first 24 hours some claimed they were being bricked. What . All of a sudden your phone doesnt work and it becomes a brick and you have to plug it in and install it through itunes. So i hope you waited your 24 hours. Its all patched up and everything is good to go. Theres not a little sign on the settings yet. They know its you. It can work if you go do it right now if you were to go into general and go to updates, but its not telling you to next. It probably will in the next week. Separately shares of apple hitting a 2016high with its market value topping for the first time. Shares of the company that supply chip and other technology also got a boost out of all this. A serious logic skyworks solution. Samsung has helped out a little bit in the last week, wouldnt you . Well, yeah. U. S. Prosecutors have started to investigate the banks sales practice that led to a 185 million settlement. The u. S. Attorneys office in manhattan. The offices in manhattan report lid conducting probes and theyve sent subpoenas seeking information. Wells fargoes shares are under pressure and this is how Warren Buffett has suffered. Were talking berkshire hathaway. Buffett has fall on the the fourth richest person in the world with jeff bezos. So it wasnt you. Youre not even close. No. Not teen top teven the top t no. First of all, surprising because of its reputation and concerning because they didnt get on top faster. They laid off 5,300 people of their work force. The idea that that problem continued for five years and nobody looked why were fire 1g of our work force a year over this or ask the manager a question . It seems to me a couple of things, one, theres a cultural problem, and, number two, its interesting to see what should be done to the lead management. Some of the people directory involved or at least one is apparently left, but if i was on the board and im not, i would certainly give consideration to giving no 2016 bonuses for the ceo and the people in line in the Consumer Banking segment where this occurred. Potentially looking back at clawing numbers, not only for the manager who was directly responsible but how how much of the bonuses was based on fraudulent numbers as well. By the way, this is larry who thinks this, as a former jpmorgan board member. Yes. I also think, too, they didnt get out ahead of it very well. Northward these kinds of things should have been decided before they came public. They needed to make these decisions in terms of announce the pay issue. Yes, before this became an issue. What happens if theres an effect that hasnt been fully computed . By virtue of not make the decision, theyve extended the story because tla will be another story when they decide whatever theyre going to do about it and that would have been avoided before they did. So the whole thing is given the reputation that theyve had, it certainly has been blemished. Okay. Well talk a little bit more about this later. Larry is with us throughout the show. But lets get you caught up on political news as well. Republican president ial candidate donald trump is going to be addressing the Economic Club of new york tore at 11 00 eastern time. Trump expected to offer more clarity on his Economic Policy. In the meantime trump taped an interview with dr. Oz that will be airing today. He gave dr. Oz his medical revuchlt also Hillary Clintons doctor releasing a twopage note saying she remains healthy and able to serve. Well have more coming up in a few minutes. Our guest host for the next three hours is larry boss idy. Im told it is midautumn in the chinese calendar. I dont know whether they have autumn. You talk about wells fargo. This is all ive got for you. Well, you know, you always have a lot going, joe. Im also interested in the apple situation from this standpoint. In terms of the Tax Liability that the European Union is trying to impose of 14. 8 billion, theres a view that yesterday if they were to pay it by the way, the European Unions chances of winning this are very, very good. Theyre going to have to pay it. Would it be a deductible . That was secretary lews concers concern. They have 3 billion offshore but theyve got lots of subsidiaries off shore. If they pick one of foreign earnings and bring that back, then they can apply the 14 billion payment as a tax credit and instead of paying 35 theyll pay chit is kind of crazy. They will find a way to bring back foreign earnings. They can but its still a credit. If they pay, it will be the u. S. Tax person. Its too bad but thats the way it works. I was kidding a little bit about, you know, the fed, but i guess we need to, we need to mention it. Suddenly maybe the market eventually tells the market its okay to go up. If we stay or go to two on the tenure, then they probably will be able to raise without, you know, preparing us all do you think they do it in Election Year . No. Ill tell you one thing. One thing we can say with certainty is its a political organization. I mean they say its separate and autonomous and thats nonsense. Oh, my god, larry. I mean john harwood is going to spank you. Thats all right. I can accept that. When trump said that the other day. He used that as an example that trump is back with no discipline anymore. Larry, why do you say that . Because i how about the Justice Department . I think that theyre in constant contact. I mean theres records of that that theyre dealing with the Administration People frequently and therefore we even seen feds that have dealt with multiple administrations that have dealt with democratic administrations just as closely. Im not saying it as a republican or democrat. Im saying its political. That they have to be aware. I would be very surprised. Political and youre shocked that theres gambling going on. When you say political youre not saying theyre in bed with the administration. You say theyre very cognizant and maybe theyre trying too hard not to get involved. No. I think thats partially true. I think they recognize that they i think they want to act in a way that doesnt influence the election. Are you trying to walk larry back . No, no. How is it different by the end of the year. How is it different than where i am . Because i think your suggestion is and Donald Trumps suggestion is theyre in bed with the administration. I think hes suggesting that theyre cogny zamt of the politics of the moment, which is different, i think. I dont want to put words in your mouth. No, no. Thats fair explanation. Whatever the administration happens to be in maybe. Thats the one one time they went one time they went and that was 41 never for gave greenspan. It cost him the election. I mean i i would assume that any fed would be cognizant of Something Like that, would be concerned about it. You guys have to talk about it every day, which is unfortunate, but the truth is this. They shoulden stay at zero. They should. They might. They say the end of september. I think. Liar. I dont think september. Hey, we might. Like they send a we dont use i dont know if you saw it minions is a world you use instead of mafia. Like colin powell actually said the clinton mafia. But they dont want especially mainstream. Its minions. Arent minions the cute universal studio not people that break legs and people that cement over you. Thats how you clean up the act. I was suggesting it was set up that way. Anyway, weve got to to go. Well be back in just a moment. A very busy day for donald trump in new york. Hes giving a speech at the Economic Club. Hes going to be on fallon tonight. Plus, this interview is going to be airing today. Trup p gave dr. Oz his medical records to review and john harwood is in town to talk trump, hillarys return to the campaign trail after her battle with pneumonia and a lot more when squawk box returns in just a moment. Welcome back, everybody. We have stocks to watch. The macker of commercial and industrial glass products says that it continues to see strong conditions in the nonresidential Construction Market shares of aeri ooe pharmaceuticals jumping 60 as it met a goal. It submitted a marketing application to the fda last week and boeing is curbing overtime pay by 80,000. This is part of the companys efforts to try and cut costs. Starting on october 14, theyre halting overtime pay. The rupp nominee will be peering on dr. Oz and then late oretown tonight show with jimmy fallon. Hillary clinton is back on the campaign trail speaking in North Carolina after taking a few days off to recuperate from pneumonia and john harwood is here with all of that. John. Its getting real. And the speech that donald trump is going to give. Its not going to be new policy detail. I talked with an aide. Hes going to pull together his tax plan, regulatory plan, child care plan he announced the other day. But were at the point of the election ten day out from the debates where all of the fluff is getting sorted out of the polls postconvention and were fixing out exactly where the candidates are strong and donald trump has got some good polls by his side. Hes been getting drawing closer to Hillary Clinton and were going have to see when Hillary Clinton gets back on the trail. What does history show about the debates and how influential they are . They talk about everything thats happened thus far and this is the pregame. This is like tailgating before the game. Its almost irrelevant. The game doesnt really begin for another ten days. Well, i dont think thats entirely true. The history is if youre leading in labor day, you usually win the election. What weve seen from a couple of debate cycles is that a strong first debate can boost someone and can bring their base home and get them closer. So Walter Mondale drew closer to Ronald Reagan. Didnt get close enough to compete. Owned obama. Remember, it didnt help. It did, but what happened he was the ropeadope for the next yeah, but mitt romney had republicans who did not come home and that debate brought them home and that got him closer. Now, when Ronald Reagan debated jimmy carter, you had a whole country that was dissatisfied and not happy with carter, not sure about reagan. Reagan made them feel sure in the debate and that boosted him. So, you know, what can donald trump get out of this. I think donald trump still has a barrier in terms of convincing a decisive segment of people, especially College Educated whites that he is fit to be president. If he can somehow demonstrate that quality, he could help himself a lot. What do yhow do you think th history of Hillary Clinton plays given the new letter from the doctor . Im dubious that that is a huge factor in the election either way. First of all, i grant the presmgs of health to both candidates. Theyve been out for a year and a half. Thats not an easy thing to do. Just as the president ial campaign shows who you are personality wise, it also tests you physically. Wasnt trump ahead in College Educated white men . Yes, he has been. All right. But put them all together and what hes been doing is underperforming among College Educated men and women compared to say the previous baseline. I dont think health is going to be decisive unless, somehow, we learn something more about the candidates. Donald trump didnt release new medical information. Were hearing from audience members and that sort of thing. We dont know what it was. Hillary clinton released a letter. Shes been sick. And if she gets better and campaigns and performs in the debates, i dont think its going to make a difference. Earlier in talking to the folks on worldwide exchange, i brought up the i dont want to say the name, david brocks hit squad that he funds for Hillary Clintons campaign, the eight things you dont know about dr. Oz. All of them disparaging, calling him a tv dock tomorrow i just mentioned did you know my ninth thing you know roger altman, a friend of the set. Sure. When he needed a heart transplant, he specifically asked dr. Oz will you do the procedure for me and 2kr6789 oz subsequently did do the heart transplant surgery for dr. Altman and that was 1990. I didnt realize. Its easy to just say hes a tv doctor. First of all, i didnt realize that roger had a heart transplant and im delighted to hear that dr. Oz did it. He specifically asked him. You cant ask dr. Drew pinsky because he got fired for saying something and sanjay gupta. I dont know where he stands. Personally i wouldnt go looking for a tv doctor. Would go for one actually on e. R. This wasnt when dr. Oz was on tv. He was a real doctor. He didnt ask him to stop taping a show to come do it. One of the things that you begin to think about when these debates take place, the first being ten days out, is there going to be a question of somebody losing as opposed to somebody winning . Can be. In other words, the negatives on both of these candidates continue to move up, not a lot, but they dont come down. You just wonder whether or not you can lose it. If one of them can lose it as opposed to the other one winning it. I think thats exactly right, larry. Look. If a candidate there havent been in the general Election Debate stage too many catastrophic wonders. There was the gerald ford with jimmy carter about the domination of mr. Perry. Yeah. That was a primary debate. This is a different stage. But, yes, if a candidate sort of drives home an impression that people have been vaguely feeling and then all of a sudden its demonstrated to this massive audience, that could foreclose somebody from rising or drag somebody down. Tim kaine, was that a smart move to say, i dont know if thats the real one when colin powell said those are mine, those are real, which is a smart way of not having to address them. He said, what would you make of them. He says i dont know how to comment, i dont know if theyre real. Colin powell said theyre real. Its a way of dodging it. Colin powell is effectively disparaging everybody. I just said hes got a whole lot more. To be clear, hes disparaging trump a lot more than hes disparaging Hillary Clinton. Well, no, i think thats sflu ambitious. Number one, he voted for president obama twice. Its not to say that greedy everything she touches she ruins because of hubris. It also came out that the biggest democratic fundraiser say the clintons absolutely despise president obama and you have the stuff, more personal stuff. Right. But theres a difference between embarrassing and sweeping condemnation. Im not surprised on the sweeping condemnation. Okay. So what youre saying is, yes, theres a difference but hes the democrat. No. The race card being thrown about trump, i just dont buy. You can do it all you want. Im not doing it at all. Im not saying you. He doesnt need help. Hes