Roadmap, eight years since the haines bottom. And aig ceo is out, what is next for the giant insurer . Ceos headed back to the white house. We dig into the return on a west wing meeting. The s p and dow looking to snap three session losing streaks which hasnt happened since january. We got that pull back in energy yesterday resulting in those losses. And as we said its been eight years since the stock market had bottomed. That of course was when mark haines made a very big call right here on this show. However, im going to step out on a limb here. This is the big hold on everyone. Weve been waiting for this. I think were at a bottom. I really do. Ever since what we call the haines bottom, the s p has surged more than 250 , the dow also more than tripling its gains. The nasdaq outperforming both indices up 360 . On that morning, which is actually the tenth when mark made that call, dow and s p closed up 6 that day. Well, mark was someone we all work with mark. I used to talk with mark about the market endlessly. We had this concept of crescendo, crescendo selling for everybody who wanted out got out. He looked at ratios of 9to1 of the selltobuy, too many people on one side. When i spoke with him about that day, he said, listen, everybody there wasnt anybody left. It wasnt like suddenly there was a feeling that, yes, this is the chance. It was the opposite. It was like theres no one left. The only people left are people who like dont pay any attention to anything. And are just kind of saying, look, i dont care anymore. And that ennui and exhaustion is what made him call the bottom. Not that he saw Something Special in the economy or the market. You got to remember at that point there was utter panic among so many people. Where were we on the s p . 666. Yeah, sign of the devil. Something like that. I had people talking to me about money and paper, its just paper you were worried about paycheck, say it. The time is when ge was almost unable to roll official paper the previous fall. And worried about etf. In 08. But we were at the lows then in 09 and as you say there was just a great there were quite a few people like its over now. Its completely it was dow on this date 6547. Unbelievable. But im looking at the money and investing page from the journal that day and the headline that night was dow 5,000, there is a case for it. 5,000. Im writing this down. There is a case for it. And that was the journal from that was march 9, 2009. Well, that was about as wrong as you can get. You know, i remember when you go through those days youre trying to think of which bank is going to fold next. That was the fulcrum of banks. We were dealing with ge just a few days earlier. I had keith sharon on squawk box then the cfo of ge the stock was about 6 a share, maybe below that, concerns about things like mortgages in poland. Of course they did come out, they defended successfully. We were seeing a turn to a certain extent at least among some companies saying maybe theyre not going out of business. Right. Then you had the stress test not long after which i would argue important confidence builder overall for the financial system. Really valuable. And the ablgt to raise capital amongst our banks, which does differentiate us from so many other systems. You know, our capital markets, they really are amazing and can be. That saved us. You know, one of the things i think people dont understand about our system is its adversarial. Its very club like over in europe. Theres no way that the german regulators at Deutsche Bank say you raise but tim geithner, i found was a delightful guy in the end. We had some clashing initially. Mostly at my instigation, but he went to banks and said you got to raise this money. Remember ke vas vich we dont need to raise money. Yeah. But it was a treasury system. Treasury said youre going to have to issue stock. I think a lot of people felt, wait a second, this is nationalization. Nationalization actually did happen over some of the european countries. But, no, the inability of any european regulator to say to those banks you need to raise capital, how did what do you think the fed must be fairly like a truckload of nigh kro nitroglycerin on geez. Im worried about that, im so worried about chernobyl. You dont know when the milk is going to start being bad. Honestly we can say that. There are many things i can put together a list i was listening to lieberman talking about possibility of airborne virus. You know, i always said and my clients say what do we do in the event of nuclear war, do you really think were going to give a damn about our portfolios if we have nuclear war . I have other things on my mind. Cashin says the world only ends once. There you go. I think the idea were a highly levered system. We have been highly levered forever. The fact is that the consumer is so liquid, lets not forget its the consumer is liquid. The restrictions on a lot of what happened in the there was 14 trillion in play in real estate loans. Thats a lot of money even for our economy. It is a great deal of money. Thats not in play anymore. No. But what is interesting about this eightyear bull run is the fact so many people have not been a part of it. Good point. You had a generational, you know, after the dot com boom bust and then followed by of course the financial crisis, you have a generation of people who said no way. I am not investing. Right. Done. Done with the asset class. And those who have participated to a certain extent have done so as we know through the rise of etfs, index funds of course which already had been fairly popular back then are even more so now. Thats kind of where we are. So, you know, are we in the tail end of what this has been a great bull market and are a lot of people who generationally said im not interested going to have lost out . Only a year shy of what would be the longest bull market ever. I was listening to sara and wilf this morning and i know at one point wilf was saying well this rally was all central bank. And i always remember what my boss said at goldman which is, by the way, theres no asterisk when you put the money in the bank. They dont say, wait a second, thats central bank money. I need real earnings from eaton and parker hanefin. No, its central bank money, noncentral bank its money. And it means you can go buy physical things. Means you can put dinner on the table. And i dont like the discussion, well, that was because of Central Banks. Because if you go to Insight Pharmaceuticals or united generals or regeneron pharma, top five since march okay, maybe windham because didnt handle initially, insight, do you think they discovered their cures because of central bank . United rentals because it was easier to rent than it was to own equipment. Do you think regeneron, do you think lets puzzle over this for a second, did they come up with a eye drug did say ben bernanke has given me permission to come up with eylia a few times a year than what it was 52 times, no, lets stop it already. All right. Did not create because of bernanke. Oil wells went in the ground because there was liquidity that otherwise wouldnt have been there. Saying the bull market is not going to end. I mean, that was the question. Yes. I was actually going with more of a kind of metaphor kal way. Okay. Kind of like a post impressionist view. I like the post impressionist. Do you want me to go with a r rembrandt . Hes worth like nothing versus aroscoe. Yeah. Roscoe didnt end well, as you recall. Thats true. Neither did picasso. Or van gogh. Were going to talk about the market anniversary all day long. Meanwhile, gop did clear a hurdle in its effort to replace and repeal obamacare. In the wee hours of the morning republicans approve legislation through house ways and means that would repeal the tax penalties on people who dont buy insurance. After about 18 hours of congressional debate on the house gop Health Reform bill. Then tom cotton speaks out this morning in a tweet, says to my friends in the house, pause, start over, get it right. Dont get it fast. He says it can pass. The bill as it is cant get past the senate. It was amazing how quickly this was viewed as being dead on arrival. I continue to think were going to be talking about replace for the rest of the year. You do . Yeah. For the rest of the year. Really . Yeah. If were talking about replace for the rest of the year, then tax reform is not something were going to be discussing. Well, do you mind if the real companies, if the real interests involved in this start getting involved . You know, when humana and anthem right. Well, this morning the story is more about hospitals and doctors being opposed. I care about what humana says. Well, have we heard from them yet . I dont believe we have. No. United health has spoken and i know that our government remember, our Health Care Obamacare was heavily influenced by the Health Maintenance organizations. Yes. Im just saying its not like they sit down there and come up with the best plan. Im saying thats im going to be really cynical for a second and just tell you how these bills get done. These interests are really powerful. I know. But to thread that needle then to meet the concerns of deficit hawks amongst the republicans, particularly in the house, and yet the social obligations that some centrist republicans in the senate feel, thats going to be tough. You cant do it overnight. It can happen. What was it 4 15 . 4 30. I was up, guys, you can always give me a jingle. I look at this thing and say this is an immensely difficult prospect. They cant do it overnight. Thats all im saying. Its going to take a little while. Will it take until december . I dont know, but i remember they break during the summer, david. Its not like theres this huge theres a mandate to fix it, but not any clear way that its going to look, like the tax credits. You know, h r block had a good quarter yesterday. I was thinking theyll have a great quarter because everything youre doing with your taxes is now wrong because they repealed, you know, the penalty. But i just think its very complex and we havent heard from the real interests yet, the guys who have the most at stake. Meanwhile the president is taking marco rubio on air force one and inviting ted cruz to dinner. The new Charm Offensive they say. Its all about maga, isnt it . Do you know what maga is . No, i dont. Ive been wondering what youre talking about. Make America Great again. Oh. What like the big supermarket in mexico . Thank you, ill know what it is from now on. Like cera, you know that thing, people thought it was cera, now, its i didnt know what that was either. Theres no wilf. Luckily i pronounced it properly even though i had no idea. Were hearing, guys, this morning from john corzine, former chief executive of mf global arrived a few moments ago to testify in the case between mf global and the administrator and pwc giving no comment to our leslie picker whos on the scene. Take a look at this. Jon, hi, cnbc, who do you think is i dont have any comment right now. Okay. Thank you. Jurors in federal court are considering whether pwc should pay roughly 3 billion for alleged negligence in causing the bankruptcy. Oh, geez, they were what maybe three or four months too early on what would have been the greatest trade . He had one of the greatest bond trades out there of course betting that the prices would rebound dramatically for sovereign risk. Yes. Was dead right. Off by just a few but he forgot about the Balance Sheet. The fact it was a levered institution and you cant do that if people start to get worried and worried they got. Jon was when i was at goldman he was the fixed income boss and long history of working with jon. Ran goldman sachs. Yeah. He was a u. S. Senator, he was a governor. Went onto whatever happened happened, but im just saying didnt go well. Geez, theres just a history there of just i always think about that trade. And i know thats probably not what you should remember jon as. Jon lost his child, which is what changed my view that you can make jokes about him to me youre bad if you do that because thats real life. Thats real life. But jon made a bad bet there. Right. When we come back this morning, aigs ceo stepping down, carl icahn of course weighing in. Later on today, senator jeff flake of arizona, were going to find out which side hes on when it comes to health care, the border tax debate. Take another look at the premarket. We have not had four days down on the s p since january. Havent had five down days all year. Back in a minute. Back in a minu. This just in. 50 million customers data was not compromised this morning in a Security Breach that didnt happen. Wall street, not rattled. At all no. Sir, sir. What went right . What went right . Everything. We have a brief statement on this nonbreach. Were happy to report theres nothing to report. My dads company wasnt hacked today. Cool. Whether its connecting one of or bringing wifi to 65,000 fans. Wacampuses. Ed today. Businesses count on communication, and communication counts on centurylink. Im val. The orange money retirement squirrel from voya. I represent the money you save for the future. Whos he . Hes the green money you can spend now. Whats up . Gonna pay some bills, maybe buy a new tennis racket. Hes got a killer backhand. When its time to get organized for retirement, its time to get voya. The president set to meet with more Business Leaders this morning. This time its going to be the ceos of the Nations Community banks. As for disneys bob iger, he was challenged yesterday about his participation in the White House Advisory Council at the shareholder meeting. Take a listen. I made a decision that i thought it was in the best interest of our company and of our industry to have an opportunity to express specific point of views directly to the president of the United States and to his administration. And i did not believe, nor do i believe that my membership in that group in any way endorses or supports any specific policy of the president or his administration. Sort of echoes of what elon musk has said, its better to be in the room where it happens, as iger said. Ive talked to id say maybe six executives whove met with him in the last few weeks, and it is almost as if theres a central casting response. Everyone says the exact same thing. The last one said, i said i bet you liked being with the president because its better to be in the room than not, he goes, wow, how did you guess . It is what thats the rap. Is it a good rap . Its probably a decent rap, its just if you work remember there are stake holders and a lot of different people involved in the company and some people can work at companies that hes crossed, the employees, and theyre not happy. So i thought, when you see what iger said, i think thats kind of like thats the dont you think thats the m. O. . I think you get it, certainly as a shareholder you understand that. Right . I would think. In terms of trying to advance whats in the best interest of the company. Its unclear to me how that would not be beneficial at least, or at the very least neutral, right . Its interesting, Travis Kalanick is the only one pretty much. And hes the most challenged in terms of by the way you see musk in that tape right there we were just playing. Apparently the president had a lot of questions about the hyperloop at this meeting yesterday. Said were going to dream big with an emphasis on giving states money that have projects you can start in 90 days. Well, you know, guys may dream big but people are very worried about there was another note today about tesla and the model 3 and the costs that are going to come there and the Gross Margins. Now, one of the things i love about musk is hed be thinking right now, i mean, how can you in the same breath of my wanting to talk about, you know, Mining Minerals on mars debate the Gross Margins of the three, but in the end theres a company there. And the company a lot of these analysts lately have been saying its challenged. Ubs interesting piece what will cost to build out the e. V. E. Charging network. He thinks big. Nobody thinks bigger than elon musk, nobody. Maybe bezos. Theyre big thinking. Masa son a big thinker. Hes not thinking about pods that transport people long distances with low pressure. Yeah. Just decent broadband signal is what he wants. Exactly. Doesnt want the windmill. No. I had a company on last night that actually is one of the biggest wind power companies, and, you know, winds working. It just overtook hydro. Yeah. Wind is real. I mend the windmill you get on your phone when you cant connect. Oh, okay. Buffering. Yeah, that one. He wasnt talking about windmills. Well get cramers mad dash, count down to the opening bell take one more look at the premarket on this anniversary of the s ps low, back in a minute. Its a mad dash for a thursday. Do you know who invented modern makeup . Estee lauder . Max factor. Theres a new max factor on the block, i interviewed him recently. He is from e. L. F. , which is eyes, lips, face. And they had a remarkably great quarter, beat on every single line. Huge share take on the shelf at target. Why . Two reasons. One, lowest cost. Okay. In other words this is an outfit that really is they went public here not that long ago. Oh, it was a monster. Ive been pushing and pushing it. Why . Because, david, you cant walk outside of your house anymore without fear or believing that you could be snapped, you could be insta or finsta or selfie and you need this reasonably priced Makeup Company in order to be able to get outside and not feel like a darn fool. This is it. You dont really believe that . That people are using makeup because they think theyre going to be in selfies . Absolutely. So does the ceo. Thats the reason . Its not that its actually a good product at a reasonable price . Owner says the same thing. No, i actually did research. Not everywhere is the upper east side. No, no, no, this is low cost. And they overindex as they say with minorities because honestly, thats like the top point and younger people. In my neighborhood theres nobody going outside with makeup on. Your neighborhood is your neighborhood is the exact opposite of the rest of the planet. Theres 317 Million People who know about this. And they shop and they know and they go to target. We got to go, david. But youre just dead wrong. All right. Dead wrong. Shannon is back, she knows. She is back. She lives in my neighborhood. Shell tell you. And shes wearing no makeup. It is not pretty out there. All right, we got the opening bell coming up after this. Ing u. Say carl, we have a question about your