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tv   Cavuto Coast to Coast  FOX Business  September 4, 2018 12:00pm-2:00pm EDT

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the trillion mark. charles: the race is on. thanks a lot, folks. neil, handing over the show with a lot of great news for you. neil: you do, thank you very much my friend. we keeping an eye on amazon, dipped under a trillion dollars. some say the trillion dollars companies are lining up planes at la guard -- laguardia right now. that is a reference to traffic. microsoft is not far behind, $870 billion. alphabet, not all that behind, $841 billion. of course with amazon and apple, in and out of the trillion dollar market cap a lot of people say who's next, what's next? to put this in perspective we're on the 10-year anniversary of the financial meltdown. it covered a lot of weeks. back then around this time 10 years ago you could have scooped up amazon for 79 bucks a share. i'm sure you did that.
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had you done that then you would be up a lot on your money. i don't know the percentages. from 79 to well over $2,000. it is appreciable advance. they're already talking about stock splits, that kind of thing. how can jeff bezos insure more to buy his stock? we're dealing with that on the technology side, which is a separate story in off itself. on going trade concerns can get in the way. canada and china. we have real brainiacs with me here. i can sit to go get a cup of coffee. we have liz peek, fox news contributor, moody's's chief capital markets economist john lonski and late but not least our on sees san lee. people are selling on the moment and waiting for other stocks that will move in the moment too. >> it is like laguardia the planes are lining up. amazon, we have a sense still a lot of upside. morgan stanley slapped $2500
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price target. neil: remember how ridiculous that seemed that time. >> i didn't think it was ridiculous. $235 billion in revenue each year. 11% is amazon web services. it can only grow more. 1 is 30% average gain for the advertising business. there is a lot of potential for the company. neil: 40 some odd analysts follow the company, they all have the same view. the contrarian in me, is there a potential slowdown or is there too perfect of a picture. >> like being on the front page of the "sports illustrated." that is that, folks, exactly. >> big story on amazon, the thing that keeps the ball rolling, they keep having new mark gets to go into. they targets different sectors of the economy. they haven't gone into health care. what happens if amazon gets involved in health care,.
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neil: half empty glass, raising attention of government regulators. slow down. >> one of great things they have going for them, they're not involved in the social media issue, are you restraining conservative voices? are you doing something people don't like? basically people, other than the fact they have taken jobs and created a meltdown on the retail brick-and-mortar sector people like amazon. it made their lives easier. right now they're on a roll. neil: you discovered conserve activities and liberals both like to shop. >> at midnight in their pajamas. that is the thing. neil: we were talking at the outset about trade worries and they could escalate. canada might or might not come to the table. china had nasty things over the weekend. no quick thank you there. there that is a theme in the market, coming back this trading day. it could be a problem for september or no? >> it could very well be a problem. markets get tired of this persistent uncertainty
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surrounding international trade. they want resolution of these matters. my goodness, with nafta, you're talking about a new trade pact that effectively tries to regulate the production of automobiles of motor vehicles in the united states and north america. establishing more or less a minimum wage for auto workers. this goes against what trump has been doing earlier, attempting to deregulate the economy. so there is a lot of uncertainty, question marks, weighs on market performance. neil: susan, we talked about this last week, whatever the worries are, the market seems to trust this president it will all work out. >> it will. neil: very leery and nervous in the beginning, they hope that it works out but doesn't always go that way. >> i know. the but the price action says it will. best nasdaq august since 2000. where the s&p, what are we 2900 and so? i feel like investors, they have been, by the way, going into u.s. assets. they say this is the best place
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to be in the world right now, first time in five years. so there is a lot of -- neil: before you were born, i can remember january of 2000 they were saying stuff like -- >> oh, yeah he? neil: don't i sound really old? >> yes. you are sounding a little bearish today. >> i like her response. whatever. >> market action, price rotation, money flows tells you there is nothing to worry about right now. >> economists are depending upon the market to discipline the trump administration if these trade proposals, new trade proposals begin to damage the economy. economists believe if they're really going to damage the economy, the equity markets -- neil: you're all for reining this president in. >> five or 10%. if that happens, they will be forced to abandon this aggressive approach toward trade negotiations. >> let's look where we are. not just the markets will be disciplined, it is also voters. look what happened over the
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weekend. the eu is talking about beef imports. this is a huge thing for american farmers. neil: buy more beef from the united states. >> only thing i would say, there is all these negotiations whether the eu, canada, mexico or china, there are some other levers to pull, let's not forget in the canadian negotiations they already gave something on dairy tariffs in the tpp, the agreement we got out of. there is wiggle room. we always have the aluminum and steel tariffs, trump can say, get rid of those, take dairy tariffs down 10%. without a doubt. without a doubt. they need to be in this agreement. it is incredibly important for their economy. look, what i, what we're reading is they're willing to make concessions on dairy to also make sure they have this resolution agreement that now is not part of nafta brought back. there is so much negotiating room here. i think the reason to your point
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that markets continue to be optimistic is, they know there is a lot of flexibility and there continues to be some progress. i would argue that the agreement with mexico is big progress. neil: not intimidated canada? >> totally. >> surprised it happened so quickly. they stood away for five weeks so the u.s. and mexico could find common ground. neil: the fact they will come to the table and do something relatively soon? >> when 75% of your exports depend on one country, you will come to the table. they're used to the type of harsh rhetoric from u.s. president. neil: what about the harsh rhetoric towards congress saying don't fiddle with this? >> ultimately congress has to approve any revision of the trade pact. that is the way the law is written. article i of the u.s. constitution. neil: the president's point don't screw it up in his best tony soprano. >> obama did not bring tpp to congress. that is a little looser than we're hearing.
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neil: congress does have to write off on it, right? do you anticipate any problems with any of that? >> i think there might be some resistance from congress if it turns out businesses and labor are not pleased with the few nafta pact. >> right. it is renegotiation, authorization, has to involve three countries, it is not just u.s. and mexico. congress gave the authority to renegotiate with canada, mexico and the u.s. it is a three-country party deal. neil: and risk going into the -- >> no. i just think it is probably better to play safe. neil: do any of you look at the markets the way they have been behaving and say, all right, this technology environment looks solid, it looks very solid for banking issues despite higher rates but they're not exorbitantly high, when you worry, what do you worry about, john? >> well, i'm looking at the housing sector that seemed to have lost some traction. that is partly because mortgage yields are higher. they're up 70 basis points from a year ago.
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home prices are higher, perhaps becoming unaffordable for a lot of americans. neil: are you surprised interest rates are not as high as you think, given the economic activity, or for that matter, interest rates, which the fed has no control, market rates are actually stable, have been a constant? >> that brings attention to the problems we now have with emerging market countries. we of course have a lot of problems with turkey and argentina. we also find that the dollar is up by more than 20%, versus the south african currency, versus the brazilian currency. there is something amiss out of the united states in emerging markets that had been -- neil: is that -- >> smells a little bit like, remember we go back tote what is it, late summer 1998, when we had problems with russia, whatnot. who knows -- neil: ruble was collapsing, the fall before that. the asian contagion. >> italy is always, there is
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always negatives out there. neil: you know, a little bit lopsided intentionally? >> i think the big thing driving the markets and economy is very optimistic consumer. the consumer who benefited from the tax breaks no matter what nancy pelosi says, who has seen income go up five or 6%. they are spending money. until that reverses, market is pretty safe. neil: quickly, guys, has the market factored in the midterms? does it care about the midterms? does it see the house going blue and worry about it, or does it see the house staving that off? >> i think already been priced in they will lose at least 20 to 30 seats. neil: what is crucial, you lose 23 and you lose control. >> i think that is priced in. neil: so you do think they lose control? no that has been priced in. neil: i can easily watch the hearing to get all of that. neil: what do you think of that. >> i don't know. neil: i don't think they will lose control? >> they may not lose control. i think market, i think it is
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very important to the market what happens in november, because, the senate i think is completely secure for republicans. if there was any wobble in that prediction, then i think the market take as major hit. then you could have real change in regulatory tax issues that already happened. >> can i use a the president used in a word in a tweet this weekend? he talked about upside potential f we do get surprise, don't lose control of the house, there is upside potential for the markets. positive you are surprise. >> sometimes markets like to have a stalemate in washington. they like gridlock. that could be a change for the better. neil: are you saying the markets factored in the house going democrat but they would be pleasantly surprised and maybe run up if it doesn't happen? i'm only saying this is republican bastion, they tend to like republican policies? what do you think? >> they don't want to see the deregulation and tax cuts reversed. neil: right.
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>> they want to keep that. perhaps what might worry them, if this election gave some indication in 2020 the democrats controlled both the presidency and the house. that would be worrisome for the markets. >> again it is senate, i think, whichever way the house goes we'll not lose gains that have been made on the regulatory and tax sides. if the senate, for some reason all of sudden people fet nervous about that, that would hit the market in my view. neil: we're down 114 points. as soon as john lonski started talking, it was loss city. we're following also the brett kavanaugh hearings. you ever notice the groups that come out, stand up, act up, they come in waves. they have to usher them out. everything is quite it for a little while. a new group comes to shout. some are saying this is revenge for merrick garland and republican treatment of him, barack obama's pick for the supreme court. others argue people are in ornery mood and they will not let it go quiet into the night.
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they're screaming, yelling, starting off one of the more problematic periods for the market, well in a problematic way. >> mr. chairman. would i like to be recognized for a question before we proceed? >> regular order. >> you're out of order. i will proceed. >> we cannot possibly move forward, mr. chairman. >> i extend a warm welcome to judge kavanaugh. and everyone else joining us. >> we believe this hearing should be postponed.
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♪ >> mr. chairman, if we cannot be recognized i move to adjourn. >> the american people -- >> mr. chairman, i move to adjourn. [shouting] >> you're out of order. >> mr. chairman i appeal to be recognized on your sense of decency and integrity. >> you spoke about my decency and integrity and i think you are taking advantage of my decency and integrity. neil: that is going well. welcome back, everybody, i'm neil cavuto. happy supreme court confirmation hearings. they are expected to be divisive and loud. for brett kavanaugh and divisive and loud. not having so much to say a word. a lot of people wonder whether
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he gets that chance today. edward lawrence with the latest. it is expected. reporter: expected as we expected. a very slow start to the committee hearing. protesters and democrats trying to disrupt the hearing from the start. 22 people were arrested in the first hour of the hearing. i've seen dozens of capitol police officers go into that hearing room because of disruptions from the audience in the beginning. democrats are trying to drag out this hearing. they want to get more than 100,000 pages of documents from the white house. when judge brett kavanaugh worked for president george w. bush. president donald trump exerted second privilege. and won't release those documents. >> the fact we cannot take a few days or weeks, to have complete review of judge kavanaugh's record is unfair to the american people. >> i really regret this, but i think you have to understand the frustration on this side of the aisle. >> members of this committee already received 488,000 pages of documents, part of which, is
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part of the 309 opinions that judge kavanaugh has written while he is on the bench. 42,000 of those documents were released yesterday. now senator chuck grassley, the chairman of the committee says this is unprecedented access to these documents online and also work stations in his office. his frustration has bubbled over. >> i've been accused of having a mob rule session. now, if we have a mob rule session, it is because the chairman's not running the committee properly. but since everyone of you on that side of the aisle except senator booker, senator harris, are new to the committee, said during justice gorsuch's hearing, everyone of you previous assed your comments on how fair i was in running that hearing. reporter: hopes to have a vote on this by the end of the week, saying he is willing to work through the weekend. these are just opening statements. the question and answer portion starts tomorrow, neil. this is just day one. neil: man, oh, man, this will be
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a long week even though a short week. thank you very much, edward lawrence. a an issue with a lot of democrats, wanted to adjourn or hold off, the fact that the white house has not released up to 100,000 pages of information pertaining to mr. cavanagh during his days as an associate counsel and later on as the guy in charge of, as staff secretary during the george w. bush administration. and as such, in that role, a lot of documents, in fact all documents passed his way and get his check-off. a lot of people want to know what was the thinking between drafting those documents, clearing those documents and arguments back and forth involving those documents. a lot of documents. to "daily caller" news foundation editor-in-chief, chris bedford. i'm looking at that already the information that has been released is more than we have seen release from the five last supreme court picks combined and not enough. so what happens? >> i think it is, there is a couple things going on here. he has a longer paper trail than
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any other supreme court justice i can even think of ever because of his years and years advising the white house but some of that information is not allowed to be released. the kind of thing when the president asks for a legal opinion, that should be between the lawyer and the president. there is a little bit of disingenuous going on some of the democrats. for example, senator kamala harris, senator cory booker, they can't make decision until they have more evidence. before this hearing even began, they would not vote for kavanaugh, we'll not con firm him. it seems disingenuous coming from that point of view. neil: this might be political pay back for the way republicans treated merrick garland, president obama's choice for the supreme court. they never took it up. the argument at the time of mitch mcconnell was, it shouldn't be made in a presidential election year. and, there is still smarting from that. and exacting revenge with this, what do you think? >> i think that is true. there is a lot that goes on. the senate is hard ball place
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where you use rules to twist the other guy's arm. you hold off nominees not just for the supreme court. something less consequential to hurt someone else to get something passed. you're seeing some of that. some of the circus we saw earlier today, senator grassley didn't have the votes to actually overrule the democrats, because senators graham, senator crapo and senator flake were not at the hearing. he knew he had to hold it up. until he held that up, the democrats pushed this. this is parliamentary procedure with screaming people in the background. neil: they have an aggressive timetable to get hearings wrap up this week. maybe get a vote out of committee by friday s that doable? >> i think it is doable. but not at this rate. i think expected hearings to be a lot more boring than they have been so far. everyone is waiting to see if kavanaugh screws up. if kavanaugh doesn't screw up,
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comes judicial and doesn't put his foot in it, he will get moderate votes, liberal republicans like senator collins. it will put a lot of pressure on blue state democrats to vote for him. democrats are outnumbered in the judiciary at least until january. neil: they hope, republicans, democrats hope, delay, delay, hope you do well in the midterms elections, that you flip the senate. that might be uphill battle. the house could be another matter. then shoot it down that way? that is sort of gambling right there, isn't it? >> that is severe gamble. extremely unlikely to happen. i think even more cynically, a bunch of these democrats is to become a democratic rock star. cory booker, kamala harris, out there doing firebrand and demanding this or that, being hard on president trump and hard on republicans so their star can rise in the democratic party. they might be selected to be the nominee. almost everyone in the room on the democratic side thinks they can win an election against
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donald trump and wants to become the next democrat presidential nominee. neil: we're getting confirmation the governor of arizona is going to have a 1:00 p.m. press conference ostensibly to announce the replacement for john mccain. any names that have crossed your studies? >> it is all just fantasy basically. i've been reading names, putting out names, discussing this all weekend. no one really knows much beyond this, he is probably going to pick somebody that has the blessing of the mccain family. they are still huge people in the politics of the state and they will have a say. so don't expect a conservative firebrand but also don't expect somebody who is too squishy or too liberal because the lash back, winning an election would be too great. neil: do you think cindy mccain, her name comes up quite a bit to take her husband's seat up as muriel humphrey to replace huber humphrey. there is risk there, because of
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bad blood between the mccains and donald trump she might not be such a sure vote for things he holds near and dear, maybe things like a brett kavanaugh nomination? >> she is not a sure vote. she is more liberal leaning than her late husband was. conservatives would not be happy about that. i also think conservatives should not be worried about this. with conversations with the family i know this is not something she is remotely interested in. that is something speculated about, but the family doesn't want to put her through something like that. neil: we shall know in about 35 minutes. meantime the dow down 140 points. amazon though briefly hit one trillion dollar market cap, it joins apple, keeping a close eye on likes of microsoft and alphabet, not that far behind in the trillion dollar hunt. unthinkable it seems more than a couple months ago, it increased riches of a lot of americans who include stocks like this in their technology portfolios, overall mutual fund performance,
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neil: all right. well, cindy mccain sort of spilled the news that jon kyl, former republican arizona senator is going to step in and take the place of john mccain who tragically passed away last week. cindy mccain saying that, quoting that jon kyl is a dear friend of mine and john's. it is a great tribute he has chosen. he left the senate back in 2013, returning in interrim capacity to fill out senator mccain's seat at least through 2020. then after that it is anyone's guess. but he is is deemed to be a safe choice and a safe vote on things like the brett kavanaugh confirmation and much more. more in line that is, certainly
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with donald trump and some of his legislative agenda, while at the same time, adhering to some of the sort of maverick qualities we knew the late john mccain for. it will be official, when governor doug ducey announces this we're told in about half an hour. jon kyl is his choice to replace john mccain. meantime looking at amazon hitting that trillion dollar market cap, this as the back and forth between bernie sanders and jeff bezos continues. deirdre bolton has the details. if that were somehow to hit the stock, it had a funny way of showing it. >> it had a funny way of showing it. amazon five weeks lagging for doing the kind of little dogs that you see at a county fair, right, hitting that trillion dollar mark to your point but it just underlines how much money founder and ceo jeff bezos is making and catching the attention of senator sanders who spoke at this labor day event in new hampshire, essentially saying, i will quote senator
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sanders here, i'm uncomfortable, one person, wealthiest guy in the world, jeff bezos watches his wealth increase today by $250 million but there are thousands of workers employed by him who are earning wages so low they're on food stamps and medicaid and subsidized housing. normally jeff bezos kind of ignores a lot of the political comments. we know president trump has been very vocal in criticism about amazon, about what he talks about their tax advantages, about how it is hurting the post office. jeff bezos has not taken the bet on any of that. how much he has spannedded or amazon responded to senator sanders which is interesting distinction. amazon has said essentially we have been in contact with senator sanders' office. we offered him numerous opportunities to come to one of our fulfillment centers, that is where we put the order in, all sort of processed. and to date he has not come to visit. sanders did say on labor day at
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that breakfast he is going to visit a fulfillment center in virginia next month. part of amazon's defense as well is that some of the people who are not making these so-called living wages, as according to the senator sanders are people who are temporary workers or just not full-time employees and amazon says, by choice. so they are including temporary and part-time workers. neil: this is the issue they raised with walmart several years back. average pay and -- >> the scene where you could donate food to a walmart worker. that was obviously terrible pr for the company. senator sanders also continues to call out walmart, i should add as well, saying essentially to these big multinational corporations we're not going to subsidize you anymore. pay your workers a living wage. that is true. jeff bezos as of today, worth north of $155 billion but he is -- neil: he ignores the president
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but when bernie sanders came at him, he addressed that. >> yeah. i don't know the difference if he takes it as a specific attack on the fulfillment center workforce or, we have heard from people who are working in the uk that they're not getting paid a fair wage. according to amazon, temporary and part time. neil: you will hear a lot more of this as the stock continues to soar. deirdre, thank you very, very much. real quick read from shanna glenser. first does the company have to worry they will run into a pr buzzsaw on this, justified or unjustified this may be? >> it is a little convoluted when amazon is responding to something clearly directed at jeff bezos. amazon employees have opportunities according to them to earn a living wage. i have feel like the company itself is trying to avoid a larger backlash from the employees or consumers that relies on every day like myself
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pushing the amazon buy button, once or maybe a few times a day. neil: they have no shortage of those folks. meantime not amazon but heads of facebook and twitter, alphabet, we haven't heard from larry page, they will all get a capitol hill grilling. how do you think that will go? >> we might see a little bit after replay what we saw when mark zuckerberg appeared on the hill in april. hopefully a little bit more of a solid case from some of the, from some of the senators, more solid understanding of the issue, ability to express their understanding of the issues at hand. we'll see from the tech companies are again and again, you know, trying to show evidence that they have made progress, that they don't need to be regulated, but look, they're working together, they're getting cybersecurity firms involved. give us more time before you begin talking heavily about regulation on our companies. neil: would larry page hurt himself if he is not there? if he has a strong number two or
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three, but if he is not there, does that hurt his cause? people will start mentioning that again and again? into i -- >> i think candidly it won't hurt his cause. i think hurt google or alphabet, accusations there is censorship on news results on twitter news searches, those kind of things, tend to eat away more, in my opinion, than larry page showing or not showing for a congressional hearing especially during the crazy week of kavanaugh. so much is going on this week, it might get kind of shuffled under the rug a little bit. neil: you read my last question. for these guys it might be wonderful that the kavanaugh drama is going on a few doors away? >> it is. jack dorsey on like a month-long media tour last month. he is clearly more media, more media ready, more prepared. sheryl sandberg is quite deft in
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these situations. i think it is a probably a blessing in disguise for them to have kavanaugh going on a few doors down. twitter censorship hearings in front of the committee tomorrow afternoon, that might get a little more coverage, especially different sides of the aisle regarding censorship of twitter and kind of "shadow banning" people as they say. neil: shanna, great catching up with you. >> great talking to you. neil: what if it was brett kavanaugh not getting that opportunity and because protesters were acting up, but was oscar de la hoya, the boxing legend, what would he do? i just thought of that now. i don't know where my thoughts were wandering. i don't know if he would be quiet and taking it all in.
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♪ neil: welcome back, everybody. have you been following these brett kavanaugh hearings? on and off on fox business we focus in on some of the controversies, safe to say brett kavanaugh has had very little chance one way or another. often times by protesters in the audience, come and go in waves. i wonder how long you can be patient with that sort of thing. then i started wondering, my special guest joining me now, bocking great, great promoter oscar de la hoya how he might handle that. i dare say he might jump out of the seat going after people but he is affable kind of guy. >> good sew sue. neil: you are actually a perfect guest, this backdrop here. what do you make of it, just the tension that it creates? >> oh, my gosh. it is look, yes, i'm very, very
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fortunate and happy that i live in the united states of america. freedom of speech, i get to choose the right side or the left side. look, i mean everybody has their own opinion. everybody has their own voice. and so be it. neil: is it ever, can we get back to the issue at hand here? >> all right, look, i strongly feel that, i mean, myself, when that, when i heard that national anthem, okay, playing in the olympics in 1992 barcelona, there wasn't not a prouder moment that i have ever felt. you have to respect it. that is the bottom line. neil: so when there was a dust-up, i know you are promoting this middleweight title fight. >> right. neil: golovken's people, he is
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from kazakhstan, he wanted to play his national anthem and you said no? >> no. neil: explain what happened. >> let me explain. so, in the contract, for some reason this fight wasn't going to take place at all. neil: right. >> for little reasons. for instance, and obviously this is maybe a big reason, triple g didn't want the national anthem to be played before a big fight. neil: what is triple g? >> triple g is his, fighter's name, who canelo is fighting. neil: that is lot easier than saying -- >> exactly. neil: good move on his part. >> they dent want national anthems to be played at all. neil: at all? >> so we couldn't have -- neil: they said you didn't allah, kazakhstan -- >> that is not the case. the case -- neil: alvarez, he is mexican, right? did he want the mexican national anthem? >> absolutely.
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what we do, me as promoter, you play the kazakhstan national anthem and the mexican national anthem, because you're in the usa of america, you play the united states national anthem out of respect for everybody watching the fight. >> what happened? what was the big -- >> i don't know. for some reason they wanted to state in the contract there are no flags anthems whatsoever. this is proud moment for kazakhstan. this is proud moment for mexico. this is proud moment for the u.s. of a. we should hear the national anthems right before a major event. neil: that is big issue, oscar. >> it is huge. neil: nfl kicks off professional play this week, how will they handle it, how espn will handle it, how stadiums will handle this, how did it get like this. >> i split down the middle. i let the fighters do their talking inside of a ring, but when you're a promoter promoting a major event like this i have no reason to fight for what's right and -- neil: youryour view what is
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right to play the anthem? >> yes. neil: when you see nike celebrating just do it campaign with colin kaepernick responsible for doing all this kneeling, what do you think? >> freedom of speech. neil: right to do it, freedom to do it? >> bottom line, nike is smart. they're the 800-pound gore little lakes a lot of people are protesting. bottom line is, maybe fortunately or unfortunately they will sell 10 nice shoes. that is what they do. neil: you don't think it will hurt them, people say enough of this. >> i strongly feel it will not hurt them. neil: talk about boxing, how things are going, you had the midas touch as a promoter, what draws people to see a fight like this, a middleweight fight like this, so many people look at so many different champions in each weight division not like the old days when you were fighting, you know what i mean? >> when you have two warriors
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like canelo alvarez and triple g, they expect a great fight because of their styles. they're the best in the middleweight division. for instance, boxing is doing great, because we're watching boxing more than ever on fox. neil: isn't ultimate fighting is still the draw? >> it is the draw but not the real real mon maker like boxing, pay per views, september 15th, we'll generate $200 million in one single night which -- neil: what percentage of that goes to you? >> my pockets are empty. neil: your pockets are empty. mine should be so empty. you think boxing is back and all that, but where is tomorrow's next bigger than life character, you know what i mean? >> i think with all, with social media, with for instance, all the other cable channels are now going into their streaming
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services, including hbos of the world and espn, i strongly feel the consumer doesn't want to be told what it watch, when to watch or where to watch it. so kids are now watching their live sports content on the phone and they, so it is incredible. it's a game-changer. we have a big, huge deal with facebook where we're streaming fights. they're paying us license fee but now we're exposed to more than 2 billion users. if we capture 1% of that audience we're doing the right thing. neil: game over. always good seeing you, oscar. >> always. neil: thank you very, very much. i want you to go to the hearings in washington, get them to quiet down. they would listen to you. >> i make sure i take my gloves. neil: it would get nasty. oscar de la hoya. we have a lot more coming up, including tensions in the room where the senators are going at each other. we knew it would happen, but no idea it would get nasty.
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they're going to a break here. we hope they don't come to blows during the break, after this.
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♪ neil: maybe they should just say sell it, because nike shares have been dropping as soon as it got word that colin kaepernick was going to be featured in a new campaign honoring the famous
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just do it campaign. we have sports money cohost. the threatened reaction, boycotts, hurt business, must have weighed it carefully, they're not idiots there, do you they think it will be short-lived reaction, or what? >> i think they are doing this, neil, adidas is eating nike's lunch. nike had terrible august. adidas is more innovative and hotter company for the key young demographic. that is what nike is anticipating. they anticipated they would lose the old fogy buyers like myself but are looking to recoup that with younger people. neil: younger people would be more inclined to stick with a company like nike and that this controversial stance would help them with that group, i get that, but what if you peel off all the others? >> well, that is the question, right? ultimately are they going to
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gain more revenue from younger people than they will lose from older people? i think this is going to parallel what happened to the national anthem protests and the impact it had on television ratings. you know, the last poll done by usb securities of 2000 people showed more than half of the people polled were bothered by the anthem protests. half had stopped watching football because of it. but when you look at the demographics, the younger people thought protests were good. they were on board with it. that will be similar with the nike products. it is very, it is very split among demographics and to a lesser degree region of the country. i really don't think nike sales will be hurt in los angeles or new york. probably in in the midwest they will be hurt. neil: you know, it is interesting, mike, about how it turns upside down this notion that advertisers abhor controversy.
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they want to be as vanilla as possible, they don't want to offend people. here is the company going right into the thicket risking just that. to your point it might work out for the younger audience but what it does not? >> the stock market to your point, neil, saying it will not. it is down 3% i checked. the market is down fractionally now. i think if this stock goes down more than 5%, i would call that overreaction and probably look to buy shares of nike. at some point emotion can get the better of people. reality is, the overall sales of nike, such a global company, it is such a powerhouse, you're looking at soccer in europe, it is tremendous, huge in china. i don't think those consumers at all will be impacted by the nike kaepernick just do it campaign. neil: we'll watch closely. michael, always good seeing you my friend.
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thank you very, very much. >> thank you, neil. neil: it is increasingly looking like arizona governor doug ducey will confirm jon kyl the former arizona senator, who stepped down in 2013, will replace his good friend john mccain through 2020. the governor will come to that podium. when he does we'll take it live.
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neil: any second now we should be hearing from arizona governor
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doug ducey who if reports are right, the former arizona senator will be named the replacement to fill out the rest of john mccain's term. when that starts, we will go there. meanwhile, we are looking attentions building and roiling the markets for awhile. not so much right now. the dow down about 86 points. the latest cause for concern is not whether canada goes along with this mexican trade agreement we have already constructed, but whether the chinese are coming to the table, especially as we are ready to unleash $200 billion in additional tariffs on chinese goods. ohio republican congressman warren davidson recently returned from china, may have good perspective for us. thank you for coming. are they concerned this is a full-out trade war? >> i think everyone's concerned. i spent all of august meeting with people around the district of ohio and frankly, companies across the board, farmers, very top of mind where we're headed with trade.
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just returned as you mentioned with a congressional delegation, three republicans, two democrats, to meet with chinese leadership about trade. neil: what were the chinese telling you, or what you can share with us? >> i think their official negotiating position is, you know, a position of strength and we can outlast you, but behind that, i think there's a strong desire for chinese as well as americans to come to an agreement. frankly, the big message, though, is that if the chinese feel there's some chance to separate the congress or frankly, either party from the president with respect to china, frankly america stands united with concern about china. neil: so if we slap more tariffs on more goods from china, would you support that? if they're not getting the message which is presumably why the president would consider it? >> well, i'm looking forward and interested to pete with peter navarro to talk about that trip
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but also the path forward on trade. look, prior to coming to congress, i spent 15 years building manufacturing companies. i know firsthand some of the problems that need addressed in this. ever since i have been here and certainly over the summer, we are getting lots of feedback from companies across all sectors about how this path is affecting them and so we're looking forward to finding an opportunity. what i have communicated is that i think sanctions could be more targeted than tariffs, but you know, when china joined the wto in 1995, they committed to become a market economy. zero countries have recognized china as a market economy. china has to answer for that. neil: all right. we will watch it very, very closely. they got special privileges in those days, too, to your point. they are well beyond having to have those kind of privileges. thank you very, very much. looking at the markets right now, the dow down 75 points but amazon has been the real story today, briefly topping the $1
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trillion in market value following apple along those lines. nicole petallides at the floor of the new york stock exchange with all the buzz. nicole: no doubt. in the same time frame of the day we saw apple do exactly the same thing, hitting that trillion dollar mark early august and here it is. amazon. we were talking about which companies would get to the trillion dollar mark first. now amazon, the second u.s. company to cross through this key threshold, driving right through that last $100 billion very quickly, and with that, we see apple hitting a new -- amazon hitting a new high of 2050.50. at the same time, a new all-time high for apple today. they both continue to run hot as apple hit 2029.18. the group has been stellar. apple on pace for its sixth straight record close, amazon on pace for the most consecutive records since june 5th, when it had a seven-day run of records.
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but this group overall has been stellar. amazon, up 106% in the last 52 weeks. how about netflix, up 110%. people have not been disappointed as they have this group. i mentioned that speedy last $100 billion, it took only 28 trading days to get from $900 billion to the cool $1 trillion. will microsoft be next? will google? back to you. neil: thank you very much. dennis, much has been paid attention to the others lining up for that trillion dollar mark, microsoft or google. what do you think of this obsession with the round old numbers? >> i think it's actually quite silly. i know it's an interesting number. i know $1 trillion is a big figure. it's an amazing number. but historically, market peaks are made when we start to configure and focus upon these sorts of things. let's just take them in stride. there will be a stock split
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sooner or later to bring the stock prices back to more manageable levels. do i put a great deal of credence in it or think it's terribly important? no, not really. neil: okay. we will get music and graphics to go along with it but we can hold off on that. jack, lot of individual investors here, and you get the response would have, could have, should have and they didn't. they fear much as when apple crossed $50 a share or amazon for the first time crossed $100 a share, that they are missing a golden opportunity. without going into those issues per se, how do you advise clients on that, who feel they didn't get in at the bottom or are waiting for correction or a downdraft before they do? it's always fool's gold, i know. how do you advise? >> yeah, we are value investors and it's always easier to buy things that are selling off as long as underlying fundamentals support that, that creates the value anomaly we like to
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exploit. so buy something that appreciates, yeah, you know, as long as the story remains solid, growth looks even better than what's getting discounted in the price, then you can buy it. one thing that makes me a little nervous with the equity market, it seems like the leadership's getting too concentrated. okay, so amazon hit $1 trillion today. that gets me a little nervous. i would like to see a little more broad-based participation in this rally. neil: i hate to interrupt you but i will for the arizona governor about to make it official. jon kyl is his choice to replace john mccain in the united states senate. >> we were very blessed to have him as our senator. we are all aware of the size of the void john mccain leaves. our prayers and our heart remain with cindy mccain and the entire mccain family, and we will continue to celebrate the life of john mccain.
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i want to start off by saying that we all hoped today would never come, but it has come. i realize what an important decision this is and that there is no replacing senator john mccain. but the law requires me to do it, and the people of arizona deserve representation in the u.s. senate. it's a decision that i made with careful and thoughtful deliberati deliberation. as you can imagine, i received a lot of advice from people about this selection. most of it unsolicited. however, the best piece of advice that i received was from another governor, who said just do the right thing, pick the best possible person regardless of politics. it was really good advice, and
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clarifying advice and it made my job easy. as i contemplated who could best serve our state in the u.s. senate, i kept coming back to one name and one person. jon kyl. there is no one in arizona with the stature of senator jon kyl. he's a man without comparable peer. with nearly two decades' experience in the senate, serving alongside john mccain, senator kyl is prepared to hit the ground running. over the last few months, senator kyl has been working closely with the white house on the senate confirmation of president donald trump's nominee to the u.s. supreme court, brett kavanaugh. now senator kyl can cast a vote
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for kavanaugh's confirmation. senator kyl's a beacon of integrity, highly regarded by people on both sides of the aisle, and able to work across party lines to get results. there's a reason he was considered one of the best senators in the country. it's because he was. he's an expert on the matters facing arizona, water, land use, and issues facing our native american communities. i want someone who can enter and lead on those conversations. for those reasons, i have asked senator jon kyl to step forward once again in the spirit of service to aid our state and serve in the seat vacated by arizona's most beloved adopted son, john mccain.
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people automatically assume that this appointment will serve through 2020. i haven't been able to get that assurance from senator kyl yet. what i have gotten is a commitment to serve arizona through at least this session of congress and it's my hope that he serves longer. there's far too much work before the senate, work that is important and consequential to our state and our nation. work that demands immediate attention. it's not the time for newcomers and now is not the time for on-the-job training. arizona needs someone who can hit the ground running on day one and that's jon kyl. the fact is, every single day that jon kyl represents arizona
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in the united states senate is a day when our state is being well-served. at the memorial here in the state capitol last week, senator kyl spoke of how senator mccain always put the interests of arizona and america before all else. senator kyl has done the same throughout his own service to our state and nation, and will do so again. lastly, i want to thank carol kyl. she's been so kind and giving and selfless and we so sincerely appreciate her. thank you, carol. no question, these are difficult circumstances but we are blessed to have the leadership and statesmanship of jon kyl as we come together and move forward. thank you. >> good morning. i am grateful for govern oor
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ducen's confidence in me and honored to accept this appointment. we are all saddened by the circumstances that require the appointment and appreciate that there was only one john mccain. john and i served the people of arizona together for nearly 20 years and in that spirit, along with senator flake, i will do my best to assure that arizonans continue to be well-represented in the u.s. senate. the governor asked me to serve for the remainder of the term and he's made some very convincing points. i have committed to serving at least through the second session of the 115th congress. i do know i will not seek this seat in 2020 nor any other office in the future. i'm accepting this appointment to fill the seat vacated by the passing of my dear friend because of my sense of duty to the state i love and the institution of the senate in which i served for 18 years, and because the governor asked for
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my help, and because i'm putting my country first, just as this seat's previous occupant did every single day for more than 30 years. for now, there is much unfinished business on the senate's calendar, including confirmation of president trump's nominees to judicial and executive branch positions. i look forward to going to washington and getting to work. thank you, governor. >> we will take a few questions. let me start off with the obvious one, governor. no offense -- neil: just letting you know, that's an interesting development. jon kyl, the former senator from arizona, is going to fill out not necessarily the remainder of john mccain's term through 2020 but maybe the first half of the 115th congress which would take you to some point, 2019, i believe, that he's not interested in running for the seat formally, that he's filling on an interim basis. someone else will have to
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campaign for that seat, assuming he goes to 2020. after that, it's anyone's guess. the club for growth president david mcintosh, what do you think of all this? >> i think jon kyl is an excellent pick. he had a 92% on our score card over his whole lifetime in the senate and the house. he will be a strong voice for pro-growth policies. i hope he decides to serve through the end of 2020, because they need his voice and his wisdom in the united states senate. neil: it is interesting that he gave no assurances that he would. obviously when he retired after 2012, he was done and i know even expressing it again, not interested in running for political office again. he's filling out this one. then it's open season, right? >> that's right. what he's clearly signaling is to several other people who aspire to be senator in arizona, there will be an opportunity to run in 2020.
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so that will happen. the political field will start to fill out sometime after the fall elections in november, but before then, there are critical things to get done. confirming judge kavanaugh, doing another budget where they can do a second tax cut, fixing the deregulatory issues so that we can continue to proceed with lessening the regulatory burden, and jon kyl is great on all those issues and will be a leader. neil: thank you very much, dave. to dave's point, jon kyl is the guy who originally showed kavanaugh around the hill, sort of get acquainted, and was the sherpa, if you will, in that regard. former justice department attorney, former clarence thomas law clerk. john, safe to say that's a definite yes vote for brett kavanaugh, once confirmation vote is up. then what? how do you see the whole kavanaugh thing going? >> it's interesting, i think
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that if anyone ought to be thanked by brett kavanaugh, it's senator harry reid who is no longer in the senate. but harry reid got rid of the filibuster for judicial appointments so once upon a time, democrats could have tried to put up a filibuster and block a vote on judge kavanaugh, but i expect what will happen is he will be passed out of committee on a party line vote and get to the floor of the senate. the interesting thing is whether kavanaugh gets more than just republicans, because what he does is he puts some of the democratic senators up for re-election in states that trump won in a hard spot, people like donnelly from indiana, manchin from west virginia. i think they would have a very hard time voting against a candidate like kavanaugh who looks extremely well-qualified, has no opinions on social issues like gay marriage or abortion, and is exactly the kind of nominee that you would expect
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any conservative president to nominate. neil: i'm won ddering, this removes the uncertainty of having an additional republican vote that might have been in question as senator mccain was lingering. that's not the issue right now. so it does for brett kavanaugh, you know, he doesn't have to rely too, too much on that phenomenon, getting more democratic votes. he could anyway, but do you see anything that could be problematic in this, because the republicans are still hoping to get this wrapped up this week, maybe get a vote on friday out of committee. what do you think of that? >> i think that's an ambitious schedule, but well within the realm of possibility. i think you make a good point, when senator mccain was ill and it looked like he might not be able to make it, democrats might have had some hope but as someone who watched hearings going back all the way to judge bork is the first one i clearly
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remember well, i don't think the democrats have their heart in it. right now, if you were to go to -- democrats are trying to delay the hearing by claiming there haven't been enough pages of documents. you can fight about how many pages of documents, i think kavanaugh's side produced half a million pages of documents but that's not really a substantive issue. if the democrats are really fighting for delay and fighting over how many pages of documents have been produced from his white house service, seems to me democrats in the senate don't really have their heart in it and are trying to make a show of putting up a fight for their base, but they don't really have any ammunition the way they did with some other nominees in the past. i think they are going to just look like they are putting up a fight. they won't really try to stop kavanaugh. neil: so this scene today where he has been interrupted quite a bit by protesters and they seem to come in waves which is a new way to get your point across, as if the protesters had planned this, all right, you will get
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thrown out, then ten minutes later i'm going to pipe up, i will get thrown out, then down the line they go. i have never seen it so well-coordinated. what did you make of it? >> you know, in berkeley we have a lot of expay over there. i'm sure they're back on the red-eye flight to make it back for tomorrow. neil: you might be right. >> we see things like this all the time and these kind of protests but again, if you are going to try to disrupt hearings, if you are going to interrupt the chairman of the judiciary committee, those are the tactics you engage in when you're going to lose. neil: it is what it is. john, always good. i learn a lot. thank you very much, my friend. john yoo. the dow down about 70 points. amazon doing well. technology by and large doing okay. as the hearings resume for judge kavanaugh, who wants to be the next supreme court justice of the united states. let's say it could be a bumpy
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neil: all right. the president has been slamming the nbc chairman over the harvey weinstein coverage. charlie gasparino following all the developments. >> this is something comcast has to worry about for a couple reasons. i have done some reporting on this. we should point out trump did attack him today, mentioned it sort of obliquely, right? licenses, question mark. neil: very oblique. >> he didn't say i'm going after their license. as you know, telecommunication firms are highly regulated. comcast bought nbcu five years ago. it was a bunch of terms and conditions established that ran out i believe over the weekend. here is the problem i think comcast has, is it's not just the president that is skeptical,
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that doesn't like them, is skeptical of their business model. vertically integrated combining distribution, massive distribution with programming. it is the staff of the doj antitrust division which is very skeptical of this business model. it's why they went after at & t and cnn, and trump has called this business model at nbc and comcast public enemy number one to people. neil: the charges are that nbc, you know, nixed the story, spiked it. >> he just hates them as a business -- he just thinks they are so politically biased against him they will never give him a break. the problem they have is that there is a real underbelly inside the justice department that agrees that their business model is problematic. what i have been talking to people that communicate with antitrust division a lot, these staffers, believe it or not, have no problem bringing a civil case against comcast if they think they can put it together,
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some sort of a civil investigation into comcast and its antitrust behavior. they really think that they violated a lot of the terms and conditions over the merger that was put in place five years ago. they think this is a problematic company and here's where it will get interesting and we will know, it could happen any time, it may never happen, but there's something known as a c.i.d., civil investigative demand. that's what the justice department antitrust division sends out when it launches an investigation. when i talk to people that deal with the staff, they say don't be surprised over the next six months that you see something coming out of the justice department that holds comcast's feet to the fire, launching some sort of investigation about their pay tv model, whether they extract extra fees out of other distributors to get their nbc programming, whether they are a monopoly, whatever.
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this is a real possibility that they could be facing. so it's interesting, trump hates them, right, hates the big company, hates andy lack, thinks they're unfair, but their real problem is in the staff. the staff, which a lot of them are holdovers from obama administration, really does not like that business model. now, you say why did obama how, why did the obama administration allow nbc and comcast, why did they not challenge the merger instead of opposing the conditions, i can't tell you that. i think that was a decision done by the guy who ran the antitrust division at the time. you have to remember comcast and nbcu have been very good to president obama back in the day, very pro-obama network, so they thought they would give him a break, allow the merger to go through conditions. i will tell you that the staffers in the antitrust division never liked that merger. if it was up to them, they would have challenged it.
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neil: they might have bigger fish to fry here, right? the accusations are coming out about widespread back turning on a lot of women who had issues of harassment. this could be far bigger and i'm just wondering whether that is something comcast as a parent company has to worry about now, whether it could lead to, you know -- >> yes, but here is where it gets interesting. if this was a company that withheld news, it doesn't help. it gives the doj some sort of cover, the trump doj, from bringing one of these civil investigative demands, essentially investigations against the company, on other grounds. they are too powerful. they can withhold news. they can control the agenda. not saying i agree with all that, but i'm telling you -- neil: it provides the cover. are you hearing this is too
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much -- >> the stuff about ronin farrow? not yet. what i did look at today was this whole notion about the licenses. it just caught my eye, obviously. neil: he claimed nbc spiked the story, didn't want anything to do with it. >> right. think about where the justice department has power. it's in the antitrust division. think about who oddly supports donald trump, since he doesn't like the powerful nature of comcast/nbcu. well, more liberal left-leaning staffers in the antitrust department and also more liberal left-leaning judges in the d.c. court of appeals who will be listening to the at & t/time warner argument and may see a case that they may bring, they may eventually see a case against nbc -- comcast/nbc over similar type of antitrust stuff. i'm telling you, i can't stress this more. the president may hate you and have a visceral hatred for you
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but if you are comcast, you have tremendous skepticism in the staff level about your business model and now those staffers are supported by the guy up top. i'm telling you, comcast has something to worry about here. this is no joke. the staffers, lot of them are holdovers, career staffers in antitrust. they don't look at the world in adam smith's eyes necessarily. neil: i know apples and oranges but for time warner and at & t, the battle back and forth to keep it going, keep it going, or drop it, does it have any implications? >> it does. it's not apples and oranges. there are two vertically integrated megamedia companies, at & t/time warner which we know the trump administration hates them and we know the staff doesn't like the business model, and it's comcast/nbc. that's why i think there's more than a theoretical possibility that you are going to see some sort of legal action, whether it's an investigation or whatever, still on comcast/nbc.
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the staff there does not like him. they are telling people this. i can't tell you they will definitely issue a c.i.d. and open something up on whether they have done the right thing with who, but there's a million different conditions that were on that. they were not supposed to be meddling directly in hulu which was that sort of over the top service owned by a lot of different -- it was run by them and others. i think we were involved as well. neil: they didn't stick to what they promised. >> i'm telling you, this is more than theoretical. they have something to worry about. the guy at the top hates you and the staff hates you, think about the antitrust chief. he can appease his staffers and his boss up top. know what i'm saying? it's a no-lose situation investigating comcast/nbcu. neil: not a good environment if your boss and everyone you work with hates you. you thrived. >> that's because i love being
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hated. did you see the hate, i put up a selfie of my three and a half pack. i got such hatred. neil: well, we had a down moment and i asked the staff just to send it. it was very good. i liked the way you handled that, though. >> listen, i love people. neil: i'm a people person. >> i'm very warm. you know who's the only person that's not as nice as i am, is my lawyer. neil: really. >> yeah. neil: thank you. okay. i'm not saying i was a little angry over this. more after this. the dow down 56 points. ng anothk at your overall financial strategy. you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track.
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neil: it's a tropical storm right now but gordon is strengthening. our meteorologist has been following it very, very closely in the weather center. what's the latest?
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>> well, this will be right on the borderline by the time it makes landfall. currently winds at 65 miles an hour as it spins just off the coast. it is projected to get up to 75 miles an hour. it becomes a category 1 storm at 74 miles an hour. those are wind speeds. so it's going to be very close to that. either way it will be making landfall probably 6:00 or 7:00 this evening bringing with it at times very heavy rainfall. some of the heavy rain already beginning to fall up towards panama city and destin. this will continue to eventually work its way towards biloxi, mississippi, an area it will be near when it makes landfall. here's the hour by hour forecast. continuing as it makes this move to drop bands of heavy rain across portions of the florida panhandle stretching over towards alabama and mississippi. likely you will see new orleans getting some rain also but it is on the weaker side of the storm. the heavier side of the storm is always off towards the east. those will be the areas getting the worst of this. it eventually works its way
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onshore and begins to weaken relatively quickly so wind speeds will start to die down as soon as we make landfall. we have hurricane warnings stretching from the florida gulf coast back off towards the west. anything in the red means winds getting up to hurricane speeds, 70 to 74 miles an hour. otherwise, it will bring in that storm surge you typically see with these systems. likely anywhere from three to six feet. again, the highest storm surge will be to the east of this system so those will be some of the areas you get closer to six feet. i think probably the biggest concern with this system is going to be all the moisture it brings in. it is going to be a rain maker, as we will be looking at spots where it makes landfall fairly widespread, getting a good four to six inches, isolated areas perhaps getting up to eight inches. this is going to kind of run up to the north, run up the mississippi valley here. these are tropical storms spaghetti models offering pretty good agreement. as it makes the move, it weakens but is bringing tropical moisture so by the time we continue through this week it
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will be moving back across the midwest. we still have about five or six hours until this makes landfall we will watch it very closely in the weather center. neil: thank you very much, my friend. meanwhile, a political storm, another sort of storm. the president blasting his attorney general yet again, repeated charges against what he's doing that's hurting lawmakers on his side. the federalist senior editor molly hemmingway, update me on the president's beef. >> there are so many problems president trump has with sessions and some are quite legitimate. recently, though, he tweeted that he was opposed that the department of justice had indicted two sitting congressmen so soon before an election and that these were safe seats republicans held so it was politically inappropriate to go after them at this time. it is true that the department of justice generally used to try to avoid indicting people right before elections, that's something that's kind of gone away in recent years, but this is ridiculous that he would say one of the reasons why you shouldn't go after them is
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because they were in safe districts for your political party. that's just as bad as when the department of justice was politicized under president obama, when he would say eric holder was his wing man or when he weighed in on the clinton investigation while she was still being investigated. just generally a lot of blame to go around here. neil: be that as it may, obviously the president isn't firing him and it's pretty clear jeff sessions isn't offering to quit. other stuff has gone by, maybe behind the scenes, that i'm not seeing. but the whole thing is weird. >> what's weird is our attorney general was sidelined based on a certain crazy theory of russia collusion. he recused himself from anything overseeing either the clinton campaign or the trump campaign which turns out to be two of the areas where we really could use some leadership and political accountability. so i think jeff sessions was tremendously naive and it's a disservice to the american people and to the president they elected that he has sidelined himself and given authority to
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someone who is also implicated if both these things. remember that rod rosenstein, for all intents and purposes, the acting attorney general in many of these things, was the guy who recommended firing james comey. he also signed off on one of those fisa applications that's riddled with information that should not have gone before the secret court that determines whether you can spy on an american citizen. we have a problem with the department of justice not being credible right now or seeming to have political bias in how it handles investigations and how they are reppolitically sensiti. it would be good to have accountability which we just don't have. they are avoiding to respond to congress as congress tries to get information about some of the ways these investigations were handled so it's a mess and it's a mess in part because jeff sessions recused himself when he really was needed. neil: it's a big sin and maybe regretful error but it is what it is, it happened a long time ago. you could argue the point the president was so angry about this, he could and should maybe have dumped him then, but he didn't. i have heard there's different
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machinations here, there's a difference between firing sessions and forcing him to resign or he takes the embarrassing bait, whatever you want to call it, and quits, because that could afford the president a chance for an interim appointment. can you explain that process? >> basically there's just debate about whether you can make a temporary appointment, fill a vacancy if the person is fired. the language of the statute says something about someone dying or resigning or unable to fulfill his duties but it doesn't refer to firing. there's just some debate about whether you could. i think actually you probably could replace him. the thing is despite the senate having some division about what they think about sessions staying or not staying, in general, the senate likes to hold confirmation hearings. as we have seen today, they are quite dramatic and fun for them and they like to have that time where they can show some authority over these people who will head up executive branches. i think should president trump decide to fire sessions, i think
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that he would have every right to pick a replacement and the senate should hold hearings on it. neil: but it seems that would be after the midterms. the president all but said he would hang on to him through them, right? >> yeah. i think that makes sense. there's just too much going on right now. it wouldn't be handled appropriately. also getting rid of sessions right now, i said rod rosenstein was essentially acting attorney general. he would officially be acting attorney general during that time until you have a replacement filled and there are a few different means you can get a replacement. a temporary replacement is something you can just pick anyone who was senate confirmed and presidentially appointed but they only last for 210 days or thereabouts. it will have to be something done to figure out how to get control over the justice department, and it really should be under political control. you don't want law enforcement agencies being independent or not having any accountability. neil: did the president, when all is said and done, plant the seed for a lot of this by firing james comey? that was not a sessions move. that was his move.
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>> firing james comey happened after many months of the department of justice playing games on russia. the idea that he should have kept him in position when he was, you know, having those meetings about the dossier, leaking about the dossier to media outlets, privately assuring donald trump that he wasn't under investigation but publicly intimating that he should be, this is a guy who was just shady. i think people on both sides of the aisle can see he was not someone who had earned the respect that you should have -- neil: i'm not saying good or bad or right or wrong, but that that was the next volcanic act that sort of brought us to where we are. >> it's an important norm we believe the president has the right to hire or fire whomever he wants. that is an important norm. it's the removal of that norm, acting like donald trump is the one president in the history of the country who doesn't have that right, that's more dangerous to me than him overseeing the executive branch -- neil: it's the timing, right? >> well, i think maybe the big error was not firing him on day
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one, particularly since he already knew from that meeting about the dossier that he was dealing with someone who was a bit shady. neil: thank you very much. federalist senior editor. these hearings are continuing in washington and we understand brett kavanaugh has had a chance to answer a couple of questions. but it's going something like this. ten times more in questioning than responses.
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neil: you probably heard the news the chicago democratic mayor rahm emanuel is saying he's not going to be running for re-election right now. a lot to talk to jonathan about but as someone who knows that neck of the woods well, was this expected? do you know? >> not at all. not at all. stunning. the mayor was holding his normal morning press conference. his wife happened to be there at the same time and dropped the news on all of chicago and really, all the world quite stunned. when you go back, take a moment and think about it, he came back to chicago and became mayor at a time in which president obama was of course president and the democratic wave was really sweeping through the nation. that's changed and i think much
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to the frustration of many chicagoans, a lot of the problems rahm said he would fix, pensions and the debt, are still unfixed nearly a decade later. neil: was he going to face a challenge, even a party challenge? was he looking free of that? or was there going to be an uphill battle? >> he was facing increasing challenges, neil. unsatisfaction among americans from both sides of the aisle. primarily, from my experience as a life-long chicagoan, two factions here, one of which is the crime. we have heard about it and that's a real scenario, especially for many residents of the city on the south and west sides and secondly, the taxes and pensions. chicago is consistently rated essentially as america's greece, america's really emerging market. so unless somebody can face these challenges, the city is in a lot of hurt, rahm or no rahm.
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neil: jack dorsey set to testify on capitol hill tomorrow, set to say twitter does not use political ideology to make any decisions. this is according to written testimony that he's going to give the house committee on energy and commerce. what do you make of that? >> my response is laissaiz faire. hands off. twitter is a private platform. it has plenty of competition from instagram, facebook all the way douvenlt i don't personally believe they use such metrics in attracting their audiences but it's very likely twitter has their own standards of content, what they will allow on that platform. that's a positive. i get really concerned when i start seeing government get more and more involved in regulating speech, regulating the platforms that facilitate that speech. this could be a real negative for social media stocks, especially in a time when a lot of these, what's been leading the market higher the last few years? hasn't been steel stocks, hasn't been automotive stocks, it's
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been facebook, twitter, these new technologies stocks. when government gets involved, that's when i as an investor and an american turn and run the other way. neil: yeah. i'm reminded of that ronald reagan line, long before social media companies came into being, i'm from the government, i'm here to help. be careful what you wish for. you might get it. there might be a collective bias on the part of these guys. you are free not to use them. what do you expect will happen tomorrow? >> a lot of saber rattling. oftentimes, i have been watching for a decade now, politicians, the folks from square, facebook, twitter, jack dorsey, these are the atlasses powering the economy forward. their time is valuable. the fact our elected officials are wasting their time questioning them in areas in which they simply shouldn't be involved, i say the same thing to them as i say about our own elected officials here in
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chicago. get the pensions under control. get the debt under control. get spending under control. then and maybe only then consider yourself about what's happening on a free social media platform. neil: well put. when you mentioned debt, i would be remiss if i didn't mention argentina. they hiked interest rates to 60%. they were 45% just last friday. it could get even worse, this on the heels of venezuela falling apart. lot of people seem to look at these type of developments as sort of like a black swan. the noise that's out there you should worry about. what do you think? >> i'm one of those. i consider this really could be a canary in the coal mine. you know, global debt has really exploded since the financial crisis. it's up about 90% and you are starting to see, i believe, the hangover of that. we have seen massive devaluation in argentina, in turkey in the last couple weeks, and this is in effect where it started. i know you weren't alive back then but in 1997, there was a
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massive currency crisis that started in thailand, southeast asia. the markets are an interconnected whole so i fear that some of the selling we have seen today on wall street is a harbinger for more to come. this financial crisis isn't going away. i think it's growing. neil: we always find out after the fact all the folks who were exposed to it, whether it's argentina, venezuela, they're buying latin american debt and packaging it and selling that and all of a sudden, we discover well, after the oh, my gosh, we should have seen this one coming but this is playing out. >> yeah. it is. you know, we can see it coming. i think we are seeing it coming in the price of a lot of emerging market bonds and emerging market securities. these have been basically dead money in the market and real weak securities for the better part of six months now. so take a look at your portfolio. if you have bought any of these areas and as people have been searching for yield in the last five, six, seven years, a lot of them have piled into these
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emerging markets as a place to go for yield. if this continues, this could be spelling trouble not only for those of us who are investors but think of all the global banks, the international banks. in europe, and even some here at home, who have lent money in these emerging market economies. this ain't over yet. neil: yeah. little exposure can kill you. thank you, my friend. always good catching up. we threw a lot at him but jonathan knocked each one out of the park. i don't know if brett kavanaugh is knocking it out of the park in his hearing today. he's not had much of an opportunity to speak. that may be a good thing. he's letting everyone rip him a new one as was expected by this hearings that have been interrupted by a lot of protests and protesters. that was anticipated. what happens and whether republicans can succeed in getting a vote out of committee by the end of the week and getting him confirmed as the next supreme court justice of the united states is anyone's guess. republicans are confident they can and will.
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at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. neil: more news out of argentina i wanted to pass along. i believe i misstated. interest rates there are at 60%. they went up from 45% i said last friday. begged at 45% yesterday. they were ratcheted up fenn to 60% today. this as the president has slapped a new tax on exports. that has led the peso to continue plunging down 50% against the dollar so far this year. about half of that has happened in just the last week.
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so concerns that contagion just south of our border could be building so far not affecting us. exposures is limited by us, but nevertheless it is noisy and noisier. to cheryl casone. cheryl: noisier than washington, d.c.? neil: that is a draw. cheryl: we'll be hearing from president trump's supreme court nominee brett kavanaugh in a short while from now. believe it or not if you've been watching hearings today. it is heated eventful first day of senate confirmmation hearings, especially the beginning of these hearings. we'll bring you judge kavanaugh's opening statement as soon as it begins at the senate committee hearing. we're hearing markets lower on the first trading day of september. the dow down 35. the s&p down 7.25. nasdaq lower as well. hi, everyone, i'm cheryl casone i'm in for


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