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tv   Cavuto Coast to Coast  FOX Business  November 4, 2019 12:00pm-2:00pm EST

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stuart: oh, cheap shot. saving it for lunch it's a little cold. put it on ebay. >> ebay. stuart: i don't care what you say that was a great show, full of humor and poignancy. follow that neil. it is yours. neil: when is the last time you have gone to a fast-food restaurant? stuart: i go all the time i i'm a mcdonald's. they're excellent. they're fast. i'm a fast-food customer. neil: i really wasn't interested. i thought the way you juxtaposed it there. i can't picture him. then again, who could have pictured this, the dow in record territory. first time since mid-july. we have the hat trick going on with all major market averages well into record territory now. you know the drill here. a lot has been built on strong earnings. a lot has been built on steady as she goes economy, not growing too fast, not too slowly. a lot of optimism on the trade front.
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we'll get to that in a second. there are a couple wrinkles we pick apart. fox news contributor liz peek. ann stovall and last but not least, charlie gasparino. charlie, begin with you, end with you, on this notion, it is an ideal environment for stocks. that is what they're pouncing on? >> it could be an ideal environment for stocks. 9 one sort of fly in the ointment on the stock market. the market has been flat-lining 18 months. the reason why it is trade. if they get a modest trade deal, that should be plus for the markets. decent trade deal. maybe business investment picks up. it has been going negative. neil: 18 month figure since the trade thing started? we're up 18% on the dow. 23% on the s&p. 27% close to it on nasdaq. do you see that continuing, liz? >> i think earnings prospects are brightening as opposed to
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getting worse. there is old adage, don't fight the fed. as long as fed is accommodative, the earnings will possibly accelerate in 2020. neil: do you buy that? 5 1/2%, 7 1/2% in the second quarter. that's a pretty tall order? >> i am kind of coming from a place where all the prognostications have been so negative. they have all been wrong. remember the third quarter earnings, one of the reasons the market is doing so well right now, third quarter gdp was better than expected. third quarter earnings were better than expected. jobs number was better than expected. i don't think it is necessarily concerted effort to talk down the economy but man, people really have been talking down the economy. so when the data actually comes in. we're all like wow, that is really terrific. 128,000 jobs. another 95 up in revisions in the last two months. how can you not celebrate that?
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neil: you always wonder people getting ahead of themselves. you reminded mae as well, ample cash positions out there. a good number of people who are skiddish, you want that in a market like this, right. where do you see this going. >> i think we head higher. as liz said, it is because we're going into several of these earnings periods, expecting numbers to be lower. they end up being higher this is the 31st consecutive quarter which actual results exceeded end of quarter estimates. the bar is set low for the fourth quarter. neil: still a minor contraction? >> possibly. the average beat has been four percentage points that would imply like a 0.2% gain if we get that kind of a repeat. right now we're still in negative territory. neil: all right. >> heading into 2020, switch gears. middle of all this, just about an hour ago we got word the president lost again in another appellate this fight to keep his tax records private.
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new york southern district court wants them in the worst way. looks like they will get them short after the battle in the supreme court. markets shrug them. >> it is down. neil: down from where we were? >> this shouldn't be impact on the market. i have guess you would make the case if trump looks like a guy who doesn't pay his taxes or stiffs charity, isn't very charitable, lies about how much money he is worth -- neil: not that issue. whether this could feed -- >> could feed impeachment leads to elizabeth warren becoming president? that is sort of the market trade. listen, we should point out gdp is at 1.9%. that's not great. >> they just raised 2 1/2 in the next quarter. >> fyi, donald trump was predicting 5%. he cut corporate taxes. neil: you don't think the tax thing is market mover unless it source quickly on him?
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>> the bigger problem he has is business investment doesn't pick up and gdp continues to be two, below two, then you have, elizabeth warren and they can make a case rich is getting richer. neil: you have to look at numbers. still pretty solid. liz, on this issue about how the tax stuff, all the other stuff plays out. however you want to view it politically, it is very polarized to put it mildly. linda mcmahon was here the other day talking to me about the fact that it does baffle business for fund-raising. linda mcmahon, how the tax plan helped republicans. does this rally the troops? can you spell out what you're seeing? >> what we saw from our fund-raising at america first, our super-pac, when nancy pelosi announced we were moving forward with the impeachment inquiry, the next seven days we raised $7 million. almost a million dollars a day.
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neil: wow. versus what was it prior? >> far far, fraction of that. neil: she raises dough for the president, bundles it like a lot of people do. a lot of democrats told me it has been a gift for them as well. so i get that. for the president, for when you follow the markets, tethered to the president in many respects is this issue? >> the specifically tax returns? neil: right. >> you know this, mystifies me. i think it is more about embarrassing the president than anything else. the reason he hasn't given them out supposedly, being audited. my guess he has been audited and has been forever. people -- neil: you can hand over your returns when being audited. >> when they're in their industry, real estate industry known to take huge deductions of all different kinds, high-end americans -- >> charitable way of looking at it though. neil: to his point -- >> is there something illegal there? neil: we don't know.
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>> the irs would be on to that, right so. neil: let me ask you. it is always considered noise out there. that this is another battle that could go all the way up to the supreme court. he loses it, returns, come out, people pounce on that, handles, certain paints to individuals -- payments to individuals. don't drag into the weeds. that this will drag on as longer? >> the intent to drag on as long as possible. could be benefit to the base. the base would simply say, look they're trying to victimize him, trying to make him book bad. obviously on the other side what we can do to embarass him, bring down the ardor associated with him could cause these on the fence. neil: i don't see, charlie, traders being dissuaded. >> algorithms kick in, suddenly trade off the negative headlines. there are two things going on.
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more looks like elizabeth warren will win, more money trumps raises. i done a lot of reporting on. this he could raise $1.6 billion for this race. that is off the chart. he is heading into that direction. democrats, joe biden started super-pac, got a few checks in i heard. you heard linda mcmahon they're raising money hand over fist. that said, it is interesting and complicated, michael cohen when he gave his testimony said, if you look at trump's tax returns he inflates them, for insurance purposeses to get more coverage on insurance, deflates them when he has to pay. tell you, we don't know what is in there. my guess there is some embarrassing stuff in there. beyond the average joe real estate guy. neil: that is the only wrinkle i see otherwise in earnings, to your point, look pretty solid. pretty good economic numbers looking steady for a fed with three rate cuts, that looks very
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poised to help out any way it can to keep the juggernaut going. short of an economic collapse, that is pretty good environment if you're living in the white house. >> i think so too. back to charlie's point. i agree president trump promised 3% growth. i don't think he talked five. >> he talked five. >> the answer it will not be five or three or probably, 2 1/2, three, maybe. for people already benefiting from this tight job market, who already see opportunities they haven't seen in a long time. whose iras are up. house prices are up. whether it is 2 1/2 or three orfour, i don't think they will really care. >> you don't know. >> the only wrinkle, neil, dealing with the chinese, you never know. you don't know. neil: nothing is given there. >> plan on all of this. i have to wait that much longer forevers vision. which is indication economy is going well. i try to go out to dinner on weekends and keep getting turned away. neil: the olive garden --
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>> exactly. neil: quick break here, folks. we have been bouncing around this 100 point gain. all it would take to close out record territory 12 point gain. s&p 500 for do the same. anything from where we were. so that is where we stand right now. the trifecta of a lot of buying going on corner of wall and broad. we have situation going on at mcdonald's, one of the big stocks down today much after its former ceo admitted to having an affair with a fellow worker t was a consensual affair we're told. the damage was done. he violated company policy now he is out. the implications after this. when you rent from national...
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♪ all right. we're up a lot right now on the dow. we would be up a lot more if not nor mcdonald's, down better than five bucks a share. continuing to cascade after word that ceo steve easterbrook is stepping down over inappropriate relationship, that violated company policies. grady trimble joins us from mcdonald's headquarters in chicago. sir? reporter: we don't know much about the relationship other than the company says it was consensual but we're getting details about the severance package easterbrook will receive. six months of pay he will get six months from now. that will be half a million dollars. on top of that he will cash out a big chunk of mcdonald's stock, likely worth many millions of dollars. speaking of mcdonald's stock, while the rest of markets are in record territory today, mcdonald's is not. it is down on the news of the leadership change. we should point out though that while easterbrook was at the helm of the company the stock
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doubled in five years. in departing email he reminded employees, the company saw 17 consecutive quarters of growth and helped modernize mcdonald's brand. mcdonald's moved quickly to name a replacement for easterbrook. he recently oversaw u.s. operations for mcdonald's. he took over for the company when it recently missed earnings according to analyst expectations. mcdonald's wouldn't say exactly which policy easterbrook violated but if you look at the website, it is clear on a dating policy outlined, employees cannot date other employees that report to them directly or indirectly. if they do feel like they're in violation of that policy, they're supposed to report it to hr. easterbrook in a statement and email to employees acknowledges he made a mistake. he agrees with this decision. i step down, resign from the board. ultimately cost him his job.
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big shakeup today. neil: thank you, grady. ed rensi, former mcdonald's ceo, still actively involved in all things in that industry. ed, did this policy exist in the days you were there? for even all franchisees, that sort of thing? >> it did for a very long time. you know, mcdonald's has got a family image. we serve families across the country. we held ourselves to a very high standard. and, mr. easterbrook had a very serious lapse in judgment. i think the board acted quickly. i think consequences are correct. i think mcdonald's is a very strong organization. they have great talented people. you see how swiftly they replaced him. i look forward to a prosperous journey with mcdonald's as customer and stockholder. the greatest strength mcdonald's has, nobody should ever forget it, are the mcdonald's franchisees, owner operators, people in the stores running stores, meeting public,
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selling product, engaging in a way that makes that company extremely strong. they will recover from this. they will make smart decisions. i think the new leadership will carry on, improve what has been happening. i think it's a great company. i think they will do well. neil: as i understand it, ed, employees at mcdonald's candidate one another. what got thorny here the fact it was a boss with a subordinate. we don't know who leaked out this relationship was going on. or maybe it was not exactly a widely-held secret, but what do you make of that? >> well reality of it is, anytime a superior officer of the company is dating a subordinate, that has an adverse effect on everybody around them because other people in the company say, is that person getting an advantage because of the relationship with the boss? what is going on? it is just inappropriate. in this day and age it is just unthinkable that anybody would do that. the mistake was made. it has been corrected.
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but everybody better take note in all industry across the country. this is a bad relationship when a superior is dating a subordinate because everybody gets hurt. the stockholders got hurt today, the employees got hurt, the reputation got hurt. easterbrook will walk away with a lot of money but he was terminated. nothing good will come out of this, except it ought to wake people up to do what's right. neil: what is interesting about this? you mentioned usa operations with chris since ski taking over, will continue policies easterbrook was orchestrating, more efficient drive-throughs, more variation in the menu. not much changes as far as as business operations i guess to your point is a net-net good, right? >> absolutely. the strategies are pretty good. the reality of it is, every time mcdonald's executives get off
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and ships taking on water, take it off course, franchisees bring it back. they have immense interest in the company succeeding. they don't mind speaking their mind. they were at cross-purposes 18 months ago. management woke up, listened to the franchisees, on much better footing. mcdonald's has a good path ahead for them. they will make adjustments as they need to like any business should do when things get into rough water. neil: this is happening under easterbrook's reign, somehow they stumbled with chicken, and chicken sandwiches dominating by chik-fil-a and popeye's. how did mcdonald's screw up there. >> i have no idea. frankly mcdonald's is in the business of selling food for money and profit. chicken is one of the most profound proteins in the united states today. had been for the last 15 years. mcdonald's has a great wealth of chicken products across the
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globe. many are very interesting. chicken mcnuggets led the way originally. no reason why mcdonald's shouldn't have portfolio of great chicken sandwiches. neil: think of chicken mcnuggets all the stuff you created. good talking to ed rensi. stocks pounce through records. all three major market averages. you look at that, gee, i want in. what does the guy who founded td ameritrade of all that? the timing getting in and out of a market like this? he is here. he is next. great riches will find you when liberty mutual customizes your car insurance, so you only pay for what you need.
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ask your parkinson's specialist about nuplazid. how did you find great-grandma's recipe? we're related to them? we're portuguese? i thought we were hungarian? grandpa, can you tell me the story again? behind every question is a story waiting to be discovered. ♪ neil: developments moving fast and furious. blake burman with the very
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latest including the quest for the president's tax documents. blake? reporter: neil, it's a document dump kind of monday day. what a week we have on washington. house democrats now just released the transcripts of the two of the first depositions taking place behind closed doors. democrats say this is the start of the public phase of impeachment that will soon be unveiled and it is starting now. those depositions just been released, the former u.s. ambassador to ukraine and michael mckinley, former senior advisor to secretary of state mike pompeo. yovanovitch deposition is and mcneil deposition, they are starting to go through the headlines as they come out in the afternoon. different document, near by your area, came from the u.s. second
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district court as it was a big win for prosecutors in new york as the second district court has said that a subpoena essentially can go forward for eight years worth of president trump's tax returns. now the, this really essentially boils down to two things. first the second district court of appeals says the president can be investigated while in office. can't necessarily be prosecuted but can be investigated. they say impeachment has nothing to do with action involving the president. rather it is involving a third party. in this case mazar's, the president, the company that handles president trump's taxes. the ruling reads at one point within the 34 pages, quote, after reviewing historical and legal precedent we conclude only that presidential immunity does not bar the enforcement after state grand jury subpoena directing a third party to produce non-privileged material even when the subject matter under very pertains to the president. that is part of the ruling from the second distribute court.
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the president's attorneys, neil, say they will take this to the supreme court. jay sekulow saying in a statement, the decision of the second district court will be taken to the supreme court. the issue raised in the case the heart of our republic. the constitutional issues are significant. as far as timing here, neil, the working assumption on this one there will be 10 days or so before a appeal has to be filed before the supreme court. neil? neil: blake, thank you very much. we're monitoring adam schiff on all the development. he is speaking to reporters right now. the release of the first transcripts were made today. some eyebrow-raising developments there we'll keep you posted on that. keep you posted on a market up 94 points right now. and crackdown on capitalism. what the founder of td ameritrade is worried about. after this. we're carvana, the company who invented
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neil: apple doing its part to step up investment to combat a housing crisis in california. susan li on that, much, much more. susan: they can afford it, neil. 2 1/2 billion dollars from the world's biggest company to fight housing shortage in california. they're investing in what they call shove ready projects. helping first-time home buyers with focus on teachers, first-responders and other valuable members of the community according to apple. those that need help, coping with sky-high san francisco real
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estate. apple donating 84-acres, worth $300 million, in northern san jose. more than 30,000 left san francisco in the second quarter of this year. homeownership in the city at a seven-year low. it is just too expensive. under armour sold off heavily today, despite beating on sales and profit in the quarter. cutting full-year guidance again for second time what they're calling traffic challenges. even more concerning is that the fact that the ftc and the doj are now investigating underarm more for what they're calling accounting irregularities. meaning they are shifting sales from quarter to quarter to make balance sheet concerning. kevin plank announcing he is stepping down at end of this year, with coo patrick frist stepping up in the ceo role. gm last week contract with 49,000 uaw members, and workers
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at ford voting on the diehl. gary jones will take a leave of absence. jones has not been charged charh any crimes but the uaw accuse of embezzlement and corruption. fbi agents raided jones' home in august this year, neil? neil: susan li, as thank you very much. another shoe dropping at mcdonald's. david barris announced he is leaving. bloomberg is passing item along on the heels of steve easterbrook leaving the company over inappropriate relationship with a, with a worker. subordinate on the violated company policies. mcdonald's stock is already down better than five bucks a share. all these other developments greasing the skids so to speak. all this at a time, when take mcdonald's out of it, the dow itself raising along nicely. it is sort of a very good read on markets themselves. a man who profited very
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handsomely off these markets, you can argue democratized them, the man who founded td ameritrade, has best-seller out on it, harder you work, the luckier you get, for some people it is opposite. nevertheless god premise for a book. good to see you. >> nice to be here, very kindly. neil: you talk at a time we're focused on corporations what they're doing, whether they can maintain it, i want to get into the nuts and bolts of the book. this has been one hell of a market. do you see it continue being? do you see it, whoa? >> i know there will be ups and downs. it can't continue. really kind of depends on a couple of things. in my humble judgment, first of all, depends on government policies. we need to let young people know, hey, you need to start your own business if you have that urge. one of the things that really
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kind of bothers me, one of the reasons i wrote the book to encourage young people to follow inclinations to start a business, if they have those inclinations. the relationship between number of new businesses that start every year and number of businesses that close every year is a very important relationship to keep track of and -- neil: the environment in this country the way it is now conducive to that? so now, say the stuff you're hearing out of elizabeth warren and bernie sanders, does that make it more or less conducive? >> that makes it probably less conducive because a lot of people don't know about the free enterprise system and socialism is so attractive when you hear it. it is always failed. it brings miss remember -- misery an poverty. if you never experienced that, you don't they you think that is the best way to go. that concerns me.
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>> capitalism is being vilified. using a line elizabeth warren said two months ago that she is a capitalist. >> there are a lot of rough edges around capital i will. free enterprise shows a balance of regulation and control into the environment that makes it good and healthy. free enterprise brings jobs. we need the free enterprise system just to have a job for young people coming into the marketplace. neil: you said many americans i'm afraid no longer respect free enterprise. the term becomes the property of conservatives while liberals are drawn to socialism. apparently i'm taking the leap, you aren't, in record numbers. >> we as conservatives, people that adhere to the beautiful aspects of free enterprise have allowed the socialists, really to kind of take over the
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megaphone and talk about -- neil: isn't that indicative of a failure of capitalism or should good capitalists step up, here, this is how it is done? >> somebody should. you, it should be the whole country should really kind of embrace the free enterprise system. neil: you don't buy this, extreme gap between the very rich, very poor, you don't, is that capitalism failing? government not taxing guys like you enough feeling, what? >> there isn't any question the gap between the rich and poor probably needs some oversight. neil: yeah. >> but you if you're going to take away the benefit of getting rich you will destroy capitalism. you will destroy the free enterprise system. what happens? people can't get jobs. the poor get poorer. if people want to step out of poverty they have to have a healthy economy that will rear capitalists. require people who take advantage of the free enterprise system.
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neil: do we need billionaires? i'm looking at one i know. >> you're looking at one. i'm going to say we need them. we need me. we need people to invest. we need people to put money back into the economy. it comes from people who have it. and there might be millionaires and billionaires but they have got to have people who accumulate savings to make the system work. neil: you were doing this when no one thought -- stories are legendary. you echo in the book. started with a little more than $12,000 from friends and family. i hope they're all rich today? >> they're all rich. neil: it was based on rather ridiculous notion that the average guy had a chance in this market as well. do you still think that is the case? >> sure. the markets may have changed. you have to study the markets to understand how they changed. there isn't any doubt there are more people educated to be able to take care of themselves than ever been in the marketplace before. yes, they can. you have to put time in it,
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energy into it. neil: you know the old market gets out of hand when the taxicab driver day trading. doesn't that scare you, the little guy is the last to get out, the first to get hosed? >> i think that is probably not true. i don't think that the individual investors are the ones that do the following. i think, from my experience, at a discount brokerage firm, which catered to the very investor, that a lot of those people are leaders. everybody else kind of follows. neil: statistics bear you out. all this so-called smart money that has some insights others don't, it doesn't pan out. >> a lot easier to get in and out as an individual investor than in and out as an institution. neil: you don't mention this stuff in your book, controversy of steve easterbrook stepping down in mcdonald's, should ceos be held to a higher standard? >> i think they should. they are the leaders. they have to set the standards
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for the whole company. neil: i'm not here to besmirch politicians, including ones in the white house may not be held to the same standard. >> i think, my observation people hold the president of the united states to a standard that is impossible to meet. they want him to be perfect. no human being has ever been perfect so i -- neil: is he held lesser standard than a guy who runs a hamburger place? >> i, he should be held to a higher standard. no doubt about it. neil: that's what i'm saying. >> but i don't think the president has committed infractions that would say he is not reaching that higher standard. neil: you think it is in the market's interest, this president survive all of this, get reelected? >> i think so. neil: he says it would be loses it would be thousands of points on the dow, do you agree with that? >> i think he might put a lot of emphasis on his thousands of points but i don't think it would be good for the economy f
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we would especially have a socialist come in, that would -- neil: any one of these democratic candidates, front running candidates they worry you, in some of their ideas? who is the biggest worry to you? >> oh i think they all are. i think elizabeth warren is a big worry. if we did what she did, we would go broke. our country would be in poverty. it is unreasonable. how she can get to the position that she has with those type of policies as her planks in the platform is amazing to me. it indicates we have really let down our young people in traneing them, letting them know, the strength of the america, the united states has always been the free enterprise system. nothing else. neil: do you think who you are, your family predominant owner of the chicago cubs. you got into a controversy, earlier this year, emails came
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up defamatory to minorities. you apologized, went to all the cubs fans, but would you have gotten kind of scrutiny did if you weren't who you are? >> correct. i would not have -- neil: get back to the notion that there is a higher standard? >> there is a higher standard. yes. i think so. with respect to myself i wish i would have said things differently. i've apologized for that. bigotry is wrong and, we all suffer but when we managed ameritrade we, in my book, we talk about just putting hr people in our lobby to hire as fast as we can. we didn't want to hire people that were not competent. we looked for people with talent and skill. neil: you had booming growth. had to deal with that. you always get winners that come in, right? >> yeah. neil: we've had the same. finally within your own family i
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find fascinating, we have a lot in common, not billionaires, our wives hated us when first going out, cruel to say hated but she wasn't a big fan. she grew to become one. >> yeah. neil: my wife rallied in decades. even in your family, dealing with your daughter, who is gay, you open all that up to be looked, what all my success, i'm not above any of the things that average folks have to deal with in their own families. that i found to be most refreshing insight? >> i think that we have a great family. most of it is due to my wife. she was the one that really has -- neil: put up with you. >> kind of controlled things at home. like i said in the book, my wife said on the way home one day from work, you may be boss at work but at home i'm the boss. so -- neil: you were very understanding of the daughter, at a very tough time, hardly the case. not at all like environment
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today. that says a lot about you. neil: that's true. it was, a difficult time, that afternoon that she told us she was coming out of the closet, that she was gay. i love her. she is my daughter. neil: you are a great dad. how you handle thanksgivings, she is more left of center than the boys? >> right. neil: everyone manages to eat in peace, that's correct? >> we have a great time. the family enjoys themselves. neil: i highly recommend the book. it is humanizing look what is possible in this country, knock on wood for now. we have a lot more coming up. thanks. it's been reported that there's a cyberattack on business every 39 seconds. ouch.
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neil: adam schiff remarks to reporters. key players who, questioned by, largely democratic
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interrogators. president trump is obviously watching developments closely. because it all occurs on the same day. court has ruled the tax documents, you have to hand them over. this is expected to go up to the supreme court of the united states. so you know, buckle in as they say. we have one of my favorite guests on the show, to take a read of stuff. robert davi is great actor. also a even better singer. he joins us right now. great to see you. >> you too. neil: you look fantastic. you travel the world. i was asking during the break. when you're going around, besides people who are afraid you might beat them up. the -- >> or sing to them. neil: no, no. i heard you. great voice. what do they ask you? >> it is curious, neil. no matter where i go around the country, around the world, i will get a certain group of people that will be, we saw you on fox.
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thank you for speaking up. this happens in a starbucks in los angeles. it happened on the plane the other day. neil: starbucks, man of the people. >> i like that. mingling among all of us. neil: at least the crowd. they are impressed how you support the president. >> most of hollywood is not on board. neil: might be understatement. >> big understatement. neil: they haven't punished you for it. >> i don't know about that. i've been punished. neil: you missed roles? >> absolutely. wing and nod, that has been the reason? mob town, david arquette, jennifer epo cito. another episode we're doing. casting people, also producers,
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when they put me up for certain parts they say to the director, we would like to use him. then he would say i love to but they would never let me. that happens. neil: really? >> i sang in event hollywood for science. they honored barbra streisand and michelle beautiful -- booed duchdin. there is something going on with the climate. people did not want me to perform. and, because of my political beliefs. but i went on and i did it anyway. so there are, there are some other, instances where you do get blacklisted for, you know, they want to equate, this era with mccarthy which was totally different. i get really upset when they try to equate mccarthy with today, with conservatives today or people that are, have a conservative event being blacklisted. that is upsetting. nowhere the same thing.
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neil: i know you have done your share of mob characters and all that. >> coming out. neil: exactly. you know, there is a big buzz about "the irishman", limited number of theaters. i don't know what is more impressive that movie, computer-generated effects that can make you look younger or robert de niro playing irishman. >> i think his father was part irish. neil: i'm asking you, did anyone knock on your door, we're doing this movie? >> irishman? no, no knock on the door. neil: really? >> that happens. i did a film kill "the irishman." i did the ice man, knocks on the door. those are independent thinkers. people not so, all respect because i'm a supporter of trump, i don't think robert de niro would, i did meet him at the friars club, when i sang for tony bennett on his 90th birthday. neil: how was it?
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>> it was cordial. i don't know if he knew it was a trump supporter at the time. when he said he went out with the f trump thing, i commented that. on dmz, they caught me at midnight coming from lax, i was already grumpy. neil: would you get same pressure you had something like that about barack obama? >> i would never do that in the first place. i would do more pressure. decorum of presidency. i did write a piece for "the hill." five minutes with president obama. i was very respectful with, i wouldn't say critical, very aware. i did bring up some things, big differences. but i rao he suspected the office. when i did meet him, oddly enough, nancy pelosi introduced us on stage at a event in washington, d.c. neil: oh, wow. >> interesting story. turned around, getting standing ovation, mr. president, robert davi. there were other actors and people. he turned around, robert davi.
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you're a great actor. i said god bless you, mr. president. neil: you felt that way. >> despite of divisiveness. neil: you're a human being. you're that and much more. robert davi. we'll have much more. only one thing's more exciting than getting a lexus... wow! giving one. how did you guys...? >>don't ask. the lexus december to rembember sales event get 0 percent apr for 60 months on all 2019 models. experience amazing at your lexus dealer.
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stuart: where we stand right now. records across the board. the last of mohicans to go into record territory. we have to close, you know, a little north of 27,359.16. to make it happen. we're comfortably there at least for the time-being. s&p, nasdaq, any gain today, would be another record. there are a couple of underpinnings the markets are focused on. as giddy as investors are, a
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good many are not. that could be contrarian indicator some people hagging on to cash, so many think it's a good thing to hold on to cash. that could be a counterindicator. seeing unlikely evident of places. for example, berkshire hathaway, the warren buffett, juggernaut if you will, has more than 128 billion of cash sitting around. ditto that. add another 75 billion for apple. all these companies and financial titans, sitting on so much cash, if they were so convinced market was place to put it. they would have it there, but they're not. they're keeping powder dry. keeping powder dry part that is favoring the bullish argument that this can continue. so they hope. stay with us. we'll look at that we'll get update on the latest impeachment saga. that could be a back and fourth on a black swan development. nothing we heard from adam schiff a few moment asking indicate we're closer to that.
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jarring buyers of that. we're focusing on battle for president's taxes that got one step closer to being released. just one step. doesn't mean it will happen. it got a little closer. stay with us
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neil: all right. the dow is at an all-time high right now. it is following on the highs of course we have been seeing the s&p and nasdaq almost on a daily basis. again, just to hold to a gain of a little more than a dozen points would cinch it for the dow. all three market averages running into record territory. a lot of this buoyed of course by better than expected earnings and the prospect that after three rate cuts in a row, the federal reserve can stand pat and everything will be hunky-dory. that and the fact we're closer, i stress closer, to a potential trade deal with the chinese and
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both sides are echoing that although they have echoed similar things. it's washing out whatever fears might be out there of impeachment. you don't need to be on the right or left to know it could be a market-jarring event if it ever gets to that stage. right now the markets clearly do not appear jarred. we have politico congressional reporter melanie, normally we are talking remotely. not so today. stanford school of business lecturer, i prayed for a professor like this. and the remain former ted cruz n pollst pollster. what's normally, about the impeachment stuff, i talk to investors factoring in the president will likely be impeached in the house but posit that to say wait a minute, not in the senate so no worries. what do you think? >> are you exayou are exactly r. yes, it looks increasingly likely the house will impeach the president but there's a near zero chance the senate will vote to convict him, because you need
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20 republicans in the senate to break with the president. so far we haven't seen a single one do that. perhaps other than adding an unwanted chapter to the president's legacy, there probably won't be any tangible effects of impeachment that should affect the markets. that being said, the one thing i'm looking out for, and that i'm sure investors are as well, is whether there's a government shutdown. in fact, the president was asked yesterday are you willing to shut down the government now that democrats are trying to impeach you. he did not rule that out. so it's something we are looking out for. congressional leaders in both parties don't want a shutdown, just to be clear, but at the end of the day the president does have that veto power. neil: it's interesting because i talked to linda mcmahon, former sba head who is now raising money, they are raising money hand over fist as a result. what do you make of that? >> what the president has done from a fund-raising standpoint not just on the large donor side, but on the small donor side, is take really eight to ten years of republicans running
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behind the democratic party in terms of technology and donor base and erase that deficit almost overnight. it's been an impressive operation because what it does it it's now frightening the democrats because they know they are going to be so heavily outspent. i saw president obama's campaign manager from 2012 or 2008, sorry, tweeting out that the president being on the air during the world series is unprecedented. never happened in american politics before, someone being on that early and with what was a good ad. i think from that standpoint, what mcmahon is doing on the super pac side, what the campaign is doing through brad parscale and the overall donor building is going to have reverberations for the republican party for years to come. neil: one of the things that's interesting here is the money obviously is coming in no matter which side you are talking about, it can drive each base. i get that. but what's interesting about it, too, is that the president is also benefiting in battleground states, not in national polls but in battleground states from that improving economy. that could be short-lived.
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polls are fickle. what do you think of that? >> well, first of all, it was interesting you said the money issue because going into this election, we could find something very different which is that money doesn't matter like it used to. it really becomes an issue of data. if i can just comment on something chris said, the president's got a two and a half year head start because he's known for two and a half years he needs to find the 50-year-old woman in wisconsin and find out what's going on in her head, whereas elizabeth warren's got to worry about south carolina, which won't matter. so he's going to be collecting all of this data which is not expensive to collect, but it's going to be a treasure trove going into the 2020 election. in terms of the earnings and the economy, you know, i think what matters is what does the 27-year-old in michigan, what do they think. i think they will ask two questions. how am i doing and does this person care about me. in 2016, they said i'm not doing very well, and this guy donald trump who, by the way, is a real estate mogul who flies around with gold-plated bathrooms, he
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cares about me. he gets me. so they voted for him. they are going to ask those two questions. they are not going to care about -- neil: you might be right. the world series pitch you remembered something to the effect, not perfect but better. that seemed to be what he was saying. i'm not a saint but what i'm delivering is the goods. how effective is that? >> what's really important especially about these economic numbers is now it gives the president a counternarrative to this impeachment probe. he can say while the democrats are busy trying to impeach me, i'm working for the country, working for the economy and working for you. that's why you hear republicans on capitol hill really urging the president to stick to that message, to not get too consumed by impeachment, to focus his twitter fire on things like the economy. i know you talked about this, too, not try to get bogged down in that. the challenge for the president is can he stay on message. neil: can he do that. it's hard to do it when people are trying to throw you out of office. not to make a comment about them. adam schiff today was talking again about pretty soon we will have open hearings, we are
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already releasing transcripts from some of those interviews. the only reason i'm showing my age here, i can remember with the richard nixon impeachment stuff, i was 2, but what i do remember -- something like that -- what i do remember is it started out with the overwhelming majority of americans saying this is a political hit job and it was a waste of time, and then it changed as hearings went on in the house, then later sam irvin in the senate. not saying the two are remotely comparable, even the economic environment but does this worry you it could be a drip-drip? >> not so much. it is a very different economic and political environment than it was -- neil: that helped bill clinton. >> that's where i was about to go next. it is a more comparable -- a better comparison to look into what happened with clinton. you didn't see any democrats break against him. i think you maybe see one in romney, perhaps, break against trump and for the most part, it won't be and the fact is under any other environment, less
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polarized partisan environment with the economy we are in right now, it wouldn't be a question about re-election but because of the polarization of the environment and who donald trump is, i think it creates a more difficult situation for him. but even all that said, look at the way the electoral college breaks down, all trump has to do is get 47%, 48% of the vote to get re-elected. right now, whenever i analyze the polls on a state by state basis, there's not a national election, there's a state by state election, he looks very good in the states that matter. you bring up michigan and you look at other states that are going to make the difference here in the same way they did in 2016, donald trump right now is very well positioned. neil: we forget that. you know, when you think about it, we look at these national polls which were borne out accurately the last time. we forget that hillary clinton was favored to win by a couple points. she won by a couple points. but we miss the fact it's state by state contest and in a state by state contest, the president stands pretty good. right? >> yeah. i mean, i agree with you, chris, given that the economy's doing well, he should be crushing it
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in those states. the states that matter, the six states that really matter, it's kind of a flip of a coin but we don't know who he's running against so it's a little like shadow boxing right now. and -- neil: they say it's elizabeth warren. >> elizabeth warren, well, i think it comes down to, you know, people discount elizabeth warren. they say because her economic policies are kooky, okay. what doesn't matter is what i think. what matters is what the welder thinks in wisconsin or some state like that. neil: we have a calamity going on, all bets are off, right? the meltdown certainly greased the skids for barack obama, take nothing away from him, but if we didn't have that meltdown it might have been a much more competitive race. >> that's right. but the second piece of it is whether china is going to buy all the agricultural goods. neil: you have your doubts. >> i do. i don't always trust the chinese. i can't tell you why. those agricultural purchases are going to be between june and august of next year. if they come through, he's going to win iowa. if they don't, i think he's going to have a hard time in
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iowa. i'm also curious about texas because everybody is talking about texas being a swing state. still a lot of agriculture in texas. >> i think 2018 was an anomaly there. you look at governor abbott's win over valdez was far more representative of what texas looks like in a traditional environment. the only thing that would change that if o'rourke ran for senate. now they say zero chance he does. neil: he would never live down damn right we are going to take your guns away. >> that's right. it wouldn't look anything like it did in 2018. neil: there's another development i want to share and maybe you can help with this. interesting study they did on the virtues of a four-day work week. microsoft in japan experimenting, saying it increased productivity 40%. what do you think? >> first of all, i would point out congress is already on the four-day work week plan. neil: doesn't really work, does it? very good point. >> in all seriousness, corporations would not move to the four-day work week unless there was evidence that it could help their bottom line. it does appear that if you
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shorten the work week, they are under pressure to come up with a deadline to get things done. they also were experimenting with shortening meetings, doing more chats, but it will be interesting to see whether other companies follow suit. neil: apparently they took fewer sick days and were much more careful about the time they took off, period. what do you make of that? >> well, when i used to run a company, we went to four-day work weeks and it was shift work so 24 hours a day. people loved it. the problem i think that people are going to have is if, you know, ibm is on monday through thursday and microsoft is on, you know, what happens on friday? so the problem is, we all sort of need to line up from a workday. also, i got to tell you, i'm a little skeptical on how they come up with an even 40% -- neil: i wondered about that. >> i deal with a lot of data, and you can pretty much make the data these days anything you want. i'm skeptical. neil: especially if you are doing say squat nothing, then you are doing 40% more than
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nothing. >> if you were the ceo of microsoft and you had a 40% improvement in productivity, the next day you would be doing that globally. neil: there is that. there is that. but it's changing people's view of what is a productive work week. >> the way it's reported, it's changing people's view. i also think it's very difficult and problematic to take the environment that exists and the type of worker that it takes to be successful in a microsoft, and then try to plug those into other industries or other verticals and say because it worked in microsoft, you do need to refresh and write code, i do it on an ongoing basis, it's challenging. having said that, if you watched the documentary on bill gates, he was anything but a four-day work week guy when building the company up. he worked seven days a week and so i think to take what's going on in microsoft and say we can apply this across the board to other industries is myopic. neil: i told my producers stupid idea for a segment. i don't know why i did it. there goes that quest for a four-day work week. a lot more coming up. we are getting more details right now on exactly what
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prompted the now former ceo of mcdonald's to leave. we are told that he had violated company policy on a relationship with a subordinate but then we find out that the head of personnel or its equivalent also stepped down. what's going on there? after this. (vo) the flock blindly falls into formation.
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and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ neil: by now you know mcdonald's has fired its ceo, steve easterbrook. this of course only a few hours before jettisoning its chief people officer. i'm not sure what a people officer is, but anyway, he's out. i'm wondering if it's a one-two,
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this was company policy, it was violated, he should have known about it, boom. what's going on? >> well, you know, i don't know. neil: i think you do. >> you are a conspiracy theorist. look, we have to recognize that people fall in love with each other in the workplace and sometimes they report to each other. i mean, obviously he had to be fired because that was the policy and adherence to the policy only gets stricter as you go up. the problem is -- neil: even if it's mutual and all of that? >> well, that's the problem. that's the problem. i have seen in other companies where they say if it happens, and love happens, okay, report it to whoever your superior is, in this case it would be the board, and sort it out. okay? instead, easterbrook was presented with this problem which is either i'm in love or i'm fired. in which case, you keep it quiet. now, with the chief people officer, i get a kick out of all of the things you can put behind the word "chief" these days, but with the chief people officer, my guess is that person was in
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somehow that chain of command and probably knew what was going on. that's my guess. neil: that makes sense. that makes sense. i guess the issue that makes this all the more remarkable, we have seen this in corporate environments, he had an incredible track record. the stock had doubled under his stewardship, and sometimes when that's the environment, companies look the other way. sometimes they don't. i work at one where it was the latter. so that's good. that's good. i get that. what do you make of this? >> it's interesting because as you said, he really was credited with turning mcdonald's around. he inked a bunch of deals with uber eats and other tech startups and stocks went up under him. perhaps this wasn't an easy decision rules, it's a clear violation. metoo really changed the national conversation not just about sexual harassment but also about these consensual relationships between someone in a position of power and a subordinate. we actually saw something similar play out on capitol hill
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last week with a female member of congress who was accused of having a relationship with a staffer and that was against house rules. she had to resign. i just think the conversation is different now in the wake of the metoo movement. neil: i was raising that before with the founder of td ameritrade about do we have a double standard for politicians. not so much this one over past affairs but even something almost exactly like this occurred under the clinton administration. and almost got him impeached. did get him impeached in the house. what do you think? >> i look at everything through the prism of the political angle. neil: that's why i admire you. >> there are a few things you can do in corporate america today that you will never get away with. this is one of them. unless you are a democrat member of congress where you had her colleagues rally around her and say it's ridiculous and i would argue what she resigned for is not the committing of the act, more the way she covered it up, lied about it and then to prevent what was ultimately additionally likely to come out regarding her finance director,
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all those things kind of came together. so you look at the way democrats rallied around her, i can't help but think he won't be a keynote speaker at the dnc coming up next year. neil: you know what's weird, when i look at these type of instances, it's still a germane subject. it's still happening. it's still going on, these incidents pop up even in the face of all this international attention and in our case, national concentration on these type of issues. >> relationships? neil: yeah. >> it's as old as the bible, right? isn't that the problem, when you have a policy that says you can't behave in a way that is just how people behave, people fall in love and they like each other and so forth. you say we don't have a policy that facilitates that and it's just you're out of here, that's not realistic. neil: that is a wise corporate policy? it can be abused, right? >> the best policy that i ever saw was the woman who ran hp for years and she explained the policy there which is that
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things happen, you report it up, we address the organization and move forward and we wish you well. that's the only policy that's realistic, i think. the idea that -- i'm interested in your thoughts on it, the idea that a subordinate and their superior can't have a relationship without violating, you know, a power structure, that's going to be tough, because sometimes people fall in love with their boss and vice versa. >> i think when it's the ceo they should be held to the highest standard. it would be different if it was a manager and subordinate, perhaps if he was the ceo of the company and i think that's why mcdonald's felt the pressure and had to get rid of him. neil: now if it's the woman in the position of power, like the congresswoman, all's fair. as a woman, do you find that a productive development over the last couple of years, how that workplace has changed? >> it has changed, especially on capitol hill, but i do think that whether it's a female lawmaker, male lawmaker, the rules should apply the same way. katie hill talked about a double standard, but at the same time,
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there were other members, male members of congress in previous years that had to leave for similar accusations. neil: guys, nthank you very muc. we got that through without any potential follow-up lawsuits. meantime, texas officials are moving in to try to get homeless camps out. the goal sounds good. the details right now, very controversial. ♪ ♪♪ ♪♪ ♪♪ i'm part of a community of problem solvers.
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and decreased appetite, which lead to dehydration and may worsen kidney problems. i have it within me to lower my a1c. ask your doctor about trulicity. and you know what they isay about curiosity. it'll ruin your house. so get allstate and be better protected from mayhem, like meow. neil: texas is stepping in over the homeless crisis going on in austin right now. this is unprecedented what's going on, actually. we've got fox news correspondent casey steagall following the very latest. reporter: hey, neil, yeah. unprecedented in that the governor of this state, governor abbott, has ordered this cleanup of the homeless encampments, particularly under the bridges and overpasses in metro austin, saying that he gave that city a
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deadline to do something about the issue and he says the city didn't meet that deadline so that's why state officials are now stepping in to do something for them. on twitter, the governor saying, i'm quoting here, san francisco chose to tolerate homelessness and drug use. it did so in the name of compassion for the homeless. it made problems worse. the result, street squaller and misery increased. the while government expenditures ballooned. no sf in tx. state officials say they are also working to link those displaced with other shelters or charitable groups for help and that a cleanup like this is not new for austin. critics say there is nowhere to go because the resources are just lacking.
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>> [ inaudible ] for a few years and we transitioned them back in march to the city of austin so it is not unusual that we would come in and do these sorts of cleanups. >> really, what are we supposed to do? i don't want to be out here. but i can guarantee you that [ inaudible ] out there. reporter: according to the people who track this type of data, more than 2200 people are said to be on the streets every night in the city of austin and that the sheltunsheltered homeless population, people with nowhere to go, only the clothes on their back, that number is the highest the city has seen in a decade. neil? neil: incredible. thank you very, very much. you know, we do a lot of polling around here, some polls the president likes, others, well, he doesn't like. the fact of the matter is there is one particular area in which his edge over joe biden is
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something like 46 million to about 2 million. what do you think i'm talking about? after this. peyton, what are we doing here?
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i had to expand. nationwide helps protect everything you see in here, brad. every family, every business, every dream. see mrs. hoffman? nationwide protects her home and car, but also her dream of retiring to become a yoga instructor. oh, they have backstories. of course they do. here, i got more to show you. keep up, now. a little hustle. neil: it's hard to believe, 52 weeks from tomorrow, we are all going to be voting. it's the presidential election. we have graphics and music set. we have polls that will be on top of polls that will be polling the polls. what we do know is that we've got a lot of battleground and
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state workers who are reacting to all of that. connell mcshane is kicking off a three-day swing through the swing states beginning with pennsylvania. hey, connell. connell: hey, neil. here we go again, right? president trump's re-election were based solely on how people in areas like this, suburban philadelphia, feel about the economy, he would probably sail right in, no questions asked. we were talking to people in chester county the last couple days. almost every single one of them tell us the economy here is strong, some say even booming. you look at the numbers, there are figures to back that up. statewide the unemployment rate in pennsylvania was 5.2% when the president took office. it's an even 4% now. the trend is certainly going in the right direction there. but for some people, it's just not enough. in areas like this, there's a balance, as people make a choice a year from now looking at economic performance balancing that against things like presidential personality. take a listen to voters we spoke to.
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>> -- head into recession whether we have a democrat or republican leader, maybe economics isn't the thing we should be looking at. >> there's his personality, then there's how he performs his job. so i mean, you kind of got to look past some stuff but at the same time, he's getting the job done and he's doing good things. >> personality-wise, i think there's things he could do better on. but it doesn't bother me. he's still doing what i believe that his intentions are for the country to do good for the country. connell: the best thing about it is what? the best part about the three years so far of the trump presidency is what? >> the economy. connell: that last answer, the economy, that's what the trump campaign hopes to hear more of, no matter what the concerns might be outside of that. in other parts of this state, the reverse may be true in some ways. the president is still personally popular in many rural areas of pennsylvania, but there, the economy, the manufacturing portion of it, at least, has started to slow down. the state has lost more than
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9,000 manufacturing jobs so far this year. that's kind of what we're looking at as we begin this swing state series. after pennsylvania, today heading to michigan tomorrow, then racine, wisconsin on wednesday. we'll have "after the bell" from all three states. i will say one thing about pennsylvania. i will tell you literally, i think three years to the day just about, producer dan hilton and i were in this exact location and not much has changed. the economy's still strong, you know, and people are still -- still have a tough decision to make. they still think it will come down to these same states. same thing as the last time around. neil: it would be a kick if the same states would decide it all over again. connell, looking forward to your travels. connell mcshane going from one battleground state to another. we always look at polls and that's important because fox news, we have a lot of polls but there's another interesting one that just shows social media hits. in other words, something or anything the president says that generates 46 million social
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media interactions a week. now, compare that to joe biden who gets two million. now, social media is beyond my comprehension. i'm told people say awful things about me online so i prefer not to investigate that. but one thing, if that is an indication of just interest, advantage the president. what are we to glean from this? >> absolutely. trump has the bully pulpit. he has a massive megaphone and this is the benefit of being the incumbent, right. this number to me is just fascinating because you have joe biden who is the frontrunner who has the most name recognition in the democratic field and his impressions were two million versus trump's 46 million. what trump did so successfully in 2016 was reach voters in a way we haven't done before. this will be the challenge for democrats, how do you fight against this, how do you compete for attention and not get drowned out by trump who has the power to really change the narrative with just like a single tweet in the hit of a button. >> he's so good at it. >> exactly.
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>> who wants to follow joe biden, really? the leader of isis, trump got up there and said he died like a dog. okay, well, that's fun to read. joe biden would say todda, da, . so trump is entertaining. newt gingrich said when he was trying to become speaker of the house which he eventually did, he said i want to be in the news every single day. trump wants to be in the news every single second of the day. it works, right? >> he can do that. neil: know what i wonder? i know there's that old line, there's no such thing as bad publicity but sometimes there can be, right? if you generate and you are out there all the time, you can muddy your own message. is there a danger of that with the president? >> you know, the one thing the president does, to that end, is he has amazing connection with his online base. from that, that's what creates the level of interaction, level of amplification of everything he says.
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is it too much of it? many of us would argue yes. but it works with his base. neil: you need more than that base. >> you do, but that gives you a good starting point. but one of the things that's kind of untouched on this is last week, the ceo of twitter, jack dorsey, said we are not going to take political ads. you had a lot of democrats saying that's great, we don't want you to take political ads. that is so stupid on their part. the reason why they don't realize it, you had a lost democrats who primarily, from the obama campaign, said this is not good for us as democrats. that's exactly why. because they are losing the online fight. trump doesn't need ads to amplify his message. the democrats do. neil: they do. >> the democratic nominee for president is going to look back on that decision by dorsey and twitter and say wow, that really hurt us from a fund-raising standpoint and from a matter of connecting with our base, connecting with volunteers, building up new donors and connecting to the media. for all those reasons i think what dorsey did is a bad decision for the democrats and probably helps president trump. neil: you know, i was even thinking the reverse with mark zuckerberg testifying on capitol
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hill. remember he said i'm not going to police or edit or correct ads, and democrats coming down hard on him, he should have said that includes yours. you could make up whatever you want, too. but he didn't. i'm wondering if that's another message to democrats on social media, which you know, made barack obama president, he was so adept at it. they are screwing this up. >> yeah. there is a lot of concern on capitol hill right now, to your point exactly, that democrats are losing this social media battle. i think these numbers completely underscore that. but with facebook, it's interesting because he did not say zuckerberg, that they were going to change ads that were false or misleading but i think he could m could undko false or misleading but i think he could m could uncould come u pressure to do that, especially as a way to get regulators off their back before something happens. >> look, if boeing has a jet that is not working, they pull it off the market, fix it and put it back on the market. facebook has a product that is not working. we know that from the 2016
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election. if dorsey said i'm going to pull political ads off and maybe he did, and never put them on again, that makes no sense at all. but if they say look, this is not working, we are going to pull it off the market, we are going to fix it and reintroduce it once it's fixed, that's what companies do all along. that's what johnson & johnson did -- >> i disagree with the premise it's not working. what happened in 2016 on facebook is you had foreign governments should not be able to do political advertising. that part, and that's been fixed. from communicating with voters, look at what the trump campaign did and what the obama campaign did, it allowed national campaigns to connect with voters at an individual level. you look at primary after primary in the general election both 2016, 2018, we had record numbers of people turn out to vote. that's because once again they are feeling a connection from politicians on both sides of the aisle. that's what's causing this level of increased turnout. neil: how do you solve the misinformation thing? because in democracy, when voters go to the voting booth they have to have some resemblance of truth. so that's the part that i think
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is not solved yet. >> two aspects. broadcast tv has always had to take ads no matter what. it's sort of a similar scenario. number two, assume the american public are smart and can discern whether or not advertising, what they have seen is right or wrong and make decisions based on that. neil: be careful who polices that. guys, i want to thank you all very much. fantastic job. great seeing you all. meantime, you want to wake up wealthy? it isn't about doing something entirely different. just different in a little way. driverless cars,
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neil: to housing and government housing at that and those who oversee it. mark calabria on fannie mae and freddie mac. >> they are under government control, have been since the financial crisis. calabria tells us exclusively he's pushing to privatize them, get them out of government
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control by 2021. now, a lot can happen between now and 2021. including a presidency of elizabeth warren, not his current boss, donald trump. what would happen if elizabeth warren was president and she probably won't want to privatize fannie and freddie, the big housing agencies? listen to what he said he would do. >> my experience is that most people in washington actually want to tackle this so i don't know what way the election will turn out but we are trying to strengthen fannie and freddie because regardless of how the election turns out, fannie and freddie need to be strong. >> if elizabeth warren becomes president she's not going to want to release them, probably. >> i'm an independent regulator so whether the new administration comes in and wants us to do something different, we are going to be bo building up these enterprises. >> if elizabeth warren says no, i don't want to release fannie and freddie, i don't want to do an ipo, you say? >> i'm going to say the law requires me to get them out of conservatorship. if you don't like it, change the law. >> wow. >> wow.
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listen, a lot can happen between now and 2021. elizabeth warren might not be president, obviously. but if she is, if the democrats control the presidency, not just her, and maybe keep control of the house, there's going to be a battle because they don't want to release fannie and freddie. they think releasing these as private companies are a bad thing, it's going to hurt, it's going to be a boom to shareholders, and they like the fact that they are under government control and can be forced to expand home ownership. but calabria says point-blank he's in there for the next four years, he's going to be in there through 2021. it's hard to dislodge him. he's an independent agency chief. he does not report to the president. if there is that showdown, he plans to release them no matter what. so this could get very interesting. back to you. neil: good stuff, my friend. charlie gasparino. meanwhile, td ameritrade founder warning about democrats winning next year.
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take a listen. what if one of these democrat front-running candidates worry you, some of their ideas? who is the biggest worry to you? >> i think they all are. i think elizabeth warren is a big worry. i mean, if we did what she did, we would go broke. our country would be in poverty. it's just unreasonable and how she can get to the position that she has with those type of policies as her planks and her platform is amazing to me. it indicates that we have really let down our young people in training them and letting them know that the strength of america, of the united states, has always been the free enterprise system. neil: charles payne agrees with that, by the way. the president probably would salivate at the prospect of elizabeth warren becoming the presidential nominee of the democrats. right now he's welcoming the washington nationals to the white house. so we are looking at that.
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charles, this is something that the president pounded again and again in that one ad that was airing during the world series, not perfect but better, that the message to anyone who would listen, you might not flip over me but i'm better than all the alternatives. this is a case where they're going to pound that exact message, right? >> absolutely, no doubt about it. people are going to have to say you know what, am i offended by the tweets, the personality, but they are going to have a hard time arguing with themselves if they are offended with the outcome. the real reality. you know, i went through this morning in fact and looked at everything president trump inherited from the prior administration and to what they are now. every single metric i thought was important from wages to unemployment to labor participation, even prison, federal prisons, and those prisoners have gone down, this is something progressives like, and every other metric increased, most of them increased exponentially at a
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faster pace than what he inherited. people will have to grapple with that. but i will say this much. i'm a joe ricketts fan. but when he starts talking about young people, there are a lot of young people that see the world through the prism of elizabeth warren. let me give you an example. options, if you take the options thatter with realized, in 2007 the average ceo made 345 times the average worker. 2007 helped usher in president obama. that number went down in 2009 after the crash but it's back up to about 280 times. when she starts to throw that out there and says these are the young people, the reason these young people don't get it is because they are flipping burgers for ten bucks an hour while the ceo is flying in private jets. so capitalism and the captains of capitalism have to figure out an alternative message other than that young people aren't educated enough. neil: yeah. you can't ignore it. there's something there. got to counter it with something. charles payne, look forward to seeing you in about 12 minutes. more after this.
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neil: you know, we don't necessarily wake up wealthy but we are introducing this wake up wealthy segment, a new series highlighting successful businesses that started from scratch and made a lot of scratch since. sometimes doing it in ways you wouldn't expect. normally you think a person who comes up with an idea, it's so novel and different it just changes an industry upside down. that wasn't the case here. a founder and ceo just had an idea, we all love beautifully framed pictures, artwork, et cetera, but the devil has been in the details about getting them fast, doing them efficiently and not waiting forever. that's a $4 billion industry that oddly enough, had not been
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addressing that simple need. she joins us now to explain. good to see you. >> thanks for having me. neil: everything i read about you says you have super energy. i get tired just reading about it. but your concept was that basic, wasn't it? >> it was really basic. neil: what were you saying? >> i was saying people have things that matter to them, they love to surround themselves with these things, but the way custom framing traditionally was set up meant it was too expensive and confusing and took too long. neil: that was my problem with it. i wanted my velvet matador picture framed. i would wait forever. but you took that away. how did you get that logistically going? >> yeah. so that has been what the effort's been in. so we knew customers wanted it, faster, easy selection of styles, so i knew we could do that part of it but how would we scale the back end. we had to figure that out. so we built a manufacturing facility in lexington, kentucky that is able to streamline the
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back end so we are able to deliver it faster, high quality and good price. neil: now you were first in this area. >> yeah, we were. and it has been the devil in the details. it's just being a little bit better on every aspect of it. really, the traditional industry sort of had forgotten new customers, right. younger people have stuff that matters to them. they are running marathons and they take photos and they like custom framing, too, but they're just not going to deal with the long time and high prices. neil: here's the danger about being first. people see how much you are succeeding and i know you are still private and all that, but say you are a multi-millionaire. now people say i want to do what she's doing. how do you differentiate? >> you just have to stay ahead. you have to please your customers. we created our business because we thought customers weren't being served well. so that's how we stay ahead. we continuously think what do
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they need. our customers said i buy more than one frame from you but i just don't know how to hang them together. we started putting a hanging guide together so people could put it on the wall. just these simple things but always staying ahead. i tell you, it's amazing, we look at e-mails from competitors and of course, people will rip you off really quickly. neil: what about the others who just cite an set up an online s, send us your pictures. how do you counter what they're doing? >> we've got to be a quality message. we have to make sure that our customers tell other custome customers -- neil: all the money in the market -- >> so certainly we market a lot but the way we can get bigger is by pouring it into quality, right, by strengthening our manufacturing team, by making sure our digital experience is great. neil: so someone who doesn't even know what a hammer is, this is what you do, right?
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>> you're busy, right? busy people don't need to learn -- >> i'm just not good at it. >> busy people don't learn about a new industry. we wanted to make this as easy as possible to learn how to do this and have the confidence you will get a great end result. neil: let me ask you, it's one thing to aim for success and then to get it. do you ever find yourself i can chill now, i'm loaded, i'm doing great, i don't have to worry? >> first of all, no. we are still in it. i raised a lot of money from investors and have a lot of promises -- neil: going public? >> never say never. but i have a lot of promises to keep and a lot of promises to keep for my team. we have over 400 people. that keeps you going. also, the pride of building something great. i want this to be great. i want people -- neil: ever thought of merging with the other players? >> no. no. we really believe we should own this category and redefine it so that when people have something wonderful happen to them -- neil: it's not about the prize or the success, it's keeping it going? >> keeping it going.
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then you always want something bigger. like i just want this to be -- i want it to be a household brand that means something to people. neil: i could have stopped after my first ten or 20 million, said the founder of td ameritrade but he started thinking more about the challenge. is that you? >> it's always been about the challenge for me. yeah. i will tell you, when i have his success, i will come back and tell you. neil: i understand you don't sleep. the energy, i mean, is incredible. keep at it. the train rides, going back and forth. >> that's what it takes. neil: it does take that. there's no substitute for hard work. in case my teen anagers are watching. no substitute for hard work. open up your books. more after this. critical skills for scientists at 3m. one of the products i helped develop was a softer, more secure diaper closure. as a mom, i knew it had to work.
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there were babies involved... and they weren't saying much. i envisioned what it's like for babies to have diapers around them. that's what we do at 3m, we listen to people, even those who don't have a voice. at the end of the day, we are people helping people. . .
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does your broker offer more than just free trades?
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fidelity has zero commissions for online u.s. equity trades and etfs, plus zero minimums to open a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity. neil: uber says they're out ahead of earnings coming up after the bell.
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just thinking american success story, this woman who started this. if you think about it, charles payne, you know, it is everything you talk about. the american dream is reality. if you work your heiny off for it. charles: work for it. you have the best backdrop in the world. people work their heiny all over the world, might as well be here. neil: right. charles: good afternoon, everyone. i'm charles payne. breaking at this moment. we have a trifecta, folks all three major indices hitting all-time highs today. can we keep up? why this market can go even higher. is president trump recession-proof. new data has the president claiming victory even if the economy turns lower. apple taking matters no their home hands to combat california homeless crisis. is it time for others to step up to take responsibility. all that and much more on "making money".


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