people will pay atex to the comments by gary cohn. we know the cohn hedge is in there, many on wall street feeling confident about tax are reform getting done if gary takes that seat but also keeping an eye on grocery store wars. they are heating up. amazon says it will lower prices at whole foods starting monday. remember, whole foods is a high-priced grocer. one of the reasons people don't shop there why they call it whole paycheck, the prices. if amazon lowers them, look out below. shares of kroger, walmart, target and costco sank following the announcement on thursday, erasing nearly $12 billion, with a b, in market value. cnbc's dreeirdre bosa is coveri the story. walmart and target are teaming up to fight amazon but after what you saw happening to the grocers on thursday, can anybody fight the amazon train? >> a really good question. keep in mind walmart has fared much better than some of the stocks that you mentioned throughout the year because it has been on the forefront of making these changes. it has proven to be quite a xe

there is talk of gary cohn's a new fed chair. would he imagine anything different from janet yellen? anshon: gary cohn is unlikely candidate, but anything is possible. how do you handicap that? have you been able to predict anything this president has done so far? david: i have not. gershon: so did we get someone more hawkish -- who knows. very hard to say. jonathan: have you establish towards market bias is either candidate? what janet yellen and another term would mean versus terry cohen. when larry summers was in the running, he was seen as the hawk and yellen was the dove. market hasthink the gotten comfortable with yellen as the fed chair. it is difficult to say if the market is expecting something different, but i think the unknown unnerves markets a little. credit isunnerve going to be the end in best a reaction. we have shaken off so many things. you can point to so many events, starting with brexit to the trump election to the turmoil today, the question is shouldn't have markets reacted negatively? and they have not. th

. >> no one will cry for gary cohn i mean -- >> no, learn, learn something about gary cohn. here is one of the most ambitious sobs on the planet. >> he can do something else. >> he can run a crummy little hedge fund. he can run some crummy little hedge fund. >> can do a million things with a million dollars. >> not going to run anything. maria: not only point guy on tax reform, potentially could be chairman of federal reserve, come on! he will not give that up. >> that is the counterargument. he will never give up like possible fed job to run a crappie hedge fund. by the way hedge fund don't maybe no money on tv. maria: are you allowed to say that on tv? >> crummy? the other one i can't -- maria: breaking news again, charlie. we'll follow possible terrorist attack in barcelona. very latest on that breaking news. we understand two armed men are holed up in a spanish bar. we'll have the latest. stay with us. maria: welcome back. we're following a breaking story right now. police in spain are saying ban attack is likely terrorism. a van plowed into a group of people and several

gary he cohn seems to suggest he did. i cannot imagine if p the president sees this, i can't imagine the president's going to be pleased. >> there's no question, john that this was a direct contradiction to everything the administration has been saying for over a week now about how to characterize the president's response. and it reflects not just gary cohn's distress over how it was handled, but a broader view among others in the administration that this was a reel disaster for president trump. it's unlikely that the white house was not aware that gary cohn was going to do this interview. it's not often that a cabinet secretary just sits down with a newspaper and does a wide ranging interview but the degree he publicly critical and talking openly about wanting to resign is very critical. sometimes it's the reaction to the comments, a couple of days later that might get a rise out of him. it remains 0 to be seen how this will look in 24 hours or in 48 hours to president trump. >> yeah. i mean nathan, gary corner sasa relu

i mean, i've spent time with gary cohn. i've sat at yankee games with gary cohn for nine innings and spoken to him about the markets in '08, '09 and this is a gentleman who understands how financial markets work and in stressful times i think we would all feel very confident that his presence as an adviser, as an economic adviser is first and foremost -- and i don't know if gary really is concerned about what's going on with goldman sachs or if it's really going to rally goldman sachs' stock. >> having gary -- having gary there is incredibly important to the market because if you remove him -- >> right. >> -- what are you arguing with? we're all saying that. >> i'm not arguing. >> i'm sharing an experience. >> we all agree on that. >> josh, this isn't about an argument between you and i i'm sharing an experience in knowing the man. i'm sharing an experience about knowing gary cohn. what i disagree with is the premise that goldman sachs stock, it's worth 5% of goldman sachs' stock what's 5% positive for goldman sachs stock i

gary cohn remains at the white house, but for how long. yellen.g janet ♪ julia: president trump seeks to turn over a new page in his administration, but will the chaos dive down? a new test tonight as he addresses the country about potential escalation in the war in afghanistan. here is what is at stake in the rest of trump's agenda. joining us is kevin cirilli who is at the white house and bloomberg's washington executive editor. kevin, let's begin with you. am i right saying this is the first primetime address that president donald trump is set to give? twitter on the back burner for now? what version do we get? kevin: that is what everybody wants to know. whether or not this president is going to be more like steve bannon or the more moderate general kelly. this is the president's first major address since his return back to washington, d.c. following his stay at camp david. then head to will arizona where he is set to deliver a campaign rally of sorts tomorrow in phoenix, arizona. what we have seen it, dedicated to the exit stage lef

>> gary cohn. >> gary cohn. >> gary cohn. jonathan: that was an easy one. it has been great to have you on the program. thank you very much. from new york, we will see you next friday. 5:00 p.m. in london. for our viewers worldwide, you are watching "bloomberg real yield." ♪ ♪ emily: she's one of the most recognizable women in the world. sheryl sandberg helped build google ads into a multibillion-dollar business, then she did it again at facebook. she's into her 10th year as the social network's coo, having made a giant dent with her book, "lean in: a call to action for working women." then in 2015, the unthinkable happened.

from gary cohn himself. we got statements from white house officials on background yesterday, saying that gary cohn was not going to leave but we have not seen gary cohn since the press conference on tuesday, after which he did take some questions since then, we haven't seen him or heard him make a definitive statement about his own status and you get the sense that behind the scenes, there's been a lot of wrangle with the white house team in terms of who was going to stay and who was going to go. this afternoon, right now, we may be getting more clarity on who's staying and who's going, staying and who's going, scott. >> it's hard to overstate as well, eamonn we should mention it by senator corker as well who is exceptionally critical, questioning the competence of the president. this is a guy who was tossed around at times as a name who was potentially being considered for that role. >> scott, i can tell you i'm getting an alert here. nbc news has learned steve ba bannon is out at the white house. we're re

>> gary cohn. >> gary cohn. >> gary cohn. easy one.that was an it has been great to have you on the program. from new york, we will see you next friday. it is "bloomberg real yield ." ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. emily: he was tapped to be heir to the softbank empire. he was raised the son of an indian officer and he came to the u.s. for grad school. in 2004 he got the job of a lifetime. larry page and sergey brin hired arora to help move google into an online ad powerhouse, making him one of the most sought after tech execs in the world. a decade later he was named president. with a plan to eventually make him ceo. but as

cohn gary cohn is wall street's guy in washington. bannon's one thing, cohn's another. cohn, if he doesn't get that federal reserve job, some people have said he may be on his way out. and if that happens, i think we'll have a whole new situation. >> and the midterms elections will be 14 months away after labor day. all right, folks >> we're going to focus on the news right now thanks, guys have a good weekend. see you later. let's get more on the breaking news out of washington our reporter standing by right now, eamon javers has been in bridgewater, new jersey, and has the latest developments on steve bannon's exit. ylan mui reporting on the potential impact on the economy. and bob pisani watching the market reaction on the floor of the new york stock exchange. eamon, let's start it off with you. >> reporter: here's the official statement as it came through from the white house earlier today, saying that steve bannon, was, in fact out the white house saying white house chief of staff, john kelly and steve bannon have mutually agreed

>> the gary cohn, you read the story like i read the story today about a market collapse if gary cohn were to least. i mean, that gives you a pretty big power of the -- the leverage that creates for garry is pretty significant. i'm not going to pretend to know what he was doing or what i think he's going to do i was surprised frankly he didn't step down yesterday, so the fact that he's still on board leaves me to believe he's going to bite his tongue and stay with it, but i think another misstep by president trump in terms of comments or what have you i think you might see the departure of gary cohn and i will say that the market looks to gary as one of the -- and insaid it yesterday, i'll say it again one of the adults in the room and they look for him as a stabilizing force and to lose gary would be -- i think it would be somewhat market negative. >> so is this all been one giant cohn rally then, or are we perhaps putting too much on the president's inner circle knowing that -- he seems like the type who is going to drive deregulation across agencies like he already has been regardl

>> gary cohn. >> gary cohn. >> gary cohn. jonathan: that was an easy one. it has been great to have you on the program. thank you very much. from new york, that will do it for us. we will see you next friday. 5:00 p.m. in london. for our viewers worldwide, you are watching "bloomberg real yield." ♪ ♪ best, theon bloomberg stories that shape the week in business around the world. ceos turn on president trump who lashes back. >> ceos are going to be reluctant to get too close to trump. who knows when the next outburst to get this was not enough you to withdraw, what would be echo -- be? from europe and japan surprised the city upside.

>> gary cohn. >> gary cohn. >> gary cohn. jonathan: that was an easy one. it has been great to have you on the program. thank you very much. from new york, that will do it for us. we will see you next friday. 5:00 p.m. in london. for our viewers worldwide, you are watching "bloomberg real yield." ♪ ♪ emily: he was tapped to be heir to the softbank empire. arora was raised the son of an indian air force officer and he came to the u.s. for grad school. in 2004 he got the job of a lifetime. larry page and sergey brin hired arora to help move google into an online ad powerhouse, making him one of the most sought after tech execs in the world. a decade later he was named softbank president with a plan to eventually make him ceo. but as son's retirement approached, arora said it became

but until then, give it a free pass >> what if gary cohn leaves? >> then i think we have a short lived selloff. absolute buy on the dip sort of scenario >> what are you buying >> just two or three days. >> explain why ooitsdit's a buyh dip. >> any of the mega cap names that are the traditional buy at home names that pull back significantly, buy them and just attack them that way i won't buy financials maybe buy goldman sachs. it will roll over immediately. i'll buy that on the dip >> i think the argument for buying the market if gary cohn leaves, and let's just say anybody of certain stature that the market sells off and argument is by in a happening, then congress is embhooldened to get something done they are out in santa barbara trying to get tax reform done. so that is the argument. i don't know what happens, but that is certainly what i'm looking for when you see a market rollover, we get some kind of panicked selling >> do you really think that they will get something done on taxes? >> i actually don't, but that is the sentiment that we're in

you love to see his e-mail traffic if gary cohn were to leave, it would be a direct hit. it focuses on the lower inflation rates giving janet yellen and the fed a bit more room to stay accommodative longer it put less pressure on, if you will, a fiscal put it made the markets more patient. but there's still some expectation that in 2018 we'll get to tax reform. you know, but gary cohn leaving, i think, would be a direct hit to those hopes as well as to the hopes of the more movement on the fifth financial deregulation front, which has been extremely important. >> let's talk about some of those and when it's possible for them to happen also the nafta renegotiation if it's tax reform, infrastructure, deregulation, trade negotiations which has the biggest impact on the market and which are likely to happen, if at all, in 2018. >> i think the nafta negotiations are going to be not as binary and -- we'll have some occasional headlines but i think that that will all wind itself through fairly constructively the president has to deliver on that issue just because he does owe his

steve mnuchin, gary cohn are very focused on tax reform. that is something they want to get done over the next few weeks. they are both unhappy with what the president said. they were both at the press conference standing next to the president. both of them say they will stick with their jobs and focus on pushing for the agenda of tax reform over the next few weeks. craig, it is ironic that the reason for the news conference was supposed to be infrastructure spending. that is why gary cohn was there, that is why steve mnuchin was there. they were not there in new york to talk about what happened in charlottesville, for goodness sakes. at this point what are the prospects for the president moving forward on the hill? what is the republican response to what the president has said? craig: absolute silence, essentially. you had tepid statements from global -- lower-level congressional lawmakers could all right in and mitch mcconnell put out what, to my eye, were -- paul ryan and mitch mcconnell put outcome what, to my eye were bland statements

chief economic adviser gary cohn giving a wide ranging interview to the "financial times" saying the president will start being on the road making major reasons to justify the reform. u.s. managing editor for the "financial times" is here. good to have you with us >> great to be here. >> a lot to unpack in this interview. i'm curious to know what you consider to be the lead at this moment >> two keys. one key is obviously grabbing a lot of attention in the american political world is the fact that gary cohn has made it very clear that he disapproves of what the president said about the bill. he's wrestled with his conscience about staying in his person or not. but as a jewish person he doesn't want to be pushed out neo-nazis chanting jews shouldn't replay us. but we're interested as a "financial times" this new push on tax the fact that the white house has decided that tax is going to be the absolute top priority this autumn and going to try to appease their voters and republicans by executing their tax reform, they hope. >> can you talk a little bit about that part on charlottesvill

i want to ask about gary cohn because you brought him up. this seemed one of them was going to stay, one was going to go and the president even spoke about gary cohn this week. he had comments on gary cohn saying something positive. was that the scenario? one had to believe? >> gary cohn was uncomfortable with the president's comments after charlottesville. he's jewish. gerri: can you see it on his face during the press conference. >> absolutely. and gary cohn assembled a group of free market thinkers to work on tax reform. so could the president achieve tax reform and the conversations that have to go on between the white house and congress without gary cohn in the group? in the conservative groups that you mentioned? i don't think so. gerri: well, you know, kellyanne conway is also being defended in this letter in the 19 conservatives. you wonder, there's a revolving door going on at this white house. do you think anybody else is going to go? >> is there going to be another x on the cover of the "new york post" survivor edition? i don't re

gary cohn considered the frontrunner to be the next chair of the federal reserve. some insights into how he might approach that job. and it trade relationship between the u.s. and china amid reports u.s. officials want to investigate china over intellectual property policies. john kelly reportedly told attorney general jeff sessions over the weekend that president trump does not intend to fire him. , athat a sign that kelly former marine corps general, is bringing back a semblance of order to the white house? our white house correspondent is at the white house. kevin cirilli joins us from capitol hill. use, there was as reported meeting between john kelly and jeff sessions. what else has john kelly now that he has achieved his first week at the white house touluse: general kelly has not wasted any time putting his stamp on the white house, overseeing the exit of several national security officials, some communication officials, including anthony scaramucci. he splashed onto the scene a couple weeks ago with statements about how he would fire everyone , profanity la

. -- itic the gary cohn looks like the gary cohn faction has one. bill: if that is the case, then that's a very good thing. it shows that john kelly, the chief of staff, is coming on and through with his pledge to sort of clean house. it is hard to say that this president will "ever normalize" in a way that we might all feel if youable with, but have gotten now rid of spicer, andon, and reince priebus the briefly tenured anthony scaramucci, then you're really sort of talking about a much more perhaps calm her white house, a more organized white house, a less backstabbing white house. that's a lot to ask for, but i think that this would really be frankly one of the best things that trump has done since he has become president. vonnie: there are now multiple reports there about this. abc news reporting that band and reside two weeks ago and it became effective on monday. a lot of conflicting reports on what is happening, but it's clear of one thing. likely will not have the ear of the president as much as he did. what will this mean for the likes of j

gary cohn and steve mnuchin are knee deep in all the tax reform issues. i can't comment on what was on his mind. but clearly now he's not resigning, so i guess that's what matters. he's certainly a very, very smart person focused on tax reform, as is the president. let's go back to january. that's when the president wanted to start working on tax reform. we've lost eight months, but that's part of his frustration with the senate. so we should all remember that president trump wanted to jump into tax reform right out of the gate but was, to some extent, sold a bill of goods by the senate, and they didn't get it done. today we're looking forward, and tax reform is actually a bipartisan issue. both democrats and republicans know being the highest tax country in the world costs us jobs. we need to get that fixed, so i'm the eternal optimistic. we will get tax reform done, and as the leader said, this congress. >> do you understand why gary cohn felt the way he did about president trump's remarks about charlottesville, that he didn't think president trump and

happens if gary cohn departs? >> a lot of clients that we talked to, gary is the adult and we trust you don't want to see anymore chaos, you want to see cohn and mn mnuchin. they have the ability to pass legislation without the president and what the president have shown us. he will sign anything that gets to his desk because he wants a win. gary, it is very important but it would be more important if the congress does not decide to take over the agenda >> you touch on some of these. >> is the president incidental to that or in other words of tax reform >> it is either and up to him. if you go around the congressional district, this member is against the trump's tax cut, give him a call that's extremely powerful and hard to vote against however, if he did what he's done on healthcare and some other issues, congress may have to move on despite him >> thank you very much, you have a busy rest of the afternoon thank you for joining us >>> we'll be joined by the journalist who got the call from steve bannon some say m

hey, jonathan was it a battle between gary cohn and steve bannon and did cohn win? >> no. they have been in a battle and bannon has been trying to destroy gary cohn for months now, but the primary battle was steve bannon versus jared kushner. it morphed really into steve bannon, let's go inside his head here for a moment. it was really steve bannon against the people he describes at the globalists, west wing democrats he used for them that is jared kushner, ivanka, hr mcmaster, gary cohn, the top economic adviser and dina powell, the the deputy national security adviser so bannon has been at war with them for a long time jared won the war. kelly came in with a mandate to put more order into the west wing and he was told when he went around the orders that bannon was a major destructive force in there and he was also told by people in the wing that blamed d the outside campaign against hr mcmaster, they plablamed that oo steve ban p. rightly or wrongly, he was certainly told that bannon was driving that >> so, gary cohn is staying. there have been lots of rumors that he's d

gary cohn might be popping a bottle of champagne. gary cohn and steve bannon represent the two halves of the white house and the two halves of donald trump's mind. economics and the grassroots movement. this would be a reassuring sign to the market in the way of cohn staying. the white house is unstable right now. bob corker used those words. if bannon goes it would be seen as removing a major force of instability and putting the power back in the hands of people like gary cohn and general kelly who are viewed as people trying to right the ship. , marty, to conclude, we have to come back to questions of donald trump the man. who he is, his character. it almost doesn't matter who he has around him -- will donald trump really turn over a new leaf? marty: as we have seen time and again when you inc. it is safe to come -- go into the water, you get bitten. outwardly you would think this would mean there is a shift and a discipline in the white house but as tuesday showed, he had his prepared statement in his pocket and he went off the ra

gary cohn is a democrat and he came from wall street. that should make both sides unhappy because of the financial crisis. how much support is he really going to have on capitol hill? >> the optics of the goldman goldman sachsr -- man becoming fed chair may not make them happy. forommended janet yellen her stance and he seems to want stimulus efforts that would be better off with a lower interest rate policy. he said he likes lower interest rates. who doesn't? that is an easy comment to make. how they carry that policy out, whether or not growth is more important and jobs are more inflation, we don't know how he feels about those things at this point. >> let's talk about the jackson hole monetary conference that is coming up this week. the title of the conference is kind of vague. are the bigy, what things you will be looking to hear? >> ensuring a dynamic economy. janet yellen's speech on friday morning will be widely watched, it is always. policy andooks for a we rarely get that. she will talk about financial stability, another broad t

. , i am gary cohn resign not asking will he, should he? if ceos living -- leaving his counsel, gary cohn would have a much more powerful effect? if i was working for president of the united states who equated those marching for civil rights with white supremacists, some of whom had passed connections to the american nazi party, i would resign that day. that is my moral calculus. i cannot walk at another man's shoes, i cannot make the judgments of effectiveness i'm of the judgments of it -- effectiveness, the judgments of ambition, of prudence that others have to make. i am not going to prescribe for gary cohn or any other particular official. what i would say is that i find disturbing that there has been no resignations of principle from the political appointees in this administration. take an example, david. the white house yesterday sent out talking points saying that the president had a great press conference. would have been involved in producing those talking points, disseminating those talking points, repeating those talking points t

mark: it seems gary cohn fed position would be win-win for him and from. for him because he would escape the chaos of the white house. for trump, figures to nominate another key position within a key institution in washington. dakin: that is true. one thing to consider is gary is one of the leads on tax reform. it will be interesting to see how tax reform plays out in the next few months. trumpk come february, wants to replace janet yellen with a pick of his own, part of his calculus will be, how far along is tax reform, and can he afford to take summary like gary cohn, who has been one of the drivers or we expect to be one of the drivers of tax reform and move him away from that? if tax reform is still sort of right in the middle of the legislative or political agenda, there could be some risk of moving gary away from that and potentially not getting the tax reform that trump wants or that he wants to be able to tell the american people he was able to get. vonnie: it is fascinating. it would be an amazing time for something like that to happen given the m

for gary cohn to signal he is staying is very helpful. he is in the camp that people refer to as the grown-ups. rex tillerson and jim mattis. the idea that he is sticking by trump for now is good news for trump's agenda. he is going to have some tough sliding on the hill. nejra: at the treasury, are those working there concerned that their boss supports president trump's views expressed during that presser? saleha: it did like the chairman of the department did see that concern could grow. the day after that press conference the main message in a routine morning huddle was mnuchin was standing next to the president during a press conference that was intended to be all about infrastructure. he did not go to new york to join that press conference with the intent to lend any support or credibility to comments that they say mnuchin did not know trump was going to make. are talking about career staffers and political employed -- appointees who want to be public servant, that some of whom have worked in civil service in -- for decades. they wan

i get that. >> look, i think it's -- i give gary cohn a lot of credit for it. because i don't think he's trying to have it both ways. the minute he says something negative about trump he's on -- >> blow back, right. and breitbart took him to task. >> doesn't matter. >> there was a column about dana milburn and he used the great yiddish word, shonda. that means shame. and the shame is people like steve mnuchin who have stood there and said absolutely nothing. that's a disgrace. i think the military folks have put up with that nonsense. they're there and they're patriots. if i were there, would i have quit, yes. but cohn knows what he's doing. >> but i think we have to be real candid. you know, i have been to work over the last several weeks closely with some of the rabbis that have said they're not going to engage in this traditional phone call with the president before the holidays. they have been working with us on this march i talked about on monday. you have to remember what donald trump said by equating -- making a moral equivalency between neo-nazis, march

white house advises gary cohn will stay and that's for now. the gary cohn story a negative factor. clearly this friday will be a very big day, we invite you to watch it unfold was. varney & company is about to begin. ♪ ♪ stuart: i mean, i'm pretty sure it's in most's people minds after what happened in london and france and the attack that came repetitive, they did the same thing a few times. after it happened, i think everyone kind of thought pretty quickly that it was another attack. purely just because it was so similar to the others. stuart: i call that chilling. an eye-witness account of witness in barcelona. total of 14 are death and search for the van driver in the original barcelona attack, that continues. this is not over, the new york post is reporting that a family says that a california man is missing after that barcelona attack. give me the story there. ashley: jared tucker was on vacation in barcelona, he's from california, he was visiting with his wife heidi, they became separated, all the chaos, the van rammed down the pedestrian on boulevard. he has not been fo

cohn left, however i don't think that's the case, but i do think the market wants gary cohn to stay. and this piece after two weeks saying i'm reluctant to leave sort of indicates he's going to stay i think that's why maybe one of the reasons the market's up 80 and the dollar's doing better and everything else. i don't know. >> reporter: it absolutely indicates that and i would just remember back to on friday when steve bannon was leaving and we were reporting that live on cnbc, we heard cheers from the floor of the new york stock exchange at the news that bannon was leaving. i'm assuming, you guys are the market experts, but i'm assuming that's because the traders on the floor felt if bannon was leaving, cohn was likely to stay and that was positive for tax reform and markets markets have embraced gary cohn as a figure of tax reform and pro-market sentiment inside this white house. >> and globalists don't care that much about america first -- no, i'm kidding. anyway, that might have had something to do with it. >> reporter: the other question is how the president will react to this

gary cohn is there for tax reform. number one, if gary cohn should decide he is too frustrated and step down, let's say he does, we don't know. or rex tillerson. who is going to fill their spot? who are they going to get to come into that spot to address and progress the agenda? that's going to be very difficult. number two, think about tax reform. if you are a paul ryan, if you are a member of the gop on the hill, remember, congress passes laws, willie, how are you going to get tax reform done, theoretically? how are you going to get tax reform or any pro business agenda done when instead of talking about pro business ajen kas and tax reform, you're having to denounce the president's comments and white supremacists. congress is getting further away from getting anything on the gop side done, michael steele. you know this. than they were a week ago. they're going backwards. >> paul ryan has been out the august recess tweeting about we're not paying attention to this nonsense. we're trying to do tax reform. it's startin

rumors that gary cohn to quit the white house. who haseconomic adviser been leading the trump administration's efforts to overhaul the tax code will remain in his position as the director of the national economic council, but why is he seen as such a critical figure on wall street? adra, with us is sub krishna, and matt. why is that? why is he seen as the face of tax cuts and all that is good for wall street? krishna: there's a significant amount of expectation built into the equity markets for tax policy. the center of textil tax policy has been the said and that is not been the case since steve mnuchin became treasury secretary. the center of that nexus is gary cohn and the white house. i think that's why it's important and it's real. jonathan: do you think the rate markets should be moving that much on the potential direction? has denied it, but the direction of one single policymaker in the ministration? subadra: the moves in the last week have not been because of just the gary cohn story. this been a lot going on the geopolit

do we know where gary cohn stands when it comes to rate? dakin: as we were writing the story, we went back to look at what gary has said about interest rates over the last few years. he for he was with the white house, he was the president of goldman sachs. he was on tv several times a year talking about the economy, the industry, things like that. we have also been able to glean gary is sort of a low-rate person. he had some comments where he gave yellen a hard time about raising rates too soon because we hadn't yet seen the signs of inflation getting near the fed's target, so there is some thought that maybe gary would be even more dovish than janet yellen. if you will remember, when yellen was first appointed in 2014, everybody thought she was quite dovish. the fact that gary would be even more so than her is an interesting prospect. dakin campbell, thank you so much. stay tuned for an interview with gary cohn tomorrow as part of our jobs day coverage. julia: we forgot a important question -- does he want the job? does he want to escape

cohn and steve bannon. >> not only gary cohn, we're talking, we've seen obviously with general mcmaster. there was friction with other establishment figures. let's face it, jared and ivanka are not aligned necessarily with the campaign agenda. coming in with a different mind-set, a different world view. so you know friction that was caused is merely bannon saying let's stick to the campaign agenda. trish: okay. all right. there are biggies out there. charlie, i go to you. tax reform. >> right. trish: repeal and replace gone by the wayside, but tax reform, perhaps infrastructure as well, aren't those things pretty much everyone can get hine or are you still seeing this real difference, this finite difference between the likes of gary cone and steve bannon, for that reason they needed to go? >> let's just be real clear about steve bannon. immensely smart guy. clearly the guy that got donald trump elected. there is no doubt in anyone's mind he got donald trump elected. donald trump, the president of the united states was jealous that steve bannon received, the sort of act -- accolades in t

connell: if gary cohn left, what would have happened to the markets? >> gary cohn has unbelievable experience and knows how intricate and complex the markets are when you look at the price of dollar versus trade and what's happening with interest rates. for him to leave, he's a voice of reason. but i see this as a heavy hand by gary. he wants to be the chairman of the federal reserve. and that's yes stayed. i'm going to quit if you don't make me this. connell: we don't know that. but it's possible. one of the things he said, i believe the reports were his wife was encouraging him to look at resigning. and he said basically these people are not going to push me gary cohn who is jewish out of this job. >> i think the president did an awful job with this. bottom line is you can blast the nazis and the kkk and no one * will get mad. it's an odd market. while the numbers are staying consistent, and we also have cohn who is great. we have companies making money in the market. the number that goes up and up and up. people saying what a great job trump is doin

white house shock, gary cohn trashes trump in the press. just citizens standing up for equality and freedom. i'd like you to notice the little globes in the breitbart headline, they are emojis, wink, wink nod nod, used to denote the globalists that happen to be jewish in the white house. we see what you're doing there. this is extraordinary, but there is criticism that he is only speaking out now two weeks later but what does this do to him in the white house? he didn't resign -- >> it's unusual. look, i'll give him credit for the comment being much better than the squishy one that steve mnuchin made, it is ten days after the press conference and says he was under pressure to come out and make a statement. didn't resign. he's still there. >> didn't resign. steve mnuchin said he was under pressure but defended president's statements. what is the fallout for gary cohn, many said he's in line to be the next fed chair. you wonder if this will i am pablgt them. >> let's get back to hurricane coverage of harvey. let's bring in brock longstanding

top presidential aide gary cohn making new comments about his position in the white house. what he said and why some are rumoring him to be the next fed chair. >> and uber's board is discussing who could be the next ceo. those details coming up. >> the latest on hurricane harvey jackie deangelis is still on the ground in corpus christi nbc's meteorologist kayla mcgrath is checking its path with the news, this is a category 3 storm and we'll begin with you, jackie. >> reporter: that's right, kelly. as a matter of fact, we've been watching this storm all day from category 2 now to category 3 not really coming as a major surprise to anybody. the white house is actually out with an official statement on this right now as well saying that people should obey the rules determined by their local officials, really urging that caution there. and, of course, president trump said that he would come to this region, to texas, early next week as well a presser just ending from the texas governor also to comment on this. he made a statement saying this is going to be a very major disaster

rumors that gary cohn will be resigning as president trump's top advisor. >>hours after the van attack in barcelona, spanish police say they have killed perpetrators. a coastal town 120 kilometers away. you saw a quick and effective reaction by the spanish authorities to the attacks that happened in barcelona and temporal -- and cambril. is, are wequestion creating a hostile environment for the ideology of groups like isis? the reaction on the law enforcement side and by the police has been quick. there has been a slower reaction in our ability to stop recruitment from happening. that is where we must turn our attention. white house chief strategist steve bannon is out. ,he chief of staff, john kelly and steve bannon, have mutually agreed that today would be his last day. steve bannon is out. what is the aftermath? a huge win for john kelly, the new chief of staff. everyone who was watching to see if this four star marine general can impose order on the white steve-- for him to ease bannon aside, i think the markets will view that as a chance of more stabil

i think the important thing, you want to look what happens between president trump and gary cohn, to see if there is any further deterioration of the relationship there. you wan to take a look at economic things. anything that comes out of jackson hole, you know. liz: gotcha. we do have, tell our viewers, closing bell coming up in 15 seconds. oliver, thank you. charlie gasparino, ralph peters. [closing bell rings] there is the biggest drop of the dow and s&p 500 as closing bell hits right you no. david and melissa for "after the bell." david: going into the close, the dow ending the day. this is biggest decline since may after a van plowed into a crowd of pedestrians in barcelona, spain. there is problems with what the fed had said yesterday. but again it was terror attack that really dragged the markets down. hi, everybody, i'm david asman.

there is treasury and gary cohn and goldman sachs lobbying. stuart: what you're telling us there is another split. >> one is big, this one is really big. this is why bannon reached out to this, don't want to call the publication obscure, but lesser known than others. stuart: you called it obscure. >> let's be diplomatic, lesser known than others, but yes, i'm fighting with the treasury secretary, i'm fighting with gary cohn, what everybody understands, maybe why i'm going to lose my job, i want everybody to know, here is two guys i'm up against, like poor me, i can't go against goldman sachs. stuart: disagreement about china, that could be understatement. >> we're all on a diplomatic mission here this morning. i will say this, if you look at chart how much the u.s. imported, from china, versus exported, it is growing, growing, growing. people who were extremely frustrated in the obama administration, they say especially steelworkers. they say listen, part of why we don't have jobs. bannon is a lone wolf on this, but there are people who would

given what you know right now, should gary cohn resign? if ceos leaving his counsel affects the president, gary cohn leaving would have a much more powerful effect? larry: if i was working for the president of the united states, who equated those marching for civil rights with white supremacists, some of whom had past connections to the american nazi party, i would resign that day. now, that is my moral calculus, i cannot walk in another man's shoes, i cannot make the judgments of effectiveness, the judgments of ambition, the judgments of prudence, that others have to make so i am not going to prescribe for gary cohn or any other particular official. what i would say is that i find it shocking and disturbing that there have been no resignations of principle from the political appointees in this administration. i am someone who was worried about the excesses of identity politics. i am someone who argued and have some scars to show for the importance of being supportive of the business community in democratic administrations. but there are s

it was gary cohn. the stock market went bonkers today over speculation that gary cohn, the president's national economic led of the national economic council might somehow leave. and it was the trigger that, oh, my god, the whole trump agenda is flat lined. >> you know why because gary cohn is a competent individual who knows what he's doing and the street knows if he is to lee, who is going to take over the economy, who is going to run the economy. >> that to me is amazing. the white house staff blout the markets down today. that really happened? >> what's really happening is wall street -- rl zblagsz that trump's agenda can't be passed. the idea that these people are going to have the competent to do tax reform is laughable. >> i bring this up because -- >> it's all coming home to roost now. they have people realizing it. >> i bring this up because the question is what does influence president trump? he loved that talking point about the hyper inflated stock market. he loved that it was surging. woul

should gary cohn walk out of the white house? >> i don't know, to be honest with you. these are troubling times within the white house. i think there are a lot of good smart people at the white house and we need people at the white house and other agencies and departments to make sure that we can get donald trump the best advice that he can. he's obviously not following it. but i don't know, just looking in my own heart, if i think everybody resigning en masse, while it's a grand statement, i don't know if that's the best thing for the country right now. >> derek, do you agree? these people resigning, trump would -- we don't know who the president would replace them with. >> well, i disagree. i was taught at a very young age that actions speak louder than words. and we've had a lot of words from the president. we've had, you know, congressman ryan and others make statements but not really condemning the president, so we need action. we need members -- >> from whom? >> from the members of the cabinet, from dr. ben carson, elaine chao, jared kushner, the fact that jared

the white house came out and they were add meant gary cohn is staying. maria: the shaming is incredible. that's the strategy on the left. that's what's going on right now. >> what's important, see the question has been how much do markets care about the president's agenda at this point? are they really hoping for tax cuts? what you saw yesterday with the gary cohn reaction markets do care about agenda which is why it's so important for the president to hold things together and move forward on that. if they see problems here, they are going to react strong. >> congress doesn't really care in my view whether gary cohn is in the white house or not. that really won't affect tax reform proposal. dagen: maybe that's their problem. [laughter] >> that's my point, the perception. maria: you're right. >> he's not pulling votes on capitol hill. >> he's selling this thing. maria: right. yeah. we will see. this is -- this administration has got to have legislative victory. when people come back to september, 12 days to get something done. we are on it this morning. c

vonnie: gary cohn saying a base running exercise. thatshed back on the idea this will become revenue neutral by dynamics going on. he says there are ways to find revenue been that revenue. enough -- revenue? >> the white house has taken its hands off that exercise of trying to find out which deductions need to be taken away and scrapped from the books in order to bring in enough revenue. in this interview, gary cohn said that there may be an increase in the deficit over the short term. but over the long term, there would be revenue neutrality. that is something that no one knows exactly how they will reach that. the white house is taking a hands-off approach and telling the tax writers in the house and senate to figure it out. vonnie: donald trump begins a tour on wednesday in missouri to sell -- we do not know what appeared selling something, presumably middle-class tax breaks. what will be there for his base> ? >> that is part of the challenge the president will have. he will go into parts of the country and saying that this tax re

notably, though, we haven't seen gary cohn on camera. we haven't heard from him directly on this so all of this is being filtered through spokespeople, press aides, white house officials, and all the rest so i think there's a lot of speculation on this. and people will want to hear from gary cohn directly, as to what decision he's making and why he's making it obviously, his focus here on other white house officials, as well but no indication right now that anybody is leaving this white house, guys. back over to you >> eamon javers, thank you very much now let us get to bob pisani at the new york stock exchange. the dow posting one of its worst days in week is it about politics, about earnings, about something else >> risk-off day. and it's two events we have been talking about all morning have clearly influenced the market, brian. let me tell you, the s&p 500 circled two points here where news events came in. first around just before 10:00 al eastern time, see that first circle there that's when reports came in that -- false reports, it

and gary cohn became that thing. >> he's a security blanket. >> yes. so yesterday when the rumors were out -- some people think that that rumor was put out people shorting the market, people who thought it would make the market go down -- >> document to know why people don't like wall street, it's that, john. >> exactly. and so -- the sec, go investigate that. >> yesterday that had effect. and then today when bannon was out, there was a rally on the idea that like, oh, okay, now gary cohn can just get that tax reform through. and then what we actually saw was as joel positively look's tweet about war went out and then somebody else had a tweet about bannon is going thermo nuclear, then the market started saying oh, maybe this won't be so great. >> let me ask a larger question here. look, every white house has somebody who is trying to shape the political narrative, i guess, of the presidency. bannon is out. reince priebus maybe thought he could be somebody that would do that. >> in concert with sean spicer. >> yeah. is it now in this case airs? is nick

we had steve mnuchin, we had gary cohn's. -- gary cohn. what could you do to improve this situation? politically, i believe the president is focused on his base. he is very reluctant to dismiss his base, to go up against his base. i think the president's big opportunity and what he has to do if he wants to keep his job is expand his base. this is just going to shrink it even more. the more that we are focused on these battles and on these conflicts, the less we are focused on tax reform, legislative reform, regulatory reform, all things the president wants to do to grow the economy. that is not getting done. these conflicts are filling up the airwaves and the real job to be done for the country is not being done. david: many thanks, carlos gutierrez. we are getting back to you. we want to get a check on where markets stand. abigail doolittle is here with the latest. abigail: looking at moderate to solid gains for the averages even with that news in the last half-hour. we do have the dow and the s&p by and the nasdaq all up 3/10 of 1% or mo

the s&p falls in volatility spikes amid speculation gary cohn could resign. does risk off have further to run? watch the dollar-yen cross. a new survey says that nearly half the german electorate is undecided on whom to vote for in the next month's election. could we be in for a surprise result, or will they not bother going to be voting booths? i'm matt miller in berlin, alongside guy johnson. guy: let's look at how we are, 30 minutes into the trading day. first of all, you need to see the stan spanish market is underperforming, down by 1.14%, following the attack in barcelona. the travel and leisure stocks are underperforming as well. iag is also a stock to watch out for. stocks like ryanair and easyjet, certainly under pressure. we're watching what is happening with gold. we are watching the golden story and what is happening with the yen. 1300 thised through morning. we have backed off it now. nevertheless, i still scratch my head and wonder why. the risk on sentiment is there as well. let's look at the yen. dollar-yen has been something to watch during t