tv The Lead With Jake Tapper CNN June 24, 2016 1:00pm-2:01pm PDT
from the uk create such a mess on wall street? >> for one, investors were caught off guard. not only did they tell me that, but you can really tell how the week went because trading throughout the week bought into the markets. there were a couple of rallies because many thought the brit tirk people would vote to stay in the european union. they were wrong. and there was an unwinding of the buys that happened throughout the week. what also played out today was a lot of fear and uncertainty. you saw that in and the way that the trade happened. you saw the stocks move out of stocks, gold and u.s. government bonds. you also heard it in a talk because the imf says now it looks like the uk is predicting at least the uk will go into a recession and then, of course, come the worries about the
contagion. if the uk can go into recession, what about the euro zone or the united states? many people want to know, was this a one-off or could this continue? many traders that i talked to think it's just a one-day event but others say what you say, jake. this is a divorce. divorces aren't quick and they are not pretty and the prediction is that you're going to see a trend to the downside while you see stocks really repriced for the new landscape. jake? >> and alison, those americans who are watching this, what should they do if they are worried about their investments or their retirement accounts? >> well, first of all, you may not want to look at your 401(k) today. you're not going to be happy what you see. don't get emotional about it and if you have a plan and you're diversified, many investment advisers say stick with it. fidelity said that those who cashed out of the stock market during the financial crisis wound up on missing one of the
biggest bold markets that we've seen in many years and that brings me to what many other traders told me today, who see this as a big buying opportunity, that if you've got -- if you're diversified, too far away -- and you are far away from retirement, actually, and you have a strong stomach, many see this as a great buying opportunity. jake? >> and there you see the dow plunging more than 600 points today after the news of the uk leaving the eu. rana is a cnn global economic analyst and assistant managing editor at "time." a swift reaction by the markets to this news. do you think this is a long-term drop or is it just temporary? >> i think we're going to see this volatility in the weeks and months ahead. you know, it's possible, since the fed came in and said we're here, we're backing the u.s. markets, that you could see a rebound next week. but make no mistake, this is a break-up that is going to play out over a couple of years and,
also, there may be other dominos to fall in europe. you've got the spanish taking a political vote on monday and there is definitely timing with the populism that we've seen here in the u.s. election cycle as well. all of this makes us nervous. that's the reason the markets have been so bad at predicting what is going to happen in politics. they don't understand populism. markets were pricing a 25% chance of exit and they were very surprised. >> what does that tell you, that the markets had only priced in, baked in a little bit the idea that the uk might vote this way? >> i think it reflects a trust gap. i think there's a huge trust gap between the elites running the companies and math populations not just in the uk and simply does not trust the political establishment, the financial establishment. i think that's what you're seeing in these results.
>> and the elites are completely out of touch with the people voting. alison, let me bring you back in. immediately, as you note, there are some possible advantages. this could be great news for home buyers, for car buyers because of lower interest rates, right? >> yes. actually, mortgage rates are at the lowest level that we've seen in three years. so what's been happening, as you see investors pour out of stocks, they are putting their money into other assets. a lot of investments today went into u.s. bonds. and what that did was drive the yield lower and the mortgage rates that we all sign our papers to, they usually follow those interest rates. so you'll not only see the mortgage rates at some of the lowest levels right now but you could see them go even lower as soon as next week. one other thing working in the favor of interest rates going lower, the fed. all talk about the fed raising
interest rates anytime soon, that talk is off the table at this point. so the thinking is that the federal reserve is going to go ahead and keep rates lower for longer, making it easier and cheaper to continue borrowing money. especially when you see volatility going on in the global arena. jake? >> alison kosik with me here. rana foroohar, thanks to you. the uk's decision to leave the european union will have deep implications around the world beyond the financial markets. as a result of the vote, british prime minister david cameron says he will resign this fall. what are the implications for the u.s.? after all, many of the same political instincts and opinions that caused brits to head to the brexit are fueling politics here in the u.s. concerns about uncontrolled immigration, globalism and trade deals that might sell out the
middle class, concerns about the elite ruling party that is out of touch with the very people that they are supposed to be governing. let's go to clarissa ward. how much were world leaders caught off guard by this vote? >> reporter: jake, this is what is so incredible. the polls were close intellectually. people understand that world leaders understood there was a real chance. but there was an underlying assumption that somehow the establishment would prevail and when you walked around the streets of london today and talked to people, the words you heard over and over again, stunning, shocking, historic, momentous. this country and indeed everyone in the world woke up to the very profound revelation that britain is a deeply divided country and now everybody is asking themselves the same question, jake, which is what comes next? it is the biggest shock in the
history of modern british politics and possibly one of the greatest political miscalculations ever made. early on friday morning, britain voted to leave the eu. >> the total number of votes cast in favor of remain was 16,141,241. the total number of votes cast in favor of leave was 17,410,742. this means that the uk has voted to leave the european union. [cheers and applause ] >> reporter: hours later, the prime minister announced he would resign. >> i think the country requires fresh leadership to take it in this direction. >> reporter: the people who masterminded the leave campaign were quick to praise the prime minister but are convinced that their approach is the correct one. >> there is certainly no need, in the 21st century, to be part
of a federal system of government based in brussels that is imitated nowhere else on earth. it was a noble idea for its time. it is no longer right for this country. >> reporter: londoners did not appear to welcome johnson's role in the campaign yet there is much speculation that he will stand for prime minister. while some celebrated the way the counts unfolded, the results provoked widespread concern about the state of the economy and general confusion about what the future holds. president obama, an early supporter of remaining in the eu, said in the statement that the people have spoken. >> while the uk's relationship with the eu will change, one thing that will not change is the special relationship that exists between our two nations. the eu will remain one of our indispensable partners. >> reporter: people in ireland
and scotland wanted in. everyone else wanted out. immigration was the primary issue on the campaign. >> let june 23rd go down in history as our independence day! >> reporter: how these differences are reconciled and what role britain will now have on the world stage are issues that will likely take years to resolve. now, in terms of what comes next, prime minister david cameron says he will not implement the article himself that will begin britain from extricating itself from the eu. that will be performed by the fall and could take months and from there it's at least another two years. so this is going to take some time, jake, for the eu and britain to hash out but, of course, the concern for europe is that the contagion will spread and pandora's box has
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welcome back to "the lead". i'm jake tapper. so what happened? why did our friends across the pond vote to leave the european union? is there anything that may be a precursor for what might happen in november in this country? let's bring in our panel of experts to discuss just what went on in the uk vote. chief national correspondent christiana amanpour and in the studio, lord malik brown, former uk minister. thanks for joining me. christiane, i'll start with you. a sense of shock from around the world. put this in perspective.
for americans, what was the driving factor? immigration? >> i think it was immigration. basically, they were told that all of your problems are because of the european union, the bureaucrats who bombarded the public with saying that's the problem to all that is going wrong in your country and, by the way, the foreigners are the problems as well. the next day, the morning after, we're being told that they are going to wake up to find that this wasn't a referendum on immigration policy and that may or may not change very much. it was a referendum on the economy. britain will still be important, just not as important. britain's voice will still be heard but just not as loudly. our role will be diminished. they said, listen, we want to be
mature and make sure this divorce happens easily and qu k quick. we want it to be quick because we don't want it to spread. the young people are saying, what on earth went on? the overwhelming amount voted to stay in, the younger people. the older people, 60 plus, voted to get on and they have, on average, 16 years to live with this decision. there's a lot of division and shock, certainly among the remainers. it's causing a worry, as you've seen in the markets. >> nile, you support the leave movement. britain lost more than $100 billion in wealth today. did you expect this kind of reaction from the markets? >> yeah, i think this reaction
was expected because the markets responding to what they see as uncertainty. i think the markets will rise again and i think a brexit is good for britain for the european union and for the united states as well. this is all about sovereignty and self-determination for the british people and i believe that great britain, unfree from the shackles of the european union, will be a resurgent on the world stage and it's in the interest of, for example, the germans and the french to negotiate a good agreement with the united kingdom. there are a lot of common interests at stake. the interest of the united states to sign a uk free trade deal. but this is all about british people retaking control here. control of their borders, the right to negotiate free trade agreements, their right to decide 100% their own laws, their own legislation. it's all about the rights of
british courts to have supremacy. the british people have had enough and voted in massive numbers yesterday to leave the eu and that's a good thing. >> lord malik brown here in the studio with me, you're on the other side of this. do you think that your fellow members of the british elite, the ruling party, those who in the government took the threat of this seriously enough? >> i think they took it seriously but i think they misunderstood it. this really was a classic campaign where the emotional arguments were palpable and ran deep and the remainors fell back on a rather dry and economic argument which underestimated certain parts of the population. the praj dee is, the victims of
leaving, those suffering from the smaller economy, the pensioners, the workers, the groups who actually supported it and the cosmopolitan london community and others who actually voted to remain by contrast probably will find a better way through this and those who voted to leave yesterday. >> a little football or soccer. >> christiane, what happens next? >> well, you see, this is the big question, jake. this is why people on the other side are pretty nervous. we know sort of that the next prime minister is going to have to invoke what they call article 50 which starts the divorce. that could take about two years.
and after that, it's difficult divorce and then, according to the brexiters, they are going to be saved by this glorious set of renegotiation, they say, with all of the other countries in the europe european union and those that have deals with it. that's according to the experts, according to those we are talking to in europe with a lot more difficulty than they expected. plus, what we're probably going to see is scotland spin off and then northern ireland says it wants a vote in joining the republic of ireland. you've got a lot of moving parts still to come. >> one more domino. chri appreciate all of you being here. this is causing volatility around the world but that's not the only destabilization from the uk and eu divorce. why are terrorists celebrating the brexit today? literally. and then, with the winds blowing across the hill at
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voting to get a trade agreement done and uk is going to be at the back. >> now british prime minister david cameron is out. nigel could be named the next possible prime minister. here's what he said in response to president obama's original comment. >> our friends in washington do not want us to be an independent, self-governing democratic union. who care what is they want? >> let's bring in white house correspondent michelle kosinski. foreign leaders generally refrain from weighing in on other country's elections. president obama chose to take a side here and his side lost. >> reporter: the white house said any other country with a
big economic stake in this would feel the same way. this is a disappointment. it's more volatility and uncertainty for u.s. markets and people are feeling less great about it than they did a few months ago. but the president didn't want to come out and say, this is a blow, a disappointment. he's somewhat reassuring, at least. he spoke to david cameron and angela merkel. he wanted to remind people that there are some elements of the status quo to be relied upon. listen. >> i do think that yesterday's vote speaks to the ongoing changes and challenges raised by globalization. >> reporter: he talked there about theorces involved. that this is part of that globalization. the strong ties with both the uk and eu firmly remain. it was interesting to hear vice president biden today kind of
broaden that out about the sentiments that went into this brexit. he said this is related to challenges in the world that lead people toward fear and frustration and called that fertile ground for reactionary politicians and demagogues pedalling xenophobia and isolationism. he talked about building walls, another thinly veiled response to donald trump. so relating to what we're seeing in europe to some of the ground swell that we're seeing in the u.s. jake? >> michelle kosinski, thanks so much. the vote is raising questions about the potential impact on critical security cooperation and the war on terror. britain, of course, is a major force in the anti-isis coalition. it's considered one of the nation's -- one of the u.s.' closest and most strategic allies. let's go to cnn's barbara starr live at the pentagon. you're now learning that
jihadists, islamic extremists, are praising the brexit. why? >> well, they are, jake. i think it's probably not a surprise. it's sort of the typical isis video propaganda movement. from washington to london, there are fundamental questions now. everybody says the relationships will be fine. popular online jihadi forums are applauding the uk vote and will see more chaos. the security implications are still uncertain. the pentagon clearly had not wanted it to happen. days before the vote, defense secretary ash carter stood at nato headquarters and called for
the uk to stay put. >> we know the strategic value that unity and cohesion adds to our alliance. >> we feel the relationship will certainly continue. >> reporter: the opposition is not felt by all. >> we're seeing a potential for a reorganization within nato and a potential weakening of the security environment in europe. >> reporter: despite exiting the european union, the uk remains a member of nato. though its financial contribution to the military alliance could be at risk if its economy falters. >> today, as we face more instability and more uncertainty, nato is more important than ever as a platform for cooperation. >> reporter: european union and nato members are going to meet to discuss closer cooperation in issues like cyber and terrorism. on isis and fighting terror
threats, britain and the u.s. still will share the most highly classified intelligence. >> that agreement is not going to be impacted by this in any way, shape or form. >> reporter: but the cia director points out with 28 countries now in the eu, there are already significant problems. >> within each of those countries, they have sometimes several intelligent security services. they do not have the interconnectivity, either from a mission and legal perspective or from an i.t. perspective. >> so what about the war on isis? there have been critical gains on the battlefield in iraq and syria. but isis has still demonstrated the ability to inspire jihadists to go to europe and launch attacks there and that is going to be something for the new government in london to deal with. jake? >> barbara, thanks so much. from his golf course in
london, donald trump congratulated britain for leaving the eu. that story is next. real is touching a ray. amazing is moving like one. real is making new friends. amazing is getting this close. real is an animal rescue. amazing is over twenty-seven thousand of them. there is only one place where real and amazing live. seaworld. real. amazing
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learn more at aczone.com aczone. prescription treatment. proven results. welcome back to "the lead." from his golf course in scotland, donald trump expressed praise for britain leaving the eu. jim acosta is live for us outside trump's resort in scotland. mr. trump landed in scotland just after the brexit votes were announced but that wasn't necessarily what he initially wanted to talk to reporters about. >> reporter: well, he wanted to
talk about golf and quite a bit. he talked about it as if he had just won a primary. the timing couldn't have been better as he was touring his empire here in a suddenly very different united kingdom. don't look now, but trumpism just crossed the atlantic. ♪ at least that's how donald trump sees britain's so-called brexit from the european union, even drawing parallels to his own race. >> people want to take their country back. they want to have independence, in a sense. they want to be able to have a country again. so i think you're going to have this happen more and more. i really believe that and i think it's happening in the united states. >> reporter: at the grand reopening of his golf course in scotland, trump hailed the vote in the uk as vindication of what he appears to be the scourge of borders.
he looks at the markets as a potential business opportunity for britain and himself. >> more people are coming to turnberry, apparently. >> reporter: david cameron announced he's stepping down. the two leaders tangled over trump's proposal to ban muslims from the u.s. >> he was wrong on this. he didn't get the mood of his country right. >> reporter: trump misread brex brexit. >> the world doesn't listen to them. >> reporter: mr. trump slammed barack obama and hillary clinton. >> obviously for the 219th time, they were wrong. >> reporter: clinton responded to brexit in a statement saying, "this time of uncertainty underscores the time for calm,
steady, experienced leadership in the white house". >> he's not concerned with the american people or their retirement accounts or their security. he's concerned with himself and that's it. >> reporter: trump says it's his skills as a businessman that this country needs. >> do we have a problem? >> the country is not a golf course. >> no, it's not. you'd be amazed how similar it is. it's called a place that has to be fixed and there's nobody that knows how to fix things like me. >> reporter: as for the trump properties, the real estate tycoon says he would continue holding campaign events. >> number one, i have the best properties. >> reporter: and said he'll give up control over them if he wins the white house. >> if i win, i would -- even though i don't have to do that, i would probably put everything in trust, my children will run it along with my executives. >> reporter: now, over the weekend, trump will visit another golf course in the town of aberdeen. even though some republicans wish he would just come home and campaign, trump defended this
trip saying he's now doing it for his children. as for this trip overseas, as his children now handle much of the family business and we saw that today, jake. >> jim acosta in scotland for us, thank you so much. what might u.s. politicians drawing from the seismic change in the uk? olivia knots and dana bash are joining me. "i believe it's happening in the united states." do you think that's right? >> i think unless you've been asleep, you know the blend of anti-elite and anti-globalization and anti-trade, if you've missed that, you're reminded. >> dana, here was trump's response. >> we are now in unprecedented
territory. >> golfers will stop and go get something to eat. >> the shock wave is truly global, political and financial. >> are you traveling with any of your foreign policy advisers? >> well, i've been in touch with them, but there's nothing to talk about. >> the press conference was vintage trump. you see the clinton reaction there. what do you think? >> yeah. look, hillary clinton's campaign would be committing political malpractice. i went back and looked, donald trump began his statement by talking seven sentences and then he talked for 12 minutes or so about his golf course, about the sprinklers there, about his family, understandably about his mother being from scotland. and it took that long for him to get to questions, which led to some of the remarks that you heard in jim's piece. but it was a little bit
stunning, even though understandably the whole purpose of his trip was to cut the ribbon and to formally open this. when you have that kind of political gift, literally, literally under his feet on the ground where he is standing and he doesn't try to lean into it right away, kind of surprising. >> although, to be fair, olivier, hillary clinton responded to the news by putting out a paper statement saying brexit underscores the need for us to pull together to solve our challenges as a country, not tear each other down. i have to say, i mean, one is a paper statement and one is a major press conference in scotland. you can disagree about the message but one of those two is out there talking to voters. >> yeah. absolutely. she did sort of put her finger on one issue that's very important, one of the more obvious impacts in the november
election, whether this has any negative effects and who will be blamed for those. her campaign put out a paper statement and then did a press conference. donald trump actually got out and faced reporters. those are obviously two different reproaches. >> dana, this is a potent feeling, whatever you call it, a movement, the ground swell in the uk and in the united states. people thinking that immigration is out of control, globalization is hurting them, the elites are out of touch, don't care about them. we saw what happened. he and what might be the impact here? >> look, donald trump on this is right. that's the point i was trying to make before. this is a political victory lap he should be taking because he did have his finger and does have his finger on the pulse of this real movement that is going
on globally to look inward, to be very afraid of globalization, of immigration and trade agreements. and, you know, he's getting that and he's obviously been tapping in to that in a way that even the leaders in great britain and obviously the eu and the current president and the person who wants to take his place on the democratic side, hillary clinton, didn't get. i also found it interesting, jake, that she tried to kind of, again, frame it as a guy who's not necessarily -- doesn't have the temperament to be president versus her saying she's someone who has calm, steady, experienced leadership to take through. so she's obviously using this uncertainty to, once again, impress upon voters that she is somebody with experience and has that solid nature about her. >> impress upon voters in a paper statement that you read. olivier, let me read a statement
from you blaming president obama for helping bring about the brexit. >> i was actually very surprised that president obama would have come over here and been so bold to tell the people over here what to do and i think that a lot of people don't like him and a lot of people voted -- i think if he had not said it, your result might have been different. >> as quickly as you can, olivier, did obama influence this vote one way or the other? >> there's no evidence that he did but the anti-elite and very nationalistic impulses, it's very possible. the uk split is unprecedented. exactly how and when will the eu separate begin? that's next. i work 'round the clock. i want my blood sugar to stay in control. so i asked about tresiba®. ♪ tresiba® ready ♪ tresiba® is a once-daily, long-acting insulin that lasts even longer than 24 hours. i want to trim my a1c. ♪ tresiba® ready ♪
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here's cnn erin mclaughlin. >> reporter: so, it's official. the uk will be the first to leave the 28-court block and the separation and the separation could be messy and difficult, probably taking at least two years, maybe more. the treaty outlines the process for a country to leave. it's only five sections long but those lines hold the key to the uk's future and how they are interpreted by both sides will make a world of difference. once invoked, fishing and agriculture subsidies to financial markets to immigration, each member state will have their say on every single subject. it's going to be a complex negotiation. the uk has just two years to negotiate its exit. after that, it could be unceremoniously kicked out of the eu unless all remaining member states agree to extend
that deadline. and this brexit has triggered fresh fears of further fractures in europe. scotland has already hinted that it may call its own independence vote. no one knows exactly what is going to happen. the uk will be sailing solo into unchartered waters. erin mclaughlin, cnn, brussels. >> erin, thanks so much. his music made a comeback when it appeared in the george clooney movie "oh brother where art thou," the life of a bluegrass legend coming up next. when you airbnb, you have your own home. so, live there. even if it's just for a night.
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during her state department tenure. the associated press report found 75 instances when the then secretary of state had meetings with political allies or corporate interests, that they were not recorded or the state department calendar. a campaign spokesperson responded to questions about the sk discrepancies that were made at the time saying this reflects a more detailed version in one version compared to another, all maintained by their staff and both, of course, are public. this comes as donald trump is raising questions about foreign donations to the clinton global initiative. drew griffin filed this investigative report on that. >> reporter: there is no question the clinton foundation received tens of millions of dollars on foreign governments. that includes saudi arabia, which gave $14.5 million. the foundation says none of that
came while hillary clinton was secretary of state. you also have kuwait, donating between 5 and 108 million, qatar, donating between 1 and $5 million over the years, even the embassy of algeria donated $500,000. is there a common thread? all of course are middle eastern countries with poor human rights records and poor records when it comes to women's rights. monsanto, a u.s. global food giant and while she was secretary of state, secretary clinton made general statements supporting biotech foods as the company was asking for government help to open up new markets. for her critics, it's enough to
cry foul. >> maybe the motivation lies among the 1,000 foreign donations hillary failed to disclose while at the state department. >> reporter: there's no evidence that is accurate. what we have learned is that the foundation said it did fail to disclose a funding source while mrs. clinton was at the state department. that donation, the $500,000 from the government of algeria, the foundation called the lack of disclosure an error and said there was no connection between the donations and the policies of the clinton's state department. earlier this year, hillary clinton told jake tapper the foundation is an open book. >> we have disclosed everything. you can see what we do, we've put out reports, we can find you millions of people who feel that their lives have been improved because of the work. >> reporter: the clinton foundation did sign an agreement before hillary was signed in as secretary of state. that agreement banned bill
the 1950s singing alongside his brother carter, like in this song "angel band." ♪ that's it for "the lead". i turn you over to wolf blitzer in "the situation room." happening now, market meltdown. the dow industrials lose 611 points and they are not alone. stock exchanges around the world are posting heavy losses all because of a shocking, unexpected election result. the british are pulling out of the european union. the pound is collapsing and the british prime minister is leaving. we're following all of the political crisis. off course. at his golf resort in scotland, donald tru