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tv   After the Bell  FOX Business  June 24, 2016 4:00pm-5:01pm EDT

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that extremely important to point out. 20 seconds to go before the closing bell rings. [closing bell rings] on a day where everyone was caught off-guard. i will send it over to melissa and david for "after the bell." david: what a horse race we have in the markets. they are in a freefall as you can tell. looks like the dow will settle below the 600 point mark. it has been flirting with that line for about an hour now. dow and s&p 500 just turned negative for the entire year. hi, everybody, i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on this major market selloff. first here is what else we have for you this hour. great britain sending shockwaves to markets around the world after voting to leave the european union. we're live at new york stock exchange of the cme in chicago and london and berlin for more on all this fallout. donald trump in scotland today, praising the uk decision and slamming president obama and hillary clinton for supporting
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the losing side. will this outcome give trump's campaign a boost? lou dobbs, host of "lou dobbs tonight" joining us with his take. there are reports for isis calling for attacks in berlin and brussels in the wake of the vote. it will be very busy hour here. don't move a muscle. david: sure is. investors stunned by outcome of the uk vote. dow plunging 654 points at the low today. looks like ending the day 610 to the downside. buyers stepped in for final moments of trading. phil flynn, fox business contributor, price futures group. gold, one of the biggest jumps i've seen in my life. charles payne on floor of new york stock exchange. charles, the market, it was betting wrong all week that the uk would stay. do we have much more of the correction for that mistake to go? >> i'm not sure, david. in fact the market was really meandering until yesterday,
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particularly late yesterday. i tell people often market tries toto anticipate what with i will happen. sometimes the market tries to influence what happens as you and i know going into the fed meeting. we were at top of the range. we've done that a lot since low of february 11th and we fell. big question to your point, can support hold? we closed below key numbers from my point of view, not much below them but certainly we go into monday in somewhat more precarious position. david: you spent all day on the trading floor. what is speaking investors most at this point? >> uncertainty is spooking them the most. from a economic point of view what are economic ramification? you know what? maybe fear-mongering didn't work with respect to uk voters but only small margin but everybody heard it and had initial reaction. you might have voted to remain and you're looking at world markets saying maybe i made a mistake. david: is it trade war, currency war, do those things factor into it.
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fear of those things? >> too early to talk about trade war. currency is critical for our markets at least. the dollar is strong, dow as plunged. listen only country uk has sure sure -- surplus with is america. they want to redo everything with trade and taxes. we like to see the dollar get a little weaker. it is too strong right now. david: gotcha. charles, thanks. melissa: charles, fantastic stuff. on to phil. investors flying to safe havens, gold settling near a two-year high. phil what is mood where you are? >> very nervous. i'll tell you what, what we're afraid of melissa is what we don't know. that's why we're reacting. all day traders were looking for that rally. sense of confidence we bring things back. when we didn't get late in the day, people want out for the weekend. talk about the dollar. look at that spike in the dollar. that was the biggest spike since
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the iranian revolution back in 1978. so it is a historic type of move when you see something like that. you see the gold trade, how long was the smart money? really was, commercials were betting big gold were going down. they were really wrong. melissa: there you go. phil, get some rest, my friend. david: with your throat. melissa: david, over to you. david: god bless that man. he works hard. uk sparking massive selloff, wreaking havoc worldwide in markets. with their views, jack hough from "barron's" magazine. mon monica meta. and john, i'm wondering if the market went too far with the fear factor, whether there is anything positive to factor in what happened. listening to donald trump this morning you could sense there
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was which is that the people are finally telling democrats to get out of business. isn't that a positive? >> that should be a positive. this was in part a emotional selloff. by no means was there observable deterioration of fundamentals that would justify a deeper than 3% drop by equities. so there is a chance we might stablize. nevertheless sales are relatively flat and profits are shrinking. david: jack, a lot of people are afraid of trade deals. it is very early. they're already talking about problems with currency, whether china because it is coupled with the dollar might try to lower its value to increase exports, et cetera. trade deals, separating idea of free trading market from bureaucratic interference. that is i think what the brits, they like eating swiss chocolate. they like having french wine at discounts but they don't like bureaucratic meddling in their affairs. isn't that what this vote was about? >> i suppose, david. what doesn't make sense to me here why would u.s. stocks be
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down just about as much as uk stocks right now? david: well you must have thought about that. what's the answer? >> i think people are extrapolating from this and maybe saying something about this that donald trump has pretty good shot at being america's next president and markets don't like uncertainty. they're not sure how that would play out. people before this, this was remote possibility, a british exit. they're seeing pollsters don't quite capture this there are certain number of people out there that wanted to leave the eu. when pollsters were calling they weren't responding. maybe there is certain amount of people out there who like donald trump but not keen to tell their friends because they get negative reception. david: i don't know, monica. this week, i put much of it if not all of it what happened in europe. this week we saw a calming down a bit of donald trump with the firing of lewandoski and with his comments this morning. you could sense this morning by the way reporters were trying best to go ahead him into saying something stupid, something irrational. they were enable to.
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i think its more europe than anything happening here, don't you? hold a second. that is for monica. >> i think there is big connection what you're seeing in the uk and "brexit" vote and what you're seeing here in the u.s. it is interesting because the uk economy and u.s. economy are pretty similar. they have been seeing similar less of gdp growth. similar action in terms of employment. as far as europe goes, uk is probably one of the strongest countries but at same token you still have the disconnect between shareholder class and working class. i think you're seeing same disconnect here. shareholder class is googled out of their mind this is happening and working class saying i don't know globalization working out for me and i don't feel safe with borders. i think you see the same thing happening here. david: jason, el-erian said last hour he wouldn't get into european banks just yet.
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there is question what happens to the london banking community. when part of the eu, easier to make deals in london. london became the financial capital of europe, maybe second to switzerland but maybe not. does that change now? >> no. i think our dear friend mohamed is correct. why would you get into european banks especially -- listen, the main theme is the currency war theme. that is my big personal takeaway from this whole, aftermath of the "brexit," you think currency wars happen ever since '08. what will happen in the next two years as britain tries to figure this out with europe. yellen is not going to raise rates. she may take a step backward in december. that will cause havoc in the global markets. one reason why everything is going down, negative rates. david: i hate to give george soros any credit for anything, he did indicate he was shorting pound earlier in the week when everybody said britain would stay in the union. i bet he made a bundle, don't you?
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>> he put a lot of money in gold also. he made a big bundle if he did that. as stated earlier world economy suffers from too much production capacity and too little demand. that is how come you end up with currency wars. this is -- david: less regulation, john, i'm sure you agree with that. there isn't a lot of supply from new businesses. new businesses. >> british voter asked themselves, all this regulation, what are the benefits? they couldn't see benefits. all they could see were the costs. david: john, i want to go to jack for this one. jack, a question about london, whether it perhaps loses its centrality in european banking is there any truth? >> no question it does loses its centrality. i get american rates will stay lower for longer and that squeezes lending spreads. however the part of the reason profitability is down for banks they had to compete fiercely
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with london banks for business, and i think london banks lose their importance to american banks earnings could it be good time to buy into american banks now. >> absolutely, there are good deals. you know i always like a plug in this week's one for "barron's." we point it out for readers. david: which one? >> we can't say until tomorrow. david: i always try but i cannot get it out of him. throw it out there, banking technology whatever? >> financials are places getting whacked very hard. they are going down further than they need to. as far as s&p exposure to thetic, concentrated in energy, i.t. and materials. those are areas where you see u.s. companies legitimately have a lot of uk exposure. david: jason, because of the fact that the chinese currency is still tied into the u.s. dollar and because the dollar got so strong overnight, just wondering how this is going to hit china? what happens with them? what do they plan to do?
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they need to export more. that means they need to get the currency down. >> again the currency war theme is alive and well. will only grow. there is going to be enhanced currency wars. china will try to deappreciate their currency. one thing i want to mention briefly. david: please. >>ne thing nobody talked about the most recent jobs report from the u.s., which all ties into it, everything was interconnected. it was 38,000. that was a crack in the wall. now the kool-aid man of separatism and populism crashed through the wall like he did in the old commercials. that is why the markets are down five and 6%. david: very old commercials. i don't remember that. melissa: come on. david: i don't think i've seen that one. >> somebody is with me. melissa: i am. david: bring it to melissa. thanks to you all. i appreciate it. melissa. melissa: didn't take long. the british prime minister, david cameron announcing his resignation earlier today. >> the british people have made very clear decision to take a
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different path. as such, i think the country requires fresh leadership to take it in this direction. i love this country, and i feel honored to have served it. and i will do everything i can in the future to help this great country succeed. melissa: we've got fox business team coverage of the historic decision. charlie gasparino is watching the reaction in london and adam shapiro is in berlin. let's start with charlie. boy, you have been standing there for a long time, charlie. what's going on? >> every now and then i get up, get a cup of coffee, i come back and stand again. you know, it's a holding pattern as we say. listen, markets reflect what the biggest fear is out there in markets now. you know the man on the street totally different issue of the right now traders hate uncertainty. it is really uncertain where britain goes, where the uk goes here in terms of its dealings
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with the eu, its own internal fiscal policies, even leadership. cameron's out. is it boris johnson who will take his place? are conserve i have its maintaining control of parliament? those are all big sort of questions i think. we were talking about the remain vote likely to win. we gave all the reasons. bookies liked it. the entire establishment was for remain and you know it was just boris johnson and a few other guys that were the not. and you know it seemed like remain was going to win big time and it didn't. u.s. stocks trade off. i think those two things decouple next week sometime. maybe monday is another down day, i think at some point u.s. economy and interest rates, that is the driving force of u.s. markets.
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but this thing is going to be mess i think for a long time to come. it has to sort itself out before we figure out where the pound goes, british stocks go, where various other eu stock markets go. it's a little while. but you know what? sovereign people get to pick what their, who calls the shots. melissa: that's right. >> better to have parliament doing it than a bunch of bureaucrats. melissa: absolutely. david? david: beautiful setting in london. meanwhile many british citizens may be celebrating uk's decision to leave the eu but that isn't the case for many citizens in other eu nations. member of british parliament nigel farage had this to say about the split. >> the ee you is failing, the eu is dying. i hope we knock the first brick out of the wall. i hope a europe of sovereign nation states, trading together, neighbors together, friends together, but without flags or anthems or use less old
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unelected presidents. david: adam shapiro standing by in beryl line he is hearing -- david: adam. >> angela merkel doesn't believe the eu is dying. she is telling everyone to stay calm. her statement, only together will the eu be able to assert its interests in the world. she went on to say she deeply regrets the "brexit" vote.is a t of roughly 500 million consumers and there is a lot at stake here. for germany there is a great deal at stake when you consider their trade with great britain is about $50 billion when you translate it into dollars a year and at that growth in germany is expected in 2017 not to be 1.8% as originally predicted but about half a percent. so there is a great deal at stake. we spoke to several people. one of the most important of course was the co-ceo of the
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berlin stock exchange. we watched the german stock index fall 7% today, something like 698 points. it fell 7%. i asked him if he thought it was oversold. and he said, no, he doesn't think it was oversold. the markets performed as expected. although what happens monday is anyone's guess. back to you, david. david: we'll be watching. adam shapiro thank you very much. melissa. melissa: here with more on what lies ahead for european union is diana fourth scott roth. we have ken, sit index market analyst. mary kissell, "wall street journal" editorial board. what a group. thank you very much for joining us. diana, let me start with you. other people may look for the exit now that britain has been so bold. the first to choose to leave. there is a list. france, hung gary, sweden, denmark, greece.
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"washington post" speculated those maybe likely followers. what do you think about that? >> i think the eu has failed. as we just heard, the growth rate is only half a percent a year, even though they have some of the most well-educated people on the planet. youth unemployment in some countries is 25 to 50%. so i think a lot of people are just tired of having eu regulations run their country. they see it as failed experiment. they don't think they're doing that well. guess what, they're not doing that well. either eu has to reform or people have to leave. melissa: mary, it is about slow growth but complete annoyance. i was reading hysterical articles all of sudden eu is taking away in britain their toasters and tea kettles and their their dryers they are too powerful. you know what? i don't like this from the environment. as soon as confiscate someone's tea kettle, that is very serious.
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they're like, who is this bossy person in brussels who is in my bathroom and my kitchen taking away from appliances. was that the past problem? >> two big points here. first of all david cameron in some respects sewed the seeds of his own political demise. he did reform the british economy. saw very significant welfare reform under cameron. cut corporate tax rates. started to lift the burden of government off private entrepreneurs. that is why more people are working in britain as percentage of the economy than they are here in the united states. second big point, actually, i think europe has much bigger problems now than britain has. if you look how stocks reacted, really most indebted countries in europe saw the biggest falls and i don't think those euro crats suddenly have aweakening you know what? message here we're too big, we're too onerous, we have to lift all red tape off european business. i would be a lot more worried
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about continent. >> jillian, what do you think? >> i was in brussels at same time with boris johnson that speared headed movement in uk. there was a flury of stories the fact that brussels was meddling with the great british sausage and great british tea bag. melissa: yeah. >> people were very angry about this meddling, a lot of that reporting was hype and hyperbole and stuff but what is very interesting, if you look back at last couple weeks, the level of support for eu has been higher in the uk than in several other european countries. i mean, if you look at polls, people in france even angrier about some of the brussels meddling. so the question going forward is, will the brussels leadership actually move fast enough now to do something to quell quell that deficit or will people take encouragement what happened with "brexit." melissa: ken, what do you think? what is your answer to that. >> okay, my primary concern is
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about the markets and i concur with your reporter who kind of speaking earlier about the uncertainty but the other aspect of that uncertainty is with financial market while there is level of uncertainty there is also another parameter here, we know from some of the trading gone in the last few weeks, particularly about derivatives trading there is some wound-up volatility that needs to unwind in the coming weeks and today's market reaction where we had a sharp selloff on major indices both in the uk and europe itself, which subsequently recovered was puzzling also not necessarily doing anything to kind of downplay that anxiety because we expect further whipws in the weeks ahead. melissa: diana, if you put all
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that together it sounds like quite a lot of uncertainty. >> there is a lot of uncertainty, yes, exactly and markets do not like uncertainty. i think once that unwinds, once the british government puts forward a plan how they renegotiate the new treatise and treaties with other countries i things will look a lot of together. i think good time to buy pounds and british stocks and going to the american market. melissa: mary, how do you handicap this idea we talk about on the panel others may follow? the sentiment is even more anti-being bossed by brussels in places like france? >> we'll find out in due course but i think there is another important point to make here, the fate of the british economy is in british hands. they don't have high energy prices because of eu but because of their own renewable fuel mandates. they have high consumption taxes. high housing prices because of
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monetary policies and house building restrictions. there is awful lot britain itself can do to spur growth. melissa: who was that jumping in here? gillian, was that you? >> point out one thing, with extreme market volatility here is something we've not seen. we've not seen market seize up. we're not seeing some of the problems with the taper tantrum. we've not seen breakdown in trading. that is quite encouraging. on one level we can say thank heavens the regulators prepared for this. thank heaven we had several dress rehearsals past several years for this financial market stress. when most investors are pretty scared and uncertain that is one point we're thankful about as we head need weekend. melissa: let's leave it on positive note. david. david: i'm never thankful to regulators. never, never. many major u.s. companies have exposure to u.s. companies. charles payne back with us now. charles, we talked about banks and some problems here.
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what specific companies are most affected by the vote? >> ford has huge exposure what they call europe, middle east and africa, huge exposure. that is one of the bigger ones. another one is mcdonald's. what is interesting today, remember philip morris was one company. mo, altria, they were up today. philip morris one sells to international market, particularly europe, that stock got hit. people need to know the difference. david: what about making plays, i know it is dangerous dealing with currencies, any way you factor in potential currency problems into your investment decisions? >> i do. i have to tell you something, not to get too wonky, when i crunch numbers i do what they call constant currency. i try to take out noise of currency fluctuations. that gives me idea how well a company is doing but right now the dollar spiked but long-term
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trend on dollar is still to the downside. making lower highs. important on monday it pulls back. dollar is too strong right now. with respect to the multinationals. needs to pull back a little bit more. that sounds zachary lidge just to some dash sacrilegious to some but hold on to your invests. david: i was surprised to hear el-erian investing in emerging markets some kind of investments. would you do anything like that. >> no. david: short, simple, sweet. we leave it at that. catch making "making money withs payne" at 6:00 p.m. right here on this channel. melissa. melissa: uk vote creating lot of uncertainty around the globe, raising fears of logistical nightmare of business, here is the managing director of his company that provides hands on support for organizations facing operational hurdles, and this is one, my friend. >> this is one. melissa: this is exactly what you do, get in there to help
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companies sort out these kind of difficult situations. did you have a very busy day? >> we had a very busy day. started first thing this morning. biggest thing was the surprise. quite frankly. melissa: companies were not really prepared for this? they didn't think this was going to happen? >> companies were not prepared for this. i was in london last week, i was meeting with private equity clients who everyone believed think would remain. melissa: really? >> yeah. melissa: what advice did you give right out the gate. it is important simply the vote. nothing will happen immediately. until the terms next two plus years are actually determined it is difficult to figure out what exactly will happen. will there be major impact? i think so. melissa: you were saying deals getting cans he would. we were talking that in the green room? >> i think so. melissa: why is that. >> uncertainty. market doesn't like uncertainty. we had major clients call up. we say pencils down.
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melissa: people still have to do business there. it could in the long run create more opportunity and more business. it is just that in the short term people don't know what is going to happen so they want to pause, is that right? >> exactly. i think the market needs time to adjust what i call the new normal, whatever that is, and then i think it will create opportunities. i think you will have asset devaluations and distressed opportunities. we'll see a lot of clients from cross-border perspective coming into the eu and uk. melissa: yes, in the short term what do you think the economic impact is? is it negative? >> i think it is negative with uncertainty. i think market is reacting. melissa: over time i think it could be -- take example of jpmorgan, initially we'll see a lot of jobs go away in london. if you dig epdeep into the statement, it looks like they will move a lot of people to frankfurt if that is where the headquarters will be. >> right. melissa: at sam time they will not abandon london all together, if you sort through the math, long run it could be additive, you have two bases no?
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>> no, i agree. like i said until the terms of the actual exit are known, things such as strayed, things such as regulation, things such as currency, and residency. clients at management teams at companies they own maybe aren't uk residents. what happens to them? a lot things still need to be considered. melissa: do you see opportunities? are there tax implications? it changes all that, right? >> too early to tell but there will be. there will be a t of issues need to be dealt with over the long term. melissa: yeah. for you means a lot more business, sounds like, right? it should be. one thing at alvarez, change brings a lot of -- melissa: thanks for oversight. david. david: bring all of this into the political realm, donald trump starting with him, making most of his time in scotland. presumptive gop nominee praising uk's decision to leave the european union this morning. >> people want to take their country back.
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they want to have independence in a sense. you see it all over europe. you will have in my opinion more than just what happened last night. i this many other cases where they want to take their borders back. they want to take their monetary back. they want to take a lot of things back. they want to be able to have a country again. david: fox news's john roberts is in turnberry, scotland. extraordinary, john, we were talking, how can leave in middle of a campaign. he happened to be in the perfect place at exactly the perfect time. i can't believe it was all coincidence? reporter: you know, david, he was getting earful from republican leaders back in the united states, how can you go on business in middle of presidential campaign. this is absolutely worst time to be leaving, let alone to go to scotland to spend couple days at golf courses. we've seen this happen time and time again, right place, absolutely the right time and on
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the right side of this issue. donald trump had said the uk should and most likely would leave the eu. the populist revolt here, seeming to kind of forebode what might happen in the united states as well. donald trump thinks this could be very good for his campaign back home. here he is? >> i really do see parallel what is happening in the united states, what is happening here. people want to see borders. they don't necessarily want people pouring into their country. that they don't know who they are and where they come from. they have no idea. reporter: it also showed a very sharp contrast between donald trump who says he saw the "brexit" coming an hillary clinton and barack obama who both issued what trump called inappropriate warnings to people here in the uk to stay in the eu. here is trump again. >> well she always misread everything, if you think. she has misread this. i was surprised that she was so
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bold, only reason she did it because obama wanted it if obama wanted other way, if he said leave she would have said leave. she does whatever he wantser her to do. reporter: recent visit barack obama warned uk if they choose to leave eu they would go back in the queue with trade deals. donald trump insisted if he becomes president, uk would always be head of the line regardless whether they're in the eu or night because the united states has a special relationship with britain that would stay as it is under trump administration. david: at least we were glad to hear that. john roberts, thanks very much. appreciate it. political watchers seeing a link between the anti-establishment message in the uk and to the sentiment that fueled rise of donald trump. could this help the presumptive gop nominee take the white house in november? here now, lou dobbs, host of "lou dobbs tonight" on fox business.
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talk about timing all about time being right? exactly right place at exactly right time. his presser took place before obama could say anything. before hillary could put out meaningless tweets she was putting out. this was amazing timing. >> when he did speak and made a number of statements, no one, has been more presidential in each of those statements than has donald trump. david: to what do you accredit that? remany havep of campaign or all donald or what? >> i think donald trump made a decision which way he will go forward. this is man, i love the reflux in the national liberal media he is incapable of adapting. incapable of leading a $10 billion enterprise. all of these, the denigration he undergoes in the national media. what you're watching is a man now, just he is moving his hand across the table, putting pieces where he wants them and taking
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advantage of lesser minds and lesser lights. david: talk about what he talked about this morning what happened over in europe is happening worldwide, what happened in britain is happening worldwide, specifically here folks are fed up with bureaucrats telling them what to do. >> start here. we have known for some time this is anti-establishment year. it is the year of the outsider. yet the national liberal media fixated for some reason on guy name of bernie sanders a socialist as as the carrier of that particular message. it is donald trump. he bridges across all our society and economy and brings accomplishment. then to explode it globally. you're looking populist running city of rome now. the new mayor. wherever we're turning right now there is a populist sentiment. now populist has a lot of negative connotations to some who are locked up in 75 years
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ago, 3/4 century a year ago jar gone. if you're pop lost and you're anti-people. american citizen taking primary position in our government we're not going to have much to talk about. secondly -- david: okay. >> secondly the citizen is citizen in this great constitutional republic. not a consumer. not a taxpayer. not a saver. not a commodity. what you're watching and what you watched in the uk is the assertion by the citizens of the asearthed here in full, that the citizen will be primary. david: you get it. clearly people in great britain. hillary folks don't seem to get it. we had austan goolsbee on earlier today with maria. here is how he kind of described
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what happened in britain. >> in the uk they had a temper tantrum. they kind of pitched a fit and broke some things. now it is other guy, they punched, they punched their little brother in the face. now the little brother is going to have a temper tantrum. it will be europe's turn to start smashing things. if europe has a full-blown melt down that will definitely affect the u.s. in negative way. david: he is calling this worldwide rejection of bureaucrats trying to run economies as a temper tantrum. what do you make of that. >> he is condescending patronizing ass, what do you really think, lou. >> you always know what i think. that kind of thinking, that kind of lack of respect for voters wherever they are in any democracy is stuff which revolutions are born. he was revolting. the next would be those folks that he seems to see in such small dimensions.
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the citizen in this country is primary. it always has been. we're the beacon for freedom and liberty around the world. people like that who think of themselves in the most elitist of terms, associate themselves with the grandest, the grandest of images, are really so irrelevant to our future as country. and by the way, irrelevant now to the uk and frankly we'll leave it to the little gnomes of brussels to push their little papers around and also make decrease some will follow, what will be soon a 27-nation european union. david: by the way, lot of people in belgium who have views very similar of those people that voted britain out of the eu. >> not enough. david: even in france. you have people that want to pull out of this. >> that is different. belgium. those folks are supposed to. liberty. david: great to see you, lou. appreciate it.
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>> give my best to austan goolsbee and my best to maria having patience to put up with such nonsense. david: takes a lot of patience. lou dobbs, everybody. catch lou for more on uk exit coverage. 7:00 p.m. eastern time tonight right here on fox business. a busy day for us. melissa? melissa: what did he call austan goolsbee? we'll have to repeat later to see it and enjoy it again. chaos in europe impacting race for the white house. how a vote to leave the your european union may turn voters against hillary clinton. david: how about this take? threat to national security by all this, are we safe irnow? perhaps isis calling for attacks to paralyze europe following britains decision. >> to the establishments, they just ignored the will and wishes of the people for so long. this is the kick in the guts that they deserved. >> do you hope things change on immigration? >> we want england to come back.
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david: with the uk finalizing the vote to leave european union, democrats like president obama and hillary clinton are responding to the decision. blake burman standing by at the white house how top democrats are taking the news and what it could mean for hillary clinton in a 2016 race. i guess you heard what lou dobbs thought of what austan goolsbee said. tell us what the others said.
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reporter: president obama was out in california earlier today. he gave a just very brief speech about "brexit." he said that he had spoken with david cameron, british prime minister, earlier in the day. also said he had spoken with germany's chancellor angela merkel. he described cameron as a good friend and good partner on the world stage. you might remember a couple months ago when president obama was in that region he had someone gave a warning to uk voters if they were to leave the european union they would go to quote, back of the queue as it relates to trade deals. that could have taken at the time some five to 10 years to shake out. when he was speaking in california earlier today, president obama did not repeat that position. listen here. >> based on our conversation i'm confident that the uk is committed to an orderly transition out of the eu. while the uk's relationship with the eu will change, one thing that will not change, special relationship between our two nations. reporter: vice president
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joe biden happened to be in ireland giving a speech there. while they quote looked for a different outcome he fully respects the decision that was made. as for treasury secretary jack lew, who had been warning about possibilities in recent dies and weeks he said he is quote, continuing to consult closely with leaders in the eu,ic and around the world. of course there could very well be 2016 presidential implications here. hillary clinton released a statement in which she wept after donald trump saying, and i'm quoting here, time of uncertainty underscores the need for calm, steady experienced leadership in the white house. she went on to say underscores for need for us to pull together to solve our challenges as a country, not to tear each other down. one last night, hillary clinton's top advisors told reporters do they do not see a parallel at t all what happened over there to potentially what could happen in the november, saying that they feel it was a quote, profoundly different vote. david? david: blake burman the thank you very much. appreciate it. melissa? melissa: all right.
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here now with more on what this means for hillary clinton's bid for the white house, joe trippi, former howard dean campaign manager, fox news contributor. brad blakeman, former george w. bush senior advisor. thanks to both of you for joining us. brad, i mean you heard what hillary says. this underscores the need for calm experienced leadership in the white house and profoundly different from a vote for who should be commander-in-chief, i hope, i hope. right, brad? >> sounds like the brits were making britain great again. look, if they don't get the fact that there is a wave around the world to get away from this group think, the individual is what's important. governments are not listening to the individual. not only in our country but apparently across the pond as well. this should be a shot over the bow of hillary clinton to understand that what we're seeing in america and what has captured the attention of americans with donald trump is
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actually something that goes beyond our borders. so there are lessons to be learned here. melissa: joe, if you watch the reports about, i mean from everything from president obama saying you will go to the back of the queue to cameron saying we're going to have to raise taxes, we're going to tear up the budget and promising to punish people if they voted for this, voters decided that the devil they didn't know, as scary as it was better than the devil they did. is this, you know a message to america as well? >> well, look, first of all, this was a 51.9% to 48-point -- melissa: it was four points difference. it went opposite way of what anyone thought. >> expectations about what polls said. first of all demographic are different. much different countries. frankly big difference voting to leave the european union and voting to decide who your next president of the united states is going to be. so there is plenty of lessons
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and plenty of differences that don't apply at all. melissa: yeah. >> so i don't disagree with brad. to read so much into this -- there was report today where they literally laid the united states demographics on that vote, taking what the polls, what the post-polls were saying which demographics went which way, that vote would have been completely the other way around if it was held in the united states demographics, not britain's. so that alone changes. melissa: brad, does that sound like a lot of wishful thinking? also you just look at how badly, a lot of politicians in britain misread how their electorate was feeling? >> no doubt about it but the people were feeling the effects of being a member of the european union way beyond what was intended for. that was a united trade front. they were being regulated to death. and the american people are being regulated to death. and the american people feel they're not being listened too.
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brits felt same way. see what happens when they pull back to see the aftermath of what happens now with scotland and some. other eu countries who are threatening the same path. that is to leave the union. melissa: joe, i don't know how different it really was for commander-in-chief, look what happened. their commander-in-chief is now gone. so they were voting for that. i mean it was very clear that this was a referendum on cameron and he knew it. that is why he stepped down first thing this morning. so how do you make the case that it is different? had the same result. >> again, i actually think if cameron had been running for -- he ran for re-election a year ago and won. melissa: now he is gone. now he is leaving. >> he resigned. they didn't vote to push him out. if they had done that, i'm not sure he would have lost that election. melissa: but he telegraphed i'm going to resign, i am going to resign tomorrow if you guys don't vote my way, you think they would have voted differently, joe?
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>> no, if it had him on the ballot -- his own party was split over this. boris johnson, former mayor of london, was leading the exit leave. he was leading the stay. remain. so, you got a huge split in the party. much by the way like you had with the republican party in the fight with establishment that trump had. so we're talking about two different kinds of things here. also, look, our immigration problem is different. there is no one saying let's build a wall, we'll let, we'll kick everyone out and only let good ones back. we're talking about totally different debate and totally different demographics. >> guys, thank you so much. we'll see. david. david: new report saying that isis is praising the united kingdom's exit from the european union, noting paralyzing economic effects it could have on europe. the report also claims that the
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terror group is calling for attacks in berlin and brussels. fox news military analyst captain chuck nash joining us now with his take on all this first of all, captain nash, how credible do you think this report is? >> i think it is very credible. isis said that they were going to embed terrorists in the refugee flow. started doing that in 2014. we've seen multiple arrests in belgium. just recently the belgian security folks arrested 12 people who were plotting an attack that was going to happen this afternoon as a matter of fact when the belgian national team was playing ireland in bordeaux france at european soccer championships. what they were going to do was about 12 individuals were going out at tv sites, fan sites, in brussels and use suicide bombs and automatic weapons and do a
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paris/dusseldorf type attack. dusseldorf of course was discovered early abuse of a insider but that same thing. so yeah, they're going to do that -- david: captain nash, our time is short. part of what happened last night, part of the reason that the british people were concerned, wasn't all economics. some of it was concern about the refugee movements in europe. and they thought particularly, and a lot of people actually mentioned this, that one terrorist who went from brussels to paris, he was involved, paris attack, came back to brussels going back and forth through borders. open borders are a lovely in theory perhaps, a lovely idea but in reality given the existence ever isis they can be a very dangerous thing. >> can be a very dangerous thing and i think that is one of the main reasons so many folks in great britain voted the way they did. you know, there is chinese general philosopher, military strategist that he once said in chaos there is also opportunity.
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what isis is looking at doing, getting a mulitplicative effect from chaos from "brexit" vote, they will use erbrexit" vote to garner even more headlines. david: captain chuck nash. great to see you thank you very much. >> nice to be with you, david. david: melissa. melissa: stocks plummeting across the globe. what you need to know before the opening bell on monday. we'll be right back. is back with the iphone.
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melissa: uk vote rattling markets sending stocks into free fall. how long can you expect selloff to last? jack hough knows and jays son
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rotman knows. what do you guess on monday? >> i expect we get a bounce. i don't think this selloff was justified what happened in the uk, stocks in the u.s. are broadly pretty pricey and we're working on our fifth straight quarter of year-over-year earnings declines. there is not really a big reason to get rah-rah about stocks. i think investors will look for issues with not a lot of european exposure and very cheap in the u.s. right now. i saw airlines had a big selloff. that is good example. unless we figure out a new way to send people country to country long distance i think airlines will be making money. i think it is nuts delta trading six times earnings and the way it fell off today. melissa: jason, people want to get through the trading day to have a moment to think because this was a bit of a surprise. what do you think happens when everything reopens? >> when everything reopens for broader market investors we see continue wages.
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people will be fearful and going to cash, not necessarily is that the best move for next 10 years. listen for rest of the year up for elections, my feeling we'll see enhanced, super enhanced volatility, so moves like 2, 3, even 4% should be expected more often. we'll not get a bounce monday. we'll keep going down actually. melissa: jack, you talked about delta looking interesting. are there buying opportunities here as everybody panics? aren't they're buying opportunities as everybody panics. >> let me load up on booze, utilities, tobacco, all classic consumer staples. it's a mistake. a lot are trading 20 times earnings right now. people loaded up on those. there is already a safety trade going on. but you can find great businesses out there trading at if not single-digit p-e ratio, in other words, vastly cheaper than the market.
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apple looks cheap. some car manufacturers look cheap. a lot of tech looks cheap. tech is new consumer staple. important part of our lives. >> gentlemen, good point. thanks very much. david. david: i plan to load up on booze this weekend. melissa: that is every weekend. that is what we do when we get out of here. people know that. david: if you need a getaway, besides booze after uk vote, one airline is ready for liftoff and has a bargain like you won't believe. wait until you hear this. ♪ when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.
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>> take off on a u.k. exit and get away. ryanair firmly in the remain campaign, offering a 24 hour flash sale for people who need a vacation after the vote. >> i was going to tease this particular one on the screen. it's an irish airline, giving away a million seats, starting
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at less than 10 pounds, just about 10 bucks for a flight. they go to moracco. they don't come here, if you're in england, what a week. >> it has been and there's a lot more to come. >> that does it for us. but risk and reward starts right now. >> it's a victory against for all people shall against the merchant banks and against big politics. >> i was absolutely clear about my belief that britain is stronger, safer and better off inside the european union. >> i believe we now have a glorious student. >> the british people have made a very clear decision to take a different path. >> we can pass our laws and set our taxes entirely according to the needs of the u.k. economy. >> and as such, i think the country requires fresh leadership to take it in this direction.

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