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tv   Risk and Reward With Deidre Bolton  FOX Business  June 24, 2016 5:00pm-6:01pm EDT

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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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>> it's the will of the people. it's not a question of approaching it, it's the will of the people. it's always the will of the people that wins. >> we can control our own borders in a way that's not discriminatory, but fair and balanced. >> and need to become a national bank holiday and we will call it independence day. >> yay! >> a global market selloff after a surprise vote of the u.k. leaving the eu, the dow down more than 600 points. the dow and s&p 500 erasing all of their gains for this year. this is risk and reward, i'm deirdre bolten, some are dubbing june 23rd as u.k.'s independence day. david cameron is stepping down. you're going to see the red on your screens from asia to europe, with more on your money, your life, fox business has team coverage. we'll bring you the latest from the new york stock exchange and
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then to london, and then to berlin. liz claman, you're up first from the floor of the new york stock exchange. what a day. what was the most descriptif comment? >> as soon as it was avpt that the leave camp was going to win. it was a stunner and people here were stunned. as soon as i arrived on the floor of the new york stock exchange, traders were grabbing my hand, we're waiting for the bargain hunters, they have not come in, noon, 2:15, it was apparent we were going to see an ugly finish on wall street. here is what you've got a loss of 610 on the dow. look at the nasdaq. look at this loss, 202 points, slashed off it. it was a tech wreck. the financials, the banks just got hammered and overall, people were sitting there saying, this is a major deal. does it mean that what happens next involves swamping us in
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the u.s. and tipping us albeit a short time into recession in either way, we did not see the bargain hunters we were hoping to see. what we did see were a couple of strong areas, safe haven plays, from the treasury bonds, you saw the gold and gold miners start to do pretty well and maybe some utilities and the u.s. dollar. the u.s. dollar spiked. we haven't seen a move this high since, i believe, i heard phil flynn say since the iranian revolution in 1978. what does that tell you? that means if the u.s. dollar is the safe haven play, people are running for the hills. they are taking cover, and that's what happened here today. traders just shrugged and they said we've got to start watching very, very early on sundays and see how the asian markets open. if there's going to be a follow through, debra, or a snap back like a coiled spring. maybe there will be bargain hunters. >> i'm taking your point about the lack of bargain hunters
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showing up today. i was wrong. thank you for taking us through that intense trading session. a count down to the closing bell. liz claman, catch the show 3 p.m. eastern here on fox business. oil, getting hit along with stocks. in fact, if you look down at 4%, it's the biggest drop in four months. jeff flock with me now at the cme. is this instability showing up as in maybe the u.s. economy won't grow as well, therefore, demand for energy will be lower? >> i think that's a fear a lot of traders here, saying if they lived in britain they would have voted to leave as well. as a trader they don't like what's going to happen. oil a prime example. some people thought that oil would help us today. the fundamentals remain strong, demand is strong across the globe and supply is under pressure. still today, down about 5%. you know, everybody was going to be safety.
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u.s. treasuries here at cme got some boosts today. in addition, of course, to gold, you look at the numbers on gold and it was a big day. a two-year high for gold. the biggest loser, i guess, the forexmarkets, 33 decade year, ronald reagan was president back then, low before recovering just a little bit. it's a tough day here at cme. >> yeah, jeff, that move on the pound was insane. i've never seen that in the middle of night. i was watching the activity and i mean, it dropped 11 cents in one hour. never before happened that fast. jeff flock, thank you for everything. the tour of commodities and currencies, appreciate it greatly. to money meeting politics here, and donald trump's take on the exit vote. >> people want to take their country back and they want to have independence in the sense and you see it all over europe.
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are' going to have more than just, in my opinion. more than just what happened last night. you're going to have i think 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. 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. >> and two money managers with me now. and jonas max ferris and a short-term bear, ty young, welcome both. glad to have you on an important day. ty, as our short-term bear, why they bargain unt hadding today? if somebody wants to own a stock, this was a great day to pick it up. >> well, let me first say this, it warms my heart that the british people voted for independence day. they voted for freedom today and it was a rebuke of socialism, and prime minister cameron and barack obama, president obama have egg on their face as a result of it.
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the markets are down 600, more than 600 points for the day and to go in and buy stocks here to me is kind of like trying the catch the proverbial falling knife. sometimes you do it, but most the time you get hurt. in general, you'll agree that the u.s. is still the cleanest dirty shirt in the closet? right? >> no question about it, we have the greatest markets in the world and we saw that the flight for safety. the dollar got really, really story as we were about to come on. it was a flight to structured product today as well. we noticed that, yeah, it's the cleanest dirty shirt in the room to use i remember vernacular there. >> jonas, i want to bring you in, one of my guests earlier, i was participating in a few programs today, said why is there such broad-based selling? the u.k. voted to leave the eu. the u.k. did know the vote to leave planet earth. there has to be something worthy of an investor's time and attention.
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>> right, because it's not a rebuke of socialism, it's a rebuke of capitalism. if it was a rebuke of socialism, it would be at miami vice level, 1985 levels because basically free fall labor is something you want. a labor union doesn't want wages to go down and doesn't want competition, but an actual profit-seeking investor who wants to own stocks and companies in yur wants labor costs lower and things building for decades, hopefully won't continue to unwind. that's why the other markets went down. we don't know if it's going to end here, but is germany going to want to stop carrying greece? the other countries, does the euro unwind? and going to supernaturalist, and bringing back that, it's going to be a disaster, and felt like i was the only person behind the market because others are panicking. >> and i take your point and a
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few successively make the sense in the world. the immigration question, i feel like there's a lot of businesses in the u.k. that want to make decisions, they want autonomy. they don't want to check in with brussels. so those are sort of normal bureaucrat particular concerns about red tape and then on top of it, there are these social/economic concerns, do you agree with that? >> the red tape. i was just driving from country to country with no red tape. the red tape was before the countries got together, to kind of be more like america which has been success model. and go to california and just left the union and became their own country, would it be good for the exact or profits, because the people come there, and they want the competition to come in, it's absurd. there's bureaucracy in europe, sure, and socialism in europe pan the u.k. is a stronger economy. but that doesn't mean going it your own way, they've gone the wrong way and they have their
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own currenty and their own central bank. they're not blatantly subsidizing greece the way germany certainly is a why i'm worried they're going to want to step ou >> i think that's fair, some of the stronger members of the union such as germany have had to pay, literally, for the weaker ones, such as greece. thank you both for your thoughts and for your input. appreciate it. for the latest right now from london. my colleague, charlie gasparino has been there all week. so pre-vote, post vote, what is the difference in the tone? >> well, the difference in the vote, i guess. pre vote i think we were thinking that remain was going to win, right? the markets, the establishment, you know, pressure, the markets betters, the bookies basically had it 80-20 for remain. >> usually they're pretty on-point, too. >> they're usually always right. they were wrong so a lot of
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people lost a lot of money on this one in the gambling world and within 24 hours or less than that, we should point out. you had brexit, britain exiting the u.k. and the only thing i can tell you is this, and i heard the discussion involving immigration and you know, how businesses like the free flow of labor and why it's good for the labor markets. here is what the average person thinks about immigration. we have an influx here and in the u.k. it's integration of low skilled labor, there's not a lot left. >> it's not an industrial country like it was years ago. those are produced generally overseas, so the labor that they're getting in the u.k. and that we generally get in the u.s. from the next chief is funneled into, you know, industries that probably don't need the excess capacity of labor. they don't need the driving
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down of the wage rate. they're already low and we have too many workers that, you know, that basically-- >> basically when we're talking to people, charlie, this is on their minds, talking about their jobs and their salaries. >> and it's simple economics. look at wage growth. okay, if there was a need for low-skilled labor you would think wage growth on the low end is going up. it is not. it's not here in the u.k., it's not in the u.s. so that's the problem with the type of immigration. nobody cares about a ph.d. from norway, or a syrian ph.d., who cares? he comes here, got a degree, start a business and he can do stuff. >> and hire people, your point. >> and hire people, right? and hsieh people. that's my point. it's different than a flood of unskilled labor, they see, average people say there's 20 people going to take my job, when am i ever going to get a raise? there's simple economics and the welfare state.
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you cannot have burgeoning welfare states and they have in the eu and in the u.s., particularly with obamacare, and have open borders to very poor people. it's economically unfeasible and frankly makes no sense. i don't know how you-- >> so this was clearly a vote of rejection, charlie gasparino, thank you. glad to have you there in london. >> absolutely, anytime. >> president obama, donald trump, at odds, whether or not the u.k. should leave the eu. >> if one of our best friends is in an organization that enhances their influence and enhances their power and enhances their economy, then i want them to stay in it or at least i want to be able to tell them, you know, i think this makes you guys bigger players. >> my inclination would be to get out because, you know, go it alone. it's a mess. there's such a mess--
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when you look at what's happened with the, as an example, the migration, my inclination would be go it alone and go back to where you came from. >> donald trump saying today thatart of the vote may have been in reaction to president obama's tone. >> he's constantly dictating to the world what they should do. the world doesn't listen to them, obviously, you can see that by the vote, but he's constantly dictating to other countries, simply it doesn't stop at the waters edge with him. you know, very importantly, he got it totally wrong and he's embarrassed and i actually think that his recommendation, perhaps, caused it to fail. >> with me now, trump national co-chair dr. sam clovis, great to see you back, sam, thanks for the time. so let me get your take on tone. because donald trump seems to be comparing the frustrations of u.k. citizens to those of american citizens.
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do you feel this populist tone? >> certainly, i think the circumstances are different. the u.k. has been part of the european union and i think this is a much bigger usual for the u.k., it strikes at their sovereignty. we're a sovereign nation even though we appear to be open borders, but i think there's a totally different set of issues here, but i think that the theme is common and the common theme is this, that the people in the u.k. and the people in the united states are tired of being lied to. they're tired of of being taken advantage of and i think that they've gotten their voices and they've gotten their feet under them and i think they've stood up to the establishment. this was as much a rebuke of the european central bank as anything else. it was a rebuke of the open borders immigration policies and so, and i don't think that people like that. we certainly don't like it here and we're hearing from the
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american people on this issue. >> it does seem to be at least a rejection of the political elite that is making decisions at 30,000 feet and either not speaking with enough people on the ground. small business owners and ceo's, and not checking in and/or not responding to the information that they're getting. so, sam, let me ask you this, we assume that donald trump is going to be facing off against hillary clinton. he made his comment earlier today from scotland. >> well, she's always misread everything. she's misread this and i was surprised that she was so bold to say, well, the only reason she did it is because obama wanted it. obama wanted it the other way. if he said leave, she would have said leave. she does whatever he wants. you know why. >> okay. u.k. p.m., david ram cameron
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losing his job after this vote. will hillary clinton's decision to side with president obama on the remain camp hurt her versus trump in the general election? >> i think the remain or leave issue is not going to have an influence on this campaign, but i think hillary clinton aligning herself with barack obama will have a profound impact on this campaign and i think that what we're seeing here is not just a rejection of the progressivism that president obama has brought, i don't think that mrs. clinton is a favorable candidate. i think people don't like her that much. there's a lot of issues she has to face and she has a record and also said she's going to extend the obama legacy, so i think that the american people are tired of the establishment on both parties, and certainly, this administration. i think she's got a much steeper hill to climb than my candidate does.
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>> so you're saying that hillary clinton's problems or challenges, i should say to be diplomatic, are much greater than what the u.k. decided to do. you don't see it so much as a shot across the bow? >> i think there's certainly an education here and ought to keep her awake at night. but the situations are enough different that i don't think we should make the connection between the-- what happened in the u.k. is going to have a profound impact over here. i think the attitude is something that people will pick up on and i think the american people are probably all of-- those of us who are common out here, the country class as angela would call us, i think we're the ones that are celebrating and doing the touchdown dance today. >> all right, dr. sam clovis, glad you took some time from celebrating and we appreciate it. >> dr. sam clovis, he is the trump national co-chair.
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>> donald trump saying europe's immigration crisis was the straw that broke the camel's back on the u.k.'s decision. he is saying that germany may be reconsidering its options, as far as belonging to the eu. authority and economist ben stein on that idea. he's with me next. tokyo-style ramen noodles.
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>> when you unite people by having a happy country and when people pour into the country and it doesn't work, whether it's because of crime or, you know, various other things, you're not going to be uniting anybody. i just told you about germany where people want to leave germany. people, i would never in a million years said these people want to leave. they're going to be leaving. so, you you can't unite a
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country by forcing things down the people's throat. >> donald trump signaling how the immigration issue affected the u.k. vote. author and economist ben stein with me now. welcome back, always glad you're here. >> an honor to be here, an honor to be here. do you see the u.k. vote as a social one, a referendum on issues such as immigration or an economic one on issues such as trade or do you see them as linked as they are? >> i think it's both. britain has been subject to a crime wave the sexual violence against women and young girls from middle eastern immigrants. it's for some reason blacked out of the mainstream media in this country, but the level of crime, sexual crime has been breath taking, unbelievable like nothing britain could have imagined and i think it's very much on the british public's mind. and the idea of getting pushed around by brussels has been on their minds.
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people do not like being pushed around and i don't think the british like to be pushed around by brussels or the immigrants. >> that's a good point, ben. i want to get to this idea what you just said on donald trump's comments on immigration, there's been a lot of violence, sexual and otherwise in germany. we were talking about the attack 400 young girls in cologne and other cities and angela merkel has taken a lot of pressure for the decision to let in refugees. do you see that the u.k. votes as a kind of cautionary tale for leaders here. >> very much so. >> don't respect the constituent's views? i'm thinking of the governors who have actually said, we don't want refugees in our states. we're not prepared. >> well, let me tell you this anecdote. my wife and i live in idaho in the summer, a city a couple
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hundred miles away twin falls, had tremendous sexual violence, three immigrant boys against a young idaho girl, very young idaho girl. and the state is stunned and this rit large is what america is afraid of. will that happen? it's fine for us to take in muslim, arab, pakistani immigrants, it's fine. they've got to behave just like everybody else. that he have got to behave. for mr. obama to not understand that they're not behaving all throughout europe and not likely to behave here unless it's explained to them clearly, is to me, incomprehensible. it's incomprehensible. >> in europe, to be fair, at least from everything i read, the campaigns were very clear. i mean, almost as a cartoon level, i'm not kidding, to try to break some language barriers about what is and is not acceptable. >> right. >> but there are some cultural prejudices that i think are hard to shake. >> well-- >> let me ask you though, do
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you feel leak -- like the ice is cracking for a lot of the countries, in the next few months anyway, but it feels like the decision may change? >> i'm know the that worried about the referendum and not that worried about the eu breaking up. we had a great deal of trade with the european block before the free trade zone. i'm worried about the ice cracking in terms of civil behavior within the countries because of these no-go zones, areas where even the police are scared to go in the middle eastern and african immigrant areas. i think the whole idea, europe as opposed to a civilized region or continent is falling apart. it's a terrifying thing and they brought it on themselves. obviously, the great majority of these immigrants are perfectly fine people, but enough are there who are violent, dangerous people that
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it puts the whole society in jeopardy and i must say i don't want it to happen here. i have a granddaughter who is five years old. i'd like her to grow up in the kind of country that i grew up in. >> safe and surrounded by a good family. thank you,sir as always. >> thank you so much. >> with me there, author and economist. donald trump drawing a parallel between the u.k. vote and what is happening in the u.s. former senior advisor to president reagan, now trump super pac co-chair ed rollins is with me next.
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>> people want to take their country back. they want to have independence in a sense. you see it all overe over europe. you will have more than just what happened last night. you will have in manyier -- many other case whereas they want to take their borders back and their monetary back. i see a parallel with what's happening in the united states and what's happening here. people want to seaboarders. they don't necessarily want people pouring into their country that they don't know who they are or where they come from. people are taking a back their independence. that's a very, very important thing. deirdre: donald trump up plies a global populist movement is under way.
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ed rollins, it's always good to see you on these big days. ways your take on this populist under tone. is this a shot across the bow to party elites. >> it's the oldest democracy in the world. part of the relevance no one has talked about today is the eu is a bureaucracy. it basically has driven a lot of the agenda of europe unfavorably and created a socialism people are unhappy with. >> it's clunkier. if i run a business and i want to buy your business i have to go to brussels and file papers. >> the eu is never benefited by great, strong leaders. it's a bureaucrat's dream to go
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there. the people of britain decided we are tired of that. immigration was a key issue. they don't get to choose who's coming. to a certain extent that became a breaking point. as it relates to here. there is a strong populism movement here expressed in the sanders vote in the democratic party and the nomination of donald trump. people want to take back a lot of their lives from governments and bureaucracies. deirdre: i'm glad to hear what i saw, it's tougher to do business and on top of that if i feel my personal security and that of my neighbors is going to be threatened, it's a no-brainer. >> the trump speech laid out what he should talk about the rest of the way. a strong national leader, protect us from terrorism,
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create jobs, rebuild our infrastructure. become energy independent, those are the matters that -- issues that matter to people. controlling our borders. not necessarily locking people out. but controlling our borderers. deirdre: i want to ask you, president obama inned spring made a veiled threat. essentially he said if the u.k. left the eu, that in dealing with the u.s., essentially the uk would have to go to the back of the line. donald trump weighed in on that. i want to call up that sound for everyone to follow. >> president obama did say they should move to the back of the line. that wouldn't happen with me. the uk has been such a great ally for so long, they have always been at the front of the line. they have been amazing allies in
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good times and bad times. so i will tell you, i think that i was very surprised when i heard president obama say that. deirdre: apparently the white house releasing a statement saying president obama is going to stand by that. go to the back of the queue. >> there is no greater ally in this country on every issue than great britain. whether it's the war in the fall falcons. interfering in their democracy, we would resent it if david cameron came here and said i endorse hillary clinton or donald trump. voters knead choices and they made a choice here today. deirdre: andrew roberts wrote
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exactly what you are saying. was my country at the back of the line when winston churchill promised a british declaration of war on japan would be made within the hour if earn attack was made on the u.s. >> the greatest allies we have have been britain and and today, australia, great britain itself, they are always on our side and city would expect them to be on our side. former senior advisor to president reagan. trump's super back's co-chair. richard branson is one of note. another key leader shared his vote.
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>> i hope it's the first step towards a europe of sovereign nations that trade together, but without unelected presidents. deirdre: the head of the independence party says the vote is a victory and others will follow suit. sir martin, thank you for the time. i know that you wished to remain. you wished for the uk to remain in the eu so i know you are disappointed by the decision.
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what is most upsetting for you. >> it's a very disappointing decision. i nailed my personal flag to the remain mast. and the campaign failed. it was very focused on the economy. and there were two other big issues. the remain campaign didn't ignore them completely but tended to ignore. one was sovereignty and most importantly, immigration. this a pope lift concern about immigration, you see it even in america with regard to the presidential campaign. in november the presidential campaign will be affected in a similar way by the populist platforms we have seen on the right in america with donald trump and the left with bernie sanders. deirdre: you mention this issue
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of populism. we all communicate more freely, there is facebook, google, snap chat. the voice of the people for better or worse is rising. donald trump said -- he made a statement that president obama was wrong to tell british people what to do, and in part he inferred that this is part of the backlash. here is donald trump's comment. >> he's constantly dictating to the world what they should do. the world doesn't listen to him, you can see that by the vote. but he's constantly dictating to other countries. very importantly he got it totally wrong. and he's embarrassed. i think his recommendation perhaps caused it to fail. deirdre: do you see that point, the idea people said we don't want to be told what to do. whether it's from a presidential
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candidate in the u.s. or what is perceived to be bureaucrats in brussels telling them how to run businesses. >> i didn't think it resonated with voters of my generation. because i think to some extent mr. trump is right to the extent older people in the uk don't like people from the outside coming in and telling them what to do. they would prefer these issues -- deirdre: i have some dat on that. out of all of the people who voted in the uk, exactly to your point, the older that people were, the more that the vote went for the exit. the younger people wanted to stay in. >> exactly. and if you go even younger, you go to the schools, thpolling was incredible. i went to a school myself, virtually 90-95% of the students
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put their hands up to say remain. deirdre: you are running one of the largest world holding advertising companies. what does this decision mean for you? >> from an employment point of view, what we'll be doing is investing more ironically in germany, france, italy and spain. which are four of our top 10 markets. uk is our second biggest market, the u.s. is the biggest. the growth of uk employment will continue to harm people as we continue to grow. but it will be slower in the uk. i think britain will grow more slowly outside europe it's rather like a merge per or acquisition.
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two companies get together in theory at least they should grow faster together than apart. deirdre: british prime minister david cameron lobbied for the uk to stay in the eu. he will step down before october as a result of the vote. from his golf course in scotland donald trump said cameron misread the tone of the people. , but that is changing. at temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. everywhere where there's a phone, you have a bank. now a person is able to start a business, and employ somebody for the first time. the microsoft cloud helped us to bring banking to ten million people in just two years. it's transforming our world.
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as such i think the country requires fresh leadership to take it in that direction. deirdre: prime minister david cameron stepping down as a result of the vote. donald trump says cameronness read the public's wishes. >> i like david cameron. i think he's a good man. he's wrong on this. he didn't get the mood of this country right. but he's a good man, and he felt that way and probably did the right thing. but we'll see what happens. deirdre: with me now, former uk member of parliament, john brown. welcome, sir, glad you are here. do you think david cameron misread the will of the people? it was pretty close, though. >> yes, i do. i think basically he's part of the protected class of people
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and it's hard for them to be in touch with grassroots people. and i think he's carried away with the trappings of government and he had an obligation. he promised a cast iron guarantee to give a referendum which he ratted on. that's why people called him shameron. his polls were showing a huge lead for the remain. he decided i'll try because i'll win easily with the fear tactics and relying on young people that sir martin learned who have been indoctrinated for years in the schools. he thought he would win quite easily. he was shocked there was even a challenge including many people in britain, including the book why is. but they go by money flow.
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deirdre: i hear what you are saying, essentially the p.m. made a political gamble and he lost. i want to know about you, what you saw. you served in parliament from the thatcher years to present. so from decades of experience, how do you see this decision? many people credit her even though she apparently was hated by large groups of people at the type for modernizing the uk. >> she was hated just like your doctor tells you to diet. or a sergeant major in the army. she was greatly respected. i can hear the blessed margaret and winston churchill cheering in their graves. they must be thinking this is fantastic. britain instead of choosing submissionchose liberty. yesterday was the last occasion
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upon which britain could peacefully leave the european union. it was an hic and historic day. i worked for 30 years on getting out, and i was absolutely thrilled. deirdre: what is the next best step for the uk economy? ' people are saying 40% of the goods in the uk that are produced are sold to europe. that is to say there is a steady client on the continent. >> yes, but what they forget to say is since 1955 to 2015, britain had an and of a $24 billion a year deficit with the european union. so they were making money off of us. the germans were the second biggest car market so they made lots of money. the he hurricane don't make cars.
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so they buy german cars and they make a lot of money. to play this and make sure the leadership changes smooth so there are clear heads and real bargaining goes on instead of the sergeant mains kicking the back side. i think we have to repair these trade arrangements. and i think it will be easy under the world trade organizations. you can't discriminate. so the threats are empty. germany doesn't want to lose it car industry so it's going to do a deal. and we'll get our fishing grounds back. deirdre: former member of the uk parliament, john browne. thank you very much. billionaire investor george
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soros warned of a market fall and he's making a ton of money from it. i don't want to live with
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deirdre: billionaire investor george soros warned of a market fall with the brexit. bob, what should and investors do on a day like this? >> i think on a day like this you don't push any panic buttons. we have a lot of people who sometimes want to in the heat of the moment do the wrong thing. my view is you step back and say what's my long-term plan and write should be. having said that, there are new uncertainties as a result of
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brexit. deirdre: this was a surprise to most. even the london bookies usually get a lot right. if you think the volatility is here to stay, where is a place for new money to go. >> i'm a u.s. equity portfolio manager and the names that have most of their business here in the u.s. are least affected and they are count least. this point out how the u.s. has bent safer of the havens, if you will, and we don't know how much will economic weakness as a result of brexit in the uk bleed into the rest of the eurozone. deirdre: when you look at the metro trend, and your look and feel because you have been in the business for decades. how do you think this compares
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to other kinds of stress or crisis? >> it depend how you define volatility. the s & p 500 closed from a few point from where it was november 21. that would indicate for a long-term investor not much volatility at all. if you are a trader you can have whiplash. it depend on how you define it. as a portfolio manager i like the volatility. it enables me to try to find things when they are down and trim things when they are up which is a dream for an investor long term. deirdre: which explains your decades long successful career. thank you for joining us on "risk and reward." you will see the dow down more
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than 600 points. there was a global market sell-off. the dow and the s & p 500 have wiped out their gains for the year. you can see the nasdaq down more than 4%. "making money" starts now. charles: big news. you watched it overnight right here on fox business. the british citizens voted to separate from the european union. our own market, the dow jones industrial average down 611 points. it was a 3.4% fall. nasdaq a little more volatile down a little more than 4% today. oil dropping 47 cents. we are going to tell you what all of this means for your investments.


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