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tv   Cavuto Coast to Coast  FOX Business  August 31, 2018 12:00pm-2:00pm EDT

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prime minister trudeau said we would rather have no deal than a bad deal. we are down 73 points. as we go to neil, here you go. >> thank you very, very much. weird every time she comes out there's nothing really new to say, why do you say it, maybe it's weird, maybe i'm the only one who notices that? welcome to coast to coast, i'm neil cavuto. we are following back and forth as to whether canada will sign on anything today by the end of the day because no one is really sure and canadians are missed that off record comments about bloomberg that the president not budging an inch really boiling prime minister trudeau and they must walk away from the talks and that means that canada is part of new nafta deal even though they are not using the nafta name, otherwise, this
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might be a deal just between the united states and méxico and canada will have to wait. meanwhile, we will hear the report separately, the import not importing focus vehicles, from china that would make it too expensive to do so. edward lawrence following all the cross currents, hey, aide -- edward. >> you mentioned that when she comes out and talks and it's clear that the talks have soured on specific issues but as the toronto stars reporting off the record remarks that president donald trump, he would not negotiate or compromise with canadians but public because that's too insulting the white house officially say that are negotiators are working for a win-win deal. the chief nerktor of canada says we are not there.
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>> we are committed speaking for canada to a deal which is a good deal for canada, not just any deal, we are very good at canadians at finding win-win, compromises, at the end of the day, we are only going find a deal that's good for canada. >> canadian prime minister justin trudeau said no deal is better than a bad deal. it's been removed from the agreement with méxico but it was included or canada would like to see it included in final revised nafta, source tells me it's unresolved issue at this hour. country can ask for arbitration over tariffs or antidumping issues. canada is the largest user of this also report that canada is willing to negotiate on dairy tariffs, something the president would like to see, right now
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presidential spokesman for u.s. trade, quote, negotiations between u.s. and canada are ongoing, there have been no concessions by canada on agriculture, now the president gave a deadline of today to get that letter of notification to congress. i'm told from source that the al deadline is still and can still get it in tomorrow and have ready for current mexican to president sign it before the new mexican president takes office on december 1st, that's the goal because they are not sure that the new president mexican will sign this deal that's been made, neil. neil: all right, thank you very, very much, my friend. edward lawrence. bloomberg not commenting one way or the other but what's got the canadians riled up and i want to quote a section of the star n remarks trump wanted to be, again, off the record, he told bloomberg news reporters that he is not making any compromises at
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all in the talks with canada, but that he cannot say this publicly because it is going to be insulting. they're not going to be able to make a deal, quoting the president, here is the problem, if i say no, the answer is no. if i say no, then you're going to put that and it's going to be insulting and they are not going to be able to make a deal, i can't kill these people he said at the canadian government, in another remark he didn't want publicist quoting from the star, this would be totally unart terms, possible deal with canada. he suggested he was scaring the canadians into submission by repeatedly threatening to impose tariffs. quoting the president off the record, canada is working their ass off and every time we have a problem with a point i put up a picture of chevrolet impala, the impala is produced in ontario. bloomberg has not confirmed the
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remarks or if the president made them off the record or not, it does seem to echo what the president said the other day in cabinet room that it was prime minister trudeau who called him and wanted to talk right after the mexican scored an agreement. he didn't call him. they have a frosty relationship and this made it more. so whether that stops canadians from scoring a deal to their liking, it's anyone's guess, that's what's weighing on the markets now, this back and forth combined with moves to pull out of china, the cross over vehicle that they would import from china, it's all adding to selling mix. let's go american for prosperity tim phillips and michelle and d.r. barton. d.r., ended with you, begin with you, where do you this this stands now? >> well, the markets are telling us that there's certainly some
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doubt that the deal will get made today and could be done tomorrow so it can be signed before the mexican presidential changeover before december 1. the markets and i'm glancing down at where we are, they are just still trickling down so i think what we are hearing that there is problems with the brovato from the white house and con add ains having to say face, we may not get a deal here. neil: it might be the saving face that would be the toughest thing to say, if you think about it, michelle, the president has had a tough negotiating posture and told the canadians, the alternatives is tariffs on your vehicles coming from canada, of course, something they don't want, what's very, very clear from these comments if we accept them at face value, is that the president isn't budging, he's a
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tough negotiator, he has made it clear to the world he won't budge but now left it out there where trudeau is damn if he does and damn if he doesn't. >> this is a lot of traditional trump and big example is méxico. he gave méxico a lot of heat, a lot of negative on twitter and a deal was done through the back -- the back negotiations that are happening behind the scenes, that's really what investors should look at the negotiations and not necessarily the rhetoric because that's what trump does. neil: if you look at the market down close to a 100, tim, they've had one of the best months of the year, we scored deal with méxico, i don't want to minimize on trade accomplishments. where does this go?
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>> neil, you mentioned the threat of tariffs on the canadian, so called canadian chevrolet impala, it's important to note and the administration knows this, a significant portion of the car was made guess where, in the united states of america, so you're going to be hitting american manufacturing jobs good-paying jobs if you actually were to go through with the tariff threats, i think with the negotiations where they are, this deal is going to get done, there's too much at stake here and there is rhetoric flying back and forth but i know we had a town hall meeting in south dakota in the last 36 hours and we had farmer after farmer small person after small business person, we are being hurt, we are worried not just about nafta negotiations but trade across the world. neil: it's the old argument that cooler has prevailed.
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the president's bark may be more than his bite. you could similar i will say about the broad-range commitment to not deliver on the part of the europeans to buy more agricultural goods from the united states, et cetera that the t president moves the needle but it isn't sort of a dramatic advance on trade but progress, but a sign that the president can be quite pragmatic and i would imagine that's what the markets want to see. >> i know that's what they want to see -- >> no, i don't think -- >> i'm sorry. neil: d.r. to you first? >> no worries, neil, we have talked about this before that the markets continue to tell us every time we get a hiccup on trade we get such tinny move down and then we recover, i think the strong recovery that we have seen as you pointed out in august is telling us that it's maybe not a bark worst than
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bite but maybe there's even a bigger end game of even more freer trade, freer trade across trading partners than we are seeing is the ultimate end game that the administration is trying to play. neil: some things work in their favor and maybe, tim, i was confusing you guys, that might be the thinking that we get disruptions, relatively mild in the scheme of things and if the market trusts that it will all work out, will it all work out? >> the market knows that this economy is on sound footing, the tax reform are making difference, knocking down barriers with deregulation, get rid of red-tape and so much job-killing bureaucracy in washington. the markets know it's on solid footing, yes, they react to trade stuff, it is real threat and undermine the growth that we are seeing, i think we know in the end a deal will get done
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especially in the nafta front. i think there's too much at stake for 3 countries especially for biggest markets for the united states for consumers and farmers. neil: michelle, let's assume we get this pass, let's say pass and chinese do something because it seems like deals are being scored with this country left and right and china doesn't want to be left out, let's get past that, would that be enough from the people you talked to to see another pickup in activity, i'm talking globally that could keep this bull market already at record going maybe for a while? >> absolutely. i'm extremely positive that once we move past the trade the markets are going higher, not only do we have extremely strong fundamentals but the consumer time and time again in the past few months had just really shown up in the retail sales and i think that is going to push earnings and ultimately markets are going higher.
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neil, guys, i want to thank you all, not a lot of movement before we started chatting, now that we are down chatting, the dow at 25,900, big gains in nasdaq, 5% plus, amazon was a big reason for that, it's a trillion dollar company now and by the way, a lot of focus on amazon, what it's doing, they are lining up like planes at laguardia, plenty of other potential trillion dollar companies that could come to fruition next month, more after this the same? that's why capital one is building something completely different. capital one cafés. welcoming places with people here to help you, not sell you.
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♪ ♪ neil: all right, john mccain is lying in state in the capital, this is something you associate in the attention since his passing, something you really assign to former presidents or those who lost their lives in office, this is quite unusual but a testament to the maverick and draw to both parties and the crowds that will get an opportunity today to file pass his casket, one last good-bye in a week of good-byes, connell
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mcshane is there. connell: members of general public will be able to pay respects to senator mccain, in the last hour ceremony was held in his honor, speaker paul ryan among those who addressed the dignitaries who were gathered there and stopped at one point and said he can imagine himself visiting senator mccain's grave in future in indianapolis, maryland and images what he might say to them, he looked at the casket and he says he will tell them, this is one of the bravest people that the nation ever produced. vice president mike pence asked to speak by the president was next up and told personal story and took overseas trip with congress from the senator of arizona who was famous for energy especially on the road and as a matter of fact vice president pence at one point they were at a trip to iraq and pence said he was exhausted after about 18 hours and literally falling asleep in a meeting with iraqi officials but a couple of other meetings to go and mccain came up to him after
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that, you know, mike i see you tired and you should turn early. the crowd got chuckle out of that, the point a serious one about dedication to the military with pence adding this. >> honestly seeing him down range i never traveled with a colleague who was better to our enlisted or harder on our generals. john mccain loved the men and women who served in the uniform of the united states and he was a champion of our armed forces. >> following the remarks from pence we watched as members to have mccain family filed through one by one to pay respects in the casket with senator mccain's widow leading the way including the senator's 106-year-old mother roberta who is on hand here today and sat throughout the ceremony, now, we are told right now that the family is still inside and that cindy mccain is actually meeting with members of her husband's staff
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and once that wraps up mrs. mccain and the senators long-time friend lindsey graham will enter senate chambers and visit senator mccain's seat there in the senate. that is still to come. in the next hour the public will follow in, and i can see thousands of people lining up on human washington day and wait to go pay respects, this should go on all day. neil: connell mcshane in washington. while president trump discussing his own feelings with the senator who he had fighting relationship in an interview with bloomberg. >> we had disagreements and they were strong disagreements. i disagreed with many of the things that i assumed he believed in but with that being said i respect his service to the country. neil: all right, you know, much has been made of this relationship and where it stands now, the president has been very magnanimous not only providing
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entire cabinet, vice president to speak on senator's behalf, but late some would say but issuing a very powerful statement in support of mccain's life and times and contribution to the country, former bush 43 deputy assistant brad blakeman. brad, we will know the degree to which two fought with each other but was it overstated or was it about act-- accurate? >> i think it was about accurate, you had two people that didn't get along. john mccain never left a meeting with i wonder what he's thinking. the president can be brutally honest as well so you had a clash of personalities, but the good news is that's what's so great about the country, we could have leaders who have disagreements but in the end of
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the day it's all about the country, what's in the best interest of the country. john mccain's whole life was about service whether military or in the senate, and his life is to be celebrated, his legacy is to be remembered and he's an example for every american that there's nothing that we can't do in this country if we put our mind to it and by the way, republicans don't have the best ideas, democrats don't have the best ideas, it's when we come together and compromise that our country moves forward. nobody has a lock on it and that was his -- that was the way he really lived his life. neil: yeah, people forget, there's been a great deal of focus with the president's relationship with john mccain, nine years ago this very month when ted kennedy passed away, the same brain tumor, jimmy carter was president, faced
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senator kennedy for the party's nomination in 1908 and to stay it was tense it was understatement, even upon death. so these things are not new but i'm wondering whether they serve as a reminder how difficult it is even within parties for people of different point of views to get stuff done, in the end that's what it's all about, trying to get stuff done. >> the old adage if you want a friend in washington, get a dog. the same thing can be said even more so for the people that are supposed to be in your own family politically. it's a brutal sport, politics, but we all are americans, i have some of my best friends in washington are democrats, my business partner was a senior adviser to bill clinton as president. at the end of the day, i like to think of it as the road runner
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and cayote, you fight like hell and when 5:00 o'clock comes you're friends. he respected you republican or democrat, whoever you are, if intentions were good and honest you were friend to john mccain. neil: yeah, i think john kennedy got it best when he said at core we are all human beings, we all breathe the same air. >> you got it. neil: if we look at the big picture we would be okay. thank you, my friend. excellent as always. we have the dow down 80 points and a lot of people wondering whether we are going to get the canadians to the table by the end of this day, some say technically they have until tomorrow early morning. who knows, the canadians are ticked off about the report that the president isn't budging, bragging about budging, the canadians are miffed and the prime minister says damn if you do and damn if you don't situation, actually so do the
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bhutto coast-to-coast, live rum the floor of the new york stock exchange. it's about to turn in its best performance in 18 years, up 5.4%. stellar performance for the tech stock. this is despite the trade negotiations, the tariffs, the retaliatory tariffs, they keep going up. take a look at the big bank stocks. apple doing the best, up 19% month to date. you might wonder what kind of exposure does apple have with the tariffs in china, guess what, $9.6 billion in sales for the third quarter came from china for apple and its growing at a rate of 19%. that's very important to apple. it's growing at a very strong
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rate. meanwhile, amazon is itching toward the trillion dollar club. the club founded by apple. the only other number and it could get there soon. it's on the path. it could actually happen today. we'll keep an eye on that stock and all the tech stocks cominas we watch the news coming out of washington and all the terrorist and retaliatory tariffs. we also got news from board they are concerned and moving production of the cars to the states from china. neil, take it away. >> thank you very much. a lot of focus on amazon and what it's doing, even though it's more of a retail story than anything else. apple has seen a record month,
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in-and-out of records as we speak. it's a very good month for it and people who seem to think apple is a technology mutual fund. they have a big announcement will be making in a couple months about phones in the watch, you name it. >> certainly. second time that apple will be hosting its event that it's big fancy new campus in the steve jobs auditorium. three phones are going to be released that are more or less going to mimic the iphone ten. facial id, no home button, just a lot of the same bells and whistles. then there's a maybe a fourth phone, the apple, kind of like the se which is sort of the guts of a seven, but in the case of a five. the idea of this is a lot of people use it for their kids. it's about half price. it's about 400 or $450.
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none of this is coming from apple itself, the company does not release any data before the big event. this is coming from a lot of different tech analysts. i was reading through reports, the iphone is really where all the attention is going to be. the company gets more than half of its revenue from that, but there may be some updates to some other products, maybe a new apple watch, maybe an new i ipad pro. they might have a noise canceling function added to the ear pods. we may get updates on all of them. >> there have been rumors of a large phone, how big are these things to get? the note is out from galaxy samsung with the biggest face of all the phones. we used to think people would
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buy it at that. >> i think it's that pendulum. it was the apple iphone six plus where was really like a pop tart and then some people have chosen to go back down, some are still the bigger, i think apple solution has to keep the case itself a little bit smaller but then not use up any of no space on the actual case where there's no home button, the face id, but some of them, they are supposedly gone offer one that is that larger size. >> the start, jerry was just talking about this as were you for amazon, someone wrote imagine if apple and amazon started to go down, how many people's 401ks, pension funds, these are the two biggest holdings for a lot of funds out there. >> it's driven the technology, in the case of apple, the dow
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itself you could make a very convincing argument that without technology this would be a very different world. at the end of the day, it's 1 foot in tach in 1 foot in consumer as is amazon but they have that halo effect and they all keep on buying. >> thank you very much but have a wonderful weekend. they're vowing to stop social media companies. take a listen. >> with the social media. the thing called free-speech rights, you look at google, facebook, twitter, and other social media giants, and i've made it clear that we, as a country, cannot tolerate political censorship, blacklisting and rigged search results. you know it can go the other way also. neil: so what was he saying there, if they won't police themselves i will? let's go to techno technology
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reporter david mccabe. he always kind of leaves out there but what is he saying. >> thank you so much for having me. of course the president has been making these claims all week. even though, no reporting has really shown that there's intentional effort to build the systems to silence conservatives, he's considered to make these -- continue to make these claims. he is not gone specific in terms of what the white house could do. at one point he said we don't want regulation, we want fairness but just yesterday called it a very antitrust situation so he's been fairly bag. there have been things congress could do to regulate them or the justice department could do, but it's hard for the white house to get involved directly. neil: he always feels that the media is against them but i was think when it comes to the main stream media we do lean to the left, i don't get making of fox news alert, he is right. is that the fault of social
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media to go through that or google search that will go through that and you get those results, if that is the case, do you punish them because their calling through sources that are biased. >> this question of algorithmic virus and ranking is really complicated, and i think what you're getting at is this is a question with a lot of different input. it's not just as simple as we rank it by one factor. it's a lot of different factors. it is really hard for companies to explain how they work. they've done themselves no favors by not being transparent about how this works either. neil: and wondering what the answer is. i've mentioned many times on the show, i like the history of presidencies, john kennedy was one of the most. [inaudible] so that goes back a long way. the president is not satisfied with the way that the press is covering them.
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then comes the next leap, what if you don't like it. some presidents excepted, others won't and this president is convinced that he won't tolerate it, so what is he hinting at? >> i think these are two separate questions. these attacks on the preston the attack on tach but there is this through line which is sort of an attempt to discredit these platforms, whether their news organizations or social media platform. i think were seeing him draw from the same playbook in a lot of ways that he's used to attack the press. neil: ironically the same social media that he's going after were the ones that galvanized some of the conservative side that often times made a lot of outlandish claims. you could argue, propelled interest in him and serious questions about the other side. clearly it works both ways, but the irony here is that it was on that side that abuses were taken and social media
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didn't police enough. >> there is no doubt that social media has been really good for donald trump and for his political ascendance. we all know how he uses twitter. in fact, he talked to some of my colleagues when he first came into office and hinted at the idea that he has a pretty good audience on these platforms. in fact we know that these attacks like the one the president is pursuing now that members of congress on the republican side have been pursuing for a long time and actually influence the way these platforms look at these issues. we know that facebook, for example, after they were hit over the trending topic and accused of bias by conservative conservatives, we know that they were hesitant to police some of the wilder claims on the right, and some people have argued that led to some of the hoax news problems, but what we know for sure is that these attacks can have a real impact on how they look at these issues.
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>> maybe it's just be aware of at least what you do and it can be left at that. we shall see. thank you very much for taking the time. >> thank you for having me. >> when a lot of promises are made an election year we start telling them up and we asked the question where's the money gonna come from for them. after this period we stay with you to and through retirement. i get that voya is with me through retirement, i'm just surprised it means in my kitchen. so, that means no breakfast? voya. helping you to and through retirement. i can do more to lower my a1c. because my body can still make its own insulin. i take trulicity once a week to activate my body to release its own insulin, like it's supposed to. trulicity is not insulin. it works 24/7. it comes in an easy-to-use pen. and i may even lose a little weight. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes,
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we are getting word right now that the president is apparently considering the former justice department attorney to take over for don mcgann as the white house counsel. he had apparently talked to bob muller's folks for more than 30 hours and he is leaving the white house. it's apparently commercial litigation, but he's also advising the outside legal team, some have called him a
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counsel to the council. we will keep you posted on that if that becomes official. meanwhile, taking a look at political developments in the push on the left to dole out a lot of goodies for everybody. there are too many details on how to pay for them. we've seen it prop up in florida, we've seen it proper about west with the california democratic gubernatorial candidate promises to cover health care costs for illegals but i could go on and on but why do that. anton is a democratic strategist. he is my guest today. this troubles you, but republicans to make lofty promises to defense and the like and don't come up with ways to pay for it. that used about john mccain who was a big advocate of defense spending but finding that the money should come from somewhere. where is this going? >> is an american it troubles me, as a political
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practitioner does not trouble me because i believe the democrats continued overreach and when they don't have a policy, it seems to me there's a lot of infighting among the democrat party and their leadership is absent in all of this. where are they in terms of the ideological line. will they continue to promote socialistic policy or tried to reason with the american people? i think this will bode well for republicans in the midterm but in terms of certain states like california and new york, when you're creating policies that are really a form of socialism, i figured damaging to the american public. >> but money spent where there's money not there, it's still money spent but i will buy the same to you and this democratic push to all four of these candidates without coming up with a clear plan on how to pay for it. both sides do it, it's why we have huge deficits. obviously in election years they do it a lot but who's raining this in.
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does it worry you, as a young guy is going to be footing the bill, it's gonna be on you. >> i love to hear eric and his party and the hypocrisy that comes from them on a daily basis. keep in mind it was this president and this congress who increased debt and deficit with their most recent tax scam that was passed but nevertheless, as you and i both know because were inside the bubble, campaign promises are simply working documents and something to work from. the truth of the matter is while the republicans want to coin these items as socialist policies because they learned a new term and they think it's red meat for the base, if you call home ownership and making things fair for all, if you call that socialism, call it what you want. neil: i'm not here to save whether it's socialism or not, it sounds like it's me, but how do you pay for it. i'm just a numbers guy, i want to focus on how they pay for it. you cannot favor that just
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taxing a few companies and going after the rich, you run out of money. you run out of options. what you do? you have to prioritize your budget. vice president biden said it best show me your budget and i'll show your value. i think that's what republicans have to do and what democrats have to do. >> they haven't come up with ways to paper a lot of the stuff. >> neil, you can govern from the campaign trail so what has to happen is you have to get elected. neil: but you have a responsibility of how you're going to pay for. >> all pla apply the same thing, do you think it's disingenuous of republicans to lecture democrats on reigning in spending when you have the run of the table, they have the house, the senate and the white house.
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[inaudible] >> i disagreed with the spending bill that was passed by this congress which is the largest spending bill ever in our nations history. i think the president has had what your guest called the working documents on the campaign, he followed through with his promises so when you have to rein in fiscal spending and you have to rein in this budget we also at the promote the policy you ran on as a president, that's what this candidate does. >> you have to find a way. [inaudible] neil: when you lectured democrats on this or when democrats lecture republicans, you both have to bring something to the table and neither side has and that's where running debt, that scares a lot of folk folks. >> actually, i totally agree with you, and this is where compromise is so important. this is where boys and girls, men and women have to get together and figure out what's
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important. i go back to what vice president bidens said show me your budget and i'll show you your value. that is the key, making sure. [inaudible] neil: show me your budget and submit a balance one. the vice president is a hypocrite on that point of view. in the middle of this pulling on heartstrings, no one is pulling on the string, the brain, and doing simple math. i think it's offensive to people in this country who ultimately are going to foot the bill for that, and it's a big bill and it's getting bigger. >> and it's gonna continue to get bigger. middle-class working families are to be the one who shoulder the burden for most of the debt that we accumulate, especially under this white house and administration. neil: wait wait, there's a lot of debt piled up under obama, there was a lot of debt. >> but increase because of a tax scam that was passed a few months ago. neil: wait a minute. you are promoting.
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[inaudible] but say nothing about the spending in the same period. i find it interesting you blame that. >> i'm just giving you the facts as i see you then. neil: i just gave you the facts as they are. >> and i'm giving you the facts as i see you then. the bottom line is the increase, the republicans talk about wanting to be fiscally responsible. neil: if they say we racked up a trillion dollar deficit, would have a couple more years like this and we have to get control of it. >> this is why you see congress approval, this really started, even in 2004 through where we are today where the debt is out of control. i think the president has that responsibility and he's been trying to rein in not spending. >> no, he's not been doing that, if anything he has upped the any, up to the spending
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neil: it was supposed to be off the record in a bloomberg
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interview and then the toronto star grabbed it and suddenly the whole world knows about it. bloomberg is putting out a statement saying when we agreed that something is off the record, we respect that. at issue, leaked off the record comments in which the president said the canadians that he's not going to be compromising with them, that if he said that publicly it would be insulting and they would be able to make a deal. they say he's not budging, why should we and it's put the team working to cobble together a trade deal sort of between iraq and hard place. dan does that mean a trade deal looks less likely and in that case does this market rally supper? >> i don't think will be able to make a deal. you have two hotheads fighting for the value of their countries, and i think that trump is going to stand firm in canada is going to stand firm on even though they're trying to get a deal done
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today, there are several blocks that are holding it and now the agricultural and medicine right now. trudeau really want to make canada as strong as united states and he keeps pushing the pencils are going to the stock markets and the equity markets, there concern that the deal may not take place and this could even escalate. that's the problem that we have in these type of negotiations. >> would be a problem for you looking at this market run-up that it's dismissed trade concerns as it's gone up in the longer term throughout them thinking that cooler heads prevail? what do you think. >> going to the market with the government intervention, i don't know what to expect on the short i think it will be a problem for the equity markets. i'm of bear, as you're ready know but i think this tactic, i watch the canadian dollar carefully, i think it's just not going to be healthy if trump can't come to a deal with canada. part of canada's deal is something with the panels,
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where they have to make decisions that he doesn't trust the united states courts, and that the sticking point of not been in the media. it's really a trust issue, and that's what governments are having a problem with today. >> all right. we have 30 seconds but you're still leery of these markets, right? >> i'm still weary of the market, i think they've been artificially pumped up, look at the debt of the united states, look at the federal reserve of the united states. neil: they climbed through all of that. >> of course, it could still continue to climb. it hasn't been exactly right on topping patterns but with this kind of mess, with global that, at some point the parties, stop it can be messy. neil: we shall see. thank you very much dan shafer. we will have more after this.
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which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist. neil: all right. now we know that president of the united states who is going to north carolina for a political event was caught with some remarks that were supposed to be off the record. bloomberg honored they would be off the record, someone got them. president said essentially i'm not budging on the trade thing with canada. they will not like it. they can stuff it. he didn't say stuff it. that was interpretation. cobble together a deal, late today, early tomorrow morning, in order to get all this through. serious doubts it will ever go through. buying light ahead of labor day
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weekend. you don't want to over term that. curious how the administration with fallout. blake berman on the white house. hi, blake. >> over last few days there is sense of optimism between the united states and canada that a deal could get done, bilateral deal, reworked nafta. optimism is slowly peeled back today. there is potentially one contributing factor that seemingly popped up out of nowhere. you sort of laid it out. yesterday our colleagues over here at the white house who worked for bloomberg, fortunate enough to sit down for with president trump oval office on trade. during that interview, there were some records that were kept, supposed to be kept off the record, when you talk to the president or any sort of interview at certain points, you have off the record session there. is nothing unusual about that. here is the unusual part. toronto star, second-most read publication in can't today, now
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reporting they claim they have received those off the record comments from president trump. as it relates to trade and when they approach the canadians about it, seeking their reaction earlier today, that gave the canadians even further suspicions according to "the toronto star" that the u.s. side was not acting in good faith. chrystia freeland is the foreign minister spearheading negotiations for canada. watch her response earlier this morning when asked this very question here. watch. >> do you think they're negotiating in good faith? >> ambassador lighthizer and this team throughout this negotiation have been working really, really hard. as i said our starting positions at the beginning were very far apart. i think at this point we know what each side needs. reporter: that wasn't exactly a
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yes there, neil. this is a response today by the way from the white house, deputy press secretary lindsey walter saying quote, the canadian and american negotiators continue to work on reaching a win-win deal that benefits both countries. that is their statement. we reached out to bloom big. they said the following, spokesperson quote, when we agree something off the record, we respect. here is why this is a story, neil. today is the deadline or at least possibly the deadline trying to come to some sort of a compromise with the canadians. now all of a sudden this report is seemingly give canadians ammunition down the finish line. neil. neil: thank you very much, my friend blake burman. susan li is with us. apparently ottawa has a response. >> i was referring to "the toronto star" reports, prime minister trudeau had a press conference near ontario where car parts are manufactured.
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they were referring to the remarks at press conference. that is our response. basically there needs to be a win-win win deal for everybody involved. renegotiation of a 25-year-old accord. it is just about time. they will only sign a deal, let's reiterate, no deal is better than a bad deal for canada and the canadians. they're sticking to basically the line that they have been talking about for the last few days. neil: what is french for really ticked off though? they're really ticked off, a lot of them are? >> i think it is confusing right now for canada. neil: they're in a no-win situation. >> they're in a no-win situation. all along seemed to them it was u.s. and mexico that were apart in nafta negotiations than the u.s. and canada. to them it seemed like it was easier negotiation this week, given the bilateral that was signed between the u.s. and mexico. given that we are pressing up against a pretty hard deadline since is nieto has one-week
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signing authority to get this confused. neil: what a mess. chief investment strategist from janney, liz macdonald, "the evening edit" host, the rock star hero. lizzie, this is confirming the president's tough stance if we take it at face value. >> yeah. neil: no one is disputing remarks, some are ticked off, rightly so, they got out there, but the president's position always has been hard ball. he was saying on the record earlier this week at a cabinet meeting, trudeau came to him after the mexican deal was scored. he didn't call trudeau. now all out there. now the canadians, whatever they do is going to be looked under did you cave or did you get what you want. they can't win. >> the leak isn't much of a leak because we always knew the president would not be compromising. more about the political stance of the canadians here, whether or not they will be seen as weak or strong. here is the out for them.
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this is good deal for canadian blue-collar workers. chrystia free land believes that. prime minister believes that way. blue-collar manufacturing jobs, the pay would go up, there would be more because of the way deal was structured. meaning cars and components have to be made here. good for mexico, good for u.s. workers, good for canadian workers. it would hit china. china would have to step up fast, neil. why? because china's auto sector says look at this deal. more components made in north america. not here, that will hit us hard. by the way, more car parts are tech. it helps our silicon valley as well. not the old cassette recorders where you listen to the beach boys in the cars anymore. all sorts of high-tech gist most in cars as well. -- gizmos. neil: mark, can i stress this is the market reaction, ahead of three-day labor day weekend. markets are closed on monday. i don't want to analyze the
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downdraft in the markets, what would have been a wonderful month for what is typically a problematic august for stocks. all three averages up appreciably. is it your sense this will weigh on that going forward. looks like canadians not ultimately part of a deal, china slow doing a deal? does have repercussions beyond this. >> already does, neil. still a good month in august, even if we close on a downer note. would i be shocked to note we have many market participants already closed trade books. not sure we're taking away anything at all from today's action. should this not come to fruition next 24 hours or so could be problematic for the market. we thought the market got too enthused about the deal that scrummed together between the u.s. and mexico. there is still a lot of ratification negotiation that needs to be done between now and december 1st. hopefully before it gets in the hands of president nieto. that would be ratified without
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canada a part of the agreement. this exposes that fissure. that let alone pushes back on any effort to put into the table before we see imposition of tariffs on $2 billion worth of goods, not just the 50 billion already applied. neil: is trade a bigger issue for next month than it has been for this month? >> it would be, flat-out. it has been something we identified as a risk for this year. that we thought was the biggest among many. and i think it will only start to become more aggressively applied by way of pressuring equity markets, should we go into the next month when people come back to their desks, begin to evaluate what it could impress upon economic and corporate profit conditions. >> he makes an important point. september and october are very historically very turbulent months for the markets as we go into rocky midterm not knowing who will win control of the house. >> money rotation is very bullish for u.s. equities.
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bank of america merrill lynch cited money managers are most bullish on america first time in half a decade, in five years. neil: i always get a sense they come late to the party. >> they have a lot of money to move. $177 billion rose with equities. neil: that is why the president is so cocky. he feels there is reason to be. he has best economy, best markets. canadians are coming crawling to him. you know canada very well. you talk to the prime minister. i get a sense, he and the president aren't best buds. not crucial. richard nixon and his father were not best buds either, but they got a lot of things done. what will happen here? >> interesting, justin trudeau said in the press conference, over past year-and-a-half, a lot of things have been said. we still remain constructive. we are still talking of things of substance. to them they still feel like they need to move forward. canada needs to depend on america. 75% of their goods arrive here. neil: they can feel offended and
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been slighted here but what do they do? >> that's a great question. i think canada probably signs off on the deal. don't know if it happens today or tomorrow. neil: how does that affect trudeau at the polls? >> i think it is good, if he sells great for our jobs in canada. as for the market, historically, usually like a 14-year bull run on average, what they are. neil: right. >> what we're seeing with markets here, the savings rates for americans are higher than they were precrisis. there is a lot of dry powder for americans to keep more consumer spending. neil: you're right about that. >> we know confidence, when sentiment turns really bullish as it is now. watch out there can historically be a crack-up as well. neil: mark, are you worried about that? a lot of colleagues in particular, i wouldn't say bears have capitulated but many are worried. cron tearian view is that is the time when you're worried. are you worried? >> as was said, bull markets die
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with euphoria. while they're elevated, clearly they're not ebullient. that suggests we may go through a period of time where we to sort of reset the expectations around the futures and hold for corporate profits and stock prices. which could mean more volatility, maybe september, follows seasonal script. ends down on month over month basis. i don't think it necessarily ends the bull market. i think that ends when we have the next recession. i don't see one for the foreseeable future. neil: always something out of the blue that happens. >> exactly. we'll whipsaw down. neil: usually during a crash or something, god forbid. it is other reasons. the fundamentals are not the problem. >> fast finger trade or something. you're trite. that is a good point. we already know as martin feldstein pointed out recently, interest rates going up rapidly, interest rates going up rapidly. neil: going up slow is fine. >> rapidly is when it hurts. >> where do the price rises come from and then the fed reacts.
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neil: you know canada very well. the canadian people if you talk to them, how are they? >> yes. how are they? what sense economically? neil: dealing with president trump, dealing on trade, feeling like they're on defense? you read in the papers, it comes through in this toronto star article. >> probably the same way. remember after the g7, what was said afterwards from the trump administration, special place in hell. they have not taken very well to this. in fact there have been boycotts of u.s.-made goods in canada over the recent few months. >> not large, widespread boycotts but random boycotts. >> i would say if you tune into the evening news and newspapers, opinion columns there is a sense they are being pushed back and bullied. >> this taken a year for them to get to the table. when the president sat in the oval office for the first time we'll reexamine nafta. this is not news, right? it has been out there for some time, at least year-and-a-half. they started negotiating a year
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ago. i don't know why there is so much foot dragging to get this done. >> mexico and u.s. >> and canada as well. >> canada stayed away from trade talks to last five weeks to let the u.s. mexico -- >> the problem this is 25-year-old deal that needed rejiggering it was so old and outdated and different cover sectors of the economy not in existence. neil: susan, i don't remember the name, we expected president trump a bull in a china shop. we didn't expect it in a canadian one. >> longest allies. very close. long border. neil: yeah. look at this. great syrup. we have a lot, a lot coming up, including apple. it is on fire. has incredible, incredible month, and i long comes warren buffett. to say yeah, there is something i hope they don't do. it could torpedo all of that. after this. ♪
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congress of the united states. soon, he will go to rest on the grounds first, the united states naval academy. neil: all right. week long for john mccain, prominent list of democrats and republicans singing late senator's praises even in bloomberg interview. president trump doing the same. former legislative director for john mccain. john rate. good to have you. you always hear wonderful comments about this wonderful guy, who reached across the aisle, i was thinking, would it inspire people to reach across the senator did, risking raft on your team, getting distrustful glances over the other team, what happened the team stopped
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talking to one another. so what happens now? >> well, neil, let's hope. i think that is what he would like his legacy to be. democracy should have sharp differences, forefathers put together a process for reconciling them. that process is broken. i think when you have continuous campaign mode. house members spending 40% of their time raising money, you know, that need, really gets into sharp rhetoric in order to depart people with their dollars, i think the process is really taking a hit. and when john mccain first came to congress, m udall, most people never heard of. neil: ran for president. >> john reached out to bring him into the fold and he did, and john mccain never forgot that that is how it is supposed to work.
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he tried to pay that forward working with others like paul wellstone and russ feingold and others. really only way we'll be able to restore the legislative process to address the many issues and problems we have. neil: you know, that means, getting beyond pettiness and who am i to speak ill of john mccain or ill of the dead period, but many have been shocked at, sarah palin, for example, wasn't invited to funeral. a number about former close operatives, nicole wallace, anchor at msnbc. do you think that showed a side of him that still very much a problem in washington? that people can be petty? they can hold grudges? >> i don't know. i don't think so, neil. i'm to really not sure about that our focus right now is saying good-bye to someone who meant a lot to this country. i don't know what to make of who was and wasn't there. i think people have come together across the country to celebrate a life worth
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celebrating. neil: when we do celebrate a life, does it bother you that then a side focus gets to be, why would senator mccain or those around him go to such trouble leaving out certain people at a funeral that celebrates his bipartisan life and his outreach to everyone? >> yeah. again, don't really know. i don't know who was and how they were, but, really the focus is on just saying thanks and hopefully building a legacy we just discussed. neil: fair enough. it is what it is. john, thank you very, very much. >> thank you. neil: we'll have more after this.
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times faster than from conventional lithium brine. mgx minerals ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. >> would you support it if they bought tesla? >> i would support what tim cook does. i think it would be a very poor idea to get into the auto business. it is not an easy business. neil: warren buffett telling liz claman, maybe not a great idea if those two get together,
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inside apple author, i think definitive book on the company and fortune executive editor adam lashinsky. adam, warren buffett isn't the only guy saying that you know, that, is weird. it might not work, but he invests heavily in apple. i'm wondering if, if apple were to do something like that, he would start unloading shares. what do you think? >> well, actually, he didn't, he gave mixed signals there. i think he absolutely would start unloading shares, apple buying tesla would destroy apple's profit margins, almost immediately. that is the part that warren buffett wouldn't like. and then in a far more serious sense, it would be a huge cultural challenge for apple, which takes these things very seriously. they have never bought a company of that size and scope and problems with so many people who aren't trained in the apple culture. that is why i don't think it will happen. why it would be a terrible move if they did, as buffett said. neil: you know, when you look at
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the mystique of apple, as an investment, i'm wondering what your thoughts are. now it is plugged, that is for those -- as you're buying a technology mutual fund. even retail mutual fund. it is much more than any part. it is sum of all those parts, all of that process. certainly has earnings and revenues, to support its case. so it is not like, you know what was going on, in early 2000 before everything exploded. is it your sense that, apple executives are worried? that the run-up has come, particularly fast? and that the markets are going to punish it for even the slightest detail? >> well. , the funny thing even as the world's most valuable company, apple always traded at a discount to similar companies. probably because it is, because it is so big and also because it is a complicated story.
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it is not one thing, it is not a hardware company, not a software company. not a services company. so the irony about apple, it always been rep till live cheap, relative to the money that it earns and it still. so, i never thought of it, neil, as a super market type stock or, in, one investor can get a lot with it. but that is absolutely true. and i would say although it will be punished. it has been punished when it misses various milestones, it is just not that expensive. >> that is interesting. what about the china effect? forget about on the canadian trade front, whether they are or not part of this deal with mexico, a lot of people looking to china, whether it sets the stage for getting a deal with china. reports that ford is pulling out of an operation where they will import some focuses, crossover vehicle made over there, to ship it back here, getting ready for this, apple obviously has a lot
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on line there. not only a big base of operations. a lot of phones are made there. a lot of phones bought and sold there. what happens? >> right. well i said it before, and i'm sticking to it, i've been amazed how little apple has been a part of that conversation. the reason i think, in other words, you haven't seen apple come up as flair-up point on the trade dispute. apple accounts for a lot of jobses, 500,000 or more in china, indirectly through its contract manufacturers and i don't think the chinese want to mess with that. so it's a huge risk. it accounts for 20% of apple's overall sales, and if things get really nasty it, could get really nasty for apple. i think apple will be the last domino to fall, not the first. not the middle. neil: real quick while i have you here, big announcements coming september 12th.
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new iphones we're talking about. larger screens on one, pricey and different price points there, upgrades to the apple watch. but, evolutionary stuff. not revolutionary stuff, it sounds like? >> yeah, once upon a time these events were all revelatory. our minds were blown by new things. now it is highly predictable. it gets leaked and nobody seems to care much because it is just like any other company's product announcements telegraphed ahead of time. the big announcement no one is talking about, they don't appear to be doing as far as leaks are concerned is what their entertainment strategy is. we know they have a big entertainment strategy in the works because they're out there spending money for scripted television shows. but they haven't said how it all fits together. if the leaks are true, they don't intend to announce them on september 12th either. that is what i'm curious about, neil. neil: adam, thank you very, very
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much. adam lashinsky. >> thank you, neil. neil: you have been apple shareholder, been one for better part of 20 years. more after this.
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neil: want to pass along news that united airlines immediately raising checked baggage fees right now. the fee for the first bag will jump from 25 bucks to 30 bucks on flights, pretty much everywhere. the fee for the second bag is going to 40 bucks, for flights within the united states, puerto rico, virgin islands, caribbean and central america. let's say unless you are going to indonesia, you're out of luck. but we'll keep you posted on that. a lot of this was expected. quickly airline competitors follow suit but, this of course comes at a time, this is where they make their money, folks, they make a lot on these fees. >> backlash overalls for boycott of in-n-out burger following head of the california democratic party, this after it
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was revealed that in and out made a donation to the republican party. makes similar donations to democrats as well. didn't seem to matter. head of california republican party, its chair joins us right now. jim, what did you make of this outcry? >> first of all let me share my bias, at 6'4", over 300 pounds i'm probably largest consumer of in-n-out in california. neil: you look very, very fit but go ahead. >> that said, you know, eric bauman, the chair of the democrat party, i think if he could have a do-over he would. he, he saw that the nn out gave the california republican party, $25,000, went off tweeting without thinking much about it. turns out the democrats, in-n-out gave just a little bit more to the democrats. the democrat party itself came
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out and repudiated its own chair and said he was speaking for himself. the party doesn't support a boycott. even the liberal chair of the appropriations committee, democrat in the state assembly said this is a bad idea. you know, in-n-out just wants to be a good corporate citizen like most businesses in california. they give to both political parties. although want to do is make the best burger and, they do a very, very good job of that. and it's unfortunate that they're getting caught up in something that they should never have been blamed for in the first place. neil: i've been out there. their burgers are delicious. frankly i wouldn't care if karl marx were preparing them. having said that, why can't then the democratic officials in the state, many who backed away from the chairman, just return the money in-n-out gave them? >> i thought that would be a pretty good idea. i called for that.
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nn out has given to a pac that supports so-called business-friendly moderate democrats. i suggested chairman bauman ask his democrat legislators give the money back. my guess is the democrat legislators suggested he stay out of the business and maybe stop tweeting for a while. as i said, if he could do a do-over my guess is he would. in-n-out is a great california company. they're a great corporate citizen of our state. they support charities that oppose human trafficking, and a whole host of other issues that are good for america and as i said, they make problem i let greatest burger in california. neil: well, just seeps like a silly beef. silly beef. okay. jim, thank you very, very much. very good seeing you. >> good to see you. neil: all right. in case you had any doubt about where the president's
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allegiances lie in the texas senate race, proven to be much more competitive than senator ted cruz probably thought. he leads by a point in latest polls. the president will try to help him out. picking the biggest stadium we can find. his opponent it is disaster for texas, weak on second amendment, crime, borders military and vents. democrats are salivating they might have in this reddest of states, to pick up a seat. seems crazy. fox news contributor byron york. the fact that cruz is in the position he is is remarkable. >> it is surprising. "real clear politics" classify the race as toss-up. you mentioned a one-point poll. all of the polls past couple months show ted cruz a very, very narrow lead. one, two, three points.
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so clearly the president doing this, saying he is going to be devoting presidential time in october when the campaign is really, really going, indicates some level of concern. there are a lot of big stadiums in texas. i don't know which one is the biggest but it is pretty big. neil: o'rourke galvanized the left. a lot of praising pieces, popular media, "vogue" is the latest stop people are referring to him a barack obama type candidate. what did you make of that? >> well he does have a lot of charm apparently. he seems to certainly has charmed a lot of, a lot of the media. has either an obamaesque or kennedyesque, however you want to describe it demeanor, but he does, every couple of years someone emerges as kind of a recall todaying who will lead dem -- democrats back to power. maybe he is in the one. you have to think in the long run it is likely that even if it
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is close, the republican will take texas. neil: so, is a lot of this really born of fractious issues ted cruz has? they had a very acrimonious relationship, he and president running for the republican nomination and it got nasty? texans of course think very highly of the president. he polls very highly in the state. he did win the state. i'm wondering if that is coming back to bite him? even though really almost since his inauguration, the president's inauguration the two patched over whatever differences they had and moved on and very much simpatico since? what is going on? >> they did. donald trump had four rivals who are now in the senate. cruz, rand paul, lindsey graham, marco rubio. and all of them in one way or another have made their peace with donald trump. neil: right. >> and some of them, like lindsey graham have become quite friendly with him. and ted cruz has become a real
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supporter. so my sense is that whole lion ted stuff is pretty over. you have to remember the day in indiana in may of 2016, this is when donald trump was going to basically wrap up the nomination cruz just let out on him. he let loose. just weeks and months of anger and resentment coming out. but it seems to me that the last year-and-a-half or so have pretty much put that behind them. neil: yeah. i remember mike pence played an odd roll there supporting ted cruz -- >> mike pence was keeping his head down, you know? >> exactly. real quickly, while i still have you my friend. there is all this rumormongering going on that bob mueller does something today, and you know, he has got to move fast, if you want to do something so that you're not interfering or disrupting the election cycle. what do you, what do you think of all that? >> let me say that i, i, like all the people talking about this, don't know what is going on inside of the mueller office
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but it seems to me that most of this talk is simply based on the calendar. there is this idea that mueller will not take any public action, making any big moves in his investigation after labor day, which is monday. so today would be the last day. they say, well, let's keep our eyes out for today, but i don't think it is based on anything other than the calendar. neil: do you think the calendar, or no, that does put pressure on something going on? >> yeah, i look, i think mueller does intend to go by justice department informal guidelines. this is not written in stone in the justice department, that you can't do anything big for 60 days before an election. but my guess is, he does intend to abide by that. this does not mean he shuts down. it means he doesn't do anything big and splashy. but, the mueller investigation will continue. neil: all right. byron, have a good weekend.
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always good chatting. >> thank you, neil. neil: the dow down 76 points. as we continue the read on labor day travel, all the rest, the economy today notwithstanding, the markets today notwithstanding has been wind at drivers backs so they can happily deal with higher gas prices and happily deal with higher prices at stores. the proof is, they are. after this. ♪ you'll only pay $4.95. fidelity. open an account today. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves your worst symptoms, including nasal congestion, which most pills don't. it helps block six key inflammatory substances. most pills block one. flonase sensimist. most pills block one. pah! thano, no, no, nah.k. a bulb of light?!? aha ha ha!
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♪ neil: all right. labor day weekend is upon us. so are very high gas prices but a lot of folks are hitting the roads anyway. gas buddy seen yo petroleum analyst were any relief on the way. it wouldn't be this weekend, wouldn't it? >> not at all. this weekend will remain quiet much as it remained quiet throughout the summer. we haven't seen any prices get back to the memorial day when we were flirting with the three dollars mark. a lot of deals to be had. market fights, bulls and bears, one after another. one day you see prices going up on the markets, next day they will fall. disa good example of them falling. neil: with kept them pretty constant? they're not cheap, not four or $5 envisioned around memorial day when they were rocketing up.
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what happened? >> i think there is a reality here, there is plenty of oil to go around. of course, while opec has the ability to continue to be a swing producer, you have other countries that are chomping at the bit. russia in particular, we've seen here, good domestic output in terms of oil. if canada to get its act together, get a couple pipelines approved. yesterday the federal court decided to shut it down again. there is plenty of oil to go around. of course the market is potentially, suggesting there is right balance between supply and demand. for gasoline, however. we're not seeing kind of spikes we did this time last summer, when advent of hurricanes harvey and irma, later maria created real problems when fully 1/3 of all gasoline production was knocked off-line. those prices started to rise actually a year ago today. neil: dan, fascinating about this, when prices were higher, normally the knee-jerk reaction people start a focus on less gas
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guzzling vehicles for wont of a better term or cheaper vehicles. not at all. americans propensity for the big ol' suvs that soak up a lot of gas are still there. people filling them up to the brim. i wouldn't say happily but dealing with it. they continue to deal with it. we have evidence to suggest when it comes to retail sales reports coming out that everyone from walmart to tiffany's, their sales are, you know, overall earnings, on fire. so, there's something to this that goes beyond just pressure price points. americans are ignoring them. maybe because they have the wherewithal, and optimism? what do you think? >> yeah, i think optimism is a key word. i think there is a sense that things are getting better in america. of course, with that, people are feeling a little bit more confident about their future. they have a few more bucks in their jeans. they're willing to spend it. replacing a vehicle isn't a cheap exercise as we all know. even on that front, automotive
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companies have to be given full credit for the fact they're making far more efficient vehicles than ever before. you can go further on the same gallon of gasoline. you know, when we look at, you know, prices being up about what 33 cents a gallon this year compared to last year, works out extra 15, $16 a month for the average dollar. it sounds like a lot, over the year it would be, the fact if you're earning more, more people at work. there is a sense of confidence giving rise to the fact that we can absorb these changes and increases. of course we're seeing prices today that are what, 14, 15 cents a gallon less than what they were a couple months ago. i think people are seeing this really, neil, as the sweet spot in terms of energy prices. neil: i think you're right, dan, on inflation adjusted basis, they're cheaper still. we look at it like movie revenues when they come in every weekend it is not the same, talking about a movie that made x-amount, versus 20 years ago,
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inflation adjusted terms, "gone with the wind," most popular movie of all time. there you go. i don't know how i tie that into gas. dan, thank you very much. have a good weekend. >> you too, neil. thanks for having me. neil: meanwhile we're down 63 points. a lot is built on trade. i do not want to overstress we're in low volume environment as we get ahead of the labor day weekend. uncertainty seems to do with the canadians whether they can get a deal done with the united states, whether they want to amid these reports, that the president isn't budging, proud of the fact he won't budge. that is coming out after bloomberg interview. they're supposed to be off the record comments. they're there for the world to see. dennis gartman, "the gartman letter, excellent publisher and reader of markets. dennis, let's say the canadians don't get a deal. it is seen as stepping stone for the chinese to get a deal. what happens? >> first of all, neil, let us
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hope we get a deal with canada. they are other than china, our most important trading partner, our largest market for exports, our largest market for imports. we and canada share the longest border with man that is peaceable for hundreds years. the fact we don't get an agreement is disturbing to me. we probably won't get one over the weekend. let us hope we shall. let us hope we get an agreement with the chinese at some point. clearly the chinese have done things untoward with regard to trade. they have without equivocation stolen all sorts of intellectual property. they have to be punished in some manner. let's hope we don't slide terribly slippery slope of trade protection we seem to slide down at this point. we will come to agreement with canadians. it may not happen this weekend however. neil: all right, dennis, are you surprised that the president had a no-compromise view?
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a lot of people were stunned by these off the record comments in this bloomberg exchange. i wasn't. his position is well-telegraphed. in fact choreographed in prior negotiations where he doesn't budge. so, i guess they're interpreted immediately as rude and, you're not open to these negotiations. you have shut them up. he bragged about the fact that it was prime minister trudeau called him to rejigger talks, not the president, the prime minister. >> yeah. neil: is there any really big news here? >> i guess we shouldn't be surprised by the fact that mr. trump calls himself the greatest negotiator in history and perhaps this is a negotiating tactic. i will take somewhat of an opposite position from you, neil. that is very relatively rare but i think it was indeed very rude. i think it was a slap in the face. neil: believe me, i think it is beyond rude. i just think that the fact that should we be surprised that he
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has this position? >> no. neil: that is what i'm saying? >> we shouldn't be surprised this. is his negotiating tactic. we shouldn't be surprised by it. let us hope it will resolve itself. i think that is probably shall. my friend chrystia freeland has done a great job supporting her own country and listening and taking the relative rudeness of our own staff to heart and trying to make the best of the situation. let us hope, and i think that we shall, it would be improbable, unlikely and utterly ill-advised if we do not come up with some sort of agreement. there was a great article or a great argument put forth that mr. trudeau has himself in a very uncomfortable position because he has to continue with an election coming up in quebec to maintain a majority there. neil: right. >> quebec is a terri state or dairy province. it is dairy, not autos, probably
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at the crux of the circumstance right now. a lot of people may not understand that. we'll see what happens. let us hope we resolve it. it won't happen this weekend, i suspect. however. neil: that is interesting. dennis gartman, have a good weekend, my friend. >> thank you for calling on me. neil: he might be right. what happens if we don't get a deal, canadians don't come to the table, tuesday we're trading? then what? after this.
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neil: all right. we are putting in one for the history books of august. the dow up 2%, the s&p 500 about 3%. look at the nasdaq, up better than 5.5%. ashley webster, don't break it. >> i was going to say, thanks for setting me up. i will do my best not to blow it, as they say. thank you very much. breaking right now, last minute trade talks under way at this very moment. they have been going on for a year but as the united states and canada try to work out some final details for a new nafta deal. but according to a canadian n s newspaper, president trump said privately he will not compromise with canada. justin trudeau firing right back, saying hey, no deal is better than a bad deal. meanwhile, stocks dropping a little on this news. it's been a wait and see market. could we get a deal with canada? still hanging out there. the dow up about a quarter of percent. the nasdaq managing

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