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tv   Power Lunch  CNBC  August 29, 2017 1:00pm-3:00pm EDT

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completely flooded can you imagine the water level reaching the levels they are at at those cars and pickup trucks and suvs that gives an idea of the damage being done to that community as the president tours texas. o "power lunch" starts right now welcome to power lunch, i'm brian sullivan live in galveston, a few miles south of where the live video was you have melissa and joe live and the wrath of harvey just continues as the rain keeps coming and coming. reservoirs around texas maxed out. they can't hold. we've had over a trillion gallons of rain that has fallen in harris county alone, more so in this county one levee 50 miles west has been breached and many residents are
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being forced to leave and leave right now. all of this as president trump tours the devastation beginning in corporate us krity vice president pence will head to texas later this week contessa brewer will get the latest on relief and recovery earnings there let's go to john kern an, pretty dramatic scenes in dickinson, a lot of water between here and houston, turned into a bayou. >> i wish i could say that was the end but apparently not after opening down triple digits, the dow is positive. and investors brushing aside fears about north korea's latest missile launch united technologies and caterpillar and apple leading gains and financial and material stocks the biggest laggards right now. let's get you caught up on the latest on harvey
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the storm setting a rainfall record for tropical cyclones in texas. the national weather service just over 49 inches of rain has been observed at locations southeast of houston flash flood warnings remain in effect throughout houston, about 300,000 people by the way still without power in all of texas. and the list of companies making donations is getting longer. hca health care promising to give $2 million for hurricane relief kroger, exxon-mobil and facebook also pledging money. president trump now on the ground in corpus christi, texas and beginning to tour the devastation from hurricane harvey eamon javers has the latest from washington it's afternoon, i think. >> the president is in corpus christi where he's expected to arrive any moment now at fire station number 5 where he's going to meet with fema officials and coast guard
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officials. you can see some of the local political leerdship is on hand as well. that's texas senator john cornyn on the left hand side of that shot in the blue shirt texas senator ted cruz in the green pullover awaiting the briefings alongside local and state officials. the president expected to make some remarks here along with texas governor abbott who is also going to speak to the assembled folks there. fema very much a presence there in corpus christi but earlier today texas governor abbott spoke with reporters at the corpus christi airport and explained why it is that the president is not going to houston today. here's what he said. >> he's coming here as opposed to houston right now because in houston, the most important thing is rescuing and saving lives. so he was very smart and strategic not to go to houston right now. right now we already in the cleanup phase in corpus christi. there are other parts close to here such as rockport, where it would be in the way if he went
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there right now. >> so the president will leave corpus christi later today where you can see in some of the live pictures we've been showing, blue skies and just a few clouds overhead in corpus christi where the reporters say it is humid but not raining now. a much different picture than further southeast in houston where you've seen devastating pictures of houses and biszs completely submerged the president will not see that kind of damage here in corpus christi but will have an opportunity to talk to first responders and people on the scene, joe >> that's right. eamon, fblue skies somewhere let's hope it spreads. let's get back to brian in galveston. i'm back to you. you came to me and now back to you. >> reporter: there you go. it's hard to imagine blue skies. we'd like to have some here the people in this part much texas deserve it in. in our free time we've been trying to go out and talk to people and interview people and
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i'm going to tell you something, about two hours ago we went out and we drove up to where near where you saw the rescue, jody and jerry kept going and oscar and michael and i were went around galveston they got crushed, got to the point we got so nervous and turned around and came back. we saw a lot of flooding and high winds and some guy left his dog on a second floor porch which ticks me off but the gate was locked we told emergency workers by the way. i would say probably 10 to 12 inches of rain i'm guessing we're going to go live to the president of united states in corpus christi president. >> such a warm welcome on his ride over here, showing the gratitude we have for the president. i want to express my deep gratitude to the president for him and his entire cabinet and staff for what they have gone over the past couple of weeks. a lot of people see what happens in front of the camera i want to reveal in just one
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minute what's been going on behind the scenes, behind the camera for the past two weeks. about ten days in advance of the hurricane, even coming in to the corpus christi area, members of the president's cabinet and the president himself were in contact with me and my office, prepreparing for this catastrophe coming our way every step of the way as the hurricane came across the shore. as the flooding began in houston, texas, the president and his cabinet remain in constant contact with me and my staff. and they all had one thing to say. texas, what do you need? how can we help? you can count on us. what i've learned is that we can count on the president of the united states and his staff for helping texas. texas has been tested but our response to this challenge has been made much more effective because of the very effective way the president and the staff
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has helped texas respond to this challenge. so mr. president, thank you. >> welcome to texas. >> i appreciate it >> it's so nice governor and it's really my honor this is a very special place with a special state and senator cruz and senator cornyn, thank you very much for being here, we appreciate it. you were trapped in various locations and we appreciate you both being here. i want to thank my staff and cabinet, we have quite a few of our cabinet here -- from hud and tom price and small business, which is now big business when you add them all up, you'll help a lot of people in texas and doing a fantastic job. we have had a tremendous group of folks, our acting director, thank you very much for the job you've done. and a man really become very
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famous on television over the last couple of days, mr. long, we appreciate it very much you have been just outstanding and i can tell you that my folks just telling me how great the -- your representatives have been in working together, it's a real team and we want to do it better than ever before and looked at five and ten years from now this is the way to do it. this was of epic proportion. nobody has ever seen anything like this. and i just want to say that working with the governor and his entire team has been an honor for us governor, again, thank you very much we won't say congratulations, we don't want to do that, don't want to congratulate -- we'll congratulate each other when it's all finished, but you have been terrific. you've been my friend too for a long time. with that, maybe you could say a few words. >> thank you, mr. president. the whole community is coming together
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right here where the brunt of the category 4 hurricane winds came in north of corpus christi, we're already starting to affect recovery recovery is a slow process but rest assured we're doing everything we can to unify our efforts down to support the local responders and first responders that we have here yesterday put eyes on the ground down in rockport, we already have points of distribution flowing and working in conjunction with the governor's national guard where fema is supplying meals and water and the national guard is helping to run the distribution points. all eyes are on houston and so are mine we have a long way to go, we'll have to set up expectations and continue a unified effort down to help the state of texas ultimately recover so very quickly, the objectives stay the same. the event to the north of us is not over we're still in a life saving, life sustaining mission. we're very aware of the issues at the convention center but let
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me be clear. this is not the super dome the convention center we are sustaining food. they have food, we're in security -- i have an incident management team inside the city of houston as we speak and more and more people are being moved to shelters to stabilize the situation. the next thing is is that we're pushing commodities once the water goes down, we'll continue to push not only commodities but help get people registered in the system to receive assistance from all of us assistance doesn't just come from fema. it comes from many organizations who are represented here today by secretary price, secretary carson and others. the next thing is that we're looking at power restoration, we're maintaining security mobilized the homeland security as much as capacity for us, with that comes law enforcement to make sure we're overcoming any security needs that we have. and then also with secretary
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price over here, we're working with not only the governor's disaster medical teams but sending federal disaster teams in not only to the convention center today, already some on site but there's going to be multiple areas. not only for crisis counseling but make sure we're meeting access and functional needs. the access is a challenge to getting all of the supplies in once the roadway systems come out, we have amassed quite the federal force for the local and state efforts. for example the governor pulls 12,000 national guard troops in, we're pulling units out of fort hood as the federal government and federal dod forces are coming in as well. we pulled several hundred trucks and staff from assets from the state of texas and that's how the system works this recovery will be frustra frustrati frustrating. we'll be here to help you guide through it it's going to be tough to navigate all of the programs that become available. but we're here to help so with
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that, i'd like to pass it along to our friends at the coast guard. >> good afternoon, sir, this is where your coast guard serves at its best, we're here in the state of texas to support the state of texas, federal emergency management agency we have whole coast guard men and women across the country, capabilities, response instant management services and getting at the task at hand. i would be remiss to tell you as we look at the landfall here, phase one and we've seen the effects there on local folks, speak more about that. we're all in a challenge in houston, we brought everything to the plate the weather for the next couple of days will remain challenging. we'll probably see average rainfalls for the year at 50 inches in -- i don't think we know what that looks like. the coast guard and department of homeland security team and national guard have spent sunday and monday with the governor at
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different locations. we're getting better at every day. there's a problem of catastrophic proportions i don't think we've done before but we're all in and align and i'm very encouraged how this thing will go forward. with that, sir, i would like to give the captain a couple of moments here >> captain tony hahn -- unified command. unified command comprised of 150 federal state and local agencies and -- i want to walk through the time line of our activities we've done over the course of hurricane harvey, just to let you know where we're at. on tuesday the storm shift and became a hurricane our job was to assess and get asse assets that's what we started to do on bens we started to make preparations to lockdown facilities and get
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assets to draft ves sells out to sea and thursday we pushed our forces out of harm's way and people to come back in after the storm to help as soon as we can. on friday, we moved our boats and aircraft away from the storm so they immediately respond. now harvey was upgraded to a category 4 hurricane, our team bunkered down in texas, robstown, 20 miles or so from here, ready to be there. when harvey made landfall several ships -- and mariners in distress were calling us for help at that point we had to wait until the perimeters change to send helicopters north and saved 19 mariners' lives that night. later on saturday morning we began our assessments and the conditions weren't good for boats on water
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we know that the -- front of the corpus christi channel that's a major challenge respond to search and rescue calls on saturday and weather conditions wouldn't allow us to be on water. on sunday now the storm shifted and we searched all of the search and rescue out up to houston. we're helping every way we can with that effort by certain resources. we're ugsing our fixed wing assets to run logistics all over the state to make sure the operation command is -- additionally we brought our boats up from the south to start our operational activities here. so monday, we started our water operation, it's a huge emphasis to get the port -- so our partners at the army corps of engineers began surveys on the channel and checked for obstructions and navigation started their evaluations.
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the bueoys and channel markers so so far we have done 180 ves sells, our major concern is that large -- last night the tide came up, winds came out of advance from the storm and actually raised itself and drifted over the other side of the channel. additionally we're working with texas general land office on the activities so far the good news is we have not seen anything major. so to close about one third done with our channel service with the army corps once we complete the survey and salvage the ground, we'll be in good position to open the port right now the biggest challenge is potential -- potential dre dredging operations. >> i want to tell you -- and i can speak for the governor, we're proud of the coast guard, the job they've done and lives
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they saved thank you very much. >> mr. president, couple thousand rescues a day rolled up with everybody else in the economic issue in the ports with border protection agency and in with the facility owners and pilots on the waterways conditions are not amenable to getting ports open we recognize that's a national priority and we'll achieve that as soon as possible. >> fantastic thank you. >> mr. president, at this time before the press pool pulls out there's information i'd like to share in regards to how citizens can get involved here again it's the whole community. neighbor helping neighbor is going to be needed very quickly, if you -- if you would like to register for assistance underneath the governor's declared counties, there's 18 declared counties for individual assistance underneath the president's disaster declaration. that's disaster that puts in -- disaster
1:18 pm, i apologize. that's the fema individual assistance center system there's also ways if you're looking to volunteer there's also within the state of texas one star there's also -- and we'll leave it that red as well. so thank you and at this time this concludes the press briefing >> thank you very much thank you. >> we have been listening to president trump, his first stop in the tour of texas that's taking place in corpus christi. also speaking with the governor of texas greg abbott and fema administrator brock long getting an update from members of the coast guard about the conditions in the area. the president deciding not to go to houston because all of the resources in and around houston area need to be reserved for search and rescue at this point.
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>> not today anyway. >> not today exactly >> interesting we noted that no things maybe are looking a little bit more positive it's always great to see the people involved, and this just gives you a better feeling knowing that they are all in the same room trying to figure this out. but no back patting whatsoever. >> no assumption that -- >> no heck of a job. >> that they are through the woods. >> they made -- the fema administrator brock long made a point to not do that we've seen that movie before. >> and it didn't end well. >> exactly >> well, they are talking about search and rescue but of course, all eyes are on recovery and how the area will dig out. how will officials manage the situation moving forward at this point? what are the biggest challenges to recovering from the crisis. we're joined by the former homeland security who was the first person to serve in that position george, great to have you with us. >> good afternoon, melissa. >> for the next 48 to 72 hours,
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the focus will be on life safety issues but beyond that, what can happen can anything happen while there's still water in the streets? >> melissa, it's going to be difficult. as we've talked about, this has been such an extended eye vevent it makes difficult for the state and local authorities to assess the scope and scale of how much damage there is out there. they are going to have to wait for the water to recede to get an accurate assessment of what's the impact on homes and businesses and what is the overall economic impact. >> we've gotten reports already that the rainfall in houston has exceeded past record set back in 1978 with more than 49 inches of rainfall so far we're hearing reports that levees are breaking and columbia lakes levee has broken and residents are urged to evacua evacuate how much more complicated does that make matters in terms of seeing the road ahead for
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recove recovery >> the more water you put into homes and businesses, the longer the recovery is going to be and more complicated it's going to be part of what we saw in the briefing over the last few moments is a unity of effort among local state and federal, private sectors involved and you know, ultimately where things have broken down in previous disasters where everybody was operating independently without the unity of effort. i think there's good reason for optimism as we look forward to recovery but this is going to be a very complicated recovery, probably more so by comparison to what we saw from katrina. >> sounds like your positive on the response so far. what kind of grade would you give it? or is it way too early >> it's difficult to grade it and it is way too early. thing we have to remember the response to this point has been a local and state response a lot of attention has been on washington and been on the federal government, it's those individual first responders in those communities that have been
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out affecting rescues. the federal government has been very active, very engaged and involved, but as you heard brock long the administrator from fema, exceptionally talented young man, this is about the federal government supporting state and local government i think the state and local governments have done work to this date. the comparison we use on disasters, you look at the number of deaths, the tragic loss of one life is a tragedy. but in fact, we're talking in the single digits as we know it today and unfortunately we may find other people have perished but it's not approaching what we saw with nearly 2,000 that died in katrina and you know several hundred that died during super storm sandy. the american public is getting the word and state and local governments are doing a good job but clearly washington is there and got their back. >> thanks for joining us we appreciate it, former
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homeland security under secretaries of preparedness. >> thanks, melissa >> all right, still ahead we have a front line look at one of the hardest hit communities in houston and how homeowners are going to recover plus, the challenges in getting supplies to flood ravaged areas, we're live back in hufouston wh we return next
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( ♪ ) (music stops) (bell rings)
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contessa brewer is live at the convention center. getting supplies to that area is a big challenge as thousands stream in to seek shelter and food and contessa, you are there and, wow, a lot of activity. what's the latest? >> reporter: there's a confluence of crowds at the entrance here. on the right side you're seeing stretching all the way back this way, a line of volunteers who are ready to help out. they are answering a red cross call for helpers the head cross says helpers especially needed in the overnight hours, 7:00 p.m. to 7:00 a.m on the back side of the convention center, we were seeing lines of traffic blocks long as people come in to donate supplies, clothes and towels and
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bedding and pillows and nonperishable supplies on this side you're seeing people who need this shelter get into the convention center what they'll see when they get in there is a stack of dry clothes, towels and then they register andthen they can go i and make themselves ats home and have something to eat. how do you supply a convention center that suddenly has become a small city i put that question to the shelter manager, a volunteer named vick >> it's called a helicopter. we have helicopter volunteers to different locations for shelter because the roads ever closed. some type of boat or army truck to by the food here to the shelter. >> reporter: we saw that helicopter landing on the back of the convention center on an elevated way they got what they need to keep the shelter open and will not turn anyone away they are probably at at least
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10,000 people. we were at 9200 and i've seen hundreds and hundreds trying to cram they are way in here, joe >> yes, and as far as you can tell, we've heard this is in no way comparable at this point to the horrific situation last time around at the stadium, right >> reporter: yeah, i mean, this is organized and they were prepared for it and the red cross came in before the storm happened they have volunteers positioned in place before harvey ever came onshore. so that was part of it but they don't have enough people and some of their volunteers got stranded in dallas they have a big convention center open as a shelter there too. those red cross volunteers are in dallas. that's why because the red cross put out they need helpers to help serve food and sort through the donation they need people to -- you cannot imagine the need for people to help with wheelchairs and the disabled and children.
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we've seen teenagers caring for four little babies all by herself after being in a helicopter with four babies on her lap being rescued and leaving her family behind. they need help you're seeing so many in the houston area managing this call. we're seeing a really big police presence here. if you can see in maybe through -- here's one of the officers but in through the doors we're seeing everyone get frisked down to make sure there's no weapons getting in the convention center. a real difference from past storms as well. >> there's so many different articles today, so many things that you don't think about and you're seeing it all down there, contessa and i was wondering -- i think i might -- my voice might crack with some of the stories you you've been bringing us today, you're doing a good job to stay -- just to stay reasonable and not -- >> not get caught up in emotions, it is an emotional situation.
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>> it really is. hard to watch from here. can't imagine from there. >> thank you, we'll see you later on of the contessa brewer in houston some of the big headlines, collins and rallying close to a deal to buy rock well for more than $20 billion, creating one of the biggest aircraft equipment makes and best buy shares are tanking, down by 12%. the retailer comfortably beating profit and revenue estimates but investors focused on the weak outlook and may be taking profits off the table following the stock's huge runup this year it is up 28% despite the double digit group. finish line plunging 20% cuttingout look saying sales and profit margins will continue to be pressured and adopting a poison pill plan will be strigerred if any party stays a 12.5 stake finish line news also pressuring other stocks in the retail
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hello, everybody, i'm sue herrera. exxon-mobil is doubling its hurricane harvey relief support to $1 million. the additional 500,000 is being pledged to the united way of greater houston to support relief efforts in houston and other affected communities united airlines has announced a new partnership with staster relief organizations to assist in the relief efforts as well. that carrier offering bonus miles to mileage plus members who donate it's also going to match the first 100,000 raised anheuser-busch's georgia brewery is trading in hops for helping hands. they have sent over 155,000 cans of drinking water to baton rouge, louisiana and arlington,
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texas, to help those in need kevin hart is daring his celebrity friends to give back there he is, he took to instagram to encourage his fellow celebrities to donate to hurricane harvey relief efforts. he said he's upping his original $25,000 to $50,000 that is the news update this hour joe, i'll send it back to you. >> all right, sue, thank you houston already had a housing inconvenieventory crisis prior hurricane. with flood victims seeking temporary shelter that problem has gotten a whole lot bigger. diana olick, who better to tell that story. >> i spoke with the ceo of home building lenar said the bulk of his communities are not in the hardest hit areas and the biggest problem will be the coming weeks with lack of labor to build and rebuild homes. other builders do have big footprints in the federal disaster area and housing stock
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in houston is tight especially for affordable homes fema director brock long said this will be one of the largest recovery housing missions the nation has ever seen hud officials are allocating block grant funds for emergency housing. houston received 7887 million after flooding years ago and on the mortgage side, fannie mae and freddie mac said servicers are reduce payments or suspend up to 90 days. where do homeowners go now there are 47,000 vacant apartments in houston but the majority of those are very pricepric y. insurance companies may not cover that camden property tust, one of the largest apartment landlorded is based in houston and said all of the properties are operational so they may be able to assist and air bnb is waiving fees and
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enlisting support from renders director long said manufactured home and travel trailers will only be brought in as a last resort and do not expect to see those any time soon. >> i'm sure, diana, it's a relief to homeowners who have mortgages that they are waived for 90 days but after that they've got a mortgage on a property that may not be worth nearly as much as it when they took the mortgage out. >> exactly we did see that in the aftermath of hurricane katrina big spike in decline celinqueni four closures in houston you see nor home equity because of the way the mortgage market works today. we'll see if people walk away or rebuild or what kind of help they will get. >> diana, thank you. the video you're seeing was sent to us by our next guest. melissa is a real estate agent in bell air texas but trappeded in her home outside downtown houston. she's joining us now on news
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line to tell us what she's seeing right now thanks for joining us. we appreciate it >> you're welcome. >> is your home damaged? what's going on in the neighborhoods and how are people dealing with that? >> well, luckily in our neighborhood we are not -- we're two blocks from major bayous and our street is -- happens to be one that did not flood, thank goodness but we have -- we've been very fortunate and just so many in our community have not been so fortunate. >> what i found interesting in the notes from our producer is that a lot of folks have homes that were not in a flood area but now their homes are flooded and it may be perceived completely differently down the road >> yeah, it's really early to figure out how this flood is going to affect our values,
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historically, houston values have been resilient. but it's going to be something that has yet to be determined. >> when you take a look at say some of the homes that we show on our air, i mean, is it hard to imagine from your standpoint. you're a texas resident, that the home being sold, the home having a line of credit taken out to help rebuild? i mean, all of these things are complicated issues you don't even start to unpack until you stop and think about it. >> they are. and you know, so many people have been flooded in the houston and surrounding areas that did not have flood insurance because they have never flooded so this is an extraordinary event here >> do you anticipate -- diana mentioned that a lot of homeowners have more equity typically on their homes in the houston area because of the way
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the mortgage market works there. does that help them stay in their homes even if they don't have flood insurance does that help them stay there and rebuild? >> i would say generally yes we have a lot of residents that have been in their homes over a good period of time and have the equity so yeah, it would make it a bit harder to move and go on ahead and fix up and stay where they are rather than selling >> were you a broker back during katrina? i'm just wondering or past storms for that matter how the real estate overall was impacted i'm sure there are plenty of people who decide not to go back, not to rebuild and that definitely changes the character of the market and of neighborhoods. >> yeah, we haven't in houston experienced a time like katrina in new orleans in which people
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decided to just large areas not go back. overall our market homeowners have rebuilt actually, it's just they get 4 foot of water and they take out the drywall and dry everything out and yeah, they stay in their homes and you know, i assume it's not going to happen again and unfortunately it has happened in specific areas of our city multiple occasions over the past few years. >> i would imaginethat investors looking to invest in the houston area, this may deter them what do you think? >> i think that that would be not a good bet on houston. houston our market has been strong it's been resilient.
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we're the largest city in texas and third largest city in the nation i think that that would be a bad bet on houston i think values are still going to remain strong. >> thanks so much for phoning in appreciate it. good luck to you melissa mims of remax. >> still to come, how long the supply chain could be disrupted because of the storm when will the planes and trains and automobiles be back up and running again? first back to brian sullivan in galveston. brian? >> reporter: yeah, joe, thanks very much. you heard that incredible story, i'm sure there are thousands of story's like hers out there. coming up after the break, we'll tie together the houston economy to the national economy. houston matters in a lot of ways you may not think. we'll give you new updates at oil and gas refining, acouple more slowdowns and stdnshuow happening. we'll give you the latest right after this on "power lunch." when a fire is going on, you're not thinking clearly,
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so they called the fire department for us. my first truck was on the scene within five minutes. i am grateful we all made it out safely. to protect what you love, call 1-800-adt-cares
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welcome back, i'm brian sullivan life in galveston the rain continues to fall something this area does not need in harris county where houston is, 1 trillion gallons of rain has fallen that would power niagara falls in its entirety for 15 straight days, that's a live video of a town about eight to ten miles from here dickinson, that's a live look. we'll show you pretty dramatic rescue video and men and women citizen heroes going out and helping people you've heard a lot of individual stories and there will be a lot more to tell from a national perspective, huouston may be more important than you think we've been down here many times, never under these circumstances. fourth biggest city and fourth biggest economy in the america
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annual gdp $500 billion, they have 3.3 million workers, hundreds and thousands of those cannot get to our will not be able to get to work around that. about 40% of all oil is touched here in some form or fashion and the gulf of mexico gets 50% of all crude oil imports into this area. it's also a heavy export area. the port of houston, which is right over here, is the biggest port in the united states regarding tonnage, you heard morgan brennan about how rail lines, airports, a lot of things you may not realize come through houston. of course the city is best known for one thing, that is oil and gas. and let's update a little bit on the refinery numbers again, what happens here matters on the west coast and matters on the east coast because about half of the gasoline that we use in the northeast, heaviest gas market in america is refined right here and brought up by
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pipeline about 20% of national refining capacity is currently offline. i say about because the numbers are fluid. some of the companies are not giving us exact numbers. some are not saying refineries are completely shut down here's what we know. the majority of the refineries as we talked about yesterday and this morning around here maybe about 2 million to 2.2 million barrels per day are offline. further east in bu mont, exxon confirmed the beaumont facility is shut down, reuters reporting that and motiva has shuttered 60% of the production at the big port arthur factory. that is the biggest refining factory in the united states 600,000 barrels a day. do the math. you're looking probably at close to 3 million barrels a day of capacity that has been taken
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offline and as you've seen all day from the rain that continues to fall, no word at all on when any of those refineries or the ports will come back online. >> all right, brian, thank you we'll check in you a little bit later. brian sullivan in galveston. put the hood back on. >> the neck, the hat doesn't work. >> yep. >> supply chain disruption, the chairman of the texas railroad commission joins us live next with the latest.
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har hurricane harvey impacted the energy industry in texas. lets bring in our railroad commission, i am glad we cleared everything up, christie, i have awfully a lot of questions ready for you about the railroad actually, i do have one. i know it is not what you do because railroad are with energy -- you don't worry of the
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rails the way you worry of trucking or ports are. once the water is gone, the rails are fine, have i got that right at least >> well, thank you for having me >> you make the assumption that the rails are fine if you had major flooding. you can have ground shifting you got to assess them and make sure those railroad ties are still in place you are right, we don't do railroad anymore funny name for an important agency, actually >> it is about energy. i have been thinking about this and reading all the article and journals today, you got trucks and ports and tugboats and rails, the slightest disruption any point along a supply chain can be a bottle neck for everything i cannot imagine how daunting the task is to try to get everything working again >> well, one of the good things we gotten in texas and we have
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learned through the years all state local and federal agencies working together to try to make sure we don't have major bottles next we do all the production as well i noticed that operators, look, the storm is coming. be prepared and know that you need appropriate personality and need to remove appropriate personal make sure your production is safe environmentally otherwise, this storm came in right on top of the eagle hood shell. it is between san antonio and the corpus cristi/victoria area. it is our second largest operating area of the entire state. it produces about 900,000 barrels of oil a day which is out of the 2.7 million barrels a day that we produce in texas it is a big field for us we have seen those operators getting back to the field. some of those are shut down.
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people are getting back in that field to get that production number back online we hit the core of corpus and the core of houston are both shut down today. in your segment, you were talking about refining capabilities and that's still one of the things we are looking at we got a surplus of gas in the state which gas is going to shs everybo shs -- everybody is out at the pump and the logistics, we want to make sure people have gas and put gas in their cars. we want to look out for pipeline and integrity. we want to make sure we don't have power outages we are making those assessments as we go along the corpus victorious area, we are not completely in the rescue phase. as we get out of the water event
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that's going on in houston, obviously, we are continuing to make sure that people are safe first and that's why you are seeing some of these refineries shut down. people cannot get to those plants to go to work first and for most as the event finishes in houston and continues to move onto louisiana as flood waters go down, we'll go into assess to see how quickly those get up and going but the ports are still closed today >> long-term/short term. >> reporter: i understand the roads, i have two questions. have you heard of any floodings inside any of the refineries inside of houston and galveston. have you had any words of when that and the galveston ship
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channels will open >> i can speak to corpus today refineries that were shut outline on corpus, people are able to get back on monday they are doing assessment as we speak. we can be up and going in the port area and corpus assuming electricity gets turned back on, completely back on in the next day or two by september 4th, which was sometimes over the weekend the port of houston and galveston and that whole area because it is still under water, the assessment have not been made yet we are not aware yet of anything because nobody knows yet completely in those refineries we know some republican fineries have stayed open though in that area a supply issues just with pipes making sure we get full supplies the port is shut down and we got
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3 million barrels of crews coming in a day and a million going back out of our port system on the gulf coast, that's supply change shut down. as well as getting people there to do the work those continue to be some challenges for us. fantastic for bringing us all. the railroad commission. >> we did. >> we got that cleared up beforehand >> exactly you would have asked about railroads and ports and all that >> rightin, right. >> president trump is in texas right now getting a firsthand look at the devastation of hurricane harvey while recovery efforts are in place, there are now fears of health and sickness and the heat of flood water we'll speak with the ceo of houston methodist hospital the second hour of "power lunch"
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starts in two-minutes. whoooo.
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back tomorrow and could dump 15 inches of rain. the rain continues to fall to houston reservoirs that contain a large amount of harvey are starting to over flow. officials are monitoring six neighborhoods in the area and encouraging residents to leave meantime, the president is also touring texas. here is what he had to say >> this is of epic proportions nobody has seen anything like this working with the governor and the entire team have been an honor to us. governor, thank you very much, we won't say congratulations, we don't want to do that. we'll congratulate each other when it is all finish. you have been terrific >> good way to handle that
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checking on the markets at this hour the dow is down and turning positive mid-morning right now it is stable and the dow is at 21 points now. s & p is lower than nasdaq you can see right there, we have got it all the way down to 209 at one point utilities have been leading the market best buy is the worst performer on the s & p >> right >> the forecast came out >> exactly >> it was big earnings but things on the conference call,
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he's talking about it with cramer, would not be surprised if it were in the mid-60s. maybe be a little conservative that maybe this was a big quarter and not always this good down in nike, nike is leading the dow lower on the back of some very bad news from finish line >> the hits keep oncoming in the athletic sector between all those guys >> back to the storm now some areas have been hit with more than two feet of rain and another two feet in the next few days brian sullivan is in galveston, texas where the rain have picked up again >> reporter: yes, keep your eyes on some of the retailers here. i am sure they'll have interesting stories to tell. houston has captured the world's
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attention. huge city, don't lose sight of the fact that there are hundreds of thousands of people that are around houston, here in south eastern texas that are impacted and flooded and that are missing and lossiing their homes as wel. some of our crews, jodi and jerry braving harsh roads, capturing scenes from dickinson texas, a couple that was stranded in the truck. how are these folks being rescued? >> they're done by citizen heroes people all races and socio economic status, people who have access to boats or big trucks or whoever it may be going out to rescue their citizens. they' they're just doing it out of the goodness of their hearts
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listen to this guy's story about rescuing a woman with kids >> i have been going at it i got a lady out, she had cancer and could not even work. i had to carry her on my back to get her out just to help her out and she had two dogs, one was dead on the scene. >> reporter: yeah, you hear that from what i understand, right now there is another rescue going on right now we have a live feed in dickinson, texas they are loading the zodiac. that'll give you an idea how deep the water is. i want to bring in somebody that has an incredible story. oscar is from alvin, texas, ten
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miles northwest of here. they got out on saturday you and your family were ucky. yesterday, you needed to get back in your house, tell your viewers how you get back in your home >> yesterday, we put up a stop sign of our road it does not go to the stop sign. that's how we knew it was really bad. i put it on facebook and i showed how i got in there but to the point -- >> you swam back into your home? >> to the point, the water was getting into my chest so i had to cut-off the live video. >> reporter: i would put the phone down and take care of yourself first >> your neighbor is still in his house. he's informing that the water is rising i am sure the water went over. >> reporter: so do you think the water is eight feet? how deep would you say the water
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maybe based on what you are wearing. >> reporter: nine feet of water. your neighbor is still in the house that needs help. >> i am sure he will need some help >> reporter: from what you are hearing are from people that have boats and hearing stories like this, can you give us your neighbor's area so people can go and get them we are at 192 and off of county road 172 in dicinskinson, texas. hopefully someone is out there these are citizen heroes that are out there 18 hours a day on their own boats risking their own necks to save people these stories of people coming together honestly are as tough
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as these scenes are. maybe one of the positive things we can take out of this is awful and terrible event everybody is coming together >> yeah, i am going to talk to contessa n contessa now, bryan. i am going to get her quickly here she's at the convention center, housing thousands, contessa, the center closed yesterday and no surgery or anything. a cancer pay she watient is wort a kacancer patient once you started, you have to complete it. i want to make sure his patient is not left unalert, the stories are unbelievable kcontessa
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>> i met several people working in the hospital physician the other day who had to be rescued by jet ski he said i really need to be at work and my home and car is under water, i have no way to get there. he was trying to configure with friends how he could get back to work and get back to his patients we are on the road, we are in an an antique humvee. we are taking a look at anybody who maybe hanging out. a signal in houston that they need to be evacuated from their homes. i am with these reservoirs over topping at this point, who knows how many more people thought they're going to be fine stayed in their homes and trying to ride it out and now because of the over topping, other neighborhoods are flooding if adding flooding to and people
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who may have gotten a little water may have a lot of water. we are on our way to see that. >> logistically downtown are flooding you may think the road is clear and you get there. you got to circle back around and find another way in. hundreds if not shothousands of people are doing just that to come down and volunteer their call we saw long, long lines of cars, people waiting to donate their supplies it is an incredible logistic response here and it all comes to r together in a matter of days how do you make this, joe? >> unbelievable, contessa. until you are seeing it and for us back here until you think about everything that goes on in
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a major city, anything that goes on is disruptive right now you are on a road that's -- what your sense of what roads are usable right now and how many are not? >> well, i think to the west of houston where there is been flooding from those at capacity reservoirs, remember the army core is releasing water and trying to prevent over topping we know the flooding there is very bad that's one of the areas that we are trying to get into the city and having to by pass, it looks like the waters have receded now. again, these vehicles have been used to go in and rescue people from flooded neighborhoods
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i am not really sure, melissa to answer your question how so many people are finding their ways into downtown houston, passing these streets. if you look at a map of the road closures, all the major interstates are shut down. i-10, flooded. 59 which was a major there flooded into houston were you out this morning? did you have a chance to see >> 59 were opened. we cannot get through. >> right with the big trucks, they can get in. melissa, joe, it is incredible where there is a will, there is a way. >> absolutely. contessa in houston, texas, for us >> aiman
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>> hi melissa, the president made a few remarks there he set a high bar for what he wants from the federal government response from the tragedy. here is what he says >> it is a real team we want to look at it five years or ten years from now that this is the way to do it. this is an epic proportions and nobody has seen anything like this >> the president wants this is to be the best federal and local and state response hurricane as he left that event, he was greeted by a large and enthusiastic crowd the president decided to address the crowd outside. here is what he had to say out there. >> i just want to thank governor cruz and cornyn and everybody, dan, we want to thank the whole group. this has been a total
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cooperative effort, again, we'll see you soon and i will tell you this historic and it is epic of what happened but you know what, it happened in texas and texas can handle anything. thank you all, folks thank you. [ applause ] >> the texas there waving that texas flag he's been touring the facility there as well. we are staging outside what has become a disaster zone in houston. the president is not going to houston today because of logistic al challenge that you have seen. they are not going to try to bring the entire presidential apparatus into that area instead of corpus cristi and austin
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today and back to washington >> he's coming out as this comforter and chief role >> we have not seen the president do this yet. this is the first real national tragedy that happenehappened on watch. the ability to get out there and thanking the first responders and inspiring the crowd and waving that texas flag this is a new role for this president. we are watching it unfold right here live on corpus cristi >> thank you united aligirlines are send a plane loaded with supplies to houston. fill lebeau is joining us right now. >> here is the scene earlier today. it is rainy here in chicago. despite the rain came after this video we shot.
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you saw them loading up the plane are supplies from a number of relief organizations. they did this yesterday and they are doing it today this is the 777 that they are loading up they'll continue this over the next couple of days. as long as there are donations coming in from partner organizations, they'll be loading these planes and flying them into houston international. i got a few questions from people, is houston international closed it is closed to commercial flights. it is a functional airport planes can land there if it is cleared by the faa and airport, which in this case it has been take a look at shares of the united airlines is under pressure today out with a note, if estimate that is the impact from hurricane harvey could be $265 million for united which as you know one of its hubs is houston internationals
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phil leabaeu >> joining us is doctor marc boom thank you for joining us houston methodist is a leading medical center and its got six community hospitals and you have not evacuated a single patient >> that's correct. we have eight hospitals. a thousand bed hospital ands seven hospitals across the community. every single one of them is staying in operational >> what is the status? >> electricity and water and etcetera >> every one of them is in good work we are getting supplies in the main issue we had is some of
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our hospitals are being submerged with water the biggest issue is getting staff released and back and forth. we have an incredibly heroic group of staff some of them for four or five days now >> that twelve on and twelve off sleeping in the facilities we are getting some relief staff in yesterday and quite a few today. >> i imagine you are getting injuries coming in right now and injuries could also be seen longer term. what are some longer term help i am pleasant hill occasiimplicath neighborhood with flooding and standing water, i would imagine that could lead to some certain kind of diseases which we'll be on the look out for. >> the biggest issues is taking care of the chronically ill and
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mentally they're coming into the hospital and getting dialysis there and counting on electrical power along those lines. we are starting to see injuries from the flooding and quite frankly unless they are major and are not able to get into the emergency room yet we are bracing for major activities the next couple of days in terms of medical experiments and research, is there a concern that research may have been abandoned. >> i think we are okay on that
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front. we watch with our flood protection we have three and a half and four feet of water on the north side the plain state is completely dry and all of that is operational and maybe some hiccups in some of that. i don't think it will be a major. >> at least that's good news >> doctor boom, thank you for calling in, i appreciate it. here is what's coming up on "power lunch." one more issue for congress to deal with. when the summer recess ends, what will they be able to get done we'll talk to one of the steel ceos who's urging the president to crack down on foreign steel and much more on the impact of hurricane harvey we'll be joined by a laloc politician all that and much more, coming up on power lun. "power lunch. excuse me, are you aware of what's happening right now?
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i want to thank you governor senator cruz and senator cornyn, we want to thank the whole group. this has been a total cooperative effort again, we'll see you soon and i will tell you this is historic and it is epic of what happened and you know what, it happened in texas and texas can handle
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anything thank you all, folks thank you, thank you [ applause ] [ cheers ] president trump moments ago addressing the crowd there through the tour of corpus cris cristi >> the devastation that we'll hit in one month i wanted you to see that shot there, you had not seen it yet >> the flag of texas >> texas is a state where that flag means a lot by the way. >> president trump i think handled himself pretty darn well you know what really impresses me, the whole thing is horrible. trump coming down with the cabinet members, the relevant cabinet members.
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>> spa and hud >> that's right. >> and he hell cabinet me's hel meetings about this. they got to get some money out of congress. i am concerned about that because i have read different things and arguments popping up. >> yes, exactly right. republicans should not worry about this they got to help these folks in houston and signature rouurrouno three million people, extraordinary numbers. they should get back in and just vote a supplement. fema got about $3 billion. that could hold the floor for a little bit but not enough. you got to drain the streets and get power moving again god knows what else. they can run a 10 billion supplemental or a $25 billion
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supplemental who knows it can be $50.50 as high as 100 billions i don't think it will come until the end of september i think a supplemental should be done at the beginning right away when these folks come back trump is going out there, i guess he's going to speak on tax reform tomorrow. that's according to my sources, that's still on the schedule >> do we see an approval rating though for trump from this and does that help the agenda getting through? >> anything helps, absolutely. it sounds reluctant from you maybe no, maybe so >> i think he's going to get a bump i think he handled it very well and his tone and style i think he will get a bump i am just saying anything, he can use any bump the odd thing about this, i hate to play objects around this. >> that's right. >> trump's numbers as low as
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they are significantly higher than congressional numbers it is significantly higher than paul ryan's number the public is in a newscaasty m, trump still leads the pact my guess is he will talk about money as soon as tomorrow. the reason i mentioned tax reform is he will push the tax reform as he must. it is huge and helps catastrophes don't you think people will be incline and not argue about it >> i hope so >> couple years back it was sandy hook >> senator cruz wanted offsetting spending that
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he and cruz going at each other. lets not have this raem, this really this is the biggest catastrophe that you have seen >> not all of the season dandy a about sandy. >> i know, there was a lot of pork in that congress could somehow help themselves if they did not do that this time i love this supplemental rather than waiting for a continuing resolution continuing resolution funds the entire budget for a period of time i think it is going to be a couple of months, frankly. supplemental can be done and they can make it clean it gives houston some help with this we have never seen anything like that it. i think people are so remarka e remarkable i think trump should add in.
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look, for example, small businesses are getting, it is awful. they may or may not get insurance. flood insurance did not cover a lot. my point is do it as a sub and maybe the president will start that conversation tomorrow and try to do it in a unified way and not ours verses needdeeds. that's the way you ought to do it thank you folks, appreciate it >> as recovery and rebuilding efforts get under way in texas things are going to play an important role we'll take a look at how those texas gialreon banks could be affected, that's next on "power lunch.
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hi everybody, i am sue herrera, houston's mayor held al new conference this morning saying the city is expanding its shelters for people displaced from harvey. >> we are not turning anyone away we need to expand our capabilities and our capacity.
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we need additional sassistance >> over seas rescue teams have been dispatched to southern china with blankets and emergency supplies a landslide on monday buried dozens of homes in china three people killed and 32 people are missing the 18-year-old daniel borden appears in court, he beat a man to death he will appear in court again in 30 days. that's the news update at this hour, melissa, back over to you. >> texas regional bank is getting hit today as flooding continues with more rain expected in the next few days. commercial real estate and products will hit some of these
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names. michael rose, it is great to have you with us >> who has the most exposure and what sort of product lines and business lines are most at risk in your view >> so what we do is we publish for last night looking at a deposit standpoint, who has the greatest exposure? it is hard to tell long disposu exposures. >> clearly, there are other banks on a dollar basis are going to have substantial loans impact >> i would imagine, that business is not operational and it may not make it or consumers got mortgages on homes that may no longer have nearly the value
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as the mortgage was taken out. are we going to see provisions taken, what will we see in the second half in the first is business interruptions and several banks have closed and branches and that'll continue for the next few days or the next few weeks for that matter those are lower revenues you will see increase loan lost provisions as banks take the hit up front bank with insurance companies are clearly going to have issues with pay out plans we see those for immediate and negative impacts longer terms there are potential catalyst if you look at what's happening in terms of the rebuild. it is too soon to say right now. looking at those previous events
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of what we do see is big deposit in flow as it comes into the market and you will see accelerated long growth and i think banks, you know are clearly focused on the efforts of pouring people and the communities, we have seen several major banks making large donations to the effort. >> sure, thank you very much, michael. michael rose >> coming up we'll talk to a steel ceo pushing for president trump to take tougher action on foreign steel. president trump touring the damage in corpus cristi. we'll speak with a local politician who tours the area with the president "power lunch" will be right back it's a game changer. i wouldn't go that far. are you there? he's probably on mute. yeah... gary won't like it. why? because he's gary. (phone ringing) what? keep going! yeah... (laughs) (voice on phone) it's not millennial enough.
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pressure is on for president trump to take strong action on steel imports. our next guest is one of executives who signed that letter and will be involving in providing materials to rebuild
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efforts in houston joining us now is zuckerman. thank you for joining us we don't immediately think that about rebuilding but there is going to be plenty of steel used in rebuilding houston and obviously, that's one of the president's priorities is to use american-made products he has tried to fix it a little bit but not everyone knows that he said down the road we might you are seeing more and know th that we have more time to do it. >> i want to extend your thoughts and priors to the people of houston and the kmo t community. it is going to take a huge effort to rebuild from private sector also, that's why today zekelman industry would like to announce a machatching donation.
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we'll match up to $250,000 of the nations, hopefully we can raise half a million dollars for the release effort in houston. we are pleased to be able to do that as far as your question, yes, a lot of our products used in the rebuilding we are involved in quite extensively after hurricane katrina. everything from piping systems to electric conduet and mobile homes have to be built all the debris have to be carried away in. the list goes on and on. ste certainly, it will be in the rebuilding effort. there are some duties and other things that we try to do to level the plainfield, you point out the finished products, if they are finish here, that can get around certain ways of ke
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keeping steel. they may move it quickly to another country. it is a moving target? >> well, everyone points to china. if you look at the import statistic. china's lowered down on the list but they really not. china will move their steel to a lot of other countries, transforming it into other products and shift it to the u.s. to overt duties that'll help china and influences a lot of these products coming in and don't necessarily out on surface primary steel makers but they hurt american manufacturing will use steels. those are the bulk of the job in the steel industry we take steel produced by american producer and turning it into a product such as tubing.
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china and others taking their steel and shipping it into countries like thailand and korea and taiwan and changing it into products like tubing to circumvent the duties and shipping it. korea does not use one pound of oil country goods in their industry as they control 50% of the octg market here in the united states. it is quite amaze thing that we allow that to happen the investigation of imports of steel that can affect. since the investigation is announced, every country is increased to be whatever and whatever the results would be. counter productive for your industry thof the investigation >> typically that happens any time we file adam dumping case.
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usually people will try to ship in as much as they can >> what do you want the president to do immediately? >> that's a great question tariffs really don't work. >> sorry, what is this if you want quotas and the reason you sent this letter is because of rebuilding effort and houston is going to be under way pretty soon because it sounds from the outside that you are use ting this tragic event to p your agenda forward because this is your agenda way before. >> please, look, we are not capitalizing a tragic event. please don't insinuate that. last month, we hit record levels
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of products. that jumped after president trump announced the investigation. it is been crossed, you know quite easily something needs to be done it is not slowing down at all and nobody's afraid of it. now without the action, people don't feel it is going to happen you have to set quotas we are not to gain import. this country needs import of steel but not une bader debated. >> thank you for your time coming up on "power lunch. the prreesentative that's touring with president trump right now under ground on texas. stay tuned
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the president is touring parts of texas today following the devastation of hurricane harvey he landed on corpus cristi, he's headed to austin now represent todd hunter attended with president trump on the tour thanks for joining us, what happened during this tour and how is the president in terms of his interactions with the various first responders
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>> a small group of meeting, the president was there with the first lady and the governor was there with texas' first lady, both u.s. senators was there i was resentmepresenting texas e we had mayors from other areas and some of the captains are here the whole point is how to g get -- we are focusing in our area and getting it together i will have to say, the president is very supportive and constructive and he says texas is resilience, we'll continue to be resilient we'll have a lot of good work. we'll get good actions meeting today. >> whatever texas meets, he vows to provide, are you as confident anything congress is coming your
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way? >> i am going to say yes i am not going to look at the glass half full. this tragedy can happen in any state in the nation. what happens is we had a tropical storm that turned windo one part of the state. turns into a water flooding in the other area of the state and now it may be affecting the norse texas coast towards louisiana, so i think we're going to be seeing congress taking a serious look that we do need this sort of funding. the president was very strong. both u.s. senators were strong, and i think they will have a good effect on congress >> representative, we're getting report on the wires that the reservoirs in and around the houston area continue to rise. according to the army corps of engineers there's significant potential to cause more flooding here and the reservoirs will likely not recede perhaps for days houston reservoirs to the west of the city have flooded over 3,000 homes. as you hear incoming reports
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like this about conditions getting worse, what are you committed to in terms of the state in what's the role of the state legislature in the recovery of your home state? >> well, we have, of course, the governor section and we have then our house and our senate. i think that you'll see a strong, strong push from the stateside. we have emergency management we have the legislative side along with the executive branch. all operations right now are full force and they are kind of split between my area of the states which is the wind area and now in the houston county zone which has the flooding, and i do think you're going to see full force and full action and the state is getting together. you know, the sad thing is the effects of the storm if there's a good thing you're seeing unifying coming together in the state of texas to address this issue. >> all right representative hunter. thanks so much for phoning in. appreciate your insights today, and we will want to go back out
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to brian sullivan in galveston brian? >> reporter: yeah, hi. we're with peter davis here. you're the chief of lifeguards effectively for gavelston and this is one of the rescue vehicles that they have here, too, but they have been helping to leave jet ski references in dickinson where you have the live camera. first off, peter, thank you. i know you did great work busting your butts how many jetski references have you and your team done >> as of the end of the day yesterday we were up to 160 jess ski rescues and i think they said over 20 pets on top of that all in dickinson four jetski teams over there the last few days and they were going house to house and how are you finding the people how do you know what houses to go to? are you going to every house you can? >> at first they launched off the side of the highway and it wasn't really organized command structure set up yet so we were using social media that and a combination of communication with our county eoc and our sheriff's department here in galveston.
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yesterday, you know, we had a list of places to check and so we would divide it up and go check those areas. what percentage of the homes do you think there are just wiped out. i couldn't tell you. >> how dew deep do you think the water is >> the water was up to the top of the first floor in a lot of buildings. >> peter, thank you for your good work and safe travels for you and your team. are o"perun."ch back after this.
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[pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat?
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in-app chat on thinkorswim. only at td ameritrade.
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>> i just want to thank your governor, senator cruz, senator cornyn, everybody. we want to thank the whole group. this has been a total cooperative effort again, we will see you soon. i will tell you this is historic it's epic, what happened, but you know what. it happened in texas, and texas can handle anything. thank you all, folks thank you. thank you. >> we watched this from what i can tell, i don't know for a fact, but talking to people in the booth, i don't know if this has been on many other media outlets which is kind of interesting to watch this. >> remark habel that a clip of the president is not played across the board here. >> remarkable, but maybe not so remarkable the markets, i'm starting to wonder about things capplled ti
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dilation we began the day with a north korea missile launch, down 150 point. the markets rattled in europe. >> right. >> we cover all of the things happening in houston and turned around now, 40-plus points on the dow. the nasdaq is having a really good session. >> and we're green. >> things happen quickfully. >> thank you, joe, for joining us here upon "power lunch." >> thanks for having me. >> "closing bell" starts right now. >> hi, everybody good afternoon welcome to "closing bell." i'm kelly evans at the new york stock exchange and i'm wilfred frost in for bill griffeth flooding in texas showing little signs of stopping and the addicks reservoir overflowed today for the first time ever. we'll take you live to texas and talk to a houston infrastructure expert about the impact on the city. >> and president trump is now en route to austin.


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