tv The Intelligence Report With Trish Regan FOX Business June 23, 2016 2:00pm-3:01pm EDT
what stocks do you want to own? i have three i think break out make you a lot of money. for now, trish regan. take it away, trish. >> thank you, charles. breaking now, president obama's immigration plan blocked by the supreme court. the court splitting 4-4. that means the lower court ruling that rejected the president's plan to shield millions of illegal immigrants from deportation, it will stand. i'm trish regan. welcome to "the intelligence report." the president blasting decision and taking swipe at donald trump. >> during election years politicians use the immigration to scare people with words like amnesty with hopes it will whip up votes, pretending we can deport 11 million of people, or building a wall without spending tens of billions of dollars of taxpayer money. trish: he lectured americans, be more tolerant. >> immigration is noting something to fear. we don't have to wall ourselves off from those who may not look
like us right now or pray like we do or have a different last name. trish: hillary clinton calling the ruling, quote, heartbreaking. no reaction from donald trump. our political team with a look what this ruling is going to mean for the presidential campaign. meanwhile we have market rallying right now off the highs of the session. nonetheless up 158 points right now on the dow as voters in great britain head to the polls to vote whether or not to stay in the european union. the polls show right now too close to call this one. why should you care? our financial all-stars are here. they will break it down, tell you exactly why. get back to the supreme court, delivering a harsh blow to president obama's plan to spare millions of illegal immigrants from deportation. his plan would have roughly meant that 4 million people living here illegally with no criminal record and who have children who are citizens of the united states, they could have stayed in the country legally and they could have gotten work
permits. the court was split 4-4. which keeps in place the lower court ruling that shot down the president's plan. president obama clearly upset, responding just moments ago to that ruling saying it was quote, frustrating. our own blake burman live in d.c. with the latest on this very important decision. blake? reporter: hi there, trish. you mentioned this 4-4 tie from the supreme court means this is indeed a major loss for president obama as it relates to those immigration executive actions. here at the white house earlier today though he spent much of his time doing two different things. the first, trying to calm the fears of those who wanted toee his policy stand. he talked about how those existing policies that he has already put into place are still on the books. it is just expansion that won't go into place. when asked if those four to five million people now need to fear deportation. he said the policy is of his administration they go after criminals first and those who
are coming into the country illegally now. the second part of it was really a rebuke of the current situation as it relates to the supreme court. that eight-member court. the president talked often about how this was lack of a ruling or a lack of a decision as he saw it. here was the president earlier this morning as he saw it. >> if we have a full court issuing a full opinion on anything, then we take it seriously. this we have to abide by it wasn't any kind of value statement or a decision on the merits on these issues. reporter: republicans from the very beginning trish have been saying this was executive overreach from the president, from the white house. they say he went over the top of congress and can not enact laws in his own right. paul ryan reiterated that earlier today. here was the house speaker. >> this is a win for the constitution. it's a win for congress. congress, not the president writes other laws.
today the supreme court validated that very core essential fundamental principle. reporter: of course trish, hovering over all of this is the 2016 election, november, just four or five months away. as you mentioned donald trump has not yet put out statement specific to this decision today. hillary clinton put out lengthy one which he -- she says how high she feels the stakes are this upcoming election. trish: blake burman, thank you very much. immigration will remain a huge issue ahead in the presidential election. watch here. >> we've got a choice who we'll be as a country, what we want to teach our kids and how we want to be represented in congress and in the white house. in november americans will have to make a decision about what we care about and who we are. trish: in other words, he is already politicizing this. joining me, chris hahn, former aide to senator chuck schumer, and republican strategist, ford
o'connell. good to see you guys. i will start with chris? how will this play to hillary. how will she use it to her advantage. >> if you're latino voter, you know what is exactly at stake in the election and who shares your views how immigration reform in country. this helps hillary clinton but it helps by donald trump's overtures to latinos. helps people running states arizona. john mccain will have difficult election and if he gets past this primary. people like mark kirk. it will affect their races. it will be hotly-contested, you're absolutely right. this will be front and center in 2016. trish: you know, it is a challenging issue for sure and it is one that donald trump has really been able to take hold of ford, in this environment in such that we live. not just, from a national security standpoint with the syrians that hillary clinton
wants to welcome into the country, 65,000 on top of barack obama's 10,000 but when it comes to building a wall with mexico. at same time, ford, he needs some support outside the white male demographic and immigration is one of those hot rod issues. we haven't yet heard from him. what do you think his response is going to be? >> his response should be very simple, that is the president was trying to violate the separation of powers and if this is victory for article i of the constitution which is congress and paul ryan is right, but that is what the democrats are b we've got to win this election. we have to have conservative supreme court justices who will enforce the rule of law, interpret the laws and not be judicial a activists play games with immigration like democrats are. i will give chris this point, they will fire up latinos. if we elect hillary clinton we'll get our way. what trump should use those nervous about presidency, reiterate who his judges are. i'm here to help enforce rule of law in america.
trish: ford, do you buy into this argument a lot of cynics have, one of the reasons the democrats are so hot on the immigration issue they're just trying to bring more people into the fold that can vote for more democrats? >> oh, absolutely, that is exactly the point. look at the fact they have gotten 39% of the white voter in the last election. unfortunately i don't want to make it about race but that is exactly what the democrats do. they play games and about sympathy and emotion and not what is actually going on in this country. trish: your response, chris. >> here is the thing about latino voters. if it wasn't for fact that republicans pander to a base that fear them, latino voters would be natural constituencies for republican. overwhelmingly catholic and over well minuting church goser the unfortunately republicans pappedder to base fears incorporating them into our society. trish: if someone is here legally versus illegally ford? >> exactly. bottom line we let in 1.3 million legal immigrants each year.
let me say something else, trish. this will shock you. i've been pretty proimmigration reform. i even written a chapter. trish: doesn't shock me at all. >> right. >> because i understand the economic benefits is. the problem democrats want to continue playing games. they want to say republicans don't want immigration reform. the point they don't want to ever have proper immigra reform because they use this as weapon. trish: it is actually issue. chris, i think is a fair point. everybody would like to see people that want to come to this country, that want to work hard, that want to bring all they can to help our economy grow with them. that is a good thing of the the problem is we have a situation now where borders are not enforced and people are coming in illegally. you don't know who is here and who is not. >> we have broken immigration system. we have a issue at the border but that said we also have a market that is attracting these workers to this country. we have a country that is a beacon of hope and freedom around the world. people want to work hard can make it here.
that is what these immigrants strife for. unfortunately they're painted by some -- trish: are you rewarding illegal behavior? >> illegal behavior, the illegal behavior is a consequence of our broken system. >> no. >> to say democrats in congress and some, some well-intentioned republicans are working towards immigration reform and they have been it has been blocked by the right for years. and it is time for them to get off the bench and look for real reform like ford called for. >> if you didn't allow this bad behavior like daca, people came here illegally they would be sent home. you wouldn't have people coming left, right and center. message in latin and central america. your life it better. benefit put them top 2% the income. you don't think this is game? >> deferred action for child arrivals, came here through no fault of their own, want to serve this country in our military. we should be doing everything we
can to keep them here. >> why do you think people are having kids in the united states illegally? the reason why they're doing it because they know they won't deported. keep giving them benefits -- trish: you don't want to reward bad behavior by incentivizing more people to come here illegally. you want to do this within the confines of the law. so immigration reform is desperately needed. we can all agree. chris and ford. >> absolutely. trish: market rally right now, up 162 points on our hands as voters in britain decide whether or not to stay in the european union, or to say bye-bye. it's a decision that will have big implications for our economy, for our markets and our national security. we are live from london next.
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voting is underway in britain right now. the country is deciding whether or not to stay or leave the european union. polls, they're closing in less than three hours from now. today's results will have big impact on our markets, on our economy, their economy, of course, and national security. our own charlie gasparino is joining us right now from london with the very latest. charlie? >> polls are pretty tight. if you believe the polls, it maybe slightly give the edge to remain vote as opposed to "brexit," which means britain exit but the bookies, this is very interesting, a lost gambling -- lot of gambling, bookies believe a large margin britain will vote to stay in the eu. that is what we're hearing. i have been out and about interviewing people. cosmopolitan, extreme remain crowd. even anecdotally it is 50/50.
whether the bookies are right, polls are right, i can't tell you. we'll know three a.m. london time. 10 a.m. new york time where this goes. and listen, if the markets priced in remain vote, here is where it gets interesting, if there is something that surprises markets, if there is a "brexit" tomorrow, it will be a wild day not just for the uk markets and pound but u.s. markets. we'll see turbulence and massive selling. my survey, my channel checks of wall street firms, banks, hedge funds, some. mutual funds, even the exchanges they have manned up or personned up to be politically correct, they have extra staff on hand. nyse has circuit breakers in case there are wild swings in the market. everybody is expecting to to be a remain vote which doesn't change the dynamic, it is business as usual but just in case there is "brexit", britain exit, people have manned up and
womaned up. bookies say no. popular opinion says no. trish: let me ask you about the weather. it is our understanding pretty tough day, a lot of rain, torrential downpours. does that favor either camp? >> listen the british survived dunkirk, okay, which it rained and they were bombed on by the germans and they won that these are pretty tough people. i think the one way it might help or impact and help "brexit," britain exit, is the demographic breakdown on this vote is, young people essentially for staying in the eu. older are not. there is a huge concert somewhere which has turned into a mud bowl which i don't know if it is that easy to get out of there. so i have heard that as an externality people are fact toring into their prediction. don't laugh. that is some things they're factoring in. trish: it's a tight vote and factor in the weather. >> should be good for "brexit."
shoed be good for "brexit." we'll see. trish: it could be pretty rough day tomorrow for markets. charlie gasparino will continue to report for us from london. good to see you. moment in britain to get out of the european union, is all about the frustration that voters have. this is something that is happening all across the globe, right? it is not unique to american politics. people are fed up with the status quo. fed up with establishment. everything from trade policies that hurt the working class to rampant immigration and porous borders. these are things that europe is facing. big government micromanaging all aspects of life there. voters said enough. we're tired of it. it is exactly what's happening here. it is all happening around the globe. that's next.
to vote today whether or not they want to stay, part of the european union. a lot of folks are worried about the economic consequences, about the market consequences, about national security consequences. so what should europe do? what might it do? joining me right now start mouth economics professor, and a university of maryland economist peter morici. good to see you guys. danny, there is whole doomsday scenario. if britain votes to leave, there will be chaos in the markets, chaos for its economy, bad stuff all around. explain the rationale to that? >> well, central banker particularly worries about whether things are surprises. and if there is a "brexit" vote it would actually be a surprise to the markets. they have moved pretty much following the betting markets and assumed that there will be a remain vote. so that's priced in and the found has strengthened.
if there is a vote tonight to exit, it will be a surprise. it will generate some market reaction. the obvious question, how much? my view that certainly uk is unprepared for such a vote. we haven't heard any plans they have for doing it. they just said the world will come tumbling down. the danger is in that, if there is a "brexit" vote, it will do exactly what they said. so i think -- trish: but why? why? peter, let me get in here. people would still trade with the uk. why is there doomsday feeling all hell is breaking louis if uk decides it doesn't want to be part of europe? >> cameron staked his political career. a lot of people will lose jobs in the government with a exit vote. reality there will be market turbulence. absent free trade, the average tariff going into france for british exports is like 1.1%. it is absurdly low.
they virtually free trade without being inside of the european union. u.s. banks compete very nicely on the continent. why can't british banks if they're not part of the eu? security issues, nato is not going away. we had nato before britain went into the eu. let's face it, these foes knows there is self-interest when it comes to russians, syrians and the rest. military cooperation will continue. it is doubtful a united eu will accomplish anymore than nato is already accomplishing. trish: do you think that great britain is better off not being part of the european union? >> absolutely. the european union is an albatross. it is terribly managed. it micromanageses british banks and british industry. they would be better off cutting themselves loose. like being in a bad marriage. the divorce will be expensive but 10 years from now they will be very happy they're free of this shrew. trish: what do you think, danny? >> i don't agree with that at all.
i think the great uncertainty is a big problem. we have no idea what post membership of the eu would look like. would it look like the norwegian model the swiss model the albanian mod fell? it would mean complete rewriting of british law. it would take two years to actually generate a divorce settlement. and probably 12 or more to negotiate trade deals with lots of other countries. so this would actually be an unnecessary self-inflicted wound. there are no series economist who is actually think it is good idea. no serious economic analysis that actually shows you there are economic benefits. trish: peter is an economist. >> excuse me, sir. excuse me, sir. i beg your pardon. i'm a quite serious economist. i'm a tenured full professor. i'm one of principle architects of nafta. i was chief economist to the united states international trade commission. trish: he is a big deal. he think -- >> what i'm trying to say to you, there is a lot of people
with investment in the status quo. and you can cook up models that say the world is coming to an end like, some folks have done but in reality, i think that the brits will look a lot like the americans. united states is not part of the eu and it does fine. trish: danny is english. he was a central banker there at bank of england. danny, you get a lot of friends back home still. would i think a lot of them are sitting there saying you know, why do we need to listen to brussels? aren't we our own entity? aren't we english? why do we have to listen to brussels for direction? i sending a million syrian refugees into europe and we might deal with the consequences of it? >> well, basically doesn't look like that. we can throw vitas at each other. i can thrown mine as well. >> goodness, gracious. trish: let's not. >> hold on minute. >> you started it.
trish: central bankers, dartmouth professor. danny, move on. >> right. 300 economists, 12 nobel prize winners. oecd, imf, uk treasury, the bank of england and center for economic performance at lsc, done serious economic analysis. trish: danny, nobody want to hear that, they want to hear your analysis. why do you think that people aren't saying to themselves, i would be better off if i left? why do i have to listen to brussels? why do i have to -- >> well, it is my view that actu i mean it is my view that if you look at analysis, the best way i think of it, i belong to a golf club. other thanly way to play at my golf club is to pay. if you take the norwegian model that others have suggested, basically you still have to pay. you still have to take free movement of peoples. and you don't get to decide what the rules are. and so it is very hard to he see why you would want to be outside
of this huge trading nation where companies like morgan stanley this morning said basically, if this happens, we're going to leave. ford wrote to it is employees this week. trish: they're not going to leave. >> i heard them say. trish: because all part of doomsday rhetoric. >> when we were going into nafta -- trish: peter, final word. then got to go. >> when we were going into nafta the automobile companies were terrified because they would have rearrange their investment because it was structured for mexican protection. whatever the status quo is, business likes it. all the great economic minds told us free-trade agreement with south korea would be a boon to the american economy. our trade deficit with south korea since ballooned and we lost 125,000 jobs as a consequence. these models don't work very well. trish: we'll leave it there. good to see you guys. danny, see you again, tonight, 9:00 p.m. eastern. >> yep, a, absolutely. trish: when we get results in. >> absolutely. trish: continue to debate.
>> looking forward to it. trish: immigration is the big part of this. the issue motivating so many brits voting to leave the european union. i got to ask, can you blame them right now? when germany throws open its borders a million plus muslim migrants who have attacked and sexually assaulted nearly 1000 german women and children? look at poster from a politician who wants britain out. it reads breaking point. the eu has failed us all. we must break free of the eu and take back control of our borders. can they do it? next. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points
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>> when you look what's happened with, as an example the migration, when you look at things going on over there, my inclination would be go it alone and go back to where you came from. trish: donald trump saying immigration is a mess in europe, and it's time for britain to take back its country and go it alone. it is a sentiment shared by many supporters right now that want an exit from the eu. today's vote happening right now as we speak. in fact polls are closing just about 2 1/2 hours. it goes beyond the economic impacts. because i will tell you what is really at stake right now, is britain's identity and regaining
control of those critical borders. keep in mind as eu member, britain is required to allow any eu citizen to work or live in their country. guess what? these people have full access to britain's health care and public services which citizens of the uk have to pay for. no wonder 40% of voters backing an exit, immigration is the most important factor in deciding how they are going to vote today. joining me with their thoughts, "wall street journal" chief economics correspondent jon hilsenrath and fox news strategic analyst, lieutenant colonel ralph peters. good to see both of guys. lieutenant colonel peters, let's start with you. you spent a lot of time in germany. when you look at europe, changes even within the last year since angela merkel invite ad million refugees into the country and think about how that is affecting the uk, do you sympathize with voters there who want to get the heck out of the eu? >> well, if i were english, i
would absolutely vote for "brexit." the prophets of doom are always prophets of doom. peter morici captured it earlier. there will be turbulence. as an investor short term and midterm i would rather they say in, but in the long term i really believe that britain leaving the eu would, whether or not it is good for britain, i think it would be, it would be very good for the eu because they need a wake-up call. the eu is too big, it is unmanageable. i think what purr seeing with britain leading the way and england leading the way is rebellion not against unlimited immigration but against dictatorship of clerks in brussels. people want to preserve their englishness and germany their germanness and sweden, their swedishness. it is not all bigotry but saying where does all this end? we've had enough. trish: mix of cultures there, right, jon, people want to
protect that. let me ask you, jon, are they at risk of becoming less powerful if they leave? richard branson had an interesting blog on this and he was making the point, do you want to be little england or great britain? but you could take it even further than that the eu, aren't they stronger together from a national security standpoint, economy aside, than they would be if they're all broken apart? >> well, you know it depends on how you look at it. if you look at it from a trade perspective it seems that the uk is better off as part of the eu because they have more negotiating power when they're negotiating trade deals with china or the u.s. or any other trading bloc. so if they leave, they have less power and they have to renegotiate a lot of deals. trish: they're still pretty big economy though. you're still going to play ball with the uk. >> you're still going to play ball with the uk but you're part of a smaller economy than you are with the entire eu. but what i was going to say is, you have to weigh that against
the autonomy that they have and regulatory authority that they give up by being part of the he eu. this comes back to what colonel peters said. giving up their authority bureaucrats in brussels. the key word he used, rebellion, describing what is happening in our own election here in the u.s. there is rebellion just not in the united states but in the uk and elsewhere against authorities running the global economy. this is just one, this vote is just one of many symptoms of a global rebellion against an global economy that isn't performing very well. trish: jon, here at home people feel like their jobs have been deported to china or some other market where people work for less. people frankly in the uk, feel the same way. look at immigration number, colonel peters. they have roughly more than 300,000 now immigrating into that country. 15 years ago, it was 150,000.
more than doubling. they are saying to themselves, we as jobs, the english could have, used to have. >> yeah, i think some of that to be is remandtic view of the past -- romantic view of the past but all these countries are hitting saturation points in view of citizens because of immigration. it is not anti-islam. britain's biggest problem is eastern europeans coming. trish: working for less. >> lavish benefits. trish: go ahead, jon. >> one point about immigration. you know there are two ingredients to economic growth in the long run. win is a productive labor force. the other is a growing labor force. you know, when you look at a country like japan, one of the reasons japan has not been able to grow because they have closed borders. they don't allow immigration. one of the reasons why the united states has thrived over the long run because we're a melting pot and bring people in. we have to be careful about speaking too aggressively against immigration.
>> the point is uncontrolled immigration. of course immigration, es special tiffwise immigration policies are net plus for economy. of course they are. when you are flooded with people you can not absorb, it really is a problem. the cost -- cosmopolitan elites don't feel that. household help and gardener. people down in the neighborhoods, perceived destruction of their life. you have rebellion against the hyper state. trish: you see how similar we are with the uk. good to see both of you, colonel peters. >> thank you. trish: the effort, everyone to get out of the eu is basically rejection of big government micromanagement of some aspects much life. banning high-powered vacuum cleaners to bananas with abnormal curvatures. there is law in europe about bananas too bending.
they have all kinds of rules. rules whether or not you're not allowed to compost your garbage. brits are fed up with eu bureaucrats in brussels telling them how to live. sounds familiar, right? americans are growing tired of political elites dictating how we live. we have art hogan, chief strategist for wunderlich securities. he wants brits to stay put. benjamin powell from independent institute, says britain needs free trade, not the your roy. ben, what do you mean by that? >> i think economic integration is free and britain should trade freely with not just european countries but countries around the globe. what you don't need political union too. when we look at long-term trajectory, we see increasing centralization of power in brussels not just england but more and more countries creating more regulations, bureaucrat rules. pushes for tax harmonization. we keep in mind secession is best check on that power. if britain votes down leaving now, they lost a credible threat
they might leave if power gets too much more centralized. they keep plunging down "the road to serfdom" in europe. now is time to take the exit ramp. trish: road to serfdom. art, your thoughts? >> i i agree with ben but disagree how he gets there. this election is too close to call regardless of betting. in election as close as this, i think a remain vote will tell us brussels has to get their act together. we need to have reforms. there is too much regulation. we shouldn't care about vacuums and bananas as you talked about in the last segment. we should think about the net-net effect. what is the most positive thing? looking forward, not going back. having less regulation and having single market and more buying power in global market. i don't completely disagree with ben, i disagree with the path. trish: do you think, do you agree with that ben, they need "brexit" effectively, all of
europe to realize the eu is in very fragile spot? >> i think it might be a a wakep call but wake-up call they can clamp the phone back down on because britain lost all credibility they will exit in another year or two if they don't like increasing centralization. britain leaving benefits other countries of eu putting a check on brussels. then other countries exit and europe -- trading freely. not regulating the other. trish: this is the fear. that you're going to actually see unraveling the european union as we currently know it. you're basically saying that is good. a lot of people saying europe is stronger together both from economic perspective and not forget about vladmir putin hanging out there from a national security standpoint. ben. >> i don't think they need it for national security standpoint to be part of europe. economic integration is great but when we centralize things politically i think that is where we're in danger of losing our freedoms. trish: yet, art, historically we've seen a weak europe is not
good for the world. >> weak europe is not good for the world. trish: hang on. art, your thoughts? >> what we're trying to get to what is the derivative of this? if uk can leave you're right, what is the consequence and first derivative? all the periphery countries with lot of debt, weaker currency, do that by exiting. i think this is first of many steps. definitely not if, but when. trish: you don't think the eu survives ultimately? >> they don't if there is "brexit." this is the first of many. that is exactly how -- trish: a lot of political careers on the line right now as we speak. we have two hours and 18 minutes to go until the polls close there in the uk. good to see both of you, art and ben. more than 40% of british voters want to get out of the eu say immigration is the most important factor in all this. who could blame them when you see what germany's open door policy has meant. they're welcoming into that
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or not they want to stay part of the european union. the expectation right now anyway through the betting markets is that they're going to vote to stay. so consequently the market is up 160 points but i got to tell you the polls are very, very close and weather is not helping the stay vote. look at oil closing higher. just moments ago, crude over investor confidence the uk might remain in the eu. shares of macy's higher after ceo terry lundgren announced he is stepping down. the company president will take over as ceo. lundgren who has been ceo since 03 will remain as chairman. more what is happening right now in the u.k.
trish: immigration very much the center of britain's eu vote. many britains are nervous with what is happening with germany's open door policy. germany welcoming million muslim migrants into the country. adam shapiro is in berlin. i have to ask you, do you think angela merkel regrets that decision to open the floodgates to migrants coming in? reporter: no, i don't think she regrets it. she is in support welcoming migrants into the country. at least in germany she talked about that in the past. she actually pointed out essentially have a flat birth
rate. they need immigration to germany to help their economy the. i have not had a chance to meet with angela merkel. she in previous press conferences, didn't bring it up in today's press conference, supported decision to allow immigrants to germany. trish: there is a lot of at stake, right, politically for angela merkel and other these political types. they have effectively, adam, staked their entire political futures on the success of the european union. so this would be a big hit to her and to the rest of them? reporter: it could be a big hit to her although look at numbers what is at stake for germany, if citizens of uk vote to leave the european union, it is expected that in germany they will lose by the end of 2017 about $50 billion less in euros, but $50 billion in lost exports but economic hit to the entire eu
germany would perhaps suffer. they are looking at as much as about 1 1/2% drop in gdp and growth in 2017 would only be half a percent when it is expected to be 1.7%. so there is a lot on the line. trish: there most definitely is. adam, good to see you. keep checking in with you. we'll take a quick break. i will be right back. the heirloom tomato. intensely-flavored. colorfully-diverse. beautifully-misshapen. cultivated for generations, it's the unexpected hero of any dish. when you cook with incredible ingredients... you make incredible meals. fresh ingredients. step-by-step-recipes. delivered to your door.
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at home and spent by elected british officials who know better what the brits need. here to weigh in, kevin kelly, recon capital, and grover norquist, americans for tax reform. grover, starting with you. they want representation there. they feel like brussels making all decisions and all the money is going to decisions they don't have a voice in. do you sympathize how they feel right now? >> certainly all americans can sympathize with the idea being taxed by some entity they don't have any representation in or no effective representation. certainly we lived under britain under those conditions, we decided to leave about 200 plus years ago. britain volunteered to join the european union. we never volunteered to join the british empire. but when they did that, i don't think they understood it was not just a free trade zone. it would come with all sorts of government regulations and all sorts of cross subsidies for
french agriculture that isn't competitive, or poorer countries coming in that are, get a lot of cash from britain and germany. so whatever they thought they were getting into, this isn't it. trish: this isn't it. so people are frustrated and they say, we have had enough. kevin, you make the point, you know, in fact, rather, chris, you make the fact that there is more to this than that? >> yeah, there is a lot more to this than that. if you take a step back look at european union experiment, see, 10 out of 2countries actually have -- 28 countries pay more into the european union than they get out of it. france and germany are two of those countries that pay more than the uk but guess what? the uk has a bigger economy. so essentially france and germany are subsidizing uk membership. that is interesting point to take away. if they do leave, they are going to try to get trade arrangements
back in with the eu and look what happened switzerland and norway? they had to be subjected to the eu immigration policy they can't get a better deal than they have now. they still have their own currency, their own central bank. they still can control trade and their economy. that is the most important thing that they need, especially going into the future. trish: drover, his point, they will lose out? >> should britain step aside, step back and say we're out under these conditions, i think you're looking at other countries that would begin to say, we also want to renegotiate. i think there has been too much, i think there is too much centralization looking in brussels. people in britain, hungary, poland and number of other countries raised these points at different time. >> here is the point. they don't have the economy the uk has, right? they don't have the sway. so that is the problem. the uk has power of the purse and using that direct influence in the eu right now, especially because look how france and
germany follow their lead. >> well, i understand from talking to the british guys when they voted no on new regulations, they have almost invariably been outvoted. even though they sort of have a vote when the europeans get together, it hasn't been an effective one. you've heard all the little things that they regulate and so on that is nonsense. trish: right. >> little irritants. why in the world european union doesn't back off on this. trish: i have got 10 seconds are they going to stay or are they going to go? grover? >> 50, 50. trish: kevin. >> stay, vote pocketbook. they reelected prime minister cameron 13 months ago. >> booed toe sue guys. good to see you guys.
trish: the polls are closing in britain in just about two hours from now. this is a big deal. you've got polls that are very, very tight right now. you've got betting markets that are saying, oh, they're going to stay in. you've got the market up right now 172 points on hopes that great britain will stay in the
european union, but it's not clear they will. and the weather's not helping over there. joining me -- or do join me for our special coverage tonight on fox business. lou dobbs kicking it off at seven, and i'll be taking you into the night as we get results starting at 9 p.m. eastern. it is a big deal with major implications for our markets. liz, over to you. liz: it's a nile biter, as -- nail biter, as they would say in england. [laughter] listen, remain is the refrain on wall street as markets are banking bigtime that the british people will vote to stay in the e.u. looked stocks -- look at stocks, biggest percentage gains in an entire month. dow jones industrials up 171 points, big rally across the board. is it affecting your money? less than two hours remain for u.k. citizens to cast that all-important vote. and while polls are calling it, yes, the nail-biter, bookies in london say there is now just a 19