tv Cavuto Coast to Coast FOX Business May 31, 2018 12:00pm-2:00pm EDT
blagojevich and martha stewart. >> just your average day. stuart: just your average day. the dow is down 164 points, 24,000 five. our time is up. big day for you, neil. neil: president arriving what will be a closed-door meeting with parents, friends, family members of those santa fe victims and santa fe students in general in santa fe, texas. we'll keep you posted on that. keep you posted on the fallout from the president going ahead doubling down on tariffs that affect many more countries than china fact the real pinch will be felt on europe and could be affected in canada and mexico. for those markets it is dicey for products that come out of those countries, it is dicey. for products we have go into those countries is is dicey save for steel which is getting a lot of support from the president of
the united states at a time they argued they needed to play fair and square. blake burman from the white house on all of this. hey, blake. reporter: neil, major headline out of the trade front today the trump administration decided to slap 25% for steel, 10% for aluminum tariffs on canada, mexico, the european union. this was delayed for almost two months but it will go into effect tonight at midnight. however not to be lost in all of this as the president and his administration are major deals they are negotiating on several fronts. in fact the nafta, nafta renegotiation played a big part in the thinking from the administration. because wilbur ross, the commerce secretary told us earlier today as this announcement rolled out that nafta negotiations have not gone to the speed which they had hoped. that is in part why they are slapping these tariffs on canada and mexico. here is what the commerce secretary told us. he said, quote, those talks are taking longer than we had hoped. there is no longer a very
precise when they may be concluded. therefore they were add into the list of who will bear tariffs. that is one of many high level dealings the trump administration is involved with at this hour. the other, not here, necessarily at this moment in the white house, down the street from you there in new york as secretary of state mike pompeo meeting with the right hand of kim jong-un, kim yong chol, who is here in the united states, the highest level meeting on u.s. soil in the last 18 years. it is possible though that the north korean delegation makes its way down here to washington tomorrow so said president trump earlier today en route to texas. listen here to the president. >> i believe they will be colling down to washington on friday and, a letter is going to be delivered to me from kim jong-un. so i look forward to seeing what's in the letter. reporter: the president also said he is aiming for a meeting with kim jong-un on june 12th but there could be two or three meetings or maybe
none. i just heard stuart, in my ear, say that he told a reuters reporter that this might require multiple meetings for denuclearization. i bring that out if the president was on air force one, he ended up speaking to some reporters, one of them being a reuters reporter. we'll get some headlines from that. one of the headlines we're getting he said as well that he is considering a pardon for martha stewart and potentially a pardon or commutation of sentence for former illinois governor rod blagojevich. we are just getting another note in on this, neil, the president just landed. according to one of the notes, the president told reporters that blagojevich had something quote, stupid, but that it was similar to what other politicians said. he said the 18-year sentence was really unfair. plenty of other politicians could have said a lot worse. a whole lot coming out from the president on air force one and i believe that drip, drip, will be coming into your in-box shortly,
neil. neil: the governor didn't only say something stupid he acted on it. he wanted to parlay favor with choice candidates to replace then senator barack obama as he made his way to the white house. so i believe it was a little more than stupid words, right? reporter: this is on a day when the president has already announced that he would pardon dinesh d'souza. number two in the white house press shop raj shah if that has anything to do with bigger picture on the russia investigation. he stopped reporters, hey, look, every case is its own. every case has its own merit. when you pull back the layers on this case it is not just a governor trying to sell a senate seat. it's a governor trying to sell the senate seat in illinois of barack obama, president trump's predecessor. we're going to hear from the president a little bit more, his thoughts on all of it, but the layers on this one, my gosh, they are interesting, neil. neil: then martha stewart thing.
we have a lot to talk about later on, my friend. thank you very much, blake burman. as blake pointed out at beginning we have tariffs threatened, now realized. the administration could have given another extension when they expired tomorrow. that will not happen. they will go into effect. they are biggies, 25% on a lot of steel-related products, 10% on aluminum-related products. some are very upset and promises retaliation of their own. you know the drill, unravels, unnerves the markets on notion they will get to deeper things. "dow jones newswire" chief editor glen hall, former assistant secretary of defense amber smith and last but not least, mike murphy. markets get a rattled and used to stuff like this. >> the markets are getting used to it. we had volatile last few months much after years of limited volatility, we have more
volatility. that is something traders are getting used to. they're looking for the next shoe to drop. we look at the market, talked about it before, great earnings, recovering economy, yet the market is down for the year. neil: it will have an up month unless something cascades mightily. >> i think we have a good month. set up for the rest of the year is still positive. that shows people are a little bit concerned one day, one of these initial reactions turns into something a little bit more to the downside. neil: there might be a method to what the president is doing. you know him better than i, but it does seem to be, you know a civil kind of extreme response. go light one day, go tough another day. do you know what the catalyst for this suddenly not only these things are back on but back on with avenge against because a couple weeks ago it was almost kumbayah? they might happen, might not happen, what is the deal? >> the president doesn't like to get taken advantage of. neil: what happened during the
last two weeks? >> discussions had been happening. he wanted to see how those discussions played out. he recently tweeted, that president obama did absolutely nothing with trade over the last eight years except allow other countries to rip us off. the president said, enough is enough. we want to level the playing field and unfortunately the united states has been taken advantage of by some of our allies because of some of our policy and the president wants to change that. >> i know that has been his pitch, what specifically changed to warrant very, very tough approach or is this all part of a grander scheme that i'm missing? >> i think he likes to keep people on his toes, especially public appearances in the media and what he is tweeting. so that is part of his negotiating tactics. he likes to keep people guessing. >> if you see they got deals they wanted from south korea, australia, i can't argentina, brazil, they see nafta going slower than they thought it would, he wants to put the pressure on. if they're not coming to the
table fast enough this is one way to heat up the discussion. neil: in heating up the discussion you also risk slamming down the discussion. it brings down hard-liners in each of these countries including by the way, china, who are saying we're sick of this game. there is always the risk that happens. the president falls back, they need us, these countries much more than we need them but where do you see it ending up? >> i think it has got to resolve itself because these are also our allies we're talking about, and -- neil: particular distaste for germany though. threat of not buying any germany luxury cars. >> when you bring cars into the equation that will make things difficult. talk about canada and national security, nato alliances and national security, they have an argument to be made, how are they the threat? they are going to make that argument in the wto. that will not happen before the pressure is on. there will be a need to get past this i worry a little bit we're talking about trade wars on multiple fronts across asia, and now across europe and north and south of our borders.
so that is a lot to be doing at once. neil: the markets i wouldn't say resigned to this sort of in your face trade approach to amber's point but they're a little confused by it. i mean the president is right to bring up the way china does rig its currency, its markets. all of that has come clear as a bell in these discussions but is this response for it? now this is a worldwide phenomenon? >> so far if you judge the president on what he's done, no one expected he would be able to get north korea to the table. neil: very good point. >> he has gotten us there. we talked for months about this trade war he was starting with china and how it will impact us negatively. that has completely blown over. this administration come to a point where they're going to treat our allies and people, trading partners around the globe differently than the previous administration. they will take a hard-line. it is going to be an america first line. they're willing to deal with the consequences there. so i'm not, i don't love the idea of fighting with everybody
around the globe at once. neil: right. >> if you judge based on the results so far, i think the president's winning. neil: that's where you're coming from right? say what you will of this rough-and-tumble approach, if it yields results and others make concessions the thing i'm confused about when it came to the chinese, for example, they were making concessions, they were committing to buying more agricultural goods. it wasn't revolutionary but certainly evolutionary, for the chinese unprecedented, he could have taken that as a sign of progress and asked for more, demanded more, something broke it off, not enough which is all the more interesting give the fact that you know, we need them to play a crucial role whatever happens with the north korean talks. i know he is working on different channels and levels but what do you think of the risks here? >> the pet has said he saw a change in kim jong-un east attitude after he went with china to meet with the president there. neil: right. >> we all see more on that
front. this president does things a little differently than we've seen in prior administration but it doesn't necessarily mean it is wrong. neil: you don't think it is just madness or crazy stuff? >> i think i do, method of madness and we're seeing results of it. >> let's not forget the midterms are on. the president has become campaigning. he wants more republicans in. he thinks his message is one that people need to remember as we go into the polls. neil: is a trade war good message? >> strong for america is a message that played to his base. he is trying to bring that base out for those who are up for election right now. i think he thinks that message works. he will double down on it for the midterm. neil: too soon to know who is right here. i'm going to say you're all right. i'm not as right as these guys. take a look at couple things. we're down 213 pointsi'm hanging this on murphy. that could be me. and i'll wrong. trade war, escalates.
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neil: you know it is one of those president of the united states irrefutable powers, the power to pardon. get people on the hook off the hook. he did it earlier today by announces that he would pardon conservative commentator dinesh d'souza making illegal campaign contributions. the president saying that was unjust, unfair. now talk he is about to do the same, grants presidential clemency to illinois governor rod blagojevich, live style few rue, i guess you call her that, martha stewart. let's get the read on this. debra, on blago affectionately known in the media world, governor of fine state of illinois who was supposedly trying to curry favor and influence by playing off the role he would have in finding a replacement senator for then senator barack obama, moving on to the presidency, he serving
six years now of a 14 year jail sentence. i think it is about that. what do you make of this? >> there are different ways for someone serving a jail sentence, a federal sentence to try to get out. obviously one of them is a presidential pardon. there are ways within the federal system you could apply to the warden of the prison based on a recommendation from the court, that that individual should be released. that is very difficult to secure. so the best option for him is, this pardon. now he is friendly with trump and this president likes to show husband power and he might go ahead with the pardon which is going to eradicate the prison sentence and release the former governor from jail. neil: seth, what happens martha stewart over stock trade and insider information, getting into the weeds here? we do know former fbi director, prosecutor days, one aggressive going after her in that case. do you think that is one of the catalysts here? or that after the fact, having
served her jail time, it just a way to, you know, expunge the record. what happens here? >> i think reading between the lines the president here is looking at one area where martha stewart ended up really getting in hot water, which is under the federal false statements act. she was not convicted of any kind of a substantive crime but she was convicted of a false statement to a federal authority. because of recent events and certain people such as general flynn and others in camp trump, we've all been getting a little bit of a primer on the false statements act. i suspect that the president is indicating here he finds a conviction solely under that in particular instance to be unfair and general principles of unfairness is point he was raising of mr. blagojevich. neil: yeah, you know the argument was the president thinks in blagojevich's case, debra, that the punishment didn't match the crude, unsavory
words he used. it didn't warrant spending 14 years in prison and changing that. the president really doesn't need a reason. he can do what he wants but what do you make of that argument? >> i agree often times individuals serving way too long after jail sentence. their convictions don't match severity of the crime. i see that with my clients who i try very hard not to serve prison sentences. our sentencing both federal and state need to be reformed. neil: guys, i want to switch gears if you don't mind, seth, maybe you can address this, news roseanne is saying she will fighting back african selllation of her abc show. she is considering options first regarding abc and sticking by the show or not sticking by the show. where is this going? >> i don't think it will go anywhere for her. the world of social media and issues that are implicated there is really one of the hottest issues in the world of business, entertainment and employment
today. unfortunately for roseanne and others it carries some of the lowest levels of legal rights and protections that carry with that. think about where we are right now, it is very interesting, roseanne bar up until a couple days ago, one of the most powerful people in the television and media industry. unless she fits into very narrow exceptions she gets no legal protections for social media activity. sometimes people can get protection under the national labor relations act, they have what is called freedom of political-oriented speech in terms of conditions of employment. we don't have that here. she can't race that flag. this is racist rant. she blew herself up in instance. her legal chances are slim to none. neil: i'm not a lawyer, her argument, abc you know what you got by signing me up, long history of scathing controversial tweets, emails, statements, so, when you hired
me you hired me with all of that baggage. now you're firing me because of this one tweet. you say what? >> i agree with you. i think she will make a wrongful termination claim you knew who i am. you knew that i made racist remarks in the past. so you can't fire me for this instance now. but most likely abc is going to be able to say she breached morality clause in her contract. we haven't seen it yet. most likely it is there. neil: does she have a morality clause? if she did her controversial tweets and statements throughout seemed to violate that put maybe i'm missing something. >> absolutely. we don't know if she has a morality clause. ultimately whether abc made a unilateral decision through their termination or they had to involve a third party to make a decision. she might have a claim there saying this wasn't done properly. but ultimately if there is morality clause in place this is
a clear violation and abc could actually sue her. neil: seth what do you think? >> agree. generally realms of employment law, they have significant discretion to exercise this kind of a judgment and dole out this kind of punishment. i agree probably a breach of contract. one of the things really unfortunate about this, along with all the other issues presented is that roseanne barr opened up a new door to audience in middle america. she did not move forward a program that takes place about millionaires on the upper east side or people hanging out a beach in miami. she spoke to middle america. people were hearing a unique voice a unique media property, she blew it up. i agree with the conversation this afternoon. i don't think she really has a leg to stand on here. but i think other people like tim allen may open up the door she was able to open up in this unique venue. neil: this is not repudiation of conservative programing. >> right.
neil: repudiation of her. thank you both very much. the dow down about 200 points. this tariff thing is having interesting reverberations. if you are not a steel-related company you're not doing nearly as fine. after this. i'm all-business when i travel... even when i travel... for leisure. so i go national, where i can choose any available upgrade in the aisle - without starting any conversations- -or paying any upcharges. what can i say? control suits me. go national. go like a pro.
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concerns about trade war, back, front and center and tariffs are imposed on neighbors allies, including canada, mexico, and european union. here are the laggards. proctor & gamble, goldman sachs, caterpillar. they are under pressure in light of this top story of news five names chopping off half of the dow's losses. didn't take up what we've seen in the month of may. the dow is up 1.1% this month. s&p up 2 1/2%. nasdaq up 5 1/2%. we've seen many tech stocks touching records, closing records. intel, caterpillar and boeing which are among the winners, you can see intel up 7 1/2%. some of the laggards for this month, which would be including walmart, goldman sachs. you are seeing some of those names under pressure. i will toss it back to you, hey, microsoft hit a new high, neil.
neil: nicole, thank you very, very much. microsoft the third most valuable company on the planet right now approaches 100 bucks a share. in this era of volatility right now, that is providing a good parking space for a lot of money here. to former dallas fed advisor, danielle dimartino booth and fan fan executive tim ruud. what do you make of what is going on here, market forces in play, for how long? >> hi, neil, nice to see you. it is interesting two days ago we were talking about interest rate rising and what would that would do and impacts of housing market. 48 hours later, all of sudden get the biggest rally since the "brexit" vote. this is great for housing. they're looking for something to basically trump, so to speak, contradict all the rising values. lower rates will make home buying more affordable which is
obviously a good thing. neil: danielle, you find this in anxious times, trade war ensuing, where do you put money in the meantime, usually sort of in the meantime thing, a short-lived event. is this a short-lived event? >> it is really hard to say. data began to pile up. new home sales at lowest since last november. existing home sales market is completely flat. pending home sales is disappointing. when you look at surveys, household intentions to buy a new home are at the lowest level since 2011. it is definitely a product, tim said, rising mortgage rates, serious relief that they have come back down this year. excuse me, this week, but it is also has something to do with the fact that the average new home sales price in this country is pushing $408,000. that's a record. even with mortgage rates coming
off their highs, it is still a very unaffordable time in the housing market in the united states. neil: we're coming up on a season that would be good for this type of activity, tim, and that might be a good way to telegraph the rest of the year. what are you looking for? >> to danielle's point, you had a soft spring. not because of lack of demand. starting to see first-time home buyers fight their way into the market. they're having to fight past aggression serves investors, mom-and-pop investors, institutional money. aspirationally, good news, millenials want to buy homes but they're troubled by all the financial barriers to that. coming up with even 3% down payment, being able to manage the debt service and what not, every fundamentally about the housing market except for supply is bullish. it is just within of these things where it is slowly creeping up. naturally, we've got to find some policy solution for the
inventory problem. like you're seeing in the labor market where employers are having trouble filling positions, what happens, volume of jobs, momentum of employment starts to plateau. seeing the same thing in the housing market. demand is there, but supply is not there. values keep going up. you're plateauing, losing momentum. that to me scares me. neil: looking at that danielle, say you're talking to a young couple looking to buy their first home, looking what is happening now, appreciating the dip in rates for the time-being, but concerned this is a short, limited time to strike, is it? >> i would be advising households right now to be very holistic in the way they're evaluating their budgets. one of the most important data points came out this week from moody's, credit rating agency. they adjusted auto delinquencies to initial jobless claims, found they are at a 15-year high.
technically we're in economic expansion. we're seeing levels typically recessionary. i would advise a young couple to look all of their expenses to take a dive in the housing market at these sky-high prices. tim said, we absolutely need more supply at lower price points to get millenials in their homes to start procreating and making babies. neil: i like you brought that up on family cable. that was a very good thing to do. i know where you're going with that procreating thing. thank you very much, guys. as they both pointed out interest rate at cycle lows. 2.85%. we had gotten comfortably over 3% on same 10-year note. we focus on that, a lot of mortgages are attached to that. not all, but many. that rate has been going down. we'll keep an eye on that. also keeping an eye on on going north korean talks. one mike pompeo is having with
kim, chol, some say coal, i think it is chol. apparently productive, productive enough to wrap up for today and set the stage for what will be presumably still-on singapore summit sometime next month. maybe even the 12th as originally scheduled after this. ♪ until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018. metastatic breast cancer is relentless, but i'm relentless too. mbc doesn't take a day off, and neither will i.
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neil: jeff sessions at one point you say, enough. once again the president has regret for choosing his attorney general in the first place, not realizing that he would later recuse himself from russian collusion investigation. on that, domino series of events ultimately added a special prosecutor to this day named robert mueller to investigate those tie-ins, the president can't believe it.
rudy giuliani understanding the president's frustration, but kind of saying you know, we kind of have to go on here. former justice department attorney john hu. the president's right to still be smarting about this but doing a lot publicly smarting about it and confirming that he still regrets picking sessions. why does sessions even stay on in the job? >> i think actually sessions is doing the president a favor because think about what it would have been like if sessions hadn't recused himself? there would be constant criticism of the president trying to influence sessions who is trying to influence independent counsel, when sessions had been campaign advisor and theoretically might be under investigation himself. by taking himself out and making sure mueller is, remains somewhat independent, can get the job done, hurry up, get the investigation closed out now, if mueller clears president trump of collusion, no one can
criticize that conclusion. so i think actually sessions, i, trump really doesn't like being under investigation, nobody does, but sessions is actually helping presidency, because verdict of the independent council well be much more credible or accepted this way. neil: we don't know the veracity of this report but a separate report that the president had asked sessions to revisit that recusal. you can't do that, can you? >> you can. it is almost unheard of. look at judges. all the rules come from judges recusing themselves from cases. neil, if you had a case before a judge who you knew was friends with the other side and recused themselves and changed their mind, oh, no, i will come back in the case we would really question the neutrality of someone that did that. once sessions recuses himself he can't backtrack. the president is not committing obstruction or complaining to sessions about it in person, but that all it is grousing,
griping, whining, but that doesn't mean the president has commit ad violation of federal law doing that. neil: a lot of people empathize agree with the position that jeff sessions recused himself, he created this confusion, because in his confirmation hearings, he had danced around this issue, whether he would. and then once in, in march, a little, more couple months administration took hold then doing it, seemingly knowing, that if he were to commit to something like that the president would not, as the president says, had appointed him. >> look, i think it could have all been handled much better. neil: right. >> as you say, sessions could have initially said i will during confirmmation promise to recuse. also you might remember in his confirmation hearings the attorney general overlooked he had talked he thinks socially with the ambassador from russia, didn't close it in the hearings. it made it harder for him to say he was neutral and out of it if
he decided to stay in. that is why the safest, cleanest thing to do for sessions later on was to recuse himself. then all those questions don't infect the legitimacy of the independent council investigation which helps trump in the end. neil: most in the legal community agreed with that statement, john. i'm going to area more of a personal reflection on your part. if you don't want to answer, you don't have to. i wonder what makes sessions ticks through all of this and puts up with this? i talked to a number of top republicans, i wouldn't put up with that, with the president constantly referring to me in public being mr. magoo, a buffoon but he does put up with it, accepts it at face value because he can and will do a lot of good on the job and this is something he always wanted but it really is humiliating, but what do you think? >> i think it is often what you hear in the military when you see them salute each other. they say you don't salute the man, you salute the rank, you
salute the office. i think that is what is driving attorney general sessions. he is loyal, but he is not the way president trump wants him to be loyal. president trump wants him to be loyal to him, donald trump. neil: the commander-in-chief constantly belittling, maybe very valid reasons, i'm not here to take side, why does he keep taking it? my job thinks i'm a buffoon, i don't have to read the writing on the wall to know hey, my boss wants me out of here? >> sessions is loyal to the justice system. you look at his career. he had been a prosecutor. he wanted to be a judge, joe biden as senator stopped him from being a judge. became a senator. whole career, if you look at it has been devoted to law enforcement. this is pinnacle to his career. loyal to the presidency, loyal to the justice department and to the constitution, he is saying more important than whether the president is personally shooting a bunch of arrows at me.
neil: well-said, john yoo. american enterprise institute visiting scholar, former doj attorney. good toe see you. >> good to see you too. neil: folks say if the president were to act on that and fire sessions, might create more havoc, create re significance nations in -- resignations in the department of justice and create a brouhaha before the election. he locked himself into a corner with the guy he reportedly called mr. magoo. after this.
neil: you know i know banks are loving the fact that they are going to dial back a lot of the old regulations that were put in place by barack obama after the financial meltdown. because a lot of them argue we're doing so much better now they're really not necessary. there is deutsche bank though and its u.s. business which the federal reserve is already saying remain troubled. that was a buzzword for a lot of people. neil: like, whoa, whoa, what is going on here? kristina partsinevelos is looking at what whoa, whoa, what is going on here. what is going on? reporter: united states u.s. watchdog, the bank watchdog putting it on its list of problem banks. this is the deutsche bank, the
u.s. arm in the company. the stock hit a lowdown 8 1/2%. now it is down almost 6 1/2%. year-to-date the stock in the united states has been actually trending down 42%, so around that mark over there. deutsche bank though, has been scaling back its u.s. operations. it said it will be laying off employees. not sure on exact number of americans that will lose their job. for example, carrying north carolina, there are over 100 employees that work at that office over there. what is going on at the bank what are the problems? there are many. four company reorganizations in the past three years. you have a brand new ceo. great, new, ceo, this is the fourth time with a new ceo in the past six years. the company has extreme credit exposure due to old legacy holdings in regards to the derivative markets. they're bleeding money $560 million a year in trades that are not making any money. you also have, the bank has left
10 countries. they're laying off to 7,000 employees, possibly more, and three years of consecutive annual losses which is why they're trying to cut costs and lay off employees. this isn't the first time the fed has gone after the u.s. watchdog has gone after this bank. in the past they have been charged for flawed reporting. they have also been alleged they helped in trades to take russian money and launder it to the united states. it is not first time they have been under scrutiny. yesterday actually reported whether this would be the next lehman crash. according to traders in europe, they're saying no, it is not going to happen due to bail-in-laws. spoke to one trader, he said if you're good at trading this could be opportunity right now, buying opportunity in the united states however it is not a long-term trade due to fundamentals. neil: kristina, thank you, very, very much. reaction from charlie gasparino, thank you very much. >> anybody to say this is a very
moment. anybody that covered lehman which was wrong with banking system in 2008 which i spent a lot of time covering. that was contagion. lehman had loans on citigroup, bank of america, merrill lynch, morgan stanley, goldman stanley, you name it, toxic mortgage assets were being written down in value because of the housing crisis. with that you write down the balance sheets of all big banks, they effectively became insolvent. this is one- neil: right. >> this is interesting occurring relaxing dodd-frank rules which is designed to prevent another banking collapse. i will say one other thing -- neil: would any rules been affecting deutch? >> no. here is the problem. the rules for the big banks virtually the same, minus a few tweaks to the volcker rule which allows banks to take a little more risk in sort of trades that they do on behalf of customers. you still can't really do proprietary trading of your own
money. when you mix with customer money, you take a little more risk which adds to the bottom line. they relax ad few things, the fed is taking more nuanced view of the restrictions placed on banks post 2018 with dodd-frank, hardly have they relaxed everything. and in any event deutch banks false on cfius designation. designation you're systematically important thus you come under heightened scrutiny. what is funny about deutsche bank, the big laugh they got backup from the german government and they are still horrendous you know what show. neil: fed is saying still risky on paper, don'ts have enough cash on hand? remember the big improvement was the banks would, beef up their cash on hand just in case there was another meltdown. >> there are stress sess that all these banks have to perform -- stress tests.
neil: but deutch. >> they tripped up a couple warnings. let's face it, deutsche bank was a big player in derivatives and other markets. they scaled that risk down dramatically. this is big subsidiary of the big german bank. what we're talking about the u.s. subsidiary, under fed just dix. neil: bingo. >> so it is kind of compare this to lehman is almost, is almost to denigrate how important lehman and aig and all the stuff that happened in 2008 was. this is, this is nothing compared to that. okay? neil: what do you think of blagojevich, martha stewart potential pardons? >> i don't know much about the blagojevich scandal. you know, i have read some stuff on it. it seemed like he did stuff that looked problematic that everybody does, right? exchange a favor for campaign contribution or something along those lines. neil: difference we had tapes. that always makes things --
>> i do know a lot about martha stewart. give you a little history, my partner at time, jerry at "wall street journal." jerry is at "washington post." we broke 99% of the stories leading up to martha stewart's indictment and what feds were looking under james comey, then the u.s. attorney general, u.s. attorney for the southern district of new york. here is the problem that i think trump has marred donning her. she clearly look -- did something looked like insider trading and investigated as criminal matter. because the way insider trading laws it didn't meet measure for criminal insider trading. sec, securities & exchange commission, believed she committed civil insider trading. they were all investigating. she concocted a story, 12 men and women, 12 of them on jury, just about everybody else heard her story thought was insane. it made no sense.
it was conjured up. almost lied to. i don't want to call it a lie, that is heightened level but it is, so much bs that comey had no chance but to indict her on a host of issues. neil: killer about that, she was millionaire many times over and -- >> if she said yeah i did trade, what happened was, the story came from her brokerage assistant, i gave her a tipoff what the family that owned this company was doing. she was in the stock. neil: remember they said, insider information. that seemed inside info. >> civilly. maybe not criminally. neil: she was in the slammer for a couple of years. >> because she slide bit. she lied about her whole trade. neil: would pardon do, expunge all that? everyone knows. >> here is the thing from political standpoint, i'm sure rudy is telling him to do this knowing rudy giuliani as u.s. attorney, he would have brought that case in a second. he was a very aggressive u.s. attorney.
i think problem the president will have, he is ex-sown rating someone who can be legitimately called a ceo liar. that is what she did as ceo of a major company, she bsed people looking at suspicious activity that really looked suspicious. it was inside -- how she traded that stock, whether it meant the fine definition of criminal trading was clearly suspicious. did it before everybody else. neil: does make a mean table. >> she does. but the political thing is interesting. i wonder if it's a step too far? neil: wow? >> right? >> riddle wrapped in a conundrum, charlie gasparino. tariffs are going to be in effect we're soon told that no one is blinking.
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in the back. looking at a good stock market appeared for the month of may, one of the best we've seen since back to february. alan, what is the fallout of this? it seems at least thus far limited. >> yes, it a muted action. we have talked before. my father says ecologist camilla to analyze this. we have seen a change. now we buy the fact action. so, you are seen after this was announced here today where it's going to be official, the market table i've been bounced back. we've seen this before. a lot of car votes, exemptions and so forth. we will see what damage is done. a lot of times as turned out to be bluster in the best we've seen in the s&p since 2009. for the tech sector, this is the best we've had since 2005. still positive on the day right now. >> we are still roughly flat on
the year. is not going to the script on the year? >> i like the market the last couple weeks. i talk all the time about the price action. we've had major selloffs and wasting the markets bounced back each and every time for the last three weeks. is the positive price action, the highest level since march and in talking about tech once again, only to .5% off the all-time forever high in the top tech stock in microsoft just made their highs. i think there's a lot of positives to talk about. this seems to be the normal course of the market come is seeing something happen with policy proposal in not having a huge impact on the actual market. >> one of the things i've been noticing that the collapse down to 1025% down to 3.11% are normally we see that type of reaction is a temporary thing.
people are skittish about what's going on in europe, italy or spain are looking at maybe a trade war in a safe place to put your cash. i can see it that way. how long do you see this lasting come in the dollar denominated? >> i think things got a little bit overdone. the hike was getting a little bit aggressive as far as what people project did for the future. we are going to raise rates but not an accelerated pace at the market may have priced in. there was a psychological pivot and we got smacked back out to the dollar still holding up. that's what caught my attention right now but we did have her reversal. the euro currency made new multi-month lows and we are now higher than we were holding a bottom in place. maybe we've been going with this dollar strength.
i think we focus a little bit too granular early on the rates. we've seen things move that 311. now we're 285, down to 277. that is still only a quarter% movement in the last couple of months and we've really honed in on what's happening. we are over analyzing the situation. rates will go up. no questions about that. i think it will be a long, drawnout affair more so than a straight up move. neil: as far as rates inevitably going up, and is it your view it will be slow enough pace to your point not quite what the markets envision as a week ago? >> yeah, i have often said i always believe the market is ripe more so than we are. if you look at the rates longer-term 2019, 2020, 2021. they are not continuing to rise
at the same pace they've seen. the markets got it right. just the markets got it right today about these tariffs. again, the barking dog gets our attention, but then they realize it's not going to bite us. neil: very good analogy which would explain you're going to be a psychologist. i understand a lot better now. >> i like where we are going with it. we just small today. it's only 30 stocks. what i think of his opportunity. alan knuckman, the figures just perfectly. he's very analytical and gets into the whole psychology of the spirit also very analytical when it comes to trade talks as what goes on behind the scenes that a lot of people reading about it today with north korea's number
two, kim yong chol meeting with mike pompeo, promising enough to decrease the skids. the latest with adam shapiro. adam. >> neil, secretary of state might come pale. substantive talks with the team we discussed our priorities between our leaders. the administration remains committed earlier in the day, the secretary of state also treated great economic gain to be had by north korea should i stick to the administration's requirement of total demutualization. the press conference will discuss what took place at the meeting on whether any details about a potential summit coming up will be shared. crewmember the president said they had produced solid results there.
there is a letter from kim jong un been taken back to washington to the president and you should know the state department says the meeting today wrapped up a little early because they are making progress from the secretary of state at 2:00 neil: thank you my friend. a on it and date back on and will it be june 12th was originally scheduled before all the dustup in the threats taken the tax away performer assistant secretary of state for bush 43, robert charles decker. when you think? >> welcome i think this administration is playing a long game, which is smart and i think you have to talk about the first step in the long game is establishing trust with a country that is broken every agreement they have ever had with us. at the same time, i'm hopeful and you have to look at that letter that president trump sent
and how pivotal it is in many ways. that is the right of the walkout that triggered everything back in the reagan days. 1986, seeking a major nuclear agreement with the soviet union in gorbachev said no to a set of essentially the effort to get them to drop fbi, strategic -- sdi, strategic defense initiative. the intermediate nuclear agreement and with readers who had 2700 fewer missiles over there. this is a long game. what pompeo is doing and what the presidents team are doing is setting all the pieces in place and expectations are being kept low. this is a high risk high reward moment for north korea. they could get a marshall plan
on abyss. if they back away, he may not in his lifetime, kim jong un get another moment like this. we would defer back to the military options in the minute they put in a missile on a pad that threaten i think you would see a military response. the only other thing i'll point out his mistakes and that's her incredibly high, which is why going slowly as smart. how high are the stakes? they've tested a 25-kiloton nuclear weapon at 100 that destroyed their mountain. we know they've tested a 25-kiloton which is pricier oshima. they put up to higher than the space station and was pitched to flatten the trajectory are printed in a location. >> up by north korea, i don't give a valuable tip. that is my ticket to getting lots of stuff and i don't want
to give it all out. >> you know, the model that should be described and i have great respect for john bolton and understand what said about libya, but the real model of the agreements with the soviet union where they can keep a strong -- if they get rid of nuclear weapons and in the case of the soviet union we had to start agreement. if they get rid of the nuclear weapons they can keep a strong conventional army and at the end of the day, they get enormous benefit out of this. this is truly, i've used the phrase before, and a free moment for them. either they do this in overtime figure out how to do nuclear is to make it real. no more games, no more playing cat and mouse anymore and get tremendous economic and a fit of the light switch goes off and military options come straight back to center stage. >> you mention the reykjavík
example. say what you will attend. the world of difference between he and kim jong un. the administration has been talking to kim jong un and now his number two, kim yong chol. they're both murderers, both liars. they had both been caught lying and murdering. that's a very different guys with him to exact concessions. >> two points or three here. at a certain point, you have to negotiate with bad guys if you're going to get a good outcome. >> we can't pick and choose our leaders. >> we can't. >> imagine what's happening right now. pompeii was with the former head of our intelligence community and kim yong chol is that of the north korean intelligence community. imagine if you and i know which other secrets and were sitting out trying to get the brass tacks and troops. we would get there a lot faster than if we were doing it at a lower level.
at the end of the day china has to play to this and i have to say we think some evolution in the right direction is the right way to go. my estimation and what might come out of this has gone from single digits to low double digits. there is a chance here you could begin a process, a dialog that ultimately much bigger concentric circles and what we talk about north korea. maybe liberty somewhere in the distant future as part of this whole longer discussion. neil: from your mouth. secretary come a very good seeing you again. thank you. could be about -- see how i did that. this one is amazing. by the president wants to pardon both of them. after this.
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it's a new kind of network designed to save you money. click, call or visit a store today. i'm 85 years old in a job where. i have to wear a giant hot dog suit. what? where's that coming from? i don't know. i started my 401k early, i diversified... i'm not a big spender. sounds like you're doing a lot. but i still feel like i'm not gonna have enough for retirement. like there's something else i should be doing. with the right conversation, you might find you're doing okay. so, no hot dog suit? not unless you want to. no. schedule a complimentary goal planning session today with td ameritrade®. neil: all right, it came out of the blue. news the president could move on conviction of martha stewart and former illinois democratic governor rod okoye. the timing is odd or the whole issue is odd, but it is what it is.
fox business network blake berman. roling keep in mind this all started earlier with the pardon of someone completely different to the president announcing on twitter seemingly out of nowhere i knew we're focusing that dinesh to souza, the conservative commentator would make it in 2014 to give money rather for an illegal campaign contribution. he said to sousa will be giving a full pardon today. he was treated very unfairly by our government. the sousa and others within the white house feel that he was targeted by the obama administration. listen here. >> many believe he was the subject of some select the prosecution from the previous administration. unless he's accepted responsibility and the president thinks that the herb rate you receive a pardon after community service and other things the judge has required. >> is the president put out the
trade, he did so on air force one just after that. on his way to taxpayers way to tax said none of plane landed, we spoke to the president and here's what he told us. he told us he's considering a pardon us while for martha stewart and is considering commuting the sentence of one rod blagojevich peered blagojevich currently in a federal prison serving a 14 year sentence for being convicted on 17 different crimes over two different jury trials for essentially what it all boils down to, corruption, the most prominent example of they've been trying to sell the fantasy blagojevich reemerge within the last couple days in the wall street journal and here's what he wrote. today from prison, and warning all candidates and elected officials to watch out.
and be used against you, too. the president told those reporters that blood blagojevich was, but he also thought the 14 year sentence for him was really unfair and that's why he's thinking of curtailing that status. if you are wondering why these two out of all the people who feel they were wrong and the people in jail right now thinking they were wrong, why martha stewart, why rod blagojevich? two possibilities. the president knows blagojevich because he was a contestant on celebrity apprentice in dating back to the martha stewart prosecution. the prosecutor in that case with someone by the name of james comey. not saying that's the reason why he's getting into this. but there are clearly links. neil: blake burman on all of this. meanwhile, roseanne fired up and firing back. what can she do right now and argue that abc overset its
bounced by firing her. "washtington examiner" reform.org media director x. what do you think? >> she has free speech for her to imply that her free speech that abc acted in the wrong manner and firing her. it led to her being fired in the first place. abc acted within their rights here. this is serving as a cautionary tale for conservatives as well to not just go out and hold up every single conservative with some slightly right-leaning views and say this is our standard fare. we're so excited we have a celebrity because it will come back to bite you across the board like this. >> it does put conservative points in a bit of a box here. again, i don't know why maybe this is the premise of roseanne's argument here.
a lot of my actions were sending out tweets, photographs, comments. i have a long history of vista because you didn't like this clearly since the treat is unfair. she's not making that point. it seems to be the direction she's headed. >> i don't think anyone knows what direction was then we'll end up going because she's been all over the place. to your point earlier on renewal were getting when it came to roseanne. she has a long history of making a pretty inflammatory statements about everything from pizza gate to 9/11 on social media. but that was not abc's television show. two cabinets might come of the network definitely has every right to do and put on television who they want to appear to roseanne was so successful here because she made a point of trying to talk to the people that hollywood and hillary clinton dismissed as deplorable speech he talked about being in the way they found persuasive.
ironically and really sadly in the process, and trying to those overlooked people, her own racism and her path gave the left an opportunity to write off that large swath of the country. neil: you know, i know you've also talked to young people and there's a lot of young conservatives out there. maybe not a lot. you and to others. i do wonder the conservative program in at least had been deemed to be making a comeback. do you fear after they tell you they worry about at that roseanne ruined it for everybody. >> there's two things we are seeing. one is there is a large swath. and especially many young people are tired of this politically correct environment that everyone is saturated in. the second thing we could learn his politics so many times the boulders into this name-calling
and personal attacks we saw with roseanne. we saw last night. >> she called her the c. word could flip it around. whether you're right or left, someone on the right had said that, they would be toast. maybe a comedian she's given free license. it's not a free license to roseanne enjoyed with her of noxious remark. >> it does not say and look what they did to justify the claims. it's important to note the difference in reaction. we've seen in the past two years. you have more than you can get away with as opposed to attacking someone on the left. you're not going to have as long a leash if you will. doesn't justify the comments but it's important to see the difference in reaction for networks and executives when it comes to people demanding someone being fired because of their because of her comedy routine or words or whatever it
is. neil: i think we live in an environment you encourage people to making loony statements. and you suffer for it. nine times out of 10 depending on who you are coming loose your job for her. >> we are not even fighting for 30 seconds of fame anymore. the news cycle is so slow. you see comedians trying to make their name for themselves, not just during their set, but also on twitter because they only have so many seconds in the day to breakthrough so many other options out there. here's what i think is encouraging and kind of pushing back against the shock value. market forces will eventually break through the double standard for conservative comedians in hollywood.
they can dismiss a racist actress but they can't joy with her audience. after pete, roseanne was bringing in 22 million viewers. now that she can't, that's an opportunity for the next comic who can make funny jokes and being perhaps a little irreverent but not be too offensive. >> the view of the left is racist anyway so you can't win. >> i know he was out yesterday. everyone wants to do something crazy for reading if i agitate enough, say something crazy enough, the ratings will go up. you've got a look at ratings. man, zero man, first you have to go and look at yourself. wow, more after this.
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neil: all right, the president just come out of the closed-door meeting with dems families, relatives, friends of the tragic shooting a couple weeks ago. the president promised they'd stay on top of it to a national consensus heading for a campaign event in houston. another one later on in dallas. but again, not much coming that we know from this meeting itself that was close to the press, but he did want to meet with the victims families out there. keep you posted. keeping you posted on the market flummoxed by a potential trade war. if you think it is affecting all issues, think again. microsoft in and out of the 100 level as it becomes the third most valued company on the planet by stockmarket valuation. google's parent company alphabets and total market cap.
remarkable story given up for dead and an apple alternative that wasn't much of an an alternative. deirdre bolton, market watcher joe durant on what this might mean. what do you think? >> i think what you see is that microsoft first was a fairly boring, not really good utility company that sold software for laptops and computers. they then went to hardware. bad move. that price down. and then they made the shift to the cloud. a few years ago, no one viewed them to be a growth company and now you see the incredible growth and not investment. 90% growth in the last year. the biggest revenue firm outside of amazon. so now they are backing to be a growth company. interestingly enough the next wave of growth will be an a.i. where they are a dominant force in artificial intelligence.
they're already planting the seeds for the next wave and those are high margin, really interesting businesses. they've taken a company on old revenues were getting modest multiple and now they get a growth multiple. a very interesting combination. amazing turnaround in the last 18 months. neil: is a reminder that almost every dog can have its day. i'm thinking of serious debate collapsing under its own weight, now promising to close dozens of more stores. here it is a rather remarkable story because what has been consistent in the so-called tech turnaround is when they pursue what are deemed to be avenues, like wireless, like cloud activity. all of that stuff where worth the money and the licensing fee is just keep coming. >> well, it's a huge advantage if you're a big company and have a strong balance sheet or these are all very capital heavy, but very high margin businesses pay the cost of capital is very low.
lots of cash reserves. apple should be exploring the strategy as well. where can we deploy capital not to buy headsets, that new areas of technology that are very high margin for a company with very good talent sheets and the opportunity to invest in capital intensive high margin business like the cloud, like artificial intelligence. >> what's marketable about this is how much technology continues to lead the way. they have led this entire whole market may fall apart briefly. but only briefly. >> only briefly. i love what joe said about this company, microsoft behemoth for dead. since 2014, this stock, microsoft has doubled. he's done a lot of things right. microsoft is kind of cranky even within the company. they didn't even really like for too many division to cross pollinate. they do partnership agreements.
adobe comes to mind. the culture has changed that they has changed a tear and investors are seeing the benefits of that. also, to joe's point, to be a strong second contender to amazon's cloud business come cloud business, that is huge and microsoft has a pretty diverse revenue stream. whereas if you actually look at apple, which gets 70% of its revenue from iphone or even google, which gets about 70% from ad revenue. they come to mind and the revenue they get from that from personal computing and a third from this cloud that microsoft actually ends up looking like even a more balanced and diversified company then even the two companies that has the bigger market share to say apple and amazon coming meal. neil: we are reminded that trade war can derail a lot of pervades.
i don't even know if you can derail a parade, but you get what i'm talking about. i wonder if there's an grazing tit-for-tat on both sides of the atlantic and the pacific and it gets to be nasty weather could all issues get caught in the fallout. >> they do. small caps have been very isolated. it's been amazing to see how well the small caps have done. two things happening right now hurting the large multinational s&p. the first one is the trade talk you are talking about two the second is the dollar going up so much. really bad for companies that sell the rest of the world. but ultimately a common if they come through, cost of goods. they have the balance sheets to support it. the margins come down and eventually get hurt as well. trade wars are good for no one. all they do is increase cuts. it's a way you should think about it.
getting responses from the european now that's back on the table. they have been in a great safe haven throughout this more turbulent. neil: to that point, i want to pass along comments to the house ways and means committee kevin brady on sunday we were just pointing out on this terrace on the limit on the deal related products that widen beyond mexico, canada and europe. he goes on to say these tariffs are hitting the wrong target coming from brady when it comes to steel and aluminum. this actually puts american workers and families at risk and hurts our efforts by selling more made in america products to customers in these countries. he wants the administration to
proceed carefully and provide answers about the indiscriminate harm these tariffs are causing our local businesses. we will keep you up-to-date on that. a prominent republican who is thinking on what the republicans could be releasing. tesla now launching a program to train electric car technicians as it ramps up the model three production to be ready for that, that is going to be a big seller they should be up to speed knowing all their ins and outs. hillary vaughn with more. >> hey, neil. tesla is training technicians of the future for their cars of the future. tesla just graduated their latest class of students from a college recruiting program that trains the next crop of electric car mechanics. but plus engine mechanics and more computer technology that they get their hands on. they study battery architecture, charting technology and learn how to troubleshoot tesla software and san remo prepares
that require drivers to come into the shot. >> they download the data be for the consumer brought the vehicle it and sometimes they're fixed over the internet via internet or gps before the vehicle has to come in. this is what is different about our technicians. they learn the computer skills and mechanical skills and high-voltage skills not offered in any program out there. >> is tesla gets ready to put more drivers behind their model three committee need a lot more high-tech cans to help fix and maintain vehicles and that's what the program is all about. they are hoping to add more across the country going forward. >> thank you very, very much. the president in texas right now, wrapping up a meeting with family members, friends of the santa fe students who were killed or injured or just parts of the attack. no word on what came of that meeting, who exactly was there,
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neil: all right, the president wrapping up the meeting moments ago with the shooting to terms of the santa fe high school massacre. our next guest in the same election and what's sadly stands out as a were shooting an american history. his brother sandy hook the dump says that the school safety should be a priority over simply gun control would've been has to be looked at including those who perpetrate these kinds. i spoke a couple weeks ago with jt's mom. this is a family effort and commitment, just to get some at this point. very good to have you. >> thanks for having me. neil: every time we hear about a shooting and now we are learning in the case of the florida
shooting in the recent videos where nikolas cruz was releasing videos onto the very day of his attack, planning it, >> each shooting ends up being almost a protocol we have to follow. at the same thing every time. the president is meeting with santa fe families are being met with president obama at the time. neil: how old were you then? >> i was 12 at the time. it is unfortunate that we have to do this every time because there are things we can do right now to stop the shootings come increasing school security. another thing i have to bring up. the news puts the shooters faces and names all over. we say it. we give them the credit they want. if you look at the video to the shooter and park when released the other day. he was saying i'm going to be all over the news. this is what i want.
i wish we'd make a concerted effort not to put their name and face all over the news. neil: but they will make news doing what they're doing. you're absolutely right. it's a fine line we have to walk. i understand the news does have to report on these things. they do have to keep us updated. it's a fine line we have to walk. neil: you are right. i'm not here to debate what you and your mom has been through. but it happens so darn often. why do you think that is? >> is definitely a change in environment. you didn't see these things happening 30 years ago. it is something new. guns have not changed are definitely more powerful, but guns have been around forever. school shootings are just starting to build up momentum. so i think it is an attitude. i definitely think video games and movies and the news
glorifying these people and giving them airtime. not glorifying, but giving them airtime. it is a culture that we do have to change. neil: a lot is known about how did someone get to the point where they do with the shooters? we had a program. in fact, it's still around, where we seek out, try to help the kids who seem to be ostracized or alienated. a lot is what i meant to seek out help or get help in somehow looked at the well intended program as the catalyst for a lot of this. what do you think? >> what it looks like right now is the promise program actually allowed the parkland shooter to carry out his plans. otherwise come he should've been put on the gun registry list, never been allowed access to guns. stuff like this in the sandy hook shooter's case. they were warning signs all the way for years.
it wasn't just the snap one day who decided to go kill people. the video just really shows he was planning it for months. he had a plan. he wanted to kill 20 people and he built up to it and it was something he was planning. it is something that can be prevented because they both have warning signs, the parkland shooter in the sandy hook shooter. >> people were even using his name, saying it had to be this guy. in your case. go ahead or >> in my school in every school i talk with kids around the country at this point. you asked them and they can tell you, i know who's going to be the next shooter. i know who would shoot up our school. it's unfortunate. neil: dean of the shooter in your school? >> i did not know. i was much younger. neil: did you go to the same school as her brother? >> i went to the elementary school but i wasn't in at that
time. >> looking back at that and what authorities nail comment to your point, we could narrow a lot, how troubled he wires, how much it had fallen through the cracks. there's a lot of ibc advocate. go slow about them targeting kids who might look like a problem to you, but then they are labeled for life and that's not good either. >> another fine line we have to walk because of course we don't want these things to continue to happen. what i found is after reshooting there is a strong push for gun control and we seen this in the 19 years since columbine. what laws are passed if not prevented any of the current shootings and laws that will never get passed because of the way our political climate is. that is why i'm starting -- i'm not starting, but joining this movement, which is rapidly gaining momentum as school safety over gun control because
school safety of stuff we can all get behind. we all want kids to be safe. this is stuck this is stuff we can do right now in this political culture. we can get bills passed, was signed that coming in okemos say we should have more cards from a metal yours. we should protect our kids just as well as we do our banks, airports and politicians. >> you know, i was thinking of you and when your mom was here, how you turned it into something. you are an only child now. and i don't think people appreciate what is left for survivors. what is life like for you now? >> well, some coming in now, there's a bunch of different routes you can go when you are left like this. you can either sink into a hole. and just be depressed the rest of your life and never do anything. or you can use it to do something positive, which is what i'm trying to do what they
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neil: all right, i think the president with jeff sessions thing yet again he regret the attorney general of the united states and they can come in the response sessions on all this good again, he's had to keep taking this time again when the president has maligned him, but can anyone come at you name it. it wasn't not long ago earlier this year when i spoke to richard shelby on what he thought of the constant barrage of criticisms his former colleague was getting. here's what he told me. >> it or were you in that capacity, would you say? would she be humiliated day in and day out -- and mark >> absolutely not. i wouldn't say it all if the president wanted me to stay and he appointed me. i wouldn't be under anybody's -- i wouldn't be anybody's whipping boy. i wouldn't be belittled. neil: there are a lot of different points of view on this that sessions deals with this and takes it on the chin because
he really loves her job and is make a difference. others say would be a bad time for the president to even consider firing him at that goal to force adequate because others that the justice department might quit as well before the midterm election is not a great thing you want to see happen. it is a tense relationship and remains tense. a lot of our colleagues and friends to trade stuff with us are not happy with the president decision to go ahead with the gold tariffs on steel and aluminum related products to the tune of 25% and 10% respectively. already, french president emmanuelle macron says he wants to talk to president trump about this and the canadians are responding with some retaliatory measures against us as a result. it's going to get nasty increasingly selling from our colleagues and friends and biggest trading partners, the word is they will not take it lying down. all of this was supposed to be an opening for the chinese to let them know where we stand.
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we always came through for our customers. from day one, it's how we earned your trust. until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018. neil: all right. we're not that far away, 20 minutes or so from hearing from mike pompeo, secretary of state. after meeting with kim young chol, number two to kim jong-un.
they wrapped up meeting on meeting still stand, maybe on original date of june 12th in singapore. we'll see. trish regan. trish: thank you very much, neil. we're minutes away from learning the fate of next month's north korea summit. secretary of state mike pompeo will address the media. you see live picture. we'll go to him momentarily after a meeting with a top north korean official in new york city. the market is off, down triple digits. following news that president america first, steel and aluminum tariffs will go into full effect tomorrow. i'm trish regan. welcome to the telebense report. ♪ trish: here we are now, just 12 days away from that