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tv   Making Money With Charles Payne  FOX Business  September 9, 2019 2:00pm-3:00pm EDT

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neil: these attorney generals going in, looks like leaving. to charles payne right now. hey, charles. charles: thank you very much, neil. markets are more or less sideways. everybody anticipating the big news we heard about all these different states going after these large, big names. first one up is google where you have a whole lot of different theories, but for the most part it is conceded they have simply gotten too large, too uncontrolled at the very moment. this issue brought together republicans and democrats around the country joining nations around the world, that google, companies like facebook and others have been extremely,
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extremely unfair the way they handled their power. here is ken paxton. >> thank you all for being here. i want to thank my fellow ags. we have 50 attorney generals across the nation who are involved in the investigation that we're leading from texas and i can't tell you how much i appreciate their support and their interest in a really important issue for our time. what we've all learned is that while many consumers believe that the internet is free, certainly we know from google's province of 117 billion, that the internet is not free this is a company that company that dominates all aspects of advertising on the internet and searching on the internet, as they dominate the buyers side, the seller side, the auction side, and even the video side with youtube. this investigation is not a lawsuit. it is an investigation to determine the facts. and right now we're looking at
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advertising but the facts will lead where the facts lead. and even as we speak up here in about a minute there will be 3.8 million searches and a lot of advertising dollars just made in every minute that one of these people speak. google will be in control of most of those searches. thank you all from being here. i will let carl racine, i appreciate his involvement this. carl, why don't you say a few words. >> thank you, ken. good afternoon, everyone. i'm -- charles: ken paxton, the attorney general of texas pointed out, all 50 states joined in to this. many will speak. while they do that, bring in our expert, fox news senior judicial analyst, judge andrew napolitano. ken paxton essentially says the internet is not free, witnessed by the gargantuan profits google
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and youtube. he said this is a akin to fact-finding mission. are you okay with this? >> no. you can't start an investigation because you think somebody is too rich, start an investigation. you start an investigation, if there is some evidence, some evidence of criminal activity. now there are two antitrust pursuits. one is civil antitrust. we want the court to break this company up because it is too big. the other is criminal antitrust. have they harmed somebody, have they done this intentionally to harm? there are two questions that are always asked at the beginning of any antitrust investigation. has the consumer been harmed and has the defendant engaged in anti-competitive activity. both questions have to be answered yes to justify this investigation. charles: it would seem they would have inkling whether those two are satisfied. it sounded like no, we're not
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sure. we all do google searches every single day. we're concerned this one single company, this one entity has this much information over us. i think we could add a new paradigm to this, the ability to sway our behavior in the future? >> that can hardly be actionable the fact somebody is swaying our behavior. that is protected by the first amendment. i'm smiling i will give you both sides. one side is the supreme court rule up ambiguously if single act has a violation of federal law, and a violation of state law that there is no con constitutional impediment to dual investigations dual lawsuits, dual prosecutions. even though the fed are looking at other aspects of big tech, that is not impediment for states doing. the states have statutes which prohibited anti-competitive behavior which require people doing businesses in the state no to impair the choices and prices for consumers. >> let me jump in there. >> which prohibit them from
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impairing privacy. charles: prices though, a lot of large, megatech/communication companies are saying hey, prices have gone down because of us. how can we be harming the consumer and where does antitrust regulation -- >> that's a defense. first of all when you and guying gell -- google we don't pay anything. the advertiser is paying to get his product under our eyeballs as we start the google process. if that has gone down, there is no antitrust case whatsoever. there is certainly no harm to the consumer because it doesn't cost anything. it can't cost less than nothing. and if there is no anti-competitive behavior or the cost of advertising has gone down they have a tough road to hoe which lets me make the other argument. the other argument this is a big shakedown like the same attorneys general went after big tobacco. what did they do? they extracted $200 billion from
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big tobacco. what did they do with it? filled up gaps in their budgets! this is the purest of the pure or the most corrupt of the corrupt. the public will decide and the courts will decide. charles: ken paxton talked about advertising. then he talked about the rest, something akin to a fact-finding mission, some might call it a witch-hunt to borrow a term, to borrow a term. >> right. charles: because one thing they do have, you mentioned the public, there is some form of public support behind the notion that these companies are too powerful, too large, while we don't necessarily pay they do benefit from our information, from our privacy, from our inner feelings. they make a lot of money off of that, there is some sort of violation of the public in that happens. >> there is probably a violation of federal and state law if they sell private information about us or offer private information about us without telling us.
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usually they tell us, we don't bother reading. i click, i agree. charles: that big thing i never read at the bottom? >> correct. that pretty much gets them off the hook. think about the government complain about somebody violating privacy. what is the biggest violator of the privacy in the land? those 50 state attorneys general and prosecutors and police work for them. i'm being a little snarky but this is demonstrable. charles: i think i'm with you. i think this is mostly a shake down. that these companies are making a tremendous amount of money. they're a honey pot of cash. >> right. charles: the political atmosphere is so great, we get all 50 attorneys general to agree to go after them. >> if from a year from now, another 200 billion has been transferred, no behavior has changed, we'll know the answer. charles: judge napolitano, thank you very much. >> a pleasure. charles: always appreciate it. joining me now, attorney lisa garber along with our very own
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deirdre bolton. it is really amazing some of the comments the judge i made here i find fascinating because, i'm a layman and most of the folks watching and there is this sense, lisa, something is wrong. there has to be something perhaps illegal or unseeming in a sense these are giant companies and they know every single thing about us, and they profit off of it, people are concerned about that. >> they should be. i will disagree with some of the judge's comments. not only does our use of google or facebook any of amazon, these giants it is not freeit it is definitely not free. not only giving up expensive, valuable data but we're driving up costs of products being advertised on google and amazon, facebook, by getting eyeballs on those pages. >> deirdre, you your passion for technology, you follow technology, you know it -- >> i do agree with the judge in the fact to complain a company
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is making so much money, even if you want to make an argument it's a monopoly, that is fine, that is what lawmakers are binning to say. that is from a legal standpoint you would speak better than i would. that is an issue. microsoft for example, suffer from that, not too strong a verb, 1999-2,000 eu, the company was broken up and took 10 years to refined its footing. if you own the stock, stockholders could be in trouble if there are people who say okay, these companies are monopolies and there is a argument to be made especially for google and facebook which together control more than 2/3 of the u.s. online ad market. as far as sharing what they have and what they don't have, you know, we use it for free. i'm not saying that we shouldn't be concerned but there is implicit contract between the user, maybe people can go back, i didn't realize they would have every single search i ever did,
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no which emails i put in spam, which emails i didn't put in spam. that is sort of crying over spilled milk. >> that is part of the difference. talk about a contract. there is explicit contract, but consumers and government, we have no control, we're using big four, google, amazon, facebook, apple, we really have no meaningful choice. google controls 90% of our online searches. facebook as acquired 70 companies. charles: we accept the terms because we have no other alternative? >> exactly. we have no meaningful choice. >> there are other ones, if you really want to go off the grid, there are a few. >> download things like that you can be a anonymous searcher. generally public uses google, amazon, there are problems how the big four operating. they bring in a huge amount of profits. they are a great target for federal and state governments to get a piece of the pie but -- >> is that because consumers are
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lazy, does it mean the company's fault? i might not agree with that. i might agree, can the next generation of google come up and does it stifle competition? charles: what seems to be happening, deirdre, they made so many acquisition, if you want to use instagram you have to link to facebook. >> it is owned by facebook. charles: that's what i'm saying, google or email -- >> i will say something crazy out loud, i want to say something crazy out loud, i actually think more regulation it comes the easier for google and facebook. they have the money for the lawyers. they send people to -- charles: put as moat around the industry? >> yeah. charles: it will stifle competition even more? >> i disagree with that because europe is eons ahead, that they are anti-competitive because they're american-based. at the same time they're looking at consumer privacy and data --
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charles: what is the legal remedy would be for something like this? are we going as far as breaking them up? >> in antitrust we can talk about that field. charles: i love ken paxton, sounds like he is not even sure. okay we'll get together and investigate. if we can find a crime -- >> that is part of the problem, we don't know exactly how they're operating. goggle, their m.o. we want to get you off the google page soon as possible. the cofounder was saying that we want to get you to the right place with the search engine. most stay on the google page, you have google shopping, google travel, google air, all difficult services within google. same thing for amazon. charles: lisa, deirdre, thank you very much. appreciate it. we'll continue to monitor the states attorney general, the press conference, the investigation into google. of course its impact on the individual stock and group of stocks and overall market during this hour. also during this hour president trump is about to leave to
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north carolina to host a rally. we'll bring you any comment he may make to reporters. new data from china showing the trade fight is strongly impacting the economy. no matter how long it takes definitely a fight worth having. reagan economist art laffer joins us next with his take. ♪ doctor bob, what should i take for back pain? before you take anything, i recommend applying topical relievers first. salonpas lidocaine patch blocks pain receptors for effective, non-addictive relief. salonpas lidocaine. patch, roll-on or cream. hisamitsu.
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go beyond the expected, to do the extraordinary. take your business beyond. >> there is no question there is a considerable slowdown in the world economy both in china and in europe but as you look at the u.s. we continue to be the bright spot of growth. charles: treasury secretary steve mnuchin touting the strength of the u.s. economy over the rest of the globe, this
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as new trade wars woes are hitting china pretty hard but there may be light at the end of the tunnel. steve mnuchin saying both sides are in agreement on enforcement. that is even before they meet next month. so could a deal be on the horizon? joining me to discuss former reagan economist art laffer. art, you're not a tariff man but you also acknowledge this could be the fight after lifetime, generational fight with respect to just not our economic relationship with china but some of their other ambitions. how do you feel now, if they do put enforcement on the table, how do you feel about a deal getting done sooner rather than later? >> i do, but one thing i don't like, charles is the use of the word fight. i don't think it is us versus china. i think it is china and the u.s. both benefiting by a very good trade deal that makes the world a much smoother place. china will be a big winner here. and so are we. this is really figuring out how we both can prosper together as partners, not fight each other.
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so i think if we put a deal on the table this would be a huge plus for the u.s., an even enormous increase in prosperity and it is way bigger than just the trade numbers themselves. if you look at trade it is a magnified phenomenon. the great depression was precipitated by the smoot-hawley tariff. i was in the nixon white house when we put all the protectionist measure it led to a huge downturn in the u.s. economy. there is much, much levered here and i think a trade deal could add hugely to the u.s., the number i picked out of hat, 10,000 by the dow, how about that? neil: charles: i love it. >> how about that? charles: in addition to being great economist, you're a marriage counselor. we're getting a two-fer for your comments. i'm looking at today's session which is sideways. u.s. steel is up 6%. cummins engine up 2%.
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these are companies caught right in the middle of it. looks like wall street might be sharing in your optimism here, this is something that obviously not only would be beneficial but maybe we're taking bigger steps towards resolution than most people believe? >> i think we are. i think trump is the master negotiator but i think he has got a couple of lieutenants out there. i think he has mnuchin, i think he has larry kudlow, he has got lighthizer, who know how to do the nuts and bolts of this type of deal. i'm extremely optimistic something will be done. when it happens, boy, hold back the horses, this economy is going. charles: you mentioned ronald reagan. lighthizer helped paper that deal with japan. that involved currency. china came out of the gate saying that will not be part of our deal but he knows how to paper the deals. what do you think the concessions make on their side ultimately get president trump to sign off? >> you know i think intellectual property, that is one of the key
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elements. the transfer of technology from acquisition that is another one. charles: art, i will have to jump in here. i'm sorry, buddy. there is live event in washington, d.c., attorney general ken paxton is back at the mi this. >> there may be some things we can't answer because there is an investigation. carl and i have happy to answer questions. if you have a specific question for a specific ag, just let us know. reporter: thank you so much. i understand it is early days. i understand the investigation hasn't been concluded but would you be willing to go ahead and assume that the conclusion finds monopolistic tendencies can you discuss what some possible remedies might be? would, google for example, be required to sell off doubleclick? >> so i will, we'll both answer questions, the answer we're literally just starting the investigation. this is the kickoff.
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that is difficult to answer a question with as little as we know. >> ken has it right, it is certainly a fair question but generally speaking you have got to find liability before we get to any remedies and the remedies variable for an antitrust action are there norfolks to see. there is behavioral modification, the kind that you talked about, but i think we're better off leaving remedy unless and until we get to a remedy stage. reporter: "washington post." attorney general paxton you began by saying that the initial -- was advertising. as i listen to all your peers i heard things about smartphones, surge, data privacy and so forth. it s. this a top to bottom antitrust review of all of alphabet google. >> it is not fair to say that
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yet. all of our questions are related to advertising. reporter: [inaudible] >> everything that we requested so far is related to advertising. if there are other facts that demonstrate we need to go in another direction, we will talk about it, we're certainly open to doing that. reporter: dave from reuters. that means you already issued subpoenas with demands to google with regards to the advertising? >> yes, that's correct. reporter: tell us one statement, that the 49 states and district of columbia. >> it is 48 states, district of columbia, puerto rico, and two states are missing. reporter: tell us what the two states are? >> you might be not surprised california where google is located and alabama. by the way they can still change their minds. reporter: even too soon to say what a possible remedy be, what is fair marketplace what do you think should be happening? >> we'll go with both of us.
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in a fair market you shouldn't punish somebody for having a unique technology but when you have companies that may be preventing other entrants into the market with unfair practices and dominating a market that then ultimately hurts consumers because even though there is maybe not a direct cost of searching on internet, if advertising costs are higher, who ends up paying that? advertisers pay it. that is all passed on to consumers. ultimately our consumers are harmed. that is our focus. >> yeah. the only thing i would touch on and emphasize again the ubiquitousness and power of the search engine itself. google itself, in its initial first years talked about it being the best search engine to find you what it is you're looking for and let you loose on the internet. we know that over time that model has changed to where the
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search result invariably is laden with google-related goods, services and those who pay google. that is a very different model than that model with which they began and it certainly merits our scrutiny, as it has merited the scrutiny of other sovereigns. reporter: brian with cnn. wonder if you feel there is sufficient antitrust enforcement by federal authorities to date? i wonder if attorney general reyez can also address this question. >> i will start off saying we talked to the department of justice. they're looking at these issues an numerous fronts so i will leave those to the federal government. this is a state action. so whether they get involved or don't get involved that is really up to them. so we also -- [inaudible]. >> yeah. thanks i will simply comment we're very encouraged right now working with the administration, with the department of justice. i think the ftc is also starting
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to, to go in the right direction. i referenced our request for the ftc to open that investigation and only comment on that. they declined to reopen that investigation at the time generation seen -- general racine and i asked them to. the eu issued fines and sanctions based on very same complaints and concerns and i will leave it at that. >> something i should add, this has international -- charles: the press conference has begun. the question and answer period has begun. already there have been amazing revelations i want to bring back our guests leeza garber and very own deirdre bolton. you brought up the notion that advertising costs while it is free for us, advertisers costs going up, and those costs could be passed on to consumers. ag paxton he pointed to that as well. he is of course representing more or less the conservative
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republican side of this. by the same token, carl racine, attorney general for washington, d.c., is focusing on size. he saying the so gargantuan at this point, the result mix changed demonstrably that they direct you to a google product or those that advertise with google. are these antitrust qualifications? >> that is amazing question. part of the problem antitrust is not super well-equipped with something that looked on its surface to be a free service. if money is not changing hands hard to evaluate in antitrust spending. in both those the advertising spend and dominance in the market will come to play at the federal and state level. charles: deirdre, i tend to agree with the judge in the sense it feels like a fishing expedition. right at the top one of the questions, the conclusion how will this look? the answer was we have to find liability before we give you a
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remedy. we're not still no sure what they're doing illegal. >> exactly as to leeza's point, antitrust without money changing hands it's a difficult road to go down. let's not forget a bunch of people will not want to go down that road. we are different than europe in the sense we have creation bragging rights stories, google built in america. facebook built in america. they are going to be people even on capitol hill who don't necessarily want to annoy these companies too much, make shareholders suffer. my argument is, i actually even think the more regulation the better it is for facebook and google because they can afford the law firms where every single attorney charges 1000 bucks an hour, never mind the retainer. i think bigger the system, more these companies, it is an annoyance and a distraction but they can deal with it. charles: to your point many already asked for more regulations.
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thank you both very much again. 48 states, puerto rico and washington, d.c. california not in this. maybe they will try to help out their big tech brethren. right now the market really sideways. the dow, s&p, less than 2% from all-time record highs after major down days. you remember 600 points to the downside. market bias shifted to upside, investors need more than an interest rate cut. what will it take to break us out? at&t shares popping after a top activist shareholder firm takes a major stake in this company. but is it safe for to you chase, get involved in these individual battles? should the individual invest try to ride the coattails? we'll be right back. ♪ a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today.
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♪ charles: market really grappling for direction. you can see largely sideways. the dow, s&p earlier closer to all-time records and i think overall the bias has shifted to the upside especially after friday when fed chair jerome powell said rate cuts are more or less reinforced the notion that rate cuts are coming this month. i want to bring in gibbs wealth management president, cio erin gibbs and prn strategist michael an toe nelly. michael, i go back two fridays, wednesdays ago, that the ustr made official the tariffs.
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dow up 100 points. we finished up 250. for the most part we're edging higher and higher, people would be surprised how close we are to the all-time highs. do we enough oomph get there? >> thanks for having me back, charles. it will be close. two-ways the market goes up here, valuation expansion and earning expansion. we need one or the other. we can get valuation expansion. i think that is possible if trade headlines stay subdued i think investor appetite comes back. we're only 1% from the all-time high. the economy is doing fine. i said that the last time i was on with you. the economy is still doing fine. we can get there, we need the trade stuff to stay in the background a little while longer. >> michael that is why we brought you back. let me go to erin, she has been right about a lot of things including some of the moves you made, some of the defensive moves. we broke through the defensive in august. >> right.
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charles: michael said, people it is really clear people are looking for value. financials are underperforming doing well. retailers are doing pretty well. energy stocks are doing well. is that where this market is right now even though we're breaking out the idea to move away from really expensive stocks and to find value? >> not just expensive but ones that move the most. the high volatility stocks are some of the ones that have underperformed the most this year and actually the low volatility, steady and stable guys, those are the stocks that have ow performed the most like as a category or type of stock. charles: is this effort to get more sleep at night? >> yeah. investors were tired of volatility. charles: hard to own a stock that can go up 20 point a day but the same stock logically can go down 20 points in a day. you say people don't want to deal with that? >> there is definitely a trend. not just in august, but entire year we have seen a shift more into lower volatility stocks versus high volatility.
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investors want that slow and steady going up rather than this flash kind of days with headlines of antitrust lawsuits. those are things investors are shying away from. charles: michael, the big news today, speaking of value, elliot management sees value in at&t. that stock, they bought a big chunk of it, they disclosed it this morning $3.2 billion stake. it is up 3.2%. they have a lot of arguments. i read their letter, it's a long letter why this company is mismanaged. as individual investors elliot management, manages billions of dollars they must know what they are doing. is this kind of investment maybe for our audience? >> look, we have institutional analyst who covers at&t i believe he has outperform on it. so what i want to talk about more importantly this is a great american brand. this is one of the great, great american brands and great american brands every now and
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then can go off the rails and come back on the rails. at&t is a great brand. elliot has a good track record. what i would like to focus on, we talk about passive investing all the time as being this giant bubble but activist investing is still happening. elliot is taking an active investment. that is good thing for the market. i think that is a good thing. charles: i have mixed feelings with some of these large activist investors who think they can run businesses better than the businesses themselves can. nevertheless it is moving the stock today. >> yeah, well this is exactly what i'm talking about, a low volatility stock, slow and steady. if you look at the chart, it is pretty smooth. it doesn't have huge ups and downs. i actually like at&t, a lot of stuff elliot mentioned, at&t management already talked about, yeah, we recognize this we made a few mistakes and we're trying to change. it doesn't seem like they're two adversarial on their points,
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that they will work together. i think this is a positive. with a dividend yield of 5% that will be favorable for the stock in a environment where you are lowering interest rates. that is another tailwind behind the stock. charles: you really get paid to hold this stock. >> you get a paid to hold it. there are a lot of things going for it. charles: erin, michael. appreciate it. folks, president trump about to leave the white house for a north carolina rally. we'll bring you comments he might make. are one or two things on his mind including mainstream media, quote, the trump administration achieved more in first 2 1/2 years in its existence than perhaps any administration in the history of our country. we get zero media credit for what we have done but and are doing. but the people know, and that's all that is important. we're seeing robust economy. black unemployment rate a record low. hispanic unemployment rate tied its low. can this attract black and hispanic voters the
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traumaticket? my political panel debates that next. ♪ what a time to be alive. the world is customized to you. built for you. so why isn't it all about you, when it comes to your money? so. what's on your mind? we are edward jones, a 97-year-old firm built for right now. with one financial advisor per office, we're all about knowing what's important to you the one who matters. edward jones. it's time for investing to feel individual. [upbeat♪action music]
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charles: welcome back. a key part of friday's jobs report that black and hispanic unemployment rates were at near record low levels. women dipping from 4.4% from 5.2%. that is from a single month. will all the positive news about positive job growth will this attract the critical demographic to the gop in 2020? if not, what will it take. former dnc national deputy press secretary jose minio and fox news contributor gianno caldwell. let me ask you, you talked about this a lot in the past. >> yeah. charles: most people vote depending on their own economy, if your wages are up, the job is
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secure, you have to think twice about going into the voting booth, will i vote against someone helping this happen because i don't like their tweet? >> you know what is interesting, that you mentioned it in that way, i was talking to one of my close friends who was an obama appointee the last go round and he told me, that although he doesn't like trump, it is going to be very difficult for him to vote against trump because he wants to protect the fortunes he was able to ascertain since trump took office. there is going to be a lot of folks who look at the picture and say, do i want to support a democrat who is running on raising taxes, raising fees, creating an economic environment full of uncertainty, do i want to keep the roll going even though i don't like the guy currently in office. that is the question most folks say, maybe i don't go out and vote. charles: jose, are you concerned that democrats are taking votes for granted? i saw a poll, black millenials,
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30% weren't sure that democrats had their best interests at heart. these are things we haven't seen, even with biden, the support, black support he has is from older black americans. younger folks seem to think a little bit outside of the box? >> look i think it is important that the democratic party takes into account african-americans as a whole, latinos as a whole. if he look at polls, majority of hispanicss, majority of african-americans overwhelmingly support the democrat party. they don't like this president. they don't trust this president. the economy is absolutely important when voters are making up their minds, people vote on emotions. we have to, we have to remember that. and when it comes to emotions on how candidates make citizens feel, we know that president trump doesn't make them feel very good. charles: how does president trump -- >> i could care less about how i feel when my bank account is fat. i tell you that right now. the truth be told -- charles: how does president trump, listen only republican i
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can even remember to be honest with you who talked about black americans and the way that he does. he is always pointing this stuff out, saying what do you have to lose but how does the party itself craft a message that breaks the ice? >> you know, what is interesting is, that we did see president, candidate donald trump in 2016 do something that was very, very unique for a republican candidate. he was called a racist by everybody. all the black faces you saw on tv called his campaign deplorable in a way, in spite of that he had rally of a rally talking about the black unemployment rate horrible, the policies democratic party pushed on black america haven't been helpful, taken our votes for granted. with that being true. with that being the case we saw a vote count we didn't expect to see. people thought he would get 0% of the black vote. got 8% and double digits among african-american men. the fact he is talking about these issues, the fact criminal justice reform is something he
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can rely on. 91% of individuals released from jail have been black. these are efforts that he can point to, look what i can do for your community. what do you have to lose? this is what you have to gain. charles: jose, give you the last word. >> 8%, are we supposed to be impressed by that? give me a break. charles: real quick, jose, i let you, some people are saying that because the democrats didn't get the same turnout as black voters, it was same difference. margins of victory were so low, 8% coupled with the fact that if these candidates, if elizabeth warren, whoever the candidate is can't get black voters to the polls, ultimately the party loses, right? >> look i think, again i'm going to say it again -- >> that is why reparations. >> republicans will try to say all sort of things, they're scared. they know they will lose 2020. minorities -- >> are you serious? charles: all right. guys,. >> you obviously what you're say
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something very delusional. no one is concerned about that. democrats need to focus on message that attracts. >> you guys got 8% of african-americans voters. 8%. you should be worried. you should be worried. charles: we'll pick this up several times. >> good luck, guys. charles: we'll discuss it more for sure. love the passion, thanks so much. >> thanks so much. charles: there is growing chaos across the pond. talking about prime minister boris johnson. he is trying desperately to get the brexit thing through. he suspends parliament while house speaker abruptly threatens to quit. uk is getting closer to deadline to leave eu. we're waiting for new sound from president trump as he heads to north carolina for a rally ahead of that state's special election. he is talking about canceling the taliban meeting, as far as he is concerned talks are dead. if the u.s. gets out of afghanistan it will be the right time. more as we get the headlines. we'll be right back.
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charles: confusion in the uk continues as president, prime minister boris johnson officially suspends parliament today. the government will be shut down now until october 14th in an effort to stop lawmakers there from trying to come up with a plan to prevent the uk from leaving the eu even though citizens already voted for the british exit of the european union, it hasn't happened. in fact british tv host piers morgan tweeted over the weekend, the only unarguable fact about the brexit fiasco there is a concern campaign driven by parliament to stop it happening. as someone who voted remain i think it is absolutely disgraceful.
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if britain doesn't deliver brexit, none of us should ever bother to vote again. queen elizabeth gave johnson permission to suspend parliament. johnson insisting brexit will happen as planned on october 31st. let's find out from nile gardiner from the heritage foundation. he is here to sort it all out. before we get to the minutia about this i was shocked at the piers morgan tweet over the weekend. do you think there is enough people in the uk, who might have been remainers, this is the will of the people and we're making a mistake if we don't let it happen? >> there are a lot of people like piers morgan who voted remain are fed up with the efforts to stop brexit. they want to move forward. morgan's tweet encapsulates frustration tens of millions of britons are feeling right now. the fact that brexit is not delivered. parliament is doing all it can to derail brexit with the ultimate plan to derail brexit. this is what parliament is trying to do, to destroy brexit rather than implementing will of
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the people which is the role of parliament. 17.4 million britons voted to leave eu in 2014. parliament is standing in the way. charles: is big business driving all of this? there was massive fear campaign leading up to the vote that didn't work out but continued since then? >> this is the last stand of the establishment remainers who want to block the popular will of the british people. is really a battle between the british peel and parliament. boris johnson framed it as such. fortunately we have a prime minister who is absolutely dedicated to delivering brexit. the reality he is up against hundreds of members of parliament who simply do not want to respect the democracy. that is at the heart of the problem at the moment in the uk. charles: how do you explain the chaos within his own party? >> yes. charles: the abrupt resignations questionable actions of the folks who were supposed to really, really be enforcing this? >> well you have, a group of so-called conservatives on the
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left-wing of the conservative party who sided with efforts to block and derail brexit. boris johnson said enough is enough. these individuals should no longer be representing the conservative party. i think johnson is absolutely right. the conservative party that should be a party led by conservatives, people who believe in conservative principles. and those mps who have consistently tried to undermine efforts to deliver brexit i think have paid the bryce for that. i think the -- price for that. the conservative party is moving back toward as traditional thatcher right approach actually. charles: the fact that there is so much anxiety and pressure not to go with a no deal brexit, how much leverage has that given the eu? feels like every time theresa may made a visit to brussels hat in hand she came back empty-handed and humiliated. >> theresa may was incredibly weak-kneed, surrendered to the european rule and consistently ruled out a no-deal brexit.
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britain had no leverage. boris johnson said they will leave the eu on october 31st deal or no deal. charles: is he still in position to deal with that, there is minority government, there is so much chaos, can he get this through with all the votes in the last 48, 72 hours? >> he is committed doing so. there are still ways "brexit" can be delivered on october thirty first. we have a prime minister and government 100% committed to doing so. it will be a role every coaster ride the next few weeks, charles but i still believe that brexit will be delivered on october the 31st. britain can celebrate its own independence and freedom from the eu. charles: then you can have thanksgiving like we do. boris johnson and his brother can being awkward with the awkward moment and get back together. >> exactly. thank you, charles. charles: we're heading to the floor of the new york stock exchange. want to find out what traders are saying about the antitrust investigation into google. also this market this hour. plus whenever the dow and s&p both inch closer to record highs
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charles: google's shares are trading lower as a group of states attorneys general are officially launching an antitrust investigation into the company. this coming just days after a similar probe was launched into facebook. kristina partsinevelos is live on the floor of the new york stock exchange with the latest on how traders are reacting to this latest salvo. these are serious hurdles. >> but it seems like a lot of traders aren't really reacting at all. one says these tech companies have a lot of cash in their pockets, they are prepared for this type of situation which is why, yeah, you are seeing google's stock down not even 1%. last week's high was $1214. we could potentially see it higher. facebook relatively flat given
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all the news with all the probes. yes, you got the doj, you got congress, you got all the state ags and i'm probably forgetting one more but everyone is trying to look into all these technology companies and the stocks are barely wavering. one sector, though, that has some people talking is the retail sector. we are seeing it up higher today and that could potentially be a short squeeze. if you take a look at the spdr retail etf you are seeing that higher and some of the guys in the spdr etf is taylor brandt. 44% of the float right now is shorted. what we are seeing is these guys that are betting the stock will fall are covering their position at the moment. they did so just within the last three business days, pushing up that stock price which is why you are seeing it up 11%. one reasoning was that an investor said it was about finding value. back to you. charles: thank you very much. consumer discretionary, the best performing sector over the last five days coming into today. some of those stocks have been
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hammered big-time. also it could be some profit taking as maybe, maybe the worst case scenario is off for now. as it stands, the dow jones industrial average up 15 points. liz claman, it's been sort of a side ways monday but there's always something great going on beneath the surface. liz: always. and we've got so much breaking news. you talked about google. we will deep dive into that. we have apple 24 hours away from the big announcement and this breaks news, afghanistan peace talks with the taliban are dead. that according to president trump. he just made the comments at the white house moments ago. he's also talking about the recovery after hurricane dorian. the gop presidential challenger, north korea and more. what we are doing is waiting for the pool, the group of press, to roll the tape. we will bring it to you as soon as it happens. one of the most widely held tech stocks in the world, now has a huge target on its back. a half hour ago, this on your screen. the state attorneys general


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