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tv   Markets Now  FOX Business  August 30, 2013 11:00am-1:01pm EDT

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one of the comments we made fun of you for, turns out you were onto something. have a good weekend, stuart. will america go at serial alone? we have new information. that is where we will start today. then, sending a message loud and clear. tylenol rolling out new warning labels. plus, it does not sound like a real box office barn burner. bernanke in the movies. we will have all of that and much more coming up in this hour of market now. ♪ connell: good to have you with us on markets now.
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very serious news to get us started off. the secretary of state john kerry will begin a statement on the situation in syria shortly. rich at ten joins us to put it all together. he is live at the white house. >> meeting to discuss what is going on in syria. secretary of state john kerry will make remarks to the nation about syria. this eighth day after they spoke with lawmakers last night. the administration offered little clarity. >> secretary kerry said we would offer the president a broad range of options.
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we talked for an hour and a half and they did not mention it. >> they continue to provide a robust discussion with the members of congress on what they are trying to do here. we expect to get the release of a public intelligence report. this intelligence report will demonstrate that the syrian regime did use chemical biological weapons against its own people. the three rich, thank you. rich edson at the white house. judy miller, let me start with you. we may find out more today. the white house making its case.
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what can come out of that that we do not know already. is it enough to move? >> i think at this point it is pretty clear that all that obama can count on is the french. at least the head of the country is with them. i think he really needs to convince our own people of the need for this. this request is really more about 2003 in iraq and 2011 in libya. the congress does not want to be cut out of this decision. connell: they had a real big argument over it. >> it is not clear what is going
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to happen. we have a lot of democrats and republicans saying we do not want to be committed to a military action whose strategy and consequences at this point cannot be foreseen. connell: i do not know if it is a tough spot, but the president backed himself into a corner. it seems as though action is necessary. there is no turning back at this point. >> i think that is absolute crap. the idea that the president, to bolster his personal credibility would stab our military to attack another country. there is no imminent threat to america. there is no reason not to
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consult congress. obama is doing the same things that he criticized bush for. bush had a real coalition. this administrations marriage of hypocrisy -- connell: he could turn it around. it does not look like he is going to. he is looking for a way to act. he may feel like he has to. he is the president. he is not louis the 14th. he does not get to take our country to war just for his personal ego. under a purely military side, he has no articulated, no goals that make sense. his administration remarks, we
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will do something decisive, but limited. that is a contradiction. connell: judy, what do you think of all of this? >> the problem is the president does have that authority or at least he claims he does. he was willing to use it in libya in 2011. that cost us nearly a billion dollars. it also resulted in a government that cannot protect its own people in libya. the question that the congress is asking and the issue is how many of them feel strongly enough to make a difference. what will we do after we strike? will that put us in a stronger position. connell: that is important.
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>> what is next? you have to plan for the worst-case. not hope for the best. learn from your mistakes. do not assume that everything will come up roses. the assad regime that will not use chemical weapons on americans. if they come apart, al qaeda gets chemical weapons and they will use them. >> i think the president has really boxed himself in. the clearing redlines without being willing and able to make sure you make good on that promise sent a really bad message to the rest of the world. connell: thank you to both of
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you. let's go to the markets here for a minute. the dow is down 37 points. it has been a tough month for us stocks. >> good morning. it has been a tough week for stocks. if you look at the market for the month of august, microsoft is the only winner in the dow. the only one with a green arrow. it has been a tough one. we are looking at a broadly lower market. you have the dollar at a four-week high. you have commodities, oil and gold down significantly. that timbre is a very bad month for stocks. back to you.
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connell: appreciate that one, lauren. at least we are better than europe. over there, they may disagree about syria. the number of unemployed people in the euro zone falling for the second month in a row. things may finally be starting to get better. it is such a high rate across europe. again, we are better off than they are. now, johnson and johnson launching new caps for its extra strength tylenol bottle. you can see the label at the top of the cat. always read the label it says. this is the first time anyone
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has done something like this. the company planning to roll it all out. let's take a look at some shares. see if any stocks are affected by it. the johnson & johnson stock price is down a little bit today. another concussion in last night's preseason action. look at what you are paying colleges. why some colleges are starting to look more like resorts. bernanke, the movie? come on. we will tell you about it straight ahead. we were above 110 earlier in the
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connell: we have this story in just a moment. this started to remind us that stuart varney is actually not out of his mind. he is always ranting about something. a lot of times we dismiss him. including one of his more recent appearances where he started talking about college life. it turns out stuart may be onto something. >> they do your laundry for you. if you were to take a house or apartment off-campus, the college would fix your stove or air conditioning if something went wrong with it. it was the absolute concluding of your children for a price of $60,000 a year. it is not the college i object to, it is not the money, it is
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the idea that kids should not become adults until their 20s, maybe 30s. you just give them a home away from home, give them everything they want. extend adolescence. i think that is wrong. connell: it turns out that there is a lot of that going on. >> this is not my dorm room, this is not your parents dorm room. this is student housing on steroids. stainless steel appliances, a dishwasher, washer and dryer full-size on top of each other. hardwood floors, quartz countertops. we will walk outside. this is where students are staying nowadays. this is uc davis in northern california. you also find it in florida,
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texas a and m have places like this. parents want this stuff now. they are willing to pay the extra money. when you talk to people, they will tell you, you know what, this kind of luxury, it is expect it. >> i think we have that shock factor a lot of time. it is something that is completely not in the ordinary. >> it is technically university land. it is governed by the same land. it costs more. the rooms are nice. i am happy. >> we decided that i think fox has a plan where we can go back
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to school and they will help pay for it. i have to tell you, this may not be a bad idea. wow. i do not know if i would ever go to class. connell: you would have a 1.2 gpa. the whole crew went crazy. they saw that pool. everybody is going back to school now. a good story. i do not know how you got this assignment or came up with it. good work out of you. we will move back to the markets and talk about donuts. krispy kreme. we are looking at that stock price today. lauren simonetti is back with us. >> low-volume on the floor today. it is down substantially right now. profit for the latest quarter missed expectations.
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there are positives here although the market is not react being. u.s. same-store sales up 10%. basically, krispy kreme was hurt by higher costs. >> volume is light right now. it could pick up by "the closing bell." connell: for those that are still here, thank you. we will talk about hitting the road for this holiday weekend. a few that you may want to avoid when you are traveling. take a look at this map. robert gray is coming up next. he will show us how much it will cost to get from here to there.
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this time, we are looking at currencies and how everyone is faring against the dollar. ♪ ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative rson serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today.
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>> 22 minutes past the hour. officials at yosemite national park are expecting 3000 cars a day to pass through the gates this labor day weekend. the place is 33% contained. it is the last day in office for san diego mayor. he resigned in amid a number of sexual allegation. from the believe it or not files, kid this year, they are getting nearly four dollars a tooth from the tooth fairy. the average of $3.70 is up 23% from last year.
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parents are giving as more, as well as trying to keep up with kids of other families and those are news headlines on the fox business network. let me get you back to connell. connell: thank you very much for that. we are headed into the holiday weekend. the good news is, gas prices are down from where they were a year ago. if you are driving, you will not be alone out there. aaa expecting the busiest travel day in a couple years. robert gray has more on this story. >> i am not sure what your plans are. one in two americans are heading
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out. you certainly will be not alone if you are. we are sort of in a destination here. a lot of folks behind me will be perhaps heading north or coming into town here. santa monica pier right off to the right here. gasoline is down from record labor day prices a year ago. still, not a bargain by any means. you are looking to pay north of four dollars. we talked about 34 million americans. that is the best labor day expectation since 2008. if you are wondering, 85% of the folks traveling will be driving 50 miles or more. the rest will be taking to the
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air. of course there are others taking boats and trains. as far as going out there, it will cost you more for pretty much everything else but gasoline. hotel rates have never been higher. they are back above where they were in the last cycle. occupancy rates were actually higher back in the day. if you are heading out, we may have some insider information for you. we will talk to the head of the tony shudders boutique hotel right here on the beach in santa monica. connell: good to see you, robert gray i do not know what they did to make everyone happy around here.
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our next topic on markets now. the cia black market budget. the details about what edward snowden leaked. get the popcorn out for this one. a federal reserve movie. we will have details on that straight ahead as well. we will be right back. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office,
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budget of $53 billion is lead, ed snowden is the guy behind it, and how serious this is in a moment. the nfl settlement with its players over concussions, some believe the nfl got off easy and the federal reserve, we talked about a couple times and whether you like it or not we will tell you about it in a few minutes, ben bernanke. it has been a brutal month for stocks, the dow and the nbc in big losses as we wrap up august and bring in lauren simonetti on the floor of the stock exchange where she is the only human beings still left. >> given a couple hours, the dow is down 4%, the s&p is down 3% in august. if you look the worst performing stock on the sectors you see hewlett-packard is the absolute worst, doing a little better today down 13%, jpmorgan and cisco and abercrombie and fitch and first solar are down by 28%, 24% respectively.
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i told you this before, september not a good month either but the day before the labor day holiday and the day after the labor day holiday are traditionally good so maybe we will have an end of the day rally. connell: ed snowden and the effect of those leaks, big money on the line, sneaking the intelligence community's black budget, nearly $53 billion. the report revealing top-secret information back to the 9/11 attacks. peter brooks joins us, senior fellow, financial security affairs at the heritage foundation. how big a deal is this? we talk all the time about ed snowden and the logistics, where is he going and to is going to take him but what he actually did get lost. how big a deal for national security are these leaks? >> very damaging. we don't know that this is the last of it. he talks a lot about sources,
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documents talk about our sources, very important we keep them private, classified, very sensitive, tools and talks about gaps in what we would know. the last thing you want is for bad guys to know when you know or you don't know and how you try to figure out what you know when the water that is exposed peer. connell: it is one thing to say the c i a request $14.7 billion in funding for 2013, inside baseball stuff, but if you read through the washington post and see something like the governments of iran, china, russia, north korea are difficult to penetrate maybe that is known but if you get into things like that, that is dangerous. >> yes, we may see more of that. they can use this to their advantage. they may think we know something that we don't know or they find out we don't know where something is or don't know much
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about their nuclear program they might do things to continue that. is really troubling. and it will show up in the newspaper, or assets, and on the front page of a major american newspaper, very troubling. connell: the precedents are troubling. what about actual intelligence or actual information in this report? and something you thought i really wish that hadn't, anything--actual information that hurt us? >> the stuff about the usama bin laden raid. this is not the last time we will go after a high-value target. some stuff terrorists may not do anything about but hearing about phone intercepts, analysis,
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things along these lines, at some point we may have to go after other bad guy like usama bin laden, don't want bad guys to do what we do, this is the intelligence, blackguards at the bus station. any time they are exposed it hurts our national security. connell: what about people who argue the opposite side and say some other numbers that were in this, much money being spent. >> this guy is uncovering some, more transparency. connell: would you say to people with those arguments? >> that is why we have an intelligence community. elected representatives have oversight, approved on them, the government can spend anything congress doesn't approve and some things you need to keep secret free and national security, intelligence is the first line of defense and if you let your guard down, you could pay a dear price. connell: thank you for coming on
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today. the oil concerns over syria were an hour away at this point from the secretary of state john kerry, supposed to update us on that, watching for secretary john kerry and sandra smith will join us from the chicago mercantile exchange to talk about the oil market. then the concussion settlement, that is coming under criticism now. not enough? we will talk about it coming the. movie theaters, stories, federal reserve, get there early and get the tickets, ben bernanke at the movies for your holiday weekend and if you are thinking of taking in a ball game this weekend, the worst parts to buy a beer, fenway top spot, boston fans, expensive to drink at fenway. we will show you the best spot for a beer because we have that information. se -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground.
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prior month revised slightly higher to up 0.6. newt u.s. car sales estimated to jump 13% in august year over year according to edmund leading automakers to a 19% increase followed by toyota with a 16% jump in the sun with 15% rise over last august. that is the latest from the fox business network giving you the power to prosper. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at we put the law on your side. and launch your dreams. nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets,
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posts and stories into real-time business insights that help nascar win with our fans. connell: as promised, a round the country, cleveland, but doing great, i have never been there but for a couple reasons, we have great graphics and wanted to make a screen that showed something. we have that and it is labor day
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weekend and people like baseball. sandra smith is big cubs fan but she has been too busy at work, oil and syria and everything else, she joins us from chicago in the pits of the cme where everyone is talking about syria. is that right? sandra: it is a lack of conversation about syria driving prices lower. there is not a severe concerns the we will see a supply disruption. not completely off the table but pushed forward to next week, we are continuing to see some sell-off, prices down $108 a barrel and we have seen them topping 112 earlier this week on fears that the u.s. would strike in syria and we could see a significant supply disruption but not just see area we are talking about but an opec report showing record production out of saudi arabia. what happens to the major oil-producing nations when you get triple digits slices, $110 a barrel oil they want to produce
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more of it so there are pumping more oil but opec production is down, iraq and nigeria, a supply decline but as i hand it back the looking at oil at $100 on track for the best monthly gain for august in over a year, something to keep in mind, prices down, still a significantly for the month. connell: we are back above thanks as always, sandra smith from chicago. not just syria in the oil market but syria is not the only major decision president obama faces in the next few weeks. his choice for who will replace ben bernanke as chair of the federal reserve is another big one. the afl-cio head whaling in, his view of who will do a better job when it comes to the fed's dual mandate, here he is. >> history would indicate that she is for a more balanced approach and a better approach
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than larry is because if he continues to say we are only going to deal with inflation than we would not support that because that has been corrosive to the country and bad for the economy. >> she would be janet yellen. chief economic strategist talking big economic date -- debate, janet yellen or larry summers. labors in for yeoman. >> it tells you one thing. when from coal want a balanced approach to what the weaker dollar to benefit his constituents and this is in my opinion what the problem is. it is becoming who the fed chair will be is becoming politicized. the issue is a great -- in the roads credibility and that is paramount right now. connell: back to markets than for a moment if we can and talk about what the actual differences would be in your view, interest rate policy and monetary policy for the federal reserve, the dual mandate we
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mentioned going into the richard trumka peace, what would the difference be, actual difference between janet yellen and larry summers? >> said the most basic level yellen is seen as perhaps more dovish ben bernanke -- ben bernanke. summers is seen as strong dollar, more hawkish, possibly ending the q e program more quickly, raising rates more quickly and all of that will have a volatile response from the markets and one direction or the other depending who obama chooses, so summers becoming a candidate or nominated, you will see bond yields go up and stock prices go down. connell: we got distracted a little bit, had other things to cover, syria, the conversation was not as much about interest rates as the last few weeks but what is your general outlook? >> on interest rates we priced in a lot of the move, the taper
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is probably inevitable in september. we price the lot of that in so i don't expect to see yields move sharply higher even once they start tapering. 3% is probably the high end for the ten year for the foreseeable future. you will see yields trend back lower in the second half of the year as they start to slow down and taper the paper as we say, trying to take yields back down and absorb 100 basis point shock in interest rates to come in and talk that back down. connell: thanks for joining us. we have a free movie peck, big economic guy like you, ben bernanke at the movies. would you see that? might actually be all right. >> haven't been this excited about a movie since hair spray came out. connell: this will be different. the documentary is anti fed from
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what i have seen. have a good week. for the bankrupt city of the troika, something we haven't had a while but the choice will take it, receiving $52 billion in federal funds to help teardown rundown neighborhoods and begin rebuilding some new ones. can he joins us with more from detroit. >> there are tens of thousands of abandoned homes like this one across the city. that has led to increases in crime, decreases in property value and a drain on precious city dollars. the goal of the new initiative is to take these abandoned homes and in turn, decrease foreclosures, rebuild neighborhoods by making them look like this. >> stay away and will be shot. sounds like a common sight in neighborhoods all across the motor city where there are more than 78,000 abandoned homes, most of them fall out from the
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housing crisis. morrison 30 of those are on robert couch's small street and are magnets for swatters, scrapper's and criminals. >> let the community down, it is no community, we do what we can put neighbors can't do it by themselves. >> help is on the way in the form of wrecking balls and dump trucks. in a first of its kind program michigan is taking on detroit's foreclosure crisis and attempting to stabilize its neighborhood by demolishing 4,000 abandoned homes across the city calling it the largest ef history. >> by eliminating the blight in a neighborhood we increase property values and give folks an incentive to stay in their homes and therefore maybe they won't get into a foreclosure problem. >> robert couch is seeing a difference. >> you look around and see the neighborhood is better than it was in the past. it is building up a little better.
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>> state officials would need $600 million in order to demolish the 78,000 homes across the city. right now they only have $52 million to do 4,000 so it is a drop in the budget but if successful they should be able to get more funding to continue the demolition. connell: good report on what is happening in detroit. another concussion reported in last night's preseason football action so we will talk about this because it is a big money store look at the settlement between the league and i players announced not even 24 hours old, some criticism as well. we will be right back. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser? it's the easy way to erase any recent travel expense. i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels?
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connell: from the nfl, 4500 football players reached a settlement, concussion lawsuits and as part of that vote lead will contribute $765 million to provide medical benefits and injury compensation for retired players, medical and safety research and cover litigation expense and. we want to bring kevin vaughn, investigative reporter for fox sports joins us from boston. before we get to those comments, significance of this settlement in your view is the fact that the league admitted there is a concussion problem. >> they didn't have any long doing, it was significant on two accounts, it removes huge potential image problem for the league in years going forward and there is long litigation in a litany of former players having medical conditions discussed. and it is expected fairly soon
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providing your immediate money, suffering serious neurological cognitive disorders today. connell: they didn't admit as we always see, admit criminal wrongdoing. and the legalities, the new this was out there and the settlement tells us the nfl knows it is out there as well. the great tony dorsett, terrific running back came out this morning and said the settlement is, quote, not nearly enough. seems like a lot of money. would you make of those comments? >> you will have to see how it plays out. both sides gave something that. some were predicting the players might win a tobacco size settlement if this thing got through court and before of the jury and survive appeals but it is possible that a jury would have done the token $1
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settlement, these players played a violent sport and knew what they were getting into and the way the money is going to work is it is all for 0 rated based on the number of years a player spends in the league and their age so diagnosed with the serious illness in their 60s or 70s, get as many as someone with a long her career and may be as serious problems in their 40s. the main thing is all players, not just applying to the 4500 and part of the lawsuit but he 18,000 retired players, and neurological and cognitive testing. and something to watch in the future. connell: the potential for a big tobacco like ruling, who knows how long that might take, what else might we see? are there changes being talked
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about in terms of what the league might do in addition to the settlement? >> as anybody who follows the nfl knows in recent years there have been a plethora of rule changes aimed at preventing head injuries, not only have they changed penalties for certain hits and certain tackles, there is a concussion protocol, if you are injured in a game you have to be examined by a doctor. 25 years ago guys got carried off to the sidelines and waved smelling salts under their noses and decent and back to the field. that doesn't happen today. there are all kinds of new research in helmet technology and stuff like that so there are a lot of things happening, things that frankly would give the league the power to say we are doing something about this problem. if they were to be sued by the players in the league today. connell: how does it affect how
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many people play football and president obama's comments but it is of big deal with the settlement was announced, an investigative reporter for fox sports knows a lot about it so thank you for coming on with us. there is a number of different reports as we get to our top story about c rea and house syrians are preparing for the potential of a u.s. attack of grading their military readiness. and positions and scud missiles, moron that straight ahead. john kerry straight ahead, expect him to bring us up-to-date on the administration's plans to update the briefing from the secretary, it may be a friday before the holiday but cheryl casone? covering continuing coverage on markets now. you know throughout history,
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cheryl: we begin with breaking news with the crisis on theory in syria.
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the white house signaling it is prepared to go it alone after the british parliament voted against military action. >> she does not want kurdish involvement. we will proceed on that basis. >> germany says it will not take part. >> i think that he should be crystal clear in knowing that the international community is standing up against what he has done. the government will respond. he and his regime will be held responsible. cheryl: we have a syria expert and analyst with us now. thank you for being here. jennifer griffin reporting just minutes ago that it is their
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belief that assad has moved a lot of his ammunition away from bases there in anticipation of u.s. attacks. is that kind of behavior that assad would do in your opinion? >> yes. i think at this point there has been enough messaging that most of the impact has been lost. cheryl: elizabeth, you were on the ground in syria. on the ground, it is chaos. your research shows you that the rubbles are much more organized than we believed. are the rubbles organized enough, do you think, to work with the u.s. and united nations
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to engage? >> i think it looks like a fractious bunch of different groups. when you are on the ground, you see a high level of coordination, cooperation and a high level of networks. cheryl: who are the strongest groups here? there are several. all of this, there is for different ones there. if military action is not an option for the united states, is there a group that is organized enough for us to go in and work with, potentially? >> part of which include the syrian liberation front and and a number of others.
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it has already shown it is willing to partner with the u.s. to facilitate the and of assad's regime. cheryl: surgical strikes, missile strikes, usually go see like a simple, effective response in time of war. at the same time, there are casualties around that. >> at this point, any steps need to be part of a comprehensive strategy. it engages on both political and
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diplomatic cult tracks. cheryl: what about the united nations? >> i think moving anything through the un at this point will be very difficult. it has caused significant delays that will have lessened the impact of any possible strike. cheryl: you still have put in putting his support behind the word jeep -- regime.
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how do we make this case and the united nations? how do i make the case for the russians? >> actually, a strike may be the most effective means to convincing the russians we are serious about our attack on syria. a strike may be just the thing to push russians to take a serious look at syria and consider where it stands. cheryl: safety in syria, did you feel safe while you were there? >> safety is a relative issue. i can say that the people there have protected me to the best of there ability. i feel confident putting my life in their hands. cheryl: thank you very much for
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being here. you are quite a voice on the issue of syria. your work has been incredible. secretary john kerry is set to make a statement at 12:30 p.m. eastern time today. we will bring you that statement live. here now with the latest on how the equity and commodity markets are reacting to the syria situation is lawrence of and that he and sandra smith. sandra: they are getting a lot out of those long positions. the fact that that does not look like it is imminent, markets will be watching that. in the meantime, oil prices now
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down more than $1.50. $107 a barrel on this fear that we will see a supply disruption in the middle east. we have almost a five dollar fee or premium coming out of the oil market. energy down. precious metals down. the dollar, by the way, is strengthening right now. by the way, the bit, well, we may not see fear in gold and oil, the barracks is actually higher right now. >> that is an excellent point. 1754. stocks are broadly lower on this final day of the month of
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august. it has been an awful month. the dow is down 4.5%. we are looking at losses. commodities selling off. speaking of commodities, oil is down. u.s. airways really popping. we received word that the government has decided to start that trial over the proposed merger. a lot earlier than march. back to you, cheryl. cheryl: we will get america coming out of bankruptcy court before that. thank you very much. appreciate your reporting. all of these things are on the horizon.
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i want to go to you first, mike. all of this worry about syria. is it more tapering that is a threat that has the market worried? >> i think the market has been reacting more to economic news in the united states. if you think about the market and economic uncertainties related to syria, that has already been priced in. i think these are a response to the outrage to the human atrocity.
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>> i think the markets at this point will shrug off. the market will shrug off both of these events. cheryl: the overall economic affect, remember oil was spiking, if we do see that come down, is that a positive, in your opinion? >> yes. as long as it remains under $110 a barrel. if it is between $110.120 that is pretty neutral.
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>> i think if we are worried and concerned about oil prices over in syria, i think that is misplaced. i think it is much more important to watch others. cheryl: okay. on the issue of tapering, one of the things we heard from several analysts is the fact that we, we really do not have a clear picture of what will happen. even though we say that the debt ceiling, say the taper is only 10 billion, then say the debate kicks in at the same time, middle of september. is it a fear that we are not paying enough attention to, in your opinion right now?
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>> i think that the debt ceiling will be resolved. i think it will get resolved. the numbers may be a little bit lower. that hopefully is largely priced in. it may hold back the market somewhat. cheryl: volatility is higher today. are you concerned? >> no, i am not really concerned. the markets and/or through it. the market start concentrating again on the fundamentals. i think the third and fourth quarter profit levels, the year over year growth rate will we
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accelerate. the market will focus on that. cheryl: i know that both of you have more discuss on the markets. we will bring you back another day. gentlemen, thank you very much. good to see you. thousands of fast food workers demanding higher wages. as millions of americans are hitting the road today for the holiday weekend, charles payne tells us how we can make a little money on goodyear tires. i also want to remind you once again that secretary of state john kerry will be speaking this hour. it will be about 15 minutes or so. we will bring you those comments live.
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>> 192 million. their reply. we are also watching the defense stocks. companies not moving much today. it is reporting that the pentagon buys more than 100 missiles every year. cheryl: thank you very much. charles: still rolling around. i try to be funny. goodyear is really getting their act together. topline was so-so. also, market share in europe, i
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think you're full turnaround. all-time record operating income. particularly strong in china. the execution has gotten so much better in the last three quarters. it is hard for me to not really like this company a lot. cheryl: charles payne, thank you very much. i want to remind all of you at home we are awaiting comment from secretary of state, john kerry. we will take that comment for you live from the state department when he begins. we will be right back. ♪ when we made our commitment to the gulf, bp had two big goals:
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>> 22 minutes past the hour. tens of thousands of protesters are rallying throughout egypt. tanks and armored vehicles are keeping the crowds away from major squares. officials are expecting 3000 cars a day to pass through the gates at yosemite national park.
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the blaze has burned 315 square miles. the man who bought liberace 15,000 square foot mansion in las vegas plans to return it to its former glory. it is surrounded by smaller cheaper homes which are blamed for bringing the volume down. those are your news headlines on the fox business network. back to cheryl. cheryl: absolutely. very exciting. thousands of fast food workers took to the streets. the protests have little to no affect on their business.
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and increase like this could kill the fast food injury. is this going to be a problem for these companies? >> it is not possible, in my opinion, that the wages will actually rise. cheryl: most of these companies are franchises. it will be up to the individual owners. that could be backlash for the corporate ownership; correct? >> it is up to the individual owners. they are already struggling to try to pass some price increases
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to the customers just to offset food inflation. i just do not think it will happen. cheryl: wendy's is up 75% over the last year. are you sticking with wendy's, at least for the short term. >> absolutely. they are trying to reposition themselves to fit in between categories. the pretzel burger is a very good example of how they are trying to reposition the brand. they can ask for higher prices. cheryl: mcdonald, stocks down. >> mcdonald's needs to find its
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way again. we will see how this plays out. cheryl: thank you very much. we appreciate your time. there is a live picture from the state department. john kerry is expected to take to the podium any moment. secretary carey leaving the white house about 25 minutes ago. we will be right back. ♪
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moments from john kerry giving a statement on syria, the treaty room at the state department, live pictures, we are going to take this statement as soon as the secretary of state comes into the room, he left the white house 30 minutes ago. let's bring in rich edson standing by at the white house. any guidance from the administration as to what we are going to hear from john kerry? >> the secretary has been making the case yesterday and earlier than that on u.s. intervention on some of the evidence the administration says it has. the public is waiting for that evidence. we expect to get that this afternoon. we will hear more from administration officials in the next couple of hours about the evidence that they reported the or they say they have showing the assad regime use these weapons against its own people. we are waiting for the administration to make this case. they did so last night with congressional leaders and john
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kerry just leaving the white house short while ago after being part of a meeting with the national security council. that has broken up and we are awaiting the next couple minutes for the secretary to make, and to move a little later than they are scheduled to. cheryl: on that note i would like you to stand by as we wait comments from john kerry. i want to bring in peer books, of the things, from jennifer griffin, she is telling us there's a good chance assad has moved his weapons because frankly had time. all he had to do was watch the news to see a strike was imminent. will the administration make a mistake here? >> you could save that. i have been cautious about talking about our military intentions with the idea he might move these to places they might be protected.
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it is fair, the middle of negotiations on an issue that might lead to conflict, let the other side know you publicly declare your intentions and the fact is after talking about this we have dithered for quite some time. an opportunity to disperse and much more difficult for our military forces to affect the objective the administration is talking about. we don't know what that is at this point but based on what they said in the past. cheryl: and bring in elizabeth again, a team leader at the institute for the study of war and specializes in syria. as we await these comments from john kerry, one of the things we may hear from the secretary of state we are not getting guidance is he maybe talking about diplomacy and negotiations. we have been at this for two years with the syrians, the russian obstacles aside.
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does assad have any intention of coming to the negotiating table or is he going to have to be charged as a war criminal? >> given the balance of power on the ground not only because of european and russian support but because of his military capability, this meant he doesn't have to bargain in good faith and any attempt to get him to come to this table will result in negotiation, not meant to carry out on the field. cheryl: one of the things our correspondent brought to our attention, with him moving his missiles is the fact the we missed the boat here. can't we make at the united nations the argument to the russian delegation, un week is coming up. there's no more negotiation and this has to have some type of military end? >> that is the ultimate objective of u.s. use of force.
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the obama administration has no serious policy or comprehensive policy and that bothers me as an american citizen. if you're going to launch missiles at syria, what are you -- what you trying to achieve and then what? what happens after that? what i am worried about is this is a feel-good effort to save that this is a terrible thing if we could attribute this to the national policy of the syrian government. this came down on high and rogue commander operating but a few good effort to go after syria for a bit and then stopped and then what happens? the other thing i'm worried about is eyewash for their field policies. the president needs to let out and john kerry will do that for us, interesting they doing this the friday before labor day weekend, that is when bad news comes out but they need to let out what their plans are and not just for missile launches
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against targets such as artillery and air planes or runways but what happens after that? there are so many things they talk about, that the assad regime was going to fall, they're going to support the rebels or some faction of the rebels and none of those have been transferred, what is our plan? cheryl: let me bring in elizabeth. you wrote a detailed report. you were just in syria one week ago, your report was exactly entitled that, a military strike, now what? you can answer that question from peter. >> absolutely right. this and be a 1-off action. it needs to be a comprehensive strategy. that comprehensive strategy needs to build on the dynamics unfolding on the ground. there is real work being done on the ground in syria and lead to power those forces, fighting
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against the assad regime and look at a strategy that has not only military arm but a political and diplomatic track that can get to a more comprehensive solution. cheryl: we are waiting once again on live comments from john kerry about the situation in syria. this has been a story affecting the markets all week, particularly acute sellout for the markets. let's bring in lauren simonetti, those that are there to be honest are likely looking at their television monitors. >> a couple things have happened in the past few moments. the yields has come of a little bit and the vix index is up, looking at a chart of the s&p 500 has been in the red, near session lows. we do have a lower market, if you look at the overall numbers, the dow down 40, the nasdaq down 26, the s&p down 5, and i like
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to look that the events of the time line, that is kris negative. the dollar is up and commodities are down. we haven't seen oil covering this all day and telling us why but if you look at the vix and other indicators like yields with money coming in to the treasury you do see a market that is getting nervous. a really rough weekend lost month, it is a holiday month which exacerbate things. cheryl: i want to go to the cme, a lot of traders are not sure what to do coming into a holiday weekend. how are you feeling before the trading day ends? >> very dangerous, if something comes up. recently right before john kerry was going to speak all of a sudden some huge selling came into the market, there seems to be a sense that whatever john kerry is going to say is not
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going to push up the timeline for an attack. where you are seeing that quite clearly is in the front end of the of what future is getting crushed today and the reason is because today is the last trading day. next week delivery, supplies according to the e i a t r 5% above the 5-year average going into labor day. if there is not going to be an attack there will be a lot of gasoline so those prices of leading the complex down saying an attack probably isn't imminent this weekend. cheryl: back to the white house and picking up on something you are saying which is we are seeing the secretary of state making these comments. this is not the president of the united states. we have rich edson standing by at the white house and there's a point to be made for market participants, there is an anticipation here is that we are not going to get inflammatory rhetoric from the secretary of state. we might be getting a backing off if you will of military
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action. is that possibility? is that how this operates between the secretary of state and the president? >> the latest comments we have done in this coming from the white house pool from vice president joe biden, he was shouted a question and ask whether the french were on board with a syria attack, joe biden responded by saying i know everybody is on board and that is all he said, there are plenty who aren't on board. and the fringe made plenty of statements, the questions we had for the past week remain. where will it be and when will it be and we hope to get some type of guidance from the secretary at 12:30. what we expect this afternoon is the release of this intelligence report, that shows the use of chemical weapons in syria so john kerry could be commenting on that. we are not sure what they plan on laying out here. it or what timeline we're
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dealing with. and he is going to russia for the g 20 summit. and he would not want to launch an attack overseas. you want to be here in the united states. that is guess where, speculation, people commenting, we are not sure if that is the thought of the white house that this is the deliberative process, still wants to get congress on board, and a majority of the american people on board and that sales effort is potentially going to begin with the release of the report, the intelligence report the white house has been talking about for the past week. cheryl: one thing you point out in your research after your return from syria one week ago, whatever force washington applies will will the political waters and maybe create a potential opening for diplomacy. do you still feel that way now of that you are back in washington? >> it still could create the opportunity we are looking for. a lot of what has taken place in
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terms of the negotiation or dictated by russia and assad ended the other allies. a strong reaction from the u.s. despite the delays and half measures we have been considering could still provide the impetus to shift the russian position and allow for some sort of incentive to bring the different players to the table. cheryl: same question to peter brooks, something elizabeth wrote about that this will will the political waters but 24 hours ago, the support of the british and also the germans as well and the back away from that. what does that mean for the administration now? >> it is not good news. this administration imagine if barack obama had to take unilateral action against syria. imagine the cries of hypocrisy considering his criticism of the george w. bush administration in iraq which was not unilaterally either. i figure it would be difficult. they won't get any support at
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the united nations multilaterally. the chinese and russians won't supporting resolution for the use of force and others, the british and others have fallen away, not quite sure the french seem to be holding pretty strong right now but iran could still fall away from the administration so this is embarrassing for them and the painted themselves into a corner. this is as bad as putting down that red line that keeps disappearing and appearing and how many chemical attacks have we had since the president put down that red line. this is a policy in trouble. i agree with elizabeth. of having had the opportunity to read her report but what she's talking about we should have been doing two years ago, 100,000 deaths prior. i have been calling for the development of a force that the overthrow assad. democratic or western leaning force that could do this. the cia can do these things that they say assad will fall any
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day. the problem is on the other side of assad, assad is bad enough, now we have a mix of rebels, everything from al qaeda to islamists to potentially pro-western forces of assad falls, then what happens in that security vacuum and if assad wins think about the blood that will be shed in retribution? this is terrible. unfortunately the administration, john kerry is probably just going to talk -- going to talk about the fact that the u.n. has now taken samples in syria. the other issue is they have to attribute the attack, attributed the attack to somebody. once again very important to know whether this is national syrian policy, came down from the shock assad or a rogue chemical warfare commander who did this and if not, a rhode chemical commander what will you do then? there are big issues that have to be answered and i don't think
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the a answers yet. cheryl: nobody wants a repeat of what we did in kosovo, the united nations did not access and we go in and find out in kosovo there is complete slaughter. and that is what is going to happen to the syrian people. a live picture of the state department, we are awaiting at any moment to see secretary of state john kerry, give us a statement about syria, may or may not take questions. not a lot of guidance from the secretary of state and his people but we will take these comments live and we are monitoring on fox business market reaction, markets had an incredibly rough week, volatile week based on the uncertainty of a potential military action by the united states and syria. lauren simonetti is on the floor of the stock exchange with big defense names. one of the names that at a big move to the upside based on what
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they make, it is a missile maker if you will, that was popular earlier this week. >> on monday, a 52 week high on monday, now down a little bit. and they have been firing most conflicts, put for use in 1991 against iraq, 280 were fired than 8 use in libya in 2011 and after that could be a popular instrument used in a potential conflict so you have got to remember this one is having a weaker day, stocks are down 1/2%, that is important, they make the be 2 bomber, and these are the major defense is flowing, a dow component, the we like to look at where we are in this situation. cheryl: thank you so much and we are monitoring the markets, events in washington and the
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want to bring back rich edson from the white house. and remind our viewers, you already told us this that the secretary of state did leave the white house 45 minutes ago, he was part of a briefing with the president, we are going to guess there will be more details of that briefing. it is a 5 minute drive from the white house to the state department. >> yes, we are on the west side of town, and john kerry with the national security council has been briefing this morning, going over the options according to the white house, what we have been doing over the last few days, and as the white house continues to sell the contact with foreign leaders. and the british parliament, angela merkel dealing with challenges of an election nature in her own -- and the french and
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turks as well have mentioned there above some type of response to what are charges of the use of chemical weapons in syria. there's a lot of play in domestic politics, international politics on the domestic front, a number of members of congress saying they wanted concrete plan from the president, some say they don't want to get entangled in the middle east more than the united states has been over the last decade. there is opposition on the international front, there's opposition domestically and we talked a little earlier about the talk of red lines from a while ago from the president and this consideration at the white house is undergoing very much a byproduct of that. you cannot put a red line, you cannot draw a line in the sand without them reacting and you don't react on it you risk the loss of credibility. cheryl: you don't want to act without the united nations and that is the rhetoric we are hearing. >> the security council, no way with russia on the security
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council the net nations will get involved. cheryl: a statement we are getting from the united nations, chemical experts from the united nations, that chemical experts trying to expedite analysis of syria samples, they must maintain scientific integrity, all analysis of these samples by chemical experts must be completed before anybody at the united nations makes any type of conclusions. elizabeth -- still not ready to confirmhere was a chemical attack in syria. >> even with the un inspectors team coming out of damascus with the samples and everything you will still take at least a week to report back any sort of conclusion of signings. to this degree you are finding some delays, motivations to keep pushing the decision for any sort of decisive action and frankly it is going to take some time for the un to come back with anything that could push
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either side to come up with a workable solution. cheryl: peter bob brooks, same question. we get these statements from the united nations, up to a week before we get some type of confirmation of a chemical attack but most americans a gun to youtube and look at what they have seen and it is hard to dispute the images. peter: it is a terrible tragedy no matter who perpetrated it but one of the other problems is getting the chain of custody to these decisions. in other words where do they come down from? who did it? that is critically important. even if they find out there's a certain nerve agent, some other chemical weapon, who did it? where there are artillery shells or gravity bombs, evidence they could have taken out, i am very skeptical that the syrians would have let the un in if they felt it would lead to the bizarre
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assad regime. i am wondering about that. i think they would have tried to cover that up because if they think the united states will put some cruise missiles through their office windows they would be cautious about providing them that evidence. right now i am skeptical. i think john kerry is going to talk about what the u.n. is doing. they want to be exactly short, they have some intelligence but we saw yesterday and i don't know if this has changed the one intelligence official anonymously said this is far from a slam dunk in terms of evidence. i don't think the president who is very cautious about the use of american power wants to go into syria and find out he was wrong. cheryl: their point to all of our viewers that you're bringing this up, we're about to hear from the secretary of state and to remind our viewers this is a live picture in the state department. any moment we expect the secretary of state john kerry who was at the white house 45 minutes ago, 15 minutes ago, he was briefed by the president but
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we are hearing from the secretary of state, not the president of the united states. market participants trying to react the best they can and plan going into a holiday weekend with everything we are seeing happening in syria and all this back and forth in washington and the big question is this oil contract situation. two days of a sell-off as you mentioned. you don't want to be short of oil going into a holiday weekend but depending what the secretary says here, it is anybody's game. is anybody ready to leave the pits and take off for that early vacation or are they going to stick around? phil: s&p traders are ready to go but not oil traders. we restocking earlier about the purchase of a $100 plus in 120 call so that is where traders think this could go in a worst-case scenario and another thing going on with the sell-off in oil is what i call oil diplomacy. behind the scenes the oil producers like saudi arabia are
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talking to russia, if you put pressure on assad and work together we will give you a whole bunch of oil, discounts in oil. that is a lot of the talk in the marketplace and that could be another reason why oil prices are going down. saudi arabia's oil production hit an all-time record high just yesterday, that was reported. there is a lot of oil in the marketplace and they may try to use that to change hearts and minds. cheryl: i want to bring back elizabeth, talking about our discussion with the saudis and of all the allies we have a round world particularly in the middle east, the saudis could really be the backbone we need, jordanians are under pressure, the egyptian, it is chaos right there. what about our relationship with the saudis. could they be the effect of dealer against assad? >> at this point, any action that occurs in syria will have to have u.s. leadership. we can partner with our allies
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and work on them for a number of plans and courses of action but they are not going to do anything without clear u.s. leadership and this is already being played out on the ground. the saudis have undertaken a number of attempts to train and assist different rebel organizations and empower more moderate forces over the extremist groups that they fear very much and yet the u.s. has stumbled to provide the leadership the saudis have looked for and there has been a lot of disparate forces of funding coming from a range of allies which has caused significant problems in terms of the organizational capacity of the opposition. cheryl: how nervous and do you think assad is about u.s. military action in syria? we have been dragging our feet for two years and peter made the same comment. is he concerned we are coming and banking on the fact that diplomacy and conversation with the united nations is going to delay any type of action and that will give him plenty of time to reassess his position?
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>> i don't think assad has much to fear. i don't think he would have undertaken such strong action in terms of the attacks whether it was a tactical military assessment or not if he thought there would be a very harsh response from the u.s.. there has been such a lack of engagement and leadership on these issues by the entire international community. at this point the government truly believes it can do whatever it wants and get away with it. cheryl: rich edson, i want to go back to you at the white house and i have to interrupt you i apologize. we are expecting at any moment to see secretary of state john kerry but can you address the delays here? you know the backyard of politics of washington if you will and do you think there are some last-minute meetings going on with the secretary of state as he works with his team to i would think want to craft a very particular specific message to the american people right now? >> these are very sensitive issues, they have to craft the correct language and there has
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been a delay of some type in this intelligence report we have been hearing from the earlier part of the week the administration was going to release this report but there has been some back and forth between the white house and security officials to ensure that whatever they do release doesn't compromise any security sources around world so there's a conflict of wanting to make sure you including of information that makes your case and not compromising your intelligence sources so this has been a very delicate block the administration has been doing all we can use see that continue here and as soon as they put out the 12:30 briefing my money is on the fact that it wouldn't start on time and there are many events from the president giving any type of routine speech, they often because there's a lot of play don't start on time. cheryl: we were with the first lady, that was a good hour-and-a-half delayed. this is the norm here but our viewers are very frustrated. market participants right now as we wait to see what john kerry
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has to say. we are going into a three day holiday weekend, so positions need to be fortified with regards to what trades with you are short or long, we want to know once again what the secretary of state is going to say. not a lot of guidance but remind our viewers he did meet with president barack obama and there was an administration everything and secretary of state who was in the building we're being told he is in the building, this is the treaty room at the state department and he is coming out at any moment to give the statement to the american people and market participants and i want to go back and i am leaning on you a lot but as someone who has come back from syria power administration is trying to find groups in syria we can align ourselves with that aren't infiltrated by al qaeda, what kind of time frame do you think that would entail? liz: we have already been working on this process. we have heard a lot of training
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assist programs providing lethal and nonlethal aid to the opposition so these groups are already being vetted and networks have been tested not only through cia facilitation but through our allied partners and to this degree the networks are in place, groups are they're looking for the u.s.. cheryl: don't mean to interrupt you but secretary of state john kerry. >> president obama has spent many days now consulting with congress and talking with leaders around world about the situation in syria. last night the president asked all of us on his national security team to consult with the leaders of congress as well including the leadership of the congressional national security committee's. and he asked us to consult about what we know regarding horrific chemical weapons attack in the damascus suburbs last week.
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i will tell you that as someone who's been nearly 3 decades in the united states congress, i know that that consultation is the right way for a president to approach a decision of when and how and if to use military force. it is important to ask the tough questions and get the tough answers before taking action, not just afterwards. and i believe as president obama does that it is also important to discuss this directly with the american people. that is our responsibility, to talk with the citizens who have been trusted all of us and the administration and congress with responsibility for their security. that is why this morning's release of our government's unclassified estimate of what took place in syria is so important. it is -- its findings are as
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clear as they are compelling. i am not asking you to take my word for it. read for yourself, everyone, those listening, all of you, read for yourselves the evidence from thousands of sources, evidence that is already publicly available in. and read for yourself of verdict, reached by our intelligence community about the chemical weapons attack, the basel to inflicted on the opposition, and on opposition controlled or contested neighborhoods in the damascus suburbs on the early morning of aug. 20 first. our intelligence community has carefully reviewed and we reviewed information regarding this attack and i will tell you it has done so more than mindful of the iraq experience. we will not repeat that moment.
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accordingly we have taken unprecedented steps to declassify and make facts available to people who and judge for themselves but still, to protect sources and methods some of what we know will only be released to members of congress to representatives, that means some things we do know we can't talk about what do we know that we can talk about? we know that the assad regime has the largest chemical weapons program in the middle east. regime has used those weapons multiple times this year and has used them on the smaller scale but still it has used them against its own people including not very far from where last


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