if they need to be in the uk. if they want to be in europe. maybe they want to be in ireland now. >> we're joined now by cnbc and msnbc contributor ron insana. ron, what's your interpretation about how this affects the united states? >> well, it does complicate the economic outlook for us, lawrence, as well insofar as the federal reserve said only a few days ago that this particular development could keep them from raising interest rates anytime soon. so it looks like fed policy goes on hold because our central bank is concerned that a potential recession in the uk, a deepening recession in europe, financial market instability which we're seeing all around the world tonight, the nikkei in japan is down almost 7%. the dow is looking to open over 600 points lower tomorrow. that could derail our own economic recovery such as it is. the economy in the u.s. has been a mixed bag over the last several months with respect to our numbers. unemployment rate has fallen by the job growth figures have stalled. so it does put a

after the uk voted to leave, the u.s. spoke with the british prime minister on the phone. >> barack obama told david cameron the special relationship remains a key part. >> mr. cameron had campaigned heavily to remain in the union, now he is stepping down and wants a new leader in place by october. >> i think the country requires fresh leadership to take it in this direction. i will do everything i can as prime minister to steady the ship over the coming weeks and months, but i do not think it would be right for me to try to be the captain that steers our country to its next destination. >> rob nib let is director of chatham house, back with us for more anallis aboysis about who e the uk's next prime minister. thought? >> boy, thoughts. i think the big question is whose hand do the conservative party want to have on the tiller of what is going to be a really difficult negotiation. >> that's where boris is divisive. >> look, if you've called -- compared the eu to hitler, you're wondering how that, as your lead negotiator,

nobody knows how the uk is going to leave, when the uk is going to leave. a lot of machination in brussels and in national capitals to try and give the uk more time to try and give more time to -- >> find a leader. >> find a leader and work out a deal that enables the uk to do it properly. >> if george osborne is negotiating a deal and a new prime minister comes in, how do the europeans know they're dealing with the right deal? >> the europeans will do their best to wait for the next prime minister. i don't think they'll rush into triggering the clock ticking for the uk to leave because then you only have two years and you can't negotiate with someone who is essentially a lame duck as osborne would be. they have to wait. the question is whether there's a hawkish part of the european union that wants to go faster. >> yes. what are they saying to each other? they have to come up with a common message which is difficult at the best of times in europe, absolutely vital right now if they'll meet david cameron tomorrow. >> what we're seeing is an attempt by the c

deirdre: one key uk lawmaker calling for parliament to ignore the uk's vote to leave the eu, my next guest said that the vote cannot be undone, english journalist robin leech is with me on how to best move forward, he is with me next. deirdre: markets are reeling after britain voted to leave the ue, one uk lawmaker calling for parliament to reject the vote, scotland's first minister making a similar statement. my next guest, says it cannot be undone, journalist robin leech. thank you for joining me. labor legislate or david laramie saying that national vote nonbinding, that some leave supporters now regret their vote. what is your reaction? >> there is no such thing as buyer's remorse where a vote of this nature, this would be like actors of old vick in london horrified that audience walked out on a bad performance of beck beth, chase them down the street, and say come back we'll do it tomorrow. deirdre: a one shot deal, hillary is criticizing trump for talking about his golf property in scotland, he said that business could benefit from the uk's exit, weaker pound perhaps more touri

but also right now in the uk. i want to head straight over to london as we continue watching futures market. investors very rattled here in the u.s., with the dow off more than 200 points. ashley webster live for us in london. ashley, give us the latest. reporter: you know, trish, i was looking at these latest numbers, the leave now just slightly ahead of the remain. i mean it is absolutely on a knife's edge, 50.1% to leave. 49.9% to stay. so i think it is very fair it w. we thought by 4:00 a.m., local, 11:00 p.m. eastern in the states we would have a real sense where this vote was going and that is not the case. it has been a surprising evening. those areas we knew would vote to leave a done so in greater numbers. those who have voted to remain as we expected have done so but perhaps not as strongly as we thought. london could be the key. this area, four million plus voters are expected to has been up to this point three to one voting to remain but is that enough to outweigh appears what the rest of the uk is say

and uk is enduring. he said the u.k.'s membership in nato remains a vital cornerstone of economic policies. the president said the same about the u.s. relationship with the eu, which he said has done so much to promote stability, stimulate economic growth and foster the spread of democratic values. >> people around the world have been closely watching the referendum results, including here in japan on the streets of tokyo. >> i voted to leave. >> reporter: really? >> yep. i wanted england to have its own government, its own legal system, its own control over who comes into the country, and for the future, i think that that's very important for england. >> yes, i think it's quite a good decision for the country, because this way they can decide what can be good for their own country. >> translator: i've traveled in the uk and studied in ireland, so i didn't need to use my passport to travel in europe. i just have anxious feelings about what's going to happen now. >> translator: it would be better if they stayed in the eu.

for downside if the uk votes to leave, significant moves for uk and eu equities. while the banks see sterling, quote, face significant pressure, they do see the euro as more stable. ubs also expects substantial declines in uk and euro area call yields. ken costa has joined us here. ken is a city veteran for the chairman of lazar and ken costa strugglic? an an m & a house. to share your view, what do you think should happen? >> well, i'm an in. one has doubts and skeptical thoughts about how it's all evolved. but the fact of the matter is, is this a decisive decision that's got to be made. actually, it's not just you and me, steve, that makes up his mind vote, every capital market has got his eyes fixed on you and me as we vote. if the weather is not great, how many people will turn out. it is important. it's once and for all the vote has got to be made. >> what was the key issue in your mind that swung you decisively for the in camp? >> absolutely decisively on the in camp because of the economy. it's not brought out by those who want to leave that what we have is

the leader of the uk independence party declaring the uk independence day. as david cameron pointed out this is going to be a long process. this is not an instant divorce. it will be a long and economically challenging process that could go on for a couple of years. we heard about them invoking article 50. that's the prenup if you will that was signed, many, many, many decades ago. how do you untangle or unscramble the egg that has become europe in someways and how does britain take itself out? >> these are the questions going forward. you could sense him feeling defeated when he was walking out. you compare it to the head of the independence party that we heard 30 minutes an hour ago and the enthusiasm and the excitement. this is freedom for the people in the uk and this is a moment where the eu is dying and it is no longer as important as it was. it is just changing time and obviously the people are wanting something that is different and david cameron deciding it is time to move in a different direction in a constituency. >> you talk about the juxtapositi

the uk voters are not even half of uk population of course have voted ed td to lee the eu. i think there are all sorts of complications with how tight this vote is and for any government that is seeing this referendum and has held this referendum they don't actually have to abide by the referendum of course. this is just a public vote in effect. so there is a number of elements here and complications and i know you've tweeted out this independent online poll that's crashed because people are saying hold on we want a recount. we want a new vote. because this vote is incredibly tight i'd say it opens pandora's box for the future here. it is going to be very interesting to hear what they eu officials say given it is so tight and of course given the possibly leadership change in the future. i mean these next few months i this i are going to be very difficult whether it is talking about what the future trade negotiations or anything else. and i've always also seen other comments an twitter as well about possibility of holding a fresh general election rather than just a leadershi

and the uk striking out on its own. explain how close this vote was and if there's going to be contagion within the eu. >> thomas, it was close. it was very, very close. about a million votes between the two sides. the implications, people just don't know. that's why you're seeing stock markets drop. you're seeing the british currency tank because there's nothing that economists hate more than uncertainty. if you just lay out the news. you talked about one piece of news. it's news after news after news this morning. the british prime minister resigning. questions over the leader of the british opposition. lawmakers in northern ireland and in scotland calling renewed calls for independence for those two places. across europe, political leaders saying they'd like to see a referendum, too, raising questions about the future of the eu itself, thomas. what will happen in the next 24 hours will have a huge influence on where this goes. will britain and the rest of europe figure out how to compromise and move forward? will the

this is a long-term process that the uk has begun. it could lead to further unraveling of the european union. i think there's a lot of risk out there. morselling to co-- more sellingo come. i don't think we've hit bottom yet. 10, 20 years you'll find stocks you like at bargain prices so you'll buy those. but this is going to be a market event for some time to come. >> john, what do you think? individual investors have to be asking themselves what do i do now? s should i buy this dip as was popular since the market bottom in 2009? would you be i woubuying this d? >> i was with ron until he got to 10 to 20 years, i don't think it will take that long. we have to go through vuchlt. the market got sucker punched. we thought it was going to be okay, all of a sudden it's not okay. so we have to adjust to that. we still don't know what exactly is going to happen. one of the big positives is that the market is so cranky. we have a way of acting up when we don't like things so we definitely pass along the message. that happened with t.a.r.p. i

mirror issues of the uk voted on today. certainly we'll see this as a good indication for how his campaign for the white house might go in the future. >> yeah. he is talking about how angry the voters are in the uk. that's how he's interpreting the vote and this is foreshadowing of what could happen and the wind at his back as far as his campaign. how much do you expect that to be part of his remarks? >> reporter: i think it's a big focus of the remarks. a number of reporters will asked him repeatedly about why he believes it's a good idea for the uk to leave the eu, how he believes that will play out and the consequences in the markets right now. we're seeing the markets down significantly with the idea that the uk will no longer be a part of the european union. why does he believe that's a good idea and why does he think it will ultimately stabilize out? ultimately will be more beneficial in the future. he's also facing questions about his campaign period and he's gone through a rough patch lately, he's down in the polls.

the markets thought the uk would vote to stay in. this is a shock in many different ways. >> we want to bring back steve moore, we had you on just a few minutes ago. and we've been talking on commercial breaks here, just the similarities going on here at home and the uk in terms of this antiestablishment sentiment, we've seen this play out. i know you're helping out with the trump campaign. talk to us about what is going on in both places that people are frustrated with reality, status quo, and with politics as usual. could this impact our own presidential election? >> well, i think it could. i think it is sending a signal to politicians, all over the world frankly that people feel like the politicians aren't listening to them. let's take the example of immigration. it's a big issue in the u.s. and europe. what happened in europe is the flood of refugees coming in to the european continent. the people didn't want them. the rulers said we're going to let them in. i think this is a big issue, by the way, when you talk to some of the br

for how leaders here at home are viewing the uk vote. peter barnes will join us from washington in a little bit. lauren: democrat status it in on the house floor to demand a vote on gun control legislation. congressman john lewis meeting 200 lawmakers refusing to let republicans resume regular business until the house voted on gun control. 10 hours later house speaker paul ryan convened the chamber to hold a brief series of votes speaking loudly over the protesters. take a listen. >> the chair would hope the business of the house could be conducted in a fashion the represents and respect positively on the dignity and decorum of this institution to which we all belong. nicole: neither of the votes were related to guns. is democrats democrat for the house, the house has adjourned after voting on a final spending plan to fight the zika virus. lauren: the war of words continues with donald trump and hillary clinton trading jabs. donald trump attacking clinton's actions as president obama's secretary of state and her conduct as us senator. >>

now or are you talking about the uk? >> i was talking about uk. i think that generates a referendum vote in scotland and scotland wanted to separate and presumably other votes in the netherlands. trish: they are going to do this and find themselves in the same spot they found themselves in. >> absolutely. trish: perhaps in your view even more so? >> potentially. you'll have to rewrite british laudable to take 12 years to negotiate trade deals. it's going to be very long time. trish: why does it take so long to negotiate trade deals? people still want to trade with the uk. >> there's a great talk to a professor of law from liverpool michael dugan attacks about the fact that probably you will have to rewrite british law. you are going to have to renegotiate deals first of all between the uk and europe so then we will have to renegotiate a deal with the u.s. and china and so on. those things just take an awfully long time. switzerland is certainly not going to do with europe at all in the manufacturing field and that has taken 12 years so the expecta

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the uk is 3% of the world economy. on what basis does that justify a 700 point fall in the dow jones? it doesn't. it is the machines doing it. the machines could easily reverse and next week we could see the dow up 700 points. i have to bet we probe the lows again and then move i up next week. >> the uk may only be 3% of the uk economy but the eu is much bigger chunk and almost the size of the u.s. economy. already you have france calling for a referendum to leave the euro. the fear is this could embolden those political party, heighten political risk and that is certainly an unknown for the global economy. >> very good point which is why i think the european union is going to move quick to stabilize the situation with a form of associate membrane. denmark, sweden and holland all of whom likely to have referend referendums. and. >> should the -- be lower this morning. >> i don't know. if you think about it germany's currency within the euro is significantly under value but france is over vau. i believe the euro is goin

i'm bullish on the uk. you have got the uk on sale. 10% devaluation. >> when we declared our independence a lot of people said you will be sorry. that's a strong parallel to what we are seeing. charles: it's a romanticizing yesteryear that i don't think we can repeat. the brexit had impacts worldwide. charles: fox business' adam shapiro is live in germany. reporter: angela merkel issued a statement at about 12:30 in berlin. she said on together will the eu be able to assert it interest in the world and she says she deeply regrets the breaks it vote. it's interesting to note who holds the cards, who holds the power in the eu. the president of france will come to germany to meet with angela merkel and the summit in brussels with the different leaders of the eu nations. when you speak to people here in germany, all of them that we spoke to said they were shocked, and surprised the uk would do this. one of them was the co--ceo of the berlin stock exchange. the germanstock index closed down about 7%. but they sa

he reiterated his support, america's support for the uk, insuring that our relationship with the uk would not change and he did say that he spoke with david cameron and told him that. the uk right now, meanwhile, potentially on the verge collapse with the british prime minister resigning and scotland ready to decide whether or not it should remain part of great britain. global financial markets are in a steep selloff mode as investors contemplate the consequences of the uk vote and what it all means for future of the european union and our global economy. plus is this a sign? could it be of things to come here in the united states? donald trump quick to capitalize on this revolt against big government, globalization and open borders. i'm trick reagan. -- trish regan. welcome, everyone, to "the intelligence report" on a historic day of a historic vote. dow jones industrial average is sinking now almost 500 points after the lows of the recession. you can see the fear in these markets. investors had no idea this one was coming. s&p is off 61. nasdaq down 178. nowhere to hide really except fo

now that the uk is gone the uk holding back the thought process. the uk is gone, we may see more integration into the eu. interesting comment from the far right national front leader who tweeted out victory for freedom after she heard the results in the uk. she said it is time for a referendum in france and elsewhere in the eu. then we got this from gabriel, germany's vice chancellor who spoke out and simply said a bad day for europe. a bad decision for britain, germany and europe. everyone obviously taking it in. those who want to keep the european union together dismayed by what the uk decided to do. those that want to leave got what they wanted and we are waiting to hear from boris johnson and whether he could be cameron leaves office. lauren: big comments from major economies in europe, france, germany, great britain and as adam shapiro told is angela merkel and franÇois hollande will speak monday in berlin trying to navigate through this unwind of great britain, thank you. nicole: tony blair seemed sad and shaken by the decision. donald trump

business deals in the uk. so for some time, the chinese really have been using the uk as a gateway to access the wider beggar european market and also china really has been trying to make london the international hub of globalizing its currency. an for its part the uk has been very pro china voice within the eu when it comes to economic matters. for example, supporting granting china the status of a market economy. so all of these arrangements may just be crumbling down now that the uk is going to be no longer part of the eu. and also politically china has always advocated a multipillar global order. so a stronger eu is viewed by china as a counter balance to the u.s. so now brexit is probably also going to change that. so i would suppose he's probably not happy with the brexit result. >> and it's interesting, if the currency deal collapses, that is a big loss for the city of london and also fworngeorge osb. but a different story for russia, isn't it, matthew. lots of russians have homes here and strong links

>> for the uk? stuart: for the world, for the uk for politics? >> for the uk it's extremely bad news. exporting goods, 20,000 jobs. stuart: doesn't just stop? >> no one really knows but two days of uncertainty anyone would be making major investments within the uk but this is between 1992 and now britain is to plan the european union. >> i think that's exactly right. during the next two years we will see this problem be solved in england will be perfectly fine. i say that with confidence because again england is doing better or i should say the eu is doing better in their arrangements with england than in what is so a $25 billion surplus i don't see that as a catastrophe and by the way the english voters voted on not what is going to happen in the eu but what is good for england and we spent a great deal of the evening talking about the eu impact and that did not guide the vote. stuart:stuart: what did you sayt maureen le pen in the national sporting? >> she is calling for a referendum for france to vote on whether to leave the eu. stuart: when w

between the uk and eu. so i think it is very much in the interest of all parties to maintain open trade relationships. u.s. and uk have a special deep relationship that will continue. but it's already in track and there will be ongoing discussions where to -- >> let me be clear u.s. comes after -- >> there's a practical matter. we're several years into one negotiation. the other has to be geared up and thought through. so just as a chronological matter, you know, the ttp negotiation under way. >> how much potential crisis systemic risk by brexit. for example, will the european banks need another bailout? >> i think if you look at the preparations made between the uk and the bank of england, the ecb, other central banks including our fed, a lot of steps were taken to make sure that all central bankers could be reassuring about liquidity positions. that is very important. i think if you look at the position of banks they were better equipped than they were in 2008. there's more capital, better resolution proc

like in the uk, brussels is facing its own political civil war right now how to deal with the uk. do you force a quick withdrawal to end the political uncertainty that's not just caused chaos in the brussels, but also affected the national stock markets or do you prolong the process and let a new prime minister take a seat in october. talk about ways to create an associated membership with the eu. or do you make this a quick bloody swift divorce, mainful to team a lesson. >> is that decision up to the european leaders or is it not up to the uk to decide when to start those negotiations and invoke article 50. >> technically it's up to the uk. it's not going to build any goodwill have they drag out the process. at the end of the day, there are two sides. there's 27 versus one. yes, the uk can take its time, but that doesn't mean the other states are going to feel generous when they're setting up trade deals, figures out the status of uk citizens. hundreds of thousands of them who live in the eu and whether they should give them medical care, mental health care, any other sort of ben

between the uk and the eu. >> translation, it's still true that uk would come before the u.s./eu trade deal. that's my interpretation anyway. one other note, kelly, fed chair janet yellen will not be speaking wednesday at a much anticipated meeting of central bankers in portugal. that event has been canceled. kelly? >> yeah. neither her nor the bank of england, mark carney, i think, so reluctant to speak out right now. thank you so much, steve, speaking with treasure secretary jack lew this morning. >> we are going to slot in a commercial break and be back with david cameron who will take questions once defense questions have finished. stay with us. girl: you're going to need me. you're going to need us. all of us. you're going to need our help with your water... your air, your food. you're going to need our determination, our compassion. you're going to need the next generation of leaders to face the challenges the future will bring. and we promise we'll be there when you need us. ♪ >>> the dollar extending losses, down 300 points give or take as you can see. we lost 611 on

way bigger than any uk general election. i want to transition to talk about perhaps a new way that we have not discussed so much that it could impact the u.s. we have seen it impact the u.s. financial markets already, and those moves have been significant and we have discussed a little bit how this is going to affect the u.s. economy if we see a broader recession across other european economi economies, but the geopolitics globally and how the u.s. expresses middle east issues or the russian issues or whatever the threat of the day is, and earlier i caught up with the uk foreign secretary philip hammond and asked him if he thought that the u.s. administration, president obama included, to be upset by britain's leaving the european union. >> the united states regards the eu as an important partner, and it is the only block that is larger than the united states, itself. you think that the u.s. administration, the u.s. government regards britain as a like-minded partner. they are trying to ensure that the european union maintai

uk. germany in particular feels that it won't be as affected. yes, there's a little bit of financial turmoil at the beginning, but really the uk, for example, is germany's third trading partner. the u.s. and france are much more important. so what they're saying is basically, you know, let's deal with this as soon as possible. that way, we can limit the damage, and we can begin the process of reforming the eu from within without the uk. >> atia, thank you. it's going to be very business across europe over the next years, right? >> absolutely. >> it's not going to be months. gloeshl investors also looking. >> we saw u.s. stocks loss more than an estimated $800 billion in value. the dow jones industrials down more than 600 points. >> uk stocks finished down more than 3% in the end. they had been much lower. other european indises, though, saw heavier losses. >> the british pound fell to a 30-year low against the u.s. dollar. at one point it was worth $1.33. >> it did bounce back up as you c

the uk has just two years to negotiate its exit. after that, it could be unceremoniously kicked out of the eu unless all remaining member states agree to extend that deadline. and this brexit has triggered fresh fears of further fractures in europe. scotland has already hinted that it may call its own independence vote. no one knows exactly what is going to happen. the uk will be sailing solo into unchartered waters. erin mclaughlin, cnn, brussels. >> erin, thanks so much. >>> his music made a comeback when it appeared in the george clooney movie "oh brother where art thou," the life of a bluegrass legend coming up next. when you airbnb, you have your own home. so, live there. even if it's just for a night. my lineage was the vecchios and zuccolis. through ancestry, through dna i found out that i was only 16% italian. he was 34% eastern european. so i went onto ancestry, soon learned that one of our ancestors we thought was italian was eastern european. this is my ancestor who i didn't know about. he looks a little bit like me, yes.

in the uk it's been a hard-fought battle. the last few weeks polls showing it was incredibly close and it was going to be -- you could go either way. and then really not an awful lot has changed, more people coming out, including the international monetary fund warning the uk could go into recession. but that wasn't -- to me, that was never going to swing it one way or the other. then of course we had the terrible murder of jo cox, british member of parliament and pro-european or and she was shot by a man who was shouting "britain first." he's now been charged with her -- he's the alleged killer and has been charged with her killing. and a lot of people said after that terrible moment that if you were an undecided voter, i think there was an assumption that undecided voters were likely to want to remain and that -- >> they would be repulsed by that? >> yes, the whole of england was repulsed by that. >> yes. >> shocking. in the uk shooting deaths are thankfully quite rare occurrences. this is a terrible, terrible moment. and i

what happens next in the uk? well, frost is live in london with more on this very question. >> reporter: kelly, this sums it up with the speech. the first one is that he says that he did not think that it was a right one for the uk and despite the losing side, and then it's perhaps the idea of the second referendum. he made it clear that when to invoke the article 50 and begin and that would only happen in place and then the part confirmed that it would be by the start of september. he also spoke about bringing the country together and stamping out the hate crimes. he did site it and said that the economy and the banks are not stronger than they were when they took office in 2010. just to come back to the part of the speech that you dipped back into in the presentation and that it's possible to have a early general election and the next one scheduled for 2020 and the next one i would say is george osborne and the campaign er and prime minister is very clear and remained campaign er and they came out despite on th

it's not as if the uk is leaving, i think, one of the guest that we had it's not like uk is leaving planet earth. the uk is leaving the european union. all change is going to happen slowly. markets are going to react. the one area that i'm watching from investment angle are the banks. if you look at uk banks, barkley is down more than 20%. but even if you look at the u.s. banks, you know jpmorgan chase, maybe we reconsider how many people we have in london. >> i saw that. you look at great american companies off the top of your head, apple, big starbucks or anything, why would they sell off so much today? we can understand the banks but maybe there are buying opportunities. lauren: it could be if you look at the banks and also common popular stocks like starbucks and amazon if you like companies and products before today you can get them on sale today. having said that, we were up many days this week. we were up about 18,000. so we have come up a bit. this isn't sell off, but -- >> that's what a lot of today has to be about is repricing it. how do we close because it is a friday. let's go

this is on the official uk parliament white. and it only needs 100,000 signatures to be considered for debate in that parliament. and already a conservative member of parliament saying, he's answering the hundreds of e-mails and that they will, in fact, on tuesday, he says, consider a second referendum. but before people get their hopes up, know that david cameron, the current prime minister, has said from the beginning, that there will not be a second referendum. but millions of people now signing that petition. >> okay, it is really nerve-racking for a lot of people there, and even abroad, you know, people were googling, what is the eu? they want to know more about, you know, in the wake of brexit, what potentially could happen. what are the dominant questions or dominant regrets people are expressing? >> we've all had to get up to speed on our british terms and uk terms. but what was even more alarming, fred, is that people inside the uk. if you look at this list, i thought it was a okay when i first saw it online. turns out

the uk is the first country to vote to quit the eu. it could impact the regional bloc significantly. >>> now that uk voters have decided to leave the eu, here is what will happen next. the uk needs to formally notify leaders of all the union's member states of its intention to leave. there is no time line on when that has to happen. once the notification is triggered there is a two-year window on negotiating the new terms of membership. officials are concerned the first exit of a member nation could trigger a tide against european integration. in places like denmark citizens are campaigning for their own referendum on their country's membership. and in other countries across the eu, including france and germany, criticism has grown over the handling of the migrant crisis. the eu has also been criticized for bailing out greece from its debt crisis. eu president donald tusk held a news conference after the result of the referendum became clear. >> there is no hiding the fact that we wanted a different outcome of yesterday's referendum. i

trump highlighted the parallels between the uk and the u.s. saying come november the american people will have a chance to redeclare their independence. vote for trade, immigration and foreign policy that is put citizens first. they will have a chance to reject the global elite and embrace real change of a government of, by and for the people. vice president joe biden speaking in ireland pushed back at trump's assertions. >> some politicians find it convenient to scapegoat immigration instead of welcome them. to play to our fears. to play to our fears rather than, as abraham lincoln said, the angels, divide us, based on religion or ethnicity rather than unite us on humanity. >>> late today, hillary clinton released this ad taking trump to task. take a look. >> are you traveling with any of your foreign policy advisers? >> i have been in touch with them, but there's nothing to talk ability. >> the dow is lower by 500 points. >> if the pound is down, they are going to do more business. >> for more on what it means for a few joined by james and h

spoke to people from the uk. i showed you video from polling in the united kingdom there were brits here who already voted early and they were telling me, i heard this from a couple of people their hearts were to leave. they were in favor of "brexit" but their heads they said, vote to stay. so despite their hearts saying leave, they voted to stay. that is a small group of people we spoke to. but here in germany angela merkel talking about the fact she hopes, this was just today at a press conference, she hopes that the eu will remain intact with the uk voting to stay within the eu. there is also the fact that they're looking ahead to the future. the chancellor, or prime minister from france will actually be coming to berlin ahead of an eu summit in which eu leaders from all of the eu nations will be meeting in brussels next week, talking about how they go forward no matter the outcome from the vote in the united kingdom. there was an incident today in germany which distracted people for a few minutes. it was taki

i'm bullish on the uk. you have got the uk on sale. 10% devaluation. >> when we declared our independence a lot opeople said you will be sorry. that's a strong parallel to what we are seeing. charles: it's a romanticizing yesteryear that i don't think we can repeat. the brexit had impacts worldwide. every day you read headlines aboubusinesses being hacked and intellectual property being stolen. that is cyber-crime. and it affects each and every one of us. microsoft created the digital crimes unit to fight cyber-crime. we use the microsoft cloud to visualize information so we can track down the criminals. when it comes to the cloud, trust and securi are paramount. we're building what we learn back into the cloud to make people and organizations safer. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes,

and uk, my guess is their rates will keep going down a bit. it will be a rough ride for the uk. i can't tell you the time frame. but in the end, this is about gps. it's about reversing financial repression, and the gpss, they were going down the wrong road. now they're going down the right road. takes them a while for the recalculating mode that we all hear in our cars. but this is a good move. give the brits a credit. it took backbone to go against the tide. this is the spark. i tell you what, becky, i heard you earlier saying the fed was rate not to raise rates. maybe we can concede that, but what it really shows is how wrong they all were by keeping crisis levels with no crisis. now you have a mini crisis and there are no tools left in the tool box. when there isn't a crisis don't use monetary policy to implement activist monetary policy. because in the end right always wins out no matter what. i think it's a great day for the brits. >> we might get to actually check a counter factual for once too. >> yes! >> we've been told so many times the world would have ended if the fed

is he next in line to lead the uk? >> give us a sense -- morris johnson broke with david cameron and picked up the lead mantle here and he has been successful. this is really pretty huge. >> it is absolutely massive. he is supporting david cameron now. he said because they voted to leave, david cameron can't remain in his possible. there's no doubt boris has always had big as respirations, when he ousted ken livingston. he's a big thinker. he's educated the same as david cameron and george osborne, the chancellor, they both went to oxford but boris' personality is much more of the working man, even though he's talking in absurd latin phrases all the time. >> this lead campaign that he was a part of was a populist movement, some of the very same themes you're hearing from donald trump, immigration, trade and the economy. >> yes, but i would say in boris' defense there that i'm no huge fan of donald trump that he was very careful to stay away from the xenophobic attacks on donald trump. >> he was but -- >> no, no, i'm ag

for the uk to be out of that would be just terrible for the uk. but also terrible for the united states. we've been doing our communicating with the eu through the uk for the last 40 years. and we've been hearing what's going on in the eu more than from any other country from the uk. and so for them to be out is bad. and you already hear today in the state department, a few of us have been invited over, that we would like to look to perhaps even a fast track of trying to get some sort of trade agreement with the uk, not necessarily officially from the government yet, but a lot of people are talking about how we protect that strong bilateral relationship. >> i'm glad you mentioned the state department. let's talk about something i don't know if anybody's talked about, at least on this network, which is nato. any impact there? >> oh, i think it's huge. the nato summit is going to be july 8th and 9th in warsaw. and now it's nato post brexit. so before the nato summit i don't think much of the world would have paid attention to what happens in warsaw

business invested in the uk is invested in the uk for market access in part. not only. and that is a negative that won't easily be solved through new trade negotiations. but that's what we'll have to do. it's just that it's not going to be that easy. >> it's not going to be easy. thank you to all of you. we certainly appreciate it. and coming up moments ago, hillary clinton reacting to donald trump's visit to the uk today. trump for his part crediting clinton and president obama for today's brexit result. we will discuss that. and economist ben stein is joining me live as we monitor wall street's reaction. how will the markets close less than an hour from now? we'll bring that to you live. you're watching cnn special live coverage. romantic moments can happen spontaneously, so why pause to take a pill? or stop to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell

how does the uk extricate itself. what happens to 3 million europeans lying in the uk. what happens to 1 million people from the uk living in europe. these are unknowns. >> well, they are unknown, john, and that is why you have to focus on the company rather than focus on politics, and i think one of the big dangers we have, you know, as this episode has shown is that people tried to mix politics with economics. and, you know, i like the phrase you used earlier on which was organized disappointment. i think it was organized. organized disappointment and i think the disappoint really was with themselves because they got it so wrong. they were placing the wrong bets and betting that sterling was going to be okay. i think what they actually found this morning -- they got it very badly wrong. and then, of course, the market sold off. ultimately what they did do is say what is cheap? is there anything worth buying? some of the companies in the uk have actually risen today which is a testament of how strong the market is right now. >> rana, what does this mean for the rest of

it was a deeply divided vote in the uk. in the end, 52% of the voters chose to leave. 48% wanted to stay. as a result, british prime minister david

major political uncertain think is in the uk. what happens to scotland, what happens to northern ireland? can conservative party unite again behind a new leader? can they avoid another general election. there are all sorts of questions within the uk itself. when you look beyond that, if we lose one or two other eu members it is not end of the world. i think at end of this eu will be stronger but appeared of short term volatility. liz: we're seeing gold, tobacco, utilities sort of a stalwart besides u.s. treasurys. not much to choose from. looking a little bit of hairy. >> emerging market currencies will overshoot on way down. a few quality high investment grew grade credit on way down. levered longs get march kin calls sell whatever they have. you will grab grandma's perils to -- we have shown european banks, down double-digit percentages, things overshoot to the down side and cash on some names. bill bauer, santander, deutsche bank which are having ugly horrific day? >> i'm a little bit more hesitant about european banks. i woul

the uk were popular homes for the capital. they were prolific investors in central london real estate. the middle eastern investors have 9 of the top. there's a huge question mark overt property sector. we're getting some comments from regional middle east governments who have stakes in the european bond market. saudi arabia's central bank says it's reviewing its investment policy pertaining to euros and the british pound and making adjustments. that's interesting. turkey noted the country is worried about a political domino effect which could have major economic repercussions as we know. heads of state meeting taking place in the european union they are listening very carefully. will this be a domino effect that feeds into the economies going forward? it's a huge concern for turkey of course as an emerging market. we see egypt selling off quite sharply today on this sunday. >> thank you very much indeed. >>> you are watching cnn's special coverage. up next, calls are coming in france for that country to follow suit. could a f

or reside in the uk. parliament will have that decision. how parliament uses that decision, the extent to which parliament decides to have free movement of labor with other countries, that's not going to be for me. that will be for a future parliament to decide. that's all you can ever promise in a referendum. >> you're for free movement of labor then. >> as i say, that will be for a future parliament to decide, but i think an element of some reciprocal deals of labor make sense in our economy. i've said that throughout. you'll google in vain for any suggestion my ever saying the opposite. >> the official leave campaign when looking at the when website, it's wiped some of the entire claims from the internet. the claim that the 350 million pounds that are paid to the eu on a weekly basis would go back to the nhs. that's since been called a my take by nigel farage. you had promised energy bills will go down. in reality household energy spending one would think would go up if we see inflation. how do you res

there's anger with the uk, and there's a sense that they want to punish the uk. they don't want to encourage any other similar movements, certainly not within their own country. >> reporter: exactly right. i mean there's a great fear here about a frexit. the effect is there is some nastiness here towards david cameron particularly. there's just an amazing amount of animosity over this idea that the referendum in britain was seen as something that was totally unnecessary, and it has led to the crisis that they're now confronting. president hollande on saturday had meetings with all the political parties here, including the front nash nal, which has been calling for an exit from the european union for france. she said afterwards that hollande made it clear to her in no uncertain terms and they have used naughty word, he was not going to have any kind of referendum in france as long as he's president. she said, though, if she gets elected president -- this is marie la pan, that she will, in fact, within six months call for a referendum on france's status within the

that is what happened in the uk. i'll tell you it is exactly what is happening here in the united states of america with our elections. that's next. >> people want to take their country back. they want to have independence in a sense and you see it with europe, all over europe. you will have more than just in my opinion, more than just what happened last night. get ready for the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. trish: the market down 300 points on the dow. we have news that s&p is stripping the uk of its aaa credit rating. so that is one of the reasons for the trepidation you are seeing. of course a lot of people worried that the eu as we currently know it may cease to exist. as many call for a revote and rest of e

how does that work la gistically in the uk. what happens if one of these nations really wants to leave. >> it's very complicated. i think we split into two areas. the first is whether scotland can have another referendum like it had in 2014 to leave the united kingdom. scotlaland voting to remain in e eu. would suggest grounds for a second referendum. once in a lifetime choice. it would seem we might now have another one. however the decision to deliver one is up to parliament. scotland can't just decide to have one. now, if we switch and look at the membership of the european yoonon, it is not possible for scottish to block the uk's decision. full power in areas like education. there's no legal way she can do it at this stage. there's also some serious complications if she did want to keep scotland in the eu. what would happen is first of all scotland would have to leave; introduce its own currency for a period of time and then try to join the eu on a later date. a lot of work to do first of all, but certainly we're in unprece

could the uk, could see we a breakup of the uk? >> you're already seeing the end of the eu, the biggest global experiment. it is a major blow to that, the fact that the uk is pulling away. are you going to see more polarization in the uk itself? possibly. it is so divided. what's interesting, this whole thing, brexit, far right and left populism in europe and the politics in the u.s. reflect a trust gap between the elite and the mass. nobody saw this coming in the markets. yesterday wall street had a 25% chance this would happen. that's between washington and brussels, they don't have a sense how angry people are. there's still a lot to come on that front. >> you say it is a result of people not listening? >> politicians haven't realized the gap that exists in terms of trust of establishment, be it the business elite or government elite. expert opinion hasn't quite realized. it is a loud wakeup call. when you grow advance economy at low rates and benefits of that go to a small segment of the population, strange things happen. this