The Democratic Party: What Now? 07/22/24

The most decorated American woman in Olympic history, Katie Ledecky has written a memoir, “Just Add Water.” In a special interview with Andrew Ross Sorkin, Ledecky shares details about her swimming life–including both leisurely and competitive moments in the pool. She explains what she thinks about, while swimming 1500 meters, and how she’ll prepare for the 2028 Olympic Games. Plus, CNBC’s Megan Cassella reports on the CEOs backing former President Donald Trump and Vice President Kamala Harris, but venture capitalist Ben Narasin is unhappy with both candidates running for President this year. The startup investor explains why he votes as an Independent every election. Berkshire Hathaway is selling Bank of America shares (again), Red Lobster’s hoping for a turnaround, and the August jobs report did very little to clarify the Fed’s path forward.   Megan Cassella - 11:21Ben Narasin - 12:59Katie Ledecky - 23:04 In this episode:Ben Narasin, @BNarasinBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie 

Investor and entrepreneur Mark Cuban discusses VP Kamala Harris’ new tax proposal: a 28% capital gains tax. Based on his conversations with the Harris campaign, Cuban explains his faith in her policy’s benefit for entrepreneurs and investors. Nvidia is denying reports that it had received a subpoena from the Department of Justice, Verizon is buying Frontier Communications in a $20B deal, and the White House is reportedly aiming to block Nippon Steel’s takeover of U.S. Steel. Plus, the co-founder of Airbnb Joe Gebbia has founded a new housing company with former CEO of Flex, Mike McNamara. The two share how their “Accessory Dwelling Units” are addressing the housing crisis in California, and how the small installable homes are offering more space and income for owners.  Robert Frank - 11:41Mark Cuban - 17:41Joe Gebbia & Mike McNamara - 39:17   In this episode:Mark Cuban, @mcubanRobert Frank, @robtfrankBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie

The Department of Justice has issued a subpoena to Nvidia over antitrust practices; shares of the chipmaking giant fell 9% in the session, losing more than any company ever has in a single trading day: $279 billion. Democrat and Harris Campaign surrogate Rep. Ro Khanna (D-CA) discusses ideas to reform the U.S. tax code, including taxing loans related to unrealized gains. Rep. Khanna’s district includes Silicon Valley, its trillions of value to the American economy, and their many wealthy leaders. Elon Musk’s fight with Brazil continues, as does the contractual dispute between DirecTV and Disney, keeping many customers in the dark. Plus, the U.S. Open is underway in New York. Tennis coach for Coco Gauff Brad Gilbert steps off the court to cheer the many Americans in this year’s tournament–and to discuss the ever-rising costs of the iconic Honey Deuce cocktail.  Rep. Ro Khanna - 14:08Brad Gilbert - 27:18 In this episode:Becky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie

Over the weekend, Hamas killed 6 hostages in Rafah, heightening the pressure on Prime Minister Netanyahu and escalating the Middle East conflict. “The Genius of Israel” author Dan Senor explains the politics inside and outside of Israel in the aftermath of the murders. L’Attitude founder Sol Trujillo once advised Presidents Bush & Clinton on trade issues; he’s now advocating for a better system at the U.S. border. A registered Republican, Trujillo argues that America needs workers, and a smarter, more efficient border will help immigrants and the U.S. economy. Plus, hotel workers are on strike, Elon Musk is still fighting with Brazil, and DirecTV customers are without Disney channels like ESPN and ABC after a contract dispute.  Dan Senor 14:48Sol Trujillo 25:26 In this episode:Dan Senor, @dansenorAndrew Ross Sorkin, @andrewrsorkinJoe Kernen, @JoeSquawkCameron Costa, @CameronCostaNY

Heading into Labor Day Weekend, The Points Guy Brian Kelly explains generational travel trends and airport efficiency. Plus, cases of mosquito-borne viruses are ticking up in the US. Former FDA Commissioner Dr. Scott Gottlieb discusses late summer safety. Dr. Gottlieb is also calling for regulations to ensure safety in medical labs and prevent another pandemic from breaking out.  Brian Kelly - 02:31Dr. Scott Gottlieb - 11:05 In this episode: Leslie Picker, @LesliePickerMike Santoli, @michaelsantoliBrian Sullivan, @SullyCNBCKatie Kramer, @Kramer_Katie

Nvidia reported surging demand for its chips, but after much anticipation around the company’s Q2 report, Wall Street was unimpressed. Semiconductors are part of America’s strategy for tech dominance; the White House’s former CHIPS Coordinator Ronnie Chatterji explains the players in the global chips game. OpenAI is eyeing a funding raise to bring its valuation to $100 billion, and Berkshire Hathaway is now in the $1 trillion club. Plus, CNBC’s Emily Wilkins is on the ground in Virginia, where federal employees are concerned about former President Trump’s proposal to move the workforce away from the DC-metro area.  Ronnie Chatterji 17:25Emily Wilkins 25:39 In this episode:Becky Quick, @BeckyQuickMike Santoli, @michaelsantoliRobert Frank, @robtfrankKatie Kramer, @Kramer_Katie

NFL owners have voted to allow private equity firms to invest at up to 10% of a team stake. Robert Kraft, owner of the New England Patriots, explains the long-deliberated move for the sport, and what it means for fans and players. Former National Economic Council deputy director Bharat Ramamurti once advised Sen. Elizabeth Warren (D-MA) and now advises the Harris-Walz campaign on economic issues. He discusses VP Harris’ latest “opportunity and accountability” pitch: changes to the tax code. Plus, Warren Buffett is selling more of Berkshire Hathaway’s Bank of America shares, and hotel prices are moving higher and higher. Robert Kraft 13:57Bharat Ramamurti 24:47 In this episode:Becky Quick, @BeckyQuickJoe Kernen, @JoeSquawkKatie Kramer,@Kramer_Katie

Edgar Bronfman has dropped his bid for Paramount Global, clearing the way for a merger with Skydance. Media watcher Rich Greenfield explains that the hardest part is ahead for the legacy entertainment company and its new owner, billionaire David Ellison. CNBC’s Steve Kovach explains Apple’s c-suite reshuffling after the company announced its CFO will change roles in January. Mark Zuckerberg has spoken out in a letter airing frustration with the Biden administration over Covid-19 content on Meta’s platforms. Plus, we dive into space with NASA astronaut and Columbia professor Mike Massimino. SpaceX has postponed the first civilian spacewalk after a helium leak was detected on the Polaris craft. In February of 2025, the company will ferry two astronauts home after an eight day trip to the International Space Station turned into 8 months. Massimino describes how space travel safety has evolved in the past decade.  Steve Kovach 3:08Rich Greenfield 15:05Mike Massimino 21:24 In this episode:Rich Greenfield, @RichLightShedBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkKatie Kramer, @Kramer_Katie

Former Presidential candidate Vivek Ramaswamy is now a surrogate for the Trump campaign. 70 days before the election, Ramaswamy takes on Democratic nominee Harris’ economic agenda, and calls for her to give an unscripted interview to mainstream media. Ahead of Labor Day, GasBuddy’s head of petroleum analysis Patrick de Haan says fuel prices will likely stay low and get lower by the weekend, in many states below $3 per gallon. Federal Reserve Chair Jay Powell clearly signaled an interest rate cut in 2024, and Kroger and Albertsons are going to court to defend their merger, under FTC scrutiny.  Plus, Elon Musk’s SpaceX might step in to help astronauts stranded by Boeing’s Starliner. Vivek Ramaswamy 16:31Patrick de Haan 31:22 In this episode:Vivek Ramaswamy, @VivekGRamaswamyLeslie Picker, @LesliePickerMike Santoli, @michaelsantoliJoe Kernen, @JoeSquawkKatie Kramer, @Kramer_Katie

After the Democratic National Convention’s final night, Senator Elizabeth Warren (D-MA) defends Democratic Presidential Nominee Kamala Harris’ economic plan in a lively debate. CNBC’s Megan Cassella recaps the evening–and the week–of joy from Democrats convening in Chicago. Plus, after lunch spot chain Cava reported healthy quarterly results, CEO and co-founder Brett Schulman shares his plans for fast casual Mediterranean food and his strategy for keeping prices reasonable for consumers.  Sen. Elizabeth Warren - 15:11Brett Schulman - 38:08 In this episode:Sen. Elizabeth Warren, @SenWarrenMegan Cassella, @mmcassellaKelly Evans, @KellyCNBCJoe Kernen, @JoeSquawkKatie Kramer, @Kramer_Katie