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QUEST MEANS BUSINESS
Clinton, Trump Prepare for Final Debate in Las Vegas; Clinton Invites Cuban, Trump Picks Malik Obama; Nigel Farage: Trump Needs "Knockout Blow"; Ivanka Trump on Father's Lewd Comments; Bank Earnings Help Dow Reach Second Day of Gains; Latest Polls Show Clinton's Lead Extending; Wynn: Candidates Must Address Spending. Aired 4-5p ET
Aired October 19, 2016 - 16:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:00] RICHARD QUEST, CNN ANCHOR: On Wall Street, the closing bell is ringing and Dow Jones sending the session up just 41 points, a smidgen of a
gain on otherwise a bullish day for the market. All right. You can stop ringing and that is what you call a truly wimpy gavel on Wednesday, the
19th of October.
Debate night in America. The final faceoff between Clinton and Trump. And it is just five hours away. Nigel Farage of UKIP tells me Donald Trump
needs a knockout blow to win the White House. And China gets an extra shot of Starbucks. The company chief exec tells me about his plan for a massive
Chinese expansion. I'm Richard Quest, we have an hour together. And I mean business.
Good evening tonight. The countdown is well and truly under way. It is just five hours until the final U.S. presidential debate. The number three
of three, and the location is absolutely fitting. The Las Vegas where the stakes could not be higher. With Donald Trump and Hillary Clinton will be
taking calculated gambles doing what they need to try and go home a winner.
Join me at the slot machines at the 2016 presidential election. Let's start first of all with Donald Trump. That's what Mr. Trump has to do. He
needs to stay on message. He needs to look presidential. And he needs to expand his base, and appeal to the undecided voters. But then, hit the
button, pull the slot again, and it's going to be Secretary Clinton to see what happens. There we have it. For Mrs. Clinton, she needs to keep the
focus on Donald Trump, but also, stay composed. Especially when the subject of those hacked WikiLeaks emails comes up. Essentially, the goal
in the role of the secretary, the former secretary is to do no harm. But overall, you've got to ask yourself, the jackpot that is finally going to
be winning, and the jackpot, of course, is huge. Perhaps the biggest one in this gambling mecca in Las Vegas's ever paid out. The jackpot is the
White House. CNN's political editor Mark Preston is in Las Vegas. And I asked him, if each candidate joins and wants to become victorious, how
difficult will it be for them to execute their various strategies?
MARK PRESTON, CNN POLITICAL EXECUTIVE EDITOR: Let me just start with Donald Trump because all eyes will be on him tonight. He needs to come in
and show that he's the commander-in-chief. That he has the ability and the temperament to really make tough decisions not only here in the United
States when it comes to the economy, Richard, but on the global sphere and dealing with world leaders. He also just needs to get back to basics. He
needs to move beyond the sexual assault allegations, that's dogging him. He needs to stop saying that the election is rigged and the election system
is rigged because studies have shown that is not the case. And in fact, Republicans themselves are saying that's not the case. Hillary Clinton
needs to come in and not make a major stumble, a major gaffe. For her tonight, Richard, a tie is virtually a win.
QUEST: On that point, the research shows -- you've told me I think yourself, mark -- that by and large the debates do not win it or lose it,
the presidency for a candidate. Is that still your view?
PRESTON: It doesn't win or lose it, but it certainly gives you the platform to deliver your message which you can then spring board on it. So
for instance, if Donald Trump exceeds expectations tonight, we will see a change in the polls. Will it be enough that could propel him into the
White House? Absolutely not. But it does give him basically the ground floor to restart again. He is losing very badly here nationally in the
national polls, but also in state polls. All across the nation, Richard. So he's really in a bad spot right now.
QUEST: And Hillary Clinton, obviously the emails, the Goldman Sachs speeches, and all the revelations from the Podesta emails will all be
coming up as well, including the FBI supposed quid pro quo, which all have denied. But it is damaging for her and she has to deal with this tonight,
[16:05:00] PRESTON: She actually has to have a concise clean answer on all of it. She does have the backing of President Barack Obama who just
yesterday said that there was no quid pro quo. State Department has said the same thing. FBI officials have said the same thing. But it doesn't
matter. It's now in the lexicon of this election. Specifically, they were closing in on three weeks. Richard, the bottom line tonight is for both
candidates, they have to prove to these voters that they are ready to take over on day one. There is a lot of bad things going on in this country and
in this world. And people are looking for leadership. And by the way, they're going to enter office into a divided nation. There's still a lot
of anger here in the U.S.
QUEST: Do you expect any difference in tone, direction, method of questioning from Chris Wallace who is one of Fox News's leading anchors and
correspondents, political chiefs? Do you expect he will take a different way of handling it?
PRESTON: Well, Chris, he is the first anchor ever from Fox News to actually become a debate moderate. So has broken history ins some ways.
But Chris made some waves when he said in an interview a couple months ago that he was not going to fact check the candidates on the stage. And this
really set the tone for the moderators not necessarily calling into question what the answers are from each of the candidates. Specifically,
when it comes to Donald Trump who tends to fib a little bit when he's up there. I suspect that Chris Wallace is going to play it straight and
narrow. He's always been considered even for a network like Fox, which has a political tilt or some of the hosts does, Chris Wallace is considered a
straight-up journalist. I don't think we'll see anything different from Chris than what we saw from Anderson Cooper and the others.
QUEST: Debate night in America, just hours away. Guess lists at the debate are often dramatic. And tonight's invitees are extremely political.
So who's invited who? Well, the Clinton campaign has invited Meg Whitman and Mark Cuban, two billionaires. It's a ploy to rattle Donald Trump's
business credentials. Both have been highly critical of Mr. Trump, particularly Mark Cuban, who basically has rubbished and ridiculed Trump's
Now Trump himself is trying to create a nightmare scenario audience for Clinton with Malik Obama. This is the president's Kenyan born half-brother
who is supporting Donald Trump. And then Patricia Smith, the outspoken mother of the Benghazi victim Sean Smith. They will be in the audience.
CNN's senior political analyst, Ron Brownstein is in Las Vegas. Ron, look, let's be blunt about this. I mean, after having four potential
mistress/sexual accusers of Bill Clinton in the audience, it couldn't really get much worse than that.
RON BROWNSTEIN, CNN SENIOR POLITICAL ANALYST: No, well, it could have gotten worse if the commission on presidential debates had not stopped the
Trump campaign from putting them in the family box, which is what they intended. Until Frank Fahrenkopf, the former Republican National Committee
chairman, stopped them. Which required bill Clinton to shake hands with them as they came into the last debate.
You know it's interesting, Richard, the choice of surrogates to put in these position of guests to put in the positions actually quite revealing.
It underscores the Trump belief, which I think is mistaken, that they can close this gap by raising more doubts about Hillary Clinton kind of
highlighting the areas of her resume and experience that people have questions about. It's clear, I think overwhelming evidence is that that
will not do it.
I mean, what Trump -- if there's any hope for Trump, he has to resolve the doubts that people have about him and the first debate was probably his
best chance to do that. And conversely bringing Meg Whitman is I think quite striking. Former Republican gubernatorial candidate in California,
billionaire, tech executive, who embodies the dramatic shift toward Hillary Clinton and particular among college educated white women, a big portion of
the electorate here in the U.S. where she's on track to have possibly three or four times as big a margin as any Democrat ever.
QUEST: Now the idea of bringing the president's half-brother. It's got a delicious sort of got you effect to it. But I can't see what the advantage
is since everybody knows he doesn't support the president and it's just mildly embarrassing.
It's just, it's just another one of these wink and a nod toward his base. Toward the most alienated elements of the Republican coalition. The
problem he has, Richard, is that even before all of the bad stuff over the last three weeks. That base left him with a ceiling of around 42 percent.
Now he is struggling to get to 40 percent. In all but one of the last nine national media polls that's out. He's at, you know, 40 percent or below.
And as long as he continues to kind of orient this campaign in a way that is more about stoking that 40 percent than expanding it. He's going to be
[16:10:00] QUEST: OK, I want to quickly talk about the CNN poll of polls. That we're just going to look at the moment. And if we show the numbers,
and you see the lead that Hillary Clinton has, 39 to 47 in the likely voters. Now, help me understand this. Is this a national poll, poll of
polls if you like, or is it broken down by what we expect in the various individual states, which of course makes a great big difference?
BROWNSTEIN: The CNN poll of polls is basically an average of the major national media polls. And as I said, the key, really the key fact that we
are seeing in these polls is the ceiling confronting Donald Trump. And almost all of them, he is at 40 percent or below. There's really only one
exception. And really what's happened here is that what the Republicans have learned is that a campaign aimed at kind of activating the anxieties
and responding to the priorities of blue collar whites, drives away not only a lot of minority voters but a lot of college-educated white voters.
And it is their defection in historic numbers that's keeping him stuck at around 40 percent.
QUEST: Ron, you have covered a few elections in your time I'm wading, and I guarantee you have never seen an election quite like this one. So, sir,
tell me, what do you expect Donald Trump to do tonight? Be Mr. Nice and Mr. Presidential or come out gun's blazing?
BROWNSTEIN: This is actually my ninth election, and you're right, this has not been anything quite like this. Look, it's a fundamental choice. If he
comes out tonight and makes the kind of arguments he's been making over the last two weeks. Essentially that there's a global conspiracy of financers
and global interests that are trying to rig the American election and impoverish the American people. His numbers in particular among those
white collar whites will crater. And we could be looking at kind of a historic route.
If on the other hand he does what he did in the middle part of the second debate, where for about 35 minutes he turned from Donald Trump kind of
unicorn into more of a generic conventional Republican and reminded a lot of these white collar white voters that he'd cut their taxes, reduce
regulations, repeal Obamacare and appoint their sort of justice to the Supreme Court. Then I think he can bring back some of those center right
voters who don't really like Hillary Clinton very much, but at the moment, simply can't imagine him as president. Neither one is truly a path to
victory, but one is toward a more competitive result that may help Republicans hold the Senate and certainly hold the House.
QUEST: Ron, we're grateful that you were in Las Vegas and helped us understand what happened tonight. Thank you, sir. Good to see you. It's
going to be a fascinating evening tonight. And you won't to want miss it. Of course you'll watch it here on CNN. Why would you go anywhere else?
The Starbucks chief executive, Howard Schulz, says he's hoping for more stability in the rest of the campaign. He's already endorsed Hillary
Clinton, so no big surprise there. A stolen email published by WikiLeaks shows that Schultz was actually on an early draft list as a possible vice
presidential candidate with Clinton. He told Mallika Kapur, that the country needs a model of economic transformation.
HOWARD SCHULTZ, CEO, STARBUCKS: I think we are in need of civility, of unity, and the kind of authentic leadership that will unite the country.
And what we do not need is the vision and vitriolic statements in which we are creating hatred or bigotry of any kind. I am confident that Hillary
Clinton will become the next president of the United States. I am supporting her and I think when all is said and done, Hillary will be the
most qualified and she will do a great job as the next president of the United States.
MALLIKA KAPUR, CNN INTERNATIONAL CORRESPONDENT: If Hillary Clinton had asked you to be her running mate, would you have said yes?
SCHULTZ: I'm going to have to dodge that question. I'm not seeking a political office at this time in my life. I know Hillary and Bill Clinton
well. I've been with them and I have great respect for them. I don't think this was my time to be in the political arena.
QUEST: You're going to hear more from Howard Schultz at this time on perhaps safer ground when he's talking about his own business, Starbucks,
and the growth in China. You'll hear it later in the program.
According to Donald Trump, they will soon be calling me Mr. Brexit. The words of Trump as he looks to channel the protest vote. Well, the man who
in Britain was obviously Mr. Brexit is Nigel Farage. The original Brexiteer who's backing the Trump presidency. You'll hear from him after
[16:15:00] (COMMERCIAL BREAK)
QUEST: Nigel Farage the man who helped lead Britain out of the European Union, or at least the referendum for Britain to leave. Says Trump needs
to deliver a knockout blow in order to win tonight's debate and the presidency. Mr. Farage and Trump have struck up a long distance friendship
of mutual respect. For are saying Trump's last debate performance was like a silver backed gorilla. At a rally on Tuesday, Donald Trump said he would
succeed against all odds just like Farage.
(BEGIN VIDEO CLIP)
DONALD TRUMP, U.S. REPUBLICAN PRESIDENTIAL CANDIDATE: Now even though we're doing pretty good in the polls, I don't believe the polls anymore. I
don't believe them. I don't believe them. And if there's ten or one or two bad ones, that's the only one they show. Believe me folks, we're doing
great. If we keep our spirit and if we go out and win, this is another Brexit, believe me.
(END VIDEO CLIP)
QUEST: Another Brexit. Well, Nigel Farage is in Las Vegas for tonight's debate. I asked him what Trump must do to have any chance of winning the
race for the White House.
NIGEL FARAGE, INTERIM LEADER, UK INDEPENDENCE PARTY: I think he has to land a knockout blow. I think that the tapes a couple of weeks ago, the
Bush tapes, did him harm. There's no question about that. And I thought the first 20 minutes of the debate in St. Louis, it was hard to watch. It
was a battle of, you know, did the Clintons or the Trumps have a lower level of morality? It was horrible. And I think what Trump needs to do is
to start talking about policy, and start talking about America's future and its place in the world. And I think when you get on to policy, when you
get on to foreign affairs, I think then he starts to beat Hillary.
QUEST: Isn't the real danger, of course, is that she manages to needle him. She manages to bait him, and he takes the bait.
FARAGE: Well, in the first debate, that was absolutely true. She did that, she got him on the back foot. She got him on the defensive. And
he's a very proud man. That's why I said he was an alpha male gorilla type character. And if you criticize him, he always feels he has to defend
himself. That was the big mistake in the first debate. I have no doubt she will try and do exactly the same thing this time. But what he must do
is he's got to pivot away from all the personal stuff and got on to the issues. You know, why does Hillary support, you know, a global common
market? Why does Hillary think that legislation should be made outside America? Why is she so relaxed about open borders? That's where he has to
get this debate tonight.
QUEST: And the fact that there are a multiplicity of women with stories, remarkably similar in many ways, but, yes, I'll agree, unverified in some
cases. How does he handle that allegation? How would you handle that allegation?
FARAGE: Well, if it was me in that position, and if a series of allegations were being made against me that I knew to be false, then what I
would say is isn't the timing all of this really rather extraordinary? Why didn't this stuff come out during the primaries? Why didn't it come out in
the earlier debates? He's only coming out now because the other side are worried. And I'm very much guessing that's the line he will take.
[16:20:00] QUEST: Do you believe it is still salvageable for Donald Trump?
FARAGE: Obviously I'm skeptical about opinion polls given on the day of the Brexit result we were told we were ten points behind. We turned out to
win. So I am skeptical about polls. I think they're very bad at picking up non-voters who are coming back to the system. And I understand that
something like 35 million people have registered to vote in these elections. But I would say objectively, right now, he's a bit behind
Hillary, but he's still very much in the race. He certainly had the better of her in debate number two. If he can land a knockout blow tonight, we're
in far very, very close contest.
QUEST: Nigel Farage who knows a thing or two about knockout blows and the question of elections.
When it comes to repairing Donald Trump's image with women voters, arguably only Trump can actually perform that. And it's not Donald Trump. Ivanka,
his daughter, stands more chance. Hours before the debate, she was speaking at Fortune's Most Powerful Women's Summit and the first question
obviously was what Ivanka thought about her father's comments on the infamous tape.
NANCY GIBBS, TIME EDITOR-IN-CHIEF: You called your father's comments on the "Access Hollywood" tape clearly offensive and inappropriate. And said
that you were glad that he had acknowledged that and apologized. But, I'm sure you understand that many people were not just offended by the
language, they were offended by the actions he was describing, were you?
IVANKA TRUMP, DONALD TRUMP'S DAUGHTER: Way to warm up. Thank you, Nancy. It's lovely to be here in California. Well, I think, I think my remarks
were clear on this front. I did find it to be offensive. He acknowledged it was as well. This tape was over a decade old. I'm sure he didn't
remember this conversation. But was very embarrassed by it. And he expressed that. Not only to me personally, but to the American people.
And, you know, I appreciate that he did that. I think it was very, very important for him to have done so.
GIBBS: Did he -- what did he say to you, father to daughter about that?
TRUMP: Well he recognizes it was crude language. He was embarrassed that he had said those things. And he apologized. That's not language
consistent with any conversation I've ever had with him.
QUEST: Donald Trump's favorite words are one of them is to describe somebody as a loser, of course providing that's not being used to describe
himself. With that in mind, it seems he may be preparing to ensure it's a name never described to him. Regardless of the election results, if the
unthinkable happens in his view and he loses, he's arguing it's proof the progress is rigged. Here's Ivanka Trump.
(BEGIN VIDEO CLIP)
IVANKA TRUMP: My father is in this to win it. And, you know, I'm not interested in talking about alternative outcomes. And of course I think my
father will always do the right thing. That's the type of person he is. But, but when you asked me before do I think it's rigged. I think from a
media perspective, it's very hard to get an accurate portrayal of who he is as a person or the business he's built, his professional accomplishments.
He'll either win or he won't win. And I believe he'll accept the outcome either way.
(END VIDEO CLIP)
QUEST: Accepting the outcome. The third quarter earnings on Wall Street is growing stronger by the day and it's letting Wall Street find some
momentum. The Dow opens, it rises quite strongly during the early parts of the afternoon. Evaporates some of the gains, but still look, another huge
gain up 40 points, a quarter of a percent at 18,202. So we are over 18,200. It's the first time in two weeks we've had two seconds of gains.
Morgan Stanley beat on the earnings numbers, and it wraps up banks earnings very much on a positive note. Our guru is here. CNNMoney's guru Paul La
Monica. We are, not a huge exciting day, but that number on the banks.
PAUL R. LA MONICA, CNNMONEY CORRESPONDENT: Yes, I think you have to be impressed by the fact that Morgan Stanley joined Goldman Sachs, J.P.
Morgan Chase, Citi, Bank of America, all reporting solid if not spectacular results despite all the Wells Fargo worries and Deutsche Bank.
QUEST: Bull what is driving that? I saw of course in Goldman yesterday, its trading. If interest rates are at such low levels. Where are they
making their money?
LA MONICA: Yes, they are still making money, amazingly enough from bond trading. Fixed income trading is very big business for Morgan Stanley.
Also for Goldman Sachs. And I think you're starting to see the IPO window open up a little bit --
QUEST: Yes, AWorkS is coming --
LA MONICA: I mean AWorkS is coming. We have rumors of Snapchat maybe going public next year. If that happens many other unicorns can follow.
[16:25:00] I wouldn't go so far as excitement, but it slow and steady. Which is better than it was 10 years ago, eight years ago.
QUEST: Take a look, because today's an anniversary of Black Monday, 29 years ago it took place 1987 on October 19th 1987. Now points wise 508
points, it's not a huge -- it's a huge number then it's not so much today. Although it's still eye watering to some extent. But it was 22.6 percent
of the Dow. It's still the largest percentage fall in history.
LA MONICA: Right. And because of many of the triggers that have been put into place, I don't think we will ever, knock on wood, have something as
drastic as any of those drops again. Even the really scary falls we had in 2008 for a percentage point didn't do anything just like that. So I think
right now people are wondering are we prone for another crash. Is it the flash crash? We had some people pointing out there is a chart that shows
the market now looks similar to 1987. But that's silly because they just trace one chart over the other. You have to look at percentage moves.
Nothing like 1987.
QUEST: Paul, good to see you. You've written an article about that. You can find a reference to the article in today's QUEST MEANS BUSINESS
newsletter. I remember the crash of 1987, Paul La Monica is way too young.
LA MONICA: I was 14. I remember it.
QUEST: You were 14.
LA MONICA: We talked about it in middle school.
QUEST: Oh please. I was 20 something --
LA MONICA: Many of my colleagues were not even born yet.
QUEST: I covered it. All right. I was there.
LA MONICA: I know.
QUEST: Anyway, you'll find my thoughts about it on -- I was having a really good day until Paul La Monica. And I was being nice to him. All
right. We'll be back in just a moment.
Hillary Clinton has the win the at her back as he prepares for tonight's debate. The latest poll numbers show an even bigger lead over Donald
Trump. Las Vegas where the gamblers take risks and the politicians reveal all.
QUEST: Hello, I'm Richard Quest, there's more QUEST MEANS BUSINESS in just a moment.
Chief executive of Starbucks tells us why he's playing the long game in China. And the billionaire, Steve Wynn, says tonight's presidential debate
will decide his vote this November between his two friends, Hillary Clinton and Donald Trump. We have all of that still to come. Before of course
this is CNN and on this network, the news will always come first.
[16:30:00] The Iraqi Prime Minister, Haider al-Abadi, has headed close to the front line as he offensive to reclaim Mosul continues. He's visiting
counterterrorism force that's fighting ISIS. This is all coming as the Iraqi-led forces clashed with the terror group and they pushed closer on.
Our Clarissa Ward brought us up date a short time ago this with this dispatch.
(BEGIN VIDEO CLIP)
CLARISSA WARD, CNN SENIOR INTERNATIONAL CORRESPONDENT: Mosul is about eight miles behind me, but the focus of today's activity has actually been
the town just at the bottom of the hill behind me. Which has been getting pounded really throughout the day and throughout last night. We heard
artillery, rockets, there have been at least four air strikes targeting that town. That town is still under the control of ISIS and what we've
basically seen and heard is coalition forces trying to soften that target as they refer to it. Trying to essentially exhaust the enemy. There are
according to the Kurdish forces that we're with, roughly 40 ISIS militants who are still hunkered down in that town.
(END VIDEO CLIP)
QUEST: Anti-American demonstrations in the Philippines have turned violent on Wednesday with a police van plowing into protesters who were outside the
U.S. Embassy in Manila. Police officials says the driver was trying to get away from demonstrators who were then trying to topple the van.
Philippine officials are bracing for what could be catastrophic effects caused by typhoon Haima. The storm hit Luzon in the north several hours
ago. Powerful category four winds. It's the second typhoon to hit the island nation since Sunday. Haima is now pushing toward China's coast.
A Russian man wanted by Interpol and the U.S. FBI is being detained in Prague. The man whose arrest was caught on video is suspected of carrying
out cyber-attacks against U.S. targets. The authorities do not believe he's linked to any of the cyber-attacks involving the U.S. presidential
Scientists in Germany are anxiously awaiting a signal from its probe from the surface of Mars. The Schiaparelli probe made its descent very rapidly
toward the planet. Despite many safety measures put in place to protect it upon landing. It hasn't been heard of yet. This landing is a test flight
for the ExoMars project in 2020.
And that's a live picture from Las Vegas. The Thomas & Mack Center where a few hours from now the third and final presidential debate will take place.
The Trump campaign hopes it will be a game-changer. Mr. Trump's lagging in the national polls. He and Hillary Clinton will square off on six topics
that include immigration, foreign hot spots, fitness to be president and you can see this at 9:00 eastern which is just in about four and a half
hours from now on CNN.
So CNN's latest study of the polls show Hillary Clinton's path to the White House is getting more straightforward. Remember, you need 270 electoral
college votes to win. One bit of trivia, how do you determine the number of electoral college votes for each state? It's very simple. It's the
number of members of the House of Representatives, which is favorable, plus each state has two Senators. Put those two together and you have that
state's electoral college votes.
Now you've got key battleground states like Florida and Nevada that are leaning towards Democrats. And because we put those leanings into Hillary
Clinton's number, it goes beyond 300, 307. That sort of number you're talking pretty much all of those landslide. Stay in the west of the United
States and you're talking about Arizona and Utah which are both considered to be battleground states. They are no longer leaning Republican. And I
wanted to show you what happens. If you focus in on these and I change these and focus in on the numbers and I change them. If you take Utah,
towards Hillary Clinton. She goes to 313, take it to, she goes to 324. If you go to Nevada and if you come to Arizona, and we can reverse it and
you'll see what happens to Donald Trump.
Even if he takes those, he still considerably behind. In fact, even if he takes all, even if he takes all the battleground states at the moment, he
is still considerably behind Hillary Clinton. Jeff Zeleny is in Las Vegas, and that, sir, in a nutshell is exactly Donald Trump's problem.
[16:35:00] And manipulating the map and even if he takes everything that's battleground, he still loses.
JEFF ZELENY, CNN SENIOR WASHINGTON CORRESPONDENT: Richard, no doubt it is an uphill path to the magic number of 270 for Donald Trump. That's why
tonight's debate here in Las Vegas really is the last opportunity for him to slow that slide. It's important to remember, all of these maps that
we're showing are not projections of what is going to happen three weeks from now. This was actually what the current state of the race is. So
there is still an opportunity for Donald Trump, albeit it's closing hour by hour to reverse this tide here, but it is getting very, very narrow here.
The Clinton campaign is in one respect trying to just remain status quo. If she does that at this debate tonight, Richard, she is in the driver's
seat. The question will then become the margin of victory. But Donald Trump is not going to go quite that easily I don't think or that quietly
QUEST: But Jeff, help me understand and help the dear QUEST MEANS BUSINESS viewer understand, what -- even if he takes those battlegrounds, what else
can he take? What else is up for grabs for him to shift that can move him to 270?
ZELENY: Well, he needs to win those big states, like you mentioned, of Florida, of North Carolina, of Ohio, then he needs more. You're absolutely
right. He needs those rust belt states as well. He would need a Pennsylvania. He would need to win something out West. So, no question,
his path is limited, but in an unruly, chaotic election year like this one, Richard, we can't let polls be our only guide. We have to let votes be our
guide. And that is one of his challenges as well though.
The early voting has already started. So many states now already have voting under way. So by election day, before election day, more than half
the vote will be already cast and counted. That is another one of his challenges here. So without question, he has an uphill climb. That's why
the Clinton campaign believes that he, you know, may sort of go, you know, be more explosive tonight than ever before and try and drive down turnout
and blow her up.
QUEST: And while you were talking and going through those states, I manipulated the map and sure enough, Jeff, you did manage to get Donald
Trump over 270. You got him to 278. Let me ask you the same question that I asked Ron Lowenstein earlier in the program. What's your gut feeling?
You've covered more than a few elections. Do you think he plays it safe tonight or do you think he comes out with a scorched earth policy?
ZELENY: I think we've seen scorched earth up until now. I'm not sure what in our -- sort of his track record would indicate that he would play it
safe. The only thing, Richard, would be to protect his brand. That is one of the things that I am watching for in the closing, you know, really three
weeks, less than that of this campaign. Is he going to shift back and try and protect his brand for the future? His business brand. We'll see about
But I think he is still in a political space. Look at the people running his campaign. I think scorched earth is the way that he has been going,
talking over rigged election. I think that's what he'll do tonight. It's his last chance to do it face-to-face with Hillary Clinton. I expect him
to throw a few more Molotov cocktails her way, politically speaking. But I'm not sure that it matters at this point, Richard.
QUEST: Jeff, thank you sir. You've been very generous in helping us understand the road to 270. We appreciate it.
ZELENY: You bet.
QUEST: Thank you very much indeed.
As we move on throughout the next week, we're going to continuingly play around with this map. By the way, if you've got a question about how we
can manipulate it, the sort of issues, you can always tweet me @Richardquest and we'll be happy to explain some of the machinations of the
various different states that can take either candidate on the road to 270. We'll look to do some of more of that over the next few days. Because I do
know from my own travels and having spoken to many of you when I am traveling, that this idea of the electoral college is a peculiar construct
that few outside of this country understand. And frankly a few in this country understand either.
Now the billionaire, Steve Wynn, says he won't decide which candidate to endorse until after tonight's debate. And Wynn owns one of the most famous
casinos in Las Vegas. He counts both candidates as friends. He told Wolf Blitzer that the tone of this entire campaign has left him disappointed.
STEVE WYNN, CHAIRMAN AND CEO, WYNN RESORTS: I am one of those people who believes that the conversation has been off point. We take in $3.1 billion
a year. We spend $3.7 trillion a year, and then $600 billion gap is 50 billion a month and new money that is being printed in order to cover the
deficit of our country.
[16:40:00] It is degrading the value of every single paycheck in the United States of America. And causing tremendous consternation as it degrades --
WOLF BLITZER, CNN ANCHOR: Which candidate could deal with that better?
WYNN: -- the living standard of all Americans. That is the question. My objection has been that the conversation has not been dealing with the
BLITZER: That's going to come up tonight. That subject is expected to come up tonight.
WYNN: Well, that'll be a wonderful thing, but as it stands now, Paul Ryan will be the Speaker of the House. I believe, without too much doubt. Mrs.
Clinton's the favorite at the moment. Things could always change. The Senate is junior jump ball. We are going to have again gridlock of a sort.
That means that executive branch is going to control all of the agencies we know by initials, the IRS, the EEOC, the EPA, NLRB, et cetera, 465 agencies
with 2.65 billion civilian employees, million civilian employees. Law has been made lately hundreds of regulations --
BLITZER: So let me ask you this, based on what you hear tonight, you'll make up your mind whether to vote for Hillary Clinton or Donald Trump? Is
that what I'm hearing you say?
WYNN: Actually, Wolf, I think what's more accurate way of putting it is. That I'm hoping and so far, I've been frustrated, that the conversation is
more substantive on the primary issue that affects Americans, which is out of control spending. That will come home rapidly and terribly at some
point in the future. If tonight this debate deals with those issues substantively, then I think myself and a whole bunch of Americans are going
to get answers that we crave. But I think I'm -- I think I speak for an awful lot of people in America when I say that we're frustrated with the
level of this campaign's conversation. It started in the primaries, on both sides, and it's gotten progressively worse. You know everybody is
spinning, everybody is issuing propaganda, and you guys at CNN and Fox are trying to sort it out. So far, it's been an uphill battle.
BLITZER: We're going our best.
WYNN: I know you are doing your best.
QUEST: Wolf Blitzer and Steve Wynn. Tonight's final debate, first for arrival news network. The moderator is Chris Wallace and he make history
for Fox News and hoping to change the conversation about a network that's been steeped in recent scandal and controversy. The role of Fox in a
QUEST: Tonight's debate in Las Vegas will mark the first time that an anchor from Fox News has moderated a general election presidential debate.
It could be a high point for the right leaning news network which has endured some extraordinarily difficult times and rather lurid headlines of
its own this year.
[16:45:00] Brian Stelter is in Las Vegas. And Brian, the moderator tonight, Chris Wallace, of course comes from an impeccable pedigree and
respected journalist in his own right. Are you expecting Mr. Wallace to do anything out of the ordinary?
BRIAN STELTER, CNN MONEY SENIOR MEDIA CORRESPONDENT: I think we're going to see very tough questions for Clinton and Trump. Partly because this is
the final opportunity for any moderator to challenge them on any debate stage. The pressure is on Fox and it is on Wallace because as you said,
it's the first time Fox News has been chosen to have one of its journalists to conduct a debate. Two things are true about the Fox at the same time.
It does have a conservative bent throughout its programming and yet it also has a well-respected news division. And Chris Wallace comes from that news
Now there's been curiosity about Roger Ailes and his role. Because up until a couple of months ago Roger Ailes was the boss of Fox News, Chris
Wallace's boss. Then of course he had to resign under investigation for sexual harassment allegations. Ailes has been giving advice to Trump more
recently. Today there is word, Ailes actually not so helpful to Trump anymore. They had a falling out. And they have not been communicating
anymore. So there's that factor to all of this. And the truth is, Richard, there are liberals who are worried that Wallace is going to be
tougher on Clinton than Trump, but if the Clinton campaign itself is concerned about a Fox moderator, they're not saying so. They believe
Wallace will be fair tonight.
QUEST: All right, now Brian, whilst we've been talking, a story has just - - is just being reported. Dow Jones and company which again is part of the Fox, the Murdoch empire. Dow Jones announced a broad review of operations
at the "Wall Street Journal" driven by significant decline in print advertising. I understand this is just happened, what does it mean?
STELTER: It means that print advertising, which continues to be the foundation for all of these newspaper owners continues to erode. And even
though the journal, "The New York Times", and other big print newspapers are trying as fast as they can to shift to a digital first strategy. They
can't shift fast enough. It's impossible. And most of the money still comes from print, still comes from print advertising, and as that erodes,
these news rooms have to make cuts.
Dow Jones now acknowledging today they will be having to make cuts, layoffs and buyouts are likely at the journal. We've seen other newspapers goes
through this as well, and we will continue to see that. You know, the times, they are a changing for all these publishers. We saw "The New York
Times" today name a new deputy publisher. The son of Arthur Sulzberger, the publisher, coming in and taking over. And that man, A.G. Sulzberger,
has a huge challenge on his hands. The same way that Dow Jones does. These companies continue to struggle in their move towards digital.
Brian Stelter, we're very grateful that you put that into context for us tonight, thank you, sir. Enjoy the debate. We look forward to hearing
STELTER: I'll try.
QUEST: China's growth numbers came in where expected which is not a surprise to the analyst. We'll talk about that in just a moment and you'll
need perhaps to relax and have a moment to think as you "MAKE, CREATE, INNOVATE".
[16:50:20] QUEST: All eyes are on Las Vegas for the debate, but there has been a busy day at the business world. We'll give you some business on the
The U.S. Department of Transportation is cracking down on airline fee's for passengers. Under new rules banks and fees would be refunded when luggage
is very badly delayed. The carriers will also have to report when they've mishandled wheelchair requests. As for hot dogs, they may have to go buy
another name in Malaysia. Islamic authorities have told the fast food chain Auntie Anne's to banish dog from its menu. As dogs aren't clean in
Islam. The popular pretzel dog will now be called the pretzel sausage. And the hot dog hot dog by any other name smells as sweet if you ask me.
And so to China, which says it's economy provides 6.7 percent in the third quarter. That's giving away for the flag because a boost from the red hot
real estate market and government spending and lending. Property is moving, but there are worries about just how much property is overvalued at
the moment. And that's business on the move.
Starbucks chief executive Howard Schultz says he's not worried about China's growth. The numbers of which I just told you about. Starbucks has
named its first ever CEO for China. It's Belinda Wong and she'll oversee plans to double the number of Chinese stores, 5,000 over the next five
years. CNN's Mallika Kapur, asked Howard Schultz if he was worried about this Chinese slowdown be it ever so small.
HOWARD SCHULTZ, CEO, STARBUCKS: I'm not because I think if you look at the 45-year history of our company and 25-year history of being a public
company. I think one of the things we've done very well is we've always played the long game. And I think as a result of that, we look at the
rising middle class, the strong brand that Starbucks has, the amount of young Chinese people who are embracing coffee, the beginning of the morning
ritual. And even in fact, if you look five years ago, most of our business believe it or not was ex-pats and tourists in China. Today it's mostly
Chinese. But the short term cyclical changes in the economy is not going to dissuade us from the growth we have planned in China.
MALLIKA KAPUR, CNN INTERNATIONAL CORRESPONDENT Many western companies have tried and aren't being able to do it. Some whether there in the media or
the tech space can't get in at all. And yet this is your biggest market outside the U.S. So what's your secret?
SCHULTZ: Well, I don't think it's a secret. You know, we're not in a high-tech business. So we're not trying to change behavior in terms of
technology. We are trying to introduce a new beverage and a new experience in our stores. But clearly our stores in a sense have become the third
place between home and work. But if I take a step back and someone really pressured me and said what has been the success of Starbucks in China?
It's been the unique level of trust that we have built with our people. Our partners, and their ability to transfer that on to our customers. We
do not want to be the kind of western company that comes to Chinese and takes. We want to be the kind of western company that comes to China,
gives back, and makes it better than because the fact that we are here.
KAPUR: Is it also partly a case of being at the right place and the right sector, at the right time? Because when you started off here you didn't
face domestic competition the way an Uber has faced for example.
SCHULTZ: Sure. Well I say -- they may be true, but we had to do something a little bit harder. We had to be a pioneer. And the fact is we had to
educate and teach many Chinese about what coffee was. The coffee ritual, what a latte was. So in the early years, we did not make money and there
were many people in Wall Street and other places that Starbucks was never going to succeed in China.
KAPUR: I know, it's a tea-drinking country.
SCHULTZ: Yes, just like they told us that we wouldn't succeed in Japan. But the point is Starbucks now has 25,000 stores in over 75 countries.
And, you know, I really believe, and I've said this perhaps more often than people want to hear, we are still in the early days of the growth and
development of our company.
QUEST: Howard Schultz talking to Mallika Kapur.
Now you're well familiar with the map of the election, but of course there is one state that is perhaps more important than any.
[16:55:00] And it is of course right down here, it is Florida. Whether it's battleground, whether it's Republican, whether it's Democrat, or
whether it's somewhere in the middle. And we will be heading, I will be all next week, QUEST MEANS BUSINESS comes from Florida. American Quest as
we do every four years. Will be in the Sunshine State. We'll be going from the north of the state to Tallahassee, right away past Orlando, down
to Miami and all the way to Key West. Where they're going to be celebrating Fantasy Fest with lots of scantily clad people. You better not
miss it. It's next week, it is American Quest on QUEST MEANS BUSINESS.
QUEST: Tonight's Profitable Moment. In the QUEST MEANS BUSINESS newsletter I write about Black Monday, which happened 29 years ago. Which
I remember all too well. I was feeling good about it until the producer of tonight's show sort of reminded me that he was just eight months old when
Black Monday happened. And I was already covering it for another network. That really put it into perspective, but you had to ask, what has happened
in the last 29 years with the markets? How have things changed because let's face it, the Black Monday was the most frightening, distressing,
worrying that I've ever seen. Far worse than 2008. The market had fallen more than 20 percent. It felt like financial Armageddon. But we still had
the flash crash in 2010 and we still had sterling's major fall last week.
Although we are better protected than maybe we were in `87, the markets can still give us all a nasty bout of indigestion which is something my eight-
month old producer needs to remember. And that's QUEST MEANS BUSINESS for tonight, I'm still spritely, I can still move. I'm Richard Quest in New
York. Whatever you're up to in the hours ahead, I hope it's profitable and I can still get up the stairs.