WELCOME BACK TO "A LATE SHOW."

HE IS THE CHIEF GENERAL NEWS ANCHOR FOR CNBC AND THE HOST OF

"THE NEWS WITH SHEPARD SMITH."

PLEASE WELCOME TO "A LATE SHOW" SHEPARD SMITH!

SHEP.

GOOD TO SEE YOU.

>> STEVE!

GOOD TO SEE YOU, TOO, THANK YOU.

>> Stephen: YOU KNOW, I WANT YOU TO KNOW, SHEP, AND I'M NOT

JUST BLOWING SECONDHAND SMOKE UP YOUR ASS, HERE.

I TIVO YOUR SHOW.

>> TIVO?

>> Stephen: WHATEVER.

I DVR IT.

I'M GRANDPA.

YOU YOUNG KIDS WITH YOUR NEW TERMS I DON'T UNDERSTAND.

I DID NOT REALIZE HOW MUCH I MISSED SHEPARD SMITH UNTIL

SHEPARD SMITH WAS BACK, BABY.

>> HEY!

IT'S NICE TO BE BACK OVER ON A DIFFERENT CHANNEL.

I LIKE IT HERE.

>> Stephen: CNBC.

>> FIRST IN BUSINESS WORLDWIDE!

>> Stephen: IT'S THE FIRST NAME IN SHARK TANKS.

WE HAVE A SLEW OF TANKS FILLED WITH SHARKS OVER THERE.

YOU HAVE TO DO SOMETHING.

YOU WERE ON THE AIR LAST NIGHT UNTIL HOW LATE?

>> ABOUT 4:00 EASTERN.

>> Stephen: HAVE YOU BATHED SINCE THEN?

>> UH, SPIT SHINED, A LITTLE SPONGY THING.

>> Stephen: SURE.

>> THERE'S NO TIME.

YOU GOTTA DO THE NEWS.

>> Stephen: A LITTLE WATER ON THE BACK OF THE NECK, A COUPLE

OF ROSE PEDALS, READY TO GO.

>> BOOM.

>> Stephen: LAST NIGHT WAS NOT THE NIGHT THAT THE DEMOCRATS

WERE NECESSARILY HOPING FOR.

THERE WAS A LOT OF HOPE FOR ANOTHER BLUE WAVE, EVEN

SOMETHING LIKE THE BLUE WAVE IN 2018.

BUT THE DELAY IN THE REPORTING ITSELF, LIKE, NOT KNOWING

EVERYTHING YET, THAT'S NOT ABNORMAL, RIGHT?

WE'RE IN A-- >> NO!

>> Stephen: IT'S A PERFECTLY NORMAL SITUATION, ESPECIALLY

NORMAL FOR COVID.

>> WELL, IT IS, BUT IT'S NORMAL-NORMAL, NORMAL.

YOU VOTE AND THEN YOU COUNT.

IT'S JUST IN THE PAST WE DIDN'T TAKE THAT MUCH ATTENTION TO THE

FACT THAT IN SOME PLACES IT TAKES LONGER.

>> Stephen: TELL ME THAT AGAIN, YOU VOTE.

>> AND THEN COUNTING.

>> Stephen: I THOUGHT IT WAS VOTE, DECLARE WHO WON, AND THEN

STOP COUNTING.

>> THAT'S THE COVID NEW.

>> Stephen: WHAT SURPRISED YOU ABOUT LAST NIGHT?

ANYTHING?

WHAT WERE YOU PAYING MOST ATTENTION TO?

>> I WASN'T PAYING THAT MUCH ATTENTION TO THE POLLS EXCEPT,

YOU KNOW, WE TALKED TO A LOT OF PEOPLE ON THE RIGHT AND ON THE

LEFT BEFORE TO KIND OF GET READY TO PREPARE FOR WHAT'S GOING TO

GO ON.

AND THEY-- THEY HAD THEIR OWN POLLING AND THEY KNOW THEIR

THINGS.

AND, REALLY, BOTH SIDES WERE SAYING THIS MAY BE AN EARLIER

NIGHT THAN WE THOUGHT.

BUT, YOU KNOW, YOU PREPARE FOR EVERYTHING AND HOPE IT GOES

SHORT, BUT IT DIDN'T.

IT WENT LONG, AND WE'RE A NATION DIVIDED, NOT NEW INFORMATION.

>> Stephen: WHAT ABOUT THE POLLS?

LIKE, I-- I THINK THAT SOME PEOPLE WERE SURPRISED THAT THERE

WASN'T A BROADER SWEEP BY THE DEMOCRATS, BASED ON WHAT THE

POLLS WERE.

IS IT TIME JUST TO HOLD POLLSTERS DOWN IN THE BATH TUB

UNTIL THE BUBBLES STOP COMING UP?

( LAUGHTER ) SHOULD WE JUST NOT HAVE ANY

POLLING ANYMORE?

BECAUSE SOME PEOPLE WERE TAKEN BY SURPRISE BY THIS.

PEOPLE-- I'M NOT GOING TO SAY ANYBODY I KNOW WAS CHECKING

FIVE30EIGHT, TWO MINUTES SITTING RIGHT HERE WITH ME.

YOU DON'T KNOW, SHEPPARD, BUT MY WIFE IS SITTING HERE.

DO YOU WANT TO SAY HI.

>> HI!

>> NICE TO SEE YOU.

>> NICE TO SEE YOU.

>> Stephen: THERE YOU GO.

WHAT'S POLLING WORTH, SHEP, FOR THE NEWS PEOPLE?

NOT FOR CAMPAIGNS, BUT FOR NEWS PEOPLE.

>> WELL, WE CAN FIND OUT WHAT PEOPLE ARE MOST INTERESTED IN

THROUGH THE POLLING.

AND THEN WE CAN COVER THOSE THINGS AND TRY TO GIVE THEM MORE

CLARITY, MORE INFORMATION, MORE BREADTH AND DEPTH OF REPORTING.

THE PART ABOUT WHEN WE COVER WHO IT IS THEY'RE INTO, THAT'S A

HORSE RACE AND I FEEL THAT'S MORE FOR US THAN ANYBODY ELSE.

IT DOESN'T SERVE ANY USEFUL PURPOSE IN THE END.

THE ISSUES ARE IMPORTANT TO KNOW KNOW.

HOW THEY'RE FEELING EVERY MINUTE IS PROBABLY JUST OUR OWN

SELF-INDULGENCE.

WE OUGHT TO JUST SKIP IT.

>> Stephen: SPEAKING OF WHAT WE SHOULD FOCUS ON AND WHAT WE

SHOULDN'T FOCUS ON, ONE OF THE THINGS I LIKE ABOUT WATCHING

"THE NEWS WITH SHEPARD SMITH" WEEK NIGHTS ON CNBC.

>> THANK YOU.

>> Stephen: IT FEELS LIKE THE NEWS.

LIKE, I REALLY FEEL LIKE I'M JUST GETTING SORT OF-- I DON'T

WANT TO SAY BASIC FACTS BECAUSE YOU GO IN-DEPTH ON CERTAIN

STORIES.

BUT IT FEELS LIKE COMFORT FOOD IN THAT I DON'T FEEL LIKE I'M

BEING SOLD WHEN I WATCH YOUR NEWS.

WHAT DO YOU THINK-- WHAT'S YOUR MANDATE, SELF-IMPOSED, FOR HOW

YOU WANT TO DO THE NEWS?

>> IT'S OUR WHOLE-- IT'S OUR WHOLE TEAM, AND IT REALLY COMES

THROUGHOUT THE COMPANY.

WE WANT TO FIND THE FACTS, PRESENT THE NEWS WITHOUT THE

PUNDITS, AND GIVE IT SOME DEPTH AND BREADTH IN AREAS WHERE WE'RE

FOCUSING, AND MAKE SURE THAT WE DON'T TALK DOWN TO PEOPLE, AND

REMEMBER THAT THERE'S MORE HAPPENING BESIDES WHATEVER'S

COMING OUT OF THE WHITE HOUSE AND THE PEOPLE WHO LOVE IT OR

HATE IT.

YOU KNOW, THERE ARE IMPORTANT ISSUES ALL OVER THE COUNTRY.

THERE'S COVID.

THERE'S RACIAL INJUSTICE.

THERE'S SOCIAL TENSION.

THERE'S THE HAVES AND HAVE THE-NOTES, INCOME DISPARITY.

AND THEN THERE IS CLIMATE WHICH IS EVENTUALLY GOING TO MAKE THE

SCIENTISTS SAY ALL OF THIS LOOKS LIKE A CAKEWALK.

WE HAVE TO DO ALL OF THAT.

WE'RE STILL YOUNG.

WE'RE A START-UP WITHIN AN ESTABLISHED COMPANY, BUT WE'RE

ROLLING LIKE A START-UP, AND WE'RE JUST GETTING BETTER EVERY

DAY.

I FEEL LIKE WHAT JOURNALISTS DO IS IMPORTANT, IF WE DO IT WELL.

>> Stephen: DO YOU GET ALONG WELL WITH OTHER PEOPLE AT CNBC.

BECAUSE SOME OF THOSE GUYS LOOK LIKE REAL TOOLS.

>> NO, THEY'RE JUST REALLY SMART.

>> Stephen: REALLY?

THEY ACT LIKE THEY'RE REALLY SMART.

PEOPLE THINK I'M SMART AND I MOSTLY JUST HAVE A GOOD MEMORY.

JOE KERNAN'S A GOOD GUY?

>> I DON'T KNOW JOE.

WE WORK DIFFERENT HOURS.

( LAUGHTER ) BUT I THINK HE'S A GOOD GUY.

WHERE DID YOU GO?

I HEAR HE'S A GREAT GUY.

I'VE NEVER COME TO A PLACE-- STEPHEN, FOR REAL-- WHERE YOU

COME IN AND THEY TREAT YOU ALREADY LIKE FAMILY.

IT'S SUCH A CLICHE THING.

THIS IS A BIG COMPANY BUT IT ROLLS SMALL.

EVERYBODY HAS EACH OTHER'S BACK.

IT'S NOT THE OLD STAB YOU IN THE BACK, LOOK AT THE NEW GUY COMING

IN.

WE'RE EXCITED AND IT'S BECAUSE OF THE MISSION.

THERE'S A PLACE IN LIFE FOR JUST FINDING OUT WHAT'S HAPPENING AND

TELLING PEOPLE ABOUT IT BECAUSE THEY DON'T CARE WHAT YOU THINK.

I KNOW THEY DON'T CARE WHAT I THINK.

MY WHOLE FAMILY DOESN'T CARE WHAT I THINK.

( LAUGHTER ).

>> Stephen: I WANT TO-- I WANT TO ASK YOU WHAT THINK ABOUT ONE

THING.

I DON'T WANT TO TALK A LOT ABOUT FOX NEWS BUT THAT'S WHERE, OF

COURSE, WHERE WE ALL GOT TO KNOW YOU.

WHAT DO YOU THINK-- YOU'RE AN O.G. FOX NEWS GUY FROM '95?

>> '96.

>> Stephen: '96.

IS THE MISSION OF FOX NEWS NOW AS YOU SEE IT THE SAME AS WHEN

YOU STARTED?

DO YOU RECOGNIZE IT AS THE ONE YOU STARTED AT?

>> I CERTAINLY RECOGNIZE THE NEWS DIVISION WHERE I WORKED.

JENNIFER GRIFFIN AND JOHN ROBERT, THEY WANT TO DO THE SAME

THING THAT JOURNALISTS I KNOW EVERYWHERE WANT TO DO.

THEY WANT TO SEEK THE TRUTH, FIND THE TRUTHING, TELL THE

TRUTH, GIVE IT CONTEXT AND PERSPECTIVE.

THAT'S WHAT THEY WANT TO DO LIKE EVERYBODY ELSE.

AS FOR THE REST OF IT, THE WHOLE MEDIA LANDSCAPE HAS CHANGED.

EVERY COMPANY IS DIFFERENT THAN WHEN I FIRST STARTED.

WE OPERATE ON SO MANY MORE PLATFORMS.

BUT THE MISSION OUGHT TO BE THE SAME, AND OURS AT CNBC IS THE

SAME.

IT'S STICK TO THE TRUTH AND TELL IT STRAIGHT.

AND I'M REALLY LOVING IT.

>> Stephen: LET ME-- LET ME ASK YOU SOMETHING ELSE ABOUT

CNBC.

FOX CALLED ARIZONA FOR BIDEN EARLY.

>> YUP.

>> Stephen: I DID NOT EXPECT THAT FROM THE HANNITY NETWORK.

CAN YOU TALK ME THROUGH WHAT GOES INTO A NEW NETWORK CALLING

SOMETHING?

>> YOU GET A DIVORCE FROM SOME PLACE AND YOU HAVE TO KEEP

TALKING ABOUT IT?

I WILL -- >> Stephen: WELL, WE ALL-- WE

ALL STILL KIND OF FIND YOUR EX-WIFE FASCINATING.

( LAUGHTER ).

>> WELL, I KNOW.

>> Stephen: DON'T GET ME WRONG.

SHE IS A BITCH, BUT THAT'S KIND OF FUN!

( LAUGHTER ) TH>> I MEAN THAT DECISION DESK,

LOOK BACK, THEY'VE ALWAYS-- THEY'VE ALWAYS BEEN REALLY GOOD.

THEY'RE GOOD AT WHAT THEY DO.

THEY'RE AGGRESSIVE.

THEY RUN THAT THING KIND OF LIKE A CAMPAIGN OPERATION.

THEY'RE GOOD AT IT.

THEY CALLED ARIZONA FIRST.

>> Stephen: IT OFTEN LOOKS LIKE A CAMPAIGN.

>> WELL...

YOU KNOW, THAT'S YOUR OBSERVATION.

I'M OVER HERE NOW.

HI!

( LAUGHTER ) >> Stephen: EXACTLY.

IT'S YOU AND THE TANKS AND THE SHARKS.

YOU'RE GREAT.

>> YEAH.

>> Stephen: FLORIDA IS A STATE YOU KNOW WELL.

HOW LONG DID YOU LIVE THERE, SHEP?

>> MY MOM WAS THERE 35 YEARS.

I WORKED THERE FOR EIGHT OR NINE.

>> Stephen: WHAT DOES NO ONE GET ABOUT FLORIDA, SHEP?

>> THAT IT'S NOT ONE THING.

FLORIDA-- YOU KNOW, THE FARTHER SOUTH YOU GO IN FLORIDA, THE

FARTHER NORTH OF ARE, THERE ARE THE NORTHEASTERNER WHO LIVE

SOUTHEAST.

THERE ARE THE PEOPLE FROM ATLANTA AND NASHVILLE AND NEW

ORLEANS WHO LIVE IN THE NORTHWEST AND THE PEOPLE IN

JACKSONVILLE.

THERE'S THE I-FOUR CORRIDOR.

IN SOME WAYS IT'S LIKE AMERICA-- IT'S A LOT OF DIFFERENT PEOPLE--

IT IS ROLLING A LOT OF DIFFERENT WAYS COAST TO COAST TO COAST.

>> Stephen: IT LOOKS LIKE THE DEMOCRATS ARE LESS LIKELY TO

FLIP THE SENATE.

AND REPUBLICANS MAY HAVE PICKED UP A FEW SEATS IN THE HOUSE.

THERE'S STILL A LOT OUTSTANDING.

IT'S HARD TO KNOW AT THIS POINT.

HAS, HAS-- WE DON'T KNOW WHO IS GOING TO BE PRESIDENT YET.

BUT IF IT IS GOING TO BE JOE BIDEN, HAS TRUMP, IN YOUR

OPINION, PROVEN THAT YOU ACTUALLY DON'T NEED A CONGRESS

ON YOUR SIDE TO GET THINGS DONE?

BECAUSE HE HAS MADE SUCH EXTENDED USE OF EXECUTIVE ORDERS

THAT I KNOW OBAMA AND BUSH USED THEM, TOO, BUT TRUMP HAS RAISED

IT TO A NEW ART.

IS THE PRESIDENCY, IN YOUR OPINION, TOO POWERFUL?

>> I-- WHAT I'VE SEEN IS THAT EVERYTHING ABOUT SOCIETAL NORMS

WAS NOT WRITTEN DOWN, AND THERE WAS A WAY THAT POLITICIANS AND

LEADERS SORT OF FOLLOWED AND ALWAYS HAD FOR OVER TWO

CENTURIES.

AND THOSE NORMS STARTED TO BREAK DOWN AND STARTED TO GET

EXPLOITED IN SOME WAYS.

SOME OF THE POPULATION WAS REALLY HAPPY ABOUT THAT.

AND SOME OF THE POPULATION WAS REALLY PISSED.

BUT IT HAPPENED.

AND NOW WE HAVE TO EVALUATE WHETHER WE WANT THAT TO CONTINUE

AND WHETHER AS A SOCIETY WE WANT TO TWEAK SOME OF THOSE RULES AND

WRITE A FEW MORE THINGS DOWN.