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tv   The Claman Countdown  FOX Business  June 23, 2021 3:00pm-4:00pm EDT

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technical standpoint are within the m plus t camp meaning facebook, apple, amazon, google, microsoft, tesla, they all have redeeming technical qualities and i would emphasize that apple is looking at the triangle information, amazon is on the verge of new highs. let let's believe it there. i love tesla's action, liz claman, over to you. liz: charles, thank you very much. i don't know, charles can you find of feel the chop as we head into the final hour of trade? charles: [laughter] i can feel it. liz: i know you can. down about 21 points we had been higher, the nasdaq trying to close out a second record session in a row, it's there, any gain will do it but the dow and the s&p starting to struggle just a bit here. a new survey revealing investor anxiety is starting to percolate we're about to show you investo-
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pedia's exclusive poll which also shows how to profit off inflation angst. did we hit bitcoin bottom? you can see it jumping $839. the original cryptocurrency giving investors heartburn yesterday, as it plunged below $30,000. does today's move higher leave losses in the rear view mirror? and what's up with the hot new token known as baby ether? the ceo of crypto exchange krack en is here at fox business exclusive with his assessment of what's really going on, and sports betters are singing oh, canada as our neighbor to the north green lights single sports wagering. the ceo who pushed really hard for this , the scores john levy is here to tell us why he thinks canada's new law could be a winning play in his battle against fox bet, draft kings, or could they all profit from this we got to start with this fox business alert. now you thought the markets fits
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and starts were rough to navigate lately? well riding the bitcoin bucking broncos not for the faint of heart of this hour. the cryptocurrency is definitely trading above 33,000 now but yesterday it dipped briefly below 30,000 yesterday, as we said, the entire cryptocurrency has lost $1.3 trillion since the market peak in may, with bitcoin plunging nearly 50% since its april record. now, even if you don't trade crypto and you only own stocks which we know a lot of you do, flip it over to this. put the bitcoin drop into perspective, that be like the s&p losing $18 trillion in market value, and yet, at this hour, investors are pouring more money, not just into bitcoin, but xrt, ether, oh, yes a whole bunch of them. let's bring in jessie powell,
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the ceo of kracken. what's the last 24 hours been like for you? >> for me it's just another day , it's a walk in the park, it's just a minor dip on the rollercoaster that i've been on for the last 10 years. historically, this is really nothing compared to what we've seen in the past. liz: okay, i know that you guys are all laid back and cool, but you know, to have a couple trillion macheted off the market value of bitcoin is certainly a little bit of a head scratcher for some people, but do you think that anything that's happening as far as the volatility in crypto world because ethererum dipped below 2,000 for the first time in a couple of months. you have it right now, still below it at 1950. does it work into the the psyche of the stock market itself? >> i don't know the stock market, there are a lot of people that piled into crypto in the recent run-up and i think they don't have a strong view of fundamentals. they are just sort of along for the ride, and they've got
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weak hands and when they see a dip they sell, and so i think it's really hard to hold crypto and i think it's a long term play. if you look at the chart over the last 10 years, bitcoin has outperformed every other asset in the world and even last year it's still up 200-plus percent so when you look at things on a longer term scale it continues to make sense and go back and look at the fundamentals it continues to make sense. if you'll try to trade this thing day-to-day you really need to have super strong fortitude and be able to weather these ups and downs because they keep coming and it's going to be a long time before we see stable crypto market. liz: that's what i'm saying. i think it really does reflect, perhaps on a more spazmotic scale what's really happening in the markets too, so as we look at all of this happening i want to talk about they call it dot, but on wall street, this is a crypto that people are comparing to ethererum. tell me what happened yesterday,
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because on your competitors coinbase exchange, polkadot spiked dramatically so much so at a time when everything else was dropping and it wasn't reflected the same on your exchange. they're having people to look into it to make sure there weren't any, i guess, any anomalies. >> yeah, so within the crypto market, the equities market, there's not a central place of order matching. all of the exchanges are just connected and that liquidity is only bridged by market makers of people doing arbitrage across the different markets, so occasionally, a single market on a single venue will get out of sync with the rest of the market it's possible you have one do a super large transaction on one market and that is only represented in that one place and it may not be reflected in the other exchanges, so that happens pretty much all the time of course they are going to look into it. we would look into it if it happened on our exchange as well to make sure it wasn't a
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mistake or a trading engine malfunction or something like that, but you know, that's pretty much par for the course in crypto. liz: yeah, i know that we have a lot of equity investors who are scratching their heads saying we don't get this. i mean, it could be one price on one exchange and something completely different on another, but that leads me to the fact that there are people who absolutely love cryptocurrency definitely not china though. where does the chinese attack on crypto stand right now, and we had one market expert, golf wolfgang kester, who said this is the end for digital currency, you got israel, singapore and even the united states talking about central bank-driven digital currencies. do you have any kind of thesis as to why that is completely wrong? >> yeah, look. i don't think china has a full scale attack on cryptocurrency. i think they might be worried about the optics of their esg
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positions, might worry about the amount of coal they are burning, but you know, look. china makes most of the stuff for the world, so they have got a lot of manufacturing and a lot of need for power that maybe we don't have here because we've outsourced all of our manufacturing. so to see them say that they want china minors out of the country, that's totally okay with me. from my perspective, i think, you know, this looks like a massive opportunity for the united states to capture all of that mining capacity and it be a huge strategic win for us in terms of national security in terms of the future of owning a piece of crypto industry and having more control over that domestically, so i think it's only a good thing and further just proves that china controls this industry. i think it's a global thing and that the minors are able to just up and move on a few weeks notice. i think it says a lot about how distributed this really is, and these minors are going to where there's cheap energy, to where there is wasted energy, and
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that's the cheapest energy out there. they are making these renewable energy sources more efficient, more sustainable, mining is doing a lot to improve the green energy situation in the world. liz: jessie, i know that you've said that kracken is probably going to go public within the next 12-18 months. what does an exchange that you choose to go public on, to list on, what must it have? i mean, are you considering the nasdaq over, you know, the new york stock exchange you've got to give me a sense. >> well, you know, maybe by then we'll be able to go public on our own exchange, that could be interesting but you know, so we're looking at a bunch of options. there's not one clear differentiator right now, we'll probably decide further along the way. something that we really want to do is just give our clients more exposure to the business. we have customers constantly
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askings how can they buy kracken shares and that's something that i think is broken in the current system is that we have these accredited investor rules that are hard for the average joe to buy into some of these companies at earlier stages, and just giving our customers to the company that they love is something that's really driving us. liz: jesse powell of kracken, we'll have you back, because whether people are involved in investing in cryptocurrencies , it really is interesting to watch even from an equity perspective, so thank you very much. we appreciate it. >> thanks for having me. liz: bitcoin stocks moves really just one more market factor that perhaps are giving investors anxiety. supply chain issues we talked about that combined with rising inflation, driving up prices for groceries and gasoline. metals and materials even federal reserve chair jerome powell yesterday played down threat and said it's very unlikely we would see sort of
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that 1970-style inflation. we just saw inflation rise above 2% in may for the third straight month and while the markets are hovering near record levels we're starting to see anxiety perk perkolating so to speak, so says the latest brand new survey , but guess what? people are figuring out how to profit from this anxiety. to caleb silver, editor in chief , your latest shows anxiety where, equities? bonds, you got to really drill down here for our viewers. >> great question, and great to be with you, liz and the anxiety we track anxiety in terms of what terms are speaking. what are readers most interested and right now, that anxiety index is around a three-month high not where it was a year ago but they are concerned about inflation, they are concerned about meme stocks, starting to have things like shorting, short selling again, they are also concerned about a taper tantrum looking back at 2013 to when the federal reserve originally started bringing down those
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asset purchases, so it's this market-based anxiety with a little macro economy sprinkled in there and it's starting to feel a little bit like a mel brooks movie with anxiety slowly rising across different areas of the market, liz. liz: yeah, high anxiety well what are investors doing? how are they investing around and through all of this concern, whether it's inflation or the guessing game that always swirls around the fed. that's ages old. >> sure, well as you know, they are buying stock because we're at record high after record high but money flow continues to pour into global equities but has been slowing and it's not the gusher it was three or four months ago but probably going to see over $1 trillion this year so they are buying stocks in general but also looking at areas of the market sector that have that price power, that pricing power, so if you look at energy obviously it's part of the recovery trade but there is pricing power there, because we need it. if you look at raw materials you're seeing it there too. they are moving up things like
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tips and etf's around tips those are very stable but not delivering a bunch of yield but also looking at consumer staples and semiconductors, liz, because we need semiconductors right now demand is super strong. tons of pricing power across across the semiconductor companies you're seeing those stocks and those sectors rise a lot right now but our readers are digging into find out where they profit off this while at the same time trying to protect themselves. liz: is the meme stock still a real focus here, and we're looking at chips. yes, they are in great demand so we've started to see a lot of those names get very frothy and the nasdaq is on track for a second straight record close. in fact we look like we're about 48 minutes away from seeing that but those meme stocks, are you hearing more about them or slightly lower timber, when it comes to those? >> definitely a lower timber, but the things that folks are looking up by and large are about now shorting those stocks, of course, you know, there are day traders who will always buy gamestop and amc, we saw gamestop with that new issuance
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yesterday, traders want that stock right away but they are looking up those terms which is illegal and highly dangerous and you can get from that, short selling of course is always one top of mind for investors so they are looking at ways they may want to get out from under those or what happens when they do. it's not as a big of a theme as it was months ago but of course dominating the stock market in all of our conversations so that's come down a little bit. as has the conversation, liz, around cryptocurrencies. i think the deterioration in price across bitcoin and those other major coins is giving investors pause, they are looking for alternatives, they are looking for actually how bitcoin works they want to figure out finally how did this whole thing work and how are these things priced because price is very hard to put your finger on when it comes to cryptocurrencies. liz: caleb, can we put up the vix, the volatility index, guys, we are so low. we are historically very complacent, if you look at this fear index. it's down 3% today, at 16.
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where, if you're seeing this perkolating anxiety, where is that reflected? if not the vix. >> sure. typically, the anxiety index precedes the vix, because folks come to look things up, trying to learn about the dynamics of the market and then they will go do something in the market and i'm not saying that vix is going to spike like crazy because there's anxiety. there's anxiety because there's inflation everywhere and that's the topic everyone keeps speaking about now but you are seeing vix up some 25% in the past month alone, not a lot compared to where we've been but it is rising along with this anxiety and this deteriorating market breadth that's keeping an eye on the russel 3,000, 80% of the stocks in the russel are above the 200 day moving average that's terrific but it was 90%, 30 days ago so there is the deterioration of breadth across the market worth paying attention to in addition to the anxiety and the volatility that scares me a little bit. you want a little bit of volatility with all this action and all these all-time highs. liz: thank goodness for caleb silver, because he really
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explains that well. great to see you everybody check out investopedia, and the new survey a little high anxiety. i like the mel brooks reference. the return to work creating a heated issue that you just won't believe. the newest shortage creating headaches from the supply chain freeze. there's your hint. closing bell bringing in 45 minutes, dow struggling down just four points, but you know, guys it had been up 63, s&p up just four points, we're watching it all here on the "claman countdown", you've got to stay with us.
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liz: yeah, i mean, have you been in the south summer is scorching , the nation and so is the demand for ac units, but recent supply chain issues and low material inventory causing an air conditioning shortage all across the u.s.. from droughts in the west to recent power grid blackouts in texas to office buildings opening backup and replacing ac systems costs are surging and hvac suppliers are struggling to keep up so what are we talking about?
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year-to-date ac manufactures have seen huge growth. you can see names like trane avi s budget, raytheon technologies but will the industry stay cool for the shortage? gerri willis joins us live in east chester, new york, with small business owner trying to stay cool in very uncertain times. gerri? gerri: hey, liz, we got all that exactly right. just in time for the hottest part of summer, a big shortage of air conditioning parts. now, we're here at am hack in eastern new york and over my shoulder you can see they are fabricating sheet metal. now, sheet metal is one of the things in short supply. you can see they are stamping out ducts here, that's what this is all about, but i got to tell you, if you want an ac, you'll have to wait maybe four to six weeks, in addition to sheet metal other things that are in short supply, i've got this right here, a circuit board this is the brains of the air conditioner. we've got coils here, you can see the copper on here, as you
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know, copper expensive, difficult to get and a capacitor which actually helps it start. now i want to introduce natalie lloyd, general manager here at a mhac, and she will tell us a little bit about what happened to demand. we talk about supply being very short, what's wrong with demand? >> well if we're going to have a problem, demand is a good one to have, so we're super busy, as soon as the summer season started, we had our customers on a waiting list. the best thing we could do is let them know the expectation. we're waiting on the equipment and sometimes we got to wait for the labor force to be able to do it. gerri: that's exactly what i was going to ask you you mentioned you have to hire high school students tell us about that. >> yeah, our industry is booming but unfortunately, we don't have enough tradesmen to come on board. hiring, we have a lot of demand like we said, and we're ready to go and really get the season off
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right. gerri: natalie, thank you and as i send it back to you, liz, wu mentioning all of the stocks in this category. there's trane, carrier, a bunch of them over the course of the year so far they are up 20%, even 40%, so it might be a good place to put down a little money , back to you. liz: yeah, i know. that was a mistake. avis is not an air conditioning company, we know that. all right, gerri fascinating stuff and yes just at the time where we need air conditioners the most there is the crunch but certainly demand for stocks right? the score, winning the game yesterday, as our neighbor to the north makes a big move on allowing sports wagering. ceo john levy is coming up to talk about his company's big score and he was at the forefront of pushing this legislation, and the explosion of competition he's now facing, from draft kings to fubo tv to so many more
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liz: fox business alert, it is the newest name in meme stock mania, yes the reddit rebel crowd, one of the names is topping today's pop stocks, alph ie, okay have you heard of this company? it's getting the attention suddenly of the reddit crowd. the interactive screens for uber and lyft. they make the tablets that are in the back seats for passengers to see when they ride hail it went public in may, so shares more than double yesterday, up more than 103% after buyback chatter to the tune of $2 million, by the miami-based firm ceo. now, you can see it's falling 23 %, so scratching back some of those wild yesterday, investors in alfi which just announced 10,000 of its tablets be deployed to uber and lyft drivers across the country is
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obviously tapping the brakes today, let's just say, but suddenly being spoken about as one of the newer meme stocks, and to that end, uber and lyft for their part up this afternoon after a victory that will limit new electric vehicle competition in new york city, uber is up 3.25%, lyft jumping 4.75% and speaking of electric vehicles we should tell you that tesla shares are getting a big charge out of china at this hour, up 5% , elon musk ev empire opens first electric vehicle charging station in the world's second lamar alexander its economic powerhouse, so tesla is now above $654 at the moment, and we should look at other charging stocks. there is charge point, and one of tesla's biggest rivals is ev maker which operates more than 1,000 charging stations in the country, that is up almost 4 % right now, as it files to list shares in hong kong.
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under armour breaking through at this hour, cowen naming the ath leisure wear maker a pick in small and mid cap ideas list under armour going higher by about had 4% and they are banking on the momentum and brand strength continuing through 2022. cowen leaving plenty of room for under armour to flex its muscles maintaining its $31 price target of shares right now it's at $21.10. the montreal canadians are now just one win away from becoming the first canadian team to reach the stanley cup finals in a decade. okay, i'm a kings fan, right? okay, you guys know that, but go , the avs beating the las vegas golden knights 4-1 grabbing a lead in the nhl conference finals and the canadians were the last team from the great white north to win the stanley cup but you have to go all the way back to 1993
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for that one. last night was not the only win though, for canadian sports fans a bill to legalize single game sports betting passed canada and followed royal assent which is basically prefuntory kind of effort here, 37.5 million cannucks can now get in on all of the action in sports wagering in a fox business exclusive and first tv interview since the news broke, a man who really pushed hard for this legislation, the score founder and ceo john levy. i can say cannucks, right? it's not a slur. >> no. liz: my parents are canadian they didn't mind that. >> no problem. liz, how are you? liz: okay, so what, i'm well. i'm sure you're thrilled about this. tell me exactly what this now means for a company like you, you're a major sports and wagering media giant. >> well, so this is something that we really have been planning for , dreaming about for a whole bunch of years. even back in the days when we
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launched our tv network and tapped into this passionate sports enthusiasm and we knew a lot of our fans were betting on sports and we got into the business when as you know we've already launched in four states in the u.s. and hoping the same thing would happen up in canada, and then last night it did, after huge effort on behalf of, you know, a bunch of industry leaders, huge cross- support across canada and they attended the criminal codes with single event wagering and that allows the same process in states now goes to the provinces , each to manage and regulate sports betting, and that's what's about to happen and it's exciting as heck especially for a company like ours where this is our home turf liz: well my family in saskachew
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an is thrilled about this , because you've got to have a canadian team in the stanley cup after all of this time but let's broaden this out from the nhl. the nba finals, you have canadian-based toronto exchange company yet you operate in four states, your sports wagering book there, here in the united states. tell me exactly what kind of business you're seeing, any ramp -up and are revenues pouring in at this point? >> well first of all, liz you're right. we are listed in canada but we're also listed in the nasdaq exchange right? so we really do get interests from on the investment side from north and south of the border and it's kind of ironic, that this canadian company has a really sort of cut its teeth and get a little bit of experience in the u.s. and then come home basically to launch this amazing service, and it's different. i think we talked about this before where we're not just a digital sports company, but we're a digital sports media company whose now in the betting
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business, and we're not just a betting business either we're infusing these things together and the experience in terms of the betters in the canada and in the u.s. i believe what we're going to see is it's really homogenous. i mean, people are passionate about individual sports is really sometimes it's regional but for the most part the big events are the big events and ontario is really the fifth largest equivalent of the fifth largest state and that's why this is such a big deal. we're all jonessing for the california, texas, new york, it's a little messy at this point in time but ontario specifically, when it launches and in the provinces we are up and operating by the end of 2021 , so in the next four or five months, you know, our score is a score of users in ontario, particularly, are going to be exposed to our score bet and that's why we're so excited. liz: well, there's a lot of
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competition out there, and i know as i look at your stock it's up more than 300% year-over-year, but it's a very crowded field here, as we look at all of the names in there, so we'll be watching it and as this all continue, john, thank you so much. we'll be looking to the north to see what happens here. >> thank you so much, liz. thanks a lot. liz: we have some breaking news that we need to bring to you. according to spanish newspaper e l mundo, and by the way, this story is just seeing tape, anti virus software create or, the tech entrepreneur january mcaffey has been found dead in his prison cell after a spanish high court allowed his extradition to the united states where he faces tax evasion charges. the 75-year-old man had been arrested at the barcelona airport in 2020 and said the accusations against him were "politically motivated" and he of course is known for the
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autonomous software firm , the anti virus firm that he founded back in 1987 but he was a very controversial figure and there were all kinds of humors when he fled belize, but right now we're watching this story very closely and once again this according to a spanish newspaper el mundo. we're coming right back. don't go away much more straight ahead. nobody builds 5g like verizon builds 5g. thousands of engineers raising the bar on network security, now and into the future. enhanced identity protection, quantum based encryption, artificial intelligence threat preemption to keep your business and customers safe. because the more your business uses 5g, the more your network matters. it's us pushing us,
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liz: we need to get to this breaking news, president joe biden about to make remarks in the white house regarding rising crime in america. he is set to layout a comprehensive strategy to combat violent crime and gun violence. the white house, right now, telling fox news, that president biden is expected to announce new initiatives that allow states to use american rescue plan funds to hire additional police officers. a zero tolerance policy on rogue
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gun dealers, and to stop the proliferation of ghost gun guns and modified firearms among other things, attorney general merit garland is also going to speak but as the president focuses on guns, americans are arming themselves at record rates, to grady trimble, who is just outside of a chicago at a gun store and grady, training, getting your hands on guns, learning how to use them, how has business been? reporter: oh, its been through the roof, liz, and a lot of it is because of first time gun buyers, people who have never owned a gun who decided the ris ing crime that you just mentioned, i want to arm myself because of that and if you look at firearm sales background checks those are the best indicator of sales. they are way up about 26% year-over-year, when you look at the first five months this year compared to the first five months of 2020. jeff regnier is the owner at kee firearms so we know it's a lot of new owners and you're seeing a shift in the demographics the type of
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people buying guns as well. >> yeah we're seeing about 70% of our business right now is new gun owners and it's ranging from 21-year-olds all the way up to yesterday sold the first begun to a couple that was 75 years old. reporter: first time ever, buying a gun. first time ever and so because of that, we've seen so many new gun owners we gave out free conceal carry training here at our facility for all these people to go out and take it so they can be responsible. reporter: you basically setup a classroom next door and you have people coming through every day to learn how to shoot. is it also the types of guns that they are buying that's changed? >> yeah, mostly buying pistols and handgun types that they can conceal on their body for protection, not rifles or shot guns that they would more be for hunting or home protection. reporter: and makes perfect sense, because it's for self- protection, and liz, the national shooting sports foundation says there were more than 8 million new gun owners in 2020, we're expecting new number s on that next month, and they could be even higher for
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2021. liz? liz: yeah, big demand there, thank you very much, grady trimble. warren buffett loves kind of an announcement in the wake of bill and melinda gates divorce and what the oracle of omaha is doing as he gives away even more of his fortune. i don't know if you knew this but warren buffett loves to play bridge but chess is what billionaire entrepreneurial an treffler credits for his success. he became the world-renowned chess champ at 19 years old when he won the world chess title but fast forward 40 years and he's running the success software giant pega systems. he called check mate not only in the board but also in business, his story is one i would love for you to hear. it's now available, my everyone talks to liz podcast, on spotify , apple, google, fox news podcasts wherever you get your podcasts. closing bell, 18 minutes away,
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liz: the world's seventh richest man making some big moves this morning, warren buffett announced his resignation as a trustee of the bill and melinda gates foundation. there he is doing the famed, yes , newspaper toss, because both of them used to deliver a paper route. they had a little paper route when they were both kids. buffett doing so after reaching a major milestone in his effort to give away 99% of his fortune to charity his latest distribution of $4.1 billion of
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berkshire hathaway shares now at the half way point of his goal of giving away his entire berkshire hathaway stake. now when buffett made this pledge back in 2006 he owned about 47 5,000 berkshire axe shares and 15 years later and billions in donations now the founder is at 238, 600 shares all total worth about $100 billion. as you look, right now, berkshire shares may be moving lower but year-over-year the a shares are up more than 53% and buffett's resignation from the gates foundation board follows his giving co-founders bombshell divorce announcement which left many questions swirling about the future of their philanthropic venture but just because he's resigning doesn't mean he's stopping donations. look at these two stocks. they are losing more than 30% a piece at this hour, after the white house confirmed that president biden can move into fire the trump-appointed
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regulators of these two names, mortgage giant fannie mae and freddie mac, after supreme court ruled that the white house can do so. charlie gasparino, you've been doing this for a long time, mark calabri appears to be out soon? charles: he's toast but let's backup a little bit the reason the stock is down is what the supreme court did is reject most of these arguments from shareholders, from people who bought the stock, when it was in conservatorship following the 2008 financial crisis when the stock was trading very low they bought it, they said that the whole notion of conservator ship of the government taking these entities over, of taking its profits, eventually became profitable, was unconstitution. as part of that whole thing, the government or the supreme court today ruled that the take over was constitutional, the money that's going back does not have to go back to any shareholders at this point, and on top of that, the white house can appoint a new head of the
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agency, the fhfa which runs fannie mae and freddie mac which are the two companies and they're companies created by the government, it's a whole other crazy story, that helped the mortgage market. they make it possible for you to have a 30 year mortgage, because no bank would make a 30 year mortgage, so what happens is fannie mae and freddie mac goes to the market and buys those mortgages from the banks and sells it as mortgage backed securities so calabria will be replaced by someone that the biden administration wants to replace and that will basically pursue a very aggressive housing policy, making sure that banks issue 30 year loans to people that are further down on the credit scale , more liberal policy, something along the lines of what occurred during i guess the clinton administration and the bush years, where fannie and freddie were used to juice the housing market. who that might be is a question right now, the name that i keep hearing, and it's going to be somewhat controversial i think not because he's a bad guy mark
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zandy, the head of moody's analytics. the reason why he would get selected is because he's written extensively on these sort of issues on housing issues he's a progressive, he's a liberal but a wall street liberal, and you know, he is for more expansive policy. just so you know the other side of the story is very far left progressives don't like him. they think he's part of the revolving door, and you know , he's a wall street guy and why should we have a wall street guy in this point aoc to give handouts and aoc give handouts to everybody. that's kind of where he's going to get his backlash. i don't think necessarily from republicans but he will get his backlash from the progressives. now, i don't believe the fhfa, you have to check me on this is a confirmable post so again, it's the backlash that he will get. i don't think elizabeth warren, you know, can stand him up but check that. if he needs senate confirmation, the way this would work is
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elizabeth warren be the mouthpiece for the progressives and pushing back on him. if he doesn't, then it's just all, you know, stuff they are going to leak in the papers and things like that so that's where we are but this is a huge ruling and why does the big ruling, to me, as a wall street reporter, is for the last 10 year, i've been hounded on twitter by these guys, they call themselves fannie, they believe that the government was illegally taking profits, that anybody that said well maybe not, that the courts o ruling in the lower courts much more in a way that this isn't a good investment, a lot of people want this stock at $5 a share, when it popped like last year. you know, it shows you the peri ls of investing and that's what the fannie gate movement was and it kind of reminds me of some of the stuff going on with amc right now, where you're not in it just to make money or in it to trade in and out. you have something personally vetted in this.
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you're transferring your allegiance maybe in the old days you used to go to church now you go on your robinhood app and buy fannie and freddie and amc. liz: [laughter] charles: or go to the synagogue it's just, it's a cultish atmosphere and by the way, the poor guys that believe some of the hype that was thrown around about fannie and freddie on twitter and these message boards, guys and gals, they got crushed today. they got crushed because they bought it when it was flying high last year, at $5 a share and it's going to trade now anywhere between $1.50 and whatever. this is the common stock. the preferreds do it a little better, but we're in a weird world where you pray to a stock, ace greenberg must be turning in his grave. ace was the great investor at bear stearns and he was the guy that was never never emotionally involved in his stock fix and he
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was, he made billions. liz: never fall in love. charles: never fell in love. what a man. liz: i do want to say my hand, i heard it defending your honor on twitter. charles: did you punch somebody? again? liz: [laughter] again. charles: again. liz: red heads we get a little hyper. thanks charlie very much. we appreciate it, we are coming right back. six minutes before the closing bell rings. . .
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that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches...
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ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for $379 a month for 36 months. experience amazing at your lexus dealer. ♪. liz: okay, here we go. now we have gotten confirmation on the death of anti-virus software creator john mcafee. spanish authorities confirmed a report from what we told you earlier in this hour from a spanish newspaper, that mcafee was found dead in his prison cell, presumably by suicide after hours earlier a spanish high court agreed to allow his
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extradition to the u.s. where mcafee faced tax evasion charges. he was arrested at barcelona airport in 2020. he said the accusations were politically motivated. we're getting confirmation, that john mcafee, dead at the age of 75. found in his jail cell in spain. nasdaq hitting a new all-time high today. we closed at a record looks like. on pace to second straight record close. 16th of the 2021 year. what is man with 13 billion to invest do as nasdaq hits new records. john carson it that guy. what are you doing with your client's money. >> first of all, it is 17 billion. argue in this day and age over a few billion dollars, liz. liz: i'm impressed. >> i think we're surprised by the resilience of the market. you know, i see, there is a lot of pent-up demand out there. the consumers are sitting on billions of dollars in cash.
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we just went through, you know, covid where nobody was able to do anything. i think real legs to the market. one thing i would caution investors. we're telling all of our clients is that more money put into stocks in the last six months than the last 12 years. think about that for a moment. you know, we probably are going to have some increased volatility. we saw it last week with powell coming out, making his comments and market trying to digest that. this reminds me a lot, i got into the business in 1983, that people couldn't believe the market would continue to go higher. i think there is a lot of exciting things out there on the horizon. i think more winners than losers than ever before. having a real transition by more traditional way of doing business than the traditional agent. we were on the way to have that happen. its accelerating pace. today, more than ever, investors need a high degree of we call it
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aq. adaptability. don't fall in love with a stock. don't fall in love with an idea. risk budget. there are opportunities out there today. [closing bell rings] liz: ron carson, not 13 billion, 17 billion because he is that good. we're closing session lows for the dow. nasdaq second record day in a row. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. you wouldn't know it from today's flat stock market but some wonderful political things happened yesterday that i hope set back the cause of american socialism and enhance the outlook for free enterprise and prosperity. first up, the democrats election takeover bill was defeated. their blatant quest for sheer raw brute political power it, was stopped.


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